Switzerland adopts new IMF statistical standard

Bern, 01.07.2015 - During its meeting today, the Federal Council decided to initiate implementation of the new statistical standard of the International Monetary Fund (IMF). The standard, which follows the G20's recommendations and came into effect on 18 November 2014, is designed to address statistical gaps and thus ensure the improved prevention and resolution of economic and financial crises. By implementing the standard, Switzerland will preserve its reputation in terms of the integrity, quality and transparency of key economic and financial data.

The State Secretariat for International Financial Matters (SIF) will coordinate the work on implementing the standard from 2020. Legislative amendments are not required in the field of statistics, and the Confederation's human resources will be affected only to a limited extent. The new statistical data will be drawn up together with the Federal Statistical Office, the Federal Finance Administration, the State Secretariat for Economic Affairs, the Federal Social Insurance Office as well as the Swiss National Bank and FINMA.

To meet the requirements of the new SDDS Plus (Special Data Dissemination Standard Plus), Switzerland must provide nine additional data categories in the areas of national accounts, public finances, financial sector and the external sector. Existing censuses will be adapted and expanded over the next few years. The new standard is aimed in particular at countries with a systemically important financial sector. Aside from additional data on the banking sector and financial stability indicators (including the real estate market), Switzerland will also publish details about non-banking institutions (pension funds, insurers, and other financial intermediaries).

SDDS Plus constitutes a further development of the previous SDDS standard. The IMF has expanded its statistical standards as a result of the G20's recommendations. The standards are part of the twelve key standards for the financial sector recognised by the Financial Stability Board (FSB). Economic transparency is a fundamental concern of the IMF, and it has drawn up various statistical standards for preserving countries' reputations in terms of integrity, quality and the public accessibility of key economic and financial data. Currently, over 90% of IMF members implement these standards, including Switzerland since 1996.


Address for enquiries

Mario Tuor, Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 46 16, mario.tuor@sif.admin.ch



Publisher

The Federal Council
https://www.admin.ch/gov/en/start.html

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

Federal Statistical Office
http://www.statistics.admin.ch

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