Statistics

In 2003 Danmarks Nationalbank completes the major part of the expansion of the financial statistics which commenced at the beginning of 2000. The publication of statistics for monetary financial institutions^[1] (MFIs) is expanded in 2003, and new securities statistics are introduced. In addition, quarterly financial accounts for all key sectors in Denmark will be published as from 2003.

During 2003 users of the statistics will gain electronic access to a considerably larger body of statistical data via the Internet, and respondents will be offered electronic reporting via a uniform, standardised reporting format.

In 2002 it was decided to commence preparation of a new collection system for balance-of-payments data in order to ensure that future balance-of-payments statistics are of an adequate quality, and to reduce the reporting burden on respondents. With the new system, which is scheduled to be implemented in 2005, considerably fewer organisations will need to report information on transactions with abroad.

In recent years the Danish financial statistics have been expanded considerably. The expansion is based particularly on the cooperation within the EU and the transition to the single currency, which made it necessary to harmonise statistical reporting on the economic and financial development in both the individual member states and the EU, as well as the overall euro area.^[2]

Consequently, in 2001, new MFI statistics were implemented to replace the former statistics for the balance sheets of banks and mortgage-credit institutes, and new statistics for the balance sheets of investment associations were also introduced. In 2002 quarterly (as opposed to annual) publication of Denmark's international investment position was introduced. Unlike before, the international investment position is now calculated on an improved and more detailed data basis, which is especially due to more detailed reporting on foreign and Danish securities deposited with Danish banks. This has given the statement of Denmark's international investment position a quality lift.^[3]

The expansion of the financial statistics for Denmark continues in 2003, including the completion of a significant expansion of the MFI statistics, in step with the other EU member states. The expansion of the monthly MFI statistics comprises improved balance-sheet and flow statistics (starting February 2003), as well as new pan-European interest-rate statistics (starting April 2003).

In addition, Danmarks Nationalbank will assume responsibility from Statistics Denmark for the collection of securities statistics. Concurrently, the compilation of securities statistics will be based on a new securities database with detailed information about the individual securities. In the longer term this database will become part of a larger European securities database. Danmarks Nationalbank's new securities statistics are published for the first time in the 2nd quarter of 2003.

From the autumn of 2003 Danmarks Nationalbank also plans to publish quarterly financial accounts for Denmark showing the overall financial assets and liabilities of the main sectors of the economy. The sources of these statistics are data reported for other statistics, including the aforementioned statistics for investment associations, MFIs, the international investment position and securities.

To ensure rational reporting of statistics to Danmarks Nationalbank, a new electronic reporting tool, "Stina", was developed and introduced in 2002. Stina will be implemented gradually as the standard communication tool for business enterprises reporting directly to Danmarks Nationalbank.

In October 2002 Danmarks Nationalbank ceased to publish the "Finansiel Statistik – Nyt" series in hardcopy. In future these statistics are only published electronically. In connection with the changes, the detailed statements in the former Monthly Financial Statistics are brought forward for publication as tables supplements at the same time as the "Nyt" publications.

During 2003 users will gain Internet access to a database of published statistical data. The extent of the statistical data made available to the public by Danmarks Nationalbank will thus be significantly expanded. Access to the database is designed to provide for flexible and user-friendly data selection, so that users can extract precisely the data they require.

The statement of Denmark's balance of payments is based on external trade statistics collected by Statistics Denmark, as well as Danmarks Nationalbank's external payment statistics. The main source of the external payment statistics is Danish banks' reporting of customers' external payments.

This procedure is both costly to administer and cumbersome for banks and the business sector in general. Moreover, the opportunity to collect the necessary information from banks is undermined as payment patterns become increasingly complex and more Danish business enterprises effect external payments via banks abroad.

To safeguard the future quality of the balance-of-payments statements and to reduce the administrative burden on the business community, Statistics Denmark and Danmarks Nationalbank have decided to introduce a fundamental restructuring of the collection procedure over the next 2-3 years. The predominantly bank-based collection system is to be dismantled and replaced by a collection system whereby information is collected directly from a limited selection of large business enterprises with external transactions.

It is estimated overall that with the new structure it will only be necessary to collect information from approximately 2,500 large business enterprises to cover all items of the balance of payments, excluding external trade. More than half of the business enterprises will only be required to report once a year. For comparison, approximately 25,000 business enterprises currently report their external payments via their banks to Danmarks Nationalbank's payment statistics on an ongoing basis. In addition, the collection will be structured so as to provide business enterprises with the greatest possible degree of automation when reporting balance-of-payments statistics. The smaller number of business enterprises reporting external transactions, together with rationalisation gains from automated reporting, will significantly reduce the reporting burden on the business community.

When the new structure for collecting statistical data is introduced, the distribution of tasks between Danmarks Nationalbank and Statistics Denmark in relation to the balance of payments will also be adjusted. In future Danmarks Nationalbank will only compile the financial items and the capital item of the balance of payments, while Statistics Denmark will compile the remaining part of the balance of payments. Statistics Denmark will still be responsible for drawing up the overall balance of payments vis-à-vis abroad.