Transcript Financial Accounts in Slovenia

BANK OF SLOVENIA
FINANCIAL ACCOUNTS
IN SLOVENIA
Skopje, October 2013
Matjaž Noč
Outline
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Development of FA in BS
Responsibility of BS in the field of FA
Sources of FA compilation
Compilation process
Publication
Overview of Slovenia's FA
Future challenges
Development of FA in BS
• Annual FA:
– First compilation in 2004 (for 2001 stock only, for 2002
stock and transactions)
– Available data 2001 – 2012
• Quarterly FA (including QFAGG):
– First compilation in 2006 (for 2004 and 2005)
– Available data from 2004q1 to 2013q1
Responsibility of BS in the field of FA
• Annual FA to Eurostat (European Commission - Council
Regulation (EC) No 2223/96), deadline T+9 months
• Quarterly FA to ECB (MUFA – Guideline ECB/2002/7;
Guideline amending Guideline ECB/2002/7 on the
statistical reporting requirements of the ECB in the field of
quarterly financial accounts - ECB/2005/13), deadline
T+110 days
• Quarterly FA for general government to ECB and
Eurostat (Regulation (EC) No 501/2004 of the European
Parliament and of the Council), deadline T+90 days
Sources for FA compilation
Primary sources:
– Quarterly data (stock and transactions) based on direct
reporting by individual institutional units (non-financial
corporations, financial corporations and general government
units)
– Banking statistics
– Investment fund statistics
– Leasing companies statistics
– IIP and BOP statistics
– Securities statistics
Secondary sources:
– Public finance statistics
– Other sources
Compilation Process
Compilation process, made in Excel, is divided into three
phases.
Phase 1: preparation of basic data
• Formation of the FA tables for each sector with primary data
• Checking the primary data:
– On the aggregate basis for each sector
– On the individual basis
Compilation Process
Phase 2: Compilation of non-consolidated financial accounts
• Compilation of stock
– Comparing the information from one sector with information
from the counterpart sector
– A hierarchy of sources is used (most reliable sources,
experience)
– Choose the data from one side and allocate it to the both sides
– Adjustment of the primary data with the secondary sources
where necessary
– Compilation for S.14 and S.15 based on the data from the
counterpart side
Compilation Process
• Compilation of transactions
– Directly reported data (especially for S.121 and S.122)
– Information from the securities statistics
– Estimations of revaluation changes
– Other information (changes in sector and instrument
classifications)
Phase 3: Compilation of consolidated financial accounts
• Consolidation process
– Consolidation at the subsector level
– Consolidation at the sector level
Consistency of financial accounts
At the end of the compilation process the final data are analysed
and checked for:
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Internal consistency:
– Checking and analysing stock, changes in stock,
transactions, revaluations and other changes
– The sum of net items of domestic sectors is equal to the net
item of RoW
• External consistency with:
– Government sector data (deficit, debt)
– IIP/BOP
– Non-financial accounts for all sectors
• Consistency of the content:
– Consistency of data in time series and with real economic
situation
Publication
Financial accounts are published on the BS web-side:
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Annual financial accounts tables (2001 - 2012)
Quarterly financial accounts tables (2004q1 – 2013q1)
Methodology and the compilation process
Yearly publications Financial accounts of Slovenia (the
latest 2007 - 2012)
– Quarterly information on Financial accounts (in Slovene
only)
– Monthly Bulletin (tables 5.1 – 5.6)
→ http://www.bsi.si/en/publications.asp?MapaId=923
– Financial accounts data series
→ http://www.bsi.si/en/financial-data-r.asp?MapaId=982
Non-financial corporations (S.11)
Liabilities of S.11 from F.4
(stock at year end, EUR million)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2007
2008
S.11
2009
S.122
S.123
2010
S.14
2011
S.2
2012
other
Liabilities of S.11 from F.4
(quarterly transactions, EUR million)
1,500
1,200
900
600
300
0
-300
-600
2008
2009
2010
S.11
S.122
2011
S.123
2012
S.2
Other monetary financial institutions (S.122)
Claims of S.122 from F.4
(quarterly transactions, EUR million)
2,000
1,500
1,000
500
0
-500
-1,000
2008
2009
S.11
2010
S.12
S.13
2011
S.14
2012
2013
S.2
Liabilities of S.122 to S.2 from F.2, F.3 and F.4
(quarterly transactions, EUR million)
2,000
1,500
1,000
500
0
-500
-1,000
-1,500
-2,000
2008
2009
2010
F.2
2011
F.3
F.4
2012
2013
General government (S.13)
Liabilities of S.13 from F.3
(stock at year end, EUR million)
18,000
15,000
12,000
9,000
6,000
3,000
0
2007
2008
S.122
2009
S.125
2010
S.14
S.2
2011
2012
other
Net financial assets of S.13
(stock, transactions and revaluation
changes, EUR million)
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
2007
2008
stock
2009
transactions
2010
2011
rev.changes
2012
Households (S.14)
Claims of S.14 from F.2 and liabilities from F.4 to S.122
(stock at year end, EUR million)
2012
2011
2010
2009
2008
2007
0
2,500
5,000
7,500
F.2
10,000
12,500
15,000
F.4
Claims of S.14 from F.2 and liabilities from F.4 toS.122
(transactions, EUR million)
1,200
1,000
800
600
400
200
0
-200
-400
2008
2009
2010
F.2
2011
F.4
2012
Rest of the world (S.2)
Net financial assets of S.2 to domestic sectors
(stock at year end, EUR million)
20,000
15,000
10,000
5,000
0
-5,000
2007
2008
2009
S.11
S.12
2010
S.13
2011
S.14
2012
total
Net financial assets of S.2 to domestic sectors by financial instruments
(stock at year end, EUR million)
20,000
15,000
10,000
5,000
0
-5,000
-10,000
2007
2008
F.2
F.3
2009
F.4
2010
F.5
2011
F.7
2012
total
Net financial assets of domestic sectors and rest of the world
Net financial assets of domestic sectors and rest of the world
(stock at year end, % GDP)
100%
50%
0%
-50%
-100%
-150%
2001
2002
2003
2004
2005
S.11
2006
2007
S.12
2008
S.13
2009
S.14
2010
2011
2012
S.2
Net financial assets of domestic sectors and rest of the world
(revaluation changes, % GDP)
Net financial assets of domestic sectors and rest of the world
(transactions, % GDP)
10%
20%
8%
15%
6%
10%
4%
5%
2%
0%
0%
-2%
-5%
-4%
-10%
-6%
-15%
-8%
-20%
-10%
-12%
-25%
2002
2003
2004
S.11
2005
2006
S.12
2007
S.13
2008
S.14
2009
2010
S.2
2011
2012
2002
2003
2004
S.11
2005
2006
S.12
2007
S.13
2008
S.14
2009
S.2
2010
2011
2012
Net financial assets in Slovenia and the euro area
Net financial assets in Slovenia and the euro area
(stock at year end, % GDP)
150%
100%
50%
0%
-50%
-100%
-150%
2007
S.11-SI
2008
S.11-EA
S.13-SI
2009
S.13-EA
2010
S.14-SI
S.14-EA
2011
S.2-SI
2012
S.2-EA
Future challenges
• Consistency with non-financial accounts
• ESA2010 implementation