Statistics on Non-Bank Financial Sector: Experience of Central Bank of Turkey

Statistics on Non-Bank Financial Sector:Experience of Central Bank of Turkey

Aycan Ozek

Statistics Department

Deputy Director

Joint National Bank of the Republic of Macedonia and ECB

Seminar on Statistics

October 2-5, 2013

Skopje

Outline

1. Changing Environment

2. CBT’s Experience - Other Financial Intermediaries - Financial Auxiliaries - Insurance Corporations and pension Funds

3. Future Work

Changing Environment


Emerging Statistical Needs:

Move from traditional data collection systems to emerging statistical needs (G-20 data gaps initiative):

Strengthening the coverage of balance sheets

Flow of funds data

Data on non-bank financial institutions

More timely and comparable statistics


The Need for Non-Bank Financial Institutions’ Data:

•G-20 Data Gaps Initiative •Reporting requirements from international institutions (OECD, BIS)

•Harmonization with international standards (ESA95, MFSM)

CBT’s Experience

Central Bank

Accounts

Balance Sheet / Accounting Records

Banking Data

Supervisory Reporting Forms

Money Market Data

Traditional Data Sources :

CBT’s Experience

New Data Sources:

CBT’s Experience

CBT Classification of Financial Corporations (S.12):

-Central Bank-Other Monetary Financial Institutions-Non-Bank Financial Institutions - Financial Intermediaries - Financial Auxiliaries - Insurance Corporations and Pension Funds

Other Financial Intermediaries

Other Financial Intermediaries (S.123) in ESA 95:

‘ ….All financial corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional units other than monetary financial institutions, or insurance technical reserves.’ (paragraph 2.53)


Comparison between other monetary financial institutions and OFIs

MFIs Liabilities

- from non MFIs

deposits and / or

close substitutes for deposits

OFIs Liabilities

- from non MFIs

other than

currency, deposits and / or

close substitutes for deposits


Institutional Units in S.123:

• financial leasing corporations

• personal or commercial finance corporations

• factoring corporations

• security and derivative dealers (on own account)

• venture and development capital companies

• export and import financing companies

• financial vehicle corporations, created to be holders of securitized assets

• financial intermediaries which receive deposits or close substitutes for deposits from MFI´s


COVERAGE OF OTHER FINANCIAL INTERMEDIARIES

Financial Leasing Companies 31

Factoring Companies 74

Finance Companies 12

Mutual Funds 685

TOTAL 802

Source : BRSA, CMB


Data Sources for S.123:

•Unified Chart of Accounts of Financial Leasing, Factoring and Finance Companies compiled by BRSA •Capital Market Board data set for Investment Funds

•Data on holder sectors of investment funds compiled by Central Registry Agency


Thousand TRY Financial corporations

2012 TotalMonetary financial

institutionsCentral Bank

Other monetary financial institutions

Other financial intermediaries

Financial auxiliariesInsurance corporations

and pension funds

Stocks of financial instruments

S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125

Financial assets1.729.127.699 1.584.998.314 253.637.684 1.331.360.630 59.274.639 53.652.937 31.201.810

Monetary gold and SDRs36.965.494 36.965.494 36.965.494 0

0 0 0

Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0

Special drawing rights 2.667.674 2.667.674 2.667.674 0 0 0 0

Currency and deposits237.696.503 211.525.065 6.858.542 204.666.523 6.718.431 7.690.588 11.762.419

Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321

Transferable deposits172.986.327 160.923.102 0 160.923.102 479.432 464.642 11.119.152

Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946

Securities other than shares458.642.356 434.281.643 177.164.873 257.116.770 2.794.499 12.590.577 8.975.638

Securities other than shares, excluding financial derivatives

455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638

Financial derivatives 0 2.736.133 0 2.736.133 0 3.336 0

Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609

Shares and other equity34.447.664 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.941.762

Shares and other equity, excluding mutual funds shares

34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565

Mutual funds shares n.a n.a n.a n.a n.a n.a 247.197

Insurance technical reserves - - - - - - -

Other accounts receivable59.690.957 22.524.587 0 22.524.587 2.114.370 26.769.618 8.282.383







Financial auxiliaries

Insurance corporations and

pension funds


S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125

Financial Liabilities1.744.007.371 1.624.828.425 246.661.396 1.378.167.029

54.662.143 24.801.461 39.715.342

Currency and deposits1.059.702.174 1.054.960.214 223.328.150 831.632.064

0 4.741.961 0

Currency 60.525.482 60.525.482 60.525.482 0 0 0 0

Transferable deposits305.842.197 305.842.197 144.528.524 161.313.673

0 0 0

Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0

Securities other than shares50.444.486 47.255.597 0 47.255.597 3.085.139 103.750 0


46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0

Financial derivativesn.a

4.347.020 n.a

4.347.020 0 5.301 0

Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065

Shares and other equity327.419.755 285.858.623 21.581.843 264.276.781 12.476.448 11.400.693 17.683.990


319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990

Mutual funds shares n.a 0 0 0 8.016.564 n.a 0

Insurance technical reserves 19.166.818 - - - - - 19.166.818

Other accounts payable 64.179.753 50.189.480 371.454 49.818.026 3.402.751 7.894.053 2.693.469

Financial Auxiliaries

Financial Auxiliaries (S.124) in ESA 95:

‘ ….All financial corporations which are principally engaged in auxiliary financial activities, that is to say activities closely related to financial intermediation but which are not financial intermediation themselves.’ (paragraph 2.57)



• insurance brokers, insurance and pension consultants, etc

• loan brokers, security brokers, investment advisers, etc.

• corporations that manage the issue of securities

• corporations whose principal function is to guarantee, by indorsement, bills

and similar instruments

• corporations which arrange derivative instruments

• corporations providing infrastructure for financial markets

• central supervisory authorities

• managers of pension funds, mutual funds, etc.

• corporations providing stock exchange, insurance exchange


COVERAGE OF FINANCIAL AUXILIARIES

Savings Deposit Insurance Fund 1

Capital Market Dealer Companies 97

TOTAL 98

Source : SDIF, CMDC Association








and pension funds


S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125



0 0 0

Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0



Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321


Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946



455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638


Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609



34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565












pension funds


S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125


54.662.143 24.801.461 39.715.342


0 4.741.961 0

Currency 60.525.482 60.525.482 60.525.482 0 0 0 0


0 0 0

Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0



46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0


4.347.020 n.a

4.347.020 0 5.301 0

Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065



319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990






•Unified Financial Reporting System of Capital Market Dealer Companies compiled from Capital Market Dealer’s Association

•Detailed balance sheet items of Savings Deposit Insurance Fund

Insurance Corp. and Pension Funds

Insurance Corporations and Pension Funds (S.125) in ESA 95:

‘ ….All financial corporations which are principally engaged in financial intermediation as the consequence of the pooling of risks.’ (paragraph 2.60)



• insurance corporations

• reinsurance corporations

• (autonomous) pension funds



•Financial reports of Insurance Companies and Pension Funds compiled by Treasury

COVERAGE OF INSURANCE COMPANIES AND PENSION FUNDS

Insurance Companies 41

Reinsurance Companies 1

Pension Funds 17

TOTAL 59

Source : Undersecratariat of Treasury








and pension funds


S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125



0 0 0

Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0



Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321


Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946



455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638


Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609



34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565












pension funds


S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125


54.662.143 24.801.461 39.715.342


0 4.741.961 0

Currency 60.525.482 60.525.482 60.525.482 0 0 0 0


0 0 0

Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0



46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0


4.347.020 n.a

4.347.020 0 5.301 0

Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065



319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990




CBT’s Experience:

Financial Assets of Non-Bank Financial Sector

CBT’s Experience:

Financial Liabilities of Non-Bank Financial Sector

CBT’s Experience

FINANCIAL SECTOR RATIOS IN PERCENT OF GDP

Total Assets in Millions of TRY

as of 2012In Percentage of

GDP

Monetary Financial Intitutions 1.584.998 111,9%

Other Financial Intermediaries 59.275 4,2%

Financial Auxiliaries 53.653 3,8%

Insurance Companies and Pension Funds 31.202 2,2%

Source: CBT, Turkstat

CBT’s Experience

Asset Composition of Non-Bank Financial Institutions

CBT’s Experience

Liability Composition of Non-Bank Financial Institutions

CBT’s Experience

Periodic Reports on Non-Bank Financial Sector

•OECD Institutional Investors’ Survey

•Financial Accounts (OECD, Eurostat, CBT web site)

•Statistics on Non-Bank Financial Sector (CBT web site)

Future Work

PLEASE CONTACT FOR FURTHER INFORMATION:

AYCAN ÖZEKPHONE: +90 312 5076915

E-MAIL: [email protected]

CENTRAL BANK OF TURKEYSTATISTICS DEPARTMENT

MONETARY AND FINANCIAL STATISTICS DIVISION

Statistics on Non-Bank Financial Sector: Experience of Central Bank of Turkey

Documents

financial intermediation

financial assets1

nonbank financial sector

mfis deposits

investment funds data

deposits ofis liabilities

ofis mfis liabilities

statistical needs g