MFI data collection (RATI) Meeting with reporting entities

Transcription

1 MFI data collection (RATI) Meeting with reporting entities 6 June RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 1

2 Status of regulations and guidelines in preparation ECB s new requirements are known Preparation of new statistical regulations (BSI and MIR) in final phase expected to be adopted by the ECB Governing Council in Q3/2013 Updating of guidelines just in initial phase Regulation concerning statistics on holdings of securities (ECB/2012/24) adopted on 17 November 2012 requires security-by-security reporting from MFIs 2

3 Changes in MFI data collection (RATI) 1. New classification of sectors 2. Undrawn credit facilities 3. New loan agreements: genuinely new agreements and renegotiated agreements 4. Reporting of outstanding amounts of serviced loans There will also be other new requirements in the regulations with no impact on RATI reporting NOTE: no changes in reporting of collateral RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 3

4 New classification of sectors: minimum requirement Public non-financial corporations National private non-financial corporations Foreign controlled non-financial corporations 112 Housing corporations 121 Central bank 1221 Deposit banks 1222 Other credit institutions 1223 Other monetary financial institutions, excl. credit institutions 123 Money market funds (MMF) 1241 Investment funds (UCITS) 1242 Other collective investment schemes 125 Other financial intermediaries 126 Financial auxiliaries 127 Captive financial institutions and money lenders 128 Insurance corporations 129 Pension funds 1311 Central government 1312 State government (not used in Finland) 1313 Local government 1314 Social security funds (other than Finland) Employment pension schemes (only Finland) Other social security funds (only Finland) 141 Employers and own-account workers 143 Employees 144 Recipients of property and transfer income 15 Non-profit institutions serving households Reporting at more precise sublevel is also allowed RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 4

5 Sectoral classification of domestic entities - Classification service for enterprise data collections - Statistics Finland produces a.csv file that can be downloaded by reporting entities at / User ID and password are needed to open the file; requests at rahoitus@tilastokeskus.fi File contents: Business ID, company name, old and new sector codes (SL2000 and SL2012) and industry identifier at two-digit level File updated at least once a month Brief description of the service on the website in Finnish, English and Swedish 5

6 Sectoral classification of foreign entities (1/2) ECB maintains a list of MFIs, investment funds and financial vehicle corporations engaged in securitisation transactions (FVC) EIOPA maintains a list of insurance corporations (S.128) Last update 1 January 2012 Pension funds (S.129) to be added later, date not yet known LEI (legal entity identifier) in future? For identification of parties in financial transactions 6

7 Sectoral classification of foreign entities (2/2) Steps to classify sector of a foreign entity: 1. Counterparty s home country 2. Counterparty s sector from the perspective of the counterparty s home country Loan granted to a private non-financial corporation registered in Sweden: 1. Counterparty s home country Sweden (SE) 2. Counterparty s sector private non-financial corporation (11102) 7

8 Other financial intermediaries (S.123) subdivided in four sectors 1. S.1241 Investment funds (UCITS) Entities referred to in the UCITS directive (2009/65/EC) 2. S.1242 Other collective investment schemes Special investment funds and venture capital funds investment limits more loose/no investment limits TIP: Foreign S.1241 Investment fund / UCITS, S1242 Special investment fund / Non- UCITS 3. S.125 Other financial intermediaries Financial vehicle corporations engaged in securitisation transactions (FVC) Security and derivative dealers trading on their own account, if independent institutional units Financial corporations engaged in lending (eg hire purchase, factoring, leasing) 4. S.127 Captive financial institutions and money lenders Pawnshops, instant loan companies Units that lend own funds or those of only one client Foreign controlled pure holding companies 8

9 Special cases International organisations Organisations identified via comprehensive organisation code list Organisation code is reported in field counterparty s / issuer s home country Parallel codes enabled by the VIRATI package should no longer be used RATI instructions (now 49 / 102) extract: Organisation code RATI code Description C IMF (International monetary fund) C EIB (European Investment Bank) S ESM (Europian Stability Mechanism) H NIB (Nordic Investment Bank) Y Other International Organisations (financial institutions) A Other International Organisations (financial institutions) Standardised derivatives Since counterparties are usually not identified, counterparty is reported as follows: sector (derivatives exchange): 124 => 126, home country is the derivatives exchange s home country RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 9

10 Exceptional reporting by tail reporters Due to the introduction of the new classification of sectors, quarterly reporters that have been granted derogations, ie tail reporters must exceptionally report RATI data also for January 2014 Impact on the calculation of minimum reserves Minimum reserve base according to the December RATI report is not used at all in calculating minimum reserve requirements The January 2014 report is used for calculating minimum reserve requirements for maintenance periods 3 5/

11 Undrawn credit facilities (1/2) Information needed for monetary analysis to explain eg loan stock developments Requirement: sectoral and regional breakdown Requirement to be included in guidelines Currently submitted on FIN-FSA P report Undrawn credit facilities (P02, line 30, column 15) Originally ECB preferred definition in line with CRD, which was not approved by the statistical committee so that ECB-preferred definition is yet open P data collection s current definition continues to be valid RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 11

12 Undrawn credit facilities (2/2) Information collected in the LD record: Allocation of balance sheet items O = off-balance sheet item Transaction P = Undrawn credit facilities In tentative record structure C (to be changed) Instrument begins with 4 Purpose of use mandatory Sector mandatory Country code mandatory Conversion currency mandatory Information is reported in field Book value (field 32), contains the undrawn amount 12

13 Undrawn credit facilities example 1 EUR 200,000 housing loan agreed in month t in Finland, EUR 50,000 drawn down in month t Allocation of balance sheet items Transaction Instrument Purpose of loan Sector Country Currency Book value New agreement A N 47 H 143 FI EUR New drawdown A D 47 H 143 FI EUR Stock A S 47 H 143 FI EUR Undrawn amount O P 47 H? 143 FI EUR RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 13

14 Undrawn credit facilities example 2 German private company has euro-denominated checking account with an overdraft line of credit with limit EUR 100,000. At the end of month t-1 the company has not used the credit line, deposits in the account total EUR 25,000 Allocation of balance sheet items Transaction Instrument Purpose of loan Sector Country Currency Book value Stock L S 221 N DE EUR Undrawn amount O P 43 N DE EUR At the end of month t the company has borrowed EUR 40,000 against the credit line Allocation of balance sheet items Transaction Instrument Purpose of loan Sector Country Currency Book value Stock A S 43 N DE EUR Undrawn amount O P 43 N DE EUR RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 14

15 New loan agreements (1/3): genuine new agreements and renegotiations Both for deepening monetary analysis and for stability analysis: amount of new loans granted by MFIs to nonfinancial corporations and households New loan agreements (current transaction N) will be divided in two parts: N01 = Genuine new loan agreements N02 = Renegotiated loan agreements Bank of Finland adds up (current N = N01 + N02) Transaction N remains in the data collection as the transaction for new deposit agreements 15

16 New loan agreements (2/3): genuine new loan agreements Genuine new loan agreements expand the MFI balance sheet Genuine new loan agreements do not include: Agreements stemming from a change of bank Loans acquired/intermediated, incl. loans intermediated from outside the MFI sector New agreement based on a combination of several loans Euro-conversions of loans denominated in currency other than euro 16

17 New loan agreements (3/3): renegotiated loan agreements Renewed or renegotiated agreements are new agreements in line with the current definition which were in the balance sheet at the end of the previous month Include also agreements that were in the balance sheet of another bank/financial institution and Loans taken for the purpose of repaying another loan Renewed loan agreements where the loan amount is also increased at the same time are reported in two parts: Amount of increase N01 Share in the balance sheet of the previous month N02 17

18 Communication and information provision Material on the changes will be published at: ki_2010.aspx First version of updated reporting instructions in Finnish by 30 August 2013 Reporting entities will also be notified via At least one meeting with reporting entities in autumn Possibility for bilateral meetings on request Questions and comments are welcome! 18

19 Other issues (1/2) Request for extra time Extra time may be requested until close of business on the last submission date Please notify us on revisions in advance Please notify us via on major changes to previous month s reporting Loans to and deposits by Finnish residents published on a more detailed sectoral breakdown: Deposits: Loans: 19

20 Other issues (2/2) Change of contact persons Please notify us via so that the right information and questions relating to reporting will reach the right persons Administration of contact information in Itella s DCS service under User information Administration of sub-user Ids in Itella s DCS service under User information BIS statistics Objective to match statistics to supervisors information Within some time frame, the reporting population of KOTI data collection must be expanded or RATI data collection adjusted to obtain the required information 20

21 Contact information Preferred address Members of the team: Jyrki Lehtinen Hanna Häkkinen Jaakko Suni Essi Tamminen Annamari Pajunen Katja Kelloniemi Markus Aaltonen Peter Halonen 21