In order to systemise and document revisions to Danmarks Nationalbank's financial statistics, in this revision policy Danmarks Nationalbank describes how the revisions take place. The policy comprises all financial statistics published by Danmarks Nationalbank.
Danmarks Nationalbank's revision policy is one element of the preparation of reliable, relevant and consistent financial statistics. The revision policy is formulated in accordance with international recommendations and best practice.
Revisions are defined as any changes to statistics that have already been published. Revisions are for instance a result of the updating of statistical methods in step with developments in international statistics manuals, the refining of published data as better or more complete source data is provided, and correction of any errors in source data or the statistics production process.
Danmarks Nationalbank's financial statistics are revised according to a fixed, coherent and published plan, called a revision cycle. This plan determines when the individual statistics are revised, and the periods that are subject to revision.
As a general rule the statistics are revised according to the fixed revision cycle. However, in special cases deviations may apply. For example, significant changes to the statistics will entail extraordinary revisions if considered necessary to facilitate users' interpretation of the data. The deviations may concern both the length of the revision period and the timing of the revisions. Deviations from the revision cycle are stated clearly in the NYT publication that is issued when the data is published.
The revision cycle is designed on the basis of the production process for the various statistics, with due consideration of their interrelation. The revision cycle also reflects the weighing of qualitative, practical and cost-related factors with regard to both reporters and users of the statistics, as well as Danmarks Nationalbank.
The revisions are coordinated so as to maintain the greatest possible consistency between all statistics. Furthermore the aim is to ensure consistency over time within the individual time series by, as far as this is relevant, establishing historical data in connection with major revisions. However, the preparation of consistent historical data is always based on several different factors weighed against each other, such as user considerations, costs and the existence of source data. Any breaks in data series are stated in footnotes to the relevant tables and charts.
Revisions are documented in the NYT publication issued when the revised data is published. The NYT publication states which period has been revised, and whether there have been deviations from the published revision cycle. The extent of the revisions is also stated and, in the event of major revisions, the reason for the revisions is likewise described in the NYT publication.
Revisions that are related to changes of methodology are described in detail in the NYT publications. Information on future changes of methodology is published well in advance of implementation.
Details of the sources and methodologies applying to the individual statistics are stated in the respective "Sources and Methodologies". In areas for which the published data is particularly uncertain, so that subsequent revision is anticipated, this is also stated in footnotes to the relevant tables and charts.