Transcript THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA Presented by Hazel Corbin Statistics Adviser, ECCB Palm Haven Hotel Saint Lucia 3 to 7 February, 2014

THE USE OF ADMINISTRATIVE
BANKING AND INSURANCE DATA
Presented by
Hazel Corbin
Statistics Adviser, ECCB
Palm Haven Hotel Saint Lucia
3 to 7 February, 2014
1
OUTLINE
•
•
•
•
Background
The Advantages of Using Administrative Data
The Financial Sector in the ECCU
Data Presently Available at ECCB on
Commercial Banks
• Data available at SRUs on Insurance
• Uses of Data for Compiling various aggregates
• Conclusion
2
Background
• Greater demands are being placed on statistical
offices to improve the efficiency of their operations
and at the same time reduce the burden placed on
respondents to statistical surveys.
• Many non-statistical organizations collect statistical
data in various forms and although these data may
not be direct substitutes for those collected via
surveys, they often offer the possibility to replace,
fully or partially, direct statistical data collection .
3
Advantages of Administrative Data
• Cost
– Statistical Surveys/Censuses are expensive
– The running costs of using administrative data is usually
significantly lower
– Access to administrative sources is free of charge,
particularly if data originate in the public sector
– Administrative data could be used to populate and
maintain statistical registers and thus help to reduce
overall costs.
• Response Burden
– The use of administrative data helps to reduce the
response burden on data suppliers, who often see
statistical data request as an extra burden
4
Advantages of Administrative Data
• Coverage
– Administrative sources often give complete or almost
complete coverage of their target population whereas
sample surveys can often cover a relatively small
proportion directly.
• Timeliness
– The use of administrative data may increase the timeliness
of statistical outputs by allowing access to more up to date
information concerning certain variables
5
Financial Corporations
• Financial Corporations: consist of all corporations or quasi
corporations principally engaged in financial intermediation or
in related auxiliary financial activities.
•
These include the central bank, commercial banks, credit
unions, mortgage and finance companies, insurance
companies, pension funds, building and loan societies, mutual
funds, trust companies, offshore banks, money service firms,
hire purchase firms, broker dealers/agents, stock/securities
exchanges, investment banks and the like.
6
The Financial Sector in ECCU
In the ECCU the Financial Sector comprises mainly of
40 commercial banks
61 credit unions
161 insurance companies
The commercial banks are regulated by the Eastern
Caribbean Central Bank and a number of surveys are
conducted by ECCB on a monthly, quarterly and annual
basis.
7
Data Available at ECCB on
Commercial Banks
•
•
•
•
•
•
•
•
Commercial Banks Liabilities
Commercial Banks Assets
Balance Sheet Analysis
Profit and Loss Statements
Interest Rates
Loans and Deposits by Sectors
Liquidity Ratios
Credit by Sector and by Economic Activity
8
Data Obtained from Commercial
Banks
• The data presently used to compile the following aggregates:
– Gross output
– Intermediate consumption
– Compensation of employees
– Operating Surplus
– Taxes on Production
– Gross Value Added
New Areas
The output of FISIM allocated to users
The output of FISIM calculated on loans and deposits only using interest
rates on deposits and loans and a reference rate of interest
9
High Frequency Indicators
Compiled by Central Bank
Financial Sector Indicators
•
•
•
•
•
•
•
6.1 Central Bank net foreign assets
6.2 Central Bank domestic lending
6.3 Central Bank reserve money
6.4 Depository corporations net foreign assets
6.5 Depository corporations domestic lending
6.6 Depository corporations broad money liabilities
6.7 Other financial corporations balance sheets, assets
and liabilities by sectors
10
High Frequency Indicators
Compiled by Central Bank
•
•
•
•
Financial Sector Indicators (continued)
6.8 Financial corporate profits
6.9 Financial corporate debt
6.10 Nonperforming loans of depository corporations,
capital adequacy ratios, other financial stability
indicators,
11
High Frequency Indicators
Compiled by Central Bank
• Financial Market Indicators
• 10.1 Interest rates, as relevant short and long term
money and bond market rates
• 10.2 Exchange rates, as relevant spot and forward
markets
• 10.3 Nominal and real effective exchange rate
• 10.4 Stock market indicators
• 10.5 Others as relevant : spreads between lending and
deposit rates, highest-lowest interbank rate; etc.
12
SRU Forms for Insurance
Companies
• Attestation and Certification
• Background Information
• Main Financial Statements
–
–
–
–
–
–
–
B.1:
B.2:
B.3:
B.4:
B.5:
B.6:
B.7:
Balance Sheet
Income Statement – General Insurance Business
Income Statement – Life Insurance Business
Statement of Changes in Capital
Section 54 Solvency Requirement
Deposit Requirements
Insurance Fund Requirements
13
SRU Forms for Insurance
Companies
• Details on Balance Sheet
–
–
–
–
–
–
–
–
–
–
–
–
C.1: Cash and Deposits
C.2: Government Securities and Company Bonds and Debentures
C.3: Secured Loans
C.4: Investments in Real Estate
C.5: Shares and Investment Schemes
C.6: Related Party Investments
C.7: Policy Loans and Other Investments
C.8: Accounts Receivable
C.9: Fixed Assets
C.10: Details on Unexpired Risk Provision
C.11: Details on Claims and Catastrophic Provision
C.12: Accounts Payable
14
SRU Forms for Insurance
Companies
• Details on Balance Sheet (continued)
– C.13 Foreign Currency Assets and Liabilities
– C.14 Life Insurance Term to Maturity
– C.15: Claims Development for General Insurance
• Operating Details as Reported in the Income Statement
–
–
–
–
–
–
D.1:
D.2:
D.3:
D.4:
D.5:
D.6:
Premiums and Underwriting for General Insurance
Premiums for Life Insurance
Analysis of Life Insurance Policies
Investment Income
Incurred Claims
Reinsurance Details
15
SRU Forms for Insurance
Companies
• Operating Details as Reported in the Income Statement
(continued)
–
–
–
–
–
D.7: Commissions by Class of Insurance
D.8: Management Expenses
D.9: Related Party Operating Transactions
D.10: Other Revenues and Expenses
D.11: General Insurance Summary of Underwriting Performance
16
SRU Forms for Insurance
Companies
NOTE TO INSURER: Form Q.3 is to be completed by a life insurer and by a composite insurer with respect to its life
insurance business.
Form Q.3: Income Statement – Life Insurance Business (EC$ 000s)
De s cription
Ye ar to Date
Curre nt Ye ar
Ye ar to Date
Prior Ye ar
1. Gross premiums written
2. Reinsurance assumed
3. Reinsurance ceded
4. Net Premiums written (Row 1 + Row 2 – Row 3)
0
0
0
0
0
0
18. Total expenses (Rows 15 + 16 + 17)
0
0
19. Net Operating Income (Row 8 – Row 18)
0
0
0
0
0
0
5. Investment Income
6. Reinsurance commissions
7. Other Revenue
8. Total Revenue (Rows 4 to 7)
9. Claims
10. Annuity Payments
11. Policy surrenders
12. Change in life insurance and annuity provisions
13. Interest on policy holder amounts
14. Other policy holder benefits
15. Total Policy Holder Benefits
16. Commission expense
17. Management expenses
20. Extraordinary revenue (expenses)
21. Net Income before tax (Row 19 + Row20)
22. Tax*
23. Net Income after Tax*
* Composite insurers are not required to complete rows 22 and 23.
17
Sequence of Accounts
Transaction:
Goods and services account
Production account
Value added/GDP
Other flows:
Revaluation
Other volume changes
Generation of income
account
Operating surplus
Primary distribution of
income account
National income
Key:
Name of account
SNA Balancing item
S econdary distribution of
income account
Disposable income
Use of income account
Saving
Opening
balance sheet
Nonfinancial assets
Accumulation accounts:
Other changes in
Capital account
nonfinancial assets
Closing
balance sheet
Nonfinancial assets
Net lending / net borrowing
Other changes in financial
Financial assets and
Financial account
assets and liabilities
liabilities
Net worth
Net lending / net borrowing
Net other changes
Arrows represent the contribution of assets to production and generation of income.
Financial assets and
liabilities
Net worth
18
Conclusion
• Using administrative data sources, it is possible to compile the
full sequence of accounts for the financial sector
• It is necessary to ensure that formal arrangements such as the
establishment of MOUs with SRUs in member states
are in place for sharing of information
19
THE END
Thank you for your attention
20