IMF Announces the Release of a New Database on Special Purpose Entities (SPEs)
IMF News, March 2, 2022
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- IMF Announces the Release of a New Database on Special Purpose Entities (SPEs)
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- Published: March 2, 2022
Database scope and methodology
- The IMF released an international database on the cross-border flows and positions of Special Purpose Entities (SPEs).
- The database, for the first time, is based on a common methodology, including an internationally agreed definition of SPEs, endorsed by the IMF Committee on Balance of Payments Statistics.
- The database includes information that allows the separate identification of SPEs within the balance of payments and international investment position statistics of participating countries.
Coverage and data release details
- Includes data from 25 economies, including several offshore centers, in this first annual release, with more economies to be added soon.
- Includes, in this release, annual data for 2020 for all participating economies, as well as historical data and/or quarterly data for 2021 for some economies.
- Going forward, the database will be disseminated on an annual basis, with increased country coverage.
- The list of participating economies is available here.
Purpose, significance, and expected impact
- SPEs are described as entities set up in countries of convenience and low-tax jurisdictions.
- In a complex, global financial system with increased cross-border transactions and positions, SPEs play an important role.
- Disclosure about SPE activities in external sector statistics is expected to contribute to a better understanding of the cross-border flows and stocks associated with real economic activities.
- The IMF states the database is a major step towards addressing data gaps related to cross-border exposures and improving the transparency and international comparability of external sector statistics.
Relationship to other international efforts
- The IMF’s SPE database complements the information disseminated by the Organization for Economic Co-operation and Development (OECD) and Eurostat for their member countries.
- The database is the outcome of an international effort within the auspices of the IMF Committee on Balance of Payments Statistics’ Task Force on SPEs.
- The Final Report of the Task Force on SPEs is available at https://www.imf.org/external/pubs/ft/bop/2018/pdf/18-03.pdf
Source: IMF Press Release No. 2253, March 2, 2022