Net errors and omissions of the Finnish balance of payments

Size: px
Start display at page:

Download "Net errors and omissions of the Finnish balance of payments"

Transcription

1 Unrestricted BoF Online [English abstract] Net errors and omissions of the Finnish balance of payments Anni Salo The opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the Bank of Finland. Bank of Finland Financial Stability and Statistics

2 Contents 1 Net errors and omissions of balance of payments 3 2 External liabilities 5 3 External assets 7 More information 8 List of charts Chart 1. Finland s cumulated net errors and omissions 3 Chart 2. Main items of Finnish balance of payments 4 Chart 3. Cumulated NEO of Finland, before and after revisions 6 Chart 4. Stock of external liabilities in debt securities, before and after revisions 6 BoF Online Editor-in-Chief Jenni Hellström ISSN (online) Postal address Street address Snellmaninaukio Swift SPFB FI HH PO Box 160 Phone Business ID FI HELSINKI, FINLAND Fax Domicile Helsinki

3 BOF ONLINE [ENGLISH ABSTRACT] UNRESTRICTED 1 Net errors and omissions of balance of payments Balance of payments (BOP) and international investment position (IIP) statistics contain some of the most important economic indicators. Accurate data is vital for economic analysis, forecasting and policy decisions. By definition the items in BOP sum to zero. In reality, however, current account and financial account never even each other out completely, and BOP is balanced by a balancing item called the net errors and omissions (NEO), a statistical difference. In theory, the cumulated NEO should approach zero. Although NEO is a normal part of the statistical framework, a substantial and persisting NEO undermines the credibility, reliability and usability of BOP data. The NEO of Finnish BOP has traditionally been negligible, but since 2008 there has been a persisting imbalance in the Finnish BOP reflected by a growing negative cumulated NEO, compromising the reliability of the statistics (see figure 1). Thus analyzing the reasons behind the increased NEO and correcting for it has been considered to be of importance at the Bank of Finland. Chart 1. Finland s cumulated net errors and omissions Cumulated net errors and omissions 10 EUR bn Source: Bank of Finland. Suomen Pankki Finlands Bank Financial Stability and Statistics

4 UNRESTRICTED BOF ONLINE [ENGLISH ABSTRACT] In principal the errors can lie in any of the BOP items, but when observing current account, financial account and NEO together (see figure 2) it seems evident that the main problems lie in the financial account. Chart 2. Main items of Finnish balance of payments Errors and omissions Capital account EUR bn Current account Financial account Source: Bank of Finland. A negative NEO arising from financial account can be caused by overestimated external liabilities or underestimated external assets or both. Both potential sources of errors have been considered at the Bank of Finland, with the work on external liabilities resulting in methodological changes in the compilation of statistics and published revisions. The work on external assets still remains theoretical. Several different lines of approach have also been considered at the Bank of Finland 1, and there may also be issues that have not been taken under consideration. As of 2014 the compilation of BOP and IIP statistics has been transferred to Statistics Finland and in closer connection with the financial accounts statistics. This larger framework will hopefully give more insight on the reasons behind the increased NEO and on how to solve the remaining problems. It is however probable, that behind the altered behavior of the NEO are the changes in the global financial markets and there is no simple solution to this complicated problem. 1 See Finland s balance of payments Annual review /III, Financial Stability and Statistics Suomen Pankki Finlands Bank

5 BOF ONLINE [ENGLISH ABSTRACT] UNRESTRICTED 2 External liabilities One of the specific areas of analysis on the external liabilities featured the statistical compilation of portfolio investment liabilities and the question of whether the current BOP compilation method overestimates the share of foreign holdings in total portfolio investment liabilities. The reason for this was identified as the growing use of foreign custodians by Finnish institutional investors and the problems it caused for the compilation of statistics. The results of the residual method based on alternative sources showed that the current statistical method indeed overestimates foreign portfolio investment liabilities. The residual method essentially affords a simple way to calculate the foreign share of portfolio investment liabilities. Instead of collecting data directly on foreign holdings of domestic securities, the focus is on the domestic counterpart. The method requires reliable data on both the total amount of portfolio investment liabilities issued and the domestic share of such liabilities. Deducting the domestic share of debt securities from total liabilities yields a residual that is the amount of foreign holdings. What appears to be a simple calculation involves in practice a complex analysis that must take account of a large array of different types of variables. 2 Stocks and flows of liabilities of the central government, monetary financial institutions and non-financial corporations have been revised as of data for 2008 onwards based on results using the residual method. The first major revisions were published in March , the second in September 4. The revisions have substantially improved the cumulated residual item, by 6.4 bn. euro (see figure 3), and reduced the stock of external liabilities in debt securities by on average 9 bn. euro (see figure 4). Revisions to NEO based on the residual method are a significant step in correcting the residual item, and the results of analysis have so far been encouraging. The residual method will be incorporated in the compilation of Finnish BOP and IIP statistics during At the moment the revisions are made on a monthly basis but with delay. Once the residual method is fully employed, there should be no need to further revise the data. However, as some 2 A more detailed presentation of the residual method is available on the Bank of Finland website: 3 See the monthly BOP news release, March 2013, Appendix, 4 See Finland s balance of payments Annual review 2012, Suomen Pankki Finlands Bank Financial Stability and Statistics

6 UNRESTRICTED BOF ONLINE [ENGLISH ABSTRACT] three quarters of the NEO still remain to be accounted for, it is clear that the term is affected by an array of issues. Chart 3. Cumulated NEO of Finland, before and after revisions After revisions Before revisions 10 EUR bn Source: Bank of Finland. Chart 4. Stock of external liabilities in debt securities, before and after revisions After revisions Before revisions 200 EUR bn Source: Bank of Finland Financial Stability and Statistics Suomen Pankki Finlands Bank

7 BOF ONLINE [ENGLISH ABSTRACT] UNRESTRICTED 3 External assets The substantial remaining NEO indicates that the external assets of Finland are underestimated. By correcting the official external assets with an estimate of the missing external assets the NEO could then be further reduced through revising Finland s international investment position and flows of international investments. The underestimation of external assets is a common characteristic of the balance of payments and international investment position framework. This is due to the many constraints and restrictions that the compilers of statistics face. The limited coverage of some investor sectors and the challenges of valuing assets in market prices are the most pressing issues in the Finnish BOP and IIP statistics. Limited coverage leads to underestimation of external assets of households, non-profit institutions serving households, municipalities and non-financial corporations, as external assets held with foreign custodians and wealth intentionally hidden from the authorities in order to evade taxes are automatically omitted from the statistics. Problems with valuating unlisted FDI assets according to their market value can also lead to underestimation of external assets as some of the external assets are presently valued at book value, which are likely to be lower compared to their market value. The external assets of Finland and the potential problems associated with the compilation have been analyzed at the Bank of Finland, but at the moment the results are theoretical and no revisions have been scheduled for publication. 5 Even though econometric modeling could lead to realistic estimates of the missing external assets, using these estimates as statistically meaningful data could be difficult. 5 For an extensive discussion on the external wealth of Finland, Salo (2013). Suomen Pankki Finlands Bank Financial Stability and Statistics

8 UNRESTRICTED BOF ONLINE [ENGLISH ABSTRACT] More information Bank of Finland 2012: Finland s balance of payments Annual review /III. ments_2011_2012_en.pdf. 2013: Revisions improve balance of payments. Monthly BOP news release, appendix _en.pdf. 2013: Finland s balance of payments Annual review /III. ments_2012_2013_en.pdf. 2013: Residual method an alternative approach to compilation of foreign liabilities _en.pdf. Salo, Anni, The external wealth of Finland. Master s thesis seminar essay, University of Helsinki. Available from the author, Financial Stability and Statistics Suomen Pankki Finlands Bank

Monetary Financial Institutions. Annual Review 2014. Bank of Finland Financial Stability and Statistics Statistics 20.3.2015

Monetary Financial Institutions. Annual Review 2014. Bank of Finland Financial Stability and Statistics Statistics 20.3.2015 Monetary Financial Institutions Annual Review 1 1 1 - -1 Annual growth in corporate loan stock in Finland Non-financial corporations and housing corporations, annual growth rate Non-financial corporations,

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in deficit in the second quarter, net capital outflow from Finland Current account deficit in the second

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in surplus in May 2015, net capital flowed outward from Finland The surplus on the trade account also pushed

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics

More information

Questionnaire on the Valuation of Equity in Financial Accounts.

Questionnaire on the Valuation of Equity in Financial Accounts. Questionnaire on the Valuation of Equity in Financial Accounts. 1. Information on Shares and other equity. Do you make a split of the SNA 93 category Shares and other equity into sub-categories of quoted

More information

Investment funds. Annual Review 2014

Investment funds. Annual Review 2014 Investment funds Annual Review 14 Finnish investment funds' assets in BRICS countries in 9 14 5 4 3 1 South Africa China India Russia Brazil Proportion of BRICS countries of all assets (right scale) EUR

More information

International investment position: market valuation and the effects of external changes

International investment position: market valuation and the effects of external changes Daníel Svavarsson 1 International investment position: market valuation and the effects of external changes Iceland s foreign assets as a proportion of GDP are among the highest in the world, but its foreign

More information

Client classification, disclosure requirement and obligation to obtain information

Client classification, disclosure requirement and obligation to obtain information Client classification, disclosure requirement and obligation to obtain information According to the Finnish Securities Markets Act, securities dealers are required to inform their clients about the clients

More information

Financial Statistics. Annual Review 2010

Financial Statistics. Annual Review 2010 Financial Statistics Annual Review 21 Stock of housing loans by original maturity, 31 Dec 21 2 18 16 1 12 1 8 6 2 % Years Bank of Finland Financial Stability and Statistics Statistics 28.2.211 Contents

More information

Monetary Financial Institutions. Annual Review 2013. Bank of Finland Financial Stability and Statistics Statistics 27.2.2014

Monetary Financial Institutions. Annual Review 2013. Bank of Finland Financial Stability and Statistics Statistics 27.2.2014 Monetary Financial Institutions Annual Review 13 New drawdowns of housing loans, cumulative sum 11 1 13 EUR bn 1 1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Bank of Finland Financial Stability and

More information

Economic Commentaries

Economic Commentaries n Economic Commentaries Sweden has had a substantial surplus on its current account, and thereby also a corresponding financial surplus, for a long time. Nevertheless, Sweden's international wealth has

More information

Money and Banking Statistics. Annual Review 2007

Money and Banking Statistics. Annual Review 2007 Money and Banking Statistics Annual Review 7 New drawdowns on housing loans 7 7...... 7 8 9 Bank of Finland Financial Markets and Statistics Statistics Feb 8 Contents Aggregated balance sheet of monetary

More information

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for

More information

Fewer net errors and omissions, that is a new format of the balance of payments

Fewer net errors and omissions, that is a new format of the balance of payments Fewer net errors and omissions, that is a new format of the balance of payments The size of net errors and omissions in the balance of payments decreased from 4.4% to 2.3% of GDP. This resulted from data

More information

Explore the new IMF elibrary

Explore the new IMF elibrary Explore the new IMF elibrary In-depth, influential, indispensable I N T E R N A T I O N A L M O N E T A R Y F U N D IMF elibrary A comprehensive, easy-to-use source of unrivaled research and statistics

More information

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy

More information

Data on the balance sheet positions of households and financial and non-financial corporations in Slovenia

Data on the balance sheet positions of households and financial and non-financial corporations in Slovenia Data on the balance sheet positions of households and financial and non-financial corporations in Slovenia Nina Bostner 1. Introduction Financial accounts statistics represent an important analytic tool

More information

Flow of Funds - Overview of Japan, US, and the Euro area -

Flow of Funds - Overview of Japan, US, and the Euro area - Flow of Funds - Overview of, US, and the - September 30, 201 Research and Statistics Department Bank of *In this paper, major sectors are compared either among, the, and the or between and the. Ⅰ. Overview:,

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

Compilation of Financial Account on a Gross Basis

Compilation of Financial Account on a Gross Basis BOPCOM 12/14 Twenty-Fifth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. January 14 16, 2013 (Rescheduled from October 29 31, 2012) Compilation of Financial Account on

More information

Errors and omissions in the balance of payments statistics a problem?

Errors and omissions in the balance of payments statistics a problem? Errors and omissions in the balance of payments statistics a problem? BY GUNNAR BLOMBERG, LARS FORSS AND INGVAR KARLSSON The authors work in the Monetary Policy Department. The balance of payments statistics

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in deficit in March 2015, net capital inflow to Finland The current account showed a deficit of EUR 06 billion

More information

Quality report on balance of payments, international trade in services and foreign direct investment

Quality report on balance of payments, international trade in services and foreign direct investment ISSN 1681-4789 Statistical working papers Quality report on balance of payments, international trade in services and foreign direct investment 2014 data 2015 edition Statistical working papers Quality

More information

International Investment Position Methodology

International Investment Position Methodology International Investment Position Methodology I. Analytical Framework, Concepts, Definitions, and Classifications The International Investment Position (IIP) is a statistical statement that presents external

More information

Reading the balance of payments accounts

Reading the balance of payments accounts Reading the balance of payments accounts The balance of payments refers to both: All the various payments between a country and the rest of the world The particular system of accounting we use to keep

More information

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Box STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Stock market developments are important for the formulation of monetary policy for several reasons. First, changes in stock

More information

PRESS RELEASE. Hungary s balance of payments: 2009 Q1. 30 June 2009

PRESS RELEASE. Hungary s balance of payments: 2009 Q1. 30 June 2009 3 June 29 PRESS RELEASE Hungary s balance of payments: 29 Q1 Consistent with its schedule for quarterly releases and revisions of statistical data, on 3 June 29 the MNB is publishing 29 Q1 balance of payments

More information

Net lending of households and non-profit institutions serving households: an analysis of discrepancies between financial and non-financial accounts*

Net lending of households and non-profit institutions serving households: an analysis of discrepancies between financial and non-financial accounts* Net lending of households and non-profit institutions serving households: an analysis of discrepancies between financial and non-financial accounts* Jon Ivar Røstadsand, senior economist in the Statistics

More information

ALPHA SAMPLE FUND, L.P. ACCOUNT STATEMENT FOR THE QUARTER AND YEAR ENDED 12/31/07

ALPHA SAMPLE FUND, L.P. ACCOUNT STATEMENT FOR THE QUARTER AND YEAR ENDED 12/31/07 ALPHA SAMPLE FUND, L.P. ALPHA SAMPLE FUND, L.P. TABLE OF CONTENTS Page Strategic Asset Management Confirmation Report 1 Balance Sheet 2 Statement of Profit and Loss 3 Notes to Account Statement 4 Addendum

More information

The UK Flow of Funds Project: experimental short-term and long-term debt securities statistics, explanatory notes

The UK Flow of Funds Project: experimental short-term and long-term debt securities statistics, explanatory notes The UK Flow of Funds Project: experimental short-term and long-term debt securities statistics, explanatory notes AF.31 Short-term debt securities 1.1 Introduction This note explains the sources and methods

More information

Bank Liabilities Survey. Survey results 2013 Q3

Bank Liabilities Survey. Survey results 2013 Q3 Bank Liabilities Survey Survey results 13 Q3 Bank Liabilities Survey 13 Q3 Developments in banks balance sheets are of key interest to the Bank of England in its assessment of economic conditions. Changes

More information

Do Direct Stock Market Investments Outperform Mutual Funds? A Study of Finnish Retail Investors and Mutual Funds 1

Do Direct Stock Market Investments Outperform Mutual Funds? A Study of Finnish Retail Investors and Mutual Funds 1 LTA 2/03 P. 197 212 P. JOAKIM WESTERHOLM and MIKAEL KUUSKOSKI Do Direct Stock Market Investments Outperform Mutual Funds? A Study of Finnish Retail Investors and Mutual Funds 1 ABSTRACT Earlier studies

More information

Introduction to the Conceptual Framework

Introduction to the Conceptual Framework Introduction to the Conceptual Framework Workshop on the new Balance of Payments and International Investment Position Statistics Manual BPM6 Beirut February 14-16, 2012 Scope of International Accounts

More information

Statistical Release 5 November 2015

Statistical Release 5 November 2015 Statistical Release 5 November 2015 Quarterly Financial Accounts Household Net Worth Continues To Increase Household net worth 1 rose to reach 600.1bn or 129,454 per capita during Q2 2015. This represented

More information

CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM)

CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM) 1 CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM) This model is the main tool in the suite of models employed by the staff and the Monetary Policy Committee (MPC) in the construction

More information

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,

More information

Because you should retire from work, not life. Retirement plans. By HSBC.

Because you should retire from work, not life. Retirement plans. By HSBC. Because you should retire from work, not life. Retirement plans. By HSBC. A new beginning Retirement will be a significant new chapter in your life. A new beginning that will bring new opportunities, new

More information

BALANCE OF PAYMENTS AND FOREIGN DEBT

BALANCE OF PAYMENTS AND FOREIGN DEBT BALANCE OF PAYMENTS AND FOREIGN DEBT V 1. BALANCE OF PAYMENTS In 1997, the external current account deficit was 8.1 billion krónur, corresponding to 1. percent of GDP. It declined from 8.9 b.kr., or 1.8

More information

The UK Flow of Funds Project: experimental equity and investment fund shares/units statistics, explanatory notes

The UK Flow of Funds Project: experimental equity and investment fund shares/units statistics, explanatory notes The UK Flow of Funds Project: experimental equity and investment fund shares/units statistics, explanatory notes AF.5 Equity and investment fund shares/units 1. Introduction This note explains the sources

More information

Emerging Markets Equity Rules of the investment basket, valid as of 2 May 2013

Emerging Markets Equity Rules of the investment basket, valid as of 2 May 2013 Emerging Markets Equity Rules of, valid as of 2 May 2013 Main terms and conditions of the investment Name of : Mandatum Life Emerging Markets Equity Target market of : Equities and equity-related securities

More information

Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics Canberra, Australia, October 21 25, 2001

Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics Canberra, Australia, October 21 25, 2001 BOPCOM-02/55 Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics Canberra, Australia, October 21 25, 2001 Implementation of BPM5 in Compiling Balance of Payments Statistics of Hong

More information

Templates for External Debt Data

Templates for External Debt Data v1.7 Templates for External Debt Data (Important note: In order to protect the integrity of the tables, please do not insert or delete columns or rows) SDDS Tables: Prescribed and Encouraged Items Table

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK L 159/48 Official Journal of the European Union 20.6.2007 GUIDELINES EUROPEAN CENTRAL BANK GUIDELINE OF THE EUROPEAN CENTRAL BANK of 31 May 2007 amending Guideline ECB/2004/15 on the statistical reporting

More information

Presentation of the Gross External Debt Position

Presentation of the Gross External Debt Position 4 Presentation of the Gross External Debt Position Introduction 4. This chapter provides a table for the presentation of the gross external debt position and related memorandum tables. Data compiled using

More information

Charts to the Press Release on the aggregated balance sheet of credit institutions, March 2011

Charts to the Press Release on the aggregated balance sheet of credit institutions, March 2011 29 January 21 January 211 29 January 21 January 211 Charts to the Press Release on the aggregated balance sheet of credit institutions, 211 Chart 1 Real growth of households outstanding borrowing 1 2 2

More information

Household wealth in 2014 Further significant increase in wealth due to share and real estate prices

Household wealth in 2014 Further significant increase in wealth due to share and real estate prices Press release Communications P.O. Box, CH-8022 Zurich Telephone +41 58 631 00 00 communications@snb.ch Zurich, 20 November 2015 Further significant increase in wealth due to share and real estate prices

More information

SERVICE AGREEMENT ON THE ELECTRICITY MARKET INFORMATION EXCHANGE SERVICE

SERVICE AGREEMENT ON THE ELECTRICITY MARKET INFORMATION EXCHANGE SERVICE 1 (5) SERVICE AGREEMENT ON THE ELECTRICITY MARKET INFORMATION EXCHANGE SERVICE 1 PARTIES TO THE AGREEMENT NN, business ID xxx (hereinafter "the Electricity Market Party") Address [Supplier's party ID:]

More information

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report TERHAD Training to Labuan Offshore Entities on Compilation of International Investment (IIP) Report September 2012 TERHAD 1. Equity Capital: A/L Definition Form DIa Exposures with Affiliated Enterprises

More information

Swiss Balance of Payments and International Investment Position 2014

Swiss Balance of Payments and International Investment Position 2014 Swiss Balance of Payments and International Investment Position 214 Swiss Balance of Payments and International Investment Position 214 Volume 1 Contents Page 1 Overview 4 Innovations 4 Changes in the

More information

Guidelines For Compiling Sectoral Accounts

Guidelines For Compiling Sectoral Accounts Guidelines For Compiling Sectoral Accounts Venkat Josyula Developing and Improving Sectoral Financial Accounts Algiers, January 20-21, 2016 The views expressed herein are those of the author and should

More information

Annual report [unaudited]

Annual report [unaudited] Annual report 1.1. 31..2 [unaudited] OPR-Vakuus Group Loans granted of the fourth quarter rose 3.3% from the previous year and amounted to EUR 28.7m (EUR 22.1m /2) Business operations revenues (sales +

More information

Security by security data on holdings of securities: the importance for National and Euro Area Accounts

Security by security data on holdings of securities: the importance for National and Euro Area Accounts Security by security data on holdings of securities: the importance for National and Euro Area Accounts Lavrador, Isabel European Central Bank Isabel.Lavrador@ecb.europa.eu Peronaci, Romana European Central

More information

Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department

Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department Methodological Information on Foreign Exchange Assets and Liabilities of Non-Financial Companies Statistics Department Monetary and Financial Statistics Division Contents I- Purpose... 3 II- Definitions...

More information

Revisions to UK GDP and the Balance of Payments current account sourced from the Bank of England

Revisions to UK GDP and the Balance of Payments current account sourced from the Bank of England 9 September 1 to UK GDP and the Balance of Payments current account sourced from the Bank of England By Lauren Bowers and Katrina Farrell Tel: + () 71 5815, + () 31 131 srdd_quarterly@bankofengland.co.uk

More information

General government deficit and debt 2015

General government deficit and debt 2015 Government Finance 206 General deficit and debt 205 General deficit 2.7 per cent and debt 63. per cent relative to GDP in 205 According to the preliminary data reported by Statistics Finland to Eurostat,

More information

International Investment Position Accounts

International Investment Position Accounts Chapter 11 International Investment Position Accounts 11.1. This chapter presents the methodology for statistics published in the International Investment Position (IIP) Accounts. It includes major sections

More information

S&P 500 outlook: Close to peak for 2015

S&P 500 outlook: Close to peak for 2015 S&P 500 outlook: Close to peak for 2015 August 12, 2015 Markets and Products Analysis INVESTMENT PORTOFOLIO ANALYSIS DIVISION Important Disclaimer in page 2 1 Disclaimer Disclaimer: The information herein

More information

Croatian Balance of Payments: Implications of Net Errors and Omissions for Economic Policy 1

Croatian Balance of Payments: Implications of Net Errors and Omissions for Economic Policy 1 No. 41 May 2009 Institute of Public Finance HR-10000 Zagreb, Smičiklasova 21, Croatia Goran Vukšić Croatian Balance of Payments: Implications of Net Errors and Omissions for Economic Policy 1 In Croatia,

More information

POSITION PAPER RIDING THE CYCLES. Understanding business, financial and monetary cycles in order to allocate fixed income

POSITION PAPER RIDING THE CYCLES. Understanding business, financial and monetary cycles in order to allocate fixed income POSITION PAPER RIDING THE CYCLES Understanding business, financial and monetary cycles in order to allocate fixed income TABLE OF CONTENTS EXECUTIVE SUMMARY 2 CYCLES ARE KEY TO BOND TOTAL RETURNS 3 THREE

More information

Tax planning may have contributed to high indebtedness among Swedish companies

Tax planning may have contributed to high indebtedness among Swedish companies Tax planning may have contributed to high indebtedness among Swedish companies Gunnar Blomberg, Jyry Hokkanen and Sofia Kåhre The European Commission has identified in a survey of potential imbalances

More information

Outstanding credit 2015, 1st quarter

Outstanding credit 2015, 1st quarter Financing and incurance 2015 Outstanding credit 2015, 1st quarter Other financial and insurance corporations and general government Outstanding credit stood at EUR 94 billion at the end of March 2015 Outstanding

More information

Fourteenth Meeting of the IMF Committee on Balance of Payments Statistics Tokyo, Japan, October 24-26, 2001

Fourteenth Meeting of the IMF Committee on Balance of Payments Statistics Tokyo, Japan, October 24-26, 2001 BOMCOM-1/36 Fourteenth Meeting of the IMF Committee on Balance of Payments Statistics Tokyo, Japan, October 24-26, 21 Use of Balance of Payments Statistics in the United Kingdom Prepared by the Office

More information

2015 Article IV Consultation with Sweden Concluding Statement of the IMF Mission

2015 Article IV Consultation with Sweden Concluding Statement of the IMF Mission 2015 Article IV Consultation with Sweden Concluding Statement of the IMF Mission Sweden s economy is performing well. But housing prices and household debt are elevated and rising and unemployment is high

More information

Three Investment Risks

Three Investment Risks Three Investment Risks Just ask yourself, which of the following risks is the most important risk to you. Then, which order would you place them in terms of importance. A. A significant and prolonged fall

More information

General Government debt: a quick way to improve comparability

General Government debt: a quick way to improve comparability General Government debt: a quick way to improve comparability DEMBIERMONT Christian* BIS Bank for International Settlements, Basel, Switzerland Christian.Dembiermont@bis.org In simple words the General

More information

BANK INTEREST RATES ON NEW LOANS TO NON-FINANCIAL CORPORATIONS ONE FIRST LOOK AT A NEW SET OF MICRO DATA*

BANK INTEREST RATES ON NEW LOANS TO NON-FINANCIAL CORPORATIONS ONE FIRST LOOK AT A NEW SET OF MICRO DATA* BANK INTEREST RATES ON NEW LOANS TO NON-FINANCIAL CORPORATIONS ONE FIRST LOOK AT A NEW SET OF MICRO DATA* Carlos Santos** 127 Articles Abstract This note aims at contributing to the assessment of the empirical

More information

The Methodology presented is a short public version.

The Methodology presented is a short public version. April 2015, Frankfurt am Main. METHODOLOGY FOR ASSIGNING CORPORATE CREDIT RATINGS (NON- FINANCIAL NON-HOLDING COMPANIES) SHORT VERSION 1. General definitions The Methodology presented is a short public

More information

The Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University

The Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University The Master of Science in Finance (English Program) - MSF Department of Banking and Finance Chulalongkorn Business School Chulalongkorn University Overview of Program Structure Full Time Program: 1 Year

More information

General Trading Companies

General Trading Companies Last upated: July 13, 2011 Rating Methodology by Sector General Trading Companies General trading companies operate in a broad array of industries, including metals, energy, machinery, food, chemicals,

More information

Money and Banking Statistics. Annual Review 2008

Money and Banking Statistics. Annual Review 2008 Money and Banking Statistics Annual Review 8 New business on housing loans by reference rate Euribor Prime Fixed rates Other rates 9 8 7 7 8 Bank of Finland Financial Markets and Statistics Statistics

More information

Foreign Currency Exposure and Hedging in Australia

Foreign Currency Exposure and Hedging in Australia Foreign Currency Exposure and Hedging in Australia Anthony Rush, Dena Sadeghian and Michelle Wright* The 213 Australian Bureau of Statistics (ABS) Foreign Currency Exposure survey confirms that Australian

More information

SCREENING CHAPTER 18 STATISTICS FINANCIAL ACCOUNTS

SCREENING CHAPTER 18 STATISTICS FINANCIAL ACCOUNTS 1 SCREENING CHAPTER 18 FINANCIAL ACCOUNTS Country Session: CONTENT Overview Responsible Institutions and Stakeholders Legal Framework Classifications Data Sources Future Plans 2 Overview The Central Bank

More information

International competition will change mortgage lending

International competition will change mortgage lending Pentti Hakkarainen Deputy Governor, Bank of Finland International competition will change mortgage lending Nordic Mortgage Council Helsinki, 28 August 2015 28.8.2015 Unrestricted 1 Financial stability

More information

The Dynamics of Ireland s Net External Position

The Dynamics of Ireland s Net External Position Journal of the Statistical and Social Inquiry Society of Ireland Vol. XLI The Dynamics of Ireland s Net External Position Philip R. Lane 1 IIIS, Trinity College Dublin and CEPR (read before the Society,

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

SOL PLAATJE LOCAL MUNICIPALITY

SOL PLAATJE LOCAL MUNICIPALITY SOL PLAATJE LOCAL MUNICIPALITY LONG TERM FINANCIAL PLANNING POLICY 1 P a g e TABLE OF CONTENTS TABLE OF CONTENTS... A 1. INTRODUCTION...1 2. PURPOSE OF THIS DOCUMENT...1 3. DEFINITIONS... 2 4. OBJECTIVES...

More information

Comments on Quarterly Financial Accounts for 1Q 2009

Comments on Quarterly Financial Accounts for 1Q 2009 Comments on Quarterly Financial Accounts for 1Q 29 1 The ESA95 system distinguishes the following institutional sectors and sub-sectors: Non-financial corporations S.11 Financial corporations S.12 The

More information

Effective Federal Income Tax Rates Faced By Small Businesses in the United States

Effective Federal Income Tax Rates Faced By Small Businesses in the United States Effective Federal Income Tax Rates Faced By Small Businesses in the United States by Quantria Strategies, LLC Cheverly, MD 20785 for Under contract number SBAHQ-07-Q-0012 Release Date: April 2009 This

More information

Balance of Payments and International Investment Position: March 2016 quarter

Balance of Payments and International Investment Position: March 2016 quarter Balance of Payments and International Investment Position: March 2016 quarter Embargoed until 10:45am 15 June 2016 Key facts New Zealand s seasonally adjusted current account balance was a $1,495 million

More information

Statistics List and Data Search Menu (Flow of Fund)

Statistics List and Data Search Menu (Flow of Fund) Flow of Funds (FF) Flow of Funds (Quarterly Data) Financial Assets and Liabilities Banks (including the Japan Post Bank from 2007/4Q) for small businesses (including the Japan Post Bank from 2007/4Q) Postal

More information

Interim report [unaudited]

Interim report [unaudited] Interim report 1.1. 31.3.21 [unaudited] OPR-Vakuus Group Business operations revenues (sales + interest income) of the first quarter rose.% from the previous year and amounted to EUR 7.m (EUR.m Q1/214)

More information

Government employer-sponsored unfunded pension plans -- Revised treatment in the Canadian System of National Accounts

Government employer-sponsored unfunded pension plans -- Revised treatment in the Canadian System of National Accounts I: Introduction Government employer-sponsored unfunded pension plans -- Revised treatment in the Canadian System of National Accounts by Patrick O'Hagan May 2003 In 2000, the Canadian System of National

More information

PRESS RELEASE REFINANCING OPERATIONS

PRESS RELEASE REFINANCING OPERATIONS PRESS RELEASE ECB PUBLISHES LEGAL ACT RELATING TO TARGETED LONGER-TERM REFINANCING OPERATIONS The European Central Bank (ECB) is publishing a legal act that has been adopted today relating to the targeted

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

Recent developments in the structure of insurers investments

Recent developments in the structure of insurers investments Recent developments in the structure of insurers investments Safia Lekehal Autorité de contrôle des assurances et des mutuelles (ACAM French Insurance Supervisory Authority) Direction of Market Supervision

More information

Balance of Payments made simple Fedrica Robinson

Balance of Payments made simple Fedrica Robinson Balance of Payments made simple by Fedrica Robinson Bank of Jamaica Pamphlet No. 8 2004 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: 876 922 0750-9 Email: library@boj.org.jm Internet: www.boj.org.jm

More information

EVLI SWEDEN EQUITY INDEX FUND

EVLI SWEDEN EQUITY INDEX FUND EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto

More information

MFI data collection (RATI) Meeting with reporting entities

MFI data collection (RATI) Meeting with reporting entities MFI data collection (RATI) Meeting with reporting entities 6 June 2013 6.6.2013 RMTI SUOMEN PANKKI FINLANDS BANK BANK OF FINLAND 1 Status of regulations and guidelines in preparation ECB s new requirements

More information

Guidance on Performance Attribution Presentation

Guidance on Performance Attribution Presentation Guidance on Performance Attribution Presentation 2004 EIPC Page 1 of 13 Section 1 Introduction Performance attribution has become an increasingly valuable tool not only for assessing asset managers skills

More information

Interim report [unaudited]

Interim report [unaudited] Interim report 1.1. 3.6.2 [unaudited] OPR-Vakuus Group Loans granted of the second quarter rose 6.7% from the previous year and amounted to EUR 31.3m (EUR 19.5m /2) Business operations revenues (sales

More information

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments New data on financial derivatives 1 for the UK National Accounts and Balance of Payments By Andrew Grice Tel: 020 7601 3149 Email: mfsd_fmr@bankofengland.co.uk This article introduces the first publication

More information

This guide contains important information about your NSF Super investment options.

This guide contains important information about your NSF Super investment options. Investment guide Personal Division This guide contains important information about your NSF Super investment options. You should read it to help you make an informed investment choice. Contents 1. Investment

More information

Reporting guidelines for outstanding credit 2016

Reporting guidelines for outstanding credit 2016 1(9) Reporting guidelines for outstanding credit 2016 2(9) CONTENTS 1 REPORTING GUIDELINES... 3 Data delivery... 3 Changes in activity... 3 Filling in questionnaire data... 3 Variable-specific guidelines...

More information

IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS

IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS DIRECT INVESTMENT TECHNICAL EXPERT GROUP (DITEG) BACKGROUND PAPER (DITEG) # 1 VALUATION OF FDI STOCKS:

More information

Commentary: What Do Budget Deficits Do?

Commentary: What Do Budget Deficits Do? Commentary: What Do Budget Deficits Do? Allan H. Meltzer The title of Ball and Mankiw s paper asks: What Do Budget Deficits Do? One answer to that question is a restatement on the pure theory of debt-financed

More information