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| The Data: Coverage, Periodicity, and Timeliness | ||||||||||||
| Coverage characteristics | 5.1.1 Statistical presentation Data are disseminated in millions of euro (EUR) on the analytical accounts of the central bank. | |||||||||||
| Periodicity | 4.1.1 Periodicity Monthly, as at last Friday of the month. | |||||||||||
| Timeliness | 4.1.2 Timeliness 2 working days after the last Friday of the month. | |||||||||||
| Access by the Public | ||||||||||||
| Advance dissemination of release calendar | 5.1.3 Advance release calendar A release schedule for the coming year, specifying precise dates of release, is published in the Bank of Finland Release Calendar by the first of January at the latest (http://www.bof.fi/en/suomen_pankki/tapahtumakalenteri/index.htm).
During the last part of the calendar year Finland uses the DSBB (http://dsbb.imf.org/Applications/web/sddsctycatarclist/?strcode=FIN) to disseminate the one-quarter ahead notice of approximate release dates required by the SDDS. A notice to this effect is given in the "Financial Markets Statistical Review" published by the Bank of Finland. | |||||||||||
| Simultaneous release to all interested parties | 5.1.4 Simultaneous release The data are released simultaneously to all interested parties by publishing the "Monthly Balance Sheet", copies of which are available at the Bank of Finland headquarters. | |||||||||||
| Integrity | ||||||||||||
| Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information | 0.1.1 Responsibility for collecting, processing, and disseminating statistics Bank of Finland The Act on the Bank of Finland (No 214/1998) states that in performing tasks of the European System of Central Banks (ESCB), the Bank of Finland (BOF) shall act in accordance with the guidelines and instructions of the ECB, which includes the reporting of balance of payments statistics by the BOF to the ECB. Specifically, Community Regulation 2533/98 identifies statistics on the balance of payments as being necessary to enable the ESCB to fulfill its tasks in an independent manner. Analytical accounts of the central bank Section 19 of the Act on the Bank of Finland states that "The Bank's balance sheet shall be published monthly during the financial year."
The data on the analytical accounts of the central bank are based on the framework for accounting and financial reporting within the Eurosystem as presented in the Guideline of the European Central Bank of December 1, 1998 on the legal framework for accounting and reporting in the European System of Central Banks, as amended on December 15, 1999 (ECB/1999/9). 0.1.2 Data sharing and coordination among data producing agencies Bank of Finland Data sharing and coordination between the BOF and Statistics Finland (SF) is set out each year in a Memorandum of Understanding (MOU), an arrangement begun in 2004. Prior to 2004, an informal arrangement existed, which was known and accepted by the management of the two institutions. The MOU covers five areas: financial accounts, balance of payments accounts, registers, the Special Data Dissemination Standard (SDDS), and the exchange of general economic statistics. A MOU has been concluded between the National Board of Customs (NBOC) and the BOF 0.1.3 Confidentiality of individual reporters' data Bank of Finland The staff of the BOF have signed the confidentiality pledge of not revealing data on individuals or individual firms and is subject to an insider trading law (chapter 2, section 6 (12 December 2004/1231) of the Act on Officials of the Bank of Finland (No 1166, 1998)). European Community Regulation 2533/98 (Article 18) states that ´´confidential statistical information which the ECB and the national central banks must obtain for the performance of the tasks of the ESCB must be protected in order to gain and maintain the confidence of the reporting agents;...``. 0.1.4 Ensuring statistical reporting Bank of Finland For the purposes of carrying out the BOF's statutory tasks, statistical data from the authorities, credit and financial institutions, and other financial market participants are collected under section 26 of the Act of the Bank of Finland. Section 28 of the Act on the Bank of Finland (214/1998) specifies the BOF’s right to obtain information for the compilation of balance of payments statistics.
0.2.1 Staff, facilities, computing resources, and financing Bank of Finland BOF statistics unit is comprised of a staff of 36. The staff have considerable training and experience.
Data collection and compilation systems have been renewed during the 2000s. 0.2.2 Ensuring efficient use of resources Bank of Finland Periodic reviews of staff performance are conducted. A work plan is developed for the Statistics Unit, and performance is evaluated and discussed with staff twice yearly. Surveys are reviewed each year as well the associated response burden. The new compilation systems have provided staff with the tools to better manage compilation processes and to make full use of modern technologies.
0.3.1 Monitoring user requirements Bank of Finland Relevance in meeting users’ needs is an important element of the work program of the ECB and Eurostat in connection with meeting the needs for statistics of the Eurosystem. The BOF regularly participates in statistical meetings of the ECB and Eurostat.
0.4.1 Quality policy Bank of Finland Quality is emphasized in the Statistics Unit’s mission statement, which notes that statistics are necessary for conducting monetary policy, the functioning of financial markets, and for monitoring financial stability. Statistical production in the BOF is guided by the guidelines adopted by the ECB Council. These guidelines define the concepts and definitions of the statistics and are in line with generally accepted quality standards. Furthermore, statistics are to be compiled in a cost-effective manner.
0.4.2 Quality monitoring Bank of Finland Data collection and compilation system include built-in quality control tools. The compliance with ECB reporting requirements is continuously monitored. Response rates are closely monitored, and revision studies are prepared each month. 0.4.3 Quality planning Bank of Finland Trade-offs are discussed in the budget process, in consultation with data suppliers, and in connection with BOF’s involvement in international forums, such as the ECB’s Statistics Committee that advises the ECB Council on guidelines for statistical production. 1.1.1 Impartiality of statistics Bank of Finland The BOF is an independent institution governed by public law. In performing tasks of the ESCB, the BOF is required to act in accordance with the guidelines and instructions of the ECB (Section 1 of the Act on the Bank of Finland).
The Act on Officials of the Bank of Finland (No 1166, 1998) sets out the general obligations of the BOF and officials with respect to performance of duties. New staff are given guidelines and training/coaching on expected behavior in performance of duties. In recruiting new staff, the BOF pays attention to communication and technical skills in addition to competence in economics and statistics. Internal training is provided.
1.1.2 Selection of sources, methodology, and modes of dissemination Bank of Finland The BOF decides on the data sources and statistical techniques employed. Decisions about national dissemination are informed solely by statistical considerations, which include ECB guidelines.
1.1.3 Commenting on erroneous interpretation and misuse of statistics Bank of Finland The Statistics Unit is entitled to and does comment on significant misinterpretations or misuses of its statistics. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Bank of Finland The text of the Act of the Bank of Finland can be accessed through the following Bank of Finland websites (http://www.bof.fi/fin/1_suomen_pankki/1.2_esittely/98vihko33bof.pdf), in Finnish, and (http://www.bof.fi/eng/1_suomen_pankki/1.2_esittely/BOF2fi.pdf) in English). The report forms/instructions and the accompanying letter to respondents state that the reported information will be used for statistics compilation for Finland and the Economic and Monetary Union. The letter also states that individual reporters’ data will not be disclosed.
The BOF disseminates statistics as a service to public. 1.3.1 Guidelines for staff behavior Bank of Finland The Act on Officials of the Bank of Finland (No 1166, 1998) sets out a number of appropriate behavioral requirements for employees of the BOF. The Statistics Unit convenes meetings to inform staff of their obligations, including with respect to the disclosure each year of information on business activities; shareholdings in companies and other significant assets; debts, guarantees and other liabilities; and secondary occupations.
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| Identification of internal government access to data before release | 1.2.2 Internal governmental access to statistics prior to release Bank of Finland No officials outside the BOF have access to the data before their release to the public. Analytical accounts of the central bank The financial statement of the Bank of Finland will be communicated to the ECB prior to their dissemination to the public. | |||||||||||
| Identification of ministerial commentary on the occasion of statistical releases | 1.2.3 Attribution of statistical products Bank of Finland The BOF’s publications clearly identify them as a product of the BOF, and they display the Bank’s logo. Tables and charts on the Internet site note copyright by BOF. Attribution is requested when its statistics are used or reproduced.
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| Provision of information about revision and advance notice of major changes in methodology | 1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Bank of Finland Advance notice is given of major changes in methodology, source data, and statistical techniques. Recent examples are amendments in work sharing between the BOF and SF in monetary statistics and in the balance of payments statistics. Analytical accounts of the central bank The data included in the "Monthly Balance Sheet" are final and are not routinely revised. | |||||||||||
| Quality | ||||||||||||
| Dissemination of documentation on methodology and sources used in preparing statistics | 5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques Brief notes and explanations about the statistical tables are published in "Financial Markets Statistical Review" and in the "Bank of Finland Annual Report".
The data are based on the framework for accounting and financial reporting within the Eurosystem as presented in the Guideline of the European Central Bank of December 1, 1998 (ECB/1998/NP22) on the legal framework for accounting and reporting in the European System of Central Banks, as amended on December 15, 1999 (ECB/1999/9).
(See also summary methodology) | |||||||||||
| Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness | 4.2.1 Internal consistency The "Monthly Balance Sheet" of the Bank of Finland publishes monthly data on the analytical accounts (balance sheet) of the central bank in euro for the reference month and the three previous months for (1) base money (calculated as the sum of the deposit facility, banknotes in circulation and credit institutions’ current account holdings), (2) domestic credit broken down to credit to the general government and to the non-government sector (calculated as the sum of the financial sector and other) and (3) external position (gross). (External assets are broken down to gold and gold receivables, claims on non-euro area residents in foreign currency and claims on non-euro area residents in euro. External liabilities are broken down to liabilities to non-euro area residents in foreign currency, liabilities to non-euro area residents in euro and the counterpart of the special drawing rights allocated by the IMF.)
The monthly "Financial Markets Statistical Review" publishes monthly data on the analytical accounts (balance sheet) of the central bank in euro for the reference month and the three previous months similar to that published in the "Monthly Balance Sheet".
The "Bank of Finland Annual Report" publishes an audited year-end statement with additional detail on the assets and liabilities of the bank. | |||||||||||
| Data Category Notes: Supplemental metadata referring to euro area-wide aggregates prepared by the ECB can be accessed by clicking (http://dsbb.imf.org/Applications/web/euronote/). It should be noted that the dissemination of these euro area pages does not imply any obligation on the part of the ECB under the SDDS, but is instead intended to enable the National Central Banks of euro area member states to complement the information on their national statistics that they already disseminate as SDDS subscribers. Country Notes: | ||||||||||||
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