The 2008 SNA Research AgendaMeasuring FISIM

The European Task Force on FISIM

Reimund MinkEuropean Central Bank

Meeting of the OECD Working Party on National AccountsParis, 2 December 2010

European Task Force on FISIM

• The mandate of a new European Task Force on FISIM has been prepared in the course of this year

•Timetable (three meetings: October 2010, March and June 2011)

•Final report by end-2011

•Change ESA 2010 if appropriate by modifying the current text

•This means that a proposed solution (if agreeable) can still be implemented according to the ESA 2010 in 2014

European Task Force on FISIM

• The Task Force addresses conceptual and practical aspects related to FISIM as currently applied in the EU(EC Regulation 448/98)

• The issues to be discussed by the Task Force are:

•How to reflect

•different maturities; •different currency denominations; and•varying degrees of default risks

of deposits and loans in FISIM?

•How to derive price and volume measures?

European Task Force on FISIM

• Task Force

– Had its first meeting in Luxembourg on 4-5 October 2010

– Benefits from the experience and knowledge of experts (EU and non-EU countries (U.S, Australia, Canada, Switzerland and Japan))

– Discusses issue papers and test calculations

– Will have its next meeting in Frankfurt on 28-29 March 2011(and its third meeting in Luxembourg in June 2011)

– Will provide progress reports to the CMFB, DMES and the ESA Review Group

– Will provide its final report by end-2011