## g20-dgi-country-notes-2019

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### Section 1 — The Financial Crisis and Information Gaps — G20 Data Gaps Initiative (DGI-2): Status of Progress and Key Challenges

- Overview
  - Document prepared by the IMF Staff and FSB Secretariat, October 2019.
  - Presents self-assessments of participating G20 economies on progress and key challenges in meeting DGI-2 recommendations (Rec. II.x).
  - Emphasis on improvements to statistical infrastructure across financial soundness indicators, non-bank financial intermediation monitoring, securities statistics, sectoral accounts, IIP, IBS, property price indices, and data dissemination frameworks.

- Acronyms (selected, as used in the document)
  - BIS, CBS, CDIS, CDMs, CPIS, CPPI, DGI-2, ECB, Eurostat, FMCBG, FSB, FSIs, G20, GFS, G-SIBs, G-SIIs, IAG, IBS, IIP, IMF, LBS, OECD, OFCs, OTC, PSDS, RPPI, SFTs, SRF, UPI, UTI.

- Country self-assessments and key points
  - Argentina
    - Rec. II.5: In 2017, Argentina contributed additional and improved data to the FSB annual global monitoring exercise on non-bank financial intermediation (NBFI), including more granular reporting, as requested.
    - Rec. II.7: Already reporting a set of quarterly debt securities statistics to the BIS. Central government debt securities statistics have the required breakdown of currency, issuing market, type of interest rate and original and remaining maturity at nominal value. Information about private sector debt securities is expected to be provided by the National Securities Commission, with Q4 2018 data expected to be reported by May 2019.
    - Rec. II.8: Working on “National Economic Census 2018–19,” to create required statistical infrastructure to compile sectoral accounts statistics.
    - Rec. II.9: Conducting the household income and expenditure survey (ENGO), results to be published in 2019/2020.
    - Rec. II.12: Collecting information from reporters of the new survey on foreign assets and liabilities to improve the response to 2018 data requirement.
    - Rec. II.13: Inward data split by equity and debt (intermediate target 1) published since October 2017. Outward data split by equity and debt expected to be shared during 2019 (intermediate target 2).
    - Recs. II.18 and II.19: Mobilizing resources to comply; hosted the G20 DGI Thematic Workshop on Residential and Commercial Property Price Indices in January 2018.

  - Australia
    - ABS reviewed confidentiality policy and is opening-up more data, though legal limits remain.
    - Regulations for protecting data under review (in progress since early 2018) with current authorization due to expire before the end of 2019.
    - Includes non-profit institutions serving households in the household sector—limiting ability to fully comply with sectoral account breakdowns.
    - ABS, APRA, and RBA engaged in a major review of reporting forms to increase source data and reduce incomplete compliance; many changes to be implemented in late 2019.
    - ABS will work with agencies on partial compliance areas based on sub-industry coverage without breaching confidentiality.

  - Brazil
    - Rec. II.2 and II.3: Disseminates all core FSIs and endorses the template for CDM reporting.
    - Rec. II.4: No G-SIFIs in Brazil.
    - Rec. II.5: Participates in the FSB annual global monitoring exercise on NBFI.
    - Rec. II.6: BCB participates in the Triennial Survey of OTC derivatives.
    - Rec. II.7: Table 1 of the proposed template started to be disseminated in June 2019.
    - Rec. II.8: Quarterly financial accounts with one-quarter lag to be disseminated in 2020–21.
    - Rec. II.10: Quarterly IIP with currency composition and separate identification of OFCs started to be disseminated in July 2019.
    - Rec. II.11: Implementation of Stage 2 of IBS enhancements planned for 2021.
    - Rec. II.12: Semi-annual CPIS data reported with 6-month timeliness.
    - Rec. II.13: Debt assets and gross debt liabilities reported on CDIS for inward and outward direct investment.
    - Rec. II.15: GFSM 2014 consistent. Consolidated General Government operations and quarterly Consolidated General Government operations, along with full balance sheets reported.
    - Rec. II.16: General and Central Government debt data reported to PSDS.
    - Recs. II.17 and II.18: RPPI and CPPI with national coverage disseminated.
    - Rec. II.19: SDMX to be gradually implemented in the process of adherence to SDDS Plus.

  - Canada
    - Rec. II.2 FSIs: Developing a residential property price index consistent with the handbook on RPPIs; expects to publish an RPPI at the end of 2019.
    - Rec. II.4 G-SIBs: Reporting at T+60 with no immediate plans to change the reporting lag.
    - Rec. II.7 Securities Statistics: Reports stock data at nominal value on debt securities issuance, stock data at market value and net transactions since 2018; remaining enhancements by 2021.
    - Rec. II.8 Sectoral Accounts: Currently meets target reporting requirements. Will publish a production account by sector starting in 2019 once from-whom-to-whom Matrix work is complete.
    - Rec. II.10 IIP: Reports IIP quarterly. Development of estimates for OFCs’ liabilities and assets to be completed in 2020.
    - Rec. II.12 CPIS: Will publish CPIS estimates by sector of the holder in 2019.
    - Canada adhered to SDDS Plus since April 2017.

  - China
    - Rec. II.2 FSIs: Expanded coverage from 17 main commercial banks to all of the 1,000 plus commercial banks; reporting frequency increased from once a year to twice a year; added leverage ratio and personnel expenditure ratio to the previous 12 core indicators; regulatory capital data consistent with Basel III.
    - Rec. II.4 G-SIFIs: CBIRC coordinated one global systemically important insurance company and three candidate institutions in reporting data to the IAIS regularly.
    - Rec. II.5 NBFI: PBC participates in FSB Non-bank Monitoring Experts Group; reports annual monitoring data on China’s NBFI; enhanced statistical capability building. In 2018, PBC and others reported the narrow measure of NBFI and updated historical data; will continue joint work to enhance monitoring and methodology.
    - Rec. II.7 Securities Statistics: Since 2014, PBC has cooperated with IMF and BIS; established a Securities Statistical System and launched a bond statistics system; inter-bank bond market statistical system is fully operational; infrastructure construction and standard implementation in the exchange market underway.
    - Rec. II.11 IBS: In December 2016, China joined LBS in the IBS; SAFE has reported cross-border position of locational banking. Currency and sector classification do not yet meet position reporting demands; studying current statistical basis to evaluate eligibility for IBS locational banking reporting.

  - France
    - Banque de France, INSEE, and ACPR confirm:
      - Reporting of core stock data at nominal value on debt securities in line with the Handbook on Securities Statistics implemented in 2018/2019.
      - Additional breakdowns (sub-instruments of F52 and F7 for both annual and quarterly frequencies, sectors S121, S122 and S123) are being compiled on a quarterly basis and transmitted to the OECD.
      - Banque de France ready to set up transmission channel to enable IMF and other organizations to receive data.
      - INSEE and Banque de France interested in contributing to seminars and workshops on CPPI and RPPI.

  - Germany
    - Germany follows the envisaged timetable and will meet all DGI-2 recommendations by 2021; however, four restrictions:
      - Recs. II.5 / II.8: Sector and instrument breakdowns beyond current transmission program are not entirely realizable to the desired extent, though likely to be disseminated outside the consistent financial accounts framework where primary data are available.
      - Rec. II.10: Residual maturity of financial loans cannot be determined within current statistical system; item will not be implemented by 2021.
      - Rec. II.15: The accrual basis of reporting is most likely not achievable by 2021.
      - Rec. II.17: Some additional housing indicators asked for can most likely not be calculated by 2021.

  - India
    - Rec. II.2: Six FSIs are reported regularly with a one quarter lag. NSFR, earmarked for reporting from 2021, is not yet applicable for Indian banks. For OFC FSIs, regulators consulted to streamline information flow.
    - Rec. II.5: 2019 NBFI data reporting under the FSB annual global monitoring exercise is underway. Reporting data on SFTs as of end-2019 to the FSB supported despite challenges due to granular requirements.
    - Rec. II.7: Provides securities statistics of General/Central Government monthly and annually. At quarterly frequency (Government security only), would support requirement by March 2020 with a month lag. Work on reporting debt securities stock from face value to market/nominal value in progress; challenges remain for from-whom-to-whom matrices.
    - Rec. II.8: Annual flow-of-funds accounts on whom-to-whom basis for five institutional sectors compiled regularly. Accounts for 2017–18 (April–March) released in July 2019. Pilot quarterly FoF study on household sector for Q2 2015–Q3 2017 published March 2018. Feasibility of compiling more detailed data being reviewed.
    - Rec. II.10: Reports IIP quarterly with a lag of one quarter, with separate identification of OFCs under “other sectors” of “portfolio investment” and “other investments” for assets and liabilities.

  - Indonesia
    - Rec. II.8: Compilation and reconciliation of Annual Sectoral Accounts and Balance Sheets (five sectors: Households, NPISHs, Government, Financial Corporations, Nonfinancial Corporations and Rest of the World) for 2010–2017 to be completed by end of 2019; plans to disseminate in 2020. Cooperation among Statistics Indonesia, Central Bank, OJK, Ministry of Finance and Ministry of State-Owned Enterprises established.
    - Rec. II.10: Quarterly IIP published since 2014. Separate identification of OFCs submitted for IIP publication Q2 2019 in September 2019 for period of Q1 2018 onwards; currency breakdown of debt remains in progress.
    - Rec. II.11: Quarterly LBS based on Stage-2 and updated confidentiality rules submitted since November 2017 for period of Q1 2017 onwards.
    - Rec. II.13: Annual Inward DI position submitted; Outward DI with equity and debt split to be submitted in 2019 according to the target.
    - Rec. II.15: Issued Indonesian Government Finance Statistics Manual (IGFSM) adapted from IMF's 2014 GFSM. Compiled annual and quarterly general government finance statistics on modified cash/accrual basis and annual public sector finance statistics. Started to reconcile GFS with PSDS and Full Sequence of Accounts/Sectoral Accounts Balance Sheet. Further enhancement to fully apply accrual basis requires fundamental changes in fiscal policy framework.
    - Recs. II.17 and II.18: RPPI from primary market submitted quarterly to BIS; improving hedonic methodology and use of big data for secondary market internally since July 2019. New methodology and coverage for CPPI constructed and published on Central Bank’s website since second quarter 2019.
    - Rec. II.20: Proposed a microdata dissemination system involving data providers, distributors and a coordinator to improve microdata distribution and control.

  - Italy
    - Achieved compliance with core requirements for many DGI-2 recommendations with defined data templates.
    - Largely on track to meet core requirements by the DGI-2 deadline (2021) and many “more ambitious” goals.
    - Core requirements not yet implemented (for templates already defined):
      - Rec. II.8 Sectoral Accounts: Ongoing work to provide a few missing breakdowns (hopefully by mid-2020).
      - Rec. II.10 IIP: Currency breakdown missing; to be provided by 2021 in the framework of changes to euro area external statistics.

  - Japan
    - Rec. II.5: Made steady progress in preparation of global SFT data collection and aggregation; started to collect SFT data from reporting parties and report all tables to the FSB since January 2019.
    - Rec. II.7: Implemented all self-commitments of the 2018 intermediate target in April 2019.
    - Rec. II.8: Making efforts to meet requirements, especially by estimates, for template parts capturing features of systemic importance in Japan. Challenges compiling some non-financial transaction series due to lack of source data.
    - Rec. II.14: Begun collecting additional IBS-related data and developing a method to estimate the NFC sector in the CBS; expects to transmit relevant data to the BIS once implementation is complete.
    - Rec. II.15: Adhered to SDDS Plus in April 2016 and will compile and disseminate general government operations in line with SDDS Plus by April 2021.
    - Rec. II.20: Emphasizes weighing accessibility of granular data against confidentiality protection.

  - Korea (partial)
    - The Bank of Korea is implementing most DGI-2 recommendations.
    - Rec. II.7: Already reporting core stock data at nominal value on debt securities to the BIS. Plans to report other core data and priority data after collecting and test-compiling raw data by 2021 (Flow of Fund).

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### Section 2 — Country progress highlights and challenges (continued)

- Korea
  - Financial accounts:
    - Targets can be reached only with the flow of funds statistics that Korea compiles.
    - Where possible, Korea plans to compile data by fully utilizing available raw data.
  - Current accounts:
    - Korea is running test calculations regarding quarterly compilation of income accounts and capital accounts.
    - Plans to conduct a detailed review on estimation procedure improvement and time series stability.
  - Rec. II.10:
    - To provide currency composition of the IIP quarterly, Korea is continuing to conduct and expand surveys to collect more granular data.

- Mexico
  - Progress
    - Rec. II.7: Intermediate Target: Reporting of Core stock data at nominal value on debt Securities Issuance Statistics in line with the Handbook on Securities Statistics.
      - BIS successfully received data for Q4 2018 and Q1 2019.
      - Debt securities issuance statistics published by sector: All sectors, Residents, General government, Central government, Financial corporations, Central Bank, Other deposit-taking corporations, Other financial corporations, Securitization corporations, Insurance corporations and pension funds, Non-financial corporations, Households & Non-profit institutions serving households, Memo: Public sector, Non-residents.
      - For each sector breakdown of debt by: Short term at original maturity, Long term at original maturity, More than 1 year and up to and including 2 years, More than 2 years and up to and including 5 years, More than 5 years and up to and including 10 years, More than ten years, Short term at remaining maturity, Long term at remaining maturity, Long term at original maturity, with a remaining maturity up to and including one year, Fixed interest rate, Variable interest rate, Inflation-linked, Interest rate-linked, Asset price-linked, Unidentified.
    - Rec. II.8: Progress in filling templates of the minimum requirement for financial and non-financial accounts, as well as balance sheets of financial, non-financial and financial liabilities.
    - Rec. II.10: Intermediate target 2: Separate identification of OFCs. Banco de México will start reporting to the IMF the separate identification of OFCs in the Balance of Payments and the IIP on August and September 2019, respectively.
  - Challenges
    - Rec. II.8: Working on development of whom-to-whom matrices and analysis of sector classification required in the Trend templates; dissemination of non-financial accounts, as well as quarterly accounts and financial statements.
    - Rec. II.10: Currency breakdown—incorporating currency composition of financial assets and liabilities in the IIP is challenging because not all sources have such disaggregation; current efforts focus on achieving the greatest currency breakdown possible to meet the target in 2021.
    - Rec. II.11: Target – Fully implement the agreed IBS enhancements. Adding new information requirements for derivatives, capital and risk metrics as established for Stage II of CBS is challenging; statistical reports (CBS and LBS) for Stage II are expected to be delivered in 2021.

- Russia
  - Data reporting and publications
    - Since 2017, seven obligatory FSIs have been transmitted by the Bank of Russia to the IMF on a quarterly basis; in 2018, annual submission of two FSIs for OFCs started.
    - Rec. II.6: Data reported to trade repositories include UTI that comply with CPMI-IOSCO UTI technical guidance; access by relevant foreign authorities to TR data operated in the Russian Federation is allowed as indirect request through Bank of Russia.
    - Rec. II.7: Bank of Russia publishes amount outstanding of debt securities issued on domestic market monthly and quarterly at nominal value broken down by sectors, currency, and maturity.
    - Rec. II.8: Financial accounts and balance sheets published with T+6 months timeliness for quarterly data and preliminary annual data, and with T+12 months timeliness for final annual data.
      - Separate data for sectors S121 and S122 compiled on annual and quarterly basis for internal use; provides data in FWTW format on currency and deposits on quarterly basis for internal use.
      - Plans to provide “from-whom-to-whom” format on debt securities and loans by 2021.
    - Rec. II.10: Since 2018 producing data on detailed currency composition of foreign financial assets and liabilities on a quarterly basis and providing separate identification of OFCs on a semiannual basis; planned dissemination of data on foreign debt liabilities on remaining maturity basis in the second half of 2019.
    - Rec. II.12: Compiling CPIS data on a quarterly basis since 2017 including information on sector of nonresident issuer.
    - Rec. II.14: Since 2018 publishing Other Financial Institutions Survey based on Standardized Report Form 4SRs for full scope of financial intermediaries including information on cross-border exposures.
  - Government finance statistics
    - The Federal Treasury prepares quarterly GFS data of the general government sector.
    - Future plan: undertake an experiment to produce GFS of the public sector, and improve annual data, especially tables 4, 5, 6A, 6B, 8A, 8B, and comparable data with 2008 SNA.

- Saudi Arabia
  - Commitment to implement DGI-2 recommendations by:
    - Establishing national teams to implement recommendations.
    - Promoting knowledge among data providers and compilers.
    - Improving data quality and coverage.
    - Improving periodicity and timeliness of many indicators.
  - Progress since 2018:
    - Locational banking statistics by residence submitted to BIS on a quarterly basis since Q4 2017 to Q1 2019; locational banking statistics by nationality also submitted.
    - 2018 and 2019 fiscal government budgets presented in line with GFSM 2014; both revenue and expenditures mapped to GFSM 2014 methodology.
    - Central government debt data reported quarterly to the QPSDS database starting in Q1 2017.
  - Main challenges:
    - Data granularity and availability particularly for NFCs and capacity building.
    - Building an integrated system for Sectoral Accounts compilation and inter-agency coordination to collect and consolidate data.
    - Shifting from a cash-based system to accrual accounting for Government Finance Statistics.

- South Africa
  - Compliance status
    - Fully compliant with 2021 targets for: Rec. II.2 (as RPPI is part of Rec. II.17), Rec. II.3, and Rec. II.12.
    - Partially compliant with 2021 targets:
      - Rec. II.6: BIS semi-annual survey not applicable, and central counterparties and OTC derivatives outstanding.
      - Rec. II.7: Core data as per self-commitments available, but market values for money market instruments, international market data and counterparties still outstanding.
      - Rec. II.10: OFCs and currency breakdowns being addressed by improving surveys.
      - Rec. II.11: Except consolidated, intend to commence with CBS.
      - Rec. II.13: Provide annual gross inward and outward flows on direct investment on asset and liability basis, but not on a net basis as directional basis is a major challenge.
      - Rec. II.15: In process of implementing GFSM 2014, but quarterly data needs improvement; all data sets still a mixture of cash, cash adjusted and accrual.
  - Work in progress
    - Rec. II.5: Partially compliant and report data for the FSB annual global monitoring exercise on NBFI, but data gaps remain in securities lending and borrowing and breakdown of financial corporations.
    - Rec. II.8: Advanced stage addressing requirements, but household and NPISH sectors will not be separately available and some non-produced non-financial assets data gaps remain.
    - Rec. II.14: Split into OFCs and non-financial corporations being addressed through revision of surveys.
    - Rec. II.16: Consolidated quarterly data at all levels of government with a broad instrument coverage being developed; national government already available.
    - Rec. II.17: Currently report compilation from private banks; Statistics South Africa developing an official RPPI.
    - Rec. II.18: South African Reserve Bank compiling an un-official index.
  - Challenges
    - Rec. II.9: Challenging due to lack of data.
  - Not currently relevant
    - Rec. II.4: South Africa does not have G-SIIs.

- Turkey
  - Rec. II.7 Securities Statistics:
    - Maturity and interest rate type breakdowns and other depository corporation details added to BIS Issuance Statistics reporting in 2018.
  - Rec. II.8 Sectoral Accounts:
    - For Financial Accounts, sub-instruments F3, F4, F52, F6 and aggregated sector breakdowns (S125+S126+S127) added for both quarterly and annual reporting in 2018.
    - CBRT together with BIS-IFC organized an international workshop in March 2019 to focus on user side and global work on sectoral accounts and financial accounts.
  - Rec. II.10 IIP:
    - Currency composition tables for IIP for the years 2016 and 2017 compiled and reported to the IMF by the end of 2018.
  - Rec. II.16 PSDS:
    - 2018 intermediate target (for central government debt data) met; target for reporting general government debt is in progress.
    - PSDS debt data for other GG sub-sectors (LG and SSI) collected from relevant institutions so sectoral coverage of PSDS to general government has been stepped up; GG debt data planned to be disseminated soon.
  - Rec. II.17 RPPI:
    - Starting from February 2019, RPPI for new dwellings and RPPI for existing dwellings calculated using hedonic regression method and base year changed to 2017 for RPPI, RPPI for new dwellings and RPPI for existing dwellings.
  - Rec. II.18 CPPI:
    - Analyses on constructing commercial property price index by CBRT still ongoing; CBRT planning to publish price indices for retail properties and offices by the end of 2019.

- United Kingdom (UK)
  - ONS transformation plans:
    - ONS aims to transform the UK’s economic statistics in partnership with the Bank of England, developing the UK financial accounts to meet user needs and initiatives such as G20 DGI-2 and SDDS Plus.
    - Aim to improve coverage, quality and granularity of UK financial statistics including compiling quarterly data on a from-whom-to-whom basis.
  - Experimental outputs and collaboration:
    - Plan to publish further experimental statistics as part of the Enhanced Financial Accounts initiative in Q4 2019.
    - Bank of England and ONS collaborating on development of a securities issuance and holdings database to support improvements under Rec. II.7; full implementation will take a number of years.
  - Challenges:
    - Producing a Commercial Property Prices Index remains a challenge.
    - Compilation of the currency compositions of the UK’s IIP remains a challenge.

- United States
  - Participation and data provision:
    - Participates in and supplies data to the FSB annual global monitoring exercise on NBFI, including data available in the Financial Accounts (Rec. II.5).
  - Legal/access developments:
    - On 12 June 2018, CFTC published final rules removing the Indemnification Requirement for domestic and foreign authorities to access swap data held at swap data repositories and establishing a process for accessing that data; SEC had finalized a similar procedure for security-based swap data earlier. Result: no remaining legal barriers to access, given Congress had repealed the statutory indemnification requirement in 2015 (Rec. II.6).
  - Other developments:
    - FRB is working on moving debt securities holdings to market value (Rec. II.7).
    - BEA released the annual update of the National Income and Product Accounts in July 2019; BEA continues to work on developing quarterly data for non-financial transactions by institutional sector to the OECD (Rec. II.8).
    - BEA and FRB working together to produce additional sectoral accounts (Integrated Macroeconomic Accounts) for mutual funds and money market mutual funds consistent with DGI emphasis on non-bank financial sector detail (Rec. II.8).
      - BEA released a working paper with current and capital accounts for investment funds.
    - FRB research project to calculate wealth by income quintile (Rec. II.9).
    - BEA working toward providing more detail for OFCs by 2020 and currency composition by 2021 (Rec. II.10).

- The Netherlands (Non-G20 FSB member)
  - Commitment:
    - Committed to implementation of all DGI-2 recommendations and participating in DGI-2 monitoring program.
  - Implementation status:
    - Several recommendations (sector accounts, government statistics, IIP) already implemented.
    - No current plans to integrate NBFI subsector breakdowns into sectoral accounts because sectoral statistics already available and user benefits of integration not seen to outweigh costs.
  - CPPI:
    - Working on an official CPPI (Recommendation II.18); underlying source data improved and work ongoing to transform these data into an index of acceptable quality. Initial results to be assessed by the end of 2019.
  - Rest of world / BOP/IIP:
    - Statistics Netherlands and De Nederlandsche Bank (DNB) achieved full consistency between the rest of the world account (in national accounts) and the BOP/IIP; one of the first European countries to implement the European institutions’ recommendation to create such consistency through close cooperation and sharing confidential data.

- Spain
  - General:
    - As EU/Euro area member and adherent to SDDS Plus, Spain already covers many DGI-2 recommendations and plans to meet remaining deadlines.
  - Sectoral accounts:
    - Almost all breakdowns already disseminated in national quarterly publications and/or included in Eurostat/ECB requirements.
    - Remaining target requirements available in internal databases transmitted in 2019 to international organizations as requested.
  - Non-financial assets:
    - Stock of non-financial assets to be released by the end of 2019.
  - External statistics:
    - Most recommendations already covered; provision of IIP with currency breakdown envisaged before 2021 (target date).
  - Commercial property prices:
    - Progress ongoing under leadership of Eurostat as in the rest of EU Member States.

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### Section 3 — Detailed data gaps and traffic-light assessments (selected tables and instruments)

- Dissemination of non-financial accounts transactions (quarterly data) — selected country issues
  - Australia: Missing balancing items B1G for S11, S12, S13 and S14_S15; B2G+B3G for S12; B6G for S11 and S12 and B9 for S11, S12, S13, and S14_S15. Several transactions missing (sub-transactions of D3: D31 and D39; of D9: D91 and D9N) and D8.
  - Canada: Missing B1G for S11, S12, and S14_S15; D1 paid for S11, S12, and S14_S15; D2 paid and D3 received for S11, S12, S13 and S14_S15; some sub-transactions of D7 (D71, D72).
  - Italy: A few transmitted transactions not publishable: sub-transactions of D7 (D71, D72, D7N).
  - Japan: Missing balancing items B1G, B2G+B3G and B9 for all sectors. No data for sectors S11, S12, and S2 and only data for S14 (not S14_S15).
  - Russia: Limited coverage (only a few items in production and generation of income accounts available for quarters 2011–2016).
  - South Africa: Missing balancing items B1G, B6G and B9 for all target sub-sectors. No data for sectors S11 and S12; many other transactions missing (D3 and D39 received for S14_S15; D61, D62 and D63, etc.).
  - United Kingdom: Does not record any receipts by S2 from UK residents for D29 and D91. Missing transactions for D8 paid for S11, S13 and S2.

- Sectoral accounts template: Annual stocks of non-financial assets — selected country issues
  - Australia: Missing items including AN111 (Dwellings) for S12; AN1121 (Buildings other than dwellings) and AN1122 (Other structures) for all sectors; AN12 (Inventories) for S12.
  - Canada: AN1121 and AN1122 missing for all sectors.
  - Germany: AN1121, AN1122 and AN12 (Inventories) missing for all sectors.
  - Mexico: AN1121, AN1122 and N11 (fixed assets) are confidential for all sectors.
  - Russia: Only five assets for S1 are available.
  - United States: AN12 (Inventories) missing for S12, S13 and S14_S15.
  - Spain: First transmission will take place by the end of 2019.
  - Note: Requests for AN2111 (Land underlying buildings and structures) and AN21111 (Land underlying dwellings) are ignored in the traffic light assessment for this table.

- Financial accounts and balance sheets (annual and quarterly data) — selected country issues
  - Australia: Non-consolidated data missing for annual and quarterly frequencies.
  - Brazil: Only main sectors provided for annual data; few transactions and stocks missing for sub-instruments of F1, F52 and F7. Quarterly data to be disseminated by 2020/2021.
  - Canada: Annual transactions and stocks missing for sub-instruments of F2, F4, F52 and F6 (only F64 reported). Quarterly missing sub-instruments of F2, F4, and F6. Traffic light moved from orange to green for both frequencies and both 2017 and 2018 assessments due to revision of general templates.
  - France: Traffic light moved from orange to green for annual and quarterly data for 2017 and 2018 assessments after recent transmission of additional data to the OECD.
  - Germany: Annual data missing for sub-instruments of F7. Quarterly instruments F61 and F66 not reported. General government consolidated data missing on a quarterly basis. Traffic light moved from orange to green for annual frequency for 2017 and 2018 assessments due to revised templates.
  - India: Annual non-consolidated financial transactions reported since December 2017. Breakdowns of F3, F4, F51, F52, F6 and F8 missing. Traffic light moved from red to orange for annual frequency (2018 assessment).
  - Italy: Missing sub-instruments of F52 and F7 and sectors S122 and S123 on an annual basis. Missing F61 and F66 on a quarterly basis; sectors S121, S122 and S123 not provided separately for quarterly frequency. General government consolidated data missing on a quarterly basis.
  - Japan: Missing data for sub-instruments F1, F3, F4 and F52 for annual and quarterly frequencies (reporting of F521 and F522 encouraged quarterly). Annual consolidated stocks and flows for general government reported for main instruments only; quarterly consolidated flows and stocks missing.
  - Korea: Missing sub-instruments of F1 and F51 for annual and quarterly frequencies. Only annual consolidated stock liabilities of general government reported.
  - Mexico: Aggregated sectors S14+S15, S125+S126+S127, S128+S129 and S121+S122+S123 treated as confidential. Aggregated instrument F6M (F63+F64+F65) confidential. For non-consolidated stocks (T720), all sub-instruments confidential. No consolidated data and no quarterly data reported.
  - Russia: Only main financial instruments (F1, F2, F3, F4, F5, F6 and F8) provided for annual and quarterly data. Separate data for sectors S121 and S122 compiled for internal use. No consolidated data reported. Priority to disseminate extended sector and instrument breakdowns; started providing from-whom-to-whom format on currency and deposits on quarterly basis for internal use and plans to extend to other instruments.
  - South Africa: Financial accounts and balance sheet data across sectors and instruments being developed based on 2008 SNA but not yet published. Longer-term gaps remain. Annual: only high-level non-consolidated stocks reported for S14+S15; sub-instruments of F1, F51 and F7 missing for transactions. Quarterly: only non-consolidated transactions reported and sub-instruments of F1, F51 and F7 missing. No consolidated data reported.
  - Turkey: Traffic light moved from orange to green for annual and quarterly data for 2018 assessment after recent transmissions (September and October 2018) to OECD; all target requirements met.
  - United Kingdom: Annual data missing for sub-instruments of F52 (from 2014) and F7 (transactions from 2014) as well as for sectors S121, S122 and S123. S121, S122 and S123 not provided on a quarterly basis; general government consolidated data not provided quarterly.
  - United States: Financial derivatives F7 not reported for quarterly and annual frequencies.
  - EU/EA: No disaggregated data available for instruments grouping F71+F72 (annual and quarterly). For quarterly data, no disaggregated data for F61+F66. Quarterly data for sector grouping S121 and for S122+S123 published since July 2019. Separate data for S123 not disseminated.
  - Netherlands: Missing sectors S122 and S123 on annual basis. Missing F61 and F66 on quarterly basis; sectors S121, S122 and S123 not provided separately for quarterly frequency. General government consolidated quarterly data not transmitted as part of national accounts transmission program, although nationally available and transmitted as part of SDDS Plus.
  - Spain: All targets met.

*Source: g20-dgi-country-notes-2019 - Section 1, Section 2, Section 3 (g20-dgi-country-notes-2019), https://www.imf.org/-/media/files/news/press-release/2019/g20-dgi-country-notes-2019.pdf*

### Section 1

### The Financial Crisis and Information Gaps — G20 Data Gaps Initiative (DGI-2): Status of Progress and Key Challenges (Section 1)

### Overview
- Document prepared by the IMF Staff and FSB Secretariat, October 2019.
- Presents self-assessments of participating G20 economies on progress and key challenges in meeting DGI-2 recommendations (Rec. II.x).
- Emphasis on improvements to statistical infrastructure across financial soundness indicators, non-bank financial intermediation monitoring, securities statistics, sectoral accounts, IIP, IBS, property price indices, and data dissemination frameworks.

### Acronyms (selected, as used in the document)
- BIS, CBS, CDIS, CDMs, CPIS, CPPI, DGI-2, ECB, Eurostat, FMCBG, FSB, FSIs, G20, GFS, G-SIBs, G-SIIs, IAG, IBS, IIP, IMF, LBS, OECD, OFCs, OTC, PSDS, RPPI, SFTs, SRF, UPI, UTI.

### Argentina
- Rec. II.5: In 2017, Argentina contributed additional and improved data to the FSB annual global monitoring exercise on non-bank financial intermediation (NBFI), including more granular reporting, as requested.
- Rec. II.7: Already reporting a set of quarterly debt securities statistics to the BIS. Central government debt securities statistics have the required breakdown of currency, issuing market, type of interest rate and original and remaining maturity at nominal value. Information about private sector debt securities is expected to be provided by the National Securities Commission, with Q4 2018 data expected to be reported by May 2019.
- Rec. II.8: Working on “National Economic Census 2018–19,” to create required statistical infrastructure to compile sectoral accounts statistics.
- Rec. II.9: Conducting the household income and expenditure survey (ENGO), results to be published in 2019/2020.
- Rec. II.12: Collecting information from reporters of the new survey on foreign assets and liabilities to improve the response to 2018 data requirement.
- Rec. II.13: Inward data split by equity and debt (intermediate target 1) published since October 2017. Outward data split by equity and debt expected to be shared during 2019 (intermediate target 2).
- Recs. II.18 and II.19: Mobilizing resources to comply; hosted the G20 DGI Thematic Workshop on Residential and Commercial Property Price Indices in January 2018.

### Australia
- ABS reviewed confidentiality policy and is opening-up more data, though legal limits remain.
- Regulations for protecting data under review (in progress since early 2018) with current authorization due to expire before the end of 2019.
- Includes non-profit institutions serving households in the household sector—limiting ability to fully comply with sectoral account breakdowns.
- ABS, APRA, and RBA engaged in a major review of reporting forms to increase source data and reduce incomplete compliance; many changes to be implemented in late 2019.
- ABS will work with agencies on partial compliance areas based on sub-industry coverage without breaching confidentiality.

### Brazil
- Rec. II.2 and II.3: Disseminates all core FSIs and endorses the template for CDM reporting.
- Rec. II.4: No G-SIFIs in Brazil.
- Rec. II.5: Participates in the FSB annual global monitoring exercise on NBFI.
- Rec. II.6: BCB participates in the Triennial Survey of OTC derivatives.
- Rec. II.7: Table 1 of the proposed template started to be disseminated in June 2019.
- Rec. II.8: Quarterly financial accounts with one-quarter lag to be disseminated in 2020–21.
- Rec. II.10: Quarterly IIP with currency composition and separate identification of OFCs started to be disseminated in July 2019.
- Rec. II.11: Implementation of Stage 2 of IBS enhancements planned for 2021.
- Rec. II.12: Semi-annual CPIS data reported with 6-month timeliness.
- Rec. II.13: Debt assets and gross debt liabilities reported on CDIS for inward and outward direct investment.
- Rec. II.15: GFSM 2014 consistent. Consolidated General Government operations and quarterly Consolidated General Government operations, along with full balance sheets reported.
- Rec. II.16: General and Central Government debt data reported to PSDS.
- Recs. II.17 and II.18: RPPI and CPPI with national coverage disseminated.
- Rec. II.19: SDMX to be gradually implemented in the process of adherence to SDDS Plus.

### Canada
- Rec. II.2 FSIs: Developing a residential property price index consistent with the handbook on RPPIs; expects to publish an RPPI at the end of 2019.
- Rec. II.4 G-SIBs: Reporting at T+60 with no immediate plans to change the reporting lag.
- Rec. II.7 Securities Statistics: Reports stock data at nominal value on debt securities issuance, stock data at market value and net transactions since 2018; remaining enhancements by 2021.
- Rec. II.8 Sectoral Accounts: Currently meets target reporting requirements. Will publish a production account by sector starting in 2019 once from-whom-to-whom Matrix work is complete.
- Rec. II.10 IIP: Reports IIP quarterly. Development of estimates for OFCs’ liabilities and assets to be completed in 2020.
- Rec. II.12 CPIS: Will publish CPIS estimates by sector of the holder in 2019.
- Canada adhered to SDDS Plus since April 2017.

### China
- Rec. II.2 FSIs: Expanded coverage from 17 main commercial banks to all of the 1,000 plus commercial banks; reporting frequency increased from once a year to twice a year; added leverage ratio and personnel expenditure ratio to the previous 12 core indicators; regulatory capital data consistent with Basel III.
- Rec. II.4 G-SIFIs: CBIRC coordinated one global systemically important insurance company and three candidate institutions in reporting data to the IAIS regularly.
- Rec. II.5 NBFI: PBC participates in FSB Non-bank Monitoring Experts Group; reports annual monitoring data on China’s NBFI; enhanced statistical capability building. In 2018, PBC and others reported the narrow measure of NBFI and updated historical data; will continue joint work to enhance monitoring and methodology.
- Rec. II.7 Securities Statistics: Since 2014, PBC has cooperated with IMF and BIS; established a Securities Statistical System and launched a bond statistics system; inter-bank bond market statistical system is fully operational; infrastructure construction and standard implementation in the exchange market underway.
- Rec. II.11 IBS: In December 2016, China joined LBS in the IBS; SAFE has reported cross-border position of locational banking. Currency and sector classification do not yet meet position reporting demands; studying current statistical basis to evaluate eligibility for IBS locational banking reporting.

### France
- Banque de France, INSEE, and ACPR confirm:
  - Reporting of core stock data at nominal value on debt securities in line with the Handbook on Securities Statistics implemented in 2018/2019.
  - Additional breakdowns (sub-instruments of F52 and F7 for both annual and quarterly frequencies, sectors S121, S122 and S123) are being compiled on a quarterly basis and transmitted to the OECD.
  - Banque de France ready to set up transmission channel to enable IMF and other organizations to receive data.
  - INSEE and Banque de France interested in contributing to seminars and workshops on CPPI and RPPI.

### Germany
- Germany follows the envisaged timetable and will meet all DGI-2 recommendations by 2021; however, four restrictions:
  - Recs. II.5 / II.8: Sector and instrument breakdowns beyond current transmission program are not entirely realizable to the desired extent, though likely to be disseminated outside the consistent financial accounts framework where primary data are available.
  - Rec. II.10: Residual maturity of financial loans cannot be determined within current statistical system; item will not be implemented by 2021.
  - Rec. II.15: The accrual basis of reporting is most likely not achievable by 2021.
  - Rec. II.17: Some additional housing indicators asked for can most likely not be calculated by 2021.

### India
- Rec. II.2: Six FSIs are reported regularly with a one quarter lag. NSFR, earmarked for reporting from 2021, is not yet applicable for Indian banks. For OFC FSIs, regulators consulted to streamline information flow.
- Rec. II.5: 2019 NBFI data reporting under the FSB annual global monitoring exercise is underway. Reporting data on SFTs as of end-2019 to the FSB supported despite challenges due to granular requirements.
- Rec. II.7: Provides securities statistics of General/Central Government monthly and annually. At quarterly frequency (Government security only), would support requirement by March 2020 with a month lag. Work on reporting debt securities stock from face value to market/nominal value in progress; challenges remain for from-whom-to-whom matrices.
- Rec. II.8: Annual flow-of-funds accounts on whom-to-whom basis for five institutional sectors compiled regularly. Accounts for 2017–18 (April–March) released in July 2019. Pilot quarterly FoF study on household sector for Q2 2015–Q3 2017 published March 2018. Feasibility of compiling more detailed data being reviewed.
- Rec. II.10: Reports IIP quarterly with a lag of one quarter, with separate identification of OFCs under “other sectors” of “portfolio investment” and “other investments” for assets and liabilities.

### Indonesia
- Most recommendations fulfilled or in progress:
  - Rec. II.8: Compilation and reconciliation of Annual Sectoral Accounts and Balance Sheets (five sectors: Households, NPISHs, Government, Financial Corporations, Nonfinancial Corporations and Rest of the World) for 2010–2017 to be completed by end of 2019; plans to disseminate in 2020. Cooperation among Statistics Indonesia, Central Bank, OJK, Ministry of Finance and Ministry of State-Owned Enterprises established.
  - Rec. II.10: Quarterly IIP published since 2014. Separate identification of OFCs submitted for IIP publication Q2 2019 in September 2019 for period of Q1 2018 onwards; currency breakdown of debt remains in progress.
  - Rec. II.11: Quarterly LBS based on Stage-2 and updated confidentiality rules submitted since November 2017 for period of Q1 2017 onwards.
  - Rec. II.13: Annual Inward DI position submitted; Outward DI with equity and debt split to be submitted in 2019 according to the target.
  - Rec. II.15: Issued Indonesian Government Finance Statistics Manual (IGFSM) adapted from IMF's 2014 GFSM. Compiled annual and quarterly general government finance statistics on modified cash/accrual basis and annual public sector finance statistics. Started to reconcile GFS with PSDS and Full Sequence of Accounts/Sectoral Accounts Balance Sheet. Further enhancement to fully apply accrual basis requires fundamental changes in fiscal policy framework.
  - Recs. II.17 and II.18: RPPI from primary market submitted quarterly to BIS; improving hedonic methodology and use of big data for secondary market internally since July 2019. New methodology and coverage for CPPI constructed and published on Central Bank’s website since second quarter 2019.
  - Rec. II.20: Proposed a microdata dissemination system involving data providers, distributors and a coordinator to improve microdata distribution and control.

### Italy
- Achieved compliance with core requirements for many DGI-2 recommendations with defined data templates.
- Largely on track to meet core requirements by the DGI-2 deadline (2021) and many “more ambitious” goals.
- Core requirements not yet implemented (for templates already defined):
  - Rec. II.8 Sectoral Accounts: Ongoing work to provide a few missing breakdowns (hopefully by mid-2020).
  - Rec. II.10 IIP: Currency breakdown missing; to be provided by 2021 in the framework of changes to euro area external statistics.

### Japan
- Rec. II.5: Made steady progress in preparation of global SFT data collection and aggregation; started to collect SFT data from reporting parties and report all tables to the FSB since January 2019.
- Rec. II.7: Implemented all self-commitments of the 2018 intermediate target in April 2019.
- Rec. II.8: Making efforts to meet requirements, especially by estimates, for template parts capturing features of systemic importance in Japan. Challenges compiling some non-financial transaction series due to lack of source data.
- Rec. II.14: Begun collecting additional IBS-related data and developing a method to estimate the NFC sector in the CBS; expects to transmit relevant data to the BIS once implementation is complete.
- Rec. II.15: Adhered to SDDS Plus in April 2016 and will compile and disseminate general government operations in line with SDDS Plus by April 2021.
- Rec. II.20: Emphasizes weighing accessibility of granular data against confidentiality protection.

### Korea (partial)
- The Bank of Korea is implementing most DGI-2 recommendations.
- Rec. II.7: Already reporting core stock data at nominal value on debt securities to the BIS. Plans to report other core data and priority data after collecting and test-compiling raw data by 2021 (Flow of Fund).

*Source: g20-dgi-country-notes-2019 - Section 1 (g20-dgi-country-notes-2019 - Section 1), https://www.imf.org/-/media/files/news/press-release/2019/g20-dgi-country-notes-2019.pdf*

### Section 2

### g20-dgi-country-notes-2019 - Section 2

### Korea
- Financial accounts:
  - Targets can be reached only with the flow of funds statistics that Korea compiles.
  - Where possible, Korea plans to compile data by fully utilizing available raw data.
- Current accounts:
  - Korea is running test calculations regarding quarterly compilation of income accounts and capital accounts.
  - Plans to conduct a detailed review on estimation procedure improvement and time series stability.
- Rec. II.10:
  - To provide currency composition of the IIP quarterly, Korea is continuing to conduct and expand surveys to collect more granular data.

### Mexico
- Progress:
  - Rec. II.7: Intermediate Target: Reporting of Core stock data at nominal value on debt Securities Issuance Statistics in line with the Handbook on Securities Statistics.
    - BIS successfully received data for Q4 2018 and Q1 2019.
    - Debt securities issuance statistics published by sector: All sectors, Residents, General government, Central government, Financial corporations, Central Bank, Other deposit-taking corporations, Other financial corporations, Securitization corporations, Insurance corporations and pension funds, Non-financial corporations, Households & Non-profit institutions serving households, Memo: Public sector, Non-residents.
    - For each sector breakdown of debt by: Short term at original maturity, Long term at original maturity, More than 1 year and up to and including 2 years, More than 2 years and up to and including 5 years, More than 5 years and up to and including 10 years, More than ten years, Short term at remaining maturity, Long term at remaining maturity, Long term at original maturity, with a remaining maturity up to and including one year, Fixed interest rate, Variable interest rate, Inflation-linked, Interest rate-linked, Asset price-linked, Unidentified.
  - Rec. II.8: Progress in filling templates of the minimum requirement for financial and non-financial accounts, as well as balance sheets of financial, non-financial and financial liabilities.
  - Rec. II.10: Intermediate target 2: Separate identification of OFCs. Banco de México will start reporting to the IMF the separate identification of OFCs in the Balance of Payments and the IIP on August and September 2019, respectively.
- Challenges:
  - Rec. II.8: Working on development of whom-to-whom matrices and analysis of sector classification required in the Trend templates; dissemination of non-financial accounts, as well as quarterly accounts and financial statements.
  - Rec. II.10: Currency breakdown—incorporating currency composition of financial assets and liabilities in the IIP is challenging because not all sources have such disaggregation; current efforts focus on achieving the greatest currency breakdown possible to meet the target in 2021.
  - Rec. II.11: Target – Fully implement the agreed IBS enhancements. Adding new information requirements for derivatives, capital and risk metrics as established for Stage II of CBS is challenging; statistical reports (CBS and LBS) for Stage II are expected to be delivered in 2021.

### Russia
- Data reporting and publications:
  - Since 2017, seven obligatory FSIs have been transmitted by the Bank of Russia to the IMF on a quarterly basis; in 2018, annual submission of two FSIs for OFCs started.
  - Rec. II.6: Data reported to trade repositories include UTI that comply with CPMI-IOSCO UTI technical guidance; access by relevant foreign authorities to TR data operated in the Russian Federation is allowed as indirect request through Bank of Russia.
  - Rec. II.7: Bank of Russia publishes amount outstanding of debt securities issued on domestic market monthly and quarterly at nominal value broken down by sectors, currency, and maturity.
  - Rec. II.8: Financial accounts and balance sheets published with T+6 months timeliness for quarterly data and preliminary annual data, and with T+12 months timeliness for final annual data.
    - Separate data for sectors S121 and S122 compiled on annual and quarterly basis for internal use; provides data in FWTW format on currency and deposits on quarterly basis for internal use.
    - Plans to provide “from-whom-to-whom” format on debt securities and loans by 2021.
  - Rec. II.10: Since 2018 producing data on detailed currency composition of foreign financial assets and liabilities on a quarterly basis and providing separate identification of OFCs on a semiannual basis; planned dissemination of data on foreign debt liabilities on remaining maturity basis in the second half of 2019.
  - Rec. II.12: Compiling CPIS data on a quarterly basis since 2017 including information on sector of nonresident issuer.
  - Rec. II.14: Since 2018 publishing Other Financial Institutions Survey based on Standardized Report Form 4SRs for full scope of financial intermediaries including information on cross-border exposures.
- Government finance statistics:
  - The Federal Treasury prepares quarterly GFS data of the general government sector.
  - Future plan: undertake an experiment to produce GFS of the public sector, and improve annual data, especially tables 4, 5, 6A, 6B, 8A, 8B, and comparable data with 2008 SNA.

### Saudi Arabia
- Commitment to implement DGI-2 recommendations by:
  - Establishing national teams to implement recommendations.
  - Promoting knowledge among data providers and compilers.
  - Improving data quality and coverage.
  - Improving periodicity and timeliness of many indicators.
- Progress since 2018:
  - Locational banking statistics by residence submitted to BIS on a quarterly basis since Q4 2017 to Q1 2019; locational banking statistics by nationality also submitted.
  - 2018 and 2019 fiscal government budgets presented in line with GFSM 2014; both revenue and expenditures mapped to GFSM 2014 methodology.
  - Central government debt data reported quarterly to the QPSDS database starting in Q1 2017.
- Main challenges:
  - Data granularity and availability particularly for NFCs and capacity building.
  - Building an integrated system for Sectoral Accounts compilation and inter-agency coordination to collect and consolidate data.
  - Shifting from a cash-based system to accrual accounting for Government Finance Statistics.

### South Africa
- Compliance status:
  - Fully compliant with 2021 targets for: Rec. II.2 (as RPPI is part of Rec. II.17), Rec. II.3, and Rec. II.12.
  - Partially compliant with 2021 targets:
    - Rec. II.6: BIS semi-annual survey not applicable, and central counterparties and OTC derivatives outstanding.
    - Rec. II.7: Core data as per self-commitments available, but market values for money market instruments, international market data and counterparties still outstanding.
    - Rec. II.10: OFCs and currency breakdowns being addressed by improving surveys.
    - Rec. II.11: Except consolidated, intend to commence with CBS.
    - Rec. II.13: Provide annual gross inward and outward flows on direct investment on asset and liability basis, but not on a net basis as directional basis is a major challenge.
    - Rec. II.15: In process of implementing GFSM 2014, but quarterly data needs improvement; all data sets still a mixture of cash, cash adjusted and accrual.
- Work in progress:
  - Rec. II.5: Partially compliant and report data for the FSB annual global monitoring exercise on NBFI, but data gaps remain in securities lending and borrowing and breakdown of financial corporations.
  - Rec. II.8: Advanced stage addressing requirements, but household and NPISH sectors will not be separately available and some non-produced non-financial assets data gaps remain.
  - Rec. II.14: Split into OFCs and non-financial corporations being addressed through revision of surveys.
  - Rec. II.16: Consolidated quarterly data at all levels of government with a broad instrument coverage being developed; national government already available.
  - Rec. II.17: Currently report compilation from private banks; Statistics South Africa developing an official RPPI.
  - Rec. II.18: South African Reserve Bank compiling an un-official index.
- Challenges:
  - Rec. II.9: Challenging due to lack of data.
- Not currently relevant:
  - Rec. II.4: South Africa does not have G-SIIs.

### Turkey
- Rec. II.7 Securities Statistics:
  - Maturity and interest rate type breakdowns and other depository corporation details added to BIS Issuance Statistics reporting in 2018.
- Rec. II.8 Sectoral Accounts:
  - For Financial Accounts, sub-instruments F3, F4, F52, F6 and aggregated sector breakdowns (S125+S126+S127) added for both quarterly and annual reporting in 2018.
  - CBRT together with BIS-IFC organized an international workshop in March 2019 to focus on user side and global work on sectoral accounts and financial accounts.
- Rec. II.10 IIP:
  - Currency composition tables for IIP for the years 2016 and 2017 compiled and reported to the IMF by the end of 2018.
- Rec. II.16 PSDS:
  - 2018 intermediate target (for central government debt data) met; target for reporting general government debt is in progress.
  - PSDS debt data for other GG sub-sectors (LG and SSI) collected from relevant institutions so sectoral coverage of PSDS to general government has been stepped up; GG debt data planned to be disseminated soon.
- Rec. II.17 RPPI:
  - Starting from February 2019, RPPI for new dwellings and RPPI for existing dwellings calculated using hedonic regression method and base year changed to 2017 for RPPI, RPPI for new dwellings and RPPI for existing dwellings.
- Rec. II.18 CPPI:
  - Analyses on constructing commercial property price index by CBRT still ongoing; CBRT planning to publish price indices for retail properties and offices by the end of 2019.

### United Kingdom (UK)
- ONS transformation plans:
  - ONS aims to transform the UK’s economic statistics in partnership with the Bank of England, developing the UK financial accounts to meet user needs and initiatives such as G20 DGI-2 and SDDS Plus.
  - Aim to improve coverage, quality and granularity of UK financial statistics including compiling quarterly data on a from-whom-to-whom basis.
- Experimental outputs and collaboration:
  - Plan to publish further experimental statistics as part of the Enhanced Financial Accounts initiative in Q4 2019.
  - Bank of England and ONS collaborating on development of a securities issuance and holdings database to support improvements under Rec. II.7; full implementation will take a number of years.
- Challenges:
  - Producing a Commercial Property Prices Index remains a challenge.
  - Compilation of the currency compositions of the UK’s IIP remains a challenge.

### United States
- Participation and data provision:
  - Participates in and supplies data to the FSB annual global monitoring exercise on NBFI, including data available in the Financial Accounts (Rec. II.5).
- Legal/access developments:
  - On 12 June 2018, CFTC published final rules removing the Indemnification Requirement for domestic and foreign authorities to access swap data held at swap data repositories and establishing a process for accessing that data; SEC had finalized a similar procedure for security-based swap data earlier. Result: no remaining legal barriers to access, given Congress had repealed the statutory indemnification requirement in 2015 (Rec. II.6).
- Other developments:
  - FRB is working on moving debt securities holdings to market value (Rec. II.7).
  - BEA released the annual update of the National Income and Product Accounts in July 2019; BEA continues to work on developing quarterly data for non-financial transactions by institutional sector to the OECD (Rec. II.8).
  - BEA and FRB working together to produce additional sectoral accounts (Integrated Macroeconomic Accounts) for mutual funds and money market mutual funds consistent with DGI emphasis on non-bank financial sector detail (Rec. II.8).
    - BEA released a working paper with current and capital accounts for investment funds.
  - FRB research project to calculate wealth by income quintile (Rec. II.9).
  - BEA working toward providing more detail for OFCs by 2020 and currency composition by 2021 (Rec. II.10).

### The Netherlands (Non-G20 FSB member)
- Commitment:
  - Committed to implementation of all DGI-2 recommendations and participating in DGI-2 monitoring program.
- Implementation status:
  - Several recommendations (sector accounts, government statistics, IIP) already implemented.
  - No current plans to integrate NBFI subsector breakdowns into sectoral accounts because sectoral statistics already available and user benefits of integration not seen to outweigh costs.
- CPPI:
  - Working on an official CPPI (Recommendation II.18); underlying source data improved and work ongoing to transform these data into an index of acceptable quality. Initial results to be assessed by the end of 2019.
- Rest of world / BOP/IIP:
  - Statistics Netherlands and De Nederlandsche Bank (DNB) achieved full consistency between the rest of the world account (in national accounts) and the BOP/IIP; one of the first European countries to implement the European institutions’ recommendation to create such consistency through close cooperation and sharing confidential data.

### Spain
- General:
  - As EU/Euro area member and adherent to SDDS Plus, Spain already covers many DGI-2 recommendations and plans to meet remaining deadlines.
- Sectoral accounts:
  - Almost all breakdowns already disseminated in national quarterly publications and/or included in Eurostat/ECB requirements.
  - Remaining target requirements available in internal databases transmitted in 2019 to international organizations as requested.
- Non-financial assets:
  - Stock of non-financial assets to be released by the end of 2019.
- External statistics:
  - Most recommendations already covered; provision of IIP with currency breakdown envisaged before 2021 (target date).
- Commercial property prices:
  - Progress ongoing under leadership of Eurostat as in the rest of EU Member States.

*Source: g20-dgi-country-notes-2019 - Section 2 (g20-dgi-country-notes-2019 - Section 2).*

### Section 3

### g20-dgi-country-notes-2019 - Section 3

### Dissemination of non-financial accounts transactions (quarterly data)
- Australia:
  - A number of balancing items are missing for instance B1G for S11, S12, S13 and S14_S15; B2G+B3G for S12; B6G for S11 and S12 and B9 for S11, S12, S13, and S14_S15.
  - Several transactions are also missing for instance sub-transactions of D3 (i.e., D31 and D39) and of D9 (i.e., D91 and D9N) and D8.
- Canada:
  - Several data are missing for instance B1G for S11, S12, and S14_S15; D1 paid for S11, S12, and S14_S15; D2 paid and D3 received for S11, S12, S13 and S14_S15, some sub-transactions of D7 (i.e., D71, D72).
- Italy:
  - A few transactions are transmitted but are not publishable: sub-transactions of D7 (i.e., D71, D72, D7N).
- Japan:
  - Several balancing items are missing for instance B1G, B2G+B3G and B9 for all sectors.
  - No data is available for the sectors S11, S12, and S2 and only data for S14 is available (not S14_S15).
- Russia:
  - Limited data coverage (only a few items in production and generation of income accounts are available for the quarters of the years 2011 to 2016).
- South Africa:
  - A number of balancing items are missing for instance B1G, B6G and B9 for all target sub-sectors.
  - No data are provided for the sectors S11 and S12 and many other transactions are missing for instance D3 and D39 received for S14_S15; D61, D62 and D63, etc.
- United Kingdom:
  - The UK does not record any receipts by S2 from UK residents for D29 and D91.
  - Transactions are also missing for D8 paid for S11, S13 and S2.

### Sectoral accounts template: Annual stocks of non-financial assets
- Australia:
  - A number of items are missing including AN111 (Dwellings) for S12, AN1121 (Buildings other than dwellings) and AN1122 (Other structures) for all sectors, AN12 (Inventories) for S12.
- Canada:
  - AN1121 (Buildings other than dwellings) and AN1122 (Other structures) are missing for all sectors.
- Germany:
  - AN1121 (Buildings other than dwellings) and AN1122 (Other structures) as well as AN12 (Inventories) are missing for all sectors.
- Mexico:
  - AN1121 (Buildings other than dwellings) and AN1122 (Other structures) as well as N11 (fixed assets) are confidential for all sectors.
- Russia:
  - Only five assets for S1 are available.
- United States:
  - AN12 (Inventories) are missing for S12, S13 and S14_S15.
- Spain:
  - The first transmission will take place by the end of 2019.
- Note:
  - The request in the latest template for data on AN2111 (Land underlying buildings and structures) and AN21111 (Land underlying dwellings) are ignored in the traffic light assessment for this table.

### Financial accounts and balance sheets (annual and quarterly data)
- Australia:
  - Non-consolidated data are missing for both annual and quarterly frequencies.
- Brazil:
  - Only main sectors are provided for annual data.
  - Few transactions and stocks are missing for sub-instruments of F1, F52 and F7.
  - Quarterly data to be disseminated by 2020/2021.
- Canada:
  - Annual transactions and stocks are missing for sub-instruments of F2, F4, F52 and F6 (only F64 is reported).
  - On a quarterly basis, transactions and stocks are missing for sub-instruments of F2, F4, and F6.
  - Due to the revision of the general templates, which are less demanding, the traffic light for Canada has been moved from orange to green for both frequencies and both 2017 and 2018 assessments.
- France:
  - For the 2017 evaluation, and also for the 2018 assessment, the traffic light for France has been moved from orange to green for both annual and quarterly data.
  - All target requirements have been met through the recent transmission of additional data to the OECD.
- Germany:
  - Annual data are missing for sub-instruments of F7.
  - On a quarterly basis, the instruments F61 and F66 are not reported.
  - General government consolidated data are missing on a quarterly basis as well.
  - Due to the revision of the general templates, which are less demanding, the traffic light for Germany has been moved from orange to green for the annual frequency for both 2017 and 2018 assessments.
- India:
  - Annual non-consolidated financial transactions have been reported to the OECD and disseminated since December 2017.
  - Breakdowns of F3, F4, F51, F52, F6 and F8 are missing.
  - The traffic light for India has been moved from red to orange for the annual frequency and for the 2018 assessment.
- Italy:
  - Data are missing for sub-instruments of F52 and F7 as well as for sectors S122 and S123 on an annual basis.
  - Data are missing for F61 and F66 on a quarterly basis, and sectors S121, S122 and S123 are not provided separately for this frequency as well.
  - General government consolidated data are missing on a quarterly basis as well.
- Japan:
  - Data are missing for sub-instruments F1, F3, F4 and F52 for both annual and quarterly frequencies (although the reporting of data for instruments F521 and F522 is only encouraged on a quarterly basis).
  - For some breakdowns, the relevant source data are partially missing.
  - Annual consolidated stocks and flows for general government are reported for the main financial instruments only.
  - Quarterly consolidated flows and stocks for general government are missing.
- Korea:
  - Data for sub-instruments of F1 and F51 are missing for both annual and quarterly frequencies.
  - Only annual consolidated stock liabilities of general government are reported.
- Mexico:
  - Data for aggregated sectors S14+S15, S125+S126+S127, S128+S129 and S121+S122+S123 are to be treated as confidential.
  - The aggregated instrument F6M (F63+F64+F65) is also to be treated as confidential.
  - For non-consolidated stocks (T720), all sub-instruments are also to be treated as confidential.
  - No consolidated data and no quarterly data are reported.
- Russia:
  - Only the main financial instruments are provided (F1, F2, F3, F4, F5, F6 and F8) for both annual and quarterly data.
  - The Bank of Russia compiles the separate data for sectors S121 and S122 on annual and quarterly basis for internal use.
  - No consolidated data is reported.
  - The future dissemination of extended sector and instrument breakdowns is one of the priorities.
  - The Bank of Russia started to provide the data in from-whom-to-whom format on currency and deposits on quarterly basis for internal use.
  - It is also planned to gradually start providing from-whom-to-whom data on other instruments.
- South Africa:
  - Financial accounts and financial balance sheet data across all sectors and instruments are being developed based on 2008 SNA standards but are not yet published.
  - There are however certain longer-term data gaps for both instrument and sectors which will remain and be addressed in future.
  - On an annual basis, only high-level non-consolidated stocks are reported for the sector S14+S15 and for non-consolidated transactions, sub-instruments of F1, F51 and F7 (other accounts receivable/payable – SNA93 standards) are missing.
  - On a quarterly basis, only non-consolidated transactions are reported and sub-instruments of F1, F51 and F7 are missing.
  - No consolidated data is reported.
- Turkey:
  - For the 2018 assessment, the traffic light for Turkey has been moved from orange to green for both annual and quarterly data.
  - All target requirements have been met through the recent data transmissions (September and October 2018) to the OECD.
- United Kingdom:
  - Annual data are missing for sub-instruments of F52 (as from 2014) and F7 (for transactions as from 2014) as well as for sectors S121, S122, and S123.
  - Sectors S121, S122 and S123 are also not provided on a quarterly basis as well as general government consolidated data.
- United States:
  - Financial derivatives - F7 are not reported for both quarterly and annual frequencies.
- EU/EA:
  - For annual and quarterly data, no disaggregated data are available for instruments grouping F71+F72.
  - For quarterly data, no disaggregated data are available for instruments grouping F61+ F66.
  - Quarterly data for sector grouping S121 and for S122+ S123 are published since July 2019.
  - Separate data for S123 are not disseminated.
- Netherlands:
  - Data are missing for sectors S122 and S123 on an annual basis.
  - Data are missing for F61 and F66 on a quarterly basis, and sectors S121, S122 and S123 are not provided separately for this frequency as well.
  - General government consolidated data on a quarterly basis is currently not transmitted as part of the transmission program for national accounts, although this information is nationally available (and also transmitted as part of SDDS Plus).
- Spain:
  - All targets met.

*Source: g20-dgi-country-notes-2019 - Section 3*

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_Source: https://www.imf.org/-/media/files/news/press-release/2019/g20-dgi-country-notes-2019.pdf_