QUALITY REPORT: ANNUAL FINANCIAL ACCOUNTS

Transcription

1 QUALITY REPORT: ANNUAL FINANCIAL ACCOUNTS PROGRESS REPORT AND INVENTORY 19 th November 2013 Eurostat C-1 Page 1

2 TABLE OF CONTENTS 1. ABOUT THIS REPORT DATA TRANSMISSIONS DURING COMPLETENESS OF THE AFA DATABASE TRANSMISSION ISSUES ANNEX... 7 Page 2

3 1. About this report In this document we analyse the reporting by countries of the annual financial accounts (AFA) during 2013, covering transmissions of data up to and including year The report then presents a summary of the completeness of countries data disseminated by Eurostat in its public database, with respect to the reporting requirements. In a further section various transmission issues relating to AFA are described. As a reminder, the relevant tables of the ESA95 transmission programme are Table 6 (financial accounts by sector) and Table 7 (balance sheets for financial assets and liabilities). For both tables, the legal deadline for reporting the data is year T+9 months. However, under a gentlemen s agreement Eurostat expects as many Member States as possible to respect a deadline of T+6 months. The annual data are required from 1995 onwards. Eurostat s pre-validation checks cover above all the completeness and internal consistency of the data, but there may be other quality issues with the transmitted data. Countries are asked, given the growing user needs such as the Macroeconomic Imbalance Procedure, to continue working on all aspects of data quality. 2. Data transmissions during 2013 The cut-off date for the data in this analysis is 18 th November AFA data for year 2012 have been received by Eurostat and validated for all 28 Member States see table 1 below. This compares with a similar 100% success rate last year, when 27 Member States (Croatia was not yet a member) had submitted transmissions of 2011 data validated by Eurostat by the middle of November Concerning timeliness, almost all Member States transmitted the 2012 data by the end of September 2013, the last country being Luxembourg on 18 th October. The last validation of 2012 data was for Latvia on 30 th October. The end-june voluntary deadline for the latest year s data was respected by 9 Member States, compared with 11 Member States last year. As usual, many countries have sent more than one transmission of AFA data during the year. Most of the validated transmissions containing 2012 data are complete, or nearly complete, in terms of series delivered and length of series, if country derogations are taken into account. For information on completeness of the database, see the comments column in table 2 below. Page 3

4 Concerning the non-eu countries, 2012 data have been received from Iceland, Turkey, and Norway. On the request of the national authorities, the data for Turkey are not published. Table 1: Summary of annual financial accounts transmissions during 2013 Country Date of first transmission of 2012 data Date of first validation of 2012 data Time series provided during 2013 BE 18/4/ /4/ BG 4/10/ /10/ CZ 27/9/ /9/ DK 2/7/2013 3/7/ DE 20/6/2013 3/7/ EE 27/9/ /9/ IE 26/9/ /9/ EL 22/4/ /4/ ES 3/9/2013 3/9/ FR 26/9/ /9/ HR 30/9/ /10/ IT 30/9/2013 3/10/ CY 27/9/2013 1/10/ LV 1/10/ /10/ LT 30/9/2013 3/10/ LU 18/10/ /10/ (from 1995 for S.13) HU 3/4/2013 4/4/ MT 8/10/ /10/ NL 12/8/ /8/ AT 30/9/2013 3/10/ PL 30/9/2013 3/10/ PT 12/4/ /4/ RO 30/9/ /10/ (but S.13 subsectors missing since 2009) SI 10/5/ /5/ SK 30/9/2013 8/10/ FI 2/9/2013 4/10/ SE 27/3/ /3/ UK 28/3/ /9/ IS 11/9/2013 7/10/ NO 26/4/ /4/ TR 31/10/ CH Page 4

5 3. Completeness of the AFA database A detailed inventory of Eurostat s annual financial accounts database is available on CIRCABC. It provides information on availability by time series for transactions and balance sheets, consolidated and non-consolidated. Specifically it covers ESA tables 610, 620, 710, and 720. The inventory shows, while taking into account any remaining derogations, the legal compliance of countries in terms of the data provided. The cut-off date for the extraction was 18 th November All the data are published in Eurostat s public database (available on the web site), for all countries apart from Turkey. A summary of the inventory, including comments on the main missing items, is provided in table 2 below. Table 2: Financial accounts database: data availability Country Transactions Balance sheets Comments BE BG Derogation for data CZ Consolidated S.12 subsectors not provided. DK Derogation for sub-instrument data up to 2002 DE F.11, F.12, F.611, F.612 missing. A few S.123 series are missing for EE Derogation for for S.11, S.12, S.14_15. IE Derogation for for S.13, but S.13 data are available only from 1999 and some series missing. EL ES Some series begin earlier FR Breakdown of F.61 is incomplete HR IT CY LV F.512 and F.513 are mssing LT F.11 and F.12 are missing LU is missing, except for S.13 HU MT Derogation for only NL Derogation for F.71 and F.79 for AT Most transactions data missing for 1995 PL PT RO Derogation for S.13 subsector data missing since 2009 SI Derogation for SK Derogation for some sub-instruments for S.124 data are missing. F.1/F.11/F.12 stock Page 5

6 data missing FI SE S.124 missing for UK S.124 is missing, a few other series are missing, and some data are missing since 2009 IS Many series missing NO TR Not to be published. Many series missing, and many series are only to 2009 CH Many series are missing data are incomplete. The inventory does not cover the voluntary annual financial accounts tables, in other words, other economic flows (comprising other changes in volume account and revaluation account), and the tables with counterpart information. Nevertheless, Eurostat would appreciate receiving all the voluntary tables. 4. Transmission issues We would like to remind countries that all transmissions of ESA tables 6 and 7 should be on the basis of ESA95 up to 31 st August 2014, and on the basis of ESA 2010 thereafter. Moreover, we remind countries of the following: - Eurostat asks for all transmissions to pass through its single entry point (edamis). Transmissions must arrive in Gesmes format. Where the Excel to Gesmes convertor is used, please always download the latest version available on CIRCABC; - Please always use an appropriate organisation code when reporting this is of the format XXy where XX is the country acronym and y is a number. If in doubt, contact Eurostat; - Wherever possible please send the data in a single Gesmes file. With the Gesmes convertor this can be achieved by opening all the relevant sub-tables at the same time and then processing; - Where corrections are to be made to a transmission previously sent to Eurostat, please send the whole transmission again with the corrections included; - Please send complete time series in the transmissions, wherever possible, to ensure that the series are consistent with no breaks; - Please respect the rules regarding the meaning and use of the codes for not available and not applicable, as well as the use of zero values; - Eurostat publishes the data on other economic flows (tables 0611, 0612, 0621, and 0622, comprising other changes in volume account and revaluation account). Where countries do not provide the data, Eurostat calculates OEF as a residual from the stocks and transactions. Eurostat asks countries to provide these data if at all possible; Page 6

7 - Eurostat would like also to receive the financial accounts counterpart information (tables 0625 and 0725). An internal database has been set up for these data. Before transmitting these tables, please contact Eurostat first, to agree on arrangements. Counterpart data sent in the Gesmes transmission ESAP2FIN_06TO07 cannot be treated. 5. Annex The Fin95 inventory file used in section 3 above may be found on CIRCABC (Fina inventory_ xlsx). Page 7