skopje seminar 2-5 october 2013
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Security-by-security statistics, and
Loan-level databases, an overview of
the work of the ESCB and prospects
Skopje seminar2-5 October 2013
Jean-Marc IsraëlHead of Division,Monetary and Financial StatisticsECB
Rubric
www.ecb.europa.eu
Security-by-security statistics Centralised Securities Database / Securities Issues Statistics
Securities Holdings Statistics
Loan-by-loan dataset: AnaCredit project
Overview of ESCB work and prospects
2
Rubric
www.ecb.europa.eu
Security-by-security statistics Centralised Securities Database / Securities Issues Statistics
Securities Holdings Statistics
Loan-by-loan dataset: AnaCredit project
Overview of ESCB work and prospects
3
Rubric
www.ecb.europa.eu
Centralised Securities Database (CSDB)
Security-by-security positions data covering All securities issued by EU residents
All securities issued in euro
All securities potentially held by EU residents
Compiled from commercial data providers + NCBs
Potential to derive transactions – gross issues and redemptions
Overview of ESCB work and prospects
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Rubric
www.ecb.europa.eu
Securities Issues Statistics (SEC)
Aggregated positions, gross issues, redemptions and net issues data covering
All securities issued by EU residents
All securities issued in euro
Compiled from NCBs + BIS (for securities in euro issue by non-EU residents)
CSDB to compile SEC? – Integration of statistics is welcome
Advantages and drawbacks being assessed by an Expert Group
Conclusions and way forward for discussion in the WG MFS and WG SEC and ESCB Statistics Committee (in December)
Overview of ESCB work and prospects (cont’d)
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Rubric
www.ecb.europa.eu6
Production of securities holdings experimental statistics
Experimental (test) data (short-term approach)
quarterly data collection of stocks:• International Securities Identification Number (ISIN code) for identification of
securities (“security-by-security”)
• Investor country and sector or subsector as defined by the European System of National and Regional Accounts (ESA)
• Short- and long-term debt securities; quoted shares; investment funds shares
• Accounting rules based on ESA95 (e.g. units, ownership, valuation)
based on currently available security-by-security informationwhich has been linked to information on securities and issuers stored in the ESCB Centralised Securities Data-Base (CSDB)
Holdings of securities: Experimental data
Rubric
www.ecb.europa.eu7
Production of securities holdings statistics based on a steady-state approach (as from March 2014)
Security-by-security holdings by euro area & EU residents by sector of euro area-EU investor
Security-by-security holdings by Reporting Banking Groups (RBG)
To be collected via ECB Regulation ECB/2012/24 adopted in October 2012
Securities Holdings Statistics Data-Base (SHSDB) July 2013: Go-live of Stage 1 (sector data)
March 2015: Go-live of Stage 3 (RBG data)
Holdings of securities: Steady-state approach
Rubric
www.ecb.europa.eu
Security-by-security statistics Centralised Securities Database / Securities Issues Statistics
Securities Holdings Statistics
Loan-by-loan dataset: AnaCredit project
Overview of ESCB work and prospects
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Rubric
www.ecb.europa.eu
The current landscape(1/2)Wide range of Wide range of information on information on credit and credit credit and credit risk data available risk data available butbut large diversity large diversity in EUin EU
Micro credit data are considered relevant for a high number of ESCB and SSM tasks
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Rubric
www.ecb.europa.eu
Overall
Irrespective of the source, lack of harmonisation in concepts definitions, and coverage of, at least, a defined population of borrowers and a core set of
data attributes
Main limitations identified by users derive from
different reporting thresholds and definitions and lack of common identifiers for borrowers
The current state of affairs (2/2)
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Rubric
www.ecb.europa.eu
Elements for consideration
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Rubric
www.ecb.europa.eu
Option 1 – a single pan-European CCR
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Rubric
www.ecb.europa.eu
Option 2 – a flexible distributed model (1/2)ESCB-shared database:-core set of data, describing
in detail the characteristics of the borrower and of the credit
-based on harmonised concepts and definitions.
- Large borrowers- Data collected and stored at individual level- Unique identification of borrowers
- Intermediate borrowers (depending on sectors)- Aggregated data, with distributional measures in
the shared credit dataset - NCBs/NCAs collect and store harmonised individual
information and report to the ECB aggregated- Where necessary, users may request further details
- Smaller borrowers or loans- Harmonised data collected either individually or
aggregated by the NCBs but reported as multidimensional aggregates, also with distributional measures
- No evidence of the borrower
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Rubric
www.ecb.europa.eu
Although based on heterogeneous sources of data (existing CCRs, new data collections, surveys or private credit bureaus, depending on national choices), it seems to be flexible and agile, likely less costly and has other advantages :
Multipurpose core set of data (available to all institutional users)
Data attributes mapped to statistical, accounting or prudential standards (also facilitating the link with other datasets)
NCBs/other NCAs and credit institutions to continue running their current systems while serving ESCB users at the same time
Option 2 – a flexible distributed model (2/2)
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Rubric
www.ecb.europa.eu
Collection of confidential data, as both lenders and borrowers can be recognised
Possible STC/FSC LEGCO consultation, prepared by the JTF, on appropriate legal solution to support the data collection and related data sharing
The future legal basis can either be based on:–Council Regulation 2533/98 allowing a wide range of uses, including for the SSM, under governance and confidentiality rules already defined (only euro-area); and/or
–A new ECB Regulation under the SSM Regulation possibly covering all SSM countries; however, it is not certain how far the dataset could the eventually be shared with other ECB/ESCB functions and integrated
Possible way forward: a sound legal basis
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Rubric
www.ecb.europa.eu
New IT application (AnaCredit)
A ‘platform’ to be used for:the collection, storage, processing and dissemination of analytical credit data on EU-wide scale
And at the same time will allow:•setting up and maintenance of differentiated levels of access to data across the ESCB, depending on recognised uses
•the access, through a shared facility, to the extended national datasets which are not part of the ordinary shared database
•the connection with other ESCB applications (RIAD, CSDB, SHSDB) as well as other envisaged applications serving SSM
Possible way forward: a proper IT application
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