Regional Seminar on Developing a Programme for the Implementation of the 2008 SNA an Supporting Statistics in the ECO member countries 11 – 13 September.

Regional Seminar on Developing a Programme for the Implementation of the 2008 SNA an Supporting

Statistics in the ECO member countries

11 – 13 September 2013Ankara, Turkey

VI. Discussion on selected issues on SNA implementation

Measurement of output of financial services

Wolfgang Eichmann

Federal Statistical Office Germany

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 2

AGENDA

I. The fundamental problemII. FISIM

- Concept- Data

III. Insurance- Concept- Data

IV. Other Financial InstitutionsV. Full implementation programme

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 3

I. The fundamental problem

Output: turnover, change in inventories, value of own account production

3 problematic sectors:

Government

Banks

Insurance

=> Sum of costs

=> Margin

=> Margin

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 4

Dividends

Interest onbonds

Interest on loans

Imputedbank

servicecharge

Interest onbank bonds

Interest ondeposits

Interest on loans Interest on

deposits

FISIM on loans

FISIM on deposits

Interest on loans anddeposits at reference rate

II. FISIM – concept Imputed bank service charge (old) and FISIM (new)

A comparison

Assumption: loans = deposits

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II. FISIM – data 1. Stocks: Banking Statistics

Loans and deposits classified by institutional sectors (including S2 without interbank)

For sector private Households in addition subclassified:

housing credits (=> Intermediate consumption)

small business (=> Intermediate consumption)

consumer credits (=> Private consumption)

classified by currency

2. Interest rates: Interest rate statistics

classified as above

average rates, not merely „new business“

3. Reference rate

internal (domestic currency) = average interbank rate

external: specific solutions (foreign currency) (e.g. IMF-Interest Rate Statistics Libor, Euribor etc.)

4. For imports in addition

International Investment Positions Statistics

IMF – Interest Rate Statistics

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 6

IMF classification of Islamic financial instruments

Islamic financial instrument IMF classification Fisim

Funds for Islamic financial institutions

Amanah and Qard-hasan deposits Deposits Yes

Mudarabah Stocks No

Participation term certificates If treated as liability = Deposits

Yes

Profit and loss sharing certificates and investment deposits

Deposits (?)  

Credits supplied by Islamic financial institutions

Qard-hasan loans Loans but return-free To be discussed

Murabaha Loan Yes

Musharakah Loan Yes

Ijara Loan Yes

Ijara Wa Iktina Loan Yes

Salaf/Salam Loan Yes

Zakat funds Funds No

Source: IMF Monetary and Financial Statistics Manual, Washington 2000, Appendix 2: Islamic Banking.

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III. Insurance – concept Insurance premium Break down

Gross premiumwritten

Unearned premiums

Earned premiums

Reinsurance

Earned premiums net of reinsurance

Premium supplement

Earned premiums

Total premiums earned

Change in insurance technical reserves

Claims paid

Insuranceservices

Insurance Accounting

National Accounts

Unearned premiums

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III. Insurance – data

Balance sheets / Gain and Loss account provided by the Insurance Supervising Authority by classes of insurance

Note: Reinsurance in SNA2008/BPM6 is treated like non-life insuranceData problems for importers of reinsurance services

For details see: The new treatment of reinsurance transactions in national accounts UNECE: Group of Experts on National Accounts Eleventh session Geneva, 30 April-4 May 2012 Item 6

http://www.unece.org/fileadmin/DAM/stats/documents/ece/ces/ge.20/2012/10_Germany_reinsurance.pdf

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 9

IV. Other Financial InstitutionsExample: Treatment of trade margins in National Accounts

ask price (120) The bank sells a security

mid price (100)

financial service (20)

financial service (20)

bid price (80) The bank buys a security

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 10

V. Full implementation programme

1. Seminar on concepts in National Accounts for financial institutions

Participants: National Statistical Office, Central Bank, Insurance Supervisory, Ministry of Finance

ASA Institut für Sektoranalyse und Politikberatung GmbH

Czech Statistical Office

Seminar on insurance, credit institutions and pension funds in National Accounts

AGENDA

Day 1, Monday, 28 February

Morning sessions9:30 – 12:30

Short introduction to National Accounts Treatment of banks in National Accounts Concept and impact on major National Accounts aggregatesA short look on banks in the Structural Business Statistics

12:30 – 14:00 Break

Afternoon sessions14:00 – 16:00

Implementation of the concept and statistical sources Monetary Statistics - Balance sheet statisticsMonetary Statistics - Interest rate statisticsInternational Investment position: external assets and liabilities

Day 2 – Tuesday, 1 March

Morning sessions9:30 – 12:30

Sequence of accounts for the banking sectorOutput of the Central BankSpecific problems S123: Other financial intermediaries, except insurance corporations and pension fundsSpecific problems S124: Financial auxiliaries

12:30 – 14:00 Break

Afternoon sessions14:00 – 16:00

Allocation to Industries (NACE rev.2)Regional Accounts Price and volume measures

Federal Statistics Office of Germany

ASA Institut für Sektoranalyse und Politikberatung GmbH

Czech Statistical Office

Seminar on insurance, credit institutions and pension funds in National Accounts

AGENDA

Day 3, Wednesday, 2 March

Morning sessions9:30 – 12:30

Treatment of insurance companies and pension funds in National Accounts Concept and impact on major National Accounts aggregatesNon-life insurance Life insurancePension Funds A short look on insurance companies and pension funds in the Structural Business Statistics

12:30 – 14:00 Break

Afternoon sessions14:00 – 16:00

Implementation of the concept and statistical sources Example: Stock Company for Insurance and Reinsurance QBE MakedonijaExample: Nov Penziski Fond A.D. SkopjeImport of reinsurance services

Day 4, Thursday, 3 March

Morning sessions9:30 – 12:30

Sequence of accounts for insurance companies and pension fundsAllocation to Industries (NACE rev.2)

12:30 – 14:00 Break

Regional Accounts Price and volume measures

Federal Statistics Office of Germany

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 13

V. Full implementation programme

1. Implementation Workshop for Financial Institutions

a) Banks NSO, CB

b) Insurance companies NSO, CB, Insurance supervisory

c) Other Financial Institutions NSO, CB, Supervisory Authority

© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 14

V. Full implementation programme

3. Time requirement

4 - days for Seminar / Workshop

6 – days preparation for each Seminar / Workshop