OECD · Web viewOECD QUESTIONNAIRE ON institutional saving and investment I. Introduction 1. The present questionnaire was reviewed and accepted by the Group of Financial Statisticians

STD/NAES/FA(2003)7 – Appendix 1

Statistics Directorate

STATISTICAL QUESTIONNAIRE ON INSTITUTIONAL SAVING AND INVESTMENT

National Accounts and Economic Statistics Division


December 2002

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TABLE OF CONTENTS

1. Introduction

A. Organisation of the questionnaireB. CoverageC. Other information

II. Questionnaire

Part I: Quantitative information

Table 1: Institutional saving and investmentTable 2: Share of institutional saving in domestic financial assets Table 3: Share of institutional saving in household saving

Part II: Methodological country notes

Standard presentation for methodological country notes Table 4: Reconciliation table

Part III: Electronic questionnaire

Annex 1:DefinitionsAnnex 2:Technical annex

Please return the completed questionnairePREFERABLY BY E-MAIL

No later than 14 February 2003 to:

ESTHER BOLTONStatistical Assistant

National Accounts and Economic Statistics Division Statistics Directorate

OECD2, Rue André Pascal75016 Paris, France

Tel: (33-1) 45.24.94 45E-Mail: [email protected]

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OECD QUESTIONNAIRE ON INSTITUTIONAL SAVING AND INVESTMENT

I. Introduction

1. The present questionnaire was reviewed and accepted by the Group of Financial Statisticians at its meeting held on 2-3 April 1996. The purpose of the questionnaire is to provide a tool to the Secretariat for compiling regularly comprehensive and internationally comparable statistics on institutional saving and investment to meet the analytical requirements of the Committee on Financial Markets.

A. Organisation of the questionnaire

The questionnaire is composed of two parts and annexes:


Part II: Methodological country notes

Annex 1: DefinitionsAnnex 2: Technical annex

B. Coverage

Table 1:Institutional saving and investment (transactions1 and outstanding amounts)

Insurance companies (including re-insurance companies)

Life insurance companiesNon-life insurance companies

Pension funds (funded private and public insurance schemes)

Autonomous pension fundsNon-autonomous pension funds

Investment companies

Open-end investment companiesClosed-end investment companies

Other forms of institutional saving, such as

foundations and endowment funds

non-pension fund money managed by banks (e.g. bank trust departments or investment accounts)

private investment partnership -- including venture capital partnerships and hedge funds

1 TRANSACTIONS should be reported only if they are calculated according to the SNA recommendations. Simple changes in stocks should not be reported as flow data.

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Table 2: Share of institutional saving in domestic financial assets

Table 3: Share of institutional saving in household saving

The Secretariat will calculate Tables 2 and 3 if the underlying data are provided by the reporting country.

C. Other information

Method of valuation: market value

Period under review: since 1980 and including the most recent year available (2001)

Data submission

Frequency: annual following the historical data submissionSubmission mode: see technical information in Annex 2.

Codes included in the questionnaire are for the internal use of the Secretariat for data processing and should, therefore, not be deleted or altered.

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II. Questionnaire


Table 1: Institutional saving and investment

Country: in national currency

Amounts outstanding at the end: Flows recorded in:Codes 1980 19.. 19.. 2001 1980 19.. 19.. 2001

Life insurance companiesA A. Assets AN 1. Non-financial assets AF 2. Financial assets AFC 2.1. Cash and deposits AFB 2.2. Bills and bonds AFBD i) issued by residents AFBF ii) issued by non-residents AFBS 2.2.1. Short term bills and bondsAFBL 2.2.2. Long term bonds AFL 2.3. Loans AFLD i) to residents AFLF ii) to non-residents AFLS 2.3.1. Short-term loans AFLL 2.3.2. Long-term loans AFS 2.4. Shares AFSD i) issued by residents AFSF ii) issued by non-residents AFO 2.5. Others L B. Liabilities

Of which: Net equity of households on life

LH insurance provisionsMemo item: Exchange-traded derivatives:

MX notional amounts outstanding OTC derivatives: notional amounts

MO outstandingNon-life insurance companies

A A. Assets AN 1. Non-financial assets AF 2. Financial assets AFC 2.1. Cash and deposits AFB 2.2. Bills and bonds AFBD i) issued by residents AFBF ii) issued by non-residents AFBS 2.2.1. Short term bills and bondsAFBL 2.2.2. Long term bonds AFL 2.3. Loans AFLD i) to residents AFLF ii) to non-residents AFLS 2.3.1. Short-term loans AFLL 2.3.2. Long-term loans AFS 2.4. Shares AFSD i) issued by residents AFSF ii) issued by non-residents AFO 2.5. Others L B. Liabilities

Memo item: Exchange-traded derivatives:


MO outstanding

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Table 1: Institutional saving and investment Country: in national currency


Autonomous pension fundsA A. Assets AN 1. Non-financial assets AF 2. Financial assets AFC 2.1. Cash and deposits AFB 2.2. Bills and bonds AFBD i) issued by residents AFBF ii) issued by non-residents AFBS 2.2.1. Short term bills and bondsAFBL 2.2.2. Long term bonds AFL 2.3. Loans AFLD i) to residents AFLF ii) to non-residents AFLS 2.3.1. Short-term loans AFLL 2.3.2. Long-term loans AFS 2.4. Shares AFSD i) issued by residents AFSF ii) issued by non-residents AFO 2.5. Others L B. Liabilities

Of which: Net equity of households on

LH pension fundsMemo item: Exchange-traded derivatives:


MO outstandingNon-autonomous pension funds




MO outstandingMP TOTAL PENSION FUNDS

of which: Assets under the control ofMPA asset management companies

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Country: in national currencyAmounts outstanding at the end: Flows recorded in:

Codes 1980 19.. 19.. 2001 1980 19.. 19.. 2001

Open-end investment companiesA A. Assets AN 1. Non-financial assets AF 2. Financial assets AFC 2.1. Cash and deposits AFB 2.2. Bills and bonds AFBD i) issued by residents AFBF ii) issued by non-residents AFBS 2.2.1. Short term bills and bondsAFBL 2.2.2. Long term bonds AFL 2.3. Loans AFLD i) to residents AFLF ii) to non-residents AFLS 2.3.1. Short-term loans AFLL 2.3.2. Long-term loans AFS 2.4. Shares AFSD i) issued by residents AFSF ii) issued by non-residents AFO 2.5. Others L B. Liabilities

Of which: 1.Shares/units issued by investment companies directly held by

LI householdsLM 2.Liabilities of money market funds



MO outstandingClosed-end investment companies




MO outstanding

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Country: in national currency


Other forms of institutional savingA A. Assets AN 1. Non-financial assets AF 2. Financial assets AFC 2.1. Cash and deposits AFB 2.2. Bills and bonds AFBD i) issued by residents AFBF ii) issued by non-residents AFBS 2.2.1. Short term bills and bondsAFBL 2.2.2. Long term bonds AFL 2.3. Loans AFLD i) to residents AFLF ii) to non-residents AFLS 2.3.1. Short-term loans AFLL 2.3.2. Long-term loans AFS 2.4. Shares AFSD i) issued by residents AFSF ii) issued by non-residents AFO 2.5. Others L B. Liabilities



MO outstanding

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Table 2: Share of Institutional saving in domestic financial assets Country: in per cent

1980 19.. 19.. 2001 1980 19.. 19.. 2001In per cent of financial assets of domestic

sectorsIn per cent of financial assets of domestic

financial sectorsFinancial assets of: Life insurance companies Non-life insurance companies Autonomous pension funds Non-autonomous pension funds Open-end investment Cies Closed-end investment Cies Other forms of inst. saving

In per cent of shares held by domestic sectors

In per cent of shares held by domestic financial sectors

Total shares held by: Life insurance companies Non-life insurance companies Autonomous pension funds Non-autonomous pension funds Open-end investment Cies Closed-end investment Cies Other forms of inst. saving

In per cent of non-resident shares held by domestic sectors

In per cent of non-resident shares held by domestic financial sectors

Non-resident shares held by: Life insurance companies Non-life insurance companies Autonomous pension funds Non-autonomous pension funds Open-end investment Cies Closed-end investment Cies Other forms of inst. saving

In per cent of bonds held by domestic sectors

In per cent of bonds held by domestic financial sectors

Total bonds held by: Life insurance companies Non-life insurance companies Autonomous pension funds Non-autonomous pension funds Open-end investment Cies Closed-end investment Cies Other forms of inst. saving

In per cent of non-resident bonds held by domestic sectors

In per cent of non-resident bonds held by domestic financial sectors

Non-resident bonds held by: Life insurance companies Non-life insurance companies Autonomous pension funds Non-autonomous pension funds Open-end investment Cies Closed-end investment Cies Other forms of inst. saving

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If the following data are provided, the Secretariat will calculate the percentages:

Codes 1980 19.. 19.. 2001

AFDO Financial assets of domestic sectorsAFDF Financial assets of domestic financial sectorsAFSDO Shares held by domestic sectorsAFSDF Shares held by domestic financial sectorsAFSFDO Non-resident shares held by domestic sectorsAFSFDF Non-resident shares held by domestic financial sectorsAFBDO Bonds held by domestic sectorsAFBDF Bonds held by domestic financial sectorsAFBSDO Non-resident bonds held by domestic sectorsAFBSDF Non-resident bonds held by domestic financial sectors

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Table 3: Share of institutional saving in household saving

Country: in per cent

1980 19.. 19.. 2001 1980 19.. 19.. 2001

In per cent of households gross saving In per cent of financial assets of households

Claims of households on: Life insurance companies Non-life insurance companies Autonomous pension funds Non autonomous pension funds Open-end investment companies Closed-end investment companies Other forms of inst. saving

1980 19.. 19.. 2001

In per cent of outstanding financial assets of households

Outstanding claims of households on: Life insurance companies Non-life insurance companies Autonomous pension funds Non autonomous pension funds Open-end investment companies Closed-end investment companies Other forms of inst. saving

If the following data are provided, the Secretariat will calculate the percentages:

Codes 1980 19.. 19.. 2001

HGSFL Households gross saving

HAFFL Financial assets of households

HAFST Outstanding financial assets of households

Outstanding claims of households on: -- Non-life insurance companies -- Closed-end investment companies

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Part II: Standard presentation for methodological country notes

1. Coverage of "institutional investors"

Insurance companies

Life insurance companiesNon-life insurance companies

Pension funds

Autonomous pension fundsNon-autonomous pension funds


Open-end investment companiesClosed-end investment companies

Other forms of institutional saving (to specify)

2. Geographical coverage

3. Coverage of the components of financial assets:

Liquid assetsNotes and bondsSharesLoansOther

4. Method of valuation of:

a) Outstanding financial assets and liabilitiesb) Transactions

5. Sources

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Example:Table 4: RECONCILIATION TABLE

Country:

OECD PRESENTATION NATIONAL PRESENTATION

Life insurance companiesA. Assets

1. Non-financial assets 2. Financial assets 2.1. Cash and deposits

2.2. Bills and bonds i) resident ii) non-resident

2.2.1. Short term bills and bonds2.2.2. Long term bonds

2.3. Loans i) to residents ii) to non-residents

2.3.1. Short-term loans 2.3.2. Long-term loans

2.4. Shares i) resident ii) non-resident 2.5. Others

B. Liabilities

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Part III. Electronic questionnaire

A. Electronic files

A.1 File formats

Tables : File is in Excel 97 format .

Country Notes: Files are in Microsoft Word 97 format

File formats are compatible with most user systems. However, if you are unable to read or open either of the files, please contact the Secretariat

A.2 File contents

Tables : This message contains one Excel file1, which is composed with multiple worksheets.

IMPORTANT: If, at opening of the excel file, you are prompted to whether who want to enable or disable macros, you HAVE to enable macros otherwise some specific and vital functions in this file will not work.

The excel file (XXX_Ques.xls) contains nine worksheets and visual basic macros.

Worksheet 1: Presentation . This worksheet presents the file.

Worksheet 2: Instructions . Contains short instructions on how to navigate between worksheets and how to complete the questionnaire.

Worksheet 3: Ins . Comp . Institutional Saving and Investment for insurance companies. The insurance companies are divided into life insurance and non-life insurance.

Worksheet 4: Pension Funds . Institutional Saving and Investment for pension funds. The pension fund is divided into autonomous pension funds and non-autonomous pension funds.

Worksheet 5: Invest. Comp . Institutional Saving and Investment for investment companies. These companies are also divided into two groups: Open-end investment companies and closed-end investment companies.

Worksheet 6: Other Inst.Saving. Institutional Saving and Investment for other forms of institutional saving. For all other type of institutional saving that can not be reported into the previous investors (Insurance companies, Pension funds and Investment companies).

Worksheet 7: Share of Inst. sav.(dom.). Share of Institutional Saving in Domestic Financial Assets. This worksheet contains five different categories (Financial assets, Total shares held, Non-resident shares held, Total bonds held and Non-resident bonds held) which are divided into domestic and domestic financial sectors (for countries providing calculated data).

1 . File names: XXX replaced by three character country code.

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Worksheet 8: Com of Fin. Assets . Components of financial assets by sector (domestic and domestic financial). This worksheet contains the underlying data used in the calculation of Table21, where calculated data for Table2 are not provided.

Worksheet 9: Share of Inst. sav.(Hh) . Share of institutional saving in household saving. This worksheet is divided of two parts. The first part contains the outstanding claims as a percentage of outstanding financial assets of households2, this is the part to be used in case the Member country wishes to provide computed data. The second part contains the outstanding financial assets of households used in the calculation of the percentages in the first part3, to be used where computed data are not provided by the Member country.

Country Notes: The latest version of the methodological notes are included in this message in Word 97 format. To accommodate the translation of the methodological notes into the second language, it would be appreciated that all changes are marked using the ‘track changes’ option of MS Word, which by default is activated upon opening of the document. For alternative word processing software, you are kindly requested to highlight the changes (by underline, etc.) and to inform the Secretariat of the method of tracking changes.

B. Instructions for completing the questionnaire

B.1 Tables 1 to 4:

Column A (the Excel spreadsheet) are labels and description; they are system protected. Therefore, these cells should not be modified.

Row 1 to 4 (the Excel spreadsheet) are dedicated to titles, units, column labels etc; they are system protected. Therefore, these cells should not modified.

If the value of a cell is modified then the cell will automatically become bold with a yellow background. This function is to help us keep track of revisions you might submit. The button UNDO will not work in this file because of the tracking function.

In this questionnaire, the scrolling is limited to the size of the tables.

Empty cells currently indicate “na” (Not available). They should be replaced by numbers, where available.

Data that are not available, not applicable, or for which the breakdown is not available should be left as “na”; they should not be left blank or deleted.

Zero values should be indicated by “0”. They should not be left blank or deleted.

Time period: 1980 to 2001 (one column per year); or as from the year when comprehensive data are available

1 . The equivalent of the Tables F.2. in the annex of the publication.2 . The equivalent of Table S.12. in the publication.3 . Equivalent Table F.1. of the publication.

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Units: indicated at the beginning of the worksheets (including European Monetary Union Countries4).

B.2 Country Notes:

Information provided should follow the pattern; headings and sub-headings should not be altered.

C.3 Data submission to the OECD

C.1 Format

Delegates are requested to return the completed questionnaires to the Secretariat in electronic format (as Excel, Word or ASCII (text) file)

C.2 Date of submission

14 February 2003

C.3 Delivery mode

The preference of the Secretariat is data delivery by E-mail ([email protected]). If not, delegates should submit diskettes with electronic files.

4 . For this submission, EU countries are requested not to report their data in EUROs whilst the methodology for converting the historical series to EURO is not yet determined by the OECD.

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ANNEX 1

DEFINITIONS

Insurance companies

SNA par. 4.97 Insurance corporations consist of incorporated, mutual and other entities whose principal function is to provide life, accident, sickness, fire or other forms of insurance to individual institutional units or groups of units.

Source: System of National Accounts

Pension funds

SNA par. 4.98 are established for purposes of providing benefits on retirement for specific groups of employees. They have their own assets and liabilities and they engage in financial transactions in the market on their own account. These funds are organised, and directed, by individual employers and their employees; and the employees and/or employers make regular contributions. They do not cover pension arrangements for the employees of private or government entities which do not include a separately organised fund nor an arrangement organised by a non-government employer in which the reserves of the fund are simply added to that employer’s own reserves or invested in securities issued by that employer.


SNA par. 6.141 Autonomous pension funds separate funds (i.e., separate institutional units) established for purposes of providing incomes on retirement for specific groups of employees which are organised, and directed, by private or public employers or jointly by the employers and their employees. These funds engage in financial transactions on their own account on financial markets and make investments by acquiring financial and non-financial assets. They do not include social security schemes organised for large sections of the community which are imposed, controlled or financed by general government.


SNA par. 8.63 Non-autonomous pension funds....schemes in which employers maintain special reserves which are segregated from their other reserves even though such funds do not constitute separate institutional units from the employers. These are referred to as non-autonomous pension funds.



Investment company: A type of financial intermediary which obtains money from investors and uses that money to purchase financial assets. In return, the investors receive shares in the investment company, and thus indirectly own a proportion of the financial assets that the company itself owns.

Source: Investments, William F. Sharpe/Gordon J. Alexander

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Unit investment trust is an investment company that owns a fixed set of securities for the life of the company. That is, the investment company rarely alters the composition of its portfolio over the life of the company.


Managed investment company: An investment company with a portfolio that may be altered at the discretion of the company’s portfolio manager.


Open-end investment company (alternatively, Mutual Fund) A managed investment company, with an unlimited life, that stands ready at all times to purchase its shares from its owners and usually will continuously offer new shares to the public.


Mutual Fund (also known as unit trusts in the UK.) A financial structure through which investors pool their funds to invest in a diversified portfolio of securities. Individual investors purchase shares in the fund, representing an ownership interest in the large pool of underlying assets i.e. they have an equity stake. The selection of assets is made by professional fund managers. Mutual funds therefore give individual investors the opportunity to invest in a diversified and professionally managed portfolio of securities without the need of detailed knowledge of the individual companies issuing the stocks and bonds. Fund managers must adequately inform investors about the risks and expenses associated with investment in specific funds.

Source: Bank of England, “Financial Terminology Database”

Closed-end investment company: A managed investment company with an unlimited life that does not stand ready to purchase its own shares from its owner and rarely issues new shares beyond its initial offering.


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For exchange-traded and OTC derivatives: notional amounts outstanding see BIS report “Issues of measurement related to market size and macroprudential risks in derivative markets”.

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ANNEX 2

Technical Annex

Electronic copy of the Questionnire containing times series of Table 1, 2, and 3 are provided in this message in Excel format.

Methodological notes are provided in Word formats.

Delegates are requested to return the information in electronic format.

Data transmission

Date

Format EXCEL(version .......) ______________ Mode Diskette_________________Lotus 1-2-3 (version..) ______________ Tape _________________ASCII ______________ OLIS _________________Other ______________ On-line _________________

Other _________________

Please verify that the form has been correctly completed.

Name of person completing this form: ________________________________________________

Title: _________________________________________________

Department: _________________________________________________

Institution: _________________________________________________

Address: _________________________________________________

_________________________________________________

_________________________________________________

__________________________________________________

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__________________________________________________

__________________________________________________

Tel:__________________________________________________

Fax:__________________________________________________

E-Mail:__________________________________________________

The Financial Statistics Section of the OECD appreciates the time and effort spent in completing this questionnaire.

Thank you

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OECD · Web viewOECD QUESTIONNAIRE ON institutional saving and investment I. Introduction 1. The present questionnaire was reviewed and accepted by the Group of Financial Statisticians