BANK OF GREECE National self-assessment report providing information on quality, sources and methods, together with information on the statistical processes used for the compilation of the statistics underlying the MIP indicators for financial accounts
ANNEX 1 Template for national reports providing information on quality, sources and methods, together with information on the statistical processes used for the compilation of the statistics underlying the MIP indicators (financial accounts) (most relevant parts referred to in this note highlighted yellow) Selected principles Some specific examples for indicators and European Code Practice principles Public Commitment of on European Statistics by the ESCB Selected elements related questions (Response options, unless indicated otherwise: not implemented; partially implemented; fully Statistical domain specifications for financial accounts for Financial accounts Please provide information regarding all cells using the indicated numbering. implemented) Institutional Environment Institutional Environment CoP/PC CoP1 Professional PC1 Professional 1.1/1.1 Independence Independence IMF DQAF SIMS 1.1.1 1.1.2 Question(s) The independence of Bank A.1.1. Legal basis of Greece from political Regulation (EC) 223/2009 Article 2 is the relevant reference for ESS. and other external A reference to Article 130 of the EU Treaty and Article 7 of the Statute of the interference in developing, ESCB and of the ECB are the relevant references for ESCB. producing and Please add relevant national legal acts. disseminating official statistics is guaranteed by law. Legal basis: Pls confirm the independence by The Independence of the Bank of Greece from political and other external interference in developing, producing and disseminating official statistics is established by its Statute,
1.4/1.5 ECB-UNRESTRICTED referring to the relevant national and EU legal act(s) and the formulation used in the legal act. The [name of reporting institution] has an annual statistical work programme which is made public. Statistics work programme: Pls confirm the existence of a statistics work programme and specify where to find it (or similar document), if available. (http://www.bankofgreece.gr/bogdocumenten/bog_statute_tenth_edition.pdf), which has the force of a superior law prevailing over any other provision of domestic law, given that the Statute of the Bank of Greece forms part of an international agreement ratified by law in accordance with Article 28 paragraph 1 of the Greek Constitution. In particular article 5A states: When carrying out the tasks conferred upon them, neither the Bank of Greece nor any member of its decision-making bodies shall seek or take instructions from the Government or any organisation. Neither the Government nor any other political authority shall seek to influence the decision-making bodies of the Bank in the performance of their duties. The responsibility of producing financial accounts is explicitly referred in Artlicle 55 of the Statute which states The reporting requirements shall also apply to the data needed by the Bank to compile the balance of payments and the financial accounts of the various sectors of the economy A.1.2 Statistics work programme Pls confirm the existence of a statistics work programme covering financial accounts statistics and specify where to find it, if available. The name of the institution(s) responsible for annual and quarterly financial accounts may already be stated here. Mention also ESCB and ESS work programmes where relevant (see links below). 2016 ESS Work Programme 2016 ESCB Statistics Work Programme The Bank of Greece has undertaken the responsibility of producing both annual and quarterly financial accounts in Greece. The national financial accounts work programme is guided, at the European level, by the work programmes of Eurostat ESTAT Annual Work Programme http://ec.europa.eu/eurostat/web/ess/-/the-european-statistics-annual-workprogramme-2016 and ECB WG FA operating under a mandate from the ECB Statistics Committee (STC). This programme is reviewed and updated annually. http://www.ecb.europa.eu/stats/pdf/2016escbstatisticsworkprogramme.en.pdf Page 3 of 12
CoP2 Mandate data collection PC2 Mandate for for data 2.1/2.1 0.1.1 collection CoP6 Impartiality PC6 Impartiality 6.6/6.6 1.2.4 and objectivity and objectivity S 7.1 S9.1 + S9.2 S.20.1 ECB-UNRESTRICTED The mandate(s) of the A.2.1 Allocation of responsibilities: [name of the institution(s)] Pls explain the allocation of responsibilities for the production of financial to collect information for accounts statistics, distinguishing as needed quarterly/annual production and the development, specific sectoral responsibilities. production and dissemination of European Statistics is specified in Both annual and quarterly financial accounts (including ) are compiled law. and disseminated by the Bank of Greece. Allocation of responsibilities: Pls explain A.2.2 Legal basis: the allocation of Pls confirm the mandate for the production of financial accounts statistics by responsibilities in referring to the relevant legal act(s) and any other kind of formal agreements, producing the relevant such as memoranda of understanding. statistics. Legal basis: Pls confirm There is a formal MoU between ELSTAT and the Bank of Greece, concerning the mandate by referring GG accounts The mandate for the production of financial accounts is referred in to the relevant legal act(s) the Statute of the Bank of Greece. and any other kind of formal agreements. Advance notice is given on release calendars and on major revisions or changes in methodologies, source data and techniques. Advance release calendar: Pls confirm the existence of an advance release calendar and provide a link to it. A.3.1 Advance release calendar: Pls confirm the existence of an advance release calendar for financial accounts statistics and provide a link to it. Currently there is no formal release calendar for financial accounts. The data are released in the Bank of Greece web site at about t+119 (same day as ECB release of the data). A.3.2 Revision policy: Pls explain succinctly the revision policy for financial accounts statistics and provide a link to material on the revision policy, if existent. The explanations should cover both annual and quarterly financial accounts. Revision policy: Pls explain succinctly the Please indicate whether the revision policy advised by the CMFB is applied. revision policy and provide a link to material on the Revision of financial accounts is not fully in line with the approved revision policy revision policy, if existent. of CMFB due to the revision policy of GG and specifically the revision of EDP Page 4 of 12
data. Most data revisions occur in the April and October transmissions and refer to the last four reported years. Statistical Processes CoP7 Sound methodology Statistical Processes CoP/PC PC7 Sound 7.1/7.1 methodology IMF DQAF 2.1 2.2 2.3 2.4 SIMS Question(s) S4.3 S4.4 S4.5 S4.6 S 6 S12.1 Financial accounts Pls specify the relevant B.1.1 General remarks: statistical standards to Specify if the financial accounts follow ESA 2010. Pls provide any links to which the statistics abide national documentation on sources and methods. Links/references to existing comprehensive Financial accounts follow ESA 2010. The data and some information can be methodological found at http://www.bankofgreece.gr/pages/en/statistics/accounts.aspx documentation on specific aspects of the national sources and methods can also be provided Pls specify adherence or For time series whose reporting is mandatory, deviations and coverage gaps deviations from concepts from the following principles with material impact should be identified (mentioning and rules according to derogations from ESA 2010 where material). international standards B.1.2 Residency and territory; and highlight coverage Fully compliant with the ESA 2010 definitions gaps that are of material relevance for the statistics. Pls indicate whether actions to address the deviations and coverage gaps are envisaged. B.1.3 Institutional unit definition; Fully compliant with the ESA 2010 definitions B.1.4 Sectorisation and sector delimitation; Fully compliant with the ESA 2010 definitions B.1.5 Instrument identification; Fully compliant with the ESA 2010 definitions B.1.6 Valuation, including derivation of transactions and other flows; Page 5 of 12
Fully compliant with the ESA 2010 definition. In order to ensure stock-flow consistency, Price Changes are calculated as a residual. Market value of unquoted shares is estimated according to listed shares valuation. B.1.7 Time of recording (accrual accounting); Fully compliant with the ESA 2010 definitions Accrued (and not paid) interest is included in the relevant instruments. B.1.8 Coverage gaps; For the time being, data on debt securities and shares that have been acquired by foreign custody are not recorded. However, it is intended to include in the medium term data from the third party holdings statistics, in order to fill this coverage gap. B.1.9 Non-consolidation/Consolidation at sectoral level As required under the ESA 2010 Transmission programme (Tables 6 and 7) Fully compliant with the ESA 2010 definition. Regarding S11, inter-company loans do not exist. B.1.10 Specific issues for instruments covered by MIP indicators None B.1.11 Other major deviations not listed above. None CoP8 Appropriate Statistical procedures PC8 Appropriate Statistical procedures 8.2/8.2 3.1 3.3 3.4 S12.1 S21.1 S21.3 S 21.5-6 Pls provide a succinct assessment of the robustness of the statistics by elaborating briefly on the relevant sources of information, statistical methods and procedures used across the various frequencies. B.2 Pls complete the attached summary table on data sources, estimates and balancing items by sector and instrument (see Annex to CoP8 below). The information should be sufficient to cover both annual and quarterly data compilation. Furthermore, pls describe briefly the procedures and methods used in the compilation of quarterly and annual data, procedures to estimate missing data (including missing latest observations) and horizontal/vertical balancing procedures. The instruments/sectors which are particularly involved in estimation and balancing should be listed. Finally, information on methods to align quarterly Page 6 of 12
Pls provide links/references to existing comprehensive methodological documentation on specific aspects of the national statistical procedures. The objective should be to get an overview on how much the statistical output are anchored in actual collected data rather than on estimation methods or similar judgemental inputs. and annual data should be given, if applicable. A link to national documentation should be provided if available. - B.2.1 Data source map (reference to separate page) See table below - B.2.2 Description of procedures and methods (brief overall description, to clarify the data source map) The Statistics Department of the Bank of Greece collects data directly from all financial sectors with population surveys to S122, S123, S124, S125, S126, S127, S128(with some home-host approach issues), S129 which are used as primary source for the compilation of financial accounts. Also a number of other datasets is used, specifically CSDB/SHS/SEC statistics, IIP/BOP data and GG data transmitted from the ELSTAT and Public Debt Management Agency. The data (stocks flows and OVCs) are imported to ARIADNE (the financial accounts database) where the compilation of financial accounts takes place following established rules concerning hierarchy of data, national account identities, counterpart rules, consolidation, internal consistency etc.) - B.2.3 Estimation of missing data None - B.2.4 Balancing procedures (horizontal and vertical) None In most cases HHs are the residual sector ensuring horizontal consistency. - B.2.5 Methods to align quarterly and annual data Annual data are directly derived from quarterly data Page 7 of 12
Statistical Output CoP11 Relevance Statistical Output PC11 Relevance CoP/PC IMF DQAF 11.1-11.3 0.3 S.14 SIMS Question(s) Financial accounts Pls specify briefly why the C.1 statistics are relevant by A brief description of the requirements in the field of financial accounts statistics. referring to the multiple At (i) international level they are part of the Special Data Dissemination Standard purposes for which the Plus of the IMF and are used for IMF Article IV consultations of the EU Member statistics are used at (i) States. international, (ii) EU and (iii) national level. The financial accounts are used in part for the production of SDDS+. References to the statistical legislation and In (ii) the EU, they are part of the scoreboard of the macroeconomic imbalances other formal or informal procedure (MIP), and support the assessment of vulnerabilities and commitments could be interconnectedness for financial stability purposes by the European Systemic sufficient. Risk Board (ESRB, see its risk dashboard ). For the euro area, financial In addition, if applicable, accounts statistics support the Eurosystem in its tasks to define and implement the single monetary policy. the outcome of user consultation processes could also be given. Annual financial accounts are part of the scoreboard of the macroeconomic imbalances procedure (MIP), and support the assessment of vulnerabilities and interconnectedness for financial stability purposes by the European Systemic Risk Board (ESRB, see its risk dashboard ). For the euro area, financial accounts statistics support the Eurosystem in its tasks to define and implement the single monetary policy. At (iii.) national level [pls explain relevant national uses]. At national level the financial accounts are used by the Economic Research and Analysis and other Departments of the bank of Greece, ELSTAT, the Ministry of Finance, Universities and Research Centers. Page 8 of 12
PC12 CoP12 Accuracy and Accuracy and reliability reliability (including stability) 12.1/12.1 3.5 S 15.1 S 15.2 S15.3 S.18.2 S 20.2 ECB-UNRESTRICTED The ECB/Eurostat should C.2.1 Accuracy and reliability consider performing quantitative analyses based on the following indicators, on the reliability of first releases for the relevant series (selected for their material impact and to avoid compensatory effects in the case of balancing items): Directional indicators; reliability Revisions indicators (e.g. MAPE, MACE or RMSRE depending on the indicator). Pls provide a succinct assessment of the accuracy and reliability of the statistics on the basis of the results, with an attempt to provide a relative objective measure, explaining also the main reasons for revisions. Pls provide a succinct C.2.2 Internal consistency assessment of the level of the statistical discrepancies ( internal consistency ) focusing on their size and direction (systematic bias). Pls describe the type of work undertaken on checking the accuracy and reliability of financial accounts. Pls provide also a summary of the financial accounts in terms of accuracy and reliability in qualitative terms and refer to quantitative measures of reliability if available. Results should be presented in a manner that facilitates cross-country comparability, e.g. as a percentage of GDP, of total financial assets etc. Currently there is no quantitative measurement of reliability at the national level. Validation checks are performed internally in the ARIADNE dataset. A subset of these tests is part of the validation process of ECB and Eurostat for quarterly and annual financial accounts respectively. Pls describe the size and trends of any statistical discrepancies in the disseminated financial accounts data in terms of accounting identities, including stock/flow reconciliation. By construction of the financial accounts dataset there are no discrepancies in terms of accounting identities and full consistency is established before Page 9 of 12
transmission or publication of the data. CoP13 Timeliness and punctuality CoP14 Coherence and comparability PC13 Timeliness (including punctuality) PC14 Consistency and comparability 13.1 13.4 4.1 S.16 4.2.1 14.1/14.1 4.2.2 4.2.3 Pls specify the timeliness requirements for international and EU purposes and the national target publication dates. Pls specify punctuality defined as deviations in relation to the timeliness requirements and target dates specified above. Pls provide a succinct assessment of the results of the consistency check of the statistics with other related domains or data sets with which the statistics must show S17.2 coherence ( external S 18.1 consistency ). The results should provide a relative objective measure to facilitate crosscountry comparability, e.g. be presented as a ratio of the inconsistency between compared statistics, as a percentage of GDP, where C.3.1 National requirements: publication of quarterly data is due by [ ] and publication of annual data is due by [.] Publication of the quarterly and annual data is in t+119 days after the end of the relevant quarter. There is always full consistency between quarterly and annual financial accounts published. C.3.2 International requirements: In the EU, the ESA 2010 transmission programme requires reporting of annual data at T+9 months. The quarterly data requirements of the ECB are T+85 days (for compilation of euro area aggregates only) and T+97 days (national data, for publication by ECB from t+107). For the IMF, quarterly financial accounts are required at t+4 months in SDDS Plus. C.4.1 External consistency Major consistency issues resulting from comparing the financial accounts data with (a) non-financial accounts net lending/net borrowing, (b) b.o.p,/i.i.p., and (c) relevant major comparability issues with other statistics should be summarised. There are large differences between the net lending/net borrowing from the financial accounts and from the non-financial sector accounts, as compiled by the Hellenic Statistical Authority for the household and non-financial corporation sectors and to lesser extent for financial corporations and GG (for specific quarters). It is recommended that this issue is analysed further. The Bank of Greece and the Hellenic Statistical Authority are in ongoing discussions concerning this issue. In this context, it should be mentioned that non-financial sector accounts are generally reviewed under the Joint Overall Statistical Greek Action Plan (JOSGAP).There are also differences between QSA & SEC data, due to the inclusion of the debt of maritime companies in the latter. However, this difference is to be eliminated, since SEC data will be revised in the production round for September 2017 data. Page 10 of 12
appropriate. Pls provide a succinct assessment of the time consistency, specifying (i) whether the time series presents breaks and if so explaining the reasons for the breaks; (ii) the length of the series for which back data are consistent; and (iii) whether the statistics are consistent across the various frequencies (monthly/quarterly/annual) where relevant. C.4.2 Time and back data consistency: specify breaks in time series indicating whether they relate to methodological or compilation changes and indicating for how long time series show consistent back data (e.g. breaks arising from the introduction of ESA 2010 should be mentioned). There is a break in 2015 in the time series of nonconsolidated F3 liabilities in S.122, following the change in SHS regulation. C.4.3 Consistency across frequencies: in relation to series breaks, specify how the consistency between the different data frequencies is ensured. No issue C.5.1 Data National: http://www.bankofgreece.gr/pages/en/statistics/accounts.aspx ECB: http://sdw.ecb.europa.eu/reports.do?node=1000002779 CoP15 Accessibility and Clarity PC15 Accessibility and Clarity 15.1/15.1 5.1.1 5.2.1 Eurostat: http://ec.europa.eu/eurostat/data/database Pls provide a brief OECD: http://stats.oecd.org/index.aspx?datasetcode=fin_ind_fbs# S9.3 description of the dissemination policy and S 11 dissemination means, C.5.2 Metadata S12.1 including links to the data Pls provide links to national sources if different from 3.1 and respective metadata. No metadata are published, however they are transmitted both to the ECB, together with the transmission of QFA data and to Eurostat, together with the transmission of T27 data. C.5.3 Contact Page 11 of 12
Pls provide a contact name and/or e-mail address. A generic contact for financial accounts is the following: mfm_fa.stat@bankofgreece.gr Data source map for financial accounts Map of main data sources Country: Name of institution: Year: 2017 Greece Bank of Greece Assets S11 S12K S124 S12O S128 S129 S13 NFC s MFIs IFs OFIs IC PF Gov S14 + S15 HH+ NPI SH Liabilities S2 S11 S12K S124 S12O S128 S129 S13 RoW NFC s MFIs IFs OFIs IC PF Gov S14+ S15 HH+ NPISH s S2 RoW Key for data sources and calculation/estimations: NFC Non-financial corporation balance sheets F11 Monetary gold MFI MFI MFI MFI balance sheet statistics F12 SDRs MFI MFI MFI / MFI MFI IF Investment fund statistics F21 Currency MFI MFI IF OFI IC MFI MFI MFI MFI OFI Other financial institution statistics F22 Deposits, transferable MFI MFI MFI MFI MFI MFI F29 Deposits, other MFI MFI MFI MFI MFI MFI F3 Debt securities SHS SHS SHS SHS SHS SHS /MFI /MFI /SHS MFI MFI 0 MFI MFI IC Insurance corporations statistics MFI MFI 0 MFI MFI PF Pension fund statistics SHS SHS SHS SHS 0 SHS SHS SHS SHS F4 Loans BoP MFI IF OFI IC PF * BoP MFI MFI MFI MFI MFI MFI MFI MFI BoP F511 Listed shares SHS SHS SHS SHS SHS SHS F512 Unlisted shares SHS MFI IF OFI IC /SHS Quarterly financial accounts for general government Balance of payments and international investment position. SHS SHS SHS SHS 0 SHS SHS SHS SHS SHS SHS Securities holdings statistics * BoP SHS MFI 0 OFI IC * BoP 0 F519 Other equity F52 Investment fund shares/units IF IF IF IF IF /IF IF IF MFI IF BoP F61 Non-life insurance techn. res. IC IC IC IC IC /IC IC IC IC F62 Life insurance and annuities IC IC IC F63- F65 Pension entitlements IC IC IC NFC IC PF F66 Standardised guarantees MFI/ QFA GG F7 Financial derivatives MFI MFI IF OFI IC/M FI MFI MFI MFI IF OFI IC MFI F81 Trade credits and advances NFC * BoP NFC * NFC F89 Other accounts excl. F81 NFC MFI IF OFI IC * BoP NFC MFI IF OFI IC * BoP * "Residual sector for respective instrument - i.e. the sector (assets or liabilities) where source is available, but most likely adapted to achieve horizontal consistency. ** Pure residual calculation as no source data for a meaningful plausibility check is available. known to be zero (e.g. if concept does not exist) Page 12 of 12