Luxembourg's statistical institute, STATEC, has announced that it is organising an Economic Seminar on "AnaCredit and the SMEs Financing Scoreboard: The Luxembourg Experience" on its premises in Luxembourg-Kirchberg and online via Webex on Wednesday 13 November 2024 at 10:00.
As reported by STATEC, small and medium-sized enterprises (SMEs) play a crucial role in Luxembourg's economy, and access to financing is essential for their growth and the overall economic development of the country. The OECD Scoreboard has monitored SME financing since 2007, using Interest Rate Statistics (IRS) compiled by the Banque Centrale du Luxembourg (BCL) in accordance with European Central Bank (ECB) guidelines.
However, the introduction of AnaCredit (Analytical Credit Dataset), a detailed loan-level dataset managed by the ECB, offers a more comprehensive view of SME financing. This study explores the integration of AnaCredit data into the OECD Scoreboard to enhance the monitoring and evaluation of SME financing.
According to STATEC, the analysis shows that AnaCredit provides two major improvements over IRS data: it identifies SMEs based on firm size rather than loan size and captures lending from euro area financial institutions, offering a broader perspective. In 2023, AnaCredit reported €14 billion in new business lending to SMEs, representing 30% of total new lending in Luxembourg, compared to the 12% reported by IRS. This more accurately reflects SMEs' economic significance, given their 59% of value added in Luxembourg's economy.
While AnaCredit enhances the accuracy of SME financing data, its adoption also presents methodological challenges. Overall, AnaCredit has significant potential to enhance the OECD Scoreboard's SME financing monitoring, but establishing common definitions and guidelines is crucial for accurate cross-country comparisons, noted STATEC.
The speakers at this seminar (held in English) will be Riillo Cesare from STATEC Research and Sacha Gobbo from the BCL.
To register to participate online, click here.
