WORK PROGRAMME AND MEETING SCHEDULE OF THE STATISTICS COMMITTEE FOR 2014

Transcription

1 STATISTICS COMMITTEE 20 December 2013 STC/2013/210.2 STC-SSM/2013/004.1 ECB-UNRESTRICTED WORK PROGRAMME AND MEETING SCHEDULE OF THE STATISTICS COMMITTEE FOR 1. Introduction In, the work of the Statistics Committee (STC) will focus on 1) the high-priority items identified in the medium-term work programme for the Statistics Committee, 1 2) the medium-term prospects for the ECB Directorate General Statistics, 2 3) the preparation for the Single Supervision Mechanism (SSM), 4) the requirements of the European Systemic Risk Board (ESRB) for enhanced financial stability statistics, and 5) the statistical requirements of European and international institutions used in the close surveillance of macroeconomic developments in individual countries (e.g. Commission s MIP scoreboard, IMF G-20 data gaps initiative). The high priority tasks in are: Preparation for the collection of statistics necessary to support the SSM; Preparation for further euro area enlargement; Enhancement of financial stability statistics for the EU and euro area, in order to provide the ESRB with an enhanced set of information for its regular meetings and to support the ECB s financial stability analysis; Further development of the full system of quarterly integrated sector accounts for the euro area (EAA) and implementation of the recommendations of the Groupe de Réflexion s final report to the STC concerning the compilation of EAA shortly before 90 days after the end of the reference quarter; Further development of the system for securities holdings statistics (SHS) by setting-up the modules for NCBs own holdings and Reporting Banking Groups (RBGs) holdings. Design and implementation of a Data Quality Management (DQM) framework for the EU Register of Institutions and Affiliates Database (RIAD); Continued development of insurance corporations (ICs) and pension funds (PFs) statistics; Implementation of new international standards related to the ESA 2010 and BPM6, and of the related amended ECB Regulations and Guidelines; 1 2 See See

2 Defining a communication strategy on the implementation of the new international statistical standards and its impact on the presentation of the economic developments; Implementation of enhanced statistical data exchange and data sharing modalities based on the SDMX format and the development of global Data Structure Definitions (DSDs); Enhance availability and quality of country data used in the ESRB financial stability analysis, the Commission s scoreboard and the IMF G-20 data gaps initiative; 2. Review of the activities of the committee for 2013 The STC has largely fulfilled its work programme for 2013 thanks to the considerable efforts of the Committee and its substructures; there are no major remaining outstanding issues. Timetable of meetings The Statistics Committee has scheduled the following meetings for, both in regular and in SSM composition. Date Location 26 and 27 March ECB, Frankfurt am Main 11 and 12 June ECB, Frankfurt am Main 17 to 20 September Regular and thematic meeting in Bratislava (Slovakia) 10 and 11 December ECB, Frankfurt am Main 3. Issues Tasks for are listed in line with the main groups of tasks outlined in the mandate. 3.1 Analysis, design and cost-effective implementation of changes in the collected statistical information that are necessary to carry out the tasks of the and of the SSM The implementation of the new requirements linked to ESA implementation and to additional user requirements, for MFI balance sheet items (BSI) and interest rates (MIR) statistics (Regulations ECB/2013/33 and ECB/2013/34 amending Regulations ECB/2008/32 and ECB/2009/7), statistics on assets and liabilities of Investment Funds (Regulation ECB/2013/38 amending Regulation ECB/2007/8), Financial Vehicle Corporations (Regulation ECB/2008/40 amending Regulation ECB/2008/30) and post office giro institutions (Regulation ECB/2013/39 amending Regulation ECB/2006/8) will continue in to allow for the first data transmission by January The implementation of amended Guideline ECB/2009/20 on government finance statistics and Guideline ECB/2002/7 on quarterly financial accounts, to also cater for ESA 2010, will be finalised in. Page 2 of 9

3 Following the adoption of a new ECB statistical Regulation (ECB/2013/44), jointly developed with the Payment and Settlement Systems Committee (PSSC), new requirements on payments statistics to reflect the Single Euro Payments Area will be implemented in in time for the first data collection by mid Start the development of a steady state approach for an analytical credit dataset planned to be finalised in 2016, while preparing a short-term solution allowing to collect data on a regular basis starting from end 2013, in close collaboration with the Financial Stability Committee (FSC). The merits and costs exercise for the development of the steady state approach for statistics on insurance corporations, in liaison with the European Insurance and Occupational Pensions Authority (EIOPA), has been affected, due to delays in the adoption of Omnibus II Directive. The successful conclusion of the trialogue on 13 November 2013 allows to complete the exercise in Q1. Concerning SHS, the STC will work on enhancing the database project to include holdings of securities by NCBs and by reporting banking groups. In view of the data needs of the ESRB and the European System of Financial Supervisors (ESFS), the STC will continue closely coordinating any new or changed (statistical or supervisory) reporting requirements addressed to credit institutions, with the Financial Supervision Committee (FSC) and also with the European Banking Authority (EBA) to avoid any duplication of data collection and to support the use of common concepts and definitions. The work on the classification system between statistical and supervisory reporting requirements as identified by the STC/FSC/EBA Joint Expert Group on a Reconciliation of credit institutions statistical and supervisory reporting requirements (JEGR) will continue. The implementation of the new requirements of Guideline ECB/2013/25, on external statistics, amending Guideline ECB/2011/23, will continue to allow for the first data transmission by mid-. Concerning the SSM tasks of the ECB, the STC will need to set up the complete framework for the collection of the data necessary to support the SSM (e.g. definition of the datasets to be collected, quality checks, remittance dates, format for the data transmission) to be formalised in one or several ECB legal instrument(s) and/or Manual of Procedures. To the extent that some (Pillar 2) supervisory data requirements need to be framed within a new ECB Regulation, the STC will be requested to assist in the preparation of impact assessments and public consultations, as required by the SSM Regulation. 3.2 Harmonisation, where necessary, of the rules and practices governing the collection, compilation and dissemination of statistics within the s fields of competence A number of specific tasks in are: Timely enhancement of financial stability statistics; Further development of quarterly integrated euro area accounts; Promoting consistency across the range of monetary and financial statistics and in publications; Development of financial markets, payments and securities settlement systems statistics; Contribution to the follow-up on the survey on household finance and consumption; Page 3 of 9

4 European contributions to the revision of international statistical standard, where needed; Cooperation with European and international institutions. 3.3 Assessment of the quality of the statistical information used in the The Statistics Committee together with DG-Statistics prepares regular reports on the availability and quality of statistics. The objective of these reports is to inform the Governing and General Council, respectively, about the achievements, gaps and weaknesses and proposed improvements in statistics. 3.4 Overview Monetary and financial statistics Monitoring new statistical developments, quality improvements and further harmonisation related to MFI statistics. / Implementation of amended Regulation on MFI Q balance sheet statistics ECB/2013/33, Guideline Q ECB/2007/9. Update of Manual on MFI balance sheet statistics. Implementation of amended Regulation on IFs statistics Q ECB/2013/38, Guideline (ECB/2007/9). Update of Q Manual on IFs statistics. Implementation of amended Regulation on FVCs ECB/2013/40, and Guideline (ECB/2007/9) Q Q Implementation of amended Regulation on MIR Q statistics ECB/2013/34. Update of Manual on MIR Q statistics. Running the merits and costs exercise, in close liaison Q with EIOPA, and preparation of a statistical regulation Q1 on insurance corporations statistics. MPC, IRC, FSC, MOC, ATC, LEGCO / H1 Provide input and assist in the compilation of quarterly LEGCO financial and non-financial euro area accounts for financial corporations subsectors, incl. MFIs and OFIs Money Market Statistical Reporting Regulation Q Q3 undertake the merits and costs procedure for the Q collection of high frequency data on money market activity Implementation of new Payment Statistics Regulation on ECB/2013/44 Q1 Q Provision of the necessary data for the work of the ECB s financial stability analysis of the euro area and to cover ESRB needs; contribute to implementation of FSB/IMF decisions, especially concerning Systematically Important Financial Institutions or other G20 agreements. Q MOC, LEGCO FSC, ATC, LEGCO Q Page 4 of 9

5 Analytical credit datasets: Identification of core Q attributes and concepts on data on lending exposures Q vis-à-vis NFCs. Preparation for longer term approach (i.e. setting-up an IT tool for reception, maintenance, distribution of credit and credit risk data). When needed MPC, MOC, FSC, RMC, LEGCO, TF on Superv. Design a DQM and data flow framework for the When needed MOC enhanced RIAD (including the cross-border relationships) Supervisory Statistics Main issues Set up the legal governance (incl. quality aspects) necessary for the collection, production and dissemination of supervisory data harmonised under the EBA s Implementing Technical Standards (ITS) on reporting, for significant banks and less significant banks. Develop the steady-state reporting schemes for new sets of Pillar 2 data according to user requirements, including the necessary impact assessment and public consultation. Cooperation with EBA in view of the ITS evolution and the implementation of the sequential approach. Support re-use of micro-prudential data for macroprudential purposes, and integration with monetary statistics, also on the basis of the GRISS recommendations. Q1-Q3 Q1-Q4 On-going Mar. Sep. Mar. Mar. LEGCO SSM user Committee LEGCO SSM user Committee June / Nov External statistics Data quality report. Jul Feb Monitor quality issues of national data used in the ESRB s White Book and Commission s scoreboard. / Feb Mar Monitor implementation of new requirements following Nov 2011 the adoption of the amended ECB Guideline on - Oct External Statistics (ECB/2013/25). Reassess the procedure to enhance internal consistency of euro area b.o.p. by adjusting the net errors and omissions. Q Q4 Q4 Q BPM6 implementation (including the assessment of all Jan Q related issues, communication to users of forthcoming Q changeover to BPM6, update of b.o.p. book). Collection of data on the euro as an invoicing currency for the review of the international role of the euro. Jan - Mar / Q2 IRC Q2 Page 5 of 9

6 Collection and review of (enhanced) data on banknote shipments in line with the new ECB Guideline on external statistics (ECB/2013/25). Contribute to the developments of the EuroGroups Register. Follow-up to the discussions by the FDI Network, in close cooperation with Eurostat. Further monitor the implementation of a common revision policy for national accounts and b.o.p./i.i.p. statistics in line with CMFB agreement (in cooperation with Eurostat). Review the user needs regarding securities trading, Q clearing and settlement statistics, and the enhancements to conceptual, collection and technical frameworks. Assess user requirements and benefits for b.o.p. Feb purposes of developing a future centrally available database for card payment indicators Securities Statistics Issue WG STC consideration Other committees CSDB in production: regular operation of the CSDB system and data quality management (DQM) in line with ECB Guideline ECB/2012/21), including monitoring and supporting the use of CSDB data beyond statistics in accordance with the procedure approved by the Governing Council. CSDB Quality report. Q1 Q2 / Q3 Q3 Sourcing and procurement strategy for CSDB data. SHSDB in operation: Support and advise on the operation and enhancement of the SHSDB and on the steady state approach for SHS (in terms of data transmission, production and compilation of intermediate output data). Issue WG STC consideration Other committees Start End Commitee(s) Date CSDB development: development of system functionalities, DQM and output products and implementation of regular annual releases (including planning and testing). CSDB in operation: (i) assess possible synergies with other applications and systems in using commercial data input and identify areas for reduction of costs; (ii) assess possible cost sharing as of 2015 with non NCBs using CSDB system. SHSDB development: Setting-up NCBs own holdings and Reporting Banking Groups (RBGs) holdings modules. Develop approaches for the regular exchange of micro data on SHS for statistical purposes. / Q Euro Area Quarterly Sector Accounts Page 6 of 9

7 Further enhancement of the quarterly integrated euro area accounts (including enhanced timeliness and completeness, removal of any remaining discrepancies between (national contributions to) euro area financial and non-financial quarterly accounts) / Enhancement of the annual data quality report to cover Nov. Dec. March the quality assessment of statistics underlying the Macroeconomic Imbalance Procedure (MIP) Scoreboard, including the relevant national data of all EU countries Implementation of new MUFA Guideline (e.g. methodological changes due to ESA 2010, transmission to the ECB of financial account data including supplementary data; additional requirements for national financial account data). Intensify the efforts to report complete and publishable quarterly national financial accounts (of improved quality and comparability) used in the Commission s MIP scoreboard, the financial stability analysis of the ESRB, and the IMF G-20 data gaps initiative. Implementation of the Framework Regulation on integrated business statistics (FRIBS). Eurostat, OECD March / / Further progress in producing EAA at t+90 Implementation of regular revision practice for EAA in line with CMFB agreement Implement the change over to SDMX-ML. Sep Sep. CMFB Government Finance Statistics Annual Public Finance Report (Statistical Annex) Apr - May Autumn Fiscal Policy Note (AFPN): provide the regular Oct - annual data flow and contribution to the AFPN in Nov the context of the autumn transmission. Convergence Report Dec 2013 Apr May May MPC May Nov MPC Nov / 2013 GFS Quality report for non-euro area countries July 2013 Dec 2013 Jan Non-euro area NCBs GFS Quality report for euro area countries Oct - (including countries self-assessment of national GFS Dec data, analysis of data revisions, DDA, comparison of annual data with other datasets). MPC May Jun Dec May Feb Jan 2015 Mar 2015 / Page 7 of 9

8 Compilation of euro area quarterly and annual financial and non-financial accounts for the government sector and provision of the building blocks for the integrated euro area accounts. Contribute to legal, methodological and statistical development work to strengthen the governance of the EU fiscal framework. Monitoring and assessing the accounting consequences CMFB for the government sector of the interventions and initiatives in the context of the financial and fiscal crisis General Economic Statistics Co-ordination of ad hoc data requests to NCBs MPC, others Convergence Reports: preparation of data and statistical methodology text for the biannual Convergence Reports. H1 May MPC May / May Non-financial statistics for EU housing markets (including residential and commercial property prices and structural housing indicators issues). Labour statistics (including labour cost compilation review and compilation of unit labour cost (ULC) indicators and their components). GES data flow: monitor and improve the data flow from Eurostat to the ECB and from the ECB to the NCBs; act as contact point to assess GES for smaller euro area countries and non-euro area EU countries in the light of the requirements by the ESRB. / CMFB Development and implementation of -wide statistical infrastructure and dissemination issues Comply with the ECB Guideline on Confidentiality (ECB/1998/NP28) and report to the Governing Council Risk analysis framework of the statistics and related issues. Alignment with ORM and BCM frameworks Feb. ITC Feb. / ODC Mar. Statistical Data Warehouse: coordination of user requirements and further enhancements (e.g. expansion to mobile devices like Tablets and Smartphones) / Page 8 of 9

9 Further enhancements in the Statistical Data Exchange System to cover e.g. requirements related to SSM, ESRB, micro-databases and ad hoc surveys. Q1 Q4 Contribution to the implementation of Data Structure Definitions for global use in the context of BPM6 and SNA2008 implementation, including the migration to SDMX-ML. Change of technical setting for Joint Dissemination Tables towards a more flexible solution. Q1 Q4 Q Q4 3.5 General issues Preparatory work for further euro area and European Union enlargement; Issues related to the European Statistical Forum (ESF); Issues related to the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB); Data quality framework, including quality and availability reports and statistical preparedness report for the non euro area EU-countries; Operational risk and business continuity management frameworks for statistics and related issues; 4. Co-operation with other, SSM (and possibly ESRB) Committees and other European stakeholders See columns titled Others committees in section 3.4. Cooperation will continue with the Advisory Technical Committee of the ESRB and will be intensified with the European Banking Authority (EBA). 5. Other The STC will also examine matters concerning the objectives and tasks of the in preparation for meetings and written procedures of the CMFB, of the European Statistical Forum, other European and international statistical committees, EBA and the ESRB. Page 9 of 9