2014-iii - | nbb.be · 1.1.3 expenditure of the national product, estimates at current prices 20...

Quarterly

2014-III

Statistical bulletin

© National Bank of Belgium, Brussels

All rights reserved.

Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.

ISSN 1373-6868(print) ISSN 1780-7107(online)

Closing date 1 20140 October

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Table of contents

Quarterly financial statement of the National Bank of Belgium 9

Quarterly financial accounts: 2nd quarter 2014 11

Tables

1. National accounts1.1 Yearly national accounts - ESA 2010 18

1.1.1 Gross value added by industry (A38), estimates at current prices 181.1.2 Gross value added by industry (A38), estimates in volume 191.1.3 Expenditure of the national product, estimates at current prices 201.1.4 Expenditure of the national product, estimates in volume 211.1.5 Distribution of the national product, estimates at current prices 22

1.2 Quarterly national accounts ESA 1995 231.2.1 Gross value added by industry, estimates at current prices 231.2.2 Gross value added by industry, estimates in chained 2011 euros 231.2.3 Main categories of expenditure, estimates at current prices 241.2.4 Main categories of expenditure, estimates in chained 2011 euros 251.2.5 Main categories of income, estimates at current prices 26

2. Business and consumer surveys2.1 Monthly business survey: national results 28

2.1.1 Overall synthetic curve and comment 282.1.2 Numerical value of the global synthetic curve and

underlying sectors 292.1.3 Manufacturing industry 312.1.4 Building industry 342.1.5 Business-related services 362.1.6 Trade 38

2.2 Monthly business surveys: regional results 402.2.1 Overall synthetic curve by region 40

2.3 Monthly consumer survey: national results 422.3.1 Consumer confidence indicator and comment 422.3.2 Consumer confidence indicator and components 43

2.4 Monthly consumer survey: regional results 452.4.1 Consumer confidence indicator by region 45

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2.5 Quarterly survey 462.5.1 Degree of utilisation of installed production capacity by sector:

national results 462.5.2 Degree of utilisation of installed production capacity by region 46

2.6 Bi-annual survey 472.6.1 Fixed capital investment in manufacturing industry 47

3. Employment, unemployment3.1 Labour market 503.2 Unemployment 51

4. Industry4.1 Industrial production (Nace Rev.2) 544.2 Manufactured production: Breakdown by industrial sector

(Nace Rev.2) 554.4 Building 564.5 Industrial production of the European Union 57

5. Services5.3 Payment systems and instruments 60

5.3.1 Payment systems between banks 605.3.5 Payment cards - Number of transactions by type of card 615.3.6 Payment cards - Amount of transactions by type of card 625.3.7 Payment cards - Number of cards and terminals 63

6. Incomes6.1 Incomes 66

7. Index prices7.1 Price indices for raw materials 687.2 Price indices for production and import and their components 697.3 Producer price indices - Total market 707.4 Consumer price in Belgium 71

8. Foreign trade of Belgium according to the national concept8.1 Belgian foreign trade according to the national concept:

monthly development 748.2 Belgian foreign trade according to the national concept:

cumulative development 758.3 Belgian foreign trade according to the national concept:

percentage changes, cumulative data 768.4 Belgian foreign trade according to the national concept subdivided

into trading nation: monthly figures 778.5 Belgian foreign trade according to the national concept subdivided

into the divisions of the Harmonized System: monthly figures 79

9. Balance of payments9.1 Balance of payments of Belgium 82

9.1.1 Balance of payments of Belgium: synthetic presentation - net 829.1.2 Current account of Belgium: detailed presentation 849.1.3 Capital and financial account of Belgium: detailed presentation 102

10. Exchange rate10.1 Reference exchange rates of the euro 10810.2 Exchange rate mechanism - II 111

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10.2.1 Euro central rates and compulsory intervention rates 11110.2.2 Premium or discount compared with the euro 112

10.3 Nominal effective exchange rate 11310.4 Irrevocably fixed conversion rates to the euro 114

11. Public finances11.1 Overall balance of general government 11611.2 Receipts, expenditure and overall balance 117

11.2.1 Receipts, expenditure and overall balance of general government 11711.2.2 Receipts, expenditure and overall balance of federal government 11811.2.3 Receipts, expenditure and overall balance of communities and

regions 11911.2.4 Receipts, expenditure and overall balance of local government 12011.2.5 Receipts, expenditure and overall balance of social security funds 12111.2.6 Quarterly receipts, expenditure and overall balance of general

government 12211.2.7 Breakdown of the overall balance of communities and regions 123

11.3 Financial accounts and financial wealth accounts 12411.3.1 Consolidated financial account of general government (S.13) 12411.3.2 Consolidated financial balance sheet of general government (S.13) 12511.3.3 Consolidated financial balance sheet of federal government

(S.1311) 12611.3.4 Consolidated financial balance sheet of communities and regions

(S.1312) 12711.3.5 Consolidated financial balance sheet of local government (S.1313) 12811.3.6 Consolidated financial balance sheet of social security funds

(S.1314) 12911.4 Consolidated Gross Debt 130

11.4.1 Consolidated gross debt of general government per instrument 13011.4.2 Consolidated gross debt of general government: holders,

currencies, original and residual maturities 13211.4.3 Consolidated gross debt of general government:

consolidating elements 13311.4.4 Breakdown of consolidated gross debt of communities

and regions (S.1312) 13411.5 Official debt and net financial balance 135

11.5.1 Details of revenue collected by the Treasury 13511.5.2 Official debt and net balance to be financed of the Treasury 136

12. National financial accounts of Belgium12.1 Flow of funds by sector 13812.2 Claims and liabilities by sector 14012.3 Financial account 14212.4 Financial balance sheets 150

13. Monetary financial institutions13.1 Eurosystem 160

13.1.1 Consolidated weekly financial statement of the Eurosystem 16013.2 National Bank of Belgium 162

13.2.1 Monthly financial statement of the National Bank of Belgium 16213.2.2 Balance sheet of the National Bank of Belgium before

distribution of profit (from 1999 onwards) 164

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13.3 Credit institutions - social data 16413.3.1 Structure 16613.3.2 Balance sheets of the credit institutions as a whole,

data on corporate basis 16713.3.3 Off-balance-sheet items of credit institutions as a whole,

data on corporate basis 16913.3.4 Profit and loss account of credit institutions as a whole,

data on corporate basis 17113.4 Credit institutions, data on territorial basis 173

13.4.1 Credit institutions’ main balance sheet items 17513.4.2 Claims originally granted by credit institutions 17713.4.3 Deposits and other receivables held with credit institutions 181

13.5 Credit institutions, consolidated data 18513.5.1 Global activity by accounting category/portfolio 18513.5.2 Global activity by product 19013.5.3 Off-balance-sheet commitments 19113.5.4 Securities portfolio 19213.5.5 Loans and advances 19313.5.6 Funding structure 19413.5.7 Derivatives 19513.5.8 Income statement 19613.5.9 Country risks of external claims of the credit institutions

governed by Belgian law 19713.6 Monetary collective investment institutions 198

13.6.1 Number, net inventory value and net contributions 198

14. Other financial intermediaries and financial auxiliairies14.1 Collective investment undertakings 200

14.1.1 Developments of the collective investment undertakings operating in Belgium as a whole 200

14.1.2 Outstanding amount of financial assets and liabilities of non-monetary collective investment undertakings governed by Belgian law 201

14.1.3 Financial transactions of non-monetary collective investment undertakings governed by Belgian law 202

14.2 Management companies of UCI 20314.2.1 Balance sheet of management companies of UCI (as from early 2011) 20314.2.2 Profit and loss account of management companies of UCI

(as from early 2011) 20514.2.3 Movement in assets managed by management companies of UCI

(as from June 2012) 20614.2.4 Distribution of management companies of UCI 206

14.3 Investment firms 20714.3.1 Distribution of investment firms 20714.3.2 Balance sheet of stockbroking firms (as from early 2011) 20814.3.3 Profit and loss account of stockbroking firms (as from early 2011) 21014.3.4 Balance of financial instruments of stockbroking firms

(as from early 2008) 21214.3.5 Movement in assets managed by stockbroking firms (as from June 2012) 21214.3.6 Balance sheet of portfolio management and investment advice

companies (as from early 2011) 21314.3.7 Profit and loss account of portfolio management and investment

advice companies (as from early 2011) 21514.3.8 Movement in assets managed by portfolio management and

investment advice companies 216

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14.4 Financial vehicle corporations 21714.4.1 Outstanding amounts of assets and liabilities of

belgian financial vehicle corporations 21714.4.2 Financial transactions of assets and liabilities of

belgian financial vehicle corporations 218

15. Financial assets held by non-financial companies and households15.1 Monetary aggregates of the euro area 22015.2 Belgian contribution to the monetary aggregates of the eurozone 221

15.2.2 Belgian contribution to the monetary aggregates of the eurozone (from January 2002 onwards) 221

15.3 Formation of financial assets by individuals 22215.4 Financial assets held by individuals 22315.5 Formation of financial assets by non-financial corporations 22415.6 Financial assets held by non-financial corporations 225

16. Liabilities of households and non-financial companies16.1 Non-financial corporations 228

16.1.1 New financial liabilities of non-financial corporations 22816.1.2 Financial liabilities of non-financial corporations 22916.1.3 Credits registered at the Central Office for Credits to Companies 230

16.2 Households and individuals 23616.2.1 New financial liabilities of individuals 23616.2.2 Financial liabilities of individuals 23716.2.3 Consumer and mortgage credit according to the

Central individual credit register 23816.2.4 Results of the survey on the purpose of mortgage credits 24016.2.5 Results of the survey of the GDSEI on consumer credit 242

17. Capital market17.1 Fixed interest securities 244

17.1.1 Fixed interest securities of more than one year per creditor sector 24417.1.2 Fixed-interest securities of more than one year: breakdown by issuer

sector and by holder sector 24617.1.3 Fixed-interest securities of more than one year held by individuals 24817.1.4 Public call on primary market of fixed-income securities 25017.1.5 Public issues of bonds in national currency at over one year

by the public sector 25117.1.6 Outstanding amount of linear bonds 25317.1.7 Holdership of dematerialised linear bonds 254

17.2 Shares and other equity 25517.2.1 Issues of shares 25517.2.2 Public call on primary market of shares and other equity 25617.2.3 Stock exchange activity 257

18. Money market18.6 Issuing of three-month treasury certificates 26018.7 Issuing of six-month treasury certificates 26118.8 Issuing of twelve-month treasury certificates 26218.10 Transactions on the secondary market in dematerialised securities 26318.11 Holdership of dematerialised treasury certificates 264

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19. Interest rates19.1 Main interest rates of the monetary policy of the Eurosystem 26619.2 Reference interest rates on the secondary market for treasury certificates

issued by the Belgian Government 26719.3 Eonia and Euribor 26819.4 MFI interest rates (MIR) 269

19.4.1 Interest rates on new business in EUR 26919.4.2 Interest rates on outstanding amounts in EUR 271

19.5 Long-term yield rates on the Belgian secondary market for bonds issued by the Belgian public sector 272

19.6 Interest rates on three-month Euro-currency deposits 27319.7 Gross yield rates of 10 year Benchmark bond on the secondary market:

international comparison 27419.8 Official interest rates or intervention rates of foreign central banks 275

General remarks 277

Conventional signs 279

List of abbreviations 281

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Quarterly financial statement of the National Bank of Belgium as at 30 September 2014

1. Items not related to monetary policy operations

In the quarter ending 30 September 2014, the balance sheet position in foreign currency (asset items 2 and 3 minus liability items 6, 7 and 8) increased by € 244 million to € 8,742 million. The position in gold (asset item 1) increased by € 2 million to € 7,031 million, due to the quarterly revaluation.

The holdings by the Bank in euro (asset items 4, 6 and 7.2 minus liability item 3) increased by € 506 million to € 15,256 million.

Banknotes in circulation (liability item 1) increased by € 392 million to € 31,641 million.

Liabilities to general government (liability item 4.1) increased by € 10 million to € 159 million.

The liability within the Eurosystem (liability item 9.3) decreased by € 3,259 million to € 17,892 million.

2. Items related to monetary policy operations

The Eurosystem's net lending to its counterparties in the Belgian financial sector through open market operations (asset items 5.1 to 5.4 minus liability items 2.3 and 2.4) decreased by € 357 million to € 14,783 million.

Both the marginal lending facility (asset item 5.5) and the deposit facility (liability item 2.2) were used as at 30 September 2014.

The holdings by the Bank of securities held for monetary policy purposes (asset item 7.1) decreased by € 578 million to € 6,189 million.

3. Current accounts of the euro area financial sector

The current account position of counterparties with the Bank (liability item 2.1) decreased by € 44 million to € 6,691 million.

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4. Quarterly revaluation of balance sheet items

According to the harmonised accounting rules for the Eurosystem, gold, foreign exchange, security holdings (other than statutory investment, held-to-maturity portfolios and securities held for monetary purposes) and financial instruments are revalued at market rates and prices at the end of each quarter. The net impact of the revaluation as at 30 September 2014 on the balance sheet items is entered in the items "Other assets" (asset item 9), "Other liabilities" (liability item 10) and "Revaluation accounts" (liability item 11).

TABLE 1 FINANCIAL STATEMENT AS AT 30 SEPTEMBER 2014

Source : NBB.

Situation at Situation at30/06/2014 30/09/2014 Differences

(in million euro) after rev al. after rev al. (in million euro)

A S S E T S A S S E T S

1 Gold and gold receiv ables 7.029 7.031 +2 1 Gold and gold receiv ables

2 Claims on non-euro area residents 2 Claims on non-euro area residents denominated in foreign currency denominated in foreign currency

2.1 Receivables from the IMF 7.083 7.333 +250 2.1 Receivables from the IMF 2.2 Balances with banks and security investments, external 5.911 6.466 +555 2.2 Balances with banks and security investments, external

loans and other external assets loans and other external assets

3 Claims on euro area residents denominated 450 323 -127 3 Claims on euro area residents denominated in foreign currency in foreign currency

4 Claims on non-euro area residents 547 689 +142 4 Claims on non-euro area residents denominated in euro denominated in euro

5 Lending to euro area credit institutions related 5 Lending to euro area credit institutions related to monetary policy operations to monetary policy operations

denominated in euro denominated in euro 5.1 Main refinancing operations 1.075 - -1.075 5.1 Main refinancing operations 5.2 Longer-term refinancing operations 14.065 14.783 +718 5.2 Longer-term refinancing operations 5.3 Fine-tuning reverse operations - - - 5.3 Fine-tuning reverse operations 5.4 Structural reverse operations - - - 5.4 Structural reverse operations 5.5 Marginal lending facility - 15 +15 5.5 Marginal lending facility 5.6 Credits related to margin calls - - - 5.6 Credits related to margin calls

6 Other claims on euro area credit institutions - 280 +280 6 Other claims on euro area credit institutions denominated in euro denominated in euro

7 Securities of euro area residents 7 Securities of euro area residents denominated in euro denominated in euro

7.1 Securities held for monetary policy purposes 6.767 6.189 -578 7.1 Securities held for monetary policy purposes7.2 Other securities 14.203 14.287 +84 7.2 Other securities

8 Intra-Eurosystem claims 8 Intra-Eurosystem claims 8.1 Participating interest in ECB 287 287 - 8.1 Participating interest in ECB 8.2 Claims equivalent to the transfer 1.436 1.436 - 8.2 Claims equivalent to the transfer

of foreign reserves of foreign reserves 8.3 Net claims related to the allocation of euro 12.901 12.543 -358 8.3 Net claims related to the allocation of euro

banknotes within the Eurosystem (1) banknotes within the Eurosystem (1) 8.4 Other claims within the Eurosystem (net) - - - 8.4 Other claims within the Eurosystem (net)

9 Other assets 5.565 5.454 -111 9 Other assets

77.319 77.116 -203

L I A B I L I T I E S L I A B I L I T I E S

1 Banknotes in circulation (1) 31.249 31.641 +392 1 Banknotes in circulation (1)

2 Liabilities to euro area credit institutions related 2 Liabilities to euro area credit institutions related to monetary policy operations to monetary policy operations

denominated in euro denominated in euro 2.1 Current accounts (covering the minimum reserve system) 6.735 6.691 -44 2.1 Current accounts (covering the minimum reserve system) 2.2 Deposit facility 437 2.032 +1.595 2.2 Deposit facility 2.3 Fixed-term deposits - - - 2.3 Fixed-term deposits 2.4 Fine-tuning reverse operations - - - 2.4 Fine-tuning reverse operations 2.5 Deposits related to margin calls - - - 2.5 Deposits related to margin calls

3 Other liabilities to euro area credit institutions - - - 3 Other liabilities to euro area credit institutions denominated in euro denominated in euro

4 Liabilities to other euro area residents - - 4 Liabilities to other euro area residents denominated in euro denominated in euro

4.1 General government 149 159 +10 4.1 General government 4.2 Other liabilities 93 130 +37 4.2 Other liabilities

5 Liabilities to non-euro area residents 138 151 +13 5 Liabilities to non-euro area residents denominated in euro denominated in euro

6 Liabilities to euro area residents denominated 52 - -52 6 Liabilities to euro area residents denominated in foreign currency in foreign currency

7 Liabilities to non-euro area residents denominated - 288 +288 7 Liabilities to non-euro area residents denominated in foreign currency in foreign currency

8 Counterpart of special drawing rights 4.894 5.092 +198 8 Counterpart of special drawing rights allocated by the IMF allocated by the IMF

9 Intra-Eurosystem liabilities 9 Intra-Eurosystem liabilities 9.1 Liabilities related to - - - 9.1 Liabilities related to

the issuance of - - the issuance of ECB debt certificates ECB debt certificates

9.2 Net liabilities related to the allocation of euro - - - 9.2 Net liabilities related to the allocation of euro banknotes within the Eurosystem (1) banknotes within the Eurosystem (1)

9.3 Other liabilities within the Eurosystem (net) 21.151 17.892 -3.259 9.3 Other liabilities within the Eurosystem (net)

10 Other liabilities 848 1.332 +484 10 Other liabilities

11 Rev aluation accounts 7.032 7.167 +135 11 Rev aluation accounts

12 Capital and reserv es 4.541 4.541 - 12 Capital and reserv es

77.319 77.116 -203

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Quarterly financial accounts: 2nd quarter 2014

For the first time, the financial accounts have been drawn up in accordance with the new ESA 2010 regulations. The main changes in methodology for the financial accounts as a whole can be found in the box on methodological changes. In this publication, the table relating to the net financial wealth of individuals has been extended in order to provide a better picture of the various financial instruments. The most important change is the breakdown of the former insurance products instrument into three parts, that is non-life insurance technical reserves, life insurance entitlements and pension entitlements. As well as employees' financial claims on pension funds, the pension entitlements also include group insurance, whereas individual life insurance products are registered under the life insurance entitlements heading.

During the second quarter of 2014, the net financial wealth of individuals increased by € 8.0 billion, reaching € 903.0 billion on 30 June 2014. This was mainly the result of the positive balance of financial transactions amounting to € 6.3 billion. Furthermore, the favourable trend in stock prices contributed to the increase in financial wealth of households during this quarter as well.

The net acquisitions of financial assets by individuals amounted to € 10.1 billion. As in the first quarter of 2014, investors mainly favoured investment fund shares (+€ 4.9 billion) during the second quarter. Sight deposits, too, showed a pronounced increase (+€ 3.5 billion), which is always the case during the second quarter of the year. To a lesser extent, there was also a marked growth in regulated savings deposits (+€ 1.8 billion) and life insurance products (+€ 1.2 billion). By contrast, the reduction in private individuals’ holdings of fixed-interest securities, which had begun in 2012, continued in the second quarter (-€ 2.2 billion). The other flows under the deposit headings mainly concern reclassifications to other sectors.

Households' new financial liabilities increased by € 4.4 billion, reaching € 241.6 billion on 30 June 2014. This trend largely reflects the increase in loans – particularly of mortgage loans.

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CHANGE IN THE NET FINANCIAL WEALTH OF INDIVIDUALS IN THE 2nd QUARTER OF 2014 (Billions of euro)

Net financial wealth as at

31 March 2014

Financial

transactions in the 2nd quarter of

2014

Other flows1

Net financial wealth as at

30 June 2014

Financial assets 1132.2 10.1 2.3 1144.5

Notes and coins 28.5 0.6 0.0 29.1

Sight deposits 53.9 3.5 -1.7 55.8

Regulated savings deposits 232.4 1.8 -2.1 232.0

Other deposits 36.3 -0.4 -0.8 35.1

Fixed-interest securities 85.2 -2.2 0.5 83.5

Listed shares 48.2 0.1 1.3 49.7

Unlisted shares and 232.4 0.6 1.2 234.3

other equity

Investment fund shares 129.7 4.9 3.1 137.7

Non-life insurance

technical reserves

20.7 0.5 0.0 21.2

Life insurance entitlements 176.2 1.2 0.8 178.2

Pension entitlements 74.0 0.2 0.1 74.3

Miscellaneous2 14.6 -0.9 -0.2 13.6

Financial liabilities 237.2 3.8 0.7 241.6

Short-term loans 10.5 0.8 0.0 11.3

Mortgage loans 182.4 1.8 -0.3 183.8

Other long-term loans 29.3 0.5 -0.1 29.8

Miscellaneous3 15.0 0.7 1.0 16.7

Net financial wealth 895.0 6.3 1.6 903.0 Source: NBB 1. Other flows include price and exchange rate variations. They may also include selective elements such as the reclassification of operations with regard to other

sectors. 2. Consists of the other financial instruments as determined by the ES A 2010, i.e. mainly loans, trade c redit and other accounts receivable/payable, among which

general government assessments. 3. Consists of the other financial instruments as determined by the ESA 2010, that is other equity, trade credit and other accounts receivable/payable, among which

taxes due but not yet paid.

http://www.nbb.be/belgostat/DataAccesLinker?Lang=E&Code=finacc

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METHoDologIcAl cHAngES

1. The financial accounts in the ESA 2010

The ESA 2010 introduces quite a number of changes in the financial accounts. Below, we mainly consider the most visible changes in financial statistics.

The ESA 2010 provides for a more extensive classification of the financial sector into various sub-sectors. Thus, investment funds (other than money market funds) are no longer classified as other financial intermediaries, but now constitute a separate sub-sector. likewise, financial head offices and financial holdings no longer belong to other financial intermediaries. They are categorised, respectively, under the sub-sectors financial auxiliaries and captive financial institutions and money lenders. This new sector of captive financial institutions and money lenders mainly consists of institutional units that were formerly classified in the non-financial corporations sector. In Belgium, these are chiefly non-financial holdings and the so-called treasury centres. To conclude, insurance corporations and pension funds are each ranked in a different sub-sector.

A clear distinction is now made between pension entitlements and life insurance entitlements, whereas both used to be published together in one section. Pension rights do not only include the financial claims of present and former employees on pension funds, but also on insurance corporations. This means that group insurance is registered in the pension entitlements section.

In line with what was previously applied by public enterprises under ESA 1995, in the ESA 2010, the so-called super-dividends are also registered for other companies. This means that dividends in excess of a normal dividend level by comparison with the distributable profits are no longer recorded in the non-financial accounts as property income, but are regarded as a financial transaction in the financial accounts, notably as a withdrawal of capital from the company.

In the past, interest accrued but not due was recorded under other accounts receivable/payable. In the ESA 2010, however, it is registered under the financial instrument concerned. This affects all intrest-bearing instruments.

A few lesser changes will also be visible in the published statistics. In the ESA 2010, trade credit is registered and published as a separate financial instrument, and no longer together with the other transitory items. For initial public offerings (IPo) and de-listings, the ESA 2010 states they must be treated as two financial transactions and not as other changes in volume. In the ESA 1995, special drawing rights were regarded as being created ex nihilo, whereas in the ESA 2010, they are created by transactions with the rest of the world as counterparty.

Statistical data: Belgostat.online

2. other methodological adjustments

Simultaneously with the introduction of the ESA 2010, quite a number of methodologies were analysed, whereby, inter alia, new sources were introduced. An important new source is the data collection concerning holdings of securities. These make it possible to establish a detailed ownership (security by security) per institutional sector. This affects, among other things, the data on portfolio investment held by individuals.

Formerly, debt securities issued by the public sector were valued at face value in the financial accounts. As of today, these instruments are valued at market value in accordance with the ESA 2010 regulations. Due to low interest rates, this means that the liabilities of general government are increasing. At the same time, the financial assets of the holders of these debt securities are growing.

The financial accounts of non-profit institutions (nPISHs) serving households were compiled by using, inter alia, the annual accounts (according to the format for associations and foundations) they file at the central Balance Sheet office. Together with households, nPISHs are published under the heading for individuals. This entails an increase of both the financial assets and financial liabilities of individuals. not all associations and foundations belong to the nPISH institutional sector. A large number of them were registered in the non-financial corporations sector, which also led to an increase in financial assets and financial liabilities in the non-financial corporations sector.

http://www.nbb.be/belgostat/DataAccesLinker?Lang=F&Code=finacc

Tables

1. National accounts

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1.1 YEARLY NATIONAL ACCOUNTS - ESA 20101.1.1 GROSS VALUE ADDED BY INDUSTRY (A38), ESTIMATES AT CURRENT PRICES

(millions of euro)

2007 2008 2009 2010 2011 2012 2013

Agriculture, forestry and fishing (AA) 3,048.4 2,505.1 2,339.9 2,871.2 2,369.3 2,708.5 2,930.6Mining and quarrying (BB) 329.4 339.9 312.1 315.6 329.4 311.5 266.0Manufacture of food products, beverages and tobacco products (CA) 6,556.1 6,662.7 7,087.3 6,826.9 6,837.8 7,253.3 7,369.3Manufacture of textiles, wearing apparel and leather products (CB) 2,126.7 1,877.4 1,634.5 1,669.0 1,646.3 1,671.0 1,645.8Manufacture of wood and paper products, and printing (CC) 3,433.7 3,266.2 2,967.0 2,895.0 2,972.1 2,939.3 2,874.5Manufacture of coke and refined petroleum products (CD) 1,930.5 1,700.3 667.9 1,363.7 872.4 1,363.5 1,558.7Manufacture of chemicals and chemical products (CE) 7,373.3 6,923.2 6,365.1 6,953.8 7,231.8 7,272.2 7,562.7Manufacture of basic pharmaceutical products and pharmaceutical preparations (CF) 5,276.3 6,215.9 6,623.6 7,390.5 6,302.6 6,527.2 6,612.0Manufacture of rubber and plastics products, and other non-metallic mineral products (CG) 4,709.1 4,555.9 4,134.1 4,093.7 4,234.2 4,113.9 3,932.9Manufacture of basic metals and fabricated metal products, except machinery and equipment(CH) 8,661.0 7,902.3 6,079.5 6,629.1 6,803.4 6,213.1 5,473.5Manufacture of computer, electronic and optical products (CI) 1,867.9 1,651.8 1,415.6 1,611.7 1,663.1 1,792.2 1,806.4Manufacture of electrical equipment (CJ) 1,447.7 1,606.0 1,528.4 1,542.6 1,621.5 1,555.1 1,539.5Manufacture of machinery and equipment n.e.c. (CK) 3,559.7 3,633.5 2,914.7 3,171.5 3,676.8 3,706.3 3,828.4Manufacture of transport equipment (CL) 3,685.9 3,587.6 3,002.9 3,380.6 3,506.4 3,624.3 3,667.1Manufacture of furniture; other manufacturing; repair and installation of machinery and equip-ment (CM) 1,834.2 1,875.0 2,025.2 2,035.4 2,157.1 2,447.4 2,435.1Electricity, gas, steam and air-conditioning supply (DD) 5,454.2 6,044.2 6,553.6 6,731.2 7,314.9 6,266.2 6,241.0Water supply; sewerage, waste management and remediation activities (EE) 2,565.5 2,557.2 2,376.0 2,747.2 2,869.1 3,039.2 3,036.0Construction (FF) 16,697.6 18,060.3 17,836.3 18,063.9 19,562.6 19,901.8 19,762.0Wholesale and retail trade, repair of motor vehicles and motorcycles (GG) 40,982.7 41,898.8 40,003.1 41,764.9 43,276.0 43,460.5 44,416.4Transportation and storage (HH) 18,839.6 19,707.3 18,542.3 18,693.8 19,060.0 19,536.6 19,438.8Accommodation and food service activities (II) 5,343.6 5,711.6 5,471.9 5,845.5 6,271.7 6,316.4 6,493.1Publishing, audiovisual and broadcasting activities (JA) 2,356.1 2,476.3 2,572.6 2,705.6 2,695.9 2,735.5 2,760.4Telecommunications (JB) 5,446.6 5,398.6 5,415.5 5,516.1 5,545.0 5,563.1 5,607.6Computer programming, consultancy and related activities; information service activities (JC) 4,690.7 5,039.0 4,972.6 4,862.8 5,210.5 5,580.4 5,714.4Financial and insurance activities (KK) 15,790.1 15,092.6 17,570.6 19,672.6 20,575.9 21,318.2 21,252.8Real estate activities (LL) 28,191.7 29,263.8 28,180.4 28,758.9 29,780.9 30,375.8 30,810.6Legal and accounting activities; activities of head offices; management consultancy activities;architecture and engineering activities; technical testing and analysis (MA) 21,688.5 22,959.6 23,837.7 25,017.0 26,650.4 26,883.6 28,556.9Scientific research and development (MB) 857.0 995.1 1,385.5 1,159.2 1,300.2 1,216.7 1,329.8Advertising and market research; other professional, scientific and technical activities; veterinaryactivities (MC) 2,468.0 2,578.4 2,270.8 2,372.4 2,525.0 2,636.6 2,599.7Administrative and support service activities (NN) 12,842.3 13,410.4 12,306.1 13,274.9 14,524.0 14,251.6 14,359.7Public administration and defence; compulsory social security (OO) 22,210.8 23,266.8 24,078.1 24,617.2 25,541.8 26,659.6 27,882.4Education (PP) 19,520.3 20,910.2 21,573.3 22,457.2 23,627.1 24,532.3 25,158.4Human health activities (QA) 13,454.0 14,506.4 15,314.4 15,580.7 16,381.6 17,415.5 18,112.0Social work activities (QB) 6,656.5 7,148.4 7,550.8 7,808.9 8,327.9 8,763.9 9,219.5Arts, entertainment and recreation (RR) 2,046.8 2,144.4 1,983.7 2,033.0 2,179.0 2,304.5 2,346.0Other service activities (SS) 3,819.5 3,986.7 4,097.9 4,329.4 4,500.2 4,606.1 4,836.4Activities of households as employers of domestic personnel and undifferentiated goods andservices production of households for own use (TT) 532.9 522.1 502.7 452.3 440.0 464.6 411.6Gross added value, at basic prices (B.1g) 308,294.9 317,981.0 313,493.7 327,215.0 340,383.9 347,327.5 353,848.0Taxes on products (D.21) 39,265.7 39,441.6 38,116.2 40,879.4 42,059.2 43,064.9 43,564.4Subsidies on products (D.31) -2,491.8 -2,357.1 -1,907.2 -2,347.4 -2,452.5 -2,138.1 -2,150.3Gross domestic product 345,068.8 355,065.5 349,702.7 365,747.0 379,990.6 388,254.3 395,262.1Balance of primary incomes receivable from / payable to the rest of the world 4,034.7 6,221.4 -1,851.6 6,812.8 4,077.8 6,841.8 -3,981.5Gross national income 349,103.5 361,286.9 347,851.1 372,559.8 384,068.4 395,096.1 391,280.6

Source: NAI

19

1.1.2 GROSS VALUE ADDED BY INDUSTRY (A38), ESTIMATES IN VOLUME

(millions of euro, chained 2012 euros)

2007 2008 2009 2010 2011 2012 2013

Agriculture, forestry and fishing (AA) 2,845.7 2,885.4 2,722.8 2,911.5 2,836.2 2,708.5 2,797.7Mining and quarrying (BB) 234.5 286.4 270.4 283.3 321.8 311.5 271.1Manufacture of food products, beverages and tobacco products (CA) 5,748.0 6,074.7 6,017.7 6,091.9 6,615.9 7,253.3 7,202.0Manufacture of textiles, wearing apparel and leather products (CB) 2,142.1 2,079.0 1,702.6 1,695.9 1,728.7 1,671.0 1,627.8Manufacture of wood and paper products, and printing (CC) 3,098.5 3,034.8 2,799.2 2,731.6 2,911.6 2,939.3 2,852.1Manufacture of coke and refined petroleum products (CD) 953.5 1,132.6 561.1 1,117.5 992.0 1,363.5 1,483.1Manufacture of chemicals and chemical products (CE) 9,573.3 9,358.5 7,502.5 7,899.5 7,636.8 7,272.2 7,225.6Manufacture of basic pharmaceutical products and pharmaceutical preparations (CF) 6,526.7 7,246.6 7,610.5 7,963.9 6,289.0 6,527.2 6,932.6Manufacture of rubber and plastics products, and other non-metallic mineral products (CG) 4,030.6 4,020.5 3,646.8 3,676.4 3,993.8 4,113.9 4,041.3Manufacture of basic metals and fabricated metal products, except machinery and equipment(CH) 6,516.1 6,083.0 5,393.0 5,992.7 5,983.0 6,213.1 6,108.8Manufacture of computer, electronic and optical products (CI) 2,191.5 1,828.0 1,475.5 1,658.8 1,671.2 1,792.2 1,780.2Manufacture of electrical equipment (CJ) 1,815.1 1,973.7 1,747.7 1,637.5 1,625.1 1,555.1 1,457.6Manufacture of machinery and equipment n.e.c. (CK) 4,395.6 4,199.0 3,363.6 3,470.9 3,903.4 3,706.3 3,686.9Manufacture of transport equipment (CL) 5,054.0 4,885.0 3,557.1 3,920.3 3,769.2 3,624.3 3,592.6Manufacture of furniture; other manufacturing; repair and installation of machinery and equip-ment (CM) 1,976.8 1,993.6 2,062.1 2,026.4 2,193.7 2,447.4 2,445.9Electricity, gas, steam and air-conditioning supply (DD) 6,377.8 6,436.8 7,928.8 8,172.0 7,799.2 6,266.2 6,052.6Water supply; sewerage, waste management and remediation activities (EE) 2,630.8 2,513.0 2,516.7 2,753.9 2,863.6 3,039.2 2,960.4Construction (FF) 18,010.7 18,213.3 17,937.2 18,111.9 19,539.2 19,901.8 19,640.6Wholesale and retail trade, repair of motor vehicles and motorcycles (GG) 45,045.0 45,196.4 43,462.7 44,425.3 44,667.1 43,460.5 43,567.4Transportation and storage (HH) 18,873.3 19,411.4 18,227.1 18,586.9 19,363.4 19,536.6 18,828.7Accommodation and food service activities (II) 7,126.6 7,289.8 6,436.3 6,368.1 6,409.6 6,316.4 6,332.5Publishing, audiovisual and broadcasting activities (JA) 2,554.0 2,696.9 2,731.4 2,798.4 2,801.5 2,735.5 2,702.3Telecommunications (JB) 5,454.9 5,414.7 5,579.1 5,561.5 5,645.7 5,563.1 5,650.9Computer programming, consultancy and related activities; information service activities (JC) 5,164.6 5,421.7 5,300.6 5,051.4 5,360.5 5,580.4 5,560.7Financial and insurance activities (KK) 18,843.1 19,034.6 19,240.1 19,990.8 20,423.0 21,318.2 21,146.5Real estate activities (LL) 27,916.2 28,508.4 28,362.7 28,967.1 29,806.8 30,375.8 30,432.1Legal and accounting activities; activities of head offices; management consultancy activities;architecture and engineering activities; technical testing and analysis (MA) 25,608.2 26,204.2 26,843.6 27,420.6 28,514.1 26,883.6 28,083.0Scientific research and development (MB) 963.6 1,082.0 1,482.0 1,222.8 1,331.2 1,216.7 1,314.8Advertising and market research; other professional, scientific and technical activities; veterinaryactivities (MC) 2,544.5 2,640.5 2,320.5 2,478.2 2,631.4 2,636.6 2,638.8Administrative and support service activities (NN) 14,574.6 14,957.8 13,254.3 14,164.0 15,209.3 14,251.6 14,118.3Public administration and defence; compulsory social security (OO) 25,343.3 25,708.0 25,763.8 26,053.9 26,223.2 26,659.6 27,231.2Education (PP) 22,990.3 23,587.3 24,016.5 24,410.1 24,033.0 24,532.3 25,022.3Human health activities (QA) 15,815.9 16,073.6 16,702.0 16,285.4 16,614.3 17,415.5 17,391.4Social work activities (QB) 7,808.1 8,000.6 8,235.8 8,346.0 8,542.4 8,763.9 9,005.8Arts, entertainment and recreation (RR) 2,261.4 2,414.0 2,116.3 2,108.7 2,218.1 2,304.5 2,307.2Other service activities (SS) 4,215.0 4,322.3 4,304.6 4,482.2 4,583.9 4,606.1 4,742.3Activities of households as employers of domestic personnel and undifferentiated goods andservices production of households for own use (TT) 602.1 563.0 527.5 464.7 448.2 464.6 404.4Gross added value, at basic prices (B.1g) 337,075.5 342,052.5 332,953.7 340,656.7 347,170.3 347,327.5 348,639.5Taxes on products (D.21) 44,488.5 42,845.4 41,447.1 43,494.9 43,236.9 43,064.9 42,794.1Subsidies on products (D.31) -2,769.1 -2,560.5 -2,073.9 -2,497.6 -2,521.2 -2,138.1 -2,112.3Gross domestic product 378,724.5 382,334.9 372,323.1 381,635.2 387,887.4 388,254.3 389,321.4

Source: NAI

20

1.1.3 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

2007 2008 2009 2010 2011 2012 2013

Final consumption expenditure of households in Belgium (inland) 165,976.6 174,079.2 173,221.4 181,122.8 188,045.2 193,085.8 195,648.2Food and non-alcoholic beverages 20,720.9 22,260.0 22,841.4 23,295.0 23,398.3 24,550.6 25,175.3Alcoholic beverages and tobacco 6,615.7 6,663.8 6,969.9 7,302.8 7,165.8 7,459.7 7,862.1Clothing and footwear 8,110.1 8,059.7 8,021.3 8,241.0 8,389.7 8,899.1 8,940.8Housing, water, electricity, gas and other fuels 38,544.2 42,235.2 42,034.4 44,311.1 46,250.4 48,647.4 49,749.5Furnishing, household equipment and routine maintenance of the dwelling 10,102.4 10,719.6 11,064.9 11,540.5 11,775.8 11,804.0 11,708.3Health 9,018.1 9,389.7 9,869.7 10,059.1 10,552.2 11,188.2 11,492.7Transport 19,685.9 20,639.6 19,671.7 21,446.5 22,776.7 22,641.6 22,804.1Communication 4,350.7 4,304.9 4,414.3 4,434.6 4,411.7 4,746.3 4,683.6Recreation and culture 15,546.7 16,066.9 15,755.8 16,127.0 16,888.5 16,863.8 16,727.2Education 681.6 697.9 748.3 764.2 794.1 802.5 851.1Restaurants, pubs and hotels 9,393.3 9,886.7 9,790.8 10,196.9 10,700.3 11,002.4 11,179.3Miscellaneous goods and services 23,207.0 23,155.2 22,038.9 23,404.2 24,941.9 24,480.1 24,474.2

Final consumption expenditure of Belgian households abroad 8,572.7 8,965.3 9,504.7 9,893.8 10,221.6 11,153.1 11,837.6

Final consumption expenditure of the non resident households in Belgium 6,175.3 6,214.8 6,319.7 6,705.4 6,989.5 7,401.4 7,771.5

Final consumption expenditure of households (national) 168,374.0 176,829.7 176,406.4 184,311.2 191,277.3 196,837.5 199,714.3

Final consumption expenditure of NPIs 3,392.4 3,593.7 3,499.2 3,783.8 3,825.2 4,098.1 4,255.8

Final consumption expenditure of the general government 74,949.0 80,477.0 84,384.6 86,436.9 90,482.9 94,241.6 96,503.4Individual consumption expenditure 46,408.6 50,181.2 52,623.3 54,358.3 57,240.0 59,240.2 60,277.2Collective consumption expenditure 28,540.4 30,295.8 31,761.3 32,078.6 33,242.9 35,001.4 36,226.2

Gross capital formation 80,887.0 86,207.9 79,998.3 81,537.3 87,300.9 89,138.8 88,044.8

Changes in inventories 4,177.3 6,127.7 -3,200.9 3,205.6 4,749.3 2,163.8 1,440.1

Net exports of goods and services 13,289.1 1,829.5 8,615.1 6,472.2 2,355.0 1,774.5 5,303.7Exports of goods and services 267,493.4 282,285.3 242,214.3 278,845.2 309,334.9 319,266.9 327,125.7Imports of goods and services 254,204.3 280,455.8 233,599.2 272,373.0 306,979.9 317,492.4 321,822.0

Gross domestic product 345,068.8 355,065.5 349,702.7 365,747.0 379,990.6 388,254.3 395,262.1

Balance of primary incomes receivable from / payable to the rest of the world 4,034.7 6,221.4 -1,851.6 6,812.8 4,077.8 6,841.8 -3,981.5

Gross national income 349,103.5 361,286.9 347,851.1 372,559.8 384,068.4 395,096.1 391,280.6

Source: NAI

21

1.1.4 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES IN VOLUME

(millions of euro, chained 2012 euros)

2007 2008 2009 2010 2011 2012 2013

Final consumption expenditure of households in Belgium (inland) 182,529.7 185,465.4 185,685.8 190,822.0 192,099.5 193,085.8 193,424.9Food and non-alcoholic beverages 23,579.9 24,042.1 24,545.5 24,585.4 24,120.4 24,550.6 24,365.8Alcoholic beverages and tobacco 7,497.5 7,285.8 7,401.9 7,590.1 7,404.5 7,459.7 7,465.4Clothing and footwear 8,544.6 8,407.7 8,266.3 8,430.0 8,490.0 8,899.1 9,205.9Housing, water, electricity, gas and other fuels 44,831.7 45,944.2 46,462.8 47,718.5 47,541.8 48,647.4 49,618.5Furnishing, household equipment and routine maintenance of the dwelling 10,989.5 11,407.1 11,495.5 11,832.2 11,954.0 11,804.0 11,470.3Health 10,295.2 10,355.7 10,570.2 10,767.1 10,898.8 11,188.2 11,324.5Transport 22,788.2 22,908.2 22,734.3 23,497.7 23,392.0 22,641.6 22,866.7Communication 4,064.8 4,115.0 4,234.4 4,381.4 4,348.3 4,746.3 4,868.5Recreation and culture 16,293.4 16,763.4 16,251.7 16,513.0 17,261.6 16,863.8 16,571.0Education 754.3 757.9 793.8 785.4 813.0 802.5 844.6Restaurants, pubs and hotels 10,892.0 11,038.8 10,542.6 10,744.5 10,992.7 11,002.4 10,908.3Miscellaneous goods and services 22,088.6 22,518.0 22,468.6 24,025.9 24,879.9 24,480.1 23,915.5

Final consumption expenditure of Belgian households abroad 9,740.1 9,800.1 10,246.4 10,452.6 10,504.0 11,153.1 11,674.3

Final consumption expenditure of the non resident households in Belgium 7,016.2 6,793.5 6,812.9 7,084.2 7,182.6 7,401.4 7,664.3

Final consumption expenditure of the households (national) 185,272.6 188,483.9 189,120.7 194,192.6 195,423.3 196,837.5 197,434.9

Final consumption expenditure of NPIs 3,768.0 3,887.1 3,716.1 3,985.1 3,924.2 4,098.1 4,188.1

Final consumption expenditure of the general government 87,214.2 89,777.0 91,108.9 92,163.3 92,899.9 94,241.6 95,261.9Individual consumption expenditure 55,058.6 56,519.8 57,070.2 58,055.8 58,671.7 59,240.2 59,757.2Collective consumption expenditure 32,164.7 33,258.8 34,033.0 34,105.6 34,226.9 35,001.4 35,504.7

Gross capital formation 89,999.0 92,565.3 85,833.1 85,717.4 89,148.3 89,138.8 87,202.1

Changes in inventories 4,399.2 4,654.4 722.8 1,989.9 3,881.1 2,163.8 170.1

Net exports of goods and services 5,721.9 3,794.2 1,700.6 2,036.7 1,640.9 1,774.5 5,064.3Exports of goods and services 290,521.7 295,193.8 267,156.9 293,898.5 313,222.4 319,266.9 328,406.8Imports of goods and services 282,246.6 291,994.0 265,131.1 290,715.9 311,627.1 317,492.4 323,342.6


Source: NAI

22

1.1.5 DISTRIBUTION OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

2007 2008 2009 2010 2011 2012 2013

Compensation of employees (D.1) 168,756.5 178,091.4 179,531.7 183,068.6 191,330.7 197,996.7 202,063.3Wages and salaries (D.11) 123,700.5 130,257.3 130,496.6 132,836.3 138,877.1 143,411.9 145,974.3Employers’ social contributions (D.12) 45,056.0 47,834.1 49,035.1 50,232.3 52,453.6 54,584.8 56,089.0

Gross operating surplus (B.2g) + mixed income (B.3g) 139,424.7 140,223.2 134,797.2 145,943.8 151,184.0 150,326.9 153,214.5Corporations (S.11+S.12) 86,709.4 85,960.8 81,993.0 91,469.8 95,532.7 93,515.3 94,643.6General government (S.13) 7,280.5 7,647.8 7,380.5 7,752.3 8,232.6 8,632.1 9,071.5Households (S.14) and non profit institutions serving households (S.15) 45,434.8 46,614.6 45,423.7 46,721.7 47,418.7 48,179.5 49,499.4

Taxes on production and imports (D.2) 45,225.0 45,900.9 44,763.3 47,898.1 49,614.8 52,034.3 52,234.9Taxes on production (D.21) 39,265.7 39,441.6 38,116.2 40,879.4 42,059.2 43,064.9 43,564.4Other taxes on production (D.29) 5,959.3 6,459.3 6,647.1 7,018.7 7,555.6 8,969.4 8,670.5

Subsidies (D.3) -8,337.4 -9,150.0 -9,389.5 -11,163.5 -12,138.9 -12,103.6 -12,250.6Subsidies on products (D.31) -2,491.8 -2,357.1 -1,907.2 -2,347.4 -2,452.5 -2,138.1 -2,150.3Other subsidies on products (D.39) -5,845.6 -6,792.9 -7,482.3 -8,816.1 -9,686.4 -9,965.5 -10,100.3


Balance of primary incomes receivable from / payable to the rest of the world 4,034.7 6,221.4 -1,851.6 6,812.8 4,077.8 6,841.8 -3,981.5

Gross national income 349,103.5 361,286.9 347,851.1 372,559.8 384,068.4 395,096.1 391,280.6

Source: NAI

23

1.2 QUARTERLY NATIONAL ACCOUNTS - ESA 19951.2.1 GROSS VALUE ADDED BY INDUSTRY, ESTIMATES AT CURRENT PRICES

(milllions of euro, data adjusted for seasonal and calendar effects)

2012 2013 2012 2013 20142012 2013

III IV I II III IV I II

Agriculture, forestry and fishing 2,488 2,691 676 632 674 656 709 653 689 711

Industry (except construction) 53,452 53,101 13,366 13,329 13,244 13,257 13,305 13,296 13,343 13,329

Construction 19,748 19,619 4,962 4,912 4,865 4,854 4,922 4,977 5,106 5,094

ServicesWholesale and retail trade, transport, accomodation and food serviceactivities 66,585 67,555 16,707 16,635 16,701 16,886 16,979 16,989 17,143 17,170Information and communication 13,934 14,134 3,510 3,498 3,517 3,532 3,526 3,559 3,545 3,565Financial and insurance activities 21,700 22,087 5,404 5,495 5,505 5,509 5,528 5,545 5,582 5,586Real estate activities 30,057 30,476 7,516 7,540 7,613 7,589 7,630 7,643 7,682 7,668Professional, scientific and technical activities; administrative and sup-port service activities 43,892 45,003 10,987 10,892 11,105 11,176 11,346 11,375 11,517 11,571Public administration, defence and education 50,116 51,942 12,597 12,651 12,792 12,898 13,195 13,056 13,166 13,198Human health and social work activities 26,472 27,630 6,642 6,702 6,836 6,902 6,946 6,944 7,016 7,030Arts, entertainment and recreation; other service activities; activities ofhousehold and extra-territorial organizations and bodies 6,888 7,163 1,729 1,730 1,758 1,782 1,812 1,811 1,824 1,859

Taxes on products less subsidies 40,528 41,282 9,926 10,204 10,094 10,394 10,202 10,592 10,310 10,312

Gross domestic product at market prices 375,859 382,657 94,021 94,222 94,699 95,430 96,093 96,435 96,914 97,084

Source: NAI

1.2.2 GROSS VALUE ADDED BY INDUSTRY, ESTIMATES IN CHAINED 2011 EUROS

(milllions of euro, data adjusted for seasonal and calendar effects)

2012 2013 2012 2013 20142012 2013


Agriculture, forestry and fishing 2,109 2,142 529 531 531 533 538 540 544 546

Industry (except construction) 52,799 52,208 13,163 13,118 12,959 13,023 13,073 13,152 13,216 13,252

Construction 19,709 19,458 4,937 4,870 4,844 4,829 4,873 4,912 5,020 4,997

ServicesWholesale and retail trade, transport, accomodation and food service activities 65,313 64,728 16,319 16,268 16,199 16,236 16,155 16,138 16,203 16,173Information and communication 13,683 13,726 3,437 3,418 3,430 3,414 3,424 3,458 3,429 3,442Financial and insurance activities 21,634 21,980 5,385 5,472 5,477 5,490 5,502 5,511 5,528 5,533Real estate activities 29,580 29,601 7,388 7,384 7,408 7,371 7,407 7,416 7,433 7,422Professional, scientific and technical activities; administrative and support serviceactivities 43,057 43,417 10,753 10,646 10,779 10,795 10,908 10,935 11,034 11,048Public administration, defence and education 48,724 49,535 12,213 12,236 12,313 12,385 12,404 12,433 12,407 12,421Human health and social work activities 25,910 26,134 6,491 6,531 6,535 6,528 6,534 6,538 6,529 6,539Arts, entertainment and recreation; other service activities; activities of householdand extra-territorial organizations and bodies 6,792 6,923 1,699 1,703 1,718 1,729 1,741 1,736 1,738 1,760

Taxes on products less subsidies 39,424 39,596 9,782 9,841 9,827 9,874 9,921 9,974 10,014 10,030


Source: NAI

24

1.2.3 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES AT CURRENT PRICES

(millions of euro, estimates at current prices, data adjusted for seasonal and calendar effects)

2012 2013 2012 2013 20142012 2013


Private final consumption expenditure 1 198,898 202,963 49,735 49,834 50,214 50,702 50,930 51,116 51,509 51,585

Final consumption expenditure of general government 93,969 96,567 23,590 23,799 23,876 24,055 24,253 24,383 24,566 24,512

Gross domestic capital formationGross fixed capital formation 76,431 76,044 19,163 19,046 18,903 18,945 19,018 19,178 19,537 19,878

Gross fixed capital formation by enterprises, self-employed workersand non-profit institutions 48,751 48,912 12,219 12,079 12,150 12,225 12,192 12,346 12,673 13,013Gross fixed capital formation in dwellings 21,029 20,863 5,297 5,249 5,200 5,165 5,225 5,272 5,338 5,339Gross fixed capital formation by public administrations 6,651 6,269 1,647 1,719 1,554 1,554 1,601 1,560 1,526 1,526

Changes in stocks 2,572 557 -194 746 1,402 875 -472 -1,247 -432 -1,103

Net exports of goods and services (exports - imports) 3,988 6,526 1,726 797 304 854 2,364 3,004 1,734 2,213Total exports 323,710 328,558 81,707 80,706 79,954 81,901 83,322 83,381 82,024 83,958Total imports 319,722 322,032 79,980 79,909 79,650 81,047 80,958 80,377 80,290 81,744


Source: NAI

1 Final consumption expenditure of households and non-profit institutions (NPIs).

25

1.2.4 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES IN CHAINED 2011 EUROS


2012 2013 2012 2013 20142012 2013


Private final consumption expenditure 1 194,172 195,791 48,493 48,393 48,648 48,944 49,028 49,170 49,346 49,484

Final consumption expenditure of general government 91,711 92,299 22,976 23,094 23,083 23,074 23,073 23,069 23,076 23,092

Gross domestic capital formationGross fixed capital formation 74,851 73,772 18,699 18,485 18,333 18,381 18,459 18,599 18,843 19,195

Gross fixed capital formation by enterprises, self-employed workersand non-profit institutions 47,889 47,666 11,974 11,800 11,817 11,899 11,918 12,031 12,294 12,654Gross fixed capital formation in dwellings 20,395 19,866 5,084 5,014 4,981 4,941 4,962 4,982 5,010 4,998Gross fixed capital formation by public administrations 6,566 6,238 1,640 1,670 1,534 1,541 1,579 1,585 1,539 1,543

Changes in stocks n. n. - - - - - - - -

Net exports of goods and services (exports - imports) n. n. - - - - - - - -Total exports 319,504 325,727 80,389 79,542 79,276 81,359 82,648 82,443 82,058 84,211Total imports 314,986 319,293 79,160 78,136 78,053 79,956 80,791 80,493 79,954 82,488


Source: NAI

1 Final consumption expenditure of households and non-profit institutions (NPIs).

26

1.2.5 MAIN CATEGORIES OF INCOME, ESTIMATES AT CURRENT PRICES


2012 2013 2012 2013 20142012 2013


Compensation of employees 197,730 201,423 49,572 49,799 49,736 50,381 50,575 50,731 50,792 51,105Wages and salaries 144,509 146,819 36,216 36,378 36,232 36,704 36,836 37,047 37,130 37,275Employers’ social contributions 53,221 54,604 13,356 13,421 13,503 13,677 13,739 13,684 13,662 13,830

Gross operating surplus and gross mixed income 138,518 140,805 34,928 34,164 35,118 35,066 35,566 35,054 36,018 35,787

Taxes less subsidies on products and imports 39,611 40,430 9,521 10,259 9,845 9,983 9,952 10,649 10,103 10,192

Gross domestic income at market prices 375,859 382,657 94,021 94,222 94,699 95,430 96,093 96,435 96,914 97,084

Source: NAI

2. Business and consumer surveys

28

2.1 MONTHLY BUSINESS SURVEYS: NATIONAL RESULTS

2.1.1 OVERALL SYNTHETIC CURVE AND COMMENT

CHART 1 OVERALL SYNTHETIC CURVE(manufacturing industry, building industry, business-related services and trade)

Source: NBB

Business confidence levels out in September

The National Bank of Belgium’s business barometer has stabilised during September, at the level of the two previousmonths.

The business climate picked up solely in the manufacturing industry. In the other branches of activity, confidence amongentrepreneurs deteriorated.

The improvement observed in the manufacturing industry is based on a more favourable assessment of total order booksand, to a lesser extent, on brighter forecasts for employment and demand.In the business-related services sector, confidence weakened for the second consecutive month. The outlook for generalmarket demand continues to look gloomy but, above all, it is firms’ own level of activity that has been given a much lessfavourable assessment.In the building industry, the drop in the indicator is mainly attributable to a major contraction in order books.Lastly, unlike last month, retailers have made a sharp downward revision of their forecasts for orders placed withsuppliers and are also expecting a reduction in their staff numbers.

Reflecting the underlying cyclical trend, the smoothed overall synthetic curve continues to fall back, albeit at a slowerpace than previously recorded.

29

2.1.2 NUMERICAL VALUE OF THE GLOBAL SYNTHETIC CURVE AND UNDERLYING SECTORS

(balances)

Global synthetic curve 1 Curves by sector of activity

Seasonally adjustedseries

Seasonally adjustedand smoothed

Manufacturing industry Building industry (structural building work) Business-related services TradeSeasonally adjustedseries


series 2 Seasonally adjustedseries


series 2



series 2



series 2



series 2

2012 September -11.6 -12.1 -13.7 -14.8 -8.8 -11.1 -4.4 -2.7 -13.9 -13.6October -13.5 -13.0 -15.6 -15.1 -11.3 -10.6 -6.0 -2.5 -15.6 -13.7November -13.4 -13.4 -16.4 -15.4 -12.4 -10.4 -1.4 -2.2 -13.4 -13.6December -11.8 -12.9 -14.7 -15.8 -8.0 -9.9 -2.7 -2.1 -13.3 -13.4

2013 January -13.2 -12.5 -17.3 -16.3 -8.9 -9.8 -0.4 -2.0 -10.3 -13.6February -11.0 -13.2 -14.5 -16.5 -10.7 -9.8 4.2 -2.1 -11.5 -14.6March -15.0 -14.3 -18.4 -16.4 -9.7 -9.6 -5.4 -2.8 -15.7 -15.9April -14.7 -14.2 -16.9 -16.1 -11.7 -9.4 -5.9 -3.3 -19.8 -17.3May -12.4 -13.1 -15.2 -15.4 -7.7 -9.1 -1.9 -3.3 -21.0 -18.1June -12.8 -12.4 -15.6 -14.4 -8.0 -8.8 -3.1 -3.1 -18.7 -17.7July -12.0 -11.2 -13.8 -13.0 -8.9 -8.7 -5.1 -1.5 -17.1 -16.0August -8.6 -9.2 -9.8 -11.5 -8.6 -8.8 -1.1 1.0 -14.1 -13.7September -6.7 -7.7 -8.9 -10.0 -8.7 -9.1 5.5 3.1 -9.9 -11.4October -7.7 -6.9 -10.4 -8.7 -10.3 -9.6 7.3 5.1 -8.9 -9.4November -4.3 -6.3 -5.2 -7.9 -9.2 -10.1 6.0 6.1 -8.8 -7.3December -6.4 -5.8 -7.7 -7.2 -13.5 -10.6 6.5 6.6 -6.3 -5.2

2014 January -5.6 -5.3 -6.2 -6.8 -14.3 -11.1 4.0 7.3 -0.3 -3.2February -4.0 -4.7 -6.6 -6.6 -10.9 -11.2 13.0 8.0 -0.8 -1.6March -4.4 -4.5 -6.8 -6.8 -10.7 -11.3 9.0 8.6 4.1 -1.4April -4.6 -5.0 -6.3 -7.3 -11.6 -11.5 8.6 8.9 -1.3 -2.5May -6.8 -6.0 -9.1 -8.0 -14.6 -11.8 10.8 8.8 -6.6 -4.2June -6.2 -6.8 -8.1 -10.5 5.7 -4.3July -7.5 -7.2 -9.8 -13.9 10.5 -13.2August -7.3 -9.6 -12.1 8.0 -8.9September -7.2 -8.2 -14.3 5.2 -10.8

Source: NBB

1 Weighted average of the synthetic curve of manufacturing industry, building industry, business-related services and trade.2 The smoothed series are based on the seasonally adjusted series.

30

2.1.2.1 MANUFACTURING INDUSTRY, BUILDING INDUSTRY, BUSINESS-RELATED SERVICES AND TRADE

CHART 2 MANUFACTURING INDUSTRY

Source: NBB

CHART 4 BUSINESS-RELATED SERVICES

Source: NBB

CHART 3 BUILDING INDUSTRY

Source: NBB

CHART 5 TRADE

Source: NBB

31

2.1.3 MANUFACTURING INDUSTRY2.1.3.1 MANUFACTURING INDUSTRY: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the manufacturingindustry

Components



Appraisal ForecastSeasonally adjustedseries


series 1 Total order book Stocks 2 Employment Demandseries



series 1



series 1



series 1



series 1

2012 September -13.7 -14.8 -32.4 -32.4 -3.2 -0.6 -14.1 -13.9 -11.6 -11.7October -15.6 -15.1 -36.2 -32.4 -3.0 0.0 -17.3 -15.6 -11.8 -11.7November -16.4 -15.4 -30.6 -32.5 2.3 1.1 -18.9 -17.1 -13.9 -11.6December -14.7 -15.8 -29.4 -32.9 4.4 2.5 -15.9 -18.1 -8.9 -11.2

2013 January -17.3 -16.3 -34.5 -33.6 4.0 3.5 -19.4 -18.6 -11.4 -10.6February -14.5 -16.5 -34.0 -33.9 -3.8 4.0 -18.8 -18.4 -9.2 -10.0March -18.4 -16.4 -33.0 -33.9 5.0 4.5 -19.7 -17.6 -15.8 -9.5April -16.9 -16.1 -36.9 -33.7 6.7 4.3 -16.0 -16.5 -8.3 -9.3May -15.2 -15.4 -37.8 -32.7 2.0 3.7 -12.0 -15.1 -8.9 -9.3June -15.6 -14.4 -32.3 -30.9 5.4 3.0 -14.7 -13.6 -10.0 -8.5July -13.8 -13.0 -28.4 -28.8 1.8 2.1 -14.5 -12.4 -10.7 -6.6August -9.8 -11.5 -25.0 -26.6 1.0 1.5 -10.3 -11.3 -3.0 -4.6September -8.9 -10.0 -23.3 -24.2 0.6 1.3 -9.9 -10.5 -1.6 -2.3October -10.4 -8.7 -25.3 -22.0 7.1 1.3 -10.4 -10.3 1.1 -0.5November -5.2 -7.9 -17.7 -20.1 -1.6 1.3 -9.4 -10.3 4.6 0.2December -7.7 -7.2 -18.0 -18.1 1.4 1.3 -10.7 -10.2 -0.8 0.5

2014 January -6.2 -6.8 -15.1 -16.7 1.5 1.4 -10.1 -10.2 1.8 0.5February -6.6 -6.6 -14.5 -16.3 1.4 1.4 -10.7 -10.0 0.1 0.0March -6.8 -6.8 -17.3 -16.2 -2.1 1.4 -9.0 -9.7 -2.9 -0.6April -6.3 -7.3 -14.4 -17.3 2.2 1.5 -8.9 -9.4 0.2 -1.5May -9.1 -8.0 -17.3 -19.4 3.2 1.5 -12.2 -9.0 -3.9 -2.5June -8.1 -23.5 -1.0 -8.7 -1.2July -9.8 -23.7 1.5 -8.0 -5.8August -9.6 -25.8 -1.0 -8.3 -5.5September -8.2 -20.9 1.9 -6.1 -3.9

Source: NBB

1 The smoothed series are based on the seasonally adjusted gross series.2 When synthetic curves are calculated, the sign of this indicator is reversed.

32

2.1.3.2 MANUFACTORING INDUSTRY: SECTORAL CURVES

2013 2014

September October November December January February March April May June July August September

Textile industrySeasonally adjusted series -10.6 -15.5 -11.4 -15.1 -10.1 -3.2 -8.5 -6.0 -14.1 -15.5 -16.8 -15.4 -15.0Seasonally adjusted and smoothed series 1 -15.0 -13.8 -12.7 -11.2 -10.0 -9.3 -9.4 -10.8 -12.5

Food industrySeasonally adjusted series 2.4 -1.4 -1.2 -4.3 0.7 0.4 -1.3 -0.3 0.4 -2.9 -1.3 -5.9 -11.6Seasonally adjusted and smoothed series 1 -1.3 -1.2 -1.2 -1.1 -0.8 -0.5 -0.4 -0.5 -1.0

Iron and steelSeasonally adjusted series -3.7 -12.0 -16.9 -19.8 -19.7 -25.4 -23.1Seasonally adjusted and smoothed series 1 -19.3 -18.0 -17.9

Non-ferrous industrySeasonally adjusted series -23.0 -9.8 -3.4 -13.9 -12.2 -1.2 13.1Seasonally adjusted and smoothed series 1 -25.9 -18.4 -12.3

Metal and electrotechnical industrySeasonally adjusted series -8.0 -5.3 -3.6 -3.5 -5.0 -5.2 -8.2 -8.2 -12.6 -9.5 -10.6 -13.2 -6.5Seasonally adjusted and smoothed series 1 -8.3 -6.6 -5.5 -5.1 -5.5 -6.3 -7.2 -8.5 -9.4

Manufacture of paper and paperboardSeasonally adjusted series -36.2 -42.0 -29.6 -28.1 -30.4 -21.9 -33.7 -29.5 -15.8 -24.1 -23.6 -23.2 -16.3Seasonally adjusted and smoothed series 1 -30.5 -30.2 -29.8 -29.8 -29.6 -28.8 -27.5 -26.0 -24.5

Graphics industrySeasonally adjusted series -31.8 -37.7 -26.1 -25.2 -17.3 -18.3 -23.0 -10.2 -18.8 -21.3 -17.8 -17.3 -22.5Seasonally adjusted and smoothed series 1 -34.0 -31.0 -28.0 -24.8 -22.2 -20.4 -19.1 -18.5 -18.5

Wood-processing industrySeasonally adjusted series -19.7 -21.0 -12.9 -12.1 -9.0 -8.7 -9.3 -15.6 -14.3 -16.1 -7.7 -12.9 -18.5Seasonally adjusted and smoothed series 1 -16.6 -15.1 -13.1 -11.4 -10.4 -10.2 -11.2 -12.4 -13.7

Building materialsSeasonally adjusted series -18.6 -24.0 -18.7 -12.1 -12.2 -0.6 -1.8 -1.2 -1.7 -6.9 -10.0 -6.7 -13.0Seasonally adjusted and smoothed series 1 -17.8 -17.8 -16.2 -13.3 -9.1 -5.6 -3.0 -2.4 -3.6

Plastics-processing and rubber industrySeasonally adjusted series -8.1 -5.1 -2.5 -3.9 -14.9 -8.2 -7.6 -8.5 -11.8 -16.0 -22.7 -21.8 -17.5Seasonally adjusted and smoothed series 1 -6.9 -6.0 -5.7 -6.1 -6.9 -7.8 -8.7 -10.2 -12.3

Chemical industrySeasonally adjusted series -2.1 -9.3 5.4 -0.5 0.9 0.0 2.3 1.3 2.2 1.9 -2.2 8.7 6.7Seasonally adjusted and smoothed series 1 -2.5 -1.6 -0.7 0.0 0.6 1.0 1.4 1.6 1.8

33

2.1.3.2 MANUFACTORING INDUSTRY: SECTORAL CURVES (CONTINUED)

20142013

SeptemberAugustJulyJuneMayAprilMarchFebruaryJanuaryDecemberNovemberOctoberSeptember

General curve of the manufacturing industrySeasonally adjusted series -8.9 -10.4 -5.2 -7.7 -6.2 -6.6 -6.8 -6.3 -9.1 -8.1 -9.8 -9.6 -8.2Seasonally adjusted and smoothed series 1 -10.0 -8.7 -7.9 -7.2 -6.8 -6.6 -6.8 -7.3 -8.0of which

Consumer goodsSeasonally adjusted series -7.4 -10.0 -6.9 -7.7 -2.8 -0.6 -3.4 -3.1 -4.9 -7.8 -8.2 -8.1 -13.3Seasonally adjusted and smoothed series 1 -7.4 -7.4 -6.8 -5.7 -4.7 -3.7 -3.4 -4.2 -5.4

Capital goodsSeasonally adjusted series -4.5 -2.2 -2.9 -3.0 -3.3 -8.1 -12.4 -8.6 -12.7 -9.5 -8.1 -13.5 -6.6Seasonally adjusted and smoothed series 1 -4.7 -3.7 -3.2 -3.7 -5.1 -6.6 -8.1 -9.1 -9.4

Intermediate goodsSeasonally adjusted series -12.0 -15.0 -7.5 -10.3 -10.3 -10.1 -6.2 -8.2 -8.5 -7.6 -11.9 -9.4 -7.4Seasonally adjusted and smoothed series 1 -13.8 -12.5 -11.3 -10.4 -10.0 -9.5 -9.0 -8.5 -8.3

Source: NBB

1 The smoothed series are based on the seasonally adjusted series.

34

2.1.4 BUILDING INDUSTRY2.1.4.1 STRUCTURAL BUILDING WORK: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the structural buildingwork

Components



Trend Appraisal ForecastSeasonally adjustedseries


series 1 Order book Equipment Order book appraisal Demandseries



series 1



series 1



series 1



series 1

2012 September -8.8 -11.1 3.1 -2.2 -2.2 -2.9 -21.4 -24.1 -14.9 -14.9October -11.3 -10.6 -1.8 -1.4 -1.2 -3.2 -27.0 -24.2 -15.2 -14.2November -12.4 -10.4 -3.8 -1.7 -3.8 -3.6 -26.8 -23.5 -15.2 -12.8December -8.0 -9.9 0.8 -2.5 -4.0 -4.1 -21.7 -22.1 -7.0 -11.4

2013 January -8.9 -9.8 -0.1 -3.8 -4.9 -4.5 -21.1 -21.1 -9.3 -10.0February -10.7 -9.8 -8.1 -5.2 -7.5 -4.8 -18.9 -20.4 -8.4 -9.4March -9.7 -9.6 -6.4 -5.8 -4.9 -4.8 -17.8 -19.9 -9.5 -9.6April -11.7 -9.4 -9.7 -5.3 -5.2 -4.6 -22.1 -19.6 -9.9 -9.7May -7.7 -9.1 -4.1 -4.1 0.0 -4.2 -16.7 -19.8 -9.9 -10.0June -8.0 -8.8 -0.5 -2.6 1.6 -3.8 -22.1 -20.2 -11.0 -10.3July -8.9 -8.7 -0.9 -1.4 -4.1 -3.7 -19.7 -20.6 -11.0 -10.6August -8.6 -8.8 -2.1 -0.5 -6.1 -3.7 -20.7 -20.8 -5.6 -11.3September -8.7 -9.1 0.2 -0.1 -2.3 -4.0 -21.4 -21.1 -11.4 -12.2October -10.3 -9.6 2.1 -0.5 -5.7 -4.4 -20.1 -21.4 -17.8 -13.1November -9.2 -10.1 2.2 -1.6 -3.2 -4.4 -22.1 -22.2 -13.7 -13.8December -13.5 -10.6 -4.5 -2.7 -4.5 -4.4 -25.5 -23.7 -19.5 -14.1

2014 January -14.3 -11.1 -7.9 -3.9 -4.6 -4.3 -30.3 -25.3 -14.4 -13.8February -10.9 -11.2 -4.5 -4.2 -3.3 -4.2 -22.0 -26.8 -13.6 -13.1March -10.7 -11.3 -1.6 -3.7 -4.2 -4.2 -28.3 -27.9 -8.8 -12.5April -11.6 -11.5 -2.4 -3.2 -4.2 -4.3 -28.3 -28.0 -11.5 -12.1May -14.6 -11.8 -5.4 -3.0 -5.5 -4.6 -35.2 -27.3 -12.3 -12.0June -10.5 -2.1 -5.2 -25.4 -9.4July -13.9 -9.4 -4.1 -26.0 -16.1August -12.1 -2.4 -7.2 -25.4 -13.4September -14.3 -13.7 -8.5 -22.3 -12.7

Source: NBB

1 The smoothed series are based on the seasonally adjusted gross series.

35

2.1.4.2 BUILDING INDUSTRY: SECTORAL CURVES

Structural building work Construction installation Building completion and finishing Roofing activities Civil engineering and roadworks

with Seasonallyadj sted series

Seasonallyadj sted and

Seasonallyadj sted series






Construction of residential buildings Construction of non-residentialbuildings

Seasonallyadjusted series

Seasonallyadjusted and

smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1

2012 September -11.5 -13.9 -6.2 -8.4 -13.6 -12.0 -15.2 -15.8 1.9 1.1 -2 -3.0October -13.5 -13.6 -8.9 -7.9 -14.6 -12.9 -16.6 -16.7 1.8 -0.1 -2 -3.6November -14.1 -13.7 -11.2 -7.3 -13.2 -13.3 -19.1 -17.6 -6.5 -2.3 -5 -5.0December -14.2 -13.6 -2.5 -6.6 -10.8 -13.5 -18.3 -18.3 -1.5 -4.9 -8 -6.5

2013 January -12.0 -13.4 -6.1 -6.3 -15.2 -14.1 -18.7 -18.6 -14.8 -7.2 -7 -7.7February -12.6 -13.2 -6.8 -6.2 -10.7 -15.1 -20.6 -18.4 -8.1 -8.4 -9 -8.4March -15.3 -12.9 -4.0 -6.2 -16.1 -16.6 -17.2 -17.8 -15.9 -8.6 -9 -8.8April -12.9 -12.4 -9.4 -6.2 -23.9 -17.9 -15.2 -17.0 -9.1 -7.8 -15 -8.9May -7.4 -11.8 -6.1 -6.2 -21.8 -18.7 -19.2 -16.1 -0.8 -6.1 -3 -9.1June -9.7 -11.3 -6.3 -6.3 -19.1 -18.6 -15.5 -15.3 -8.0 -5.3 -9 -9.2July -13.6 -11.1 -3.7 -6.3 -18.6 -17.9 -14.7 -14.5 -2.6 -5.3 -9 -10.0August -10.2 -11.4 -8.0 -6.3 -13.9 -16.9 -12.5 -13.8 -1.7 -6.1 -6 -11.7September -11.2 -12.4 -6.4 -6.3 -16.2 -15.5 -14.3 -13.1 -10.5 -7.6 -15 -13.7October -17.2 -13.7 -3.4 -6.5 -9.1 -14.1 -11.4 -12.3 -13.9 -8.4 -18 -15.7November -12.6 -14.6 -6.2 -7.2 -17.0 -12.9 -10.2 -11.7 -8.4 -8.5 -18 -16.9December -16.1 -15.2 -12.0 -8.5 -12.3 -11.9 -12.4 -10.8 -8.5 -8.5 -17 -16.8

2014 January -18.2 -15.3 -11.3 -9.9 -11.4 -11.5 -11.6 -9.6 -5.6 -8.3 -9 -16.2February -14.8 -14.6 -7.2 -11.3 -10.7 -11.9 -5.9 -8.6 -9.7 -8.2 -17 -15.8March -9.9 -13.7 -12.1 -12.2 -10.1 -13.0 -7.5 -8.3 -7.4 -8.2 -14 -16.1April -8.6 -13.1 -14.3 -12.9 -15.7 -14.1 -7.4 -9.1 -8.3 -8.3 -14 -17.0May -14.6 -13.0 -16.6 -13.5 -16.7 -15.0 -11.9 -10.2 -7.9 -8.5 -19 -18.5June -11.9 -9.5 -20.3 -15.5 -9.0 -22July -13.6 -14.8 -14.4 -15.3 -16.5 -23August -15.5 -10.4 -12.0 -10.1 -14.6 -16September -14.6 -14.4 -14.1 -8.8 -5.5 -22

Source: NBB


36

2.1.5 BUSINESS-RELATED SERVICES2.1.5.1 BUSINESS-RELATED SERVICES: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the business-related services Components


Seasonally adjusted andsmoothed series 1

Appraisal ForecastsSeasonally adjustedseries


Activity’s development Activity for the company General market demand







2012 September -4.4 -2.7 -16.1 -15.6 6.1 9.6 -3.2 -2.2October -6.0 -2.5 -21.5 -14.7 8.5 9.9 -4.9 -2.9November -1.4 -2.2 -12.4 -13.7 10.4 10.6 -2.3 -3.5December -2.7 -2.1 -11.8 -12.9 10.6 11.2 -7.0 -3.8

2013 January -0.4 -2.0 -10.0 -13.2 12.7 12.1 -3.8 -3.8February 4.2 -2.1 -12.8 -15.1 17.8 13.0 7.7 -3.5March -5.4 -2.8 -23.5 -17.5 15.3 13.4 -8.1 -3.0April -5.9 -3.3 -22.6 -19.8 8.3 12.9 -3.4 -2.2May -1.9 -3.3 -18.2 -20.9 14.2 12.2 -1.8 -0.8June -3.1 -3.1 -21.4 -20.5 12.1 11.7 -0.1 1.2July -5.1 -1.5 -28.8 -18.8 9.3 11.8 4.1 3.5August -1.1 1.0 -18.0 -16.4 8.0 13.1 6.7 6.2September 5.5 3.1 -12.8 -14.0 16.5 14.5 12.7 8.5October 7.3 5.1 -11.4 -11.5 19.0 15.7 14.4 9.9November 6.0 6.1 -5.1 -9.2 15.1 16.5 8.2 10.9December 6.5 6.6 -9.1 -7.4 17.4 16.5 11.3 11.6

2014 January 4.0 7.3 -7.4 -5.8 12.4 16.4 7.0 12.4February 13.0 8.0 -0.6 -4.3 24.7 16.1 14.7 13.2March 9.0 8.6 -4.8 -3.4 16.1 15.9 15.7 14.0April 8.6 8.9 -2.4 -2.9 14.3 15.8 13.9 14.2May 10.8 8.8 -2.2 -2.7 15.4 16.1 19.3 13.8June 5.7 -9.6 19.3 7.5July 10.5 -3.2 21.1 13.5August 8.0 0.7 11.9 11.4September 5.2 -13.5 18.5 10.5

Source: NBB


37

2.1.5.2 BUSINESS-RELATED SERVICES: SECTORAL CURVES

Business-related services

Transport and support activities Rental activities Computer activities Other business-related services









2012 September -13.5 -8.7 18.7 18.6 -5.2 -1.4 -1.6 -2.6October -11.4 -10.5 18.5 18.2 -1.2 -0.1 -5.8 -3.0November -13.5 -10.8 12.4 17.1 -0.8 1.6 -3.4 -3.3December -10.6 -9.3 21.8 15.7 5.5 3.1 -5.4 -3.7

2013 January -8.2 -7.0 16.1 14.5 6.7 4.7 -2.8 -4.4February -2.4 -4.9 12.5 13.5 14.4 5.2 0.4 -5.3March -2.3 -3.8 10.8 13.6 -8.8 3.6 -7.2 -6.3April 2.3 -4.2 13.4 14.4 -9.8 1.5 -9.1 -6.7May -7.3 -5.4 18.7 15.2 5.7 0.3 -7.4 -6.5June -13.4 -6.2 16.0 16.0 3.2 0.0 -5.0 -5.4July -10.9 -5.6 16.5 16.4 -5.0 1.1 -5.3 -3.6August -3.7 -3.2 16.5 16.5 -1.6 3.9 -0.6 -1.9September -1.4 0.2 25.7 17.6 12.2 6.7 0.5 -0.5October 6.4 3.2 16.0 18.8 16.1 9.5 5.0 0.6November 9.6 5.5 9.1 19.3 3.9 12.7 2.5 1.3December 7.3 6.3 37.0 20.8 17.1 15.0 -2.7 1.9

2014 January 2.4 5.6 28.3 21.5 11.5 16.6 -1.8 2.7February 6.6 4.5 16.6 21.7 29.2 18.1 4.3 3.4March 4.9 3.4 20.4 22.2 21.5 18.9 3.3 3.8April 1.6 2.5 24.3 21.8 17.2 19.6 6.1 4.1May 2.0 2.3 23.8 20.9 20.0 20.0 10.1 4.1June -1.6 14.5 16.4 4.0July 7.5 20.4 26.3 2.0August 7.7 20.8 23.5 -0.8September 3.8 19.7 2.3 3.7

Source: NBB


38

2.1.6 TRADE2.1.6.1 TRADE: SYNTHETIC CURVE AND ITS COMPONENTS

Synthetic curve for the trade Components



ForecastSeasonally adjustedseries


Employment Demand Orders







2012 September -13.9 -13.6 -2.4 -2.3 -20.0 -19.7 -19.3 -20.2October -15.6 -13.7 -2.3 -2.2 -24.5 -19.1 -20.1 -20.4November -13.4 -13.6 0.0 -2.1 -17.5 -18.4 -22.8 -20.8December -13.3 -13.4 -1.9 -2.0 -17.6 -17.8 -20.5 -21.4

2013 January -10.3 -13.6 -2.1 -2.0 -5.8 -17.9 -22.9 -22.1February -11.5 -14.6 -0.3 -2.1 -16.8 -19.0 -17.4 -23.4March -15.7 -15.9 -2.1 -2.6 -20.9 -20.3 -24.0 -24.7April -19.8 -17.3 -3.0 -3.2 -29.3 -21.6 -27.0 -25.8May -21.0 -18.1 -6.9 -3.8 -28.2 -22.0 -28.0 -26.3June -18.7 -17.7 -4.5 -4.2 -22.7 -20.8 -28.9 -26.0July -17.1 -16.0 -7.3 -4.2 -19.2 -18.2 -24.7 -24.6August -14.1 -13.7 -3.8 -4.0 -14.9 -15.0 -23.5 -22.2September -9.9 -11.4 -1.7 -3.6 -8.6 -12.0 -19.3 -19.2October -8.9 -9.4 -1.6 -3.0 -9.6 -9.4 -15.5 -15.9November -8.8 -7.3 -4.5 -2.3 -9.6 -6.4 -12.2 -12.8December -6.3 -5.2 -3.8 -1.3 -5.1 -2.7 -10.0 -10.4

2014 January -0.3 -3.2 0.4 -0.6 5.1 0.8 -6.3 -8.9February -0.8 -1.6 0.3 0.0 5.0 3.8 -7.7 -8.3March 4.1 -1.4 -0.2 0.5 16.7 3.9 -4.3 -8.6April -1.3 -2.5 1.0 0.8 5.0 1.4 -9.8 -9.4May -6.6 -4.2 1.9 0.7 -6.1 -2.6 -15.6 -10.7June -4.3 2.1 -4.0 -10.8July -13.2 -4.3 -16.8 -18.6August -8.9 -0.8 -16.4 -9.6September -10.8 -1.8 -15.8 -14.9

Source: NBB


39

2.1.6.2 TRADE: SECTORAL CURVES

Trade

Sale of motor vehicles Sale of food Sale of footwear Sale of furniture Sale of textiles Sale of electrical and electronicalappliances



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1

2012 September -48.4 -38.5 5.4 -0.5 -13.2 -9.9 7.9 -4.8 -14.5 -13.7 -37.1 -35.0October -37.9 -36.9 -1.4 -1.5 -0.3 -7.5 -18.3 -9.4 -15.2 -12.1 -45.2 -37.8November -38.2 -34.2 -3.8 -2.3 -5.2 -5.2 -15.3 -13.0 -8.1 -10.5 -21.7 -40.6December -27.1 -31.5 -6.4 -2.9 -2.8 -4.3 -13.1 -14.6 -3.9 -9.1 -44.9 -43.0

2013 January -27.8 -28.4 4.8 -4.2 -3.3 -5.0 -12.5 -15.4 -5.2 -9.4 -43.4 -43.8February -23.0 -26.1 4.7 -6.1 -5.9 -6.8 -24.5 -15.9 -9.7 -11.2 -49.3 -44.3March -30.1 -25.1 -9.0 -7.7 -7.8 -9.3 -16.2 -16.1 -15.7 -13.2 -38.1 -45.6April -17.5 -23.3 -14.7 -8.3 -22.8 -11.7 -22.8 -16.3 -20.2 -15.2 -40.4 -47.0May -23.7 -21.0 -10.0 -7.3 -13.5 -13.5 -14.6 -16.2 -15.0 -16.1 -68.7 -48.4June -39.5 -18.8 -0.8 -5.4 -19.9 -14.1 -6.6 -14.8 -16.9 -15.7 -58.1 -49.0July -7.9 -16.3 -1.6 -3.6 -15.0 -12.9 -26.6 -12.3 -21.6 -14.5 -49.0 -47.4August -14.8 -14.6 -5.6 -2.6 -12.3 -10.5 -16.9 -9.0 -10.8 -12.6 -48.2 -43.9September 2.2 -14.0 -0.3 -2.8 -6.2 -7.6 -6.2 -4.7 -12.1 -10.4 -32.8 -39.7October -22.7 -13.5 -7.1 -3.3 -0.5 -4.5 -0.8 -0.1 -3.0 -8.2 -37.4 -34.5November -12.7 -12.1 -1.0 -3.4 -0.5 -1.9 4.3 4.6 -7.8 -5.8 -31.7 -29.9December -15.9 -9.7 -8.4 -2.8 -5.1 0.4 13.7 8.9 -6.5 -3.5 -13.1 -27.3

2014 January 12.4 -7.3 -3.3 -1.8 3.5 2.0 11.0 11.8 -1.2 -1.5 -8.6 -26.3February -4.1 -6.2 -1.1 -0.8 4.3 2.9 19.3 13.1 0.8 0.4 -24.4 -27.3March 11.7 -7.3 1.9 -0.1 5.7 3.1 18.4 11.8 7.2 2.2 -32.3 -29.5April -12.6 -10.3 0.5 0.3 2.8 2.4 12.9 8.8 7.4 3.0 -43.6 -31.7May -23.8 -14.7 1.0 0.3 1.5 -0.2 1.2 5.4 0.9 2.6 -33.4 -33.1June -12.9 -0.9 -17.8 -1.6 5.2 -19.1July -53.4 -3.0 -14.5 1.9 -3.2 -42.9August -19.3 0.1 0.0 -15.6 -3.4 -33.6September -26.5 0.4 -13.6 -8.1 -2.3 -42.6

Source: NBB


40

2.2 MONTHLY BUSINESS SURVEYS: REGIONAL RESULTS2.2.1 OVERALL SYNTHETIC CURVE BY REGION

Regional curves

Flemish region Walloon region Brussels-Capital region



smoothed series 1



smoothed series 1



smoothed series 1

2013 September -10.1 -10.3 -16.9 -15.1 -12.2 -12.5October -8.9 -9.1 -14.3 -14.3 -12.0 -11.3November -7.2 -8.3 -12.6 -13.6 -9.4 -10.3December -8.0 -7.8 -14.0 -13.3 -8.7 -9.4

2014 January -7.4 -7.6 -13.2 -13.1 -3.7 -8.6February -6.6 -7.7 -9.2 -13.1 -10.0 -8.5March -7.7 -8.1 -10.3 -13.5 -7.1 -8.9April -8.8 -8.5 -14.4 -13.8 -7.8 -9.7May -9.1 -8.9 -14.0 -14.2 -11.0 -10.8June -9.7 -14.9 -13.3July -9.1 -16.6 -12.0August -9.8 -14.6 -15.0September -11.4 -15.7 -12.8

Source: NBB

N.B.: For the Brussels-Capital region only the overall synthetic curve is published at present.


CHART 6 OVERALL SYNTHETIC CURVE BY REGION(manufacturing industry, building industry, business-related services and trade)

Source: NBB

41

2.2.1.1 GLOBAL SYNTHETIC CURVE AND UNDERLYING CURVES: FLEMISH REGION

Global curve Curves by sector of activity







series 1



series 1



series 1



series 1

2013 Sep. -10.1 -10.3 -10.7 -11.4 -11.4 -11.1 -1.7 -0.7 -22.9 -23.4Oct. -8.9 -9.1 -10.9 -10.3 -11.0 -11.0 5.0 1.7 -19.2 -21.7Nov. -7.2 -8.3 -8.0 -9.4 -10.9 -11.1 4.8 3.5 -21.4 -20.2Dec. -8.0 -7.8 -9.6 -8.7 -9.2 -11.5 4.2 4.0 -20.2 -19.1

2014 Jan. -7.4 -7.6 -7.7 -8.2 -12.8 -11.9 2.2 3.5 -16.1 -18.3Feb. -6.6 -7.7 -7.0 -8.2 -11.9 -12.4 4.3 3.0 -17.5 -17.7March -7.7 -8.1 -8.1 -8.5 -13.0 -12.8 2.2 2.4 -16.2 -17.6April -8.8 -8.5 -9.3 -9.1 -13.9 -12.8 1.3 1.9 -17.5 -18.0May -9.1 -8.9 -9.6 -9.7 -15.1 -12.6 2.6 1.5 -19.3 -18.5June -9.7 -11.5 -9.4 0.5 -18.5July -9.1 -10.6 -9.1 1.2 -20.8Aug. -9.8 -10.5 -12.1 -1.0 -20.9Sep. -11.4 -12.8 -12.2 -1.6 -19.6

Source: NBB


2.2.1.2 GLOBAL SYNTHETIC CURVE AND UNDERLYING CURVES: WALLOON REGION

Global curve Curves by sector of activity







series 1



series 1



series 1



series 1

2013 Sep. -16.9 -15.1 -18.8 -16.0 -14.1 -13.0 -10.8 -9.9 -18.1 -19.0Oct. -14.3 -14.3 -15.0 -15.0 -16.5 -14.5 -8.1 -7.4 -16.8 -16.8Nov. -12.6 -13.6 -14.4 -14.4 -13.8 -15.6 -3.0 -5.3 -14.9 -15.0Dec. -14.0 -13.3 -14.1 -14.3 -24.5 -16.7 -3.1 -3.7 -13.5 -13.3

2014 Jan. -13.2 -13.1 -14.4 -14.0 -19.7 -17.8 -1.7 -3.3 -11.7 -11.7Feb. -9.2 -13.1 -9.2 -13.6 -16.5 -18.8 -1.8 -4.1 -8.3 -10.6March -10.3 -13.5 -10.5 -13.4 -16.8 -20.4 -5.5 -5.0 -3.8 -9.8April -14.4 -13.8 -14.6 -13.4 -21.2 -22.1 -8.0 -6.0 -9.5 -10.3May -14.0 -14.2 -12.7 -13.7 -28.2 -23.7 -6.6 -6.7 -9.6 -11.9June -14.9 -13.7 -24.9 -9.4 -16.4July -16.6 -15.7 -30.1 -7.0 -15.7Aug. -14.6 -14.9 -21.5 -5.9 -15.7Sep. -15.7 -14.9 -28.0 -8.4 -10.9

Source: NBB


42

2.3 MONTHLY CONSUMER SURVEY: NATIONAL RESULTS

2.3.1 CONSUMER CONFIDENCE INDICATOR SURVEY AND COMMENT

CHART 7 CONSUMER CONFIDENCE INDICATOR

Source: NBB

Consumer confidence weakens a little further in August

The consumer confidence indicator weakened a bit more in August and has thus dropped back to its lowest level fortwelve months.

Consumers’ expectations about macroeconomic developments in Belgium showed a contrasting picture. On theone hand, future prospects regarding the economic situation darkened considerably for the second month in a row.On the other hand, after a big surge of pessimism in the previous month, fears of a rise in unemployment easedsharply in August.

On a personal level, households see a worsening of their financial situation looming on the horizon, which would beaccompanied by a sharp decline in saving capacity.

43

2.3.2 CONSUMER CONFIDENCE INDICATOR AND COMPONENTS

Consumer confidence indicator ComponentsConsumer confidence indicator

Forecasts economic situation in Belgium Forecasts unemployment in Belgium Forecasts financial situation ofhouseholds

Forecasts of saving capacity ofhouseholds

2012 September -14 -11 40 -3 -1October -17 -16 50 -3 3November -24 -28 62 -5 -2December -25 -27 57 -5 -10

2013 January -23 -23 59 -3 -7February -17 -10 52 -3 -4March -24 -22 63 -3 -7April -20 -15 56 -4 -4May -19 -14 55 -2 -3June -18 -12 54 -4 -1July -16 -10 48 -5 -2August -12 1 39 -4 -7September -7 9 40 1 3October -6 7 38 3 3November -6 9 34 2 1December -5 7 32 3 2

2014 January -4 12 32 2 3February -4 10 30 4 1March -8 7 35 0 -3April -9 4 35 -1 -3May -6 5 30 1 -2June -7 5 30 1 -3July -10 -1 40 2 1August -11 -5 32 -1 -6September -11 -6 33 0 -4

Source: NBB

44

2.3.2.1 COMPONENTS OF CONSUMER CONFIDENCE

CHART 8 GENERAL ECONOMIC SITUATION IN BELGIUM(expectations for the next twelve months)

Source: NBB

CHART 10 FINANCIAL SITUATION OF HOUSEHOLDS(expectations for the next twelve months)

Source: NBB

CHART 9 UNEMPLOYMENT IN BELGIUM(expectations for the next twelve months)

Source: NBB

CHART 11 SAVING CAPACITY OF HOUSEHOLDS(expectations for the next twelve months)

Source: NBB

45

2.4 MONTHLY CONSUMER SURVEY: REGIONAL RESULTS2.4.1 CONSUMER CONFIDENCE INDICATOR BY REGION

Flemish region Walloon region Brussels-Capital region

2012 November -19 -29 -26December -21 -26 -24

2013 January -22 -23 -19February -13 -23 -18March -21 -27 -24April -17 -27 -20May -15 -27 -19June -14 -26 -22July -11 -23 -22August -8 -21 -16September -3 -15 -11October -2 -16 -10November -1 -13 -7December 1 -11 -9

2014 January 1 -11 -6February 0 -11 -9March -5 -11 -8April -6 -15 -11May -1 -14 -13June -3 -15 -5July -4 -17 -8August -7 -17 -13September -8 -18 -12

Source: NBB

CHART 12 CONSUMER CONFIDENCE INDICATOR BY REGION

Source: NBB

46

2.5 QUARTERLY SURVEY2.5.1 DEGREE OF UTILISATION OF INSTALLED PRODUCTION CAPACITY BY SECTOR: NATIONAL RESULTS

2012 2013 2014

July October January April July October January April July

Textile industry 66.9 69.3 68.5 69.1 67.7 66.4 69.0 72.8 69.3Food industry 72.8 74.9 75.0 72.7 74.8 74.9 77.8 77.0 74.2Iron and steel industry 77.9 68.6 72.8 79.9 80.7 75.0 85.3 80.5 85.0Non-ferrous industry 81.9 80.4 77.6 84.3 80.1 70.9 82.3 87.9 83.9Metal and electrotechnical industry 79.0 77.3 75.2 75.1 76.3 79.0 80.1 79.5 79.5Paper and paperboard industry 82.9 82.4 82.9 82.9 83.7 84.8 81.9 83.5 83.5Graphics industry 80.4 79.9 72.0 82.9 80.8 77.2 78.4 78.7 79.4Wood-processing industry 73.6 71.3 70.6 71.2 75.7 74.4 72.3 75.7 76.5Production of building materials 82.7 81.0 80.3 72.3 78.3 83.0 78.5 84.7 83.8Plastic and rubber industry 80.4 80.6 78.6 76.4 74.0 75.9 78.1 78.2 75.2Chemical industry 78.8 77.2 79.5 77.3 77.2 81.5 81.5 80.8 83.7Total of all industries 77.3 75.9 75.6 75.2 76.1 77.1 79.0 79.1 79.0of which:

Production of consumer goods 74.1 75.5 71.9 74.6 76.1 75.6 76.7 78.0 76.5Production of capital goods 78.2 76.0 77.3 75.5 76.7 79.4 77.9 79.4 78.5Production of intermediate goods 79.3 76.0 77.5 76.0 75.8 77.3 80.8 79.8 81.0

Source: NBB

N.B.: As percentages of total production capacities. Seasonally adjusted series.

2.5.2 DEGREE OF UTILISATION OF INSTALLED PRODUCTION CAPACITY BY REGION

2012 2013 2014

July October January April July October January April July

Flemish regionTotal of all industries (excluding food industry) 76.4 75.9 73.7 74.5 74.7 76.2 76.8 78.2 80.0of which:


Walloon regionTotal of all industries (excluding food industry) 78.3 72.9 75.8 74.5 74.7 76.8 80.5 78.5 80.0of which:


Source: NBB

N.B.: As percentages of total production capacities. Seasonally adjusted series.

47

2.6 BI-ANNUAL SURVEY2.6.1 FIXED CAPITAL INVESTMENT IN MANUFACTURING INDUSTRY

Fixed capital investment in manufacturing industry

Successive forecasts in the NBB’s ”investment” survey Realizations

In the autumn of theprevious year

In the spring of thecurrent year

In the autumn of thecurrent year

NBB’s ”investments”survey 1

Investments according toVAT statistics.

2002 0.5 -3.8 -14.0 -13.0 -6.52003 6.5 5.1 -7.3 -4.2 -5.02004 -4.6 1.5 -13.1 -9.9 -5.82005 21.9 7.8 -6.7 -1.7 2.22006 21.6 16.1 3.2 3.3 5.32007 19.6 18.4 13.1 12.1 16.62008 7.2 12.0 -3.1 1.1 -3.82009 3.0 -11.8 -22.4 -20.4 -22.62010 11.2 11.2 6.4 0.8 -6.02011 17.2 20.1 7.5 10.1 14.22012 24.6 16.8 1.2 3.72013 19.2 15.1 -2.0p 2 -1.9e

2014 9.2e 2 21.0p

Source: NBB

N.B.: Percentage changes in the data at current prices compared with the previous year.

1 Results of the following year’s spring survey.2 e: forecast, p: provisional

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIst year, tome I, number 6, June 1986: ”Formation brute de capital fixe dans l’industriemanufacturière en Belgique: tour d’horizon des sources statistiques disponibles et apport spécifique de l’enquête semestrielle de la Banque Nationale de Belgique”.

CHART 13 PRODUCTION CAPACITY AND INVESTMENT IN MANUFACTURING INDUSTRY

Source: NBB

3. Employment, unemployment

50

3.1 LABOUR MARKET

(thousands of units, annual averages)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Population of working age 1 6,835 6,879 6,942 7,012 7,074 7,124 7,180 7,225 7,254e

Labour force 2 4,852 4,933 4,975 4,992 5,044 5,086 5,129 5,171 5,196 5,211

EmploymentNational employment 3 4,275 4,337 4,387 4,460 4,539 4,531 4,562 4,625 4,636 4,627Frontier workers (balance) 71 73 76 77 78 78 79 79 81 81Domestic employment 4,204 4,264 4,311 4,383 4,461 4,453 4,483 4,546 4,555 4,546

Self-employed persons 692 695 699 706 716 720 726 736 745 752Employees 3,512 3,569 3,612 3,677 3,746 3,732 3,756 3,810 3,811 3,794

Breakdown by branches of activityAgriculture, forestry and fishing 18 18 17 17 18 19 20 20 20 20Industry and energy 621 616 612 611 611 585 566 564 558 546Construction 189 192 201 208 213 215 216 219 219 214Services 2,685 2,744 2,783 2,842 2,904 2,914 2,955 3,007 3,014 3,015

Wholesale and retail trade, transport, accomodation and food service acti-vities 808 821 825 841 853 847 849 857 855 847Information and communication 88 90 92 95 97 97 95 95 95 95Financial and insurance activities 132 132 133 134 131 130 128 129 129 132Real estate activities 18 19 17 17 18 19 19 20 20 20Professional, scientific and technical activities; administrative and supportservice activities 357 373 394 419 446 437 459 479 482 481Public administration, defence and education 745 759 764 771 781 795 802 806 805 804Human health and social work activities 379 391 402 413 425 439 458 475 485 493Arts, entertainment and recreation; other service activities 158 159 156 152 153 150 145 146 143 143

Total 3,512 3,569 3,612 3,677 3,746 3,732 3,756 3,810 3,811 3,794

Unemployment 4 5 577 596 588 532 505 555 567 546 560 584

Sources: FPS ELSD, NAI, NEO, NBB

1 Men and women aged 15 to 64.2 Sum of national employment and unemployment.3 Domestic employment plus balance of incoming and outgoing frontier-zone workers.4 Unemployed job-seekers, consisting of wholly unemployed persons receiving benefit excluding older unemployed persons and other compulsorily or voluntarily registered job-seekers.5 Official unemployment statistic taking account of the changes made by FOREM, from November 2001 onwards, in the method of recording job-seekers, in order to bring it into line with that followed by the VDAB.

51

3.2 UNEMPLOYMENT

Unemployed job-seekers 1 2 Adjusted harmonised unemployment rate (Eurostat definition), seasonally ad-justed data

of which: Total 1 2 Men Women Total

men women young workers during theprofessional insertion pe-

riod

aged under 25 inactivity duration of 2years and more

Total Men Women Total

2004 271,250 305,363 52,022 136,956 576,612 7.5 9.5 8.42005 279,551 316,846 51,527 133,350 596,397 7.6 9.5 8.52006 278,778 309,483 43,584 126,375 225,847 588,261 7.4 9.3 8.32007 253,214 279,245 39,100 110,476 215,506 532,459 6.7 8.5 7.52008 242,542 262,323 36,924 103,222 197,350 504,865 6.5 7.6 7.02009 281,133 273,396 40,766 116,832 192,794 554,529 7.8 8.1 7.92010 290,200 276,992 41,644 116,752 196,080 567,192 8.1 8.5 8.32011 277,630 268,843 39,217 108,332 196,890 546,473 7.1 7.2 7.22012 289,492 270,875 45,430 113,808 197,004 560,367 7.7 7.4 7.62013 306,752 277,550 46,791 118,487 198,313 584,302 8.7 8.2 8.42012 III 297,945 290,132 56,844 129,628 198,857 588,078 7.5 7.6 7.6

IV 296,407 270,136 47,777 119,272 196,199 566,542 8.9 7.6 8.32013 I 303,411 268,378 42,238 114,990 195,604 571,789 8.6 8.0 8.3

II 293,698 261,383 37,394 104,090 194,597 555,081 8.6 8.3 8.4III 316,474 298,762 58,541 133,895 201,674 615,236 8.7 8.2 8.5IV 313,426 281,675 48,991 120,970 201,376 595,101 8.7 8.2 8.5

2014 I 321,794 281,206 43,519 115,308 205,185 603,000 9.0 7.7 8.4II 303,800 268,694 36,725 99,869 203,367 572,494 9.0 7.9 8.5III 321,224 300,073 59,326 128,056 210,703 621,297

2013 September 317,706 295,442 60,301 136,971 202,446 613,148 8.8 8.2 8.5October 313,312 285,466 52,786 126,292 201,096 598,778 8.7 8.3 8.5November 311,048 279,575 47,721 119,260 200,916 590,623 8.7 8.3 8.5December 315,917 279,985 46,465 117,359 202,116 595,902 8.8 8.1 8.5

2014 January 326,174 286,012 45,544 119,818 206,176 612,186 9.0 7.9 8.5February 322,116 281,337 44,063 116,059 204,965 603,453 9.0 7.6 8.4March 317,092 276,270 40,951 110,046 204,413 593,362 9.1 7.6 8.4April 310,468 271,472 38,040 104,100 203,701 581,940 9.0 7.8 8.5May 302,438 265,637 35,006 97,981 203,020 568,075 9.0 7.9 8.5June 298,493 268,974 37,128 97,527 203,380 567,467 9.0 7.9 8.5July 320,124 299,299 55,841 123,700 209,675 619,423 9.1 7.9 8.5August 321,873 305,452 60,183 129,678 211,301 627,325 8.5September 321,676 295,468 61,955 130,790 211,134 617,144

Sources: EUROSTAT, NEO Calculations: NBB

1 Annual or quarterly data: average of end-of-month data; monthly data: end-of-month data.2 The supression of the unemployment control at the end of 2005 makes difficult the comparison of the series before and after 2006.

4. Industry

54

4.1 INDUSTRIAL PRODUCTION (NACE REV.2)

(gross indices year 2010 = 100)

Total industry Industrial groupings by destination of goods

Total Total industry excluding construction Construction Intermediary goods Energy Investment goods Consumer goodsTotal

Total Mining and quar-rying

Manufacturing in-dustry

Electricity, gas andwater supply

Construction Intermediary goods Energy Investment goods

Total Durable consumergoods

Non-durable con-sumer goods

2012 July 96.9 94.4 79.1 96.9 78.4 62.7 95.0 83.7 86.5 103.9 92.4 104.8Aug. 97.3 94.5 94.7 97.3 74.7 110.0 92.2 80.7 95.0 104.6 95.3 105.3Sep. 106.7 102.4 99.3 106.7 74.5 114.7 100.2 79.6 113.1 112.0 122.9 111.1Oct. 110.8 105.4 111.6 110.8 70.7 124.4 107.2 77.2 115.4 114.0 119.1 113.7Nov. 104.2 101.2 96.2 104.2 82.0 111.8 98.2 85.8 109.0 108.8 116.9 108.2Dec. 100.5 99.5 67.4 100.5 93.4 77.0 81.2 94.7 122.4 110.5 106.0 110.9

2013 Jan. 96.6 96.6 66.8 96.6 94.8 84.1 94.2 94.7 95.1 100.3 93.7 100.8Feb. 95.0 94.2 78.8 95.0 87.5 96.5 92.8 89.5 96.0 96.5 103.9 96.0March 107.2 105.3 86.3 107.2 92.4 106.7 97.7 94.7 111.5 116.7 111.2 117.0April 106.4 102.0 95.3 106.4 75.0 107.9 100.7 81.6 106.2 113.1 110.8 113.2May 105.1 100.6 101.9 105.1 72.1 107.5 99.0 80.6 110.2 108.7 105.9 108.9June 109.8 105.3 101.1 109.8 78.1 114.2 101.5 84.9 116.1 115.7 107.7 116.2July 103.0 100.3 84.0 103.0 82.8 66.6 93.0 88.8 100.8 115.2 85.2 117.3Aug. 92.7 90.9 90.2 92.7 77.3 97.9 86.5 83.0 84.7 103.7 81.5 105.3Sep. 109.3 104.6 94.6 109.3 76.1 117.8 100.7 81.5 119.2 114.7 104.5 115.4Oct. 115.2 111.4 104.1 115.2 87.7 123.8 105.7 90.9 122.4 123.8 108.9 124.8Nov. 105.6 104.2 85.9 105.6 95.3 103.3 93.6 96.9 111.3 116.6 103.0 117.6Dec. 101.9 101.9 72.9 101.9 101.4 84.2 79.9 101.9 125.5 114.3 102.4 115.1

2014 Jan. 100.4 101.1 79.2 100.4 103.4 103.6 95.8 102.2 105.1 102.7 90.2 103.6Feb. 103.3 102.3 80.8 103.3 96.0 103.6 93.1 96.9 108.6 112.4 100.7 113.2March 111.3 109.6 87.1 111.3 99.6 112.2 100.7 100.7 117.3 120.7 108.2 121.6April 109.7 104.4 95.4 109.7 71.8 102.7 100.1 80.4 111.8 119.9 97.3 121.7May 106.5 101.9 88.8 106.5 73.4 100.8 93.7 82.4 113.7 116.9 93.4 118.7June 114.0 107.3 90.9 114.0 67.6 109.9 98.8 77.8 117.9 130.2 99.9 132.6July 102.1 97.1 76.8 102.1 66.2 65.1 94.4 76.8 100.0 110.6 82.3 112.8

Source: GDSEI

N.B.: Provisional data for the last six months.

55

4.2 MANUFACTURED PRODUCTION: BREAKDOWN BY INDUSTRIAL SECTOR (NACE REV.2)

(gross indices year 2010 = 100)

Manufacture of

foodpro-

ducts

Manufacture ofbever-ages

Manufacture oftobacco

pro-ducts

Manufacture oftextiles

Manufacture ofwearingapparel

Manufacture ofleatherand re-latedpro-

ducts

Manufacture ofwoodand ofprod-

ucts ofwoodandcork,

exceptfurni-ture;

manufacture ofarticlesof straw

andplaitingmate-rials

Manufacture ofpaper

and pa-per pro-ducts

Printingand re-produc-tion of

re-cordedmedia

Manufacture of

cokeand re-finedpetro-leumpro-

ducts

Manufacture ofchemi-

calsand

chemi-cal pro-ducts

Manufacture ofbasicphar-

maceu-ticalprod-uctsand

phar-maceu-

ticalprepa-rations

Manufacture ofrubber

andplastic

pro-ducts

Manufacture of

othernon-

metallicmineral

pro-ducts

Manufacture ofbasic

metals

Manufacture of

fabri-catedmetalprod-ucts,

exceptmachin-ery andequip-ment

Manufacture ofcomput-er, elec-

tronicand op-

ticalpro-

ducts

Manufacture ofelectri-

calequip-ment

Manufacture ofmachin-ery andequip-mentn.e.c.

Manufacture ofmotor

ve-hicles,trailersand se-mi-trai-

lers

Manufacture of

othertrans-port

equip-ment

Manufacture offurniture

Othermanu-factu-ring

Repairand

installa-tion of

machin-ery andequip-ment

2012 July 99.5 117.4 107.8 84.4 84.2 147.3 86.4 97.9 66.3 100.8 104.7 118.9 94.2 82.1 89.1 81.8 77.4 89.2 110.8 71.8 108.1 72.5 105.6 94.4Aug. 104.3 129.5 94.6 67.4 102.4 111.3 85.6 99.3 83.0 94.6 98.6 111.5 92.4 99.4 79.7 88.8 74.8 83.7 97.8 102.3 119.5 87.8 100.0 105.2Sep. 102.4 115.4 110.7 90.3 91.4 94.5 101.2 102.4 99.1 91.8 94.8 125.0 103.8 110.2 98.3 109.8 85.9 99.9 116.0 124.3 129.4 111.6 115.2 109.2Oct. 116.7 114.6 126.6 103.5 97.0 91.2 112.0 109.5 100.3 91.1 98.8 116.5 108.3 119.4 107.8 120.5 103.8 104.4 108.2 120.1 141.5 101.8 117.8 109.5Nov. 109.5 110.2 127.9 92.8 63.7 94.0 98.5 101.0 90.3 96.1 95.5 115.0 100.2 104.2 95.7 118.5 86.7 93.8 105.9 104.1 127.4 95.2 125.1 112.1Dec. 101.1 115.7 109.2 66.1 62.2 86.3 74.6 84.6 95.5 99.2 84.2 131.4 79.7 74.4 74.5 155.5 107.1 80.7 109.0 72.1 154.7 83.6 103.7 125.6

2013 Jan. 104.2 97.2 87.0 85.9 95.7 122.5 89.6 102.4 80.9 87.6 100.4 105.7 100.4 70.4 102.1 94.3 78.5 83.8 97.8 92.5 127.5 80.2 108.3 98.3Feb. 96.9 85.1 90.8 87.5 104.2 88.7 86.0 94.8 82.6 95.0 94.5 100.7 97.0 82.2 100.8 91.9 83.4 85.8 103.4 91.4 138.7 89.1 109.4 92.1March 103.8 110.7 94.5 92.3 89.9 100.9 93.8 99.2 90.6 98.0 97.0 140.4 101.4 95.4 102.3 99.5 93.4 88.8 125.3 109.1 168.9 93.3 119.9 103.7April 103.5 108.7 103.3 88.9 62.2 92.8 99.8 97.7 81.4 103.2 98.1 135.6 104.2 106.9 102.5 104.9 84.0 87.7 114.3 107.9 160.4 89.2 131.5 101.7May 105.1 124.7 103.2 89.6 57.2 127.5 97.0 95.1 81.6 110.2 96.9 120.4 102.8 107.3 98.7 114.6 81.9 86.0 115.4 108.7 146.5 91.5 118.0 99.5June 98.6 125.0 105.4 90.0 70.1 128.6 102.6 95.1 80.0 109.5 94.8 143.6 108.0 113.4 105.3 111.8 97.0 88.5 124.8 116.2 167.7 95.0 111.8 105.2July 104.8 136.9 103.9 89.1 92.7 155.6 89.2 95.6 64.5 107.9 98.5 141.0 99.4 87.3 88.0 99.0 76.8 77.3 114.5 94.3 144.4 69.6 102.0 99.9Aug. 100.4 110.4 79.8 64.2 72.8 122.9 76.9 88.8 75.4 101.3 93.4 122.3 85.6 90.4 76.3 86.7 69.8 83.2 92.3 73.8 120.5 73.7 90.2 93.2Sep. 103.6 116.3 105.6 93.6 90.4 109.5 99.8 97.6 90.2 98.2 94.8 135.4 106.3 106.5 103.2 128.3 88.6 89.3 114.7 127.7 137.8 99.3 105.3 111.8Oct. 113.8 112.5 113.0 100.7 84.4 95.1 106.3 104.3 92.5 97.5 100.6 149.0 112.7 113.2 109.1 119.9 99.8 88.5 117.9 131.5 165.2 95.4 131.2 124.9Nov. 104.6 103.9 87.7 89.6 58.3 101.1 92.2 90.2 84.7 102.9 91.8 146.3 98.9 92.8 97.2 111.9 79.8 83.2 106.1 121.2 160.0 89.1 121.8 99.8Dec. 102.7 112.1 110.0 68.3 67.8 111.2 75.7 83.3 87.5 106.2 83.6 141.8 83.8 74.7 70.5 144.4 100.4 69.3 109.5 99.0 175.4 88.0 105.1 141.8

2014 Jan. 102.3 95.6 90.3 94.7 96.7 118.0 95.5 95.2 80.9 93.7 98.3 109.6 103.3 84.5 106.1 93.8 78.0 76.7 100.3 120.0 218.2 82.9 109.5 96.5Feb. 95.8 93.5 107.9 93.7 109.4 107.9 94.6 89.9 85.3 101.7 90.8 141.5 98.2 85.3 101.2 108.9 79.8 81.0 108.0 118.7 155.6 92.8 124.2 93.6March 101.7 117.4 105.1 98.7 76.7 120.9 100.4 99.8 87.4 105.0 100.9 153.4 106.8 99.5 101.0 111.9 86.7 86.3 128.7 116.8 206.7 94.9 125.1 100.7April 103.8 121.6 113.0 98.0 54.6 128.2 102.6 97.5 83.4 110.5 97.9 152.6 111.0 103.4 103.7 114.0 81.1 76.2 113.8 119.8 159.7 88.2 117.6 99.4May 100.4 123.3 100.4 88.1 49.5 138.4 93.4 92.6 80.2 118.0 91.4 152.2 99.5 97.3 96.0 109.8 84.9 76.1 109.4 112.9 269.0 83.4 108.1 106.1June 102.2 139.8 110.1 96.0 57.8 141.4 107.0 98.4 82.4 117.2 92.3 182.0 106.6 108.9 101.4 117.0 85.5 82.1 123.4 119.5 169.1 90.0 115.0 116.2July 100.9 126.2 114.2 97.2 88.4 164.0 98.6 97.2 71.4 115.5 102.5 130.2 100.3 83.0 94.2 101.7 78.4 71.5 104.3 91.1 167.9 71.8 106.8 109.5

Source: GDSEI

N.B.: Provisional data for the last six months.

56

4.4 BUILDING

Monthly averages or months Dwellings Other buildingsMonthly averages or months

Building permits 1 2 Actual building starts 1 Building permits 1 2 Actual building starts 1

Number 3 Volume 4 Number 3 Volume 4 Number 3 Volume 4 Number 3 Volume 4

2004 4.4 2,524 4.0 2,361 0.4 3,165 0.4 2,9792005 5.0 2,869 4.5 2,652 0.4 3,428 0.3 2,9772006 5.1 2,986 4.8 2,822 0.4 3,272 0.4 3,2232007 4.5 2,676 4.5 2,709 0.4 4,213 0.3 3,6472008 4.4 2,633 4.2 2,523 0.4 3,913 0.4 3,5842009 3.8 2,307 3.7 2,308 0.4 3,633 0.4 3,5652010 4.2 2,516 4.0 2,401 0.4 3,552 0.4 3,1852011 3.7 2,261 3.5 2,064 0.4 3,425 0.4 3,1942012 3.9 2,453 3.6 2,273 0.4 3,496 0.3 2,9472013 4.1 2,468 3.6 2,215 0.4 3,167 0.3 2,9032012 II 4.1 2,460 4.1 2,455 0.4 3,783 0.3 2,902

III 3.6 2,275 3.3 2,072 0.4 3,141 0.3 2,737IV 3.5 2,354 3.1 2,075 0.4 3,830 0.3 3,126

2013 I 4.1 2,541 3.3 2,136 0.4 3,508 0.3 3,129II 4.1 2,417 3.8 2,413 0.4 3,513 0.4 3,558III 3.9 2,348 3.7 2,222 0.4 2,866 0.3 2,686IV 4.2 2,565 3.4 2,091 0.3 2,783 0.3 2,239

2014 I 5.9 3,434 3.7 2,206 0.4 3,032 0.3 2,548II 5.3 2,935 0.4 4,363

2013 June 4.5 2,496 3.7 2,242 0.4 3,048 0.4 3,107July 4.2 2,487 3.2 1,971 0.4 3,579 0.3 2,802August 3.4 2,189 3.6 2,231 0.4 2,504 0.3 2,603September 4.1 2,369 4.2 2,464 0.4 2,514 0.4 2,652October 4.5 3,038 3.8 2,275 0.4 3,554 0.4 2,452November 3.3 2,060 3.6 2,284 0.3 2,160 0.3 2,426December 4.8 2,598 2.8 1,713 0.3 2,634 0.2 1,838

2014 January 5.0 2,968 3.7 2,099 0.3 2,640 0.3 2,215February 5.5 3,343 3.5 2,091 0.4 2,641 0.3 2,815March 7.3 3,991 4.0 2,427 0.4 3,814 0.3 2,615April 9.2 4,711 4.3 2,523 0.5 7,226 0.3 2,043May 3.8 2,305 4.4 2,443 0.4 2,645 0.3 2,943June 2.9 1,788 0.4 3,218

Source: GDSEI Calculations: NBB

1 New series, drafted by the GDSEI : provisional figures for the last two calender years. Annual and quarterly data : averages of the monthly data.2 Concerning the month of concession.3 Thousands.4 Thousand cubic metres.

57

4.5 INDUSTRIAL PRODUCTION OF THE EUROPEAN UNION

(indices year 2005 = 100, seasonally adjusted)

Total EUcountries

Belgium Germany France United King-dom

Netherlands Italy Ireland Grand Duchyof Luxem-

bourg

Greece Spain Portugal Austria Sweden Finland Denmark

2004 101.4 82.4 91.7 112.2 110.9 93.4 113.6 88.3 111.1 119.0 118.5 112.5 87.0 104.7 99.9 112.82005 102.9 85.4 95.3 112.2 110.0 93.7 113.0 91.8 112.6 118.1 119.4 108.6 90.7 107.3 100.0 116.32006 107.1 90.6 101.1 112.8 110.3 95.6 117.2 94.6 115.0 118.8 124.1 111.9 97.8 110.6 109.6 119.72007 111.0 96.4 108.1 114.0 110.7 99.5 119.4 99.5 114.7 121.2 126.9 111.8 103.3 114.5 114.7 116.82008 109.0 100.2 108.3 110.7 107.5 100.2 114.9 97.4 108.9 117.6 117.4 107.3 105.3 111.4 115.6 115.12009 93.7 90.0 89.6 95.1 97.2 93.0 93.5 93.0 91.4 106.2 99.2 98.4 93.5 91.4 94.7 98.32010 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02011 103.1 104.4 108.8 102.2 98.8 99.5 101.3 100.0 97.6 92.2 98.6 99.0 106.2 102.7 101.7 101.82012 100.9 101.0 108.1 99.5 96.5 99.0 94.9 98.7 92.4 89.1 92.2 93.0 107.5 100.5 99.6 101.92013 100.4 101.8 108.4 98.7 96.2 99.6 92.0 97.6 89.8 85.8 90.7 93.4 107.7 95.8 96.2 102.72011 I 100.4 108.6 111.6 91.6 91.5 107.5 89.6 85.2 90.5 81.7 84.2 92.6 116.4 99.9 102.0 88.5

II 100.2 107.6 113.6 90.8 90.4 105.1 90.1 82.3 86.1 76.9 83.3 91.1 117.3 97.7 101.8 91.0III 100.4 108.3 115.1 90.5 90.2 108.0 88.5 86.1 86.9 79.7 82.0 90.8 116.5 97.5 100.5 88.1IV 99.4 105.4 113.6 89.8 89.2 104.0 86.9 84.9 83.6 74.4 80.5 87.4 116.9 96.9 101.0 88.2

2012 I 98.9 105.8 113.5 89.1 89.0 106.0 84.9 87.5 84.0 74.3 79.3 87.4 117.1 97.1 100.2 88.2II 98.4 102.8 113.4 88.3 88.2 106.8 83.3 90.0 81.4 75.5 77.7 85.4 120.0 97.5 99.7 87.5III 98.6 105.5 113.6 88.6 88.7 105.3 82.9 85.9 81.4 77.2 77.4 87.2 119.7 97.2 99.4 89.5IV 96.7 102.8 110.9 86.9 86.8 104.6 81.1 84.7 82.0 74.2 75.8 83.8 119.2 96.0 99.9 88.0

2013 I 86.92013 June 100.6 102.0 109.2 98.8 96.6 97.8 92.3 105.1 85.3 88.6 90.6 94.4 107.0 95.5 94.8 99.7

July 100.3 103.2 107.7 98.2 96.7 96.7 91.7 97.1 88.0 84.4 90.5 91.9 108.4 98.4 96.4 103.4Aug. 100.7 101.3 109.7 99.0 95.8 99.0 91.5 96.3 90.8 85.1 91.2 93.9 108.5 94.6 96.1 101.3Sep. 100.8 101.8 108.9 98.4 96.8 99.9 91.7 99.2 91.9 86.0 91.4 94.6 107.2 95.0 95.7 103.6Oct. 100.5 103.4 108.3 98.1 96.8 96.9 92.3 94.6 92.2 84.3 90.6 93.9 107.7 93.1 95.7 105.7Nov. 101.7 104.8 110.7 99.4 96.7 100.2 92.5 98.0 94.5 84.0 91.5 95.7 107.1 97.5 95.7 102.4Dec. 101.2 104.4 110.9 98.8 97.1 98.2 91.7 95.9 103.0 85.6 91.6 94.6 108.1 96.6 95.2 100.2

2014 Jan. 101.4 103.7 111.0 98.3 96.9 94.4 92.6 94.7 90.7 86.3 91.5 95.3 112.5 96.3 92.0 100.8Feb. 101.7 104.1 111.5 98.4 97.8 94.9 92.1 100.0 95.6 89.4 92.2 94.6 109.9 97.4 92.4 101.1March 101.4 103.5 111.2 97.9 97.9 94.2 91.7 105.0 93.1 84.3 91.8 91.5 106.4 95.0 92.4 103.2April 102.0 105.4 111.2 98.2 98.2 97.9 92.2 107.2 95.6 85.9 93.2 96.4 109.6 96.3 92.9 103.1May 100.9 105.1 109.4 96.5 97.5 99.2 91.1 92.5 94.7 106.1 93.2 92.7 100.9June 97.8 94.2

Sources: OECD

5. Services

60

5.3 PAYMENT SYSTEMS AND INSTRUMENTS5.3.1 PAYMENT SYSTEMS BETWEEN BANKS

(monthly averages)

Number of transactions (thousands) Value of transactions (millions of euro)

TARGET2-BE CEC Total TARGET2-BE CEC Total

2010 364.5 97,497.9 97,862.4 3,494,050 70,577 3,564,626

2011 370.1 102,062.9 102,433.0 3,945,055 73,889 4,018,944

2012 362.0 107,926.4 108,288.4 3,456,731 75,761 3,532,492

2011 III 355.7 101,186.0 101,541.7 4,139,133 72,358 4,211,491IV 358.4 105,504.7 105,863.2 4,248,843 77,612 4,326,455

2012 I 344.0 103,686.8 104,030.8 3,842,527 73,321 3,915,848II 366.4 107,689.6 108,056.0 3,426,469 76,359 3,502,828III 364.6 106,126.0 106,490.6 3,356,959 74,016 3,430,975IV 373.0 114,203.3 114,576.3 3,200,969 79,346 3,280,315

2013 I 337.1 107,197.2 107,534.3 3,015,188 72,673 3,087,861II 354.3 116,933.7 117,288.0 3,211,217 78,161 3,289,378III 350.5 114,803.4 115,153.9 3,126,923 74,939 3,201,862

2012 September 342.6 98,738.6 99,081.2 3,213,473 69,937 3,283,410October 405.8 117,494.0 117,899.8 3,497,822 81,724 3,579,546November 362.0 106,438.6 106,800.6 3,061,921 73,394 3,135,315December 351.1 118,677.3 119,028.4 3,043,165 82,919 3,126,084

2013 January 365.2 113,338.6 113,703.8 3,222,484 78,257 3,300,741February 318.7 101,143.5 101,462.2 2,802,429 68,561 2,870,990March 327.3 107,109.5 107,436.8 3,020,650 71,201 3,091,851April 359.0 121,752.1 122,111.1 3,181,208 81,269 3,262,477May 358.0 117,209.3 117,567.3 3,339,989 78,341 3,418,330June 345.9 111,839.8 112,185.7 3,112,453 74,874 3,187,327July 380.1 125,648.3 126,028.4 3,384,719 82,164 3,466,883August 329.0 106,922.4 107,251.4 2,962,831 69,666 3,032,497September 342.3 111,839.6 112,181.9 3,033,220 72,986 3,106,206

Source: NBB Calculations: NBB

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p. 13-15

61

5.3.5 PAYMENT CARDS - NUMBER OF TRANSACTIONS BY TYPE OF CARD

(millions)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

2000 II 199.9 103.0 27.7 3.0 14.4 25.7

2001 I 205.3 106.4 29.8 3.6 15.2 27.8II 226.8 106.7 31.0 4.4 15.3 32.7

2002 I 244.5 114.7 27.4 3.8 16.3 64.9II 260.8 114.3 29.7 4.4 16.4 55.9

2003 I 261.8 119.2 30.9 4.1 n. 53.8II 280.9 120.0 37.8 4.2 n. 53.2

2004 I 284.4 121.3 30.6 3.8 n. 54.5II 311.0 121.8 31.7 4.3 n. 52.4

2005 I 315.9 123.8 32.4 4.0 n. 52.4II 339.9 125.0 32.4 4.5 n. 49.6

2006 I 340.2 128.1 33.5 4.3 n. 49.8II 365.8 133.9 36.0 4.9 n. 46.2

2007 I 370.4 153.2 36.6 4.3 n. 46.1II 387.6 155.0 39.1 5.1 n. 43.7

2008 I 398.5 172.6 38.1 5.0 n. 42.6II 421.2 174.6 40.2 5.5 n. 38.6

2009 I 422.7 186.3 39.0 4.9 n. 37.1II 452.4 188.1 41.4 5.3 n. 33.4

2010 I 450.5 188.8 40.5 5.9 n. 31.9II 484.4 191.3 43.0 6.5 n. 28.7

2011 I 484.3 199.6 51.8 6.3 n. 27.6II 511.7 202.1 56.7 6.7 n. 22.9

2012 I 516.8 202.3 53.5 6.1 n. 22.2II 547.7 205.1 60.1 6.6 n. 24.0


1 Proton cards

62

5.3.6 PAYMENT CARDS - AMOUNT OF TRANSACTIONS BY TYPE OF CARD

(millions of euro)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

2000 II 10,201 10,729 2,857 526 817 99

2001 I 10,316 10,781 3,272 606 817 113II 11,350 10,834 3,338 708 813 154

2002 I 11,981 11,478 2,951 713 881 366II 13,027 11,550 3,115 842 916 303

2003 I 13,051 13,455 3,381 792 n. 280II 14,056 13,570 3,938 783 n. 271

2004 I 14,286 13,427 3,143 712 n. 272II 15,477 13,527 3,327 786 n. 257

2005 I 15,691 13,393 3,705 798 n. 250II 17,125 13,573 3,593 896 n. 236

2006 I 17,076 14,218 3,779 824 n. 231II 18,385 14,739 3,978 927 n. 213

2007 I 18,504 16,739 4,118 767 n. 206II 19,643 16,925 4,322 887 n. 189

2008 I 20,017 19,052 4,374 833 n. 184II 21,050 19,313 4,415 921 n. 169

2009 I 20,745 21,351 4,127 812 n. 164II 22,298 21,651 4,333 892 n. 150

2010 I 22,162 22,068 4,377 1,050 n. 138II 23,953 22,392 4,648 1,143 n. 126

2011 I 23,638 23,975 5,232 1,121 n. 123II 25,131 24,324 5,501 1,218 n. 109

2012 I 25,447 24,905 5,139 1,097 n. 105II 26,876 25,267 5,499 1,198 n. 123


1 Proton cards

63

5.3.7 PAYMENT CARDS - NUMBER OF CARDS AND TERMINALS

Cards issued (thousands) Terminals (in units) for

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1 POS operations ATM operations operations with prepaid cards 1

2000 II 10,960 2,970 1,507 8,396 116,436 6,732 67,837

2001 I 11,159 3,025 1,518 8,835 144,309 7,543 74,877II 10,942 3,045 1,565 8,543 144,421 7,435 88,847

2002 I 11,456 3,074 1,569 n. 137,746 6,990 111,060II 11,863 3,039 1,633 8,271 135,743 6,985 113,298

2003 I 12,100 3,064 1,157 n. 111,736 6,871 114,387II 12,522 3,097 1,202 8,803 113,081 6,853 108,215

2004 I 12,831 3,152 n. n. 97,963 7,253 92,428II 12,551 3,176 n. 8,979 108,284 7,267 97,206

2005 I 12,894 3,238 n. n. 103,907 7,276 77,384II 12,672 3,259 n. 9,617 101,094 7,290 76,190

2006 I 12,887 3,356 n. n. n. n. n.II 13,181 3,424 n. 10,792 115,231 7,268 88,908

2007 I 13,475 3,458 n. n. n. n. n.II 13,722 3,770 n. 10,904 121,868 7,684 80,140

2008 I 14,205 3,939 n. n. n. n. n.II 14,699 4,025 n. 11,440 124,901 8,292 77,111

2009 I 14,885 4,122 n. n. n. n. n.II 14,992 4,266 n. 11,316 135,077 8,151 n.

2010 I 15,337 4,322 n. n. n. n. n.II 15,132 4,316 n. 11,660 138,256 8,286 n.

2011 I 15,409 4,355 n. n. n. n. n.II 15,707 4,298 n. 12,447 140,929 8,599 n.

2012 I 15,986 4,403 n. n. n. n. n.II 16,197 4,450 n. 12,115 136,253 8,693 n.


1 Proton cards

6. Incomes

66

6.1 INCOMES

Collectively agreed wages (indices year 1997 = 100) 1

Manual workers Non-manual workers

Overall index of wich: Overall index of wich:Overall index

Manufacturing in-dustries

Overall index

Manufacturing in-dustries

2004 121.0 121.0 116.9 119.2

2005 124.3 124.4 119.4 121.8

2006 127.4 127.5 122.1 124.7

2007 130.0 130.1 124.4 127.2

2008 133.8 134.1 128.3 131.3

2009 138.0 138.6 132.2 135.5

2010 139.0 140.1 133.0 136.9

2011 142.3 143.5 136.2 140.2

2012 146.8 148.5 140.1 144.5

2013 150.2 151.7 143.0 147.4

2013 June 150.2 151.5 143.2 147.4September 150.8 152.5 143.7 148.0December 151.0 152.7 143.7 148.0

2014 March 151.5 152.0 145.0 150.0June 151.6 152.5 145.1 150.2

Source: FPS ELSD Calculations: NBB

1 Quarterly data: end of period; annual data: average of the twelve months, calculated as follows: for Januari and Februari, we take the index of December ofthe previous year, the indices of March, June and September count respectively also for the two following months, for December, the index is known. Thecollectively agreed wage of manual workers is hourly and that of non-manual workers is monthly.

7. Index prices

68

7.1 PRICE INDICES FOR RAW MATERIALS

(indices year 2010 = 100)

Daily averages Price indices for raw materials ,General index figure

Food Industrial raw materials Energy raw materials

Including ener-gy

Excluding ener-gy

Total Cereals Oilseeds, oils Tropical bever-ages, sugar

Total Agricultural rawmaterials

Non-ferrousmetals

Iron ore, scrapiron

Total Coal Crude oil

Weighting 100.0 20.8 5.4 1.4 1.9 2.1 15.4 4.3 7.9 3.2 79.2 4.5 74.6

2004 50.2 57.8 56.8 57.9 70.9 43.5 58.1 69.8 60.7 36.0 48.1 55.1 47.72005 65.9 62.8 55.9 53.1 58.9 55.3 65.2 71.1 69.4 46.9 66.8 48.1 67.92006 79.8 81.2 61.8 66.6 57.4 62.4 88.1 78.9 106.7 54.1 79.5 50.6 81.22007 89.6 94.2 78.0 90.9 82.3 65.6 99.9 93.8 118.8 61.1 88.4 66.4 89.72008 118.9 100.6 104.6 129.7 115.2 78.5 99.1 89.9 105.1 96.9 123.8 130.7 123.32009 77.6 76.8 90.0 91.7 96.7 82.8 72.2 74.5 72.8 67.4 77.9 72.4 78.22010 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02011 128.6 118.1 129.0 142.1 122.7 125.8 114.3 110.5 111.8 125.5 131.3 123.4 131.82012 125.1 103.1 122.5 143.4 135.0 97.4 96.3 92.1 95.7 103.3 130.9 98.6 132.82013 122.6 97.6 109.0 124.5 129.1 80.7 93.6 93.8 88.1 106.8 129.2 86.3 131.72012 III 122.5 101.9 132.6 159.7 153.2 96.3 91.0 87.9 91.6 93.6 127.9 91.9 130.1

IV 121.4 101.2 123.1 155.4 136.0 90.1 93.5 89.7 95.0 94.7 126.7 89.5 128.92013 I 125.1 103.6 117.2 146.7 130.8 85.3 98.7 93.5 95.9 112.8 130.8 93.7 133.0

II 117.8 97.2 113.3 136.5 132.1 81.2 91.5 92.5 86.7 102.1 123.2 87.1 125.4III 124.8 94.7 104.5 112.3 127.8 78.7 91.2 93.0 84.8 104.8 132.8 79.0 136.0IV 122.4 95.2 101.2 103.6 125.9 77.7 93.0 96.6 85.2 107.7 129.6 86.1 132.2

2014 I 121.6 95.5 108.0 103.9 130.9 90.3 91.1 96.2 84.0 101.7 128.5 80.4 131.4II 124.2 97.0 116.8 110.2 140.3 100.3 90.0 95.3 87.1 89.9 131.3 75.9 134.7III 117.4 93.1 100.4 90.1 109.6 99.0 90.5 92.8 92.7 81.9 123.8 70.8 127.0

2013 September 126.1 94.5 102.8 107.8 126.4 78.6 91.5 94.1 84.8 104.9 134.4 79.3 137.8October 123.2 95.1 101.6 107.3 122.7 79.0 92.8 96.0 86.5 104.1 130.6 83.7 133.5November 120.6 94.5 100.3 102.6 125.7 76.2 92.4 96.1 84.2 108.1 127.4 86.6 129.9December 123.5 95.9 101.7 101.0 129.3 77.8 93.8 97.6 84.9 110.9 130.8 88.0 133.3

2014 January 120.2 94.8 99.8 98.3 124.6 78.6 93.0 96.5 85.2 107.6 126.9 84.9 129.4February 122.6 95.6 108.2 102.7 132.2 90.5 91.1 95.6 84.0 102.4 129.8 79.8 132.8March 122.0 96.2 116.0 110.8 136.0 101.7 89.2 96.6 82.9 95.0 128.7 76.6 131.9April 122.9 98.6 119.1 112.8 141.6 103.2 91.3 96.1 86.2 97.4 129.4 76.2 132.6May 123.7 97.2 118.4 113.4 141.9 100.8 89.7 95.1 87.0 89.2 130.7 76.6 133.9June 125.8 95.2 112.9 104.3 137.2 97.1 88.9 94.8 88.1 83.0 133.9 74.8 137.5July 122.5 94.6 103.8 93.8 118.6 97.4 91.4 94.2 92.5 84.8 129.9 71.9 133.4August 117.3 94.2 101.8 90.5 111.3 100.8 91.5 93.3 93.7 83.3 123.4 72.0 126.5September 112.4 90.4 95.5 85.9 98.8 98.9 88.6 90.9 91.7 77.5 118.2 68.6 121.2

Source: HWWI Recalculated: NBB

69

7.2 PRICE INDICES FOR PRODUCTION AND IMPORT AND THEIR COMPONENTS


Monthly averages or months Production and import index prices and their components (2005=100)Monthly averages or months

Prices of agricul-tural and horticul-

tural products

Industrial produc-tion prices, do-mestic market

Unit value of im-ported products

Production andimport prices

2004 97.2 94.6 94.0 94.42005 100.0 100.0 100.0 100.02006 107.0 105.8 105.3 105.62007 112.4 107.9 108.2 108.32008 111.9 118.0 113.4 115.22009 99.8 109.6 103.0 105.42010 108.5 115.5 113.0 113.82011 111.4 124.9 122.5 122.92012 124.0 129.2 127.4 128.02013 130.5 130.0 127.2 128.52012 II 120.2 129.2 126.2 127.1

III 122.4 128.9 128.0 128.1IV 135.2 131.3 128.8 130.1

2013 I 134.7 132.6 128.8 130.6II 135.3 130.5 127.3 129.0III 129.9 129.3 127.0 128.1IV 121.9 127.5 125.9 126.3

2014 I 126.9 126.0II 124.2 123.8

2013 August 127.2 129.0 126.1 127.3September 127.2 128.0 127.7 127.8October 112.0 127.4 121.6 123.5November 125.5 127.4 129.1 128.2December 128.2 127.8 127.0 127.4

2014 January 127.5 124.3February 127.1 127.8March 126.2 126.1April 124.3 122.8May 124.1 124.6June 124.4 123.9July 123.3August 122.9

Sources: GDSEI, NBB Recalculated: NBB

70

7.3 PRODUCER PRICE INDICES - TOTAL MARKET: SUMMARY TABLE

Monthly averages ormonths

Producer price indices - total market : summary table (2010 = 100)Monthly averages ormonths

General indexfig re

General indexfig re e cept

Indices according to type of industry Indices according to the utilisation of the productsGeneral indexfigure

General indexfigure, except

energy Mining andq arr ing

Manufacturing(10 33)

Production ands ppl of elec

Manufacture ofmetal prod cts

Intermediateprod cts and

Intermediateprod cts e cept

Consumer goods Investmentgoods

Energyenergy Mining andquarrying(05-09)

Manufacturing(10-33)

Production andsupply of elec-

tricity, gas,steam and air-conditioned

Manufacture ofmetal products,machinery and

equipment(25-30)

Intermediateproducts and

energy

Intermediateproducts except

energy Durable con-sumer goods

Non-durableconsumer

goods

Total

Investmentgoods

Energy

2010 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02011 108.9 106.0 101.5 108.4 113.5 103.0 112.6 109.3 103.5 103.2 103.3 102.5 117.72012 113.0 108.2 108.1 112.1 120.1 105.5 117.3 110.7 105.5 106.5 106.4 105.7 127.32013 112.4 108.7 110.7 111.0 124.9 104.7 115.9 110.5 107.3 109.1 109.0 104.9 122.42012 II 113.0 108.6 108.1 112.1 120.3 105.7 117.1 111.0 105.6 107.0 106.9 106.0 126.2

III 113.0 108.4 108.2 112.5 117.5 106.1 117.3 110.8 105.7 106.3 106.3 106.4 127.7IV 113.8 108.9 108.1 112.3 125.7 106.0 118.3 111.5 105.7 107.1 107.0 106.3 127.3

2013 I 114.2 109.4 110.4 112.2 131.1 105.7 118.7 112.1 106.9 107.9 107.9 106.0 126.3II 112.4 108.6 110.8 110.4 129.1 104.7 116.0 110.6 107.3 108.8 108.7 104.9 121.8III 112.1 108.5 110.8 111.0 122.0 104.4 115.3 109.9 107.4 109.8 109.6 104.6 122.2IV 110.9 108.3 110.8 110.2 117.4 104.0 113.5 109.6 107.5 110.0 109.9 104.1 119.1

2014 I 110.3 107.6 112.0 109.4 117.5 103.2 113.0 109.1 105.2 109.0 108.7 103.5 118.3II 109.1 107.4 111.9 109.2 109.0 103.1 111.2 108.9 105.3 109.1 108.8 103.2 116.0

2013 August 111.8 108.4 110.8 110.7 121.8 104.4 114.9 109.7 107.4 110.0 109.8 104.6 121.6September 111.7 108.7 110.8 111.4 115.4 104.3 114.7 110.3 107.4 109.9 109.8 104.4 121.7October 111.0 108.4 110.8 110.3 117.1 104.2 113.5 109.7 107.4 110.1 109.9 104.4 118.8November 110.8 108.2 110.8 110.1 117.6 103.9 113.4 109.5 107.5 110.0 109.9 104.1 118.7December 111.1 108.2 110.8 110.3 117.6 103.8 113.8 109.5 107.5 110.0 109.8 103.9 119.8

2014 January 110.5 107.8 112.2 109.6 118.0 103.2 113.4 109.6 105.0 109.1 108.8 103.2 118.4February 110.4 107.6 111.9 109.6 118.1 103.6 113.3 109.1 105.2 108.7 108.5 103.8 118.9March 109.8 107.4 111.9 109.1 116.5 102.8 112.3 108.5 105.2 109.1 108.8 103.6 117.4April 109.0 107.2 111.9 109.0 109.5 102.9 111.1 108.5 105.3 109.1 108.8 102.9 116.0May 109.0 107.4 111.9 109.2 108.7 103.1 111.0 108.9 105.3 109.1 108.8 103.2 115.5June 109.3 107.7 111.9 109.6 108.8 103.2 111.6 109.2 105.3 109.1 108.9 103.4 116.5July 108.8 107.6 111.9 109.3 105.8 103.1 110.8 109.5 105.3 109.0 108.8 103.2 114.9August 108.4 107.4 111.9 108.9 105.6 103.1 110.3 109.2 105.3 108.5 108.3 103.3 113.9

Source: GDSEI Recalculated: NBB

71

7.4 CONSUMER PRICE IN BELGIUM


Monthly averagesor months

Health in-dex

Overall in-dex 1

Functional classification Classification by product groupMonthly averagesor months

Health index

Overall index 1

Food pro-ducts

Non-foodproducts

Services Rents Food prod-ucts and

beverages

Tobaccoand alco-

holic drinks

Clothingand foot-

wear

Housing,water, elec-tricity, gasand other

fuels

Furnishing,house

equipment,currentmainte-nance of

house

Health ex-penses

Transport Communi-cations

Culture andleisure

Education Hotels,café and

restaurant

Othergoods andservices

Weighting 100,000 18,231 43,737 30,588 7,442 16,713 2,360 6,572 18,661 7,769 2,919 15,864 3,780 9,742 0,630 6,882 8,107

2006 86.07 85.48 81.31 86.79 85.48 89.95 80.80 81.64 97.02 79.78 87.90 100.48 87.33 106.13 88.67 87.68 82.05 81.792007 87.59 87.04 84.26 87.67 87.10 91.56 83.95 85.23 97.59 80.96 89.73 100.33 88.04 102.98 89.50 89.68 84.25 84.742008 91.29 90.95 89.16 92.88 88.85 93.30 89.05 88.42 98.58 90.34 91.88 99.26 91.25 99.94 91.04 91.38 87.60 86.982009 91.83 90.90 90.10 90.36 91.38 95.17 89.81 91.02 99.79 86.81 94.10 99.94 88.12 99.47 92.95 93.55 90.67 89.412010 93.36 92.89 91.49 93.22 92.68 96.23 91.30 92.46 100.54 89.75 95.52 98.95 92.61 97.23 94.21 96.55 92.66 90.762011 96.22 96.17 93.71 98.12 94.74 97.26 93.78 92.71 101.64 96.99 96.74 99.06 97.91 97.55 95.41 96.92 95.11 93.592012 98.77 98.90 96.51 100.81 97.74 98.74 96.69 95.03 102.86 100.62 98.64 99.34 100.42 99.66 98.27 99.24 97.66 97.622013 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.002012 III 98.86 99.06 96.50 100.77 98.31 98.93 96.62 95.84 102.93 100.53 98.72 99.03 100.83 99.03 98.34 99.13 98.99 97.89

IV 99.33 99.43 97.77 101.05 98.25 99.10 97.98 96.46 103.65 100.77 99.15 99.06 100.55 99.34 98.64 99.58 98.26 98.392013 I 99.57 99.63 99.16 100.34 98.94 99.48 99.31 97.77 99.27 100.42 99.37 100.09 100.22 98.89 99.97 99.58 98.45 99.25

II 100.00 99.95 100.72 99.84 99.59 99.92 100.84 99.19 99.54 100.06 99.87 99.95 99.53 99.66 99.71 99.58 99.51 99.92III 100.12 100.19 100.12 99.94 100.61 100.14 100.03 100.87 100.13 99.71 100.19 99.91 100.40 100.96 99.88 99.58 101.27 100.37IV 100.29 100.23 100.00 99.88 100.86 100.47 99.82 102.17 101.06 99.80 100.57 100.05 99.85 100.49 100.45 101.27 100.77 100.46

2014 I 100.71 100.63 100.34 100.01 101.41 101.63 100.17 102.84 101.16 100.66 100.74 99.68 99.98 99.26 101.27 101.25 101.06 101.39II 100.36 100.36 100.61 98.83 102.01 101.96 100.39 104.67 101.15 97.96 101.29 99.75 100.52 98.90 101.18 101.25 101.55 101.61III 100.21 100.27 99.53 98.62 102.59 102.24 99.20 104.88 101.08 97.50 101.72 99.60 101.21 98.66 100.93 101.25 102.44 101.97

2013 September 100.03 100.21 99.97 100.13 100.47 100.20 99.80 101.77 100.45 99.57 100.32 99.96 101.02 100.86 99.77 99.58 100.49 100.46October 100.18 100.13 99.95 99.80 100.71 100.35 99.78 101.91 100.89 99.71 100.55 100.05 99.83 100.56 99.90 101.27 100.81 100.52November 100.29 100.20 100.00 99.80 100.85 100.47 99.78 102.52 101.13 99.78 100.62 100.04 99.61 100.75 100.58 101.27 100.48 100.43December 100.41 100.36 100.04 100.04 101.03 100.58 99.89 102.09 101.17 99.92 100.55 100.06 100.12 100.15 100.86 101.27 101.01 100.44

2014 January 100.60 100.50 100.51 99.89 101.13 101.40 100.38 102.22 101.21 100.30 100.59 99.72 99.83 99.49 101.05 101.25 100.62 101.33February 100.75 100.66 100.29 100.13 101.38 101.67 100.10 102.74 101.10 100.83 100.82 99.70 100.03 99.15 101.30 101.25 101.12 101.43March 100.79 100.72 100.22 100.01 101.73 101.82 100.02 103.56 101.17 100.84 100.82 99.63 100.07 99.15 101.45 101.25 101.45 101.41April 100.44 100.41 101.29 98.75 101.89 101.85 101.15 104.40 101.11 97.87 100.95 99.73 100.46 99.14 101.13 101.25 101.34 101.53May 100.29 100.30 100.29 98.81 102.02 101.98 100.02 104.76 101.20 97.99 101.33 99.77 100.43 98.77 101.38 101.25 101.39 101.58June 100.34 100.38 100.26 98.92 102.11 102.06 99.99 104.86 101.15 98.03 101.58 99.76 100.68 98.80 101.03 101.25 101.93 101.73July 100.46 100.55 100.39 98.79 102.77 102.16 100.14 104.84 100.92 97.58 101.78 99.61 101.80 99.29 100.79 101.25 102.42 102.12August 100.12 100.17 99.30 98.56 102.49 102.20 98.93 104.96 101.10 97.45 101.66 99.61 101.21 98.38 100.84 101.25 102.18 101.86September 100.06 100.09 98.90 98.51 102.52 102.35 98.52 104.83 101.22 97.47 101.71 99.59 100.63 98.31 101.17 101.25 102.72 101.93

Source: GDSEI Recalculated: NBB

1 To convert to indices in base 2004=100, we must use the next coefficients: 1,2240 for general index and 1,2077 for health index. For functional classification: 1,2814 for the food products, 1,2123 for the non-food products, 1,2149 for services and 1,1734 voor rents. For the classificationby groups of products: 1,2814 for the food products, 1,4214 for tobacco, 1,0370 for clothes and shoes, 1,3835 for housing, water, electricity, 1,1544 for furniture, household equipment, 1,0428 for health expenditure, 1,2351 for transport, 0,8968 for communication, 1,1273 for leisureand culture, 1,2030 for education, 1,2898 for hotels, cafés and restaurant, 1,2800 for other goods and services.

8. Foreign trade of Belgiumaccording to the national concept

74

8.1 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: MONTHLY DEVELOPMENT

(millions of euro)

Export Import Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2011 August 17,535.9 12,612.8 4,923.1 19,823.7 14,158.6 5,665.1 -2,287.8 -1,545.8 -742.0September 19,857.4 14,405.2 5,452.2 20,833.7 15,627.8 5,205.9 -976.3 -1,222.6 246.3October 19,628.4 13,655.8 5,972.6 19,805.8 14,562.3 5,243.5 -177.4 -906.5 729.1November 19,727.5 13,783.1 5,944.3 20,815.0 15,357.7 5,457.3 -1,087.5 -1,574.5 487.1December 18,112.2 12,336.1 5,776.1 20,244.4 15,054.3 5,190.1 -2,132.2 -2,718.2 586.0

2012 January 19,080.2 13,459.7 5,620.5 20,802.9 15,170.9 5,631.9 -1,722.7 -1,711.3 -11.4February 20,684.6 14,129.9 6,554.7 21,306.3 15,714.9 5,591.4 -621.7 -1,585.1 963.3March 22,537.7 15,521.9 7,015.8 23,097.1 17,037.2 6,059.9 -559.4 -1,515.3 955.9April 19,954.6 13,655.5 6,299.2 20,509.9 15,142.5 5,367.4 -555.3 -1,487.0 931.8May 20,230.2 14,088.0 6,142.2 21,030.5 15,357.0 5,673.5 -800.3 -1,269.0 468.7June 20,445.5 14,138.2 6,307.3 20,867.5 15,398.4 5,469.1 -422.0 -1,260.2 838.2July 19,615.3 13,216.2 6,399.2 19,763.4 14,317.0 5,446.4 -148.1 -1,100.8 952.8August 18,071.6 12,846.3 5,225.3 19,519.3 14,024.3 5,495.0 -1,447.7 -1,178.0 -269.7September 19,287.2 13,676.4 5,610.8 19,695.5 14,604.3 5,091.2 -408.3 -927.9 519.6October 21,031.4 14,970.2 6,061.2 21,995.2 16,473.4 5,521.8 -963.8 -1,503.2 539.4November 19,860.9 13,877.4 5,983.5 21,819.0 16,202.0 5,617.0 -1,958.1 -2,324.6 366.6December 17,671.3 11,657.6 6,013.7 19,319.8 14,321.1 4,998.6 -1,648.5 -2,663.6 1,015.1

2013 January 19,358.4 13,906.3 5,452.1 21,108.1 15,251.4 5,856.7 -1,749.7 -1,345.0 -404.6February 19,286.7 13,570.2 5,716.5 20,594.5 15,208.4 5,386.0 -1,307.8 -1,638.2 330.5March 21,497.9 15,201.8 6,296.0 22,703.6 16,868.4 5,835.2 -1,205.7 -1,666.5 460.8April 20,828.4 14,578.5 6,249.9 21,234.8 15,406.6 5,828.2 -406.4 -828.1 421.7May 20,811.8 14,146.7 6,665.2 20,973.8 15,040.0 5,933.8 -162.0 -893.3 731.4June 20,319.3 14,240.7 6,078.6 20,774.7 15,066.4 5,708.4 -455.4 -825.6 370.2July 21,377.2 14,207.4 7,169.8 20,788.7 15,052.9 5,735.8 588.5 -845.5 1,434.0August 17,403.8 11,939.6 5,464.1 18,857.1 13,291.6 5,565.5 -1,453.3 -1,351.9 -101.4September 21,050.7 14,521.6 6,529.1 21,214.9 15,206.4 6,008.4 -164.2 -684.8 520.7October 22,012.6 15,144.5 6,868.1 22,230.2 15,611.8 6,618.4 -217.6 -467.2 249.7November 20,367.3 14,354.6 6,012.6 20,993.0 15,139.1 5,853.9 -625.7 -784.5 158.8December 19,031.2 12,860.5 6,170.7 20,508.2 14,752.2 5,756.0 -1,477.0 -1,891.7 414.7

2014 January p 20,156.8 14,412.7 5,744.1 21,513.1 15,200.3 6,312.8 -1,356.3 -787.5 -568.8February p 20,264.5 13,662.2 6,602.3 20,640.6 15,017.8 5,622.8 -376.1 -1,355.7 979.5March p 21,463.8 14,907.9 6,555.8 22,402.7 16,071.8 6,331.0 -938.9 -1,163.8 224.9April p 21,587.6 14,831.1 6,756.5 21,561.4 15,438.3 6,123.1 26.2 -607.2 633.4May p 20,409.8 13,882.6 6,527.2 20,564.7 14,952.5 5,612.2 -154.9 -1,069.9 915.1June p 21,434.6 14,565.3 6,869.2 21,323.4 15,207.4 6,116.0 111.2 -642.1 753.2July p 21,090.7 14,248.0 6,842.7 20,816.5 15,013.9 5,802.7 274.2 -765.8 1,040.0

Sources: NAI, NBB Calculations: NBB

1 Adjusted results - see point 6.2 of the methodological note (http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method).

75

8.2 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: CUMULATIVE DEVELOPMENT

(millions of euro)

Export Import Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2011 Jan.-Aug. 157,777.6 110,416.7 47,361.2 164,088.4 119,357.8 44,730.6 -6,310.8 -8,941.1 2,630.6Jan.-Sep. 177,635.0 124,821.9 52,813.4 184,922.1 134,985.6 49,936.5 -7,287.1 -10,163.7 2,876.9Jan.-Oct. 197,263.4 138,477.7 58,786.0 204,727.9 149,547.9 55,180.0 -7,464.5 -11,070.2 3,606.0Jan.-Nov. 216,990.9 152,260.8 64,730.3 225,542.9 164,905.6 60,637.3 -8,552.0 -12,644.7 4,093.1Jan.-Dec. 235,103.1 164,596.9 70,506.4 245,787.3 179,959.9 65,827.4 -10,684.2 -15,362.9 4,679.1

2012 Jan. 19,080.2 13,459.7 5,620.5 20,802.9 15,170.9 5,631.9 -1,722.7 -1,711.3 -11.4Jan.-Feb. 39,764.8 27,589.6 12,175.2 42,109.2 30,885.8 11,223.3 -2,344.4 -3,296.4 951.9Jan.-March 62,302.5 43,111.5 19,191.0 65,206.3 47,923.0 17,283.2 -2,903.8 -4,811.7 1,907.8Jan.-April 82,257.1 56,767.0 25,490.2 85,716.2 63,065.5 22,650.6 -3,459.1 -6,298.7 2,839.6Jan.-May 102,487.3 70,855.0 31,632.4 106,746.7 78,422.5 28,324.1 -4,259.4 -7,567.7 3,308.3Jan.-June 122,932.8 84,993.2 37,939.7 127,614.2 93,820.9 33,793.2 -4,681.4 -8,827.9 4,146.5Jan.-July 142,548.1 98,209.4 44,338.9 147,377.6 108,137.9 39,239.6 -4,829.5 -9,928.7 5,099.3Jan.-Aug. 160,619.7 111,055.7 49,564.2 166,896.9 122,162.2 44,734.6 -6,277.2 -11,106.7 4,829.6Jan.-Sep. 179,906.9 124,732.1 55,175.0 186,592.4 136,766.5 49,825.8 -6,685.5 -12,034.6 5,349.2Jan.-Oct. 200,938.3 139,702.3 61,236.2 208,587.6 153,239.9 55,347.6 -7,649.3 -13,537.8 5,888.6Jan.-Nov. 220,799.2 153,579.7 67,219.7 230,406.6 169,441.9 60,964.6 -9,607.4 -15,862.4 6,255.2Jan.-Dec. 238,470.5 165,237.3 73,233.4 249,726.4 183,763.0 65,963.2 -11,255.9 -18,526.0 7,270.3

2013 Jan. 19,358.4 13,906.3 5,452.1 21,108.1 15,251.4 5,856.7 -1,749.7 -1,345.0 -404.6Jan.-Feb. 38,645.1 27,476.5 11,168.6 41,702.6 30,459.8 11,242.7 -3,057.5 -2,983.2 -74.1Jan.-March 60,143.0 42,678.3 17,464.6 64,406.2 47,328.2 17,077.9 -4,263.2 -4,649.7 386.7Jan.-April 80,971.4 57,256.8 23,714.5 85,641.0 62,734.8 22,906.1 -4,669.6 -5,477.8 808.4Jan.-May 101,783.2 71,403.5 30,379.7 106,614.8 77,774.8 28,839.9 -4,831.6 -6,371.1 1,539.8Jan.-June 122,102.5 85,644.2 36,458.3 127,389.5 92,841.2 34,548.3 -5,287.0 -7,196.7 1,910.0Jan.-July 143,479.7 99,851.6 43,628.1 148,178.2 107,894.1 40,284.1 -4,698.5 -8,042.2 3,344.0Jan.-Aug. 160,883.5 111,791.2 49,092.2 167,035.3 121,185.7 45,849.6 -6,151.8 -9,394.1 3,242.6Jan.-Sep. 181,934.2 126,312.8 55,621.3 188,250.2 136,392.1 51,858.0 -6,316.0 -10,078.9 3,763.3Jan.-Oct. 203,946.8 141,457.3 62,489.4 210,480.4 152,003.9 58,476.4 -6,533.6 -10,546.1 4,013.0Jan.-Nov. 224,314.1 155,811.9 68,502.0 231,473.4 167,143.0 64,330.3 -7,159.3 -11,330.6 4,171.8Jan.-Dec. 243,345.3 168,672.4 74,672.7 251,981.6 181,895.2 70,086.3 -8,636.3 -13,222.3 4,586.5

2014 Jan. p 20,156.8 14,412.7 5,744.1 21,513.1 15,200.3 6,312.8 -1,356.3 -787.5 -568.8Jan.-Feb. p 40,421.3 28,074.9 12,346.4 42,153.7 30,218.1 11,935.6 -1,732.4 -2,143.2 410.7Jan.-March p 61,885.1 42,982.8 18,902.2 64,556.4 46,289.9 18,266.6 -2,671.3 -3,307.0 635.6Jan.-April p 83,472.7 57,813.9 25,658.7 86,117.8 61,728.2 24,389.7 -2,645.1 -3,914.2 1,269.0Jan.-May p 103,882.5 71,696.5 32,185.9 106,682.5 76,680.7 30,001.9 -2,800.0 -4,984.1 2,184.1Jan.-June p 125,317.1 86,261.8 39,055.1 128,005.9 91,888.1 36,117.9 -2,688.8 -5,626.2 2,937.3Jan.-July p 146,407.8 100,509.8 45,897.8 148,822.4 106,902.0 41,920.6 -2,414.6 -6,392.0 3,977.3


1 Adjusted results - see point 6.2 of the methodological note (http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method).

76

8.3 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: PERCENTAGE CHANGES, CUMULATIVE DATA

(percentage changes in relation to the corresponding period of the preceding year)

Values Volume Unit price

Export Import Export Import Export Import

2011 Jan.-Aug. 17.9 20.6 6.6 7.4 10.7 12.2Jan.-Sep. 16.2 19.6 5.2 6.7 10.5 12.1Jan.-Oct. 15.0 18.0 4.2 5.3 10.4 12.0Jan.-Nov. 14.2 16.9 3.5 4.6 10.4 11.8Jan.-Dec. 13.5 16.1 3.2 4.2 10.0 11.4

2012 Jan. 4.0 4.9 -1.2 -1.9 5.2 6.9Jan.-Feb. 5.4 6.0 -0.1 -1.6 5.5 7.8Jan.-March 3.9 4.1 -1.1 -3.4 5.0 7.8Jan.-April 3.6 4.0 -1.3 -3.2 5.0 7.5Jan.-May 1.8 2.2 -2.6 -4.5 4.5 6.9Jan.-June 1.6 2.0 -2.5 -4.1 4.2 6.3Jan.-July 1.6 2.2 -2.2 -3.6 4.0 6.0Jan.-Aug. 1.8 1.7 -1.8 -3.9 3.7 5.9Jan.-Sep. 1.3 0.9 -2.3 -4.5 3.6 5.7Jan.-Oct. 1.9 1.9 -1.6 -3.3 3.5 5.4Jan.-Nov. 1.8 2.2 -1.4 -2.8 3.2 5.2Jan.-Dec. 1.4 1.6 -1.7 -3.2 3.2 5.0

2013 Jan. 1.5 1.5 -0.8 -1.3 2.3 2.8Jan.-Feb. -2.8 -1.0 -3.8 -2.4 1.0 1.5Jan.-March -3.5 -1.2 -4.5 -2.5 1.1 1.3Jan.-April -1.6 -0.1 -1.9 -1.0 0.4 0.9Jan.-May -0.7 -0.1 -0.9 -0.7 0.2 0.6Jan.-June -0.7 -0.2 -1.0 -0.9 0.3 0.7Jan.-July 0.7 0.5 0.3 0.1 0.3 0.5Jan.-Aug. 0.2 0.1 -0.2 0.0 0.4 0.0Jan.-Sep. 1.1 0.9 0.8 0.8 0.3 0.1Jan.-Oct. 1.5 0.9 1.5 1.2 0.0 -0.2Jan.-Nov. 1.6 0.5 1.6 0.8 0.0 -0.3Jan.-Dec. 2.0 0.9 2.1 1.1 0.0 -0.2

2014 Jan. p 4.1 1.9 6.4 4.4 -2.1 -2.4Jan.-Feb. p 4.6 1.1 5.4 2.4 -0.8 -1.3Jan.-March p 2.9 0.2 3.8 1.9 -0.9 -1.6Jan.-April p 3.1 0.6 4.2 2.7 -1.1 -2.1Jan.-May p 2.1 0.1 2.8 1.9 -0.7 -1.8Jan.-June p 2.6 0.5 3.2 2.2 -0.6 -1.7Jan.-July p 2.0 0.4 2.6 2.2 -0.6 -1.7


77

8.4 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO TRADING NATION: QUARTERLY FIGURES

(millions of euro)

2011 2012 2013

IV I II III IV I II III

Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports

Grand total 57,468.10 60,865.20 62,302.50 65,206.30 60,630.30 62,407.90 56,974.10 58,978.20 58,563.60 63,134.00 60,143.00 64,406.20 61,959.50 62,983.30 59,831.70 60,860.70Europa 43,168.80 48,970.00 46,548.10 52,115.20 45,706.90 50,180.70 42,942.20 46,502.80 43,684.50 51,365.10 45,916.40 52,054.80 46,500.20 50,030.00 44,367.00 48,127.90

European Union 39,775.00 44,974.30 43,111.50 47,923.00 41,881.70 45,897.90 39,738.90 42,945.60 40,505.20 46,996.50 42,678.60 47,332.60 42,966.10 45,517.80 40,668.60 43,556.00Economic and MonetaryUnion 32,671.00 37,521.90 35,606.40 40,589.40 34,551.60 38,806.30 32,441.80 36,235.20 32,981.20 40,261.30 34,567.70 40,432.20 35,218.70 38,145.30 32,908.20 36,555.50

France 9,133.20 7,237.10 9,860.80 7,566.70 9,278.70 7,445.90 8,721.10 6,810.70 9,213.40 7,716.20 9,872.00 7,378.70 9,852.60 7,841.70 8,851.10 7,229.40Luxembourg 1,444.80 477.90 1,457.30 517.40 1,431.50 587.20 1,329.80 497.80 1,397.30 627.50 1,412.40 532.90 1,406.90 547.60 1,323.00 483.10Netherlands 7,274.20 15,106.40 8,058.70 16,738.10 7,947.50 15,791.20 7,645.60 14,956.60 7,838.50 16,658.80 7,862.10 17,242.80 7,823.40 15,000.80 7,443.80 14,915.10Germany 9,308.60 9,328.80 10,191.90 10,056.80 10,070.30 9,556.70 9,484.30 8,917.20 9,045.20 9,822.30 9,548.20 9,687.50 10,104.10 9,235.70 9,677.30 8,703.50Italy 2,001.10 1,805.00 2,418.90 1,861.90 2,262.70 1,882.80 1,941.50 1,723.50 2,086.20 2,075.90 2,238.60 2,030.80 2,312.90 1,974.00 2,119.50 1,867.50Ireland 346.70 645.50 287.60 659.10 287.80 648.00 252.50 581.40 291.10 631.40 327.80 588.50 291.80 651.30 256.50 761.90Greece 219.20 103.20 239.30 91.90 190.40 72.00 197.40 59.90 212.70 65.30 198.00 69.90 201.00 56.60 207.00 57.50Portugal 264.30 398.90 257.60 388.30 246.00 365.50 260.10 352.60 257.80 347.30 255.50 352.40 274.30 367.30 260.20 305.00Spain 1,381.30 1,345.20 1,445.60 1,479.80 1,456.60 1,354.60 1,348.60 1,279.20 1,383.80 1,231.20 1,480.00 1,438.80 1,523.00 1,355.60 1,372.20 1,193.90Finland 308.50 293.10 340.50 345.10 343.90 311.30 300.90 298.10 306.60 313.70 327.30 303.70 324.40 293.80 329.30 311.00Austria 589.40 462.80 593.30 526.10 588.80 419.00 535.30 406.90 532.50 410.90 612.70 440.10 619.60 446.00 586.20 388.80Slovenia 85.80 45.20 95.80 40.20 84.70 46.20 84.40 42.80 81.40 43.80 89.30 45.60 113.90 45.90 92.50 39.30Malta 16.70 18.90 23.00 28.20 17.00 16.20 16.60 19.90 16.10 17.10 27.40 10.80 17.60 6.40 50.80 12.00Cyprus 38.00 20.10 42.20 22.70 39.20 41.00 49.60 24.10 39.80 22.60 35.60 42.30 28.80 52.10 33.70 24.80Slovakia 156.60 177.40 169.70 201.20 190.00 214.70 167.90 182.50 167.00 177.60 173.40 193.20 196.90 209.40 184.50 169.20Estonia 56.70 29.60 78.00 37.70 62.50 31.60 57.80 61.50 56.60 53.20 55.10 46.50 71.50 37.00 61.60 40.70Latvia 45.50 27.00 46.60 28.40 54.00 22.30 48.40 20.40 55.20 46.40 51.90 28.00 55.50 24.00 58.40 52.80

Other countries of the Eu-ropean Union 7,104.10 7,452.40 7,505.00 7,333.60 7,330.20 7,091.50 7,297.10 6,710.30 7,524.00 6,735.30 8,110.90 6,900.50 7,747.40 7,372.50 7,760.50 7,000.70

United Kingdom 3,696.40 3,935.10 3,938.00 3,783.00 3,776.30 3,564.80 3,945.80 3,520.40 4,060.50 3,272.80 4,591.90 3,555.50 3,985.10 3,737.80 4,124.30 3,472.50Denmark 426.70 224.50 435.10 249.90 430.30 218.00 405.40 229.80 429.20 227.40 421.70 223.30 432.00 238.50 446.00 238.50Sweden 857.50 1,233.40 886.80 1,253.90 888.30 1,290.50 797.40 1,068.20 905.10 1,190.20 818.40 1,124.60 915.60 1,319.00 811.80 1,281.10Lithuania 128.30 63.40 152.90 64.00 145.20 54.50 148.70 73.60 135.50 85.00 137.80 73.70 163.00 69.00 197.40 95.00Poland 974.20 675.30 1,064.00 711.50 1,011.10 643.90 973.40 617.30 971.70 647.90 1,038.30 683.90 1,076.40 709.60 1,058.60 710.90Czech Republic 474.60 689.90 492.80 702.60 489.40 658.70 471.50 628.20 461.30 672.30 484.60 710.60 496.80 667.90 479.90 617.70Hungary 236.50 260.90 245.60 284.40 257.60 282.30 247.30 270.80 255.70 263.90 288.10 265.20 311.80 274.10 293.20 252.70Bulgaria 79.10 204.10 73.80 138.30 90.90 221.20 81.40 163.30 82.60 225.40 84.70 100.60 101.80 181.20 93.60 125.50Romania 191.80 153.40 182.30 133.10 198.90 143.70 191.70 123.90 187.50 129.30 212.60 145.70 225.40 157.30 212.70 187.10Croatia 39.00 12.40 33.60 13.10 41.90 13.80 34.40 14.60 35.00 20.80 32.70 13.20 39.50 13.10 43.10 14.30

Other European countries 3,393.90 3,995.70 3,436.60 4,192.10 3,825.40 4,282.90 3,203.20 3,557.30 3,179.30 4,368.60 3,237.80 4,722.10 3,534.10 4,512.20 3,698.40 4,571.80Norway 312.80 1,129.20 253.30 1,299.20 301.10 1,099.80 278.90 913.30 278.70 1,252.70 261.70 1,372.60 339.60 1,258.20 337.80 1,202.50Switzerland 1,073.40 653.80 1,254.30 571.50 1,295.90 690.80 941.40 576.90 927.40 708.80 909.00 630.20 1,037.60 655.60 1,013.70 817.50Turkey 782.20 450.90 814.00 492.30 850.10 487.80 782.60 428.00 793.10 385.50 851.40 443.50 813.60 463.90 830.70 405.40Russian Federation 926.20 1,579.20 808.80 1,681.90 935.00 1,778.40 837.70 1,518.50 840.20 1,786.40 830.60 2,060.30 855.50 1,943.50 891.70 2,002.00Other European countries 299.10 182.90 306.20 147.10 443.20 225.90 362.70 120.80 339.80 235.10 385.10 215.40 487.70 191.10 624.60 144.30

Africa 1,579.70 1,064.40 1,763.30 1,245.70 1,784.60 1,366.40 1,636.30 1,273.90 1,642.60 1,439.40 1,646.50 1,180.30 1,865.30 1,170.10 1,950.00 1,164.50Algeria 137.50 79.70 120.70 118.20 197.10 117.60 149.50 123.30 161.80 198.00 162.40 57.20 175.30 57.00 136.50 116.50Tunisia 87.40 57.20 89.20 58.90 87.10 61.00 64.50 46.30 67.60 72.40 78.60 56.80 71.80 49.50 56.60 40.60Congo (Dem.Rep.) 63.50 60.80 71.90 73.90 72.10 58.20 64.20 65.50 65.80 58.40 57.20 45.00 65.70 44.50 67.20 44.80Rwanda 6.80 3.80 9.20 4.10 9.90 1.60 11.80 2.30 9.10 2.30 7.70 2.00 7.60 1.60 8.70 1.30Angola 41.90 37.40 38.40 92.10 48.50 115.40 39.70 155.30 77.30 97.80 51.00 87.70 41.80 116.80 42.50 108.50South Africa 308.50 310.10 276.00 354.20 277.40 356.40 280.10 344.30 215.00 351.70 225.50 323.30 216.20 298.10 234.80 300.00Other African countries 934.20 515.50 1,157.90 544.40 1,092.80 656.30 1,026.40 536.70 1,045.90 658.70 1,064.00 608.20 1,286.80 602.60 1,403.90 552.90

78

8.4 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO TRADING NATION: QUARTERLY FIGURES (CONTINUED)

(millions of euro)

201320122011

IIIIIIIVIIIIIIIV

ImportsExportsImportsExportsImportsExportsImportsExportsImportsExportsImportsExportsImportsExportsImportsExports

America 3,794.10 4,022.70 4,829.80 4,357.30 4,477.50 4,138.80 4,357.70 4,234.50 4,264.90 3,959.50 4,074.10 3,870.10 4,515.50 4,441.40 4,708.70 4,492.70United States of America 2,458.60 2,398.90 3,363.10 2,838.90 3,159.10 2,626.20 3,059.10 2,593.80 2,936.40 2,545.90 2,653.50 2,533.00 2,878.10 2,950.60 2,689.60 2,830.50Canada 343.80 309.40 387.70 284.20 270.70 252.90 360.80 292.30 360.30 232.40 303.40 326.90 372.10 392.70 565.60 511.30Mexico 184.00 166.70 252.00 161.20 187.70 170.70 144.30 167.50 168.40 181.10 197.30 167.90 189.10 160.00 207.70 178.90Colombia 62.60 47.10 56.80 57.70 55.00 72.40 46.10 57.80 56.40 75.90 44.10 46.10 56.30 53.10 52.90 45.90Brazil 392.50 353.90 417.20 337.30 414.00 356.10 351.40 425.40 424.50 340.40 466.40 298.90 542.80 275.70 549.00 304.20Argentina 93.00 67.90 81.80 78.40 91.90 73.00 82.30 42.90 65.30 67.50 120.70 24.60 202.60 55.40 327.70 35.60Other American countries 259.50 678.60 271.30 599.50 299.40 587.60 313.60 654.90 253.70 516.30 288.80 472.60 274.40 554.20 316.20 586.50

Asia 7,411.80 6,504.20 7,627.10 7,036.10 7,325.30 6,282.10 6,724.30 6,581.10 7,465.90 6,173.70 6,990.00 6,940.80 7,488.40 6,921.30 7,118.80 6,847.70Iran 79.80 8.90 49.60 9.20 32.30 2.10 72.30 5.20 44.40 4.60 35.90 3.20 27.80 4.30 31.50 2.60Israel 491.80 217.30 506.70 376.00 450.50 251.30 356.70 224.00 518.30 257.20 428.10 342.40 487.90 327.30 360.00 210.10Saudi Arabia 338.00 187.00 268.70 150.00 302.60 125.40 220.40 205.00 229.00 183.70 304.20 199.70 263.00 208.80 232.20 209.70United Arab Emirates 526.00 534.60 537.30 702.30 446.60 543.70 424.20 597.70 577.90 494.50 527.10 618.60 636.80 624.30 693.80 495.20India 1,605.50 783.30 2,035.20 1,009.50 1,840.80 746.40 1,723.30 673.90 2,014.20 697.90 1,917.40 884.20 2,157.60 739.00 1,683.70 675.50Thailand 167.50 196.60 188.80 193.90 187.70 225.70 178.90 212.80 204.10 249.10 189.80 237.20 210.50 232.60 200.90 230.00Singapore 208.40 64.00 315.60 85.00 226.10 67.20 174.40 60.00 169.90 68.50 171.40 74.50 230.10 361.00 202.40 452.40China 1,674.60 1,604.40 1,488.20 1,575.60 1,488.20 1,635.10 1,368.10 1,656.60 1,398.40 1,394.90 1,253.70 1,622.00 1,298.20 1,553.80 1,487.80 1,598.70Republic of Korea 277.20 292.60 324.60 222.50 314.30 255.00 301.20 210.60 344.90 271.40 240.70 307.90 245.80 347.40 242.80 348.80Japan 585.80 1,241.40 484.50 1,377.20 489.70 1,264.80 420.40 1,332.90 479.80 1,277.00 418.40 1,447.20 462.40 1,251.50 514.90 1,241.00Taiwan 173.40 100.80 172.40 113.00 175.80 120.50 120.70 105.30 123.50 96.90 127.00 117.20 127.40 124.30 138.90 106.80Hong Kong 465.80 247.20 479.70 186.00 560.00 243.20 526.10 250.60 585.80 274.00 564.10 288.30 513.60 238.10 496.50 293.20Other Asian countries 818.00 1,025.80 775.60 1,036.10 810.90 802.00 837.70 1,046.30 775.70 904.10 812.40 798.40 827.30 908.80 833.50 983.90

Australia and Oceania 366.20 297.00 339.70 445.60 282.00 433.80 308.50 377.60 285.50 191.00 312.60 355.90 332.00 411.80 326.20 219.00Australia 305.30 237.70 284.10 397.10 244.00 327.40 259.20 277.60 240.50 139.40 270.40 309.90 276.70 297.10 272.40 110.20New Zealand 50.00 38.00 29.00 22.20 27.20 85.50 37.80 79.40 33.90 34.30 31.60 27.50 45.50 88.30 42.20 83.10Other Oceanian countries 10.90 21.40 26.40 26.10 10.90 20.70 11.40 20.70 11.10 17.30 10.80 18.70 10.00 26.50 11.60 25.60

Other 1,147.50 6.70 1,194.50 6.30 1,054.00 6.00 1,005.40 8.30 1,220.40 5.10 1,203.60 4.30 1,258.10 8.60 1,360.80 8.90


79

8.5 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO THE DIVISIONS OF THE HARMONIZED SYSTEM: QUARTERLY FIGURES

(millions of euro)

2011 2012 2013

IV I II III IV I II III

Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports

Grand total 57,468.1 60,865.2 62,302.5 65,206.3 60,630.3 62,407.9 56,974.1 58,978.2 58,563.6 63,134.0 60,143.0 64,406.2 61,959.5 62,983.3 59,831.7 60,860.7I Live animals, animal products 1,609.6 1,445.1 1,534.6 1,324.0 1,575.5 1,339.2 1,567.7 1,344.5 1,667.6 1,481.6 1,544.5 1,368.9 1,628.6 1,436.5 1,706.1 1,495.2II Vegetable products 1,339.9 1,751.7 1,402.4 1,840.5 1,480.9 2,143.9 1,353.2 1,968.5 1,512.4 2,093.2 1,449.9 2,062.3 1,526.9 2,196.3 1,380.2 1,855.8III Animal or vegetable fats and oils

and their cleavage products 393.8 486.6 388.2 411.7 384.0 428.6 370.8 454.2 435.1 424.9 388.4 390.5 383.0 466.8 393.4 464.7IV Prepared foodstuffs; beverages,

spirits and vinegar; tobacco andmanufactured tobacco substitutes 3,195.5 2,556.8 3,050.7 2,336.6 3,192.6 2,434.2 3,227.8 2,476.9 3,468.5 2,645.6 3,189.5 2,345.0 3,312.1 2,502.9 3,371.6 2,490.6

V Mineral products 7,117.6 12,679.6 8,218.4 14,567.3 7,772.3 12,669.1 7,991.2 12,862.5 8,477.1 13,944.1 8,757.2 15,253.3 8,498.3 12,900.2 8,827.9 13,044.8VI Products of the chemical or allied

industries 9,144.3 6,693.2 10,545.5 7,810.0 10,021.9 7,917.9 9,381.0 7,674.4 9,612.5 8,288.7 10,198.3 8,473.1 10,668.5 9,079.0 10,742.5 9,405.1VII Plastics and articles thereof;

rubber and articles thereof 4,850.2 3,091.6 5,505.0 3,209.3 5,552.9 3,300.2 5,303.9 3,118.7 5,017.4 3,085.3 5,461.1 3,088.6 5,563.5 3,281.0 5,298.1 3,040.5VIII Raw hides and skins, leather,

furskins and articles thereof 174.1 152.6 153.7 157.6 171.6 160.3 176.0 182.4 179.5 159.8 158.6 162.3 174.2 147.5 187.1 166.9IX Wood and articles of wood; wood

charcoal; cork and articles of cork 387.6 481.5 434.1 535.7 429.3 563.8 378.1 477.5 378.1 473.6 397.4 505.3 433.9 531.9 391.0 479.7X Pulp of wood; paper and

paperboard and articles thereof 1,111.0 1,218.3 977.9 1,092.6 969.8 1,071.8 934.3 1,016.7 942.4 1,062.0 909.8 1,014.6 887.0 1,008.8 896.1 982.5XI Textiles and textile articles 1,587.1 1,510.4 1,695.0 1,744.5 1,526.7 1,395.0 1,618.0 1,711.6 1,545.6 1,483.3 1,621.8 1,696.2 1,529.4 1,426.8 1,560.8 1,734.8XII Footwear, headgear, umbrellas,

articles of human hair 92.0 192.1 136.6 333.9 83.7 197.1 140.6 324.2 82.0 201.7 135.8 337.7 84.0 197.0 142.6 334.1XIII Articles of stone, plaster, cement;

ceramic products; glass andglassware 708.5 574.9 728.3 600.7 738.9 621.9 681.5 570.2 662.3 574.9 676.4 542.4 760.0 618.9 731.4 573.7

XIV Natural or cultured pearls, preciousor semi-precious stones, preciousmetal; coins 4,361.8 3,746.0 4,745.8 4,722.9 4,560.6 4,073.6 4,096.9 3,788.8 4,688.9 4,099.6 3,868.8 4,339.4 4,650.8 4,354.2 3,629.3 3,707.9

XV Base metals and articles of basemetal 5,272.8 4,963.5 6,054.3 5,228.2 5,865.5 5,401.0 5,127.5 4,404.4 4,928.7 4,693.6 5,281.6 4,597.1 5,248.7 4,579.3 4,872.1 4,108.4

XVI Machinery and mechanicalappliances; electrical equipment;sound and image equipment 6,521.2 8,476.8 6,726.3 8,430.9 6,629.8 8,364.2 6,279.3 7,599.7 6,335.7 8,228.6 6,156.9 7,776.3 6,323.1 7,880.4 6,014.0 7,319.5

XVII Vehicles, aircraft, vessels andassociated transport equipment 6,695.0 7,387.3 7,112.2 7,287.3 6,830.8 6,936.7 5,819.2 5,821.5 5,853.1 6,790.1 6,474.2 7,140.5 6,794.8 7,116.5 6,226.6 6,367.9

XVIII Optical, photographic, précision,medical or surgical instruments;clocks and watches; musicalinstruments 1,231.3 1,587.2 1,420.2 1,566.9 1,340.2 1,615.3 1,185.2 1,458.8 1,333.3 1,605.8 1,393.0 1,583.6 1,419.8 1,608.1 1,421.8 1,642.2

XIX Arms and ammunition 79.6 25.3 80.8 26.2 93.7 30.0 78.4 24.3 94.2 40.5 107.3 20.3 90.9 31.8 95.0 34.8XX Miscellaneous manufactured

articles 698.9 1,016.6 744.9 1,042.4 751.5 992.3 692.7 1,006.2 789.8 1,068.2 741.7 1,032.6 748.5 1,036.5 758.6 1,105.8XXI Works of art, collectors’ pieces and

antiques 1 896.1 828.3 647.7 937.3 658.4 751.7 570.5 692.4 558.9 688.7 1,231.0 675.9 1,233.6 582.8 1,185.4 506.2


1 Includes also confidential traffic

9. Balance of payments

82

9.1 BALANCE OF PAYMENTS OF BELGIUM9.1.1 BALANCE OF PAYMENTS OF BELGIUM: SYNTHETIC PRESENTATION - NET (UNTIL 2006)

(millions of euro)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Current account 12,260 11,911 12,129 10,165 8,816 12,009 9,437 9,256 5,997 5,934Goods and services 9,933 9,565 10,198 7,523 8,224 11,891 9,364 9,847 6,855 7,193

Goods 8,795 8,843 8,896 5,273 6,222 9,755 7,761 6,930 2,855 2,197Services 1,138 722 1,302 2,250 2,002 2,136 1,603 2,917 4,000 4,996

Income 5,582 6,171 6,237 6,834 5,161 4,740 5,740 4,639 4,233 3,967Compensation of employees 2,666 2,680 2,960 3,046 3,087 3,309 3,522 3,652 3,903 4,063Investment income 2,916 3,491 3,277 3,788 2,074 1,431 2,218 987 330 -96

Current transfers -3,255 -3,825 -4,306 -4,192 -4,569 -4,622 -5,667 -5,230 -5,091 -5,226

Capital and financial account -13,006 -10,585 -8,408 -8,043 -6,329Capital account -634 -943 -394 -722 -336Financial account -12,372 -9,642 -8,014 -7,321 -5,993

Direct investment 4,234 -4,294 7,683 1,377 6,543Portfolio investment 15,415 735 -24,344 -35,577 -7,501Financial derivatives -2,135 -3,187 -4,529 -4,352 2,621Other investment -29,963 -4,459 12,509 29,462 -7,518Reserve assets of the NBB 77 1,563 667 1,769 -138

Errors and omissions 997 1,148 -848 2,046 395

Source: NBB

N.B.: 2006 being a year of transition towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover.

83

9.1.1 BALANCE OF PAYMENTS OF BELGIUM: SYNTHETIC PRESENTATION - NET (FROM 2007 ONWARDS)

(millions of euro)

2007 2008 2009 2010 2011 2012 2013

Current account 6,355 -4,554 -2,179 6,849 -4,119 -7,294 -7,257Goods and services 5,812 -6,314 4,284 4,347 -3,673 -2,968 -391

Goods 1,338 -11,012 -4,530 -3,799 -10,367 -10,630 -8,288Services 4,475 4,695 8,812 8,148 6,698 7,666 7,897

Income 5,189 8,016 -172 8,467 6,199 3,150 1,444Compensation of employees 4,484 4,620 4,790 4,979 4,993 4,999 5,083Investment income 705 3,397 -4,961 3,488 1,206 -1,847 -3,636

Current transfers -4,645 -6,255 -6,292 -5,968 -6,646 -7,478 -8,313

Capital and financial account -7,180 6,743 4,545 -7,733 4,980 6,507 5,226Capital account -1,352 -1,755 -1,447 -1,008 -722 2,060 -129Financial account -5,829 8,495 5,993 -6,724 5,703 4,448 5,355

Direct investment 9,721 -18,482 38,464 39,621 15,995 -9,974 16,659Portfolio investment -29,839 34,591 31,007 -26,119 -15,916 47,286 23,322Financial derivatives 982 3,872 610 1,303 -1,965 2,031 2,065Other investment 14,176 -12,333 -63,376 -20,922 8,685 -34,386 -37,050Reserve assets of the NBB -865 847 -713 -608 -1,096 -509 358

Errors and omissions 825 -2,189 -2,367 885 -861 788 -205

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears, Temporary differences may appear between the figures given in the BOP and the data used in the NBB’s annuel report owing to a different revision scheduled.

84

9.1.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.2.1 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006

II III IV I II III IV I II III IV

Goods and services 238,182 254,825 54,935 53,721 57,818 57,733 60,220 57,426 62,803 64,099 64,101 61,409 65,216Goods 193,025 207,443 44,648 42,626 46,584 47,165 49,062 46,265 50,533 52,509 52,440 49,493 53,001

General merchandise 179,961 193,026 41,183 39,582 43,202 43,879 45,520 43,270 47,292 49,009 48,736 46,039 49,242Goods for processing 10,931 11,829 2,998 2,547 2,915 2,838 2,995 2,456 2,642 2,844 3,002 2,804 3,179Repairs on goods 311 320 57 53 60 73 84 72 82 79 88 76 77Goods procured in ports by carriers 1,427 1,604 343 374 333 328 390 393 316 393 424 424 363Nonmonetary gold 395 664 67 70 74 47 73 74 201 184 190 150 140

Services 45,157 47,382 10,287 11,095 11,234 10,568 11,158 11,161 12,270 11,590 11,661 11,916 12,215Transportation 11,149 12,467 2,603 2,687 2,912 2,670 2,784 2,790 2,905 2,996 3,132 3,065 3,274Travel 7,932 8,199 1,867 2,161 1,719 1,668 1,911 2,302 2,051 1,800 2,030 2,422 1,947Communications services 1,769 1,623 406 430 519 495 377 394 503 486 430 371 336Construction services 1,533 1,771 418 355 398 356 388 345 444 392 431 428 520Insurance services 671 737 187 152 156 144 175 159 193 162 198 193 184Financial services 2,727 2,877 640 529 631 676 695 654 702 711 715 703 748Information services 2,075 2,288 460 524 529 481 510 505 579 601 563 569 555Royalties and license fees 1,095 1,228 209 178 231 253 319 191 332 244 392 351 241Other business services 14,133 13,913 3,048 3,545 3,517 3,389 3,503 3,263 3,978 3,681 3,187 3,235 3,810

of which: Merchanting 1,468 1,408 43 641 272 464 258 114 632 577 5 292 534Personal, cultural and recreational services 417 444 86 94 97 92 95 107 123 102 105 112 125Government services n.i.e. 1,656 1,835 363 440 525 344 401 451 460 415 478 467 475Services not allocated

Income 47,366 59,128 12,255 8,995 9,150 10,900 14,635 10,844 10,987 13,499 16,682 14,865 14,082Compensation of employees 5,522 5,761 1,374 1,231 1,437 1,342 1,393 1,298 1,489 1,378 1,456 1,385 1,542Investment income 41,844 53,367 10,881 7,764 7,713 9,558 13,242 9,546 9,498 12,121 15,226 13,480 12,540

Current transfers 7,530 7,012 1,477 1,418 1,899 1,768 1,842 1,701 2,219 1,690 1,775 1,482 2,065General government 2,657 2,388 482 350 751 624 588 564 881 507 577 362 942Other sectors 4,873 4,624 995 1,068 1,148 1,144 1,254 1,137 1,338 1,183 1,198 1,120 1,123

Total of the current account 293,078 320,965 68,667 64,134 68,867 70,401 76,697 69,971 76,009 79,288 82,558 77,756 81,363

Source: NBB

N.B.: 2006 being a year of transaction towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover.

85

9.1.2.1 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013 2011 2012 20132012 2013



General merchandise 227,289 234,421 58,724 54,304 55,058 58,934 57,558 54,541 56,255 58,357 59,345 57,180 59,540Goods for processing 10,811 8,441 2,318 2,289 2,308 3,251 3,114 2,446 2,001 2,053 2,569 2,078 1,742Repairs on goods 648 800 116 125 166 134 155 168 190 137 177 161 323Goods procured in ports by carriers 2,350 2,085 541 533 504 540 598 603 608 517 548 535 485Nonmonetary gold 1,733 1,931 398 419 425 484 436 413 399 384 505 494 549

Services 78,952 81,654 16,789 18,446 19,098 18,659 19,560 19,759 20,975 19,798 19,844 19,992 22,019Transportation 20,349 18,186 4,736 4,903 4,767 4,949 5,260 5,124 5,016 4,634 4,687 4,369 4,496Travel 10,129 10,181 2,394 2,524 2,504 2,095 2,543 2,830 2,662 2,122 2,677 2,773 2,610Communications services 3,351 3,562 833 916 909 867 827 812 847 1,055 813 829 865Construction services 1,885 1,971 560 490 531 386 449 496 556 377 503 605 485Insurance services 896 914 206 260 208 202 204 245 246 226 235 237 215Financial services 2,887 3,364 531 638 886 616 610 615 1,045 702 713 772 1,177Information services 4,256 5,015 918 936 943 957 1,010 1,071 1,217 1,196 1,191 1,210 1,417Royalties and license fees 2,060 2,511 342 502 562 444 575 603 437 502 509 813 688Other business services 30,171 32,885 5,577 6,569 7,110 7,352 7,350 7,326 8,143 8,223 7,724 7,686 9,254

of which: Merchanting 3,330 3,276 526 588 662 909 817 818 785 868 774 845 788Personal, cultural and recreational services 607 687 126 173 167 146 152 140 169 159 169 172 189Government services n.i.e. 1,560 1,474 395 343 325 449 400 341 370 415 390 315 354Services not allocated 800 902 171 191 186 197 181 155 268 188 232 211 270

Income 45,543 43,721 17,881 10,304 11,185 9,709 16,746 9,660 9,429 8,678 16,317 9,194 9,532Compensation of employees 7,799 8,258 1,998 1,819 2,076 1,856 1,999 1,856 2,087 1,975 2,158 1,983 2,142Investment income 37,745 35,463 15,883 8,485 9,109 7,853 14,746 7,804 7,341 6,703 14,159 7,210 7,390

Current transfers 8,613 8,241 2,092 2,111 2,551 2,256 1,921 1,977 2,459 2,069 1,940 1,849 2,382General government 2,032 2,118 354 309 962 325 387 336 982 417 377 340 981Other sectors 6,583 6,124 1,738 1,802 1,588 1,931 1,534 1,641 1,476 1,652 1,563 1,509 1,401


Source: NBB


86

9.1.2.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006



General merchandise 179,478 193,442 39,711 38,593 42,181 43,054 44,713 43,145 48,566 50,687 48,386 45,482 48,887Goods for processing 9,717 10,501 2,682 2,290 2,658 2,633 2,687 2,176 2,221 2,563 2,658 2,526 2,754Repairs on goods 208 242 52 37 42 49 56 48 55 52 59 60 71Goods procured in ports by carriers 505 611 102 130 101 108 117 150 130 133 152 201 125Nonmonetary gold 262 450 35 48 64 49 50 76 87 96 197 95 62

Services 41,157 42,386 9,841 10,747 9,905 9,330 10,250 11,355 10,222 9,968 10,883 11,433 10,102Transportation 9,868 10,386 2,219 2,290 2,414 2,313 2,352 2,624 2,579 2,550 2,637 2,676 2,523Travel 12,049 12,370 2,903 3,771 2,349 2,291 3,064 4,035 2,659 2,402 3,222 4,060 2,686Communications services 1,065 1,270 297 308 366 235 240 270 320 337 327 301 305Construction services 682 748 223 221 185 160 161 175 186 190 172 204 182Insurance services 409 436 120 129 102 108 101 102 98 112 112 103 109Financial services 2,810 2,751 670 578 677 744 731 644 691 713 672 650 716Information services 1,500 1,581 419 374 425 331 430 328 411 397 403 359 422Royalties and license fees 844 859 192 230 202 239 169 189 247 244 205 175 235Other business services 10,940 10,902 2,590 2,615 2,876 2,667 2,746 2,764 2,763 2,748 2,815 2,702 2,637

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 375 396 96 104 86 96 92 89 98 107 89 84 116Government services n.i.e. 615 687 112 127 223 146 164 135 170 168 229 119 171Services not allocated

Income 43,133 55,161 8,031 9,319 9,037 10,841 8,584 12,015 11,693 13,256 12,427 15,463 14,015Compensation of employees 1,619 1,698 450 351 454 354 452 355 458 377 482 368 471Investment income 41,514 53,463 7,581 8,968 8,583 10,487 8,132 11,660 11,235 12,879 11,945 15,095 13,544

Current transfers 12,621 12,238 2,852 2,855 2,906 3,337 3,022 2,950 3,312 3,238 2,975 2,918 3,107General government 6,428 6,641 1,450 1,450 1,397 1,822 1,457 1,478 1,671 1,843 1,536 1,643 1,619Other sectors 6,193 5,597 1,402 1,405 1,509 1,515 1,565 1,472 1,641 1,395 1,439 1,275 1,488


Source: NBB


87

9.1.2.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013 2011 2012 20132012 2013



General merchandise 242,879 247,193 61,111 58,363 59,666 63,209 60,692 57,543 61,436 63,532 61,725 58,722 63,212Goods for processing 7,703 6,109 1,879 1,682 1,715 1,987 2,094 1,804 1,820 1,707 1,882 1,503 1,017Repairs on goods 416 519 69 78 97 98 97 85 137 109 146 145 123Goods procured in ports by carriers 1,098 1,136 301 329 204 260 295 322 220 261 276 333 268Nonmonetary gold 1,362 1,005 189 267 298 352 327 338 343 334 248 213 211

Services 71,287 73,755 15,099 17,928 16,621 16,258 17,256 19,165 18,609 17,188 18,028 19,247 19,292Transportation 16,692 16,012 3,891 4,087 3,924 4,098 4,238 4,221 4,134 4,235 4,140 3,690 3,948Travel 15,712 16,302 3,378 5,138 3,406 2,976 3,639 5,567 3,530 3,199 3,965 5,614 3,524Communications services 2,568 2,612 631 722 687 658 612 622 676 662 646 646 657Construction services 1,597 1,889 453 461 517 353 421 369 454 387 460 475 565Insurance services 1,048 929 254 292 268 238 279 269 264 223 247 236 224Financial services 1,701 1,842 380 420 455 426 365 424 486 416 351 507 569Information services 3,333 3,638 705 677 691 778 766 804 985 932 802 886 1,020Royalties and license fees 2,114 2,507 329 454 535 525 466 548 577 648 494 599 765Other business services 24,281 25,802 4,467 5,131 5,471 5,655 5,897 5,855 6,873 5,950 6,336 6,107 7,411

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 668 696 204 177 236 159 154 158 198 164 163 150 219Government services n.i.e. 239 186 85 38 57 64 93 37 45 61 77 23 25Services not allocated 1,333 1,338 321 330 373 326 326 293 387 312 348 314 365

Income 42,392 42,274 11,819 10,929 10,777 9,109 12,790 10,579 9,915 8,813 13,212 10,295 9,954Compensation of employees 2,800 3,174 760 604 787 630 769 609 791 826 1,041 565 744Investment income 39,594 39,098 11,059 10,324 9,990 8,479 12,021 9,970 9,124 7,988 12,171 9,730 9,210

Current transfers 16,089 16,551 3,692 3,687 3,931 4,350 3,958 3,782 4,001 4,888 4,049 3,801 3,814General government 6,815 7,744 1,457 1,606 1,779 2,240 1,521 1,525 1,530 2,826 1,717 1,725 1,475Other sectors 9,276 8,808 2,235 2,081 2,152 2,110 2,437 2,258 2,471 2,061 2,332 2,076 2,340


Source: NBB


88

9.1.2.3 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006


Goods and services 6,855 7,193 2,512 1,876 2,867 2,510 2,347 476 1,522 600 1,766 1,612 3,215Goods 2,855 2,197 2,066 1,528 1,538 1,272 1,439 670 -526 -1,022 988 1,129 1,102

General merchandise 483 -416 1,472 989 1,021 825 807 125 -1,274 -1,678 350 557 355Goods for processing 1,214 1,328 316 257 257 205 308 280 421 281 344 278 425Repairs on goods 103 78 5 16 18 24 28 24 27 27 29 16 6Goods procured in ports by carriers 922 993 241 244 232 220 273 243 186 260 272 223 238Nonmonetary gold 133 214 32 22 10 -2 23 -2 114 88 -7 55 78

Services 4,000 4,996 446 348 1,329 1,238 908 -194 2,048 1,622 778 483 2,113Transportation 1,281 2,081 384 397 498 357 432 166 326 446 495 389 751Travel -4,117 -4,171 -1,036 -1,610 -630 -623 -1,153 -1,733 -608 -602 -1,192 -1,638 -739Communications services 704 353 109 122 153 260 137 124 183 149 103 70 31Construction services 851 1,023 195 134 213 196 227 170 258 202 259 224 338Insurance services 262 301 67 23 54 36 74 57 95 50 86 90 75Financial services -83 126 -30 -49 -46 -68 -36 10 11 -2 43 53 32Information services 575 707 41 150 104 150 80 177 168 204 160 210 133Royalties and license fees 251 369 17 -52 29 14 150 2 85 0 187 176 6Othes business services 3,193 3,011 458 930 641 722 757 499 1,215 933 372 533 1,173

of which: Merchanting 1,468 1,408 43 641 272 464 258 114 632 577 5 292 534Personal, cultural and recreational services 42 48 -10 -10 11 -4 3 18 25 -5 16 28 9Government services n.i.e. 1,041 1,148 251 313 302 198 237 316 290 247 249 348 304Services not allocated

Income 4,233 3,967 4,224 -324 113 59 6,051 -1,171 -706 243 4,255 -598 67Compensation of employees 3,903 4,063 924 880 983 988 941 943 1,031 1,001 974 1,017 1,071Investment income 330 -96 3,300 -1,204 -870 -929 5,110 -2,114 -1,737 -758 3,281 -1,615 -1,004

Current transfers -5,091 -5,226 -1,375 -1,437 -1,007 -1,569 -1,180 -1,249 -1,093 -1,548 -1,200 -1,436 -1,042General government -3,771 -4,253 -968 -1,100 -646 -1,198 -869 -914 -790 -1,336 -959 -1,281 -677Other sectors -1,320 -973 -407 -337 -361 -371 -311 -335 -303 -212 -241 -155 -365

Total of the current account 5,997 5,934 5,361 115 1,973 1,000 7,218 -1,944 -277 -705 4,821 -422 2,240

Source: NBB


89

9.1.2.3 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013 2011 2012 20132012 2013


Goods and services -2,968 -391 238 -2,531 -1,042 -162 659 -1,328 -2,137 -1,885 682 277 535Goods -10,630 -8,288 -1,452 -3,050 -3,519 -2,563 -1,645 -1,922 -4,503 -4,495 -1,134 -468 -2,192

General merchandise -15,592 -12,769 -2,388 -4,059 -4,608 -4,274 -3,134 -3,003 -5,182 -5,175 -2,380 -1,542 -3,672Goods for processing 3,107 2,332 439 607 593 1,264 1,020 642 180 346 687 574 725Repairs on goods 232 277 47 47 69 36 58 83 54 28 31 16 201Goods procured in ports by carriers 1,250 945 239 204 300 280 302 281 389 256 272 202 217Nonmonetary gold 371 926 210 152 127 132 109 76 56 50 257 281 338

Services 7,666 7,897 1,690 519 2,477 2,400 2,304 594 2,366 2,610 1,816 745 2,727Transportation 3,659 2,172 845 816 843 850 1,021 903 883 399 547 680 548Travel -5,583 -6,121 -984 -2,615 -901 -881 -1,096 -2,737 -868 -1,078 -1,288 -2,841 -915Communications services 783 951 202 195 222 209 215 190 171 393 167 183 208Construction services 291 83 107 29 14 33 27 127 102 -10 43 130 -80Insurance services -152 -16 -48 -32 -60 -37 -75 -23 -19 3 -12 1 -9Financial services 1,186 1,521 150 218 431 190 245 192 559 286 363 265 607Information services 920 1,374 214 258 251 179 243 268 232 264 389 324 397Royalties and license fees -55 6 13 47 27 -81 110 55 -140 -146 15 213 -77Othes business services 5,890 7,083 1,110 1,439 1,639 1,696 1,453 1,471 1,270 2,273 1,388 1,579 1,843

of which: Merchanting 3,330 3,276 526 588 662 909 817 818 785 868 774 845 788Personal, cultural and recreational services -63 -7 -78 -3 -70 -13 -2 -18 -29 -5 6 21 -30Government services n.i.e. 1,322 1,286 310 305 268 385 307 305 325 354 313 292 329Services not allocated -533 -437 -150 -139 -187 -129 -146 -139 -119 -124 -116 -103 -95

Income 3,150 1,444 6,062 -625 408 600 3,956 -919 -486 -135 3,105 -1,101 -422Compensation of employees 4,999 5,083 1,238 1,214 1,289 1,226 1,230 1,247 1,296 1,149 1,117 1,418 1,398Investment income -1,847 -3,636 4,824 -1,839 -881 -626 2,726 -2,166 -1,782 -1,284 1,988 -2,519 -1,820

Current transfers -7,478 -8,313 -1,600 -1,576 -1,380 -2,093 -2,037 -1,805 -1,542 -2,819 -2,109 -1,952 -1,432General government -4,782 -5,627 -1,103 -1,297 -817 -1,914 -1,134 -1,188 -547 -2,409 -1,340 -1,385 -493Other sectors -2,694 -2,684 -497 -279 -563 -179 -903 -617 -995 -410 -769 -567 -939

Total of the current account -7,294 -7,257 4,700 -4,731 -2,014 -1,655 2,578 -4,052 -4,165 -4,839 1,677 -2,776 -1,319

Source: NBB


90

9.1.2.4 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006

Dec. Jan. Feb. March April May June July Aug. Sep. Oct. Nov. Dec.


General merchandise 15,589 15,177 15,495 18,337 15,018 16,703 17,015 15,192 13,987 16,860 17,098 17,233 14,911Goods for processing 861 882 914 1,048 729 1,116 1,157 916 719 1,169 1,131 1,075 973Repairs on goods 30 25 25 29 30 29 29 25 25 26 27 27 23Goods procured in ports by carriers 113 126 120 147 127 153 144 145 149 130 132 119 112Nonmonetary gold 124 55 91 38 48 106 36 38 50 62 54 45 41

Services 4,259 3,895 3,750 3,945 3,937 3,703 4,021 4,441 3,968 3,507 4,434 3,478 4,303Transportation 1,040 1,003 919 1,074 1,014 1,055 1,063 1,055 1,039 971 1,060 1,066 1,148Travel 704 606 589 605 696 553 781 823 844 755 728 577 642Communications services 176 209 108 169 155 158 117 124 127 120 116 102 118Construction services 198 127 122 143 137 141 153 120 169 139 183 139 198Insurance services 75 44 60 58 55 66 77 77 69 47 59 62 63Financial services 255 245 221 245 246 230 239 269 224 210 266 245 237Information services 201 217 190 194 195 182 186 206 173 190 195 185 175Royalties and license fees 92 122 65 57 177 95 120 137 58 156 151 51 39Other business services 1,295 1,151 1,309 1,221 1,090 1,019 1,078 1,434 1,063 738 1,464 878 1,468

of which: Merchanting 118 -9 351 235 -18 -53 76 282 59 -49 371 -201 364Personal, cultural and recreational services 48 36 30 36 26 41 38 35 43 34 39 42 44Government services n.i.e. 175 135 137 143 146 163 169 161 159 147 173 131 171Services not allocated

Income 3,931 4,458 4,407 4,634 5,529 5,486 5,667 4,882 4,812 5,171 4,578 4,525 4,979Compensation of employees 581 456 457 465 450 540 466 454 461 470 458 480 604Investment income 3,350 4,002 3,950 4,169 5,079 4,946 5,201 4,428 4,351 4,701 4,120 4,045 4,375

Current transfers 1,014 471 624 595 572 599 604 555 483 444 543 550 972General government 465 126 215 166 165 179 233 152 97 113 213 170 559Other sectors 549 345 409 429 407 420 371 403 386 331 330 380 413


Source: NBB


91

9.1.2.4 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 16,964 18,755 18,728 20,873 20,150 19,876 19,319 20,493 16,689 19,998 21,368 19,813 18,359Goods for processing 621 643 697 713 831 928 810 738 592 747 647 556 539Repairs on goods 66 40 43 55 52 76 50 53 45 63 71 67 185Goods procured in ports by carriers 200 170 165 182 195 186 167 183 180 172 167 155 163Nonmonetary gold 135 124 101 159 171 151 183 193 135 166 183 186 179

Services 8,084 6,521 6,038 7,240 6,289 6,466 7,089 6,674 6,210 7,108 6,925 6,433 8,661Transportation 1,659 1,555 1,389 1,690 1,486 1,525 1,677 1,492 1,384 1,492 1,611 1,367 1,518Travel 919 701 638 783 815 960 902 947 954 872 906 817 886Communications services 293 387 401 267 269 265 279 270 279 280 297 283 285Construction services 147 101 115 161 154 175 174 137 145 323 182 160 144Insurance services 114 69 60 97 70 69 96 81 61 95 71 65 80Financial services 654 304 179 219 246 230 238 273 210 289 248 276 652Information services 416 486 339 372 468 361 362 480 370 361 560 397 459Royalties and license fees 177 220 116 166 132 125 252 361 261 190 160 171 357Other business services 3,408 2,457 2,554 3,212 2,389 2,525 2,809 2,397 2,345 2,944 2,613 2,648 3,992

of which: Merchanting 274 286 290 292 280 275 220 317 247 281 284 243 261Personal, cultural and recreational services 63 47 54 58 64 47 57 72 41 59 62 63 63Government services n.i.e. 124 136 136 144 129 128 133 102 104 109 113 122 118Services not allocated 112 60 58 71 66 55 111 62 56 93 101 63 106


Current transfers 979 639 638 792 579 662 699 636 546 668 600 915 867General government 421 132 140 146 106 160 112 109 125 107 144 437 400Other sectors 558 507 499 646 474 501 588 526 421 561 456 478 467


Source: NBB


92

9.1.2.5 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 17,243 16,122 15,829 18,736 15,353 16,378 16,655 14,350 15,031 16,101 16,614 16,931 15,342Goods for processing 720 761 859 943 568 1,055 1,035 831 630 1,065 1,035 918 801Repairs on goods 21 19 15 18 16 22 21 23 19 18 28 21 22Goods procured in ports by carriers 52 39 45 49 49 47 56 80 73 48 39 47 39Nonmonetary gold 51 41 27 28 20 154 23 21 43 31 21 18 23

Services 3,537 3,485 3,053 3,430 3,573 3,653 3,657 4,105 3,803 3,525 3,570 3,150 3,382Transportation 931 844 786 920 858 913 866 839 948 889 831 829 863Travel 784 782 766 854 1,057 1,085 1,080 1,541 1,385 1,134 1,098 786 802Communications services 108 109 100 128 137 111 79 94 112 95 106 78 121Construction services 62 61 57 72 60 60 52 59 75 70 60 52 70Insurance services 36 31 36 45 26 36 50 31 31 41 35 30 44Financial services 256 288 196 229 220 226 226 253 201 196 249 237 230Information services 177 135 144 118 129 142 132 150 102 107 116 175 131Royalties and license fees 113 67 101 76 47 56 102 42 86 47 52 64 119Other business services 970 1,064 809 875 945 950 920 1,042 799 861 936 807 894



Current transfers 1,241 844 1,401 993 932 1,074 969 986 975 957 1,053 1,011 1,043General government 633 407 944 492 490 568 478 537 547 559 621 518 480Other sectors 608 437 457 501 442 506 491 449 428 398 432 493 563


Source: NBB


93

9.1.2.5 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 18,900 20,818 20,362 22,352 20,967 20,536 20,223 20,045 18,179 20,498 22,013 20,833 20,367Goods for processing 509 575 559 573 650 607 625 539 465 499 385 323 309Repairs on goods 41 40 32 36 75 33 37 52 36 56 35 37 50Goods procured in ports by carriers 71 88 80 93 99 85 92 120 105 107 86 87 94Nonmonetary gold 97 114 103 117 95 85 67 70 67 76 76 73 62

Services 7,127 5,353 5,413 6,422 6,050 5,758 6,220 7,057 6,158 6,032 6,054 5,652 7,586Transportation 1,372 1,416 1,277 1,541 1,314 1,449 1,377 1,302 1,223 1,165 1,398 1,168 1,382Travel 1,211 1,015 1,008 1,177 1,496 1,200 1,269 2,494 1,800 1,320 1,215 1,042 1,266Communications services 221 248 214 200 234 205 207 219 204 223 224 210 224Construction services 172 123 124 141 133 170 157 146 116 213 158 142 266Insurance services 96 62 67 94 69 82 96 73 68 95 64 71 88Financial services 190 184 123 108 103 130 118 256 110 141 205 142 222Information services 335 309 293 329 258 255 288 272 326 289 295 324 400Royalties and license fees 214 146 293 208 137 182 176 144 279 177 166 271 328Other business services 3,076 1,677 1,870 2,403 2,127 1,893 2,315 1,997 1,874 2,235 2,155 2,086 3,170

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 79 49 47 68 52 54 56 51 49 50 68 68 84Government services n.i.e. 18 5 6 50 18 38 21 5 11 7 4 17 4Services not allocated 144 118 92 102 109 99 140 99 97 117 101 111 153


Current transfers 1,557 1,539 1,842 1,506 1,235 1,421 1,393 1,245 1,229 1,327 1,125 1,134 1,555General government 562 914 1,202 710 560 595 563 569 576 580 423 422 630Other sectors 996 625 640 796 676 826 830 676 653 747 702 712 925


Source: NBB


94

9.1.2.6 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006


Goods and services -648 -307 567 340 310 501 955 1,347 -701 966 1,569 892 754Goods -1,370 -717 -130 -175 -54 451 591 1,011 -866 984 705 564 -167

General merchandise -1,654 -945 -334 -399 -335 325 360 842 -1,044 759 484 302 -431Goods for processing 141 121 55 105 161 61 122 85 89 104 96 157 172Repairs on goods 9 6 10 11 14 7 8 2 6 8 -1 6 1Goods procured in ports by carriers 61 87 75 98 78 106 88 65 76 82 93 72 73Nonmonetary gold 73 14 64 10 28 -48 13 17 7 31 33 27 18

Services 722 410 697 515 364 50 364 336 165 -18 864 328 921Transportation 109 159 133 154 156 142 197 216 91 82 229 237 285Travel -80 -176 -177 -249 -361 -532 -299 -718 -541 -379 -370 -209 -160Communications services 68 100 8 41 18 47 38 30 15 25 10 24 -3Construction services 136 66 65 71 77 81 101 61 94 69 123 87 128Insurance services 39 13 24 13 29 30 27 46 38 6 24 32 19Financial services -1 -43 25 16 26 4 13 16 23 14 17 8 7Information services 24 82 46 76 66 40 54 56 71 83 79 10 44Royalties and license fees -21 55 -36 -19 130 39 18 95 -28 109 99 -13 -80Othes business services 325 87 500 346 145 69 158 392 264 -123 528 71 574

of which: Merchanting 118 -9 351 235 -18 -53 76 282 59 -49 371 -201 364Personal, cultural and recreational services 14 0 0 -5 2 12 2 14 16 -2 4 0 5Government services n.i.e. 109 67 109 71 76 118 55 128 122 98 121 81 102Services not allocated

Income -214 68 80 95 1,420 1,399 1,436 -208 -188 -202 5 22 40Compensation of employees 359 332 333 336 328 310 336 329 336 352 338 360 373Investment income -573 -264 -253 -241 1,092 1,089 1,100 -537 -524 -554 -333 -338 -333

Current transfers -227 -373 -777 -398 -360 -475 -365 -431 -492 -513 -510 -461 -71General government -168 -281 -729 -326 -325 -389 -245 -385 -450 -446 -408 -348 79Other sectors -59 -92 -48 -72 -35 -86 -120 -46 -42 -67 -102 -113 -150

Total of the current account -1,089 -612 -130 37 1,370 1,425 2,026 708 -1,381 251 1,064 453 723

Source: NBB


95

9.1.2.6 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Goods and services -675 -736 -777 -372 -249 578 353 451 -1,160 986 713 206 -384Goods -1,632 -1,903 -1,401 -1,190 -488 -130 -516 834 -1,212 -90 -158 -576 -1,458

General merchandise -1,936 -2,063 -1,633 -1,479 -817 -660 -904 448 -1,490 -499 -645 -1,019 -2,008Goods for processing 112 67 139 140 181 321 185 200 127 247 263 233 229Repairs on goods 25 0 10 18 -24 43 12 1 9 7 36 30 135Goods procured in ports by carriers 129 82 85 89 96 101 74 62 74 65 80 68 69Nonmonetary gold 38 10 -2 42 76 65 116 123 68 90 108 113 117

Services 957 1,168 624 818 239 708 869 -383 52 1,076 871 781 1,074Transportation 287 138 112 148 171 76 300 191 161 327 213 199 136Travel -293 -314 -370 -394 -681 -240 -367 -1,547 -846 -448 -309 -225 -380Communications services 72 138 187 68 35 60 72 51 75 57 73 74 61Construction services -25 -21 -9 20 21 5 17 -9 29 110 24 18 -122Insurance services 18 7 -6 3 2 -14 0 8 -7 0 6 -7 -8Financial services 464 120 55 111 142 100 120 18 99 148 43 134 431Information services 81 176 45 42 210 106 74 208 44 72 265 73 59Royalties and license fees -37 73 -177 -42 -5 -56 76 217 -18 14 -6 -99 29Othes business services 332 780 684 809 262 632 494 400 470 709 458 563 822

of which: Merchanting 274 286 290 292 280 275 220 317 247 281 284 243 261Personal, cultural and recreational services -16 -2 7 -10 12 -7 1 21 -8 9 -5 -4 -21Government services n.i.e. 106 131 130 94 111 90 111 97 92 102 109 105 114Services not allocated -32 -59 -34 -31 -43 -44 -29 -37 -41 -24 0 -48 -47

Income 51 -56 -32 -48 1,188 2,342 -426 -193 -313 -596 -23 -598 199Compensation of employees 458 369 384 396 391 310 416 479 464 475 427 422 550Investment income -407 -425 -416 -444 797 2,033 -842 -672 -777 -1,070 -450 -1,020 -350

Current transfers -578 -901 -1,204 -715 -656 -760 -693 -609 -683 -659 -525 -219 -689General government -140 -783 -1,062 -564 -454 -435 -451 -460 -451 -474 -278 15 -230Other sectors -438 -118 -141 -150 -202 -325 -242 -149 -232 -186 -246 -234 -459

Total of the current account -1,203 -1,692 -2,013 -1,134 282 2,161 -766 -351 -2,156 -269 165 -611 -873

Source: NBB


96

9.1.2.7 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 179,961 15,177 30,672 49,009 64,027 80,730 97,745 112,937 126,924 143,784 160,882 178,115 193,026Goods for processing 10,931 882 1,796 2,844 3,573 4,689 5,846 6,762 7,481 8,650 9,781 10,856 11,829Repairs on goods 311 25 50 79 109 138 167 192 217 243 270 297 320Goods procured in ports by carriers 1,427 126 246 393 520 673 817 962 1,111 1,241 1,373 1,492 1,604Nonmonetary gold 395 55 146 184 232 338 374 412 462 524 578 623 664

Services 45,157 3,895 7,645 11,590 15,527 19,230 23,251 27,692 31,660 35,167 39,601 43,079 47,382Transportation 11,149 1,003 1,922 2,996 4,010 5,065 6,128 7,183 8,222 9,193 10,253 11,319 12,467Travel 7,932 606 1,195 1,800 2,496 3,049 3,830 4,653 5,497 6,252 6,980 7,557 8,199Communications services 1,769 209 317 486 641 799 916 1,040 1,167 1,287 1,403 1,505 1,623Construction services 1,533 127 249 392 529 670 823 943 1,112 1,251 1,434 1,573 1,771Insurance services 671 44 104 162 217 283 360 437 506 553 612 674 737Financial services 2,727 245 466 711 957 1,187 1,426 1,695 1,919 2,129 2,395 2,640 2,877Information services 2,075 217 407 601 796 978 1,164 1,370 1,543 1,733 1,928 2,113 2,288Royalties and license fees 1,095 122 187 244 421 516 636 773 831 987 1,138 1,189 1,228Other business services 14,133 1,151 2,460 3,681 4,771 5,790 6,868 8,302 9,365 10,103 11,567 12,445 13,913

of which: Merchanting 1,468 -9 342 577 559 506 582 864 923 874 1,245 1,044 1,408Personal, cultural and recreational services 417 36 66 102 128 169 207 242 285 319 358 400 444Government services n.i.e. 1,656 135 272 415 561 724 893 1,054 1,213 1,360 1,533 1,664 1,835Services not allocated

Income 47,366 4,458 8,865 13,499 19,028 24,514 30,181 35,063 39,875 45,046 49,624 54,149 59,128Compensation of employees 5,522 456 913 1,378 1,828 2,368 2,834 3,288 3,749 4,219 4,677 5,157 5,761Investment income 41,844 4,002 7,952 12,121 17,200 22,146 27,347 31,775 36,126 40,827 44,947 48,992 53,367

Current transfers 7,530 471 1,095 1,690 2,262 2,861 3,465 4,020 4,503 4,947 5,490 6,040 7,012General government 2,657 126 341 507 672 851 1,084 1,236 1,333 1,446 1,659 1,829 2,388Other sectors 4,873 345 754 1,183 1,590 2,010 2,381 2,784 3,170 3,501 3,831 4,211 4,624


Source: NBB


97

9.1.2.7 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 227,289 18,755 37,483 58,356 78,506 98,382 117,701 138,194 154,883 174,881 196,249 216,062 234,421Goods for processing 10,811 643 1,340 2,053 2,884 3,812 4,622 5,360 5,952 6,699 7,346 7,902 8,441Repairs on goods 648 40 83 138 190 266 316 369 414 477 548 615 800Goods procured in ports by carriers 2,350 170 335 517 712 898 1,065 1,248 1,428 1,600 1,767 1,922 2,085Nonmonetary gold 1,733 124 225 384 555 706 889 1,082 1,217 1,383 1,566 1,752 1,931

Services 78,952 6,521 12,559 19,799 26,088 32,554 39,643 46,317 52,527 59,635 66,560 72,993 81,654Transportation 20,349 1,555 2,944 4,634 6,120 7,645 9,322 10,814 12,198 13,690 15,301 16,668 18,186Travel 10,129 701 1,339 2,122 2,937 3,897 4,799 5,746 6,700 7,572 8,478 9,295 10,181Communications services 3,351 387 788 1,055 1,324 1,589 1,868 2,138 2,417 2,697 2,994 3,277 3,562Construction services 1,885 101 216 377 531 706 880 1,017 1,162 1,485 1,667 1,827 1,971Insurance services 896 69 129 226 296 365 461 542 603 698 769 834 914Financial services 2,887 304 483 702 948 1,178 1,416 1,689 1,899 2,188 2,436 2,712 3,364Information services 4,256 486 825 1,197 1,665 2,026 2,388 2,868 3,238 3,599 4,159 4,556 5,015Royalties and license fees 2,060 220 336 502 634 759 1,011 1,372 1,633 1,823 1,983 2,154 2,511Other business services 30,171 2,457 5,011 8,223 10,612 13,137 15,946 18,343 20,688 23,632 26,245 28,893 32,885

of which: Merchanting 3,330 286 576 868 1,148 1,423 1,643 1,960 2,207 2,488 2,772 3,015 3,276Personal, cultural and recreational services 607 47 101 159 223 270 327 399 440 499 561 624 687Government services n.i.e. 1,560 136 272 416 545 673 806 908 1,012 1,121 1,234 1,356 1,474Services not allocated 800 60 118 189 255 310 421 483 539 632 733 796 902

Income 45,543 2,880 5,764 8,679 13,416 19,370 24,996 28,121 31,153 34,190 37,161 40,449 43,721Compensation of employees 7,799 649 1,301 1,975 2,646 3,443 4,134 4,797 5,449 6,117 6,751 7,378 8,258Investment income 37,745 2,231 4,463 6,704 10,770 15,927 20,863 23,324 25,704 28,073 30,410 33,071 35,463

Current transfers 8,613 639 1,277 2,069 2,648 3,310 4,009 4,645 5,191 5,859 6,459 7,374 8,241General government 2,032 132 272 418 524 684 796 905 1,030 1,137 1,281 1,718 2,118Other sectors 6,583 507 1,006 1,652 2,126 2,627 3,215 3,741 4,162 4,723 5,179 5,657 6,124


Source: NBB


98

9.1.2.8 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 179,478 16,122 31,951 50,687 66,040 82,418 99,073 113,423 128,454 144,555 161,169 178,100 193,442Goods for processing 9,717 761 1,620 2,563 3,131 4,186 5,221 6,052 6,682 7,747 8,782 9,700 10,501Repairs on goods 208 19 34 52 68 90 111 134 153 171 199 220 242Goods procured in ports by carriers 505 39 84 133 182 229 285 365 438 486 525 572 611Nonmonetary gold 262 41 68 96 116 270 293 314 357 388 409 427 450

Services 41,157 3,485 6,538 9,968 13,541 17,194 20,851 24,956 28,759 32,284 35,854 39,004 42,386Transportation 9,868 844 1,630 2,550 3,408 4,321 5,187 6,026 6,974 7,863 8,694 9,523 10,386Travel 12,049 782 1,548 2,402 3,459 4,544 5,624 7,165 8,550 9,684 10,782 11,568 12,370Communications services 1,065 109 209 337 474 585 664 758 870 965 1,071 1,149 1,270Construction services 682 61 118 190 250 310 362 421 496 566 626 678 748Insurance services 409 31 67 112 138 174 224 255 286 327 362 392 436Financial services 2,810 288 484 713 933 1,159 1,385 1,638 1,839 2,035 2,284 2,521 2,751Information services 1,500 135 279 397 526 668 800 950 1,052 1,159 1,275 1,450 1,581Royalties and license fees 844 67 168 244 291 347 449 491 577 624 676 740 859Other business services 10,940 1,064 1,873 2,748 3,693 4,643 5,563 6,605 7,404 8,265 9,201 10,008 10,902


Income 43,133 4,390 8,717 13,256 17,365 21,452 25,683 30,773 35,773 41,146 45,719 50,222 55,161Compensation of employees 1,619 124 248 377 499 729 859 984 1,109 1,227 1,347 1,467 1,698Investment income 41,514 4,266 8,469 12,879 16,866 20,723 24,824 29,789 34,664 39,919 44,372 48,755 53,463

Current transfers 12,621 844 2,245 3,238 4,170 5,244 6,213 7,199 8,174 9,131 10,184 11,195 12,238General government 6,428 407 1,351 1,843 2,333 2,901 3,379 3,916 4,463 5,022 5,643 6,161 6,641Other sectors 6,193 437 894 1,395 1,837 2,343 2,834 3,283 3,711 4,109 4,541 5,034 5,597


Source: NBB


99

9.1.2.8 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 242,879 20,818 41,180 63,532 84,499 105,035 125,258 145,303 163,482 183,980 205,993 226,826 247,193Goods for processing 7,703 575 1,134 1,707 2,357 2,964 3,589 4,128 4,593 5,092 5,477 5,800 6,109Repairs on goods 416 40 72 108 183 216 253 305 341 397 432 469 519Goods procured in ports by carriers 1,098 88 168 261 360 445 537 657 762 869 955 1,042 1,136Nonmonetary gold 1,362 114 217 334 429 514 581 651 718 794 870 943 1,005

Services 71,287 5,353 10,766 17,188 23,238 28,996 35,216 42,273 48,431 54,463 60,517 66,169 73,755Transportation 16,692 1,416 2,693 4,234 5,548 6,997 8,374 9,676 10,899 12,064 13,462 14,630 16,012Travel 15,712 1,015 2,023 3,200 4,696 5,896 7,165 9,659 11,459 12,779 13,994 15,036 16,302Communications services 2,568 248 462 662 896 1,101 1,308 1,527 1,731 1,954 2,178 2,388 2,612Construction services 1,597 123 247 388 521 691 848 994 1,110 1,323 1,481 1,623 1,889Insurance services 1,048 62 129 223 292 374 470 543 611 706 770 841 929Financial services 1,701 184 307 415 518 648 766 1,022 1,132 1,273 1,478 1,620 1,842Information services 3,333 309 602 931 1,189 1,444 1,732 2,004 2,330 2,619 2,914 3,238 3,638Royalties and license fees 2,114 146 439 647 784 966 1,142 1,286 1,565 1,742 1,908 2,179 2,507Other business services 24,281 1,677 3,547 5,950 8,077 9,970 12,285 14,282 16,156 18,391 20,546 22,632 25,802

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 668 49 96 164 216 270 326 377 426 476 544 612 696Government services n.i.e. 239 5 11 61 79 117 138 143 154 161 165 182 186Services not allocated 1,333 118 210 312 421 520 660 759 856 973 1,074 1,185 1,338

Income 42,392 2,935 5,851 8,813 12,362 15,973 22,025 25,343 28,688 32,320 35,315 39,201 42,274Compensation of employees 2,800 280 548 825 1,105 1,592 1,866 2,050 2,238 2,431 2,638 2,843 3,174Investment income 39,594 2,655 5,302 7,987 11,256 14,380 20,158 23,292 26,449 29,888 32,675 36,356 39,098

Current transfers 16,089 1,539 3,381 4,887 6,122 7,543 8,936 10,181 11,410 12,737 13,862 14,996 16,551General government 6,815 914 2,116 2,826 3,386 3,981 4,544 5,113 5,689 6,269 6,692 7,114 7,744Other sectors 9,276 625 1,265 2,061 2,737 3,563 4,393 5,069 5,722 6,469 7,171 7,883 8,808


Source: NBB

N.B.: Temporary differences may appear between the figures given in the BOP and the data used in the NBB’s annuel report owing to a different revision scheduled., Due to modifications in the sources between 2006 and 2007 a methodological rupture appears

100

9.1.2.9 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006


Goods and services 6,855 -307 260 600 910 1,411 2,366 3,713 3,012 3,978 5,547 6,439 7,193Goods 2,855 -717 -847 -1,022 -1,076 -625 -34 977 111 1,095 1,800 2,364 2,197

General merchandise 483 -945 -1,279 -1,678 -2,013 -1,688 -1,328 -486 -1,530 -771 -287 15 -416Goods for processing 1,214 121 176 281 442 503 625 710 799 903 999 1,156 1,328Repairs on goods 103 6 16 27 41 48 56 58 64 72 71 77 78Goods procured in ports by carriers 922 87 162 260 338 444 532 597 673 755 848 920 993Nonmonetary gold 133 14 78 88 116 68 81 98 105 136 169 196 214

Services 4,000 410 1,107 1,622 1,986 2,036 2,400 2,736 2,901 2,883 3,747 4,075 4,996Transportation 1,281 159 292 446 602 744 941 1,157 1,248 1,330 1,559 1,796 2,081Travel -4,117 -176 -353 -602 -963 -1,495 -1,794 -2,512 -3,053 -3,432 -3,802 -4,011 -4,171Communications services 704 100 108 149 167 214 252 282 297 322 332 356 353Construction services 851 66 131 202 279 360 461 522 616 685 808 895 1,023Insurance services 262 13 37 50 79 109 136 182 220 226 250 282 301Financial services -83 -43 -18 -2 24 28 41 57 80 94 111 119 126Information services 575 82 128 204 270 310 364 420 491 574 653 663 707Royalties and license fees 251 55 19 0 130 169 187 282 254 363 462 449 369Other business services 3,193 87 587 933 1,078 1,147 1,305 1,697 1,961 1,838 2,366 2,437 3,011

of which: Merchanting 1,468 -9 342 577 559 506 582 864 923 874 1,245 1,044 1,408Personal, cultural and recreational services 42 0 0 -5 -3 9 11 25 41 39 43 43 48Government services n.i.e. 1,041 67 176 247 323 441 496 624 746 844 965 1,046 1,148Services not allocated

Income 4,233 68 148 243 1,663 3,062 4,498 4,290 4,102 3,900 3,905 3,927 3,967Compensation of employees 3,903 332 665 1,001 1,329 1,639 1,975 2,304 2,640 2,992 3,330 3,690 4,063Investment income 330 -264 -517 -758 334 1,423 2,523 1,986 1,462 908 575 237 -96

Current transfers -5,091 -373 -1,150 -1,548 -1,908 -2,383 -2,748 -3,179 -3,671 -4,184 -4,694 -5,155 -5,226General government -3,771 -281 -1,010 -1,336 -1,661 -2,050 -2,295 -2,680 -3,130 -3,576 -3,984 -4,332 -4,253Other sectors -1,320 -92 -140 -212 -247 -333 -453 -499 -541 -608 -710 -823 -973

Total of the current account 5,997 -612 -742 -705 665 2,090 4,116 4,824 3,443 3,694 4,758 5,211 5,934

Source: NBB


101

9.1.2.9 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Goods and services -2,968 -736 -1,513 -1,885 -2,134 -1,556 -1,203 -752 -1,912 -926 -213 -7 -391Goods -10,630 -1,903 -3,304 -4,494 -4,982 -5,112 -5,628 -4,794 -6,006 -6,096 -6,254 -6,830 -8,288

General merchandise -15,592 -2,063 -3,696 -5,175 -5,992 -6,652 -7,556 -7,108 -8,598 -9,097 -9,742 -10,761 -12,769Goods for processing 3,107 67 206 346 527 848 1,033 1,233 1,360 1,607 1,870 2,103 2,332Repairs on goods 232 0 10 28 4 47 59 60 69 76 112 142 277Goods procured in ports by carriers 1,250 82 167 256 352 453 527 589 663 728 808 876 945Nonmonetary gold 371 10 8 50 126 191 307 430 498 588 696 809 926

Services 7,666 1,168 1,792 2,610 2,849 3,557 4,426 4,043 4,095 5,171 6,042 6,823 7,897Transportation 3,659 138 250 398 569 645 945 1,136 1,297 1,624 1,837 2,036 2,172Travel -5,583 -314 -684 -1,078 -1,759 -1,999 -2,366 -3,913 -4,759 -5,207 -5,516 -5,741 -6,121Communications services 783 138 325 393 428 488 560 611 686 743 816 890 951Construction services 291 -21 -30 -10 11 16 33 24 53 163 187 205 83Insurance services -152 7 1 4 6 -8 -8 0 -7 -7 -1 -8 -16Financial services 1,186 120 175 286 428 528 648 666 765 913 956 1,090 1,521Information services 920 176 221 263 473 579 653 861 905 977 1,242 1,315 1,374Royalties and license fees -55 73 -104 -146 -151 -207 -131 86 68 82 76 -23 6Other business services 5,890 780 1,464 2,273 2,535 3,167 3,661 4,061 4,531 5,240 5,698 6,261 7,083

of which: Merchanting 3,330 286 576 868 1,148 1,423 1,643 1,960 2,207 2,488 2,772 3,015 3,276Personal, cultural and recreational services -63 -2 5 -5 7 0 1 22 14 23 18 14 -7Government services n.i.e. 1,322 131 261 355 466 556 667 764 856 958 1,067 1,172 1,286Services not allocated -533 -59 -93 -124 -167 -211 -240 -277 -318 -342 -342 -390 -437

Income 3,150 -56 -88 -136 1,052 3,394 2,968 2,775 2,462 1,866 1,843 1,245 1,444Compensation of employees 4,999 369 753 1,149 1,540 1,850 2,266 2,745 3,209 3,684 4,111 4,533 5,083Investment income -1,847 -425 -841 -1,285 -488 1,545 703 31 -746 -1,816 -2,266 -3,286 -3,636

Current transfers -7,478 -901 -2,105 -2,820 -3,476 -4,236 -4,929 -5,538 -6,221 -6,880 -7,405 -7,624 -8,313General government -4,782 -783 -1,845 -2,409 -2,863 -3,298 -3,749 -4,209 -4,660 -5,134 -5,412 -5,397 -5,627Other sectors -2,694 -118 -259 -409 -611 -936 -1,178 -1,327 -1,559 -1,745 -1,991 -2,225 -2,684

Total of the current account -7,294 -1,692 -3,705 -4,839 -4,557 -2,396 -3,162 -3,513 -5,669 -5,938 -5,773 -6,384 -7,257

Source: NBB


102

9.1.3 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.3.1 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (UNTIL 2006)

(millions of euro)

2005 2006


Capital account -106 -103 -51 -88 -31 -47 -44 -62 -50 -61 -38 -57 296Capital transfers -32 -28 -34 -28 -35 -38 -32 -39 -30 -30 -29 -35 -35Acquisition and disposal of non-produced nonfi-nancial assets -74 -75 -17 -60 4 -9 -12 -23 -20 -31 -9 -22 331

Financial account -104 308 108 932 -869 -1,632 -3,252 62 1,592 174 -1,770 267 -1,913Direct investment 111 2,034 449 -7,361 3,860 -2,452 123 6,875 1,084 121 -2,894 582 4,122

Abroad 1 -3,218 -9,043 -1,100 -11,946 -2,310 -2,047 6,532 -1,643 -3,057 -1,818 -5,364 -1,931 -6,676Equity capital -3,893 -7,288 -749 -1,493 -1,314 -1,173 -385 3,143 110 -1,316 -1,926 -496 -821Reinvested earnings -360 -840 -840 -840 -72 -72 -72 -713 -713 -713 -660 -660 -660Other transactions 1,035 -915 489 -9,613 -924 -802 6,989 -4,073 -2,454 211 -2,778 -775 -5,195

In reporting economy 2 3,329 11,077 1,549 4,585 6,170 -405 -6,409 8,518 4,141 1,939 2,470 2,513 10,798Equity capital 6,162 16,050 893 5,775 4,322 2,096 -5,798 5,497 3,386 993 811 1,874 7,491Reinvested earnings 1,122 1,554 1,554 1,554 -1,176 -1,176 -1,176 1,374 1,374 1,374 1,247 1,247 1,247Other transactions -3,955 -6,527 -898 -2,744 3,024 -1,325 565 1,647 -619 -428 412 -608 2,060

Portfolio investment -2,595 2,556 -3,678 1,199 -5,971 -954 -10,017 3,563 4,824 -2,723 -1,360 4,462 598Assets 3 -1,509 -4,063 -3,785 -1,447 -2,199 -3,074 -8,124 4,268 -1,172 -2,591 1,241 -1,443 839Liabilities 4 -1,086 6,619 107 2,646 -3,772 2,120 -1,893 -705 5,996 -132 -2,601 5,905 -241

Financial derivatives -354 53 39 -404 -474 425 -59 -50 575 2,286 57 561 -388Other investment 1,946 -3,779 3,252 7,504 1,740 952 6,775 -10,356 -4,449 25 2,030 -5,043 -6,169

Assets -6,009 -5,304 5,658 -4,100 -4,750 -5,700 14,833 -11,932 3,781 176 -15,997 -19,518 -28,660Trade credits 489 -107 -672 -721 68 514 -162 364 973 -1,259 -837 -67 432Other -6,498 -5,197 6,330 -3,379 -4,818 -6,214 14,995 -12,296 2,808 1,435 -15,160 -19,451 -29,092

Liabilities 7,955 1,525 -2,406 11,604 6,490 6,652 -8,058 1,576 -8,230 -151 18,027 14,475 22,491Trade credits 275 -736 543 659 -660 -105 442 -302 -598 1,008 319 137 132Other 7,680 2,261 -2,949 10,945 7,150 6,757 -8,500 1,878 -7,632 -1,159 17,708 14,338 22,359

Reserve assets of the NBB 788 -556 46 -6 -24 397 -74 30 -442 465 397 -295 -76

Total of the capital and financial account -210 205 57 844 -900 -1,679 -3,296 0 1,542 113 -1,808 210 -1,617

Source: NBB


1 Direct investment abroad: any change in an asset on the rest of the world held by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction abroad.2 Direct investment in Belgium: any change in a liability to the rest of the world contracted by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction in the BLEU.3 Assets: transactions in securities other than Belgian securities.Minus sign: increase in assets of residents.4 Liabilities: transactions in Belgian securities.

Minus sign: decrease in assets of non-residents.

103

9.1.3.1 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Capital account 2,456 -70 -52 -44 -12 -23 28 -11 -26 -17 34 34 30Capital transfers 2,532 -25 -25 -25 -22 -22 -22 -12 -12 -12 23 23 23Acquisition and disposal of non-produced nonfi-nancial assets -76 -45 -27 -19 10 -1 50 1 -14 -5 11 10 7

Financial account -2,632 937 2,480 846 -762 -1,157 363 136 2,244 364 -1,281 1,726 -541Direct investment -8,358 3,404 3,028 2,389 -2,316 -1,209 3,323 1,835 -1,290 2,897 -8,701 6,180 7,119

Abroad -13,576 1,777 -4,830 -2,158 -5,788 -2,786 3,302 2,609 -888 -391 17,728 -3,682 13,486Equity capital -2,515 -4,365 -900 709 -243 -2,150 381 443 344 -162 617 103 4,497Reinvested earnings 157 200 200 200 17 17 17 169 169 169 165 165 142Other capital -11,219 5,942 -4,130 -3,067 -5,563 -653 2,904 1,997 -1,401 -398 16,947 -3,949 8,847

In reporting economy 5,218 1,627 7,858 4,547 3,473 1,577 21 -774 -403 3,288 -26,428 9,862 -6,366Equity capital 249 791 894 102 292 2,755 -3,987 -480 301 1,428 -25,688 4,687 6,083Reinvested earnings 934 800 800 800 -1,127 -1,127 -1,127 942 942 942 933 933 937Other capital 4,034 36 6,164 3,645 4,308 -51 5,135 -1,235 -1,645 918 -1,673 4,242 -13,387

Portfolio investment -11,823 5,625 4,242 1,725 194 18,254 713 -573 10,608 -12,298 7,997 -1,321 -11,844Assets -2,030 -3,478 232 -1,633 -1,109 10,882 -600 -1,662 2,175 -5,234 -3,313 591 -4,877Liabilities -9,793 9,104 4,010 3,358 1,304 7,372 1,314 1,089 8,433 -7,064 11,310 -1,912 -6,967

Financial derivatives 253 1,264 1,308 -778 677 -1,366 -229 458 322 390 1,355 -480 -856Other investment 17,325 -9,326 -6,278 -2,698 797 -16,933 -3,414 -1,683 -7,479 9,426 -1,784 -2,938 5,260

Assets 24,817 197 -7,783 -4,470 -1,179 10,466 6,533 -3,701 -26,972 -3,230 -1,040 -7,744 24,195Trade credits 728 1,417 -1,300 -1,246 1,197 175 -995 1,084 1,609 -695 -679 -48 3,305Other n. n. n. n. n. n. n. n. n. n. -361 -7,696 20,890

Liabilities -7,492 -9,524 1,506 1,771 1,976 -27,399 -9,948 2,018 19,492 12,656 -744 4,806 -18,935Trade credits -1,759 372 -410 1,634 -53 -638 1,509 -978 -1,047 1,300 34 529 -1,106Other n. n. n. n. n. n. n. n. n. n. -778 4,276 -17,829

Reserve assets of the NBB -29 -29 179 208 -114 97 -30 98 83 -50 -149 285 -220

Total of the capital and financial account -176 867 2,428 802 -774 -1,180 391 125 2,218 347 -1,247 1,760 -511

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears.

104

9.1.3.2 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET CUMUL (UNTIL 2006)

(millions of euro)

2005 2006


Capital account -722 -103 -154 -242 -273 -320 -364 -426 -476 -537 -575 -632 -336Capital transfers -508 -28 -62 -90 -125 -163 -195 -234 -264 -294 -323 -358 -393Acquisition and disposal of non-produced nonfi-nancial assets -214 -75 -92 -152 -148 -157 -169 -192 -212 -243 -252 -274 57

Financial account -7,321 308 416 1,348 479 -1,153 -4,405 -4,343 -2,751 -2,577 -4,347 -4,080 -5,993Direct investment 1,377 2,034 2,483 -4,878 -1,018 -3,470 -3,347 3,528 4,612 4,733 1,839 2,421 6,543

Abroad 1 -26,262 -9,043 -10,143 -22,089 -24,399 -26,446 -19,914 -21,557 -24,614 -26,432 -31,796 -33,727 -40,403Equity capital -16,879 -7,288 -8,037 -9,530 -10,844 -12,017 -12,402 -9,259 -9,149 -10,465 -12,391 -12,887 -13,708Reinvested earnings -3,738 -840 -1,680 -2,520 -2,592 -2,664 -2,736 -3,449 -4,162 -4,875 -5,535 -6,195 -6,855Other transactions -5,645 -915 -426 -10,039 -10,963 -11,765 -4,776 -8,849 -11,303 -11,092 -13,870 -14,645 -19,840

In reporting economy 2 27,639 11,077 12,626 17,211 23,381 22,976 16,567 25,085 29,226 31,165 33,635 36,148 46,946Equity capital 24,737 16,050 16,943 22,718 27,040 29,136 23,338 28,835 32,221 33,214 34,025 35,899 43,390Reinvested earnings 4,188 1,554 3,108 4,662 3,486 2,310 1,134 2,508 3,882 5,256 6,503 7,750 8,997Other transactions -1,286 -6,527 -7,425 -10,169 -7,145 -8,470 -7,905 -6,258 -6,877 -7,305 -6,893 -7,501 -5,441

Portfolio investment -35,577 2,556 -1,122 77 -5,894 -6,848 -16,865 -13,302 -8,478 -11,201 -12,561 -8,099 -7,501Assets 3 -34,109 -4,063 -7,848 -9,295 -11,494 -14,568 -22,692 -18,424 -19,596 -22,187 -20,946 -22,389 -21,550Liabilities 4 -1,468 6,619 6,726 9,372 5,600 7,720 5,827 5,122 11,118 10,986 8,385 14,290 14,049

Financial derivatives -4,352 53 92 -312 -786 -361 -420 -470 105 2,391 2,448 3,009 2,621Other investment 29,462 -3,779 -527 6,977 8,717 9,669 16,444 6,088 1,639 1,664 3,694 -1,349 -7,518

Assets -69,139 -5,304 354 -3,746 -8,496 -14,196 637 -11,295 -7,514 -7,338 -23,335 -42,853 -71,513Trade credits -1,493 -107 -779 -1,500 -1,432 -918 -1,080 -716 257 -1,002 -1,839 -1,906 -1,474Other -67,646 -5,197 1,133 -2,246 -7,064 -13,278 1,717 -10,579 -7,771 -6,336 -21,496 -40,947 -70,039

Liabilities 98,601 1,525 -881 10,723 17,213 23,865 15,807 17,383 9,153 9,002 27,029 41,504 63,995Trade credits 935 -736 -193 466 -194 -299 143 -159 -757 251 570 707 839Other 97,666 2,261 -688 10,257 17,407 24,164 15,664 17,542 9,910 8,751 26,459 40,797 63,156

Reserve assets of the NBB 1,769 -556 -510 -516 -540 -143 -217 -187 -629 -164 233 -62 -138

Total of the capital and financial account -8,043 205 262 1,106 206 -1,473 -4,769 -4,769 -3,227 -3,114 -4,922 -4,712 -6,329

Source: NBB


1 Direct investment abroad: any change in an asset on the rest of the world held by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction abroad.2 Direct investment in Belgium: any change in a liability to the rest of the world contracted by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction in Belgium.3 Assets: transactions in securities other than Belgian securities. Minus sign: increase in assets of residents.4 Liabilities: transactions in Belgian securities. Minus sign: decrease in assets of non-residents.

105

9.1.3.2 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET CUMUL (FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Capital account 2,060 -70 -122 -166 -178 -201 -173 -184 -210 -227 -193 -159 -129Capital transfers 1,949 -25 -50 -75 -97 -119 -141 -153 -165 -177 -154 -131 -108Acquisition and disposal of non-produced nonfi-nancial assets 111 -45 -72 -91 -81 -82 -32 -31 -45 -50 -39 -29 -22

Financial account 4,448 937 3,417 4,263 3,501 2,344 2,707 2,843 5,087 5,451 4,170 5,896 5,355Direct investment -9,974 3,404 6,432 8,821 6,505 5,296 8,619 10,454 9,164 12,061 3,360 9,540 16,659

Abroad 13,576 1,777 -3,053 -5,211 -10,999 -13,785 -10,483 -7,874 -8,762 -9,153 8,575 4,893 18,379Equity capital -13,509 -4,365 -5,265 -4,556 -4,799 -6,949 -6,568 -6,125 -5,781 -5,943 -5,326 -5,223 -726Reinvested earnings 1,629 200 400 600 617 634 651 820 989 1,158 1,323 1,488 1,630Other capital 25,457 5,942 1,812 -1,255 -6,818 -7,471 -4,567 -2,570 -3,971 -4,369 12,578 8,629 17,476

In reporting economy -23,552 1,627 9,485 14,032 17,505 19,082 19,103 18,329 17,926 21,214 -5,214 4,648 -1,718Equity capital -10,882 791 1,685 1,787 2,079 4,834 847 367 668 2,096 -23,592 -18,905 -12,822Reinvested earnings 4,647 800 1,600 2,400 1,273 146 -981 -39 903 1,845 2,778 3,711 4,648Other capital -17,314 36 6,200 9,845 14,153 14,102 19,237 18,002 16,357 17,275 15,602 19,844 6,457

Portfolio investment 47,286 5,625 9,867 11,592 11,786 30,040 30,753 30,180 40,788 28,490 36,487 35,166 23,322Assets 30,532 -3,478 -3,246 -4,879 -5,988 4,894 4,294 2,632 4,807 -427 -3,740 -3,149 -8,026Liabilities 16,754 9,104 13,114 16,472 17,776 25,148 26,462 27,551 35,984 28,920 40,230 38,318 31,351

Financial derivatives 2,031 1,264 2,572 1,794 2,471 1,105 876 1,334 1,656 2,046 3,401 2,921 2,065Other investment -34,386 -9,326 -15,604 -18,302 -17,505 -34,438 -37,852 -39,535 -47,014 -37,588 -39,372 -42,310 -37,050

Assets 34,110 197 -7,586 -12,056 -13,235 -2,769 3,764 63 -26,909 -30,139 -31,179 -38,923 -14,728Trade credits -2,760 1,417 117 -1,129 68 243 -752 332 1,941 1,246 567 519 3,824Other n. n. n. n. n. n. n. n. n. n.

Liabilities -68,497 -9,524 -8,018 -6,247 -4,271 -31,670 -41,618 -39,600 -20,108 -7,452 -8,196 -3,390 -22,325Trade credits 644 372 -38 1,596 1,543 905 2,414 1,436 389 1,689 1,723 2,252 1,146Other n. n. n. n. n. n. n. n. n. n.

Reserve assets of the NBB -509 -29 150 358 244 341 311 409 492 442 293 578 358

Total of the capital and financial account 6,507 867 3,295 4,097 3,323 2,143 2,534 2,659 4,877 5,224 3,977 5,737 5,226

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears.

10. Exchange rate

108

10.1 REFERENCE EXCHANGE RATES OF THE EURO

(national currency units, daily averages)

US dollar Japanese yen Danish krone Swedish krona Pound sterling Norwegian krone Czech koruna Hungarian forint Polish zloty Swiss franc Canadian dollar Australian dollar

2004 1.2439 134.44 7.4399 9.1243 0.6787 8.3697 31.891 251.66 4.5268 1.5438 1.6167 1.6905

2005 1.2441 136.85 7.4518 9.2822 0.6838 8.0092 29.782 248.05 4.0230 1.5483 1.5087 1.6320

2006 1.2556 146.02 7.4591 9.2544 0.6817 8.0472 28.342 264.26 3.8959 1.5729 1.4237 1.6668

2007 1.3705 161.25 7.4506 9.2501 0.6843 8.0165 27.766 251.35 3.7837 1.6427 1.4678 1.6348

2008 1.4708 152.45 7.4560 9.6152 0.7963 8.2237 24.946 251.51 3.5121 1.5874 1.5594 1.7416

2009 1.3948 130.34 7.4462 10.6191 0.8909 8.7278 26.435 280.33 4.3276 1.5100 1.5850 1.7727

2010 1.3257 116.24 7.4473 9.5373 0.8578 8.0043 25.284 275.48 3.9947 1.3803 1.3651 1.4423

2011 1.3920 110.96 7.4506 9.0298 0.8679 7.7934 24.590 279.37 4.1206 1.2326 1.3761 1.3484

2012 1.2848 102.49 7.4437 8.7041 0.8109 7.4751 25.149 289.25 4.1847 1.2053 1.2842 1.2407

2013 1.3281 129.66 7.4579 8.6515 0.8493 7.8067 25.980 296.87 4.1975 1.2311 1.3684 1.3777

2012 III 1.2502 98.30 7.4457 8.4354 0.7915 7.3910 25.082 283.05 4.1366 1.2035 1.2447 1.2035IV 1.2967 105.12 7.4590 8.6230 0.8074 7.3664 25.167 283.25 4.1123 1.2080 1.2850 1.2484

2013 I 1.3206 121.80 7.4589 8.4965 0.8511 7.4290 25.565 296.50 4.1558 1.2284 1.3313 1.2714II 1.3062 129.07 7.4555 8.5652 0.8506 7.6114 25.831 295.53 4.1982 1.2315 1.3368 1.3203III 1.3242 131.02 7.4580 8.6798 0.8545 7.9303 25.853 297.96 4.2477 1.2348 1.3760 1.4465IV 1.3610 136.48 7.4593 8.8575 0.8407 8.2375 26.658 297.43 4.1853 1.2294 1.4275 1.4662

2014 I 1.3696 140.80 7.4625 8.8569 0.8279 8.2296 27.442 307.93 4.1843 1.2237 1.5107 1.5275II 1.3711 140.00 7.4628 9.0517 0.8147 8.2049 27.446 305.91 4.1665 1.2192 1.4950 1.4699III 1.3256 137.75 7.4522 9.2052 0.7938 8.2754 27.619 312.24 4.1747 1.2115 1.4422 1.4326

2013 September 1.3348 132.41 7.4579 8.6758 0.8417 7.9725 25.789 299.75 4.2371 1.2338 1.3817 1.4379October 1.3635 133.32 7.4592 8.7479 0.8472 8.1208 25.662 294.76 4.1902 1.2316 1.4128 1.4328November 1.3493 134.97 7.4587 8.8802 0.8378 8.2055 26.927 297.68 4.1887 1.2316 1.4145 1.4473December 1.3704 141.68 7.4602 8.9597 0.8364 8.4053 27.521 300.24 4.1760 1.2245 1.4580 1.5243

2014 January 1.3610 141.47 7.4614 8.8339 0.8267 8.3927 27.485 302.48 4.1799 1.2317 1.4884 1.5377February 1.3658 139.34 7.4622 8.8721 0.8251 8.3562 27.444 310.19 4.1741 1.2212 1.5094 1.5222March 1.3823 141.48 7.4638 8.8666 0.8317 7.9381 27.395 311.49 4.1987 1.2177 1.5352 1.5217April 1.3812 141.62 7.4656 9.0329 0.8252 8.2506 27.450 307.37 4.1853 1.2189 1.5181 1.4831May 1.3732 139.74 7.4641 9.0298 0.8153 8.1513 27.437 304.58 4.1800 1.2204 1.4951 1.4755June 1.3592 138.72 7.4588 9.0914 0.8041 8.2149 27.450 305.87 4.1352 1.2181 1.4728 1.4517July 1.3539 137.72 7.4564 9.2327 0.7931 8.3880 27.458 309.81 4.1444 1.2150 1.4524 1.4420August 1.3316 137.11 7.4551 9.1878 0.7973 8.2523 27.816 313.91 4.1919 1.2118 1.4548 1.4306September 1.2901 138.39 7.4449 9.1929 0.7911 8.1798 27.599 313.20 4.1899 1.2076 1.4196 1.4246

Source: ECB Calculations: NBB

109

10.1 REFERENCE EXCHANGE RATES OF THE EURO (CONTINUED)


New Zealand dol-lar

South Africanrand

Bulgarian lev Hong Kong dollar South Koreanwon

Lithuanian litas New Romanianleu

Singapore dollar New Turkish lira Croatian kuna Russian rouble Chinese yuanrenminbi

2004 1.8731 8.0092 1.9533 9.6881 1,422.62 3.4529 2.1016

2005 1.7660 7.9183 1.9558 9.6768 1,273.61 3.4528 3.6209 2.0702 1.6771

2006 1.9373 8.5312 1.9558 9.7545 1,198.58 3.4528 3.5258 1.9941 1.8090 7.3247 34.112 10.0096

2007 1.8627 9.6596 1.9558 10.6912 1,272.99 3.4528 3.3353 2.0636 1.7865 7.3376 35.018 10.4178

2008 2.0770 12.0590 1.9558 11.4541 1,606.09 3.4528 3.6826 2.0762 1.9064 7.2239 36.421 10.2236

2009 2.2121 11.6737 1.9558 10.8114 1,772.90 3.4528 4.2399 2.0241 2.1631 7.3400 44.138 9.5277

2010 1.8377 9.6985 1.9558 10.2994 1,531.82 3.4528 4.2122 1.8055 1.9965 7.2891 40.263 8.9712

2011 1.7600 10.0970 1.9558 10.8362 1,541.23 3.4528 4.2391 1.7489 2.3378 7.4390 40.885 8.9960

2012 1.5867 10.5511 1.9558 9.9663 1,447.69 3.4528 4.4593 1.6055 2.3135 7.5217 39.926 8.1052

2013 1.6206 12.8330 1.9558 10.3016 1,453.91 3.4528 4.4190 1.6619 2.5335 7.5786 42.337 8.1646

2012 III 1.5462 10.3385 1.9558 9.6962 1,416.52 3.4528 4.5255 1.5594 2.2560 7.4732 39.975 7.9410IV 1.5751 11.2766 1.9558 10.0506 1,414.42 3.4528 4.5288 1.5855 2.3272 7.5290 40.306 8.1036

2013 I 1.5823 11.8264 1.9558 10.2428 1,433.09 3.4528 4.3865 1.6345 2.3577 7.5838 40.152 8.2209II 1.5920 12.3996 1.9558 10.1383 1,467.08 3.4528 4.3958 1.6311 2.4037 7.5566 41.346 8.0376III 1.6612 13.2329 1.9558 10.2696 1,469.03 3.4528 4.4410 1.6795 2.6092 7.5459 43.439 8.1111IV 1.6439 13.8224 1.9558 10.5522 1,445.53 3.4528 4.4506 1.7006 2.7537 7.6290 44.292 8.2903

2014 I 1.6371 14.8866 1.9558 10.6287 1,465.34 3.4528 4.5023 1.7379 3.0372 7.6498 48.043 8.3576II 1.5923 14.4616 1.9558 10.6297 1,410.80 3.4528 4.4256 1.7178 2.8972 7.5992 47.941 8.5438III 1.5731 14.2700 1.9558 10.2746 1,361.10 3.4528 4.4146 1.6584 2.8674 7.6233 48.058 8.1734

2013 September 1.6406 13.3287 1.9558 10.3504 1,446.60 3.4528 4.4633 1.6860 2.6952 7.5985 43.514 8.1690October 1.6351 13.5283 1.9558 10.5724 1,454.73 3.4528 4.4444 1.6956 2.7095 7.6193 43.744 8.3226November 1.6327 13.7626 1.9558 10.4604 1,434.06 3.4528 4.4452 1.6833 2.7316 7.6326 44.158 8.2221December 1.6659 14.2234 1.9558 10.6254 1,446.99 3.4528 4.4635 1.7244 2.8276 7.6365 45.063 8.3248

2014 January 1.6450 14.8242 1.9558 10.5586 1,453.93 3.4528 4.5205 1.7327 3.0297 7.6353 46.030 8.2368February 1.6466 14.9820 1.9558 10.6012 1,462.51 3.4528 4.4918 1.7295 3.0184 7.6574 48.255 8.3062March 1.6199 14.8613 1.9558 10.7283 1,479.99 3.4528 4.4933 1.7513 3.0629 7.6576 49.948 8.5332April 1.6049 14.5815 1.9558 10.7107 1,441.28 3.4528 4.4620 1.7345 2.9393 7.6267 49.298 8.5984May 1.5957 14.2995 1.9558 10.6456 1,407.13 3.4528 4.4237 1.7189 2.8736 7.5952 47.840 8.5658June 1.5769 14.5094 1.9558 10.5365 1,385.45 3.4528 4.3930 1.7008 2.8808 7.5770 46.751 8.4698July 1.5578 14.4366 1.9558 10.4935 1,382.29 3.4528 4.4098 1.6825 2.8699 7.6146 46.998 8.3940August 1.5783 14.2052 1.9558 10.3207 1,364.17 3.4528 4.4252 1.6622 2.8784 7.6326 48.178 8.1965September 1.5841 14.1578 1.9558 10.0019 1,336.02 3.4528 4.4095 1.6295 2.8543 7.6236 49.052 7.9207


110

10.1 REFERENCE EXCHANGE RATES OF THE EURO (CONTINUED)


Indonesian rupiah Malaysian ringgit Philippine peso Thai baht Mexican peso Brazilian real Indian rupee Israeli shekel

2006 11,512.37 4.6044 64.379 47.594

2007 12,528.33 4.7076 63.026 44.214

2008 14,165.16 4.8893 65.172 48.475 16.2911 2.6737

2009 14,443.74 4.9079 66.338 47.804 18.7989 2.7674 67.3611

2010 12,041.70 4.2668 59.739 42.014 16.7373 2.3314 60.5878

2011 12,206.51 4.2558 60.260 42.429 17.2877 2.3265 64.8859 4.9775

2012 12,045.73 3.9672 54.246 39.928 16.9029 2.5084 68.5973 4.9536

2013 13,857.50 4.1855 56.428 40.830 16.9641 2.8687 77.9300 4.7948

2012 III 11,876.24 3.9029 52.377 39.207 16.4690 2.5359 68.9706 4.9818IV 12,473.53 3.9632 53.387 39.778 16.7805 2.6671 70.2047 4.9853

2013 I 12,789.08 4.0699 53.769 39.361 16.7042 2.6368 71.5390 4.8969II 12,784.60 4.0088 54.620 39.031 16.2956 2.6994 73.0046 4.7407III 14,115.14 4.2904 57.813 41.675 17.1005 3.0304 82.3565 4.7459IV 15,682.97 4.3633 59.354 43.151 17.7331 3.0931 84.4048 4.7994

2014 I 16,179.21 4.5184 61.468 44.722 18.1299 3.2400 84.5794 4.7892II 15,935.34 4.4352 60.464 44.510 17.8171 3.0583 81.9776 4.7517III 15,588.03 4.2323 58.073 42.563 17.3879 3.0137 80.3183 4.6593

2013 September 15,073.16 4.3410 58.346 42.312 17.4471 3.0345 85.2678 4.7636October 15,109.54 4.3283 58.809 42.549 17.7413 2.9860 84.0071 4.8232November 15,575.06 4.3176 58.811 42.695 17.6340 3.0959 84.4990 4.7711December 16,455.73 4.4517 60.552 44.323 17.8278 3.2133 84.7631 4.8019

2014 January 16,471.94 4.5005 61.263 44.822 17.9964 3.2437 84.5099 4.7569February 16,270.18 4.5194 61.238 44.568 18.1561 3.2581 84.9503 4.8043March 15,785.89 4.5361 61.901 44.765 18.2447 3.2187 84.2990 4.8087April 15,801.66 4.4989 61.646 44.657 18.0485 3.0864 83.3624 4.8009May 15,830.12 4.4337 60.258 44.686 17.7620 3.0512 81.4318 4.7600June 16,167.87 4.3760 59.543 44.195 17.6516 3.0388 81.2046 4.6966July 15,789.65 4.3100 58.844 43.470 17.5834 3.0109 81.3058 4.6325August 15,603.10 4.2310 58.320 42.644 17.5051 3.0219 81.0709 4.6569September 15,362.85 4.1522 57.033 41.536 17.0717 3.0089 78.5676 4.6896


111

10.2 EXCHANGE RATE MECHANISM - II10.2.1 EURO CENTRAL RATES AND COMPULSORY INTERVENTION RATES

(national currency units, date of change)

1999 2004 2005

1 Jan. 28 June 2 May

DenmarkMaximum 7.62824 7.62824 7.62824Central rate 7.46038 7.46038 7.46038Minimum 7.29252 7.29252 7.29252

LithuaniaMaximum - 3.97072 3.97072Central rate - 3.45280 3.45280Minimum - 2.93488 2.93488

Source: ECB

N.B.: The upper and the lower intervention rates for the Danish krone are fixed to 2.25 pc of the centralrate and for the other currencies to 15 pc.

112

10.2.2 PREMIUM OR DISCOUNT COMPARED WITH THE EURO

(daily averages)

Danish krone Lithuanian litas

2004 -0.27

2005 -0.11 0.00

2006 -0.02 0.00

2007 -0.13 0.00

2008 -0.06 0.00

2009 -0.19 0.00

2010 -0.18 0.00

2011 -0.13 0.00

2012 -0.22 0.00

2013 -0.03 0.00

2012 III -0.20 0.00IV -0.02 0.00

2013 I -0.02 0.00II -0.07 0.00III -0.03 0.00IV -0.01 0.00

2014 I 0.03 0.00II 0.03 0.00III -0.11 0.00

2013 September -0.03 0.00October -0.02 0.00November -0.02 0.00December 0.00 0.00

2014 January 0.01 0.00February 0.03 0.00March 0.05 0.00April 0.07 0.00May 0.05 0.00June -0.02 0.00July -0.05 0.00August -0.07 0.00September -0.21 0.00


N.B.: Formula = {[(Rate - Central Rate) x 100] / Central Rate} where -Rate = exchange rate for the foreign currency vis-à-vis the euro (2.15 p.m. concertation). -Central Rate = pivot rate for that currency vis-à-vis the euro.

113

10.3 NOMINAL EFFECTIVE EXCHANGE RATE


Euro Australian dollar Canadian dollar Swiss franc Danish krone Pound sterling Japanese yen Norwegian krone New Zealand dol-lar

Swedish krona US dollar

2004 96.39 85.71 80.49 88.26 98.23 127.12 84.30 93.47 103.08 102.96 112.54

2005 96.02 87.91 86.31 87.87 97.98 125.71 81.37 97.78 107.84 100.93 109.83

2006 96.60 87.26 92.20 86.69 98.00 126.47 75.88 97.54 99.89 101.43 108.11

2007 101.43 93.21 96.49 84.62 99.45 128.97 72.15 99.41 107.24 103.08 102.66

2008 107.88 91.38 96.29 89.53 102.01 112.73 82.20 100.11 100.45 101.76 98.93

2009 107.72 87.41 90.74 93.64 103.73 99.33 95.08 95.80 92.64 92.36 103.45

2010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2011 99.23 106.55 102.45 112.36 99.16 98.75 105.70 101.80 102.27 105.54 94.21

2012 93.15 109.60 102.42 112.12 96.84 103.12 108.43 103.22 106.56 106.98 97.33

2013 98.43 104.97 100.00 112.22 98.24 100.59 87.89 100.86 112.48 109.92 100.20

2012 III 90.92 110.62 103.08 111.14 95.75 104.66 110.99 102.99 106.71 109.44 98.07IV 93.43 109.29 103.05 111.98 96.56 103.74 105.49 104.67 107.86 107.94 96.65

2013 I 96.99 111.41 101.87 111.74 97.47 99.76 92.68 104.99 111.12 111.03 98.74II 97.67 108.62 101.01 111.73 97.84 99.99 87.50 102.95 112.64 110.56 101.07III 98.92 99.99 99.29 111.94 98.49 100.13 87.08 99.36 111.66 109.75 101.08IV 100.17 99.92 97.84 113.12 99.17 102.62 84.41 96.24 114.52 108.13 99.88

2014 I 100.80 96.89 93.19 113.99 99.35 104.70 82.61 95.26 117.34 108.48 101.37II 100.17 100.09 93.97 114.19 99.31 106.22 82.50 96.93 118.87 105.74 100.48III 97.95 100.86 94.72 113.90 98.98 108.12 81.98 95.57 117.83 103.21 102.09

2013 August 99.27 98.40 99.07 112.27 98.63 99.71 88.02 99.43 111.01 109.66 100.84September 98.85 100.77 99.49 112.16 98.46 101.78 86.23 98.75 113.06 109.85 100.36October 99.90 101.94 98.95 112.87 98.91 101.61 86.51 97.41 114.00 109.43 99.05November 99.53 100.73 98.07 112.70 98.99 102.66 84.95 96.47 114.37 107.69 100.16December 100.93 97.21 96.56 114.05 99.55 103.57 81.88 94.78 115.21 107.37 100.47

2014 January 100.56 96.13 94.10 113.21 99.26 104.71 81.94 94.60 116.86 108.78 101.64February 100.45 96.99 92.97 114.17 99.27 104.93 83.40 95.07 116.30 108.26 101.42March 101.28 97.71 92.36 114.91 99.46 104.44 82.77 96.13 118.92 108.57 101.09April 100.95 99.95 93.27 114.66 99.50 105.17 82.22 96.70 118.86 106.37 100.60May 100.12 99.77 94.14 114.16 99.22 106.15 82.76 97.55 118.76 106.03 100.30June 99.26 100.69 94.71 114.00 99.13 107.33 82.67 96.56 119.00 105.03 100.54July 98.79 100.92 95.68 114.08 99.24 108.69 82.99 94.61 119.87 103.33 100.33August 98.13 101.15 94.27 114.07 98.96 107.70 82.61 95.88 117.46 103.53 101.80

Source: BIS Calculations: NBB

114

10.4 IRREVOCABLY FIXED CONVERSION RATES TO THE EURO

2001 2007 2008 2009 2011 2014

1 January 1 January 1 January 1 January 1 January 1 January

Belgian franc

German mark

Spanish peseta

French franc

Irish punt

Italian lira

Luxemburg franc

Dutch guilder

Austrian shilling

Portuguese escudo

Finnish mark

Greek drachma 340.750

Slovenian tolar - 239.640

Maltese lira - - 0.429300

Cyprus pound - - 0.585274

Slovak koruna - - - 30.1260

Estonian kroon - - - - 15.6466

Latvian lats - - - - - 0.702804

Source: EC

N.B.: Conversion rates fixed by the European Commission in accordance with article 109.L4 of the Treaty .

11. Public finances

116

11.1 OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro and percentages of GDP)

Federal government Communities and regions Local government Social security funds General governmentFederal government Communities and regions Local government Social security funds

Total As p.c. of GDPTotal

of which: Total

Entity I Entity II

Total

2004 -478 -54 18 -56 -570 -0.2 0.0 -0.2

2005 -7,949 454 -89 -530 -8,113 -2.7 0.1 -2.6

2006 -176 559 -302 735 816 0.2 0.1 0.2

2007 -3,084 1,301 472 1,468 157 -0.5 0.5 0.0

2008 -5,524 -438 760 1,343 -3,859 -1.2 0.1 -1.1

2009 -13,407 -2,756 -399 -2,546 -19,108 -4.6 -0.9 -5.5

2010 -10,882 -2,683 -374 -603 -14,543 -3.1 -0.8 -4.0

2011 -13,254 -1,136 -718 226 -14,881 -3.4 -0.5 -3.9

2012 -13,395 -184 -1,914 -430 -15,922 -3.6 -0.5 -4.1

2013 -9,571 -705 -973 -216 -11,464 -2.5 -0.4 -2.9

Sources: NAI, NBB

N.B.: According to the European Regulation nº 549/2013, the accounts of the general government are established following the ESA 2010 methodology. More information on the conceptual modifications can be found in the NAI publication ”Comptes nationaux - Comptes des administrationspubliques 2013”. The tables 11.2.1 till 11.2.7 are developed starting from this source.

117

11.2 RECEIPTS, EXPENDITURE AND OVERALL BALANCE11.2.1 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

ReceiptsFiscal and parafiscal receipts 128,422.1 133,500.8 139,321.1 146,070.5 151,772.2 146,835.9 154,856.0 163,394.9 171,176.3 177,006.3

Direct taxes 48,301.0 50,676.2 52,659.9 54,704.6 57,118.3 52,047.0 55,523.0 59,706.7 62,413.6 66,033.4Individuals 38,852.0 40,424.7 40,786.9 42,494.1 45,096.5 43,491.6 45,802.7 48,592.6 50,278.3 53,324.0Companies 9,220.8 10,043.3 11,693.2 11,992.5 11,878.4 8,381.3 9,554.9 10,978.9 12,007.1 12,601.9

Indirect taxes 38,037.8 39,985.8 41,840.8 43,774.9 44,281.3 43,558.9 46,623.1 48,289.7 50,742.0 51,011.7Actual social security contributions 39,906.7 40,966.0 42,667.1 45,375.3 48,002.5 48,995.3 50,113.6 52,626.8 54,702.7 55,988.2Capital taxes 2,176.6 1,872.8 2,153.3 2,215.7 2,370.1 2,234.7 2,596.3 2,771.7 3,318.0 3,973.0

Non-fiscal and non-parafiscal receipts 15,390.6 16,702.1 17,573.9 18,239.6 19,898.4 20,110.3 21,995.9 24,006.0 25,604.3 26,607.4

Total Receipts 143,812.7 150,202.9 156,895.0 164,310.1 171,670.6 166,946.2 176,851.9 187,400.9 196,780.6 203,613.7

ExpenditureCurrent expenditure excluding interest charges 121,949.7 128,591.2 133,945.9 140,106.5 150,449.3 160,039.6 165,745.0 173,666.9 180,934.2 186,575.1

Compensation of employees 34,098.3 35,853.2 37,541.6 39,156.9 41,396.4 43,027.4 44,174.0 45,956.1 47,742.8 49,309.4Intermediate consumption and paid taxes 11,584.8 11,904.4 12,464.7 12,458.3 13,398.1 14,045.6 14,268.5 14,853.6 15,499.8 15,659.8Social benefits 65,181.8 67,835.3 69,948.7 73,586.6 79,188.7 84,978.3 87,330.5 91,498.1 96,054.5 99,420.4

Health care 18,052.8 18,896.1 19,255.6 20,285.8 22,262.3 23,778.0 24,487.7 25,809.2 26,879.7 27,573.8Sickness and disability benefits 3,485.4 3,636.4 3,838.5 4,143.8 4,553.5 4,921.8 5,334.7 5,802.1 6,171.6 6,620.4Unemployment 6,024.2 6,120.8 6,096.9 5,746.4 5,774.2 6,902.9 6,817.4 6,605.0 6,816.4 7,101.5Early retirement pensions and career termination 1,726.8 1,813.0 1,890.2 2,005.7 2,142.6 2,251.4 2,374.2 2,451.6 2,458.2 2,443.1Pensions 25,062.4 26,196.7 27,290.3 29,235.3 31,381.4 33,121.0 34,302.5 36,295.0 38,484.3 40,393.9Family allowances 4,582.3 4,690.7 4,849.4 4,972.6 5,225.5 5,458.0 5,548.8 5,805.1 5,994.6 6,201.7Other 6,247.9 6,481.6 6,727.8 7,197.0 7,849.2 8,545.2 8,465.2 8,730.1 9,249.7 9,086.0

Subsidies to enterprises 4,159.5 5,677.1 6,477.3 7,661.4 8,478.2 8,757.7 10,471.4 11,517.3 11,461.0 11,616.7Current transfers tot the rest of the world 3,376.0 3,520.9 3,500.8 3,556.8 3,836.5 4,342.0 4,455.7 4,500.6 4,711.1 5,132.7Other current transfers 3,549.3 3,800.3 4,012.8 3,686.5 4,151.4 4,888.6 5,044.9 5,341.2 5,465.0 5,436.1

Interest charges 13,828.4 13,049.3 12,804.0 13,111.8 13,432.9 12,676.1 12,523.3 12,868.8 13,256.6 12,510.5Capital expenditure 8,605.0 16,675.3 9,329.2 10,935.0 11,647.5 13,339.0 13,126.6 15,746.7 18,512.0 15,992.6

Gross capital formation 6,016.0 6,534.6 6,308.0 6,851.9 7,253.4 7,593.8 8,056.7 8,607.8 9,056.8 8,589.6Other capital expenditure 2,589.0 10,140.7 3,021.2 4,083.1 4,394.1 5,745.2 5,069.9 7,138.9 9,455.2 7,403.0

Total Expenditure 144,383.1 158,315.8 156,079.1 164,153.3 175,529.7 186,054.7 191,394.9 202,282.4 212,702.8 215,078.2

Net lending (+) or net borrowing (-) -570.4 -8,112.9 815.9 156.8 -3,859.1 -19,108.5 -14,543.0 -14,881.5 -15,922.2 -11,464.5

Primary balance 13,258.0 4,936.4 13,619.9 13,268.6 9,573.8 -6,432.4 -2,019.7 -2,012.7 -2,665.6 1,046.0

Sources: NAI, NBB

118

11.2.2 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF FEDERAL GOVERNMENT

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Direct taxes 43,829.9 46,066.9 47,751.6 49,124.0 52,221.9 46,060.3 49,808.5 53,692.0 56,727.5 60,119.6Individuals 34,612.0 36,044.7 36,133.2 37,162.4 40,477.3 37,773.7 40,382.2 42,858.5 44,910.0 47,718.0Companies 8,989.7 9,814.0 11,438.6 11,743.6 11,601.2 8,112.5 9,260.9 10,698.3 11,689.3 12,294.1

Indirect taxes 29,084.5 30,510.8 31,893.4 33,492.6 33,897.1 33,474.7 35,871.7 36,942.6 39,419.9 39,247.2Actual social security contributions 1,825.5 1,904.2 1,971.9 2,255.5 2,293.9 2,402.0 2,468.3 2,467.3 2,353.2 2,335.9Capital taxes 614.3 123.4 203.5 162.7 171.6 184.9 300.2 308.4 579.0 637.7

Non-fiscal and non-parafiscal receipts 4,275.7 5,186.1 5,241.0 5,340.6 6,066.1 6,036.0 6,975.3 7,714.8 8,388.8 8,845.2Transfers from other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other current transfers and capital transfers from other publicauthorities 195.3 162.8 225.6 149.2 155.7 170.3 185.9 170.7 168.6 182.0

Total Receipts 79,825.2 83,954.2 87,287.0 90,524.6 94,806.3 88,328.2 95,609.9 101,295.8 107,637.0 111,367.6


Compensation of employees 7,160.2 7,553.5 7,811.0 8,069.6 8,533.7 8,692.9 8,727.7 8,999.7 9,171.1 9,357.4Intermediate consumption and paid taxes 2,263.1 2,348.5 2,346.4 2,471.0 2,957.8 2,787.5 2,956.1 3,086.1 3,138.5 3,163.2Social benefits 5,855.9 6,065.2 6,269.3 7,350.4 7,884.2 8,349.0 8,574.6 9,069.7 9,138.7 9,362.0Subsidies to enterprises 1,247.9 2,018.8 2,348.0 2,954.2 3,367.5 3,614.4 4,477.7 4,881.0 4,641.2 4,743.3Current transferts tot the rest of the world 3,334.0 3,460.0 3,440.5 3,459.0 3,731.3 4,275.4 4,351.8 4,400.2 4,613.1 5,045.7Other current transfers 978.7 1,142.4 1,124.5 527.9 524.8 718.8 705.2 816.8 845.8 834.2Fiscal receipt transfers to other public authorities 32,252.9 35,083.5 37,004.2 39,436.5 42,612.9 42,234.7 43,392.0 48,923.3 48,368.7 48,902.4Other current transfers tot other public authorities 12,486.2 12,924.7 13,530.6 13,846.4 15,070.6 15,367.0 18,258.9 17,547.0 21,048.7 23,138.8

Interest charges 12,952.3 12,400.1 12,294.3 12,360.4 12,497.8 11,858.7 11,590.3 11,853.3 12,370.6 11,659.4Capital expenditure 1,772.3 8,906.2 1,294.7 3,133.7 3,149.6 3,836.8 3,457.8 4,972.8 7,695.2 4,732.0

Gross capital formation 671.2 717.3 181.2 914.8 1,063.0 1,020.9 885.0 836.5 902.1 943.3Other capital expenditure 424.9 8,026.7 1,057.7 2,161.2 2,004.4 2,691.3 2,413.9 3,994.3 6,674.8 3,619.8Capital transfers to other public authorities 676.2 162.2 55.8 57.7 82.2 124.6 158.9 142.0 118.3 168.9


Net lending (+) or net borrowing (-) -478.3 -7,948.7 -176.5 -3,084.5 -5,523.9 -13,407.0 -10,882.2 -13,254.1 -13,394.6 -9,570.8

Sources: NAI, NBB

119

11.2.3 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF COMMUNITIES AND REGIONS

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Direct taxes 1,020.7 1,049.2 1,040.0 1,137.0 1,123.6 1,111.9 1,123.3 1,209.2 1,173.9 1,197.2Individuals 1,020.7 1,049.2 1,040.0 1,137.0 1,123.6 1,111.9 1,123.3 1,209.2 1,173.9 1,197.2Companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Indirect taxes 3,774.9 4,145.5 4,408.2 4,668.3 4,604.0 4,246.7 4,675.4 5,009.6 4,959.8 5,092.3Actual social security contributions 37.8 37.5 41.7 37.6 45.4 40.1 40.6 40.6 40.6 40.6Capital taxes 1,562.3 1,749.4 1,949.8 2,053.0 2,198.5 2,049.8 2,296.1 2,463.3 2,739.0 3,335.3

Non-fiscal and non-parafiscal receipts 7,263.3 7,602.6 7,996.0 8,367.3 8,921.2 9,237.3 10,158.7 11,094.8 11,802.3 12,252.2Fiscal receipt transfers from other public authorities 24,231.0 25,711.9 26,600.1 28,079.6 29,929.5 29,360.3 29,142.6 31,911.6 33,052.4 33,309.6Other current transfers and capital transfers from other publicauthorities 4,286.9 4,150.8 4,276.6 4,602.3 4,916.8 5,317.1 5,622.8 5,933.5 6,277.1 6,701.2

Total Receipts 42,176.9 44,446.9 46,312.4 48,945.1 51,739.0 51,363.2 53,059.5 57,662.6 60,045.1 61,928.4


Compensation of employees 15,363.7 16,016.4 16,694.0 17,521.4 18,592.6 19,467.1 19,941.3 20,851.2 21,799.9 22,567.5Intermediate consumption and paid taxes 5,798.6 5,799.1 6,201.8 6,141.4 6,443.8 6,973.2 6,940.9 7,294.3 7,638.8 7,689.8Social benefits 5,615.4 5,980.1 6,305.8 6,792.1 7,309.7 7,897.7 7,897.5 8,343.7 8,781.1 8,973.2Subsidies to enterprises 1,178.6 1,587.1 1,611.2 1,703.0 1,722.0 1,625.0 1,927.0 1,876.2 2,029.5 2,124.7Current transfers from the rest of the world 20.5 41.8 40.6 45.2 43.9 46.9 65.9 69.5 71.3 56.5Other current transfers 1,740.7 1,797.5 1,896.6 2,102.3 2,472.6 2,920.9 3,014.9 3,171.4 3,095.0 3,140.2Fiscal receipt transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other current transfers to other public authorities 6,299.7 6,712.6 7,151.8 7,349.0 7,914.9 8,012.2 8,206.4 8,372.9 8,675.1 9,131.2

Interest charges 631.7 499.3 419.0 515.1 589.4 670.8 740.9 795.4 850.3 777.8Capital expenditure 5,582.0 5,558.7 5,432.7 5,474.2 7,088.2 6,505.9 7,008.2 8,024.0 7,288.3 8,172.2

Gross capital formation 3,189.0 3,299.4 3,222.4 3,394.9 3,698.6 3,847.6 4,475.1 4,774.1 4,711.4 4,680.8Other capital expenditure 1,651.8 1,544.0 1,571.1 1,488.5 1,790.9 2,109.6 1,944.8 2,498.6 1,761.8 2,696.7Capital transfers to other public authorities 741.2 715.3 639.2 590.8 1,598.7 548.7 588.3 751.3 815.1 794.7


Net lending (+) or net borrowing (-) -54.0 454.3 558.9 1,301.4 -438.1 -2,756.5 -2,683.5 -1,136.0 -184.2 -704.7

Sources: NAI, NBB

120

11.2.4 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF LOCAL GOVERNMENT

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Direct taxes 2,398.9 2,506.2 2,764.1 3,238.1 2,525.7 3,558.4 3,265.3 3,455.7 3,100.7 3,294.2Individuals 2,398.9 2,506.2 2,764.1 3,238.1 2,525.7 3,558.4 3,265.3 3,455.7 3,100.7 3,294.2Companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Indirect taxes 3,949.1 4,087.4 4,241.5 4,391.8 4,460.6 4,545.6 4,730.5 4,912.1 4,938.8 5,204.9Actual social security contributions 21.7 22.5 18.5 20.5 21.4 21.5 21.7 21.6 22.6 22.4Capital taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Non-fiscal and non-parafiscal receipts 3,650.3 3,747.0 4,261.3 4,420.1 4,710.9 4,610.1 4,659.1 4,914.4 5,188.6 5,226.4Fiscal receipts transfers from other public authorities 141.6 148.9 146.0 126.1 111.2 139.0 148.7 152.4 150.8 163.9Other current transfers and capital transfers from other publicauthorities 9,223.4 9,784.1 10,139.6 10,512.3 12,167.5 11,458.0 11,796.4 12,266.9 12,685.9 13,416.7

Total Receipts 19,385.0 20,296.1 21,571.0 22,708.9 23,997.3 24,332.6 24,621.7 25,723.1 26,087.4 27,328.5

ExpenditureCurrent expenditure exlcuding interest charges 16,259.9 17,125.7 18,347.1 18,935.5 19,756.4 20,758.3 21,582.0 22,557.1 23,747.2 24,632.0

Compensation of employees 10,403.6 11,063.1 11,761.4 12,246.5 12,890.7 13,406.5 14,007.9 14,566.6 15,206.9 15,767.3Intermediate consumption and paid taxes 2,846.3 3,058.9 3,203.1 3,122.9 3,245.0 3,509.6 3,589.5 3,691.2 3,920.4 3,991.3Social benefits 1,949.2 1,926.8 2,149.5 2,231.1 2,422.1 2,536.3 2,615.8 2,839.8 3,027.5 3,124.1Subsidies to enterprises 278.1 278.7 321.2 317.1 190.8 153.3 222.3 255.5 278.1 305.7Current transfers to the rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other current transfers 597.3 627.6 742.8 780.3 835.3 921.0 931.2 975.6 1,080.3 1,195.7Fiscal receipts transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other current transfers to other public authorities 185.4 170.6 169.1 237.6 172.5 231.6 215.3 228.4 234.0 247.9

Interest charges 608.9 508.7 461.9 614.3 692.5 515.3 533.2 545.5 493.8 433.2Capital expenditure 2,498.2 2,750.3 3,063.8 2,686.8 2,788.9 3,457.9 2,880.8 3,338.1 3,760.0 3,236.5

Gross capital formation 2,115.1 2,467.7 2,856.2 2,482.9 2,442.3 2,667.4 2,635.7 2,931.2 3,371.0 2,908.2Other capital expenditure 377.0 275.7 202.3 198.4 335.2 775.1 229.2 383.6 378.5 318.7Capital transfers to other public authorities 6.1 6.9 5.3 5.5 11.4 15.4 15.9 23.3 10.5 9.6


Net lending (+) or net borrowing (-) 18.0 -88.6 -301.8 472.3 759.5 -398.9 -374.3 -717.6 -1,913.6 -973.2

Sources: NAI, NBB

121

11.2.5 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF SOCIAL SECURITY FUNDS

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Direct taxes 1,051.5 1,053.9 1,104.2 1,205.5 1,247.1 1,316.4 1,325.9 1,349.8 1,411.5 1,422.4Individuals 820.4 824.6 849.6 956.6 969.9 1,047.6 1,031.9 1,069.2 1,093.7 1,114.6Companies 231.1 229.3 254.6 248.9 277.2 268.8 294.0 280.6 317.8 307.8

Indirect taxes 1,229.3 1,242.1 1,297.7 1,222.2 1,319.6 1,291.9 1,345.5 1,425.4 1,423.5 1,467.3Actual social security contributions 38,021.7 39,001.8 40,635.0 43,061.7 45,641.8 46,531.7 47,583.0 50,097.3 52,286.3 53,589.3Capital taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Non-fiscal and non-parafiscal receipts 573.5 525.9 447.3 490.6 547.5 598.3 551.1 667.5 699.2 651.0Fiscal receipt transfers from other public authorities 7,880.3 9,222.7 10,258.1 11,230.8 12,572.2 12,735.4 14,100.7 16,859.3 15,165.5 15,428.9Other current transfers and capital transfers from other publicauthorities 6,936.6 6,865.0 7,205.1 7,055.8 7,880.7 7,657.3 10,184.2 9,044.6 12,109.3 13,553.1

Total Receipts 55,692.9 57,911.4 60,947.4 64,266.6 69,208.9 70,131.0 75,090.4 79,443.9 83,095.3 86,112.0


Compensation of employees 1,170.8 1,220.2 1,275.2 1,319.4 1,379.4 1,460.9 1,497.1 1,538.6 1,564.9 1,617.2Intermediate consumption and paid taxes 676.8 697.9 713.4 723.0 751.5 775.3 782.0 782.0 802.1 815.5Social benefits 51,761.3 53,863.2 55,224.1 57,213.0 61,572.7 66,195.3 68,242.6 71,244.9 75,107.2 77,961.1

Health care 17,996.5 18,844.4 19,211.6 20,244.8 22,228.3 23,742.2 24,463.3 25,779.0 26,853.9 27,554.4Sickness and disability benefits 3,485.4 3,636.4 3,838.5 4,143.8 4,553.5 4,921.8 5,334.7 5,802.1 6,171.6 6,620.4Unemployment 6,024.2 6,120.8 6,096.9 5,746.4 5,774.2 6,902.9 6,817.4 6,605.0 6,816.4 7,101.5Early retirement pensions and career termination 1,726.8 1,813.0 1,890.2 2,005.7 2,142.6 2,251.4 2,374.2 2,451.6 2,458.2 2,443.1Pensions 17,249.7 18,099.2 18,660.2 19,306.1 20,806.7 22,059.5 22,823.5 24,130.5 25,966.4 27,225.0Family allowances 4,074.4 4,188.9 4,345.2 4,460.8 4,688.5 4,920.9 5,007.9 5,243.8 5,441.4 5,607.0Other 1,204.3 1,160.5 1,181.5 1,305.4 1,378.9 1,396.6 1,421.6 1,232.9 1,399.3 1,409.7

Subsidies to enterprises 1,454.9 1,792.5 2,196.9 2,687.1 3,197.9 3,365.0 3,844.4 4,504.6 4,512.2 4,443.0Current transfers to the rest of the world 21.5 19.1 19.7 52.6 61.3 19.7 38.0 30.9 26.7 30.5Other current transfers 232.6 232.8 248.9 276.0 318.7 327.9 393.6 377.4 443.9 266.0Fiscal receipt transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other current transfers from other public authorities 247.4 270.4 200.8 232.6 270.4 303.2 345.6 350.8 339.2 361.9

Interest charges 7.7 0.7 0.5 1.0 0.5 2.7 7.2 60.1 16.5 7.5Capital expenditure 176.0 344.5 332.6 294.3 313.1 227.1 542.9 328.4 712.4 825.1

Gross capital formation 40.7 50.2 48.2 59.3 49.5 57.9 60.9 66.0 72.3 57.3Other capital expenditure 135.3 294.3 190.1 235.0 263.6 169.2 482.0 262.4 640.1 767.8Capital transfers to other public authorities 0.0 0.0 94.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Net lending (+) or net borrowing (-) -56.1 -529.9 735.3 1,467.6 1,343.4 -2,546.1 -603.0 226.2 -429.8 -215.8

Sources: NAI, NBB

122

11.2.6 QUARTERLY RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro)

2012 2013 2012 2013 20142012 2013

II III IV I II III IV I II

ReceiptsFiscal and parafiscal receipts 171,176.3 177,006.4 46,439.3 37,017.0 49,537.2 38,190.2 48,264.4 38,455.2 52,096.6 39,590.0 48,910.0

Direct taxes 62,413.6 66,033.4 19,590.3 12,279.8 18,480.6 12,104.4 20,786.3 12,889.3 20,253.4 12,770.4 21,146.7of which households 50,278.3 53,324.1 15,836.9 9,929.6 13,460.9 11,026.7 16,901.3 10,527.2 14,868.9 11,197.0 17,115.0of which corporations 12,007.1 12,601.9 3,690.7 2,325.4 4,996.4 1,092.5 3,813.2 2,341.5 5,354.7 1,525.6 3,950.2

Indirect taxes 50,742.0 51,011.9 12,513.3 11,649.3 14,370.2 11,776.2 12,682.8 11,975.3 14,577.6 12,047.1 12,710.9Actual social contributions 54,702.7 55,988.1 13,541.3 12,228.2 15,784.3 13,414.8 13,872.7 12,568.5 16,132.1 13,777.8 14,072.1Taxes on capital 3,318.0 3,973.0 794.4 859.7 902.1 894.8 922.6 1,022.1 1,133.5 994.7 980.3

Non-fiscal and non-parafiscal receipts 25,604.4 26,607.7 7,670.3 5,595.1 5,896.8 6,649.7 7,891.2 6,006.3 6,060.5 6,541.2 7,212.0

Total Receipts 196,780.7 203,614.1 54,109.6 42,612.1 55,434.0 44,839.9 56,155.6 44,461.5 58,157.1 46,131.2 56,122.0

ExpenditureCurrent expenses excluding interest charges 180,933.6 186,575.4 45,995.0 43,775.0 46,310.9 46,487.9 47,474.7 45,342.2 47,270.6 47,354.3 48,176.9

Compensation of employees 47,742.5 49,309.5 12,153.3 11,287.6 12,666.5 12,093.7 12,468.4 11,650.7 13,096.7 12,215.4 12,566.2Intermediate consumption and paid taxes 15,499.7 15,660.0 3,800.9 3,775.2 4,197.8 3,741.2 3,853.5 3,858.5 4,206.8 3,750.2 3,810.3Social benefits 96,054.3 99,420.3 24,722.4 23,607.9 24,012.0 24,698.1 25,570.5 24,380.0 24,771.7 25,283.9 26,172.3Subsidies to companies 11,461.0 11,616.8 2,861.9 2,858.3 2,864.9 2,882.0 2,897.7 2,912.0 2,925.1 2,936.8 2,945.6Current transfers to the rest of the world (ROW) 4,711.1 5,132.7 1,037.5 987.3 1,286.4 1,527.4 1,296.5 1,305.2 1,003.6 1,620.8 1,243.8Other current transfers 5,464.8 5,436.0 1,419.0 1,258.6 1,283.2 1,545.5 1,388.1 1,235.7 1,266.7 1,547.2 1,438.7

Interest charges 13,256.6 12,510.5 3,311.5 3,391.1 3,314.2 3,119.9 3,124.4 3,176.7 3,089.5 3,033.3 3,060.1Capital expenditure 18,512.3 15,992.6 3,771.7 3,898.9 6,964.8 3,950.2 3,845.4 4,116.1 4,080.9 4,583.5 4,079.8

Gross fixed capital formation 9,056.8 8,589.5 2,218.8 2,256.2 2,377.6 2,099.3 2,096.2 2,167.0 2,227.0 2,077.2 2,144.1Other capital expenditure 9,455.5 7,403.1 1,552.9 1,642.7 4,587.2 1,850.9 1,749.2 1,949.1 1,853.9 2,506.3 1,935.7

Total Expenditure 212,702.3 215,078.3 53,078.2 51,064.8 56,589.8 53,558.0 54,444.4 52,635.0 54,440.9 54,971.2 55,316.7

Net lending (+) or net borrowing (-) -15,921.6 -11,464.2 1,031.4 -8,452.7 -1,155.8 -8,718.1 1,711.2 -8,173.5 3,716.2 -8,840.0 805.4

Primary balance -2,665.0 1,046.3 4,342.9 -5,061.6 2,158.4 -5,598.2 4,835.6 -4,996.8 6,805.7 -5,806.7 3,865.5

Source: NAI, NBB

123

11.2.7 BREAKDOWN OF THE OVERALL BALANCE OF COMMUNITIES AND REGIONS

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Flemish Community 248 360 648 1,180 -47 -1,314 -1,334 91 338 -367

French Community -24 8 16 -33 60 -280 -709 -146 -153 -143

Walloon Region -265 -64 -76 103 -426 -818 -398 -683 -318 -285

Brussels-Capital Region -72 95 -19 71 -38 -314 -239 -390 -60 126

German Community 3 1 0 2 4 -12 -7 -5 -1 -66

Commission of the French-speaking Community -7 2 -9 6 0 -7 0 1 -9 13

Commission of the Flemish Community 15 21 1 -5 20 5 3 -3 -3 16

Joint Community Commission -8 -4 6 10 3 5 0 2 3 -3

Interregional units 0 0 0 0 0 0 0 -4 19 4

Statistical discrepancy 1 56 37 -7 -33 -14 -21 0 0 0 0

Total -54 454 559 1,301 -438 -2,756 -2,684 -1,136 -184 -704

Source: NAI

1 The ”statistical discrepancy” can be explained by shortcomings in the data collection.

Bibliographical reference: Publications ”National accounts, General government accounts 2005” and ”National accounts, General government accounts 2013” of the National accounts institute.

124

11.3 FINANCIAL ACCOUNTS AND FINANCIAL WEALTH ACCOUNTS11.3.1 CONSOLIDATED FINANCIAL ACCOUNT OF GENERAL GOVERNMENT (S.13)

(millions of euro)

2012 2013 2012 2013 20142012 2013


Net acquisition of financial assets 2,543 -3,223 6,898 -5,828 -1,798 3,717 7,441 -9,867 -4,513 3,174 4,575Currency and deposits (F.2) -78 -717 3,331 -2,815 -1,982 2,569 4,895 -5,772 -2,409 3,594 1,650Debt securities (F.3) -164 -91 -55 -40 73 -24 -12 4 -59 -53 -32

Short-term debt securities (F.31) 35 -112 4 4 24 -43 -23 4 -50 20 -20Long-term debt securities (F.32) -199 20 -59 -44 49 19 11 -1 -9 -73 -12

Loans (F.4) 5,619 2,764 1,916 471 1,426 574 1,144 499 547 3 362Short-term loans (F.41) -132 195 -33 82 -148 47 55 47 46 -2 76Long-term loans (F.42) 5,751 2,569 1,949 389 1,574 528 1,089 452 501 5 286

Equity and investment fund shares or units (F.5) -2,770 -4,304 -6 44 -2,275 405 -341 -1,728 -2,640 -651 517Insurance, pension and standardised guaranteed schemes (F.6) 0 0 0 0 0 0 0 0 0 0 0Financial derivatives and employee stock options (F.7) -109 -758 -10 -47 -45 -26 -550 -83 -99 3 0Other accounts receivable (F.8) 45 -116 1,723 -3,441 1,005 219 2,304 -2,787 148 279 2,077

Net increase in financial liabilities 19,687 9,284 6,306 431 1,127 12,585 5,357 -2,744 -5,914 11,639 3,511Currency and deposits (F.2) -29 -52 5 -4 -16 -29 -11 -3 -11 -32 1Debt securities (F.3) 14,501 6,154 9,413 -567 -1,525 9,497 7,576 -6,973 -3,946 10,181 6,277

Short-term debt securities (F.31) -5,584 -6,684 -1,888 -41 -5,391 10,652 -9,737 -2,104 -5,495 9,091 -3,110Long-term debt securities (F.32) 20,085 12,838 11,301 -526 3,866 -1,155 17,312 -4,869 1,550 1,091 9,387

Loans (F.4) 5,049 4,181 -1,277 -729 -446 6,525 -124 2,277 -4,498 4,797 -941Short-term loans (F.41) -3,204 -750 -3,649 -1,892 -2,547 5,306 -2,092 1,854 -5,819 4,494 -1,296Long-term loans (F.42) 8,253 4,932 2,373 1,163 2,101 1,219 1,968 424 1,321 303 355

Equity and investment fund shares or units (F.5) 0 0 0 0 0 0 0 0 0 0 0Insurance, pension and standardised guaranteed schemes (F.6) 54 48 14 14 13 13 14 12 9 9 9Financial derivatives and employee stock options (F.7) 0 -144 0 0 0 0 -144 0 0 0 0Other accounts payable (F.8) 112 -903 -1,850 1,717 3,102 -3,423 -1,954 1,943 2,531 -3,316 -1,835

Net lending (+) or net borrowing (-) (B.9F) 1 -17,144 -12,507 592 -6,259 -2,925 -8,868 2,084 -7,123 1,401 -8,465 1,064

Source: NBB

N.B.: The consolidated financial accounts of the general government sub-sectors and the non-consolidated financial account of general government are available on Belgostat Online via the Bank’s website www.nbb.be.Unlike the data given in the tables in Chapter 12 on the general national financial accounts for Belgium as a whole, the data in this table are consolidated. The consolidated financial account of a sector corresponds to total net acquisitions of financial assets and net increases in financialliabilities, with the exception of net acquisitions of financial assets and net increases in financial liabilities of which the counterpart is a unit within this sector. Since the consolidated figures on both the assets and liabilities sides are identical by definition, the consolidation has no impacton net lending/net borrowing.

1 The balance of the financial account is not equal in value to net lending/net borrowing as recorded in the non-financial account, owing to differences between the dates on which transactions are reorded in the two accounts, differences in the sources of information and statisticaladjustments.

125

11.3.2 CONSOLIDATED FINANCIAL BALANCE SHEET OF GENERAL GOVERNMENT (S.13)

(outstanding amount at the end of the period, millions of euro)

2012 2013 2012 2013 20142012 2013


Financial assets 111,746 109,064 114,617 111,910 111,746 113,498 120,021 114,358 109,064 113,292 117,876Currency and deposits (AF.2) 17,944 17,299 22,740 19,925 17,944 20,512 25,408 19,636 17,299 21,767 23,417Debt securities (AF.3) 1,784 1,692 1,751 1,711 1,784 1,760 1,748 1,751 1,692 1,639 1,611

Short-term debt securities (AF.31) 174 62 146 150 174 131 108 113 62 82 62Long-term debt securities (AF.32) 1,609 1,630 1,604 1,561 1,609 1,629 1,640 1,639 1,630 1,557 1,549

Loans (AF.4) 30,780 32,914 28,996 29,413 30,780 31,323 32,437 32,904 32,914 33,236 33,598Short-term loans (AF.41) 1,731 1,926 1,797 1,879 1,731 1,777 1,833 1,879 1,926 2,104 2,180Long-term loans (AF.42) 29,050 30,989 27,199 27,534 29,050 29,546 30,604 31,025 30,989 31,132 31,418

Equity and investment fund shares or units (AF.5) 41,647 37,048 39,103 42,274 41,647 40,092 38,315 40,739 37,048 36,252 36,775Insurance, pension and standardised guaranteedschemes (AF.6) 0 0 0 0 0 0 0 0 0 0 0Financial derivatives and employee stock options (AF.7) 0 0 0 0 0 0 0 0 0 0 0Other accounts receivable (AF.8) 19,591 20,112 22,027 18,586 19,591 19,810 22,114 19,327 20,112 20,398 22,474

Financial liabilities 467,119 464,964 450,024 460,627 467,119 477,291 473,646 470,739 464,964 494,690 504,268Currency and deposits (AF.2) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364Debt securities (AF.3) 382,154 376,723 369,260 378,865 382,154 389,238 387,668 380,532 376,723 403,359 415,667

Short-term debt securities (AF.31) 33,891 27,193 39,329 39,281 33,891 44,533 34,788 32,693 27,193 36,081 32,990Long-term debt securities (AF.32) 348,263 349,530 329,931 339,585 348,263 344,705 352,881 347,838 349,530 367,278 382,677


Equity and investment fund shares or units (AF.5) 0 0 0 0 0 0 0 0 0 0 0Insurance, pension and standardised guaranteedschemes (AF.6) 666 714 639 653 666 679 693 705 714 723 731Financial derivatives and employee stock options (AF.7) 0 0 0 0 0 0 0 0 0 0 0Other accounts payable (AF.8) 16,030 15,127 10,660 12,377 16,030 12,608 10,653 12,596 15,127 11,819 9,984

Net financial assets (BF.90) -355,373 -355,900 -335,407 -348,717 -355,373 -363,793 -353,625 -356,381 -355,900 -381,398 -386,392

Source: NBB

N.B.: The non-consolidated financial balance sheet of general government is available on Belgostat Online via the Bank’s website ”www.nbb.be”.Unlike the figures given in the tables in Chapter 12 on the general national financial accounts for Belgium as a whole, the data shown in this table are consolidated. The consolidated financial wealth account of a sector corresponds to total financial assets and liabilities, with the exceptionof financial assets and liabilities of which the counterparty is a unit within this sector. Since the consolidated figures on both the assets and liabilities sides are identical by definition, the consolidation has no impact on the net financial wealth.

126

11.3.3 CONSOLIDATED FINANCIAL BALANCE SHEET OF FEDERAL GOVERNMENT (S.1311)


2012 2013 2012 2013 20142012 2013


Financial assets 60,386 58,510 63,418 61,067 60,386 60,186 66,748 63,398 58,510 60,784 65,225Currency and deposits (AF.2) 2,486 2,011 7,703 3,780 2,486 3,615 9,183 2,957 2,011 4,425 6,508Debt securities (AF.3) 1,226 1,411 1,024 901 1,226 957 915 911 1,411 828 1,052

Short-term debt securities (AF.31) 717 792 465 368 717 420 351 319 792 209 418Long-term debt securities (AF.32) 509 619 559 534 509 537 564 591 619 619 634

Loans (AF.4) 10,977 12,382 10,206 10,552 10,977 11,675 12,908 13,188 12,382 13,179 13,327Short-term loans (AF.41) 472 1,115 982 1,234 472 963 1,384 1,534 1,115 1,769 1,630Long-term loans (AF.42) 10,505 11,267 9,223 9,318 10,505 10,712 11,524 11,655 11,267 11,410 11,696


Financial liabilities 402,195 398,816 384,911 395,400 402,195 408,368 402,150 401,421 398,816 425,928 434,157Currency and deposits (AF.2) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364Debt securities (AF.3) 372,011 367,386 358,869 368,544 372,011 379,056 377,129 369,869 367,386 394,405 406,565





Source: NBB

N.B.: The consolidated financial balance sheet of a sector corresponds to total financial assets and liabilities, with the exception of financial assets and liabilities of which the counterparty is a unit within this sector. Since the consolidated figures on both the assets and liabilities sidesare identical by definition, the consolidation has no impact on the net financial wealth.

127

11.3.4 CONSOLIDATED FINANCIAL BALANCE SHEET OF COMMUNITIES AND REGIONS (S.1312)


2012 2013 2012 2013 20142012 2013


Financial assets 36,371 36,076 35,593 36,108 36,371 36,559 36,819 36,192 36,076 35,619 35,436Currency and deposits (AF.2) 7,186 6,844 6,671 6,999 7,186 7,040 6,720 7,015 6,844 7,098 7,048Debt securities (AF.3) 855 636 1,130 1,030 855 868 1,100 1,058 636 789 787




Financial liabilities 50,674 51,035 47,949 48,509 50,674 50,745 51,209 50,138 51,035 50,153 50,534Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Debt securities (AF.3) 18,823 18,008 18,618 18,589 18,823 18,146 18,598 18,467 18,008 17,026 17,524





Source: NBB


128

11.3.5 CONSOLIDATED FINANCIAL BALANCE SHEET OF LOCAL GOVERNMENT (S.1313)


2012 2013 2012 2013 20142012 2013


Financial assets 11,036 11,644 10,387 11,075 11,036 10,864 10,913 11,075 11,644 11,561 11,188Currency and deposits (AF.2) 8,181 8,230 6,505 7,037 8,181 7,301 6,791 6,952 8,230 7,477 6,978Debt securities (AF.3) 321 492 350 362 321 261 529 497 492 479 471


Loans (AF.4) 918 1,052 998 958 918 952 985 1,018 1,052 1,052 1,052Short-term loans (AF.41) 498 594 615 556 498 522 546 570 594 594 594Long-term loans (AF.42) 420 458 383 402 420 429 439 448 458 458 458

Equity and investment fund shares or units (AF.5) 199 203 232 216 199 204 208 199 203 201 203Insurance, pension and standardised guaranteedschemes (AF.6) 0 0 0 0 0 0 0 0 0 0 0Financial derivatives and employee stock options (AF.7) 0 0 0 0 0 0 0 0 0 0 0Other accounts receivable (AF.8) 1,418 1,667 2,302 2,502 1,418 2,146 2,400 2,408 1,667 2,352 2,484

Financial liabilities 22,085 23,167 21,302 21,542 22,085 22,061 22,532 22,699 23,167 22,524 23,002Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Debt securities (AF.3) 811 1,132 919 927 811 945 1,152 1,190 1,132 1,175 1,343

Short-term debt securities (AF.31) 693 1,115 802 809 693 853 1,085 1,148 1,115 956 1,057Long-term debt securities (AF.32) 117 17 118 117 117 92 67 42 17 219 286


Equity and investment fund shares or units (AF.5) 0 0 0 0 0 0 0 0 0 0 0Insurance, pension and standardised guaranteedschemes (AF.6) 121 130 115 119 121 123 126 128 130 132 133Financial derivatives and employee stock options (AF.7) 0 0 0 0 0 0 0 0 0 0 0Other accounts payable (AF.8) 663 657 298 307 663 310 302 295 657 288 288


Source: NBB


129

11.3.6 CONSOLIDATED FINANCIAL BALANCE SHEET OF SOCIAL SECURITY FUNDS (S.1314)


2012 2013 2012 2013 20142012 2013


Financial assets 20,361 20,155 19,519 19,168 20,361 19,904 20,015 19,410 20,155 19,741 20,404Currency and deposits (AF.2) 91 214 1,861 2,110 91 2,556 2,714 2,711 214 2,766 2,883Debt securities (AF.3) 9,487 9,048 8,902 9,159 9,487 9,197 9,028 8,876 9,048 9,183 9,481

Short-term debt securities (AF.31) 128 284 35 21 128 15 37 9 284 99 92Long-term debt securities (AF.32) 9,359 8,764 8,866 9,138 9,359 9,183 8,992 8,867 8,764 9,084 9,389

Loans (AF.4) 2,659 2,979 868 489 2,659 419 510 530 2,979 93 232Short-term loans (AF.41) 2,651 2,979 864 483 2,651 413 506 528 2,979 93 232Long-term loans (AF.42) 8 0 4 6 8 6 4 2 0 0 0

Equity and investment fund shares or units (AF.5) 176 215 160 164 176 187 187 203 215 221 227Insurance, pension and standardised guaranteedschemes (AF.6) 0 0 0 0 0 0 0 0 0 0 0Financial derivatives and employee stock options (AF.7) 0 0 0 0 0 0 0 0 0 0 0Other accounts receivable (AF.8) 7,948 7,699 7,729 7,246 7,948 7,545 7,575 7,090 7,699 7,477 7,582

Financial liabilities 8,572 9,266 10,162 10,684 8,572 10,132 12,229 12,198 9,266 10,498 10,952Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Debt securities (AF.3) 615 92 508 547 615 615 615 595 92 393 414


Loans (AF.4) 5,993 7,493 8,065 8,668 5,993 7,963 10,056 10,232 7,493 8,542 9,002Short-term loans (AF.41) 440 1,263 2,713 3,184 440 2,225 4,133 4,124 1,263 2,310 2,771Long-term loans (AF.42) 5,553 6,231 5,352 5,483 5,553 5,738 5,923 6,108 6,231 6,231 6,231


Net financial assets (BF.90) 11,789 10,889 9,357 8,484 11,789 9,772 7,786 7,212 10,889 9,243 9,452

Source: NBB


130

11.4 CONSOLIDATED GROSS DEBT11.4.1 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT PER INSTRUMENT


2012 2013 2012 2013 20142012 2013


Federal government (S.1311) 1 342,994 351,279 347,320 345,020 342,994 356,676 358,689 357,135 351,279 364,485 365,339Currency and deposits (AF.2) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364

Currency (AF.21) 0 0 0 0 0 0 0 0 0 0 0Deposits (AF.22 + AF.29) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364

Debt securities (AF.3) 324,229 330,758 329,673 329,085 324,229 337,354 341,363 336,122 330,758 342,292 344,786Short-term debt securities (AF.31) 31,440 25,635 36,803 36,743 31,440 41,804 32,002 29,722 25,635 33,374 29,915Long-term debt securities (AF.32) 292,789 305,123 292,870 292,342 292,789 295,549 309,361 306,399 305,123 308,918 314,872


Communities and regions (S.1312) 1 46,898 47,049 46,209 46,087 46,898 48,233 48,669 46,960 47,049 47,868 48,211Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0

Currency (AF.21) 0 0 0 0 0 0 0 0 0 0 0Deposits (AF.22 + AF.29) 0 0 0 0 0 0 0 0 0 0 0



Local government (S.1313) 1 21,301 22,380 20,889 21,116 21,301 21,629 22,103 22,276 22,380 22,104 22,580Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0


Debt securities (AF.3) 811 1,132 919 927 811 945 1,152 1,190 1,132 1,175 1,343Short-term debt securities (AF.31) 693 1,115 802 809 693 853 1,085 1,148 1,115 956 1,057Long-term debt securities (AF.32) 117 17 118 117 117 92 67 42 17 219 286


Social security funds (S.1314) 1 6,608 7,585 8,573 9,215 6,608 8,578 10,671 10,827 7,585 8,934 9,417Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0


Debt securities (AF.3) 615 92 508 547 615 615 615 595 92 393 414Short-term debt securities (AF.31) 615 92 508 547 615 615 615 595 92 393 414Long-term debt securities (AF.32) 0 0 0 0 0 0 0 0 0 0 0

Loans (AF.4) 5,993 7,493 8,065 8,667 5,993 7,963 10,056 10,232 7,493 8,542 9,002Short-term loans (AF.41) 440 1,263 2,713 3,184 440 2,225 4,133 4,124 1,263 2,310 2,771Long-term loans (AF.42) 5,553 6,231 5,352 5,483 5,553 5,738 5,923 6,108 6,231 6,231 6,231

Intersectoral consolidation (-) 2 -14,074 -15,048 -12,882 -12,481 -14,074 -11,902 -12,857 -12,835 -15,048 -12,026 -12,273Federal government -3,223 -3,842 -3,539 -3,581 -3,223 -3,410 -3,747 -3,857 -3,842 -3,735 -3,744Communities and regions -273 -220 -610 -540 -273 -345 -613 -582 -220 -430 -469Local government -196 -363 -227 -238 -196 -147 -393 -367 -363 -338 -338Social security funds -10,383 -10,622 -8,507 -8,122 -10,383 -7,999 -8,104 -8,029 -10,622 -7,523 -7,721

131

11.4.1 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT PER INSTRUMENT (CONTINUED)


20142013201220132012

IIIIVIIIIIIIVIIIII

20132012

General government (S.13) 403,726 413,246 410,109 408,956 403,726 423,214 427,275 424,362 413,246 431,366 433,274Currency and deposits (AF.2) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364

Currency (AF.21) 0 0 0 0 0 0 0 0 0 0 0Deposits (AF.22 + AF.29) 1,447 1,395 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364



Source: NBB

N.B.: The consolidated gross debt is the debt as defined in European Regulation EC 479/2009 concerning the implementation of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992, as modified by CommissionRegulation (EU) No 220/2014 of 7 March 2014 amending Council Regulation (EC) No 479/2009 as regards references to the European system of national and regional accounts in the European Union (ESA 2010).

1 The consolidated gross debt of a sub-sector is obtained by subtracting debts which counterpart are financial assets of other units ot this sub-sector (intersectoral consolidation).2 Corresponds to the financial assets of the various sub-sectors of which the counterpart is the debt of another sub-sector of general government. The consolidated gross debt of a sub-sector after deducting the financial assets held in the other sub-sectors determines the contribution

of this sub-sector to the consolidated gross debt of general government as a whole.

132

11.4.2 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT: HOLDERS, CURRENCIES, ORIGINAL AND RESIDUAL MATURITIES

(outstanding amount at the end of the period, millions of euro, unless otherwise mentioned)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Breakdown by holderDebt held by residents 143,789 144,538 143,192 127,597 135,097 151,873 166,371 206,076 214,725 208,103

Central bank 2,853 3,220 3,459 4,584 4,891 5,163 6,319 7,437 8,365 8,320Other monetary financial institutions 95,585 94,127 92,195 77,288 80,204 84,886 92,148 104,452 108,141 103,029Other financial institutions 25,970 27,974 29,504 28,315 31,517 42,483 49,052 69,194 75,776 74,719Other residents 19,381 19,217 18,034 17,409 18,485 19,342 18,852 24,993 22,443 22,035

Debt held by non-residents 144,548 150,290 153,974 172,277 192,446 195,295 197,777 182,051 189,001 205,143Euro area 78,117 75,187 77,953 80,116 84,444 97,826 93,129 84,051 95,336 104,551Non-euro area 66,431 75,103 76,021 92,161 108,002 97,469 104,648 98,000 93,665 100,592

Total 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246

Breakdown by currencyDebt in national currency 285,830 293,077 295,676 298,937 323,114 346,605 364,030 388,128 403,726 412,656Debt in foreign currency of countries participating in the euro area 0 0 0 0 0 0 0 0 0 0Debt in foreign currency of countries not participating in the euro area 2,508 1,752 1,490 937 4,429 563 118 0 0 589Total 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246

Breakdown by maturityShort-term debt 1 28,941 28,830 31,108 32,930 55,397 49,293 51,622 50,446 41,630 34,132Long-term debt 2 259,397 265,998 266,057 266,944 272,146 297,874 312,526 337,681 362,096 379,114

of which debt at variable interest rate 3,779 4,058 1,705 4,516 3,774 3,887 3,607 3,772 5,030 7,836Total 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246Debt with residual maturity up to 1 year 51,149 50,919 54,596 64,944 77,596 80,617 84,789 87,264 77,629 67,343Debt with residual maturity over 1 year and up to 5 years 105,853 114,347 104,566 97,364 114,309 127,496 130,399 133,990 143,913 142,061

of which debt at variable interest rate 2,644 1,564 1,334 3,670 3,570 3,345 382 3,432 4,515 6,835Debt with residual maturity over 5 years 131,336 129,563 138,004 137,566 135,638 139,055 148,960 166,874 182,185 203,841

of which debt at variable interest rate 652 219 219 104 104 87 225 225 515 771Total 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246

Memorandum itemsAverage maturity of debt (years) 6.1 6.2 6.3 6.1 5.6 5.5 5.8 6.2 6.8 7.2Zero-coupon debt (redemption value) 3 0 0 0 0 0 0 0 0 0 0Debt with residual maturity over 1 year 237,189 243,909 242,569 234,930 249,947 266,550 279,359 300,863 326,098 345,902

Source: NBB


1 Maturity upon issue up to or equal to 1 year.2 Maturity upon issue over 1 year.3 Securities such as bonds and notes. Does not include short-term instruments issued with a discount and paying no coupon.

133

11.4.3 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT: CONSOLIDATING ELEMENTS


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gross debt (debt non-consolidated between the sub-sectors) 298,129 305,065 308,109 311,992 339,535 358,658 376,931 402,677 417,801 428,294Consolidated gross debt of the federal government (S.1311) 252,563 259,988 262,670 265,021 290,724 299,368 311,165 332,316 342,994 351,279Consolidated gross debt of the Communities and Regions (S.1312) 26,609 25,192 25,367 26,051 28,343 37,950 41,662 44,615 46,898 47,049Consolidated gross debt of local government (S.1313) 16,848 17,116 17,558 18,186 17,487 17,161 18,927 19,737 21,301 22,380Consolidated gross debt of social security funds (S.1314) 2,109 2,769 2,514 2,734 2,981 4,179 5,178 6,010 6,608 7,585

Intersectoral consolidation (-) -9,791 -10,236 -10,944 -12,118 -11,992 -11,490 -12,784 -14,550 -14,074 -15,048

Consolidated gross debt of general government (S.13) 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246

Consolidating elements: breakdown by instrumentCurrency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0Short-term securities (AF.31) 2,024 2,656 2,813 2,293 1,028 1,036 1,340 1,621 1,047 1,152Long-term securities (AF.32) 5,381 5,208 5,446 5,870 6,511 6,668 6,956 7,586 7,865 7,870Loans (AF.4) 2,386 2,372 2,685 3,954 4,454 3,786 4,487 5,343 5,162 6,027Total 9,791 10,236 10,944 12,118 11,992 11,490 12,784 14,550 14,074 15,048

Consolidating elements: breakdown by debtor sectorConsolidated gross debt of the federal government held by other sub-sectors 7,738 8,062 9,203 10,250 10,077 8,513 8,764 9,801 9,997 10,486Consolidated gross debt of Communities and Regions held by other sub-sectors 1,987 1,735 1,693 1,826 1,891 1,858 2,347 2,636 2,177 1,897Consolidated gross debt of local government held by other sub-sectors 15 11 48 42 25 76 143 172 280 497Consolidated gross debt of social security funds held by other sub-sectors 52 428 0 0 0 1,044 1,529 1,940 1,621 2,168Total 9,791 10,236 10,944 12,118 11,992 11,490 12,784 14,550 14,074 15,048

Memorandum itemsHoldings by general government sub-sectors of consolidatable assets

Holdings by the federal government of debt issued by the other sub-sectors 862 1,237 808 809 878 2,258 3,202 3,907 3,223 3,842Holdings by the Communities and Regions of debt issued by the other sub-sectors 191 347 508 1,052 423 338 289 280 273 220Holdings by local government of debt issued by the other sub-sectors 1,569 2,055 2,097 1,183 748 236 220 335 196 363Holdings by social security funds of debt issued by the other sub-sectors 7,169 6,597 7,531 9,074 9,943 8,657 9,073 10,028 10,383 10,622Total consolidable assets 9,791 10,236 10,944 12,118 11,992 11,490 12,784 14,550 14,074 15,048

Contribution of the general government sub-sectors to consolidated gross debt 1

Contribution of the federal government (S.1311) 251,702 258,751 261,862 264,213 289,846 297,110 307,963 328,409 339,771 347,437Contribution of the Communities and Regions (S.1312) 26,417 24,845 24,859 24,999 27,920 37,611 41,373 44,335 46,625 46,829Contribution of local government (S.1313) 15,279 15,061 15,461 17,003 16,739 16,925 18,707 19,402 21,106 22,017Contribution of social security funds (S.1314) -5,060 -3,828 -5,017 -6,341 -6,962 -4,478 -3,895 -4,018 -3,775 -3,037Consolidated gross debt of general government (S.13) 288,338 294,828 297,166 299,874 327,543 347,168 364,148 388,128 403,726 413,246

Source: NBB


1 Corresponds to the consolidated gross debt of a sub-sector after deducting the financial assets that it holds in the other general government sub-sectors.

134

11.4.4 BREAKDOWN OF CONSOLIDATED GROSS DEBT OF COMMUNITIES AND REGIONS (S.1312)


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Consolidated gross debt 1 2 26,638 25,278 25,450 26,139 28,448 38,159 41,818 44,771 47,079 47,238Flemish Community 9,445 8,107 7,825 7,805 8,157 14,862 16,490 17,039 17,468 16,632French Community 3,628 3,630 3,651 3,728 3,813 4,517 5,253 5,556 5,798 6,063Walloon Region 10,972 11,038 11,349 11,935 13,368 15,058 15,944 17,273 18,304 18,939Brussels-Capital Region 2,304 2,212 2,343 2,342 2,766 3,381 3,756 4,252 4,867 4,925German Community 47 46 46 44 44 40 63 64 67 104Commission of the French-speaking Community 181 181 181 181 201 201 200 199 198 198Joint Community Commission 0 0 0 0 0 0 0 0 0 0Interregional units 63 64 55 105 98 101 112 388 377 377

Consolidation between federated entities (-) 3 -30 -87 -82 -88 -104 -210 -156 -157 -181 -190

Consolidated gross debt of the Communities and Regions (S.1312) 26,608 25,192 25,367 26,051 28,343 37,950 41,662 44,615 46,898 47,049

Memorandum itemsHoldings by the federated entities of consolidatable assets 221 434 591 1,142 528 548 445 437 454 410

Holdings by the Flemish Community of debt issued by other general government 190 355 509 1,054 178 257 231 234 241 219Holdings by the French Community of debt issued by other general government 23 71 73 76 79 81 82 83 84 85Holdings by the Walloon Region of debt issued by other general government 7 7 9 11 9 22 29 44 101 100Holdings by the Brussels-Capital Region of debt issued by other general government 1 0 0 0 0 1 1 1 21 6Holdings by the German Community of debt issued by other general government 0 0 0 0 0 0 0 0 0 0Holdings by the Commission of the French-speaking Community of debt issued by other general government 0 0 0 0 261 167 83 55 6 0Holdings by the Joint Community Commission of debt issued by other general government 0 0 0 0 0 20 20 20 0 0Interregional units 0 0 0 0 0 0 0 0 0 0

Contribution of the federated entities to the consolidated gross debt of general government 4 26,417 24,845 24,859 24,998 27,920 37,611 41,373 44,335 46,625 46,829Flemish Community 9,255 7,752 7,316 6,750 7,979 14,605 16,259 16,805 17,227 16,413French Community 3,604 3,559 3,578 3,652 3,734 4,436 5,171 5,473 5,713 5,978Walloon Region 10,964 11,031 11,340 11,924 13,359 15,036 15,915 17,229 18,202 18,839Brussels-Capital Region 2,303 2,212 2,343 2,342 2,766 3,381 3,756 4,252 4,846 4,919German Community 47 46 46 44 44 40 63 64 67 104Commission of the French-speaking Community 181 181 181 181 -60 33 117 144 192 198Joint Community Commission 0 0 0 0 0 -20 -20 -20 0 0Interregional units 63 64 55 105 98 101 112 388 377 377

Source: NBB

1 The consolidated gross debt is the debt as defined in European Regulation EC 479/2009 concerning the implementation of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992, as modified by CommissionRegulation (EU) No 220/2014 of 7 March 2014 amending Council Regulation (EC) No 479/2009 as regards references to the European system of national and regional accounts in the European Union (ESA 2010).

2 The debt of the Flemish Community Commission is not currently recorded. However, only marginal amounts are involved.3 Corresponds to the financial assets of an entity of which the counterpart is the debt of another Community or Region.4 Corresponds to the consolidated gross debt of an entity after deducting the financial assets that it holds in the other entities of the sub-sector (intrasectoral consolidation) and in the other general government sub-sectors (intersectoral consolidation).

135

11.5 OFFICIAL DEBT AND NET FINANCIAL BALANCE11.5.1 DETAILS OF REVENUE COLLECTED BY THE TREASURY

(cumulative data , millions of euros)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012

year Jan.-May Jan.-May

Current revenue 82,019 86,890 87,887 91,483 94,197 87,888 93,392 96,685 103,337 106,052 40,766 40,720Fiscal revenue 78,449 82,591 85,120 89,388 91,798 84,217 89,242 91,736 96,918 100,082 38,212 39,235

Direct taxes 1 45,348 47,528 48,205 50,394 52,759 46,752 48,596 49,943 53,699 56,871 22,333 22,136Advance levy on professional income 31,500 33,007 34,256 35,484 37,782 37,582 37,881 39,625 41,140 42,290 16,875 17,115Advance payments 9,724 10,277 10,845 11,547 11,354 8,394 9,319 9,380 9,337 9,459 4,048 4,145Assessment of companies 726 827 945 1,301 1,503 782 1,205 1,432 3,787 3,786 1,344 601Assessment of natural persons -1,245 -1,523 -3,320 -3,595 -3,733 -5,495 -5,103 -5,418 -5,522 -5,205 -2,762 -2,772Financial assets 2,219 2,797 2,745 2,982 3,295 2,651 2,518 3,209 3,548 4,580 1,820 2,254Road taxes 1,501 1,643 1,687 1,723 1,863 1,923 1,956 769 795 788 326 99Other 923 500 1,047 952 695 915 820 946 614 1,173 682 694

Customs and excise duties 8,472 8,705 8,847 9,247 9,119 8,583 9,579 9,290 9,589 9,579 3,925 3,903Customs duties 1,713 1,807 2,035 2,236 2,233 1,836 1,974 2,098 2,088 1,978 803 867Excise duties 6,145 6,152 6,069 6,309 6,168 6,049 6,808 6,460 6,776 6,790 2,762 2,741

Excise duties on mineral oils 3,803 3,852 3,744 3,806 3,675 3,560 4,160 4,112 4,068 3,926 1,568 1,588Excise duties on tobacco 1,651 1,655 1,671 1,845 1,832 1,820 1,960 1,654 2,005 2,102 898 843Other excise duties 691 645 654 659 661 669 689 695 703 763 296 310

Other 613 745 742 702 718 698 797 731 725 811 360 294VAT, registration fees and royalties 24,630 26,358 28,068 29,747 29,920 28,882 31,067 32,504 33,629 33,632 11,954 13,196

Registration fees 2,560 3,126 3,457 3,676 3,588 3,090 3,540 3,866 3,903 4,005 1,508 1,566VAT 21,487 22,524 23,915 25,318 25,499 24,998 26,661 27,737 28,762 28,544 9,899 10,757Other 583 707 697 753 833 794 867 901 964 1,083 547 873

Non-fiscal revenue 3,571 4,299 2,767 2,094 2,399 3,671 4,150 4,948 6,420 5,970 2,554 1,486

Capital revenue 6,347 2,485 1,911 2,634 2,146 6,711 4,368 2,492 7,044 8,304 1,187 1,216Fiscal revenue 1,385 1,455 1,584 1,678 1,916 1,788 1,925 2,058 2,251 2,848 1,054 1,216Non-fiscal revenue 4,961 1,031 327 956 230 4,923 2,443 434 4,793 5,456 133 0

Total revenue 88,366 89,375 89,797 94,116 96,343 94,599 97,760 99,177 110,381 114,355 41,953 41,936

Sources: FPS fin, NBB

N.B.: Data concerning the ”Central government operations” are, as required by the SDDS of the IMF, disseminated on the website of the Bank ”www.nbb.be”. Excluding the additional centimes accruing to the provinces, municipalities and the Brussels conglomerate.

1 Including, the change, compared with the end of the proceding year, in the outstanding amount of the direct taxes which have already been collected but not yet broken down among the various tax categories.

136

11.5.2 OFFICIAL DEBT AND NET BALANCE TO BE FINANCED OF THE TREASURY

(millions of euro)

Debt in euro Debt in foreign currencies 1 Grossdebt 2

Financialassets 2

Net debt 2 Net balanceto be fi

Debt at over one year 4 5 Debt at up to one year 4 5 Total Debt at overone year 4

Debt at up to one year 4 Total 1

Grossdebt 2

Financialassets 2

Net debt Net balanceto be fi-nanced (-) 3

of which: Total 4 5 of which: Total 4 5

Total Debt at overone year 4

of which: Total 4

Total nanced ( )

Linearbonds

Classicloans 6

State notes

Total

Treasurycertificates 7

TreasuryBills

Assets of in-dividualswith thePCO 8

Total

BelgianTreasury

Bills

Total

(1) (2) (3) (4) (5) (6) (7) (8) (9) = (4) + (8) (10) (11) (12) (13) = (10) +(12)

(14) = (9) +(13)

(15) (16) = (14) -(15)

(17)

2004 210,113 64 8,187 232,719 26,020 777 433 30,355 263,074 1,502 943 943 2,444 265,518 4,426 261,092 -6,174

2005 214,239 61 7,159 236,384 26,874 750 524 31,036 267,420 1,128 612 612 1,740 269,160 5,027 264,133 -2,275

2006 214,225 57 6,843 236,902 26,972 782 291 32,243 269,145 975 481 481 1,456 270,601 1,937 268,663 -4,053

2007 220,904 54 6,275 246,397 30,394 1,480 232 37,891 284,288 937 0 0 937 285,226 10,094 275,131 -3,782

2008 225,415 50 5,433 251,539 41,522 4,643 324 54,162 305,700 595 3,920 3,920 4,515 310,215 7,982 302,233 -27,448

2009 241,643 48 4,734 273,593 40,137 458 1,229 47,232 320,826 563 0 0 563 321,389 6,308 315,081 -7,770

2010 257,804 45 3,947 291,278 40,405 1,692 21 49,797 341,075 0 118 118 118 341,193 14,869 326,324 -11,152

2011 272,350 42 8,454 310,704 35,096 7,381 103 52,758 363,462 0 0 0 0 363,462 17,879 345,583 -18,868

2012 286,551 40 7,176 325,491 31,704 361 62 39,324 364,815 0 0 0 0 364,815 10,410 354,405 -7,976

2013 300,616 0 4,622 338,732 24,652 461 104 32,080 370,812 0 590 590 590 371,401 9,989 361,413 -5,691

2013 August 308,645 0 4,970 347,670 28,563 297 79 32,311 379,980 0 1,162 1,162 1,162 381,142 21,249 359,893 -5,007September 297,097 0 4,860 334,786 27,222 1,324 81 36,068 370,853 0 1,170 1,170 1,170 372,024 6,507 365,516 -10,622October 300,384 0 4,835 337,947 25,958 5,594 87 36,961 374,909 0 1,161 1,161 1,161 376,070 10,381 365,689 -10,809November 300,616 0 4,813 338,156 24,828 7,123 80 37,543 375,699 0 1,165 1,165 1,165 376,864 9,118 367,746 -12,863December 300,616 0 4,622 338,732 24,652 461 104 32,080 370,812 0 590 590 590 371,401 9,989 361,413 -5,691

2014 January 305,616 0 4,593 344,002 26,932 297 75 30,511 374,513 0 1,174 1,174 1,174 375,687 12,895 362,792 -1,373February 309,651 0 4,565 348,366 29,262 297 273 34,758 383,124 0 1,180 1,180 1,180 384,304 22,051 362,253 -4,491March 301,756 0 4,408 340,419 31,426 897 264 39,143 379,562 0 1,176 1,176 1,176 380,738 10,864 369,874 -12,116April 304,809 0 4,376 343,758 31,005 297 39 34,973 378,732 0 1,177 1,177 1,177 379,908 13,160 366,748 -8,972May 306,799 0 4,333 345,706 30,687 297 27 37,123 382,829 0 1,178 1,178 1,178 384,007 15,417 368,590 -10,815June 309,843 0 4,280 348,744 28,762 797 20 34,572 383,316 0 1,183 1,183 1,183 384,499 15,923 368,575 -10,802July 312,281 0 4,251 351,225 27,971 1,226 8 32,699 383,925 0 1,181 1,181 1,181 385,106 20,029 365,077 -7,305August 312,281 0 4,183 351,157 27,664 1,571 6 35,589 386,746 0 1,188 1,188 1,188 387,935 21,053 366,882 -9,099

Sources: FPS fin, NBB

1 The breakdown euro/non-euro, on a monthly basis (since 1990), is available on the website of the Bank: www.nbb.be.2 Situation at end of period.3 Cumulative monthly data.4 Original maturity.5 Since 2002, the Treasury certificates transferred to international organisations are included in the debt at over one year rather than in the debt at up to one year. Since January 2004, the Treasury certificates transfered to IMF are no more included in the official debt of the Treasury.6 Public loans issued by the Treasury and the Road Fund.7 Except the Treasury certificates transferred to international organisations.8 Including the shareholder’s equity on the Post.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p 11 and 1999-I, p 14.

12. National financial accounts of Belgium

138

12.1 FLOW OF FUNDS BY SECTOR

(millions of euro)

2011 2012 2013 2012 2013 20142011 2012 2013

I II III IV I II III IV I II

Individuals: 1

Formation of financial assets with:Individuals 0 103 209 26 26 26 26 480 -205 46 -112 244 495Non-financial corporations 10,264 2,499 8,831 -1,034 1,849 -343 2,028 1,685 18 588 6,540 1,045 661

Securities other than shares 538 584 234 57 40 375 112 15 -29 273 -24 -117 -132Quoted shares 1,690 -1,653 822 -1,569 1,047 -726 -404 611 -399 446 163 -410 -138Unquoted shares and other equity 7,464 3,020 6,811 591 315 344 1,769 527 213 171 5,900 2,133 705Other assets 572 548 964 -114 448 -337 551 533 233 -301 501 -561 226

General government 5,518 -2,538 -1,939 -2,951 -2,688 467 2,633 -3,414 -2,571 1,398 2,648 -2,964 -2,076Securities other than shares 5,206 -2,893 -1,985 -653 -870 -1,105 -266 -662 -724 -575 -24 -230 -240Other assets 311 355 46 -2,298 -1,818 1,572 2,899 -2,752 -1,847 1,973 2,672 -2,734 -1,836

Financial corporations 13,686 21,774 21,185 10,380 9,013 277 2,105 7,453 10,919 -101 2,913 5,264 9,477Currency 1,205 643 1,454 -577 723 -70 567 -516 459 324 1,187 264 629Deposits 11,171 20,384 17,220 8,305 7,811 1,776 2,491 7,390 7,448 -1,584 3,966 3,089 4,833Securities other than shares -66 -5,426 -3,083 -993 -1,332 -1,405 -1,696 -1,609 -477 -480 -517 -405 -970Quoted shares 465 259 43 -387 215 437 -6 234 -205 61 -46 -25 59Unquoted shares and other equity -513 1,875 -39 972 -250 -237 1,389 -125 -44 -47 177 130 -85Mutual fund shares -4,749 -6,174 104 -1,884 -936 -2,528 -826 -615 2,045 63 -1,390 139 3,195Insurance, pension and standardised guaranteed sche-mes 6,414 10,244 5,075 3,613 2,598 1,301 2,731 1,558 1,089 973 1,455 959 1,543Other assets -240 -31 410 1,329 184 1,001 -2,546 1,135 604 589 -1,919 1,112 272

Rest of the world 9,767 5,550 916 754 3,016 590 1,189 3,544 -3,170 754 -211 1,695 1,562Total 39,235 27,388 29,203 7,174 11,217 1,016 7,981 9,749 4,991 2,686 11,777 5,284 10,120

Non-financial corporations:Formation of financial assets with:

Individuals 1 415 -263 -191 -67 -94 -113 11 -47 -6 -145 7 -57 -14Non-financial corporations -6,160 -5,524 -10,674 -11,832 -4,521 -7,422 18,251 -7,268 15,989 -14,243 -5,151 -3,082 6,105

Securities other than shares 185 282 -687 111 264 28 -121 -129 -93 100 -565 -32 -94Loans 2,850 5,951 -19,489 -3,854 -234 2,766 7,272 -1,733 80 1,010 -18,846 1,967 3,969Quoted shares 61 -377 2,988 -904 290 571 -335 -1,210 2,775 447 976 1,550 724Unquoted shares and other equity -16,236 -1,814 -1,155 2,710 870 90 -5,484 1,146 -616 22 -1,707 179 1,610Other assets 6,980 -9,566 7,669 -9,895 -5,712 -10,877 16,919 -5,342 13,843 -15,823 14,990 -6,745 -103

General government 1,287 457 681 846 -125 -814 550 197 -78 336 226 324 -723Securities other than shares 897 -627 -615 80 146 -709 -144 34 -515 330 -464 0 -209Other assets 390 1,083 1,296 766 -272 -106 695 163 437 6 690 324 -514

Financial corporations 14,046 -8,161 11,092 6,877 -4,301 2,351 -13,087 8,605 -535 6,942 -3,920 5,751 4,344Currency and deposits -860 -1,053 4,202 3,359 -3,029 -769 -613 3,670 120 3,049 -2,637 2,743 -1,291Securities other than shares 230 232 -199 71 168 27 -35 -63 -15 75 -197 -57 40Quoted shares 806 1,294 838 -130 271 56 1,098 -5 57 227 560 -70 129Unquoted shares and other equity 9,494 -14,127 7,899 778 -1,813 129 -13,221 4,771 167 3,761 -799 1,489 5,833Mutual fund shares 0 0 0 0 0 0 0 0 0 0 0 -33 2Other assets 4,377 5,493 -1,648 2,799 102 2,907 -315 232 -865 -169 -847 1,679 -370

Rest of the world 68,249 4,818 -13,864 -6,169 16,145 7,166 -12,324 -687 -194 -631 -12,352 2,210 5,393Total 77,838 -8,674 -12,956 -10,345 7,104 1,167 -6,599 801 15,176 -7,742 -21,190 5,146 15,105

139

12.1 FLOW OF FUNDS BY SECTOR (CONTINUED)

(millions of euro)

201420132012201320122011

IIIIVIIIIIIIVIIIIII

201320122011

General government:Formation of financial assets with:

Individuals 1 279 737 1,174 591 464 -606 288 503 728 -633 577 -77 488Non-financial corporations 2,034 453 -45 76 1,557 -2,704 1,523 -369 1,886 -1,871 308 171 2,158General government 4,424 -5,529 1,643 -7,082 1,302 -1,110 1,360 -7,855 2,360 -522 7,660 -7,044 2,520

Securities other than shares 2,709 -5,979 -469 -4,613 1,433 -2,691 -108 -5,861 2,271 -1,960 5,081 -4,963 2,794Loans 1,598 683 1,853 -1,850 -96 228 2,401 -1,940 431 121 3,242 -1,839 226Other assets 117 -232 259 -619 -34 1,353 -933 -53 -342 1,317 -663 -242 -500

Financial corporations 3,208 -3,063 -7,232 1,558 1,363 -446 -5,537 2,422 2,754 -6,723 -5,686 2,646 980Rest of the world 2,742 4,416 2,881 1,046 3,514 -2,072 1,928 1,161 2,072 -640 287 434 948Total 12,688 -2,986 -1,580 -3,811 8,201 -6,938 -438 -4,138 9,801 -10,389 3,147 -3,871 7,094

Financial corporations:Formation of financial assets with:

Individuals 1 13,371 8,230 6,788 2,033 3,424 1,501 1,271 1,155 1,786 1,687 2,160 1,342 2,844Loans 13,258 8,280 6,759 1,966 3,443 1,363 1,508 1,204 1,864 1,606 2,084 1,255 2,753Other assets 114 -50 29 66 -18 138 -236 -49 -77 80 75 87 91

Non-financial corporations 36,089 -26,508 -1,943 9,460 3,467 4,006 -43,441 -2,234 2,051 5,363 -7,123 2,247 6,105Securities other than shares -421 1,146 -210 85 1,035 -63 89 24 156 450 -840 174 583Loans 14,342 41 -2,960 11,300 867 5,958 -18,085 -1,810 -405 395 -1,139 1,215 3,343Quoted shares -3,759 174 968 -26 105 -78 173 -516 878 970 -364 287 921Unquoted shares and other equity 24,577 -26,245 -77 -1,763 1,945 -1,498 -24,929 127 1,042 1,002 -2,248 634 1,464Other assets 1,350 -1,624 336 -136 -485 -313 -690 -59 380 2,546 -2,531 -64 -206

General government 34,305 15,323 -7,350 6,516 7,125 1,359 323 208 -540 -6,710 -308 -973 -1,341Securities other than shares 27,854 16,858 -8,776 6,709 6,355 1,997 1,797 -3,254 -1,951 -4,799 1,227 -2,886 -2,253Loans 6,382 -1,506 1,622 -179 765 -634 -1,458 3,491 1,565 -1,909 -1,524 1,944 911Other assets 70 -29 -196 -14 5 -4 -16 -29 -155 -3 -11 -32 1

Financial corporations 90,060 -96,225 -65,802 -3,123 14,407 2,077 -109,587 -24,645 -12,793 -15,413 -12,951 834 -10,336Rest of the world 1,320 -97,124 -24,479 -35,305 -1,755 -6,665 -53,400 -4,660 -20,493 27,999 -27,325 22,744 38,023Total 175,146 -196,304 -92,787 -20,418 26,670 2,278 -204,834 -30,176 -29,988 12,925 -45,547 26,194 35,295

Rest of the world:Formation of financial assets with:

Non-financial corporations 53,577 -1,064 -26,025 -8,697 10,923 -4,357 1,068 -4,532 3,982 -4,484 -20,990 3,782 6,611General government -16,893 6,445 17,892 7,412 1,993 -581 -2,380 15,593 8,547 2,232 -8,480 15,252 7,652Financial corporations 44,554 -92,815 -20,401 -37,428 3,803 3,475 -62,665 -8,917 -32,731 30,911 -9,664 8,752 27,107Total 81,238 -87,433 -28,534 -38,714 16,719 -1,462 -63,977 2,144 -20,202 28,658 -39,135 27,785 41,369


1 This sector encompasses the households and non-profit institutions serving households.

140

12.2 CLAIMS AND LIABILITIES BY SECTOR

(end of period outstanding amounts, millions of euro)

2010 2011 2012 2013 20142010 2011

I II III IV I II III IV I II

Individuals: 1

Financial assets with:Individuals 0 8,649 8,791 8,932 9,074 9,216 10,708 10,072 10,215 9,866 10,626 12,166Non-financial corporations 134,845 152,356 154,529 154,932 156,664 157,790 155,457 159,010 159,230 172,665 175,215 177,847

Securities other than shares 1,488 2,020 2,142 2,199 2,655 2,827 2,818 2,709 2,981 5,144 5,144 5,040Quoted shares 6,250 6,086 7,704 7,639 8,672 7,751 4,947 8,293 8,225 13,515 13,957 15,923Unquoted shares and other equity 124,532 141,154 141,746 142,061 142,405 144,174 144,702 144,914 145,086 150,985 153,119 153,824Other assets 2,575 3,096 2,938 3,033 2,931 3,037 2,990 3,093 2,938 3,020 2,995 3,059

General government 11,831 17,573 14,883 12,196 12,889 15,664 12,100 9,179 10,535 13,182 9,029 6,979Securities other than shares 6,141 11,573 11,180 10,311 9,432 9,308 8,496 7,423 6,805 6,781 5,361 5,147Other assets 5,690 6,001 3,703 1,885 3,457 6,356 3,604 1,757 3,730 6,401 3,668 1,832

Financial corporations 686,236 700,566 713,168 719,605 722,465 731,954 741,356 750,656 752,958 749,346 757,420 762,824Currency 24,898 26,127 25,550 26,272 26,203 26,769 26,253 26,713 27,036 28,223 28,487 29,116Deposits 260,353 271,017 279,263 287,527 289,252 291,684 299,208 306,557 304,889 308,617 311,714 311,926Securities other than shares 44,508 45,974 45,000 43,674 42,291 40,612 38,996 38,498 38,017 31,983 31,619 30,663Quoted shares 12,366 9,667 9,371 8,385 9,077 11,112 11,516 11,333 12,640 12,214 13,391 12,099Unquoted shares and other equity 64,068 69,615 69,924 69,600 69,393 71,384 71,650 71,972 71,872 72,181 72,120 72,192Mutual fund shares 62,093 54,866 56,021 54,356 54,057 54,920 55,758 56,842 58,315 54,683 56,118 60,177Insurance, pension and standardised guaranteed schemes 213,600 219,015 223,302 225,668 227,837 231,032 233,088 233,932 235,422 237,376 238,723 241,130Other assets 4,349 4,283 4,737 4,124 4,355 4,440 4,886 4,809 4,767 4,068 5,249 5,521

Rest of the world 149,105 152,471 157,530 157,339 160,958 162,295 168,325 161,469 165,371 175,486 179,881 184,713Total 982,015 1,031,615 1,048,900 1,053,005 1,062,049 1,076,918 1,087,947 1,090,386 1,098,309 1,120,546 1,132,171 1,144,529

Non-financial corporations:Financial assets with:

Individuals 1 3,000 3,599 3,532 3,438 3,325 3,336 3,289 3,283 3,138 3,145 3,088 3,074Non-financial corporations 401,790 397,874 387,775 384,136 377,421 395,462 387,637 401,980 387,077 378,493 375,569 382,847

Securities other than shares 2,303 2,486 2,658 2,934 3,047 2,981 2,830 2,670 2,769 2,205 2,187 2,110Loans 115,130 117,980 114,126 113,892 116,659 123,931 122,198 122,278 123,288 104,442 106,409 110,378Quoted shares 12,743 10,967 11,940 11,758 12,421 12,108 11,021 12,215 12,193 13,750 15,705 16,155Unquoted shares and other equity 163,215 151,816 154,615 156,087 156,364 151,040 152,232 151,974 151,855 146,590 146,731 148,755Other assets 108,399 114,626 104,435 99,465 88,930 105,402 99,357 112,843 96,972 111,506 104,537 105,449

General government 20,282 23,425 24,362 24,248 23,485 24,655 24,848 24,647 25,034 25,198 24,686 23,986Securities other than shares 3,341 4,249 4,419 4,576 3,919 3,844 3,873 3,236 3,617 3,091 2,268 2,082Other assets 16,942 19,177 19,943 19,671 19,566 20,811 20,975 21,411 21,417 22,108 22,418 21,904

Financial corporations 204,770 251,229 259,480 254,522 257,610 244,429 252,789 252,238 259,493 256,858 262,619 268,956Currency and deposits 73,506 73,367 76,760 73,935 73,085 72,362 76,162 76,004 78,941 76,314 79,065 80,076Securities other than shares 1,063 1,294 1,370 1,538 1,571 1,539 1,475 1,456 1,531 1,314 1,260 1,297Quoted shares 7,248 3,948 4,402 3,765 4,358 6,233 6,410 6,544 7,850 6,619 6,510 5,844Unquoted shares and other equity 66,067 112,982 114,496 112,724 113,122 99,136 103,387 103,735 106,833 105,658 107,174 113,416Mutual fund shares 0 0 0 0 0 0 0 0 0 3,453 3,471 3,556Other assets 56,886 59,639 62,453 62,560 65,475 65,158 65,354 64,498 64,338 63,500 65,139 64,768

Rest of the world 580,776 635,683 624,272 635,036 635,427 612,665 612,312 620,436 619,720 604,460 601,905 614,375Total 1,210,618 1,311,811 1,299,421 1,301,380 1,297,267 1,280,547 1,280,874 1,302,583 1,294,462 1,268,154 1,267,867 1,293,238

141

12.2 CLAIMS AND LIABILITIES BY SECTOR (CONTINUED)


20142013201220112010

IIIIVIIIIIIIVIIIIII

20112010

General government:Financial assets with:

Individuals 1 10,247 10,526 11,116 11,581 10,974 11,263 11,765 12,493 11,859 12,437 12,360 12,848Non-financial corporations 35,624 37,735 37,704 38,881 36,330 37,382 36,442 39,119 37,634 38,188 38,906 41,537General government 51,066 55,328 48,756 50,417 49,930 51,697 43,059 45,192 44,474 52,636 46,474 50,447

Securities other than shares 25,603 28,150 24,046 25,838 23,771 24,068 17,425 19,468 17,312 22,895 18,814 23,062Loans 24,207 25,806 23,956 23,860 24,087 26,488 24,548 24,979 25,100 28,342 26,503 26,729Other assets 1,256 1,372 754 720 2,072 1,140 1,087 745 2,062 1,399 1,157 657

Financial corporations 41,829 46,550 48,718 50,417 52,094 47,938 49,288 50,083 46,147 38,441 41,678 43,011Rest of the world 8,648 9,185 10,896 13,738 12,512 15,164 16,003 18,327 18,718 19,999 20,347 20,479Total 147,413 159,323 157,191 165,034 161,840 163,443 156,557 165,213 158,831 161,700 159,766 168,323

Financial corporations:Financial assets with:

Individuals 1 182,186 195,316 197,495 201,014 202,283 203,644 204,891 207,472 209,248 209,851 211,078 213,491Loans 180,923 193,989 196,009 199,455 200,493 201,999 203,204 205,770 207,374 207,811 209,066 211,389Other assets 1,263 1,327 1,486 1,559 1,790 1,645 1,687 1,702 1,873 2,041 2,011 2,102

Non-financial corporations 365,987 401,344 412,506 417,518 422,232 378,093 377,791 374,556 379,450 380,490 383,378 388,981Securities other than shares 5,857 5,144 5,314 6,366 6,394 4,782 4,702 4,793 5,236 4,382 4,638 5,300Loans 231,839 246,325 257,227 258,401 263,408 245,481 243,305 242,337 242,494 243,652 244,871 247,972Quoted shares 21,245 16,595 17,201 16,926 17,808 19,080 19,733 17,159 19,289 23,140 24,233 25,857Unquoted shares and other equity 99,016 124,017 123,512 126,960 125,961 100,694 102,011 101,733 101,235 100,539 101,063 101,488Other assets 8,030 9,262 9,253 8,865 8,661 8,056 8,040 8,534 11,195 8,777 8,573 8,364

General government 153,745 188,282 198,886 206,789 212,569 214,226 212,534 208,597 201,297 201,224 199,094 200,584Securities other than shares 111,099 139,190 149,987 157,119 163,537 166,668 161,514 156,023 150,635 152,094 149,259 149,823Loans 41,240 47,616 47,437 48,202 47,568 46,110 49,601 51,166 49,257 47,735 48,472 49,397Other assets 1,406 1,477 1,463 1,468 1,463 1,447 1,419 1,408 1,405 1,395 1,363 1,364

Financial corporations 512,195 573,747 574,479 588,983 595,079 493,092 467,337 452,949 443,292 436,113 440,360 428,972Rest of the world 1,112,905 1,119,612 1,089,946 1,088,892 1,084,042 1,047,231 1,055,633 1,033,513 1,068,652 1,030,628 1,057,338 1,102,044Total 2,327,018 2,478,301 2,473,313 2,503,195 2,516,204 2,336,285 2,318,186 2,277,087 2,301,939 2,258,306 2,291,248 2,334,072

Rest of the world:Financial assets with:

Non-financial corporations 557,709 587,841 596,118 602,541 594,996 598,920 636,699 620,321 627,433 618,218 622,313 631,669General government 207,509 190,337 202,908 206,791 211,685 212,574 227,809 231,223 233,872 225,360 261,881 272,719Financial corporations 878,003 938,439 904,001 913,229 909,725 850,178 848,672 811,393 842,192 829,904 841,103 863,356Total 1,643,221 1,716,617 1,703,028 1,722,562 1,716,406 1,661,672 1,713,180 1,662,936 1,703,497 1,673,482 1,725,297 1,767,744


1 This sector encompasses the households and non-profit institutions serving households.

142

12.3 FINANCIAL ACCOUNT

(millions of euro)

Non-financialcorporations

Financial corporations General Gov-ernment

Individuals 1 Total economy Rest of theworld

Non financialcorporations

Monetary fi-nancial institu-

tions 2

Non-MMF in-vestment

funds

Other financialinstitutions 3

Insurance cor-porations

Pension funds Total

General Government

Individuals Total economy Rest of theworld

2011

Formation of financial assets

Monetary gold and Special Drawing Rights - -218 - - - - -218 - - -218 -

Currency and deposits 1,408 43,291 -2,134 2,200 2,513 -190 45,681 915 12,980 60,983 -3,477

Currency -1 0 0 0 0 0 0 0 1,081 1,079 226

Sight deposits 12,752 15,449 -256 226 1,998 -143 17,274 -1,434 620 29,213 43,489

Other deposits -11,343 27,842 -1,878 1,974 515 -47 28,407 2,349 11,279 30,691 -47,193

Debt securities 2,125 26,570 -3,221 -11,530 6,507 444 18,770 2,598 10,960 34,452 -22,452

Short-term debt securities -2,587 21,119 358 -782 -113 0 20,582 3,889 -56 21,828 -9,071

Long-term debt securities 4,712 5,451 -3,579 -10,748 6,620 444 -1,812 -1,291 11,015 12,624 -13,381

Loans 17,704 -22,451 0 35,826 479 14 13,868 4,311 847 36,730 47,585

Short-term loans 9,005 -25,406 0 13,372 -16 0 -12,050 645 854 -1,546 8,981

Long-term loans 8,698 2,955 0 22,454 495 14 25,918 3,666 -7 38,276 38,604

Shares and other equity 44,722 -643 -5,518 48,496 -2,439 75 39,971 4,072 7,873 96,638 24,771

Quoted shares 16,033 -901 -5,186 198 -2,629 202 -8,317 1 1,490 9,208 -2,921

Unquoted shares 46,471 411 1 34,740 3,010 8 38,169 4,483 962 90,086 15,743

Other equity -17,783 -50 0 13,560 0 45 13,555 -114 5,990 1,648 14,452

Investment fund shares or units 0 -103 -333 -2 -2,820 -179 -3,436 -298 -569 -4,303 -2,503

Insurance, pension and standardised guaranteed schemes -164 0 0 0 619 0 619 0 6,814 7,269 647

Non-life insurance technical reserves 4 -164 0 0 0 -120 0 -120 0 -245 -529 619

Life insurance and annuity entitlements 0 0 0 0 739 0 739 0 5,037 5,776 28

Pension entitlements 5 0 0 0 0 0 0 0 0 2,023 2,023 0

Financial derivatives 27 -2 -192 29 -4 0 -170 -359 0 -502 40

Trade credit and advances 10,101 -1 0 -92 0 0 -93 -24 -672 9,311 -996

Other accounts receivable/payable and adjustments 1,915 54,204 -612 1,502 1,435 191 56,719 1,175 434 60,243 35,121

Total Formation of financial assets 77,838 100,750 -11,677 76,430 9,109 534 175,146 12,688 39,235 304,907 81,238

143

12.3 FINANCIAL ACCOUNT (CONTINUED)

(millions of euro)

Rest of theworld

Total economyIndividuals 1General Gov-ernment

Financial corporationsNon-financialcorporations

Rest of theworld


TotalPension fundsInsurance cor-porations


Non-MMF in-vestment

funds


tions 2


New financial liabilities

Monetary gold and Special Drawing Rights - - - - - - - - - - -218

Currency and deposits 0 60,770 - - 733 - 61,503 84 - 61,586 -4,081

Currency - 1,426 - - 0 - 1,426 0 - 1,426 -121

Sight deposits 0 68,344 - - 0 - 68,344 0 - 68,344 4,358

Other deposits - -9,000 - - 733 - -8,267 84 - -8,183 -8,318

Debt securities 3,327 -10,086 0 11,978 183 0 2,076 19,658 0 25,061 -13,060

Short-term debt securities 280 -7,574 0 2,469 0 0 -5,105 489 0 -4,336 17,093

Long-term debt securities 3,047 -2,512 0 9,509 183 0 7,180 19,169 0 29,396 -30,153

Loans 59,519 -976 2 601 1,732 0 1,359 7,898 13,677 82,453 1,862

Short-term loans 7,398 40 0 4,739 1,262 0 6,042 2,641 53 16,134 -8,698

Long-term loans 52,121 -1,016 2 -4,138 470 0 -4,683 5,257 13,624 66,319 10,560

Shares and other equity 24,065 13,136 -11,684 36,895 7 0 38,354 0 0 62,419 58,990

Quoted shares -4,455 -245 0 445 0 0 200 0 - -4,256 10,543

Unquoted shares 22,865 10,857 0 30,664 7 0 41,528 0 - 64,393 41,435

Other equity 5,655 -125 0 5,786 0 0 5,661 0 0 11,316 4,783

Investment fund shares or units - 2,649 -11,684 0 - - -9,035 - - -9,035 2,229

Insurance, pension and standardised guaranteed schemes 0 0 0 0 7,164 26 7,190 34 - 7,224 692

Non-life insurance technical reserves 4 0 0 0 0 503 0 503 0 - 503 -413

Life insurance and annuity entitlements 0 0 0 0 4,699 0 4,699 0 - 4,699 1,105

Pension entitlements 5 0 0 0 0 1,962 26 1,988 34 - 2,023 0

Financial derivatives 30 -360 39 27 0 0 -293 0 0 -263 -199

Trade credit and advances 5,836 3 0 -1,267 279 0 -986 532 406 5,788 2,527

Other accounts receivable/payable and adjustments 3,027 56,268 -358 229 213 0 56,353 434 -17 59,797 35,567

Total New financial liabilities 95,804 118,756 -12,001 48,463 10,311 26 165,554 28,641 14,066 304,065 82,079

Financing requirement (-) or capacity (+) -17,966 -18,006 324 27,968 -1,201 508 9,592 -15,953 25,169 841 -841


1 Households and non-profit institutions serving households.2 The central bank, deposit-taking corporations and money market funds.3 Other financial intermediaries, financial auxiliaries and captive financial institutions and money lenders.4 Including provisions for calls under standardised guarantees.5 Including claims of pension funds on pension managers and entitlements to non-pension benefits.

144


(millions of euro)






tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2012


Monetary gold and Special Drawing Rights - 63 - - - - 63 - - 63 -

Currency and deposits -5,089 -62,585 -1,853 -662 -1,919 174 -66,845 -78 19,217 -52,795 -85,704

Currency 57 -5 0 0 0 0 -5 0 643 695 -81

Sight deposits -15,626 -4,067 385 2,252 -183 132 -1,481 967 5,173 -10,967 -3,165

Other deposits 10,479 -58,513 -2,238 -2,914 -1,736 42 -65,359 -1,045 13,401 -42,523 -82,457

Debt securities 1,248 -22,873 -3,628 -1,257 4,996 -127 -22,888 -6,144 -9,221 -37,005 15,109

Short-term debt securities -2,284 -18,810 -648 -626 84 0 -19,999 -4,543 -27 -26,853 5,901

Long-term debt securities 3,532 -4,063 -2,980 -631 4,912 -127 -2,890 -1,601 -9,194 -10,152 9,208

Loans 215 860 0 -13,478 4,482 -9 -8,145 6,301 283 -1,346 -11,076

Short-term loans 12,752 -7,758 0 5,724 1,180 0 -854 -204 283 11,977 -13,323

Long-term loans -12,537 8,619 0 -19,203 3,303 -9 -7,290 6,505 0 -13,323 2,247

Shares and other equity 4,682 -575 4,958 -56,641 45 716 -51,497 -2,770 4,913 -44,672 -16,149

Quoted shares 5,767 121 3,872 1,277 -929 -55 4,286 35 1,084 11,171 2,766

Unquoted shares 5,754 -660 10 -32,854 1,639 -2 -31,867 1,292 1,652 -23,170 -32,991

Other equity -6,838 -59 0 -25,065 0 -29 -25,153 -3,991 3,242 -32,739 13,952

Investment fund shares or units 0 23 1,076 0 -664 802 1,237 -106 -1,065 66 124

Insurance, pension and standardised guaranteed schemes 472 0 0 0 545 0 545 0 11,559 12,576 87

Non-life insurance technical reserves 4 472 0 0 0 373 0 373 0 980 1,825 96

Life insurance and annuity entitlements 0 0 0 0 172 0 172 0 6,795 6,967 -8


Financial derivatives 15 440 -704 -27 73 0 -217 -109 0 -311 -52

Trade credit and advances -7,051 2 0 -1,030 0 0 -1,027 0 722 -7,356 562

Other accounts receivable/payable and adjustments -3,166 -44,731 -435 34 -950 -211 -46,293 -187 -85 -49,730 9,790

Total Formation of financial assets -8,674 -129,398 -1,662 -73,060 7,274 542 -196,304 -2,986 27,388 -180,576 -87,433

(CONTINUED)

145


(millions of euro)

Rest of theworld



Rest of theworld




Non-MMF in-vestment

funds


tions 2



Monetary gold and Special Drawing Rights - - - - - - - - - - 63

Currency and deposits 0 -86,267 - - 156 - -86,111 -29 - -86,140 -52,359

Currency - 619 - - 0 - 619 0 - 619 -5

Sight deposits 0 -12,821 - - 0 - -12,821 0 - -12,821 -1,311

Other deposits - -74,065 - - 156 - -73,909 -29 - -73,938 -51,043

Debt securities 7,292 4,271 0 1,308 89 0 5,668 8,521 0 21,481 -43,377

Short-term debt securities 899 11,406 0 -3,915 0 0 7,491 -10,162 0 -1,771 -19,180

Long-term debt securities 6,392 -7,135 0 5,222 89 0 -1,824 18,683 0 23,252 -24,196

Loans -2,896 -2,017 12 4,766 -1,766 0 995 5,732 8,894 12,725 -25,147

Short-term loans -6,275 -10 0 2 -1,271 0 -1,278 -3,275 543 -10,286 8,940

Long-term loans 3,380 -2,007 12 4,764 -496 0 2,274 9,007 8,351 23,011 -34,087

Shares and other equity -24,463 -13,397 -1,523 -52,964 313 0 -67,571 0 0 -92,033 31,212

Quoted shares -621 24 0 3,043 0 0 3,067 0 - 2,446 11,491

Unquoted shares 1,903 -10,040 0 -58,189 313 0 -67,916 0 - -66,013 9,852

Other equity -25,744 4 0 2,182 0 0 2,186 0 0 -23,559 4,772

Investment fund shares or units - -3,385 -1,523 0 - - -4,907 - - -4,907 5,097

Insurance, pension and standardised guaranteed schemes 0 0 0 0 7,301 2,431 9,732 54 - 9,786 2,878

Non-life insurance technical reserves 4 0 0 0 0 477 0 477 0 - 477 1,444


Pension entitlements 5 0 0 0 0 1,299 2,431 3,730 54 - 3,783 0

Financial derivatives -28 242 -52 15 0 0 206 0 0 177 -541

Trade credit and advances -9,530 -5 0 -233 91 0 -147 354 -96 -9,419 2,625

Other accounts receivable/payable and adjustments -519 -40,352 -97 -896 85 0 -41,261 -474 8 -42,246 2,305

Total New financial liabilities -30,144 -137,524 -1,659 -48,004 6,268 2,431 -178,488 14,158 8,806 -185,669 -82,340

Financing requirement (-) or capacity (+) 21,471 8,127 -3 -25,056 1,006 -1,889 -17,816 -17,144 18,582 5,093 -5,093



146


(millions of euro)






tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2013



Currency and deposits 6,678 -50,427 -1,203 2,132 -770 0 -50,267 -717 19,332 -24,975 -32,600

Currency -8 -1 0 0 0 0 -1 0 1,709 1,700 -145

Sight deposits 1,359 -9,311 69 584 -452 0 -9,110 -231 5,524 -2,459 -24,082

Other deposits 5,327 -41,114 -1,272 1,549 -318 0 -41,155 -486 12,099 -24,216 -8,373

Debt securities -4,485 -15,192 908 -11,896 -733 207 -26,706 -560 -8,974 -40,725 27,506

Short-term debt securities -2,384 1,366 95 -667 342 0 1,135 -671 -29 -1,949 -5,907

Long-term debt securities -2,101 -16,557 813 -11,229 -1,075 207 -27,841 111 -8,945 -38,775 33,413

Loans -47,659 22,552 0 -31,613 3,877 33 -5,150 4,617 226 -47,966 -10,261

Short-term loans -33,836 -3,014 0 -17,708 2,910 0 -17,813 1,331 196 -50,122 -10,315

Long-term loans -13,823 25,567 0 -13,905 968 33 12,663 3,286 30 2,156 54

Shares and other equity 22,131 -1,869 11,194 6,024 2,739 1,265 19,354 -4,304 10,725 47,907 -15,808

Quoted shares 3,748 -1,160 1,200 370 2,143 37 2,590 1,274 1,594 9,206 -407

Unquoted shares 11,020 -455 12 -763 321 -13 -897 -3,931 2,412 8,603 -2,736

Other equity 7,364 -262 0 6,417 0 36 6,190 -1,725 4,360 16,189 -20,289

Investment fund shares or units 0 8 9,983 0 276 1,205 11,471 78 2,360 13,909 7,624

Insurance, pension and standardised guaranteed schemes 207 0 0 0 -1,321 0 -1,321 0 6,538 5,424 66

Non-life insurance technical reserves 4 207 0 0 0 -49 0 -49 0 438 596 18

Life insurance and annuity entitlements 0 0 0 0 -1,272 0 -1,272 0 3,640 2,368 48


Financial derivatives -2 3 -553 -142 -85 0 -777 -758 0 -1,536 4

Trade credit and advances 2,238 -2 0 202 0 0 199 56 913 3,406 1,092

Other accounts receivable/payable and adjustments 7,936 -28,168 415 -121 39 36 -27,799 87 442 -19,334 1,466

Total Formation of financial assets -12,956 -73,422 10,762 -35,413 3,746 1,540 -92,787 -1,580 29,203 -78,119 -28,534

(CONTINUED)

147


(millions of euro)

Rest of theworld



Rest of theworld




Non-MMF in-vestment

funds


tions 2




Currency and deposits 0 -40,927 - - -941 - -41,868 -52 - -41,920 -15,655

Currency - 1,300 - - 0 - 1,300 0 - 1,300 255

Sight deposits 0 -21,086 - - 0 - -21,086 0 - -21,086 -5,455

Other deposits - -21,141 - - -941 - -22,082 -52 - -22,134 -10,455

Debt securities 3,341 -1,201 0 -3,520 295 0 -4,426 5,685 0 4,600 -17,818

Short-term debt securities 502 -1,910 0 1,382 0 0 -527 -7,243 0 -7,269 -587

Long-term debt securities 2,839 709 0 -4,903 295 0 -3,899 12,928 0 11,869 -17,231

Loans -26,622 1,950 -1 -5,849 1,861 0 -2,038 6,035 7,687 -14,938 -43,289

Short-term loans -16,537 10 0 -8,732 1,423 0 -7,299 386 1,633 -21,817 -38,620

Long-term loans -10,085 1,940 -1 2,883 438 0 5,260 5,649 6,055 6,879 -4,669

Shares and other equity -16,088 2,298 10,003 7,334 133 0 19,768 0 0 3,680 28,419

Quoted shares 5,915 -126 0 115 0 0 -11 0 - 5,904 2,895

Unquoted shares -2,060 1,932 0 -931 133 0 1,133 0 - -926 6,794

Other equity -19,943 5 0 8,150 0 0 8,155 0 0 -11,788 7,688

Investment fund shares or units - 487 10,003 0 - - 10,490 - - 10,490 11,042

Insurance, pension and standardised guaranteed schemes 0 0 0 0 3,527 1,856 5,383 48 - 5,432 58

Non-life insurance technical reserves 4 0 0 0 0 699 0 699 0 - 699 -85

Life insurance and annuity entitlements 0 0 0 0 2,273 0 2,273 0 - 2,273 143

Pension entitlements 5 0 0 0 0 555 1,856 2,412 48 - 2,460 0

Financial derivatives 2 -756 2 -2 0 0 -756 -144 0 -898 -634

Trade credit and advances 8,566 -1 0 -253 665 0 412 -297 -284 8,397 -3,899

Other accounts receivable/payable and adjustments 945 -39,154 752 689 78 0 -37,635 -348 577 -36,460 18,593

Total New financial liabilities -29,856 -77,790 10,756 -1,600 5,619 1,856 -61,159 10,927 7,980 -72,108 -34,546

Financing requirement (-) or capacity (+) 16,900 4,368 6 -33,813 -1,872 -316 -31,628 -12,507 21,222 -6,012 6,012



148


(millions of euro, first six months)






tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2014 II



Currency and deposits 5,887 -985 -415 1,817 960 25 1,401 5,244 9,313 21,845 12,854

Currency 27 5 0 0 0 0 5 0 637 669 51

Sight deposits -921 -1,654 106 -270 1,386 19 -413 2,261 5,244 6,171 9,905

Other deposits 6,781 664 -521 2,087 -426 6 1,810 2,983 3,432 15,005 2,898

Debt securities -8,305 -5,946 83 5,493 -975 59 -1,286 -2,254 -4,038 -15,882 25,176

Short-term debt securities 2 3,151 -86 -284 -333 0 2,448 340 12 2,802 5,611

Long-term debt securities -8,307 -9,097 169 5,777 -642 59 -3,734 -2,594 -4,050 -18,685 19,565

Loans 12,542 23,341 0 922 2,255 5 26,523 -1,248 1,140 38,957 231

Short-term loans 5,656 15,610 0 908 1,492 0 18,010 -1,933 1,038 22,771 -311

Long-term loans 6,887 7,731 0 14 763 5 8,513 685 102 16,186 542

Shares and other equity 14,337 -537 7,587 2,028 1,205 464 10,746 -134 9,656 34,605 9,115

Quoted shares 2,759 802 3,341 -897 -347 -4 2,895 1 127 5,782 1,204

Unquoted shares 8,736 -1,087 1 2,095 -2 -1 1,006 554 990 11,286 558

Other equity 3,183 -152 0 648 0 -1 495 -492 1,893 5,080 6,464

Investment fund shares or units -342 -100 4,245 181 1,554 469 6,350 -196 6,645 12,457 890

Insurance, pension and standardised guaranteed schemes 751 0 0 0 364 0 364 0 3,271 4,387 152

Non-life insurance technical reserves 4 751 0 0 0 305 0 305 0 1,198 2,254 138

Life insurance and annuity entitlements 0 0 0 0 59 0 59 0 1,790 1,849 14

Pension entitlements 5 0 0 0 0 0 0 0 0 284 284 0

Financial derivatives -2 0 -204 1 63 0 -139 3 0 -140 1

Trade credit and advances -5,241 -2 0 42 0 0 40 2 -405 -5,603 1,509

Other accounts receivable/payable and adjustments 282 23,782 1,041 -1 -885 10 23,948 1,611 -3,534 22,307 20,116

Total Formation of financial assets 20,251 39,546 8,092 10,302 2,987 563 61,490 3,223 15,404 100,368 69,154

(CONTINUED)

149


(millions of euro, first six months)

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funds


tions 2




Currency and deposits 0 20,259 - - -113 - 20,145 -31 - 20,114 14,585

Currency - 971 - - 0 - 971 0 - 971 -251

Sight deposits 0 9,520 - - 0 - 9,520 0 - 9,520 6,556

Other deposits - 9,768 - - -113 - 9,654 -31 - 9,624 8,280

Debt securities 1,272 -1,782 0 -102 -95 0 -1,980 14,289 0 13,582 -4,288

Short-term debt securities -586 -305 0 1,397 0 0 1,092 6,321 0 6,828 1,586

Long-term debt securities 1,858 -1,478 0 -1,499 -95 0 -3,072 7,968 0 6,754 -5,873

Loans 10,208 1,508 225 -4,444 -282 0 -2,994 2,243 4,581 14,039 25,150

Short-term loans 4,036 0 0 -2,663 -296 0 -2,960 1,191 1,380 3,648 18,811

Long-term loans 6,172 1,508 225 -1,780 14 0 -34 1,052 3,201 10,390 6,338

Shares and other equity 17,998 6,613 7,317 -878 -1,101 0 11,951 0 0 29,949 13,771

Quoted shares 2,736 2 0 -243 0 0 -241 0 - 2,495 4,491

Unquoted shares 5,155 6,355 0 773 -1,100 0 6,028 0 - 11,183 661

Other equity 10,107 0 0 -1,408 0 0 -1,408 0 0 8,699 2,844


Insurance, pension and standardised guaranteed schemes 0 0 0 0 3,528 -22 3,506 17 - 3,523 1,015

Non-life insurance technical reserves 4 0 0 0 0 2,187 0 2,187 0 - 2,187 205

Life insurance and annuity entitlements 0 0 0 0 1,052 0 1,052 0 - 1,052 810

Pension entitlements 5 0 0 0 0 289 -22 267 17 - 284 0

Financial derivatives 1 0 3 -2 0 0 1 0 0 2 -141

Trade credit and advances -6,260 7 0 46 -798 0 -745 -316 20 -7,301 3,207

Other accounts receivable/payable and adjustments 2,583 24,710 617 -163 -230 0 24,933 -5,577 666 22,604 19,819

Total New financial liabilities 25,802 51,313 8,162 -5,544 910 -22 54,818 10,626 5,266 96,513 73,010

Financing requirement (-) or capacity (+) -5,552 -11,768 -70 15,846 2,078 585 6,671 -7,402 10,137 3,855 -3,855



150

12.4 FINANCIAL BALANCE SHEETS







tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2011

Financial assets

Monetary gold and Special Drawing Rights - 5,024 - - - - 5,024 - - 5,024 -

Currency and deposits 101,396 413,899 9,402 29,307 12,001 347 464,956 18,021 308,831 893,204 416,345

Currency 1,563 37 0 0 0 0 37 0 26,127 27,727 226

Sight deposits 54,118 78,936 2,208 7,886 4,229 262 93,521 7,010 41,666 196,316 131,518

Other deposits 45,715 334,925 7,193 21,422 7,773 85 371,398 11,011 241,038 669,162 284,601

Debt securities 23,257 303,459 26,356 27,716 175,882 1,997 535,410 30,098 106,278 695,042 252,630

Short-term debt securities 7,431 27,851 1,841 2,048 793 0 32,533 6,683 187 46,834 47,296

Long-term debt securities 15,825 275,608 24,516 25,668 175,088 1,997 502,876 23,415 106,091 648,208 205,334

Loans 405,540 356,742 0 499,351 12,398 122 868,613 51,188 3,475 1,328,817 215,909

Short-term loans 240,317 100,635 0 189,889 3,734 0 294,258 7,180 3,016 544,770 130,461

Long-term loans 165,223 256,108 0 309,461 8,664 122 574,355 44,008 460 784,046 85,449

Shares and other equity 508,890 21,698 38,711 261,864 38,948 11,492 372,713 39,098 355,355 1,276,056 726,827

Quoted shares 84,677 1,276 20,388 33,693 6,313 1,100 62,770 8,804 34,854 191,104 106,429

Unquoted shares 316,123 20,161 24 190,259 11,061 180 221,684 9,414 145,738 692,958 443,539

Other equity 108,091 31 0 37,911 0 107 38,050 20,187 70,818 237,146 164,343

Investment fund shares or units 0 230 18,299 1 21,574 10,105 50,209 694 103,945 154,847 12,517

Insurance, pension and standardised guaranteed schemes 7,530 0 0 0 6,823 0 6,823 0 245,521 259,874 3,276

Non-life insurance technical reserves 4 7,530 0 0 0 3,691 0 3,691 0 18,616 29,837 1,459

Life insurance and annuity entitlements 0 0 0 0 3,132 0 3,132 0 159,457 162,589 1,817


Financial derivatives 122 56 1,914 87 169 0 2,225 0 0 2,347 53

Trade credit and advances 151,626 5 0 4,870 0 0 4,875 2,250 3,686 162,438 22,098

Other accounts receivable/payable and adjustments 113,450 203,401 2,669 2,236 9,069 287 217,661 18,668 8,470 358,249 79,479

Total Financial assets 1,311,811 1,304,283 79,052 825,431 255,290 14,245 2,478,301 159,323 1,031,615 4,981,051 1,716,617

151

12.4 FINANCIAL BALANCE SHEETS (CONTINUED)


Rest of theworld



Rest of theworld




Non-MMF in-vestment

funds


tions 2


Financial liabilities

Monetary gold and Special Drawing Rights - - - - - - - - - - 5,024

Currency and deposits 0 949,322 - - 5,090 - 954,412 1,477 - 955,889 353,661

Currency - 27,926 - - 0 - 27,926 0 - 27,926 27

Sight deposits 0 292,980 - - 0 - 292,980 0 - 292,980 34,853

Other deposits - 628,416 - - 5,090 - 633,506 1,477 - 634,983 318,780

Debt securities 26,892 74,771 0 105,226 2,248 0 182,246 368,541 0 577,679 369,993

Short-term debt securities 3,889 6,419 0 7,424 0 0 13,843 46,018 0 63,750 30,380

Long-term debt securities 23,003 68,352 0 97,802 2,248 0 168,403 322,523 0 513,929 339,613

Loans 517,196 6,128 78 193,440 10,019 0 209,665 87,578 205,354 1,019,793 524,933

Short-term loans 194,966 40 0 125,225 8,497 0 133,763 14,812 8,038 351,580 323,651

Long-term loans 322,230 6,088 78 68,215 1,522 0 75,902 72,766 197,315 668,213 201,282

Shares and other equity 867,999 68,542 77,513 545,584 15,598 0 707,238 0 5,786 1,581,023 421,859

Quoted shares 131,017 905 0 33,366 0 0 34,271 0 - 165,288 132,245

Unquoted shares 496,888 50,093 0 381,315 15,598 0 447,006 0 - 943,894 192,603

Other equity 240,094 13,176 0 130,903 0 0 144,079 0 5,786 389,960 11,529

Investment fund shares or units - 4,369 77,513 0 - - 81,882 - - 81,882 85,482


Non-life insurance technical reserves 4 0 0 0 0 30,616 0 30,616 0 - 30,616 680



Financial derivatives 89 1 52 122 0 0 174 0 0 264 2,136

Trade credit and advances 137,898 18 0 2,475 2,503 0 4,996 5,112 3,955 151,961 32,574


Total Financial liabilities 1,577,150 1,309,226 79,052 851,453 255,565 15,235 2,510,531 474,947 218,090 4,780,717 1,916,951

Net financial wealth -265,339 -4,943 0 -26,021 -275 -991 -32,230 -315,623 813,526 200,334 -200,334



152








tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2012

Financial assets



Currency 1,620 32 0 0 0 0 32 0 26,769 28,422 145

Sight deposits 38,912 74,057 2,689 10,137 4,046 393 91,323 7,978 46,901 185,114 127,976

Other deposits 55,822 273,284 4,967 18,508 6,037 127 302,923 9,966 254,660 623,370 205,018

Debt securities 24,953 281,586 24,662 26,687 196,923 1,949 531,808 25,852 100,726 683,339 271,838

Short-term debt securities 5,147 8,572 1,254 1,423 907 0 12,156 2,140 161 19,603 53,192


Loans 389,787 355,911 0 478,222 16,881 122 851,135 57,269 3,758 1,301,949 196,214

Short-term loans 228,000 93,084 0 177,411 4,914 0 275,409 6,976 3,298 513,683 118,263

Long-term loans 161,787 262,827 0 300,810 11,967 122 575,726 50,293 460 788,266 77,951


Quoted shares 91,975 2,701 28,032 39,448 6,525 1,186 77,891 10,004 38,016 217,886 146,540

Unquoted shares 316,821 25,623 41 177,787 14,938 200 218,590 12,278 147,289 694,978 400,977

Other equity 97,497 1,545 0 12,965 0 92 14,602 18,777 74,520 205,397 185,617

Investment fund shares or units 0 1,317 21,322 1 22,726 11,685 57,051 588 111,438 169,076 13,602









(CONTINUED)

153



Rest of theworld



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Non-MMF in-vestment

funds


tions 2





Currency - 28,545 - - 0 - 28,545 0 - 28,545 22

Sight deposits 0 279,894 - - 0 - 279,894 0 - 279,894 33,197

Other deposits - 555,823 - - 5,246 - 561,070 1,447 - 562,517 265,872

Debt securities 34,778 68,780 0 103,511 2,290 0 174,581 406,222 0 615,581 339,595



Loans 505,961 7,081 90 193,838 8,252 0 209,261 93,310 213,977 1,022,510 475,653

Short-term loans 189,499 30 0 125,621 7,227 0 132,878 11,537 8,581 342,495 289,451

Long-term loans 316,463 7,051 90 68,217 1,026 0 76,383 81,773 205,396 680,015 186,201


Quoted shares 168,383 964 0 48,808 0 0 49,772 0 - 218,155 146,271

Unquoted shares 486,438 52,663 0 327,339 18,275 0 398,278 0 - 884,716 211,239

Other equity 217,059 14,154 0 140,649 0 0 154,803 0 6,250 378,112 12,901



Non-life insurance technical reserves 4 0 0 0 0 31,093 0 31,093 0 - 31,093 2,124







Net financial wealth -287,100 2,787 0 -50,125 17,858 -1,825 -31,305 -355,373 849,461 175,682 -175,682



154








tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2013

Financial assets



Currency 1,612 31 0 0 0 0 31 0 28,479 30,122 0

Sight deposits 40,693 62,528 2,754 10,721 3,594 390 79,987 7,819 52,215 180,714 101,075

Other deposits 60,478 229,982 3,659 20,057 5,719 126 259,542 9,480 266,681 596,181 189,637

Debt securities 20,216 255,620 25,261 16,856 189,925 2,185 489,848 24,587 87,378 622,029 301,212

Short-term debt securities 2,742 8,555 1,332 772 1,193 0 11,852 1,468 192 16,254 47,563


Loans 360,344 372,434 0 462,163 20,758 160 855,516 61,256 3,984 1,281,099 203,084

Short-term loans 207,069 85,713 0 169,027 7,823 0 262,563 8,307 3,494 481,433 124,984

Long-term loans 153,275 286,721 0 293,136 12,934 160 592,952 52,949 489 799,666 78,100


Quoted shares 92,214 2,537 34,579 45,252 10,493 1,418 94,279 13,175 45,564 245,232 170,568

Unquoted shares 311,867 25,521 62 175,432 15,004 220 216,238 9,490 150,331 687,927 404,390

Other equity 97,524 1,176 0 26,036 0 142 27,354 13,717 79,527 218,122 164,208

Investment fund shares or units 10,385 1,303 32,852 1,065 24,829 13,443 73,493 665 125,285 209,828 22,892









(CONTINUED)

155



Rest of theworld



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funds


tions 2





Currency - 29,845 - - 0 - 29,845 0 - 29,845 277

Sight deposits 0 254,662 - - 0 - 254,662 0 - 254,662 27,126

Other deposits - 526,912 - - 4,306 - 531,217 1,395 - 532,612 253,205

Debt securities 39,142 66,982 0 103,048 3,039 0 173,068 399,618 0 611,829 311,412



Loans 493,706 5,746 88 193,849 10,114 0 209,797 99,347 220,718 1,023,567 460,616

Short-term loans 184,352 40 0 122,744 8,649 0 131,433 11,925 9,819 337,530 268,887

Long-term loans 309,353 5,706 88 71,105 1,464 0 78,364 87,423 210,898 686,038 191,729


Quoted shares 199,456 1,139 0 60,759 0 0 61,899 0 - 261,355 154,445

Unquoted shares 494,665 49,844 0 322,549 16,868 0 389,261 0 - 883,926 208,390

Other equity 198,438 10,704 0 154,019 0 0 164,723 0 6,692 369,853 12,476










Net financial wealth -319,900 12,581 0 -76,562 12,938 -1,315 -52,357 -355,900 885,247 157,090 -157,090



156








tions 2

Non-MMF in-vestment

funds



Pension funds Total

General Government


2014 II

Financial assets



Currency 1,639 36 0 0 0 0 36 0 29,116 30,791 51

Sight deposits 41,005 61,225 2,864 10,407 4,980 410 79,885 10,096 55,769 186,755 111,445

Other deposits 68,336 231,186 3,149 21,632 5,293 132 261,392 13,322 267,189 610,238 192,971

Debt securities 11,536 249,298 25,959 23,048 200,196 2,311 500,812 24,673 83,516 620,537 346,373

Short-term debt securities 2,502 12,139 1,332 501 485 0 14,457 1,809 211 18,979 53,226


Loans 372,303 393,478 0 462,085 23,013 169 878,744 60,327 5,124 1,316,498 203,887

Short-term loans 212,746 101,321 0 169,771 9,315 0 280,407 6,555 4,533 504,241 123,852

Long-term loans 159,557 292,157 0 292,314 13,697 169 598,337 53,772 591 812,258 80,035


Quoted shares 96,265 3,227 39,721 47,379 10,561 1,492 102,381 13,282 49,671 261,599 184,582

Unquoted shares 324,053 24,588 66 173,999 14,744 231 213,627 10,049 151,223 698,952 395,493

Other equity 98,430 1,408 0 26,648 0 150 28,205 12,975 83,044 222,655 170,388

Investment fund shares or units 10,439 1,402 38,186 1,282 27,679 14,181 82,731 469 137,704 231,342 24,164









(CONTINUED)

157



Rest of theworld



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funds


tions 2





Currency - 30,816 - - 0 - 30,816 0 - 30,816 26

Sight deposits 0 264,332 - - 0 - 264,332 0 - 264,332 33,868

Other deposits - 535,190 - - 4,192 - 539,382 1,364 - 540,746 262,463

Debt securities 40,751 65,515 0 101,529 2,973 0 170,018 438,729 0 649,498 317,412



Loans 502,379 7,380 313 187,878 9,831 0 205,403 103,250 224,868 1,035,900 484,486

Short-term loans 187,973 40 0 119,458 8,353 0 127,852 13,387 11,282 340,494 287,599

Long-term loans 314,406 7,340 313 68,420 1,478 0 77,551 89,863 213,586 695,406 196,887


Quoted shares 218,824 1,342 0 63,040 0 0 64,382 0 - 283,206 162,974

Unquoted shares 492,667 56,076 0 319,492 16,745 0 392,313 0 - 884,979 209,465

Other equity 208,479 10,906 0 152,638 0 0 163,544 0 8,252 380,275 12,768










Net financial wealth -329,642 -345 95 -57,838 25,331 -292 -33,048 -386,392 902,950 153,868 -153,868



13. Monetary financial institutions

160

13.1 EUROSYSTEM13.1.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM

(millions of euro)

2014

4 July 11 July 18 July 25 July 1 Aug. 8 Aug. 15 Aug. 22 Aug. 29 Aug. 5 Sep. 12 Sep. 19 Sep. 26 Sep. 3 Oct. 10 Oct.

AssetsGold and gold receivables 334,430 334,430 334,431 334,431 334,432 334,432 334,432 334,433 334,433 334,433 334,434 334,434 334,434 334,530 334,531Claims on non-euro area residents denominated inforeign currency 249,595 249,206 248,173 248,114 248,462 249,403 249,072 249,284 249,547 249,786 250,065 247,268 248,444 263,051 262,961

Receivables from the IMF 81,670 81,641 81,637 81,635 81,655 81,130 80,822 80,833 80,873 81,425 81,359 81,136 81,205 84,491 84,296Balances with banks and security investments,external loans and other external assets 167,925 167,564 166,536 166,480 166,807 168,273 168,251 168,451 168,675 168,361 168,706 166,132 167,239 178,560 178,665

Claims on euro area residents denominated in for-eign currency 23,284 22,943 24,543 25,205 24,897 24,521 24,540 24,308 24,229 25,385 25,689 26,857 26,450 27,848 28,733Claims on non-euro area residents denominated ineuro 18,226 18,506 19,514 18,637 18,526 18,905 19,250 19,904 20,881 21,834 21,139 19,871 20,485 20,642 21,114

Balances with banks, security investments andloans 18,226 18,506 19,514 18,637 18,526 18,905 19,250 19,904 20,881 21,834 21,139 19,871 20,485 20,642 21,114Claims arising from the credit facility under theERM-II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Lending to euro area credit institutions related tomonetary policy operations denominated in euro 545,900 529,162 531,683 507,819 533,535 504,912 501,031 497,636 517,578 492,726 483,131 472,263 520,227 513,916 506,760

Main refinancing operations 97,103 94,150 99,908 97,887 133,304 107,922 108,203 107,612 131,762 111,199 110,702 105,689 90,307 89,075 84,212Longer-term refinancing operations 448,796 434,811 431,074 409,567 400,184 396,974 392,824 389,963 384,899 381,390 372,279 366,304 429,593 424,724 422,436Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Marginal lending facility 0 200 701 365 45 17 4 4 917 116 150 270 326 117 112Credits related to margin calls 0 0 1 0 3 0 0 57 0 21 0 0 1 0 0

Other claims on euro area credit institutions denom-inated in euro 61,641 60,885 68,263 74,246 74,200 66,126 66,759 61,941 62,628 62,390 63,535 63,325 66,297 66,973 65,653Securities of euro area residents denominated ineuro 1 566,898 568,776 565,760 566,307 556,809 559,131 560,880 557,715 559,853 560,740 561,622 561,395 561,848 561,851 561,093

Securities held for monetary policy purposes 205,207 204,766 204,110 203,464 199,011 199,011 199,011 195,445 195,445 195,445 195,137 194,537 194,513 194,627 194,046Other securities 361,691 364,011 361,650 362,844 357,799 360,120 361,869 362,270 364,409 365,295 366,485 366,858 367,335 367,224 367,047

General government debt denominated in euro 26,705 26,705 26,705 26,705 26,705 26,709 26,709 26,709 26,709 26,709 26,709 26,709 26,709 26,727 26,727Other assets 243,614 246,470 243,401 242,847 242,118 241,119 240,501 241,089 242,857 238,127 237,479 236,031 233,340 238,131 235,114

Total Assets 2,070,293 2,057,083 2,062,474 2,044,312 2,059,683 2,025,258 2,023,176 2,013,019 2,038,716 2,012,130 2,003,802 1,998,153 2,038,235 2,053,668 2,042,685

161

13.1.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM (CONTINUED)

(millions of euro)

2014

10 Oct.3 Oct.26 Sep.19 Sep.12 Sep.5 Sep.29 Aug.22 Aug.15 Aug.8 Aug.1 Aug.25 July18 July11 July4 July

LiabilitiesBanknotes in circulation 963,889 965,189 965,584 965,464 971,423 973,405 975,642 970,274 971,290 972,555 971,924 970,382 970,045 975,140 974,298Liabilities to euro area credit institutions related tomonetary policy operations denominated in euro 241,538 226,345 233,878 217,728 263,858 235,871 241,501 230,875 253,654 220,386 200,296 185,527 234,117 237,131 227,796

Current accounts 214,246 206,155 211,103 196,367 219,715 214,475 221,620 205,216 222,757 193,719 179,185 162,433 209,411 206,777 204,627Deposit facility 27,275 20,184 22,718 21,334 44,118 21,146 19,849 25,626 30,864 26,650 21,089 23,077 24,705 30,353 23,105Fixed term deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Deposits related to margin calls 17 6 57 27 25 251 33 33 33 17 22 17 1 1 64

Other liabilities to euro area credit institutions de-nominated in euro 2 3,671 4,213 4,965 4,817 4,818 5,012 4,804 4,801 4,854 4,855 4,780 4,945 4,825 4,773 4,775Debt certificates issued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Liabilities to other euro area residents denominatedin euro 141,117 144,079 140,925 139,923 105,767 96,732 86,283 95,070 93,069 98,476 111,439 115,820 116,597 100,000 103,220

General government 100,263 107,231 103,184 107,145 70,879 66,574 57,675 66,369 63,774 70,689 80,047 85,993 87,142 69,494 72,569Other liabilities 2 40,854 36,848 37,741 32,777 34,888 30,158 28,608 28,700 29,295 27,787 31,392 29,827 29,455 30,506 30,651

Liabilities to non-euro area residents denominatedin euro 56,942 53,199 52,237 48,462 44,234 43,771 43,768 41,998 41,585 43,165 40,621 40,860 40,258 41,006 39,134Liabilities to euro area residents denominated inforeign currency 1,035 1,064 1,288 1,084 1,269 1,015 1,012 1,082 1,050 932 883 1,003 810 913 1,198Liabilities to non-euro area residents denominatedin foreign currency 5,439 4,797 5,026 5,602 5,399 6,280 6,121 5,850 6,052 7,013 7,597 6,153 6,990 7,262 7,503

Deposits, balances and other liabilities 5,439 4,797 5,026 5,602 5,399 6,280 6,121 5,850 6,052 7,013 7,597 6,153 6,990 7,262 7,503Liabilities arising from the credit facility under theERM II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Counterpart of special drawing rights allocated bythe IMF 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 53,368 55,494 55,494Other liabilities 206,568 208,102 208,475 211,136 212,818 213,077 213,948 212,973 217,064 214,651 216,163 213,365 214,494 221,101 218,418Revaluation accounts 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 301,418 315,537 315,537Capital and reserves 95,309 95,309 95,311 95,311 95,311 95,311 95,311 95,312 95,312 95,312 95,312 95,312 95,312 95,312 95,312

Total Liabilities 2,070,293 2,057,083 2,062,474 2,044,312 2,059,683 2,025,258 2,023,176 2,013,019 2,038,716 2,012,130 2,003,802 1,988,153 2,038,235 2,053,668 2,042,685

Sources: ECB, NBB

1 From July 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From 2001 onwards : Split of the old serie ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area credit institutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.

162

13.2 NATIONAL BANK OF BELGIUM13.2.1 MONTHLY FINANCIAL STATEMENT OF THE NATIONAL BANK OF BELGIUM

(millions of euro)

2013 2014

Sep. Oct. Nov. Dec. Jan. Feb. March April May June July Aug. Sep.

AssetsGold and gold receivables 7,232 7,232 7,232 6,370 6,370 6,370 6,862 6,862 6,862 7,029 7,029 7,029 7,031Claims on non-euro area residents denominated in foreign currency 13,404 13,418 13,120 13,109 13,052 13,020 13,081 13,032 13,034 12,994 13,128 13,053 13,799

Receivables from the IMF 7,405 7,442 7,274 7,234 7,231 7,161 7,179 7,238 7,154 7,083 7,080 7,042 7,333Balances with banks and security investments, external loans and other exter-nal assets 5,999 5,976 5,846 5,875 5,821 5,859 5,902 5,794 5,880 5,911 6,048 6,011 6,466

Claims on euro area residents denominated in foreign currency 330 259 393 269 400 321 336 387 336 450 410 449 323Claims on non-euro area residents denominated in euro 788 590 576 555 524 529 571 564 555 547 568 545 689Lending to euro area credit institutions related to monetary policy operationsdenominated in euro 14,395 15,470 15,285 15,985 15,259 15,207 14,842 16,122 16,170 15,140 14,265 14,065 14,798

Main refinancing operations 0 1,075 1,000 1,700 1,004 952 735 2,057 2,105 1,075 200 0 0Longer-term refinancing operations 14,395 14,395 14,285 14,285 14,255 14,255 14,065 14,065 14,065 14,065 14,065 14,065 14,783Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Marginal lending facility 0 0 0 0 0 0 42 0 0 0 0 0 15Credits related to margin calls 0 0 0 0 0 0 0 0 0 0 0 0 0

Other claims on euro area credit institutions denominated in euro 0 0 0 0 0 109 313 0 0 0 0 0 280Securities of euro area residents denominated in euro 1 21,326 21,498 21,438 21,369 21,176 21,149 21,188 21,092 21,139 20,970 20,792 20,561 20,476

Securities held for monetary policy purposes 7,848 7,757 7,677 7,603 7,363 7,331 7,316 7,099 6,995 6,767 6,524 6,192 6,189Other securities 13,478 13,741 13,761 13,766 13,813 13,818 13,872 13,993 14,144 14,203 14,268 14,369 14,287

Intra-eurosystem claims 14,148 14,148 14,270 14,244 15,041 15,146 15,160 15,083 14,676 14,624 14,607 14,476 14,266Participating interest in ECB 264 264 264 264 270 287 287 287 287 287 287 287 287Claims equivalent to the transfer of foreign reserves 1,401 1,401 1,401 1,401 1,436 1,436 1,436 1,436 1,436 1,436 1,436 1,436 1,436Net claims related to the allocation of euro banknotes within the Eurosystem 2 12,483 12,483 12,605 12,579 13,335 13,423 13,437 13,360 12,953 12,901 12,884 12,753 12,543Other claims within the Eurosystem (net) 0 0 0 0 0 0 0 0 0 0 0 0 0

Other assets 5,472 5,385 5,445 5,533 5,515 5,515 5,613 5,616 5,700 5,565 5,595 5,687 5,454Total Assets 77,095 78,000 77,759 77,434 77,337 77,366 77,966 78,758 78,472 77,319 76,394 75,865 77,116

163

13.2.1 MONTHLY FINANCIAL STATEMENT OF THE NATIONAL BANK OF BELGIUM (CONTINUED)

(millions of euro)

20142013

Sep.Aug.JulyJuneMayAprilMarchFeb.Jan.Dec.Nov.Oct.Sep.

LiabilitiesBanknotes in circulation 2 29,372 29,552 29,657 30,574 30,368 30,415 30,596 30,910 31,067 31,249 31,581 31,637 31,641Liabilities to euro area credit institutions related to monetary policy operationsdenominated in euro 17,614 19,707 19,130 13,798 15,038 13,736 11,352 14,322 13,705 7,172 6,321 5,739 8,723

Current accounts 7,156 6,846 8,837 10,621 6,728 6,083 5,609 6,442 6,667 6,735 5,897 5,572 6,691Deposit facility 3,397 2,467 1,023 852 580 333 894 5,150 901 437 424 167 2,032Fixed term deposits 7,061 10,394 9,270 2,325 7,730 7,320 4,679 2,730 6,137 0 0 0 0Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Deposits related to margin calls 0 0 0 0 0 0 170 0 0 0 0 0 0

Other liabilities to euro area credit institutions denominated in euro 3 0 0 0 0 0 109 313 0 0 0 0 0 0Liabilities to other euro area residents denominated in euro 422 471 268 268 288 256 320 383 372 242 220 213 289

General government 139 251 118 126 113 79 78 108 106 149 133 134 159Other liabilities 3 283 220 150 142 175 177 242 275 266 93 87 79 130

Liabilities to non-euro area residents denominated in euro 270 312 431 440 263 141 133 302 163 138 161 155 151Liabilities to euro area residents denominated in foreign currency 0 0 0 0 71 0 33 0 0 52 61 33 0Liabilities to non-euro area residents denominated in foreign currency 0 0 0 0 0 33 0 0 34 0 42 15 288Counterpart of special drawing rights allocated by the IMF 4,913 4,913 4,913 4,835 4,835 4,835 4,845 4,845 4,845 4,894 4,894 4,894 5,092Intra-eurosystem liabilities 11,693 10,163 10,419 15,495 14,355 15,677 18,286 15,881 16,129 21,151 20,615 20,564 17,892

Liabilities related to promissory notes backing the issuance of ECB debt certifi-cates 0 0 0 0 0 0 0 0 0 0 0 0 0Net liabilities related to the allocation of euro banknotes within the Eurosystem 2 0 0 0 0 0 0 0 0 0 0 0 0 0Other liabilities within the Eurosystem (net) 11,693 10,163 10,419 15,495 14,355 15,677 18,286 15,881 16,129 21,151 20,615 20,564 17,892

Other liabilities 1,275 1,346 1,405 1,410 1,505 1,549 719 746 788 848 926 1,042 1,332Revaluation accounts 7,232 7,232 7,232 6,310 6,310 6,310 6,828 6,828 6,828 7,032 7,032 7,032 7,167Capital and reserves 4,304 4,304 4,304 4,304 4,304 4,304 4,541 4,541 4,541 4,541 4,541 4,541 4,541

Total Liabilities 77,095 78,000 77,759 77,434 77,337 77,366 77,966 78,758 78,472 77,319 76,394 75,865 77,116

Source: NBB

1 From July 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From 2002 onwards: According to the accounting regime chosen by the Eurosystem on the issue of euro banknotes, a share of 8 % of the total value of the euro banknotes in circulation is allocated to the ECB on a monthly basis. The counterpart of this adjustment is disclosed as

an ”Intra-Eurosystem liability related to banknote issue”.The remaining 92 % of the value of the euro banknotes in circulation are allocated to the NCBs on a monthly basis too, whereby each NCB shows in its balance sheet a share of the euro banknotes issued corresponding to its paid-up share in the ECB’s capital (Capital Share Mechanismor CSM).The difference between the value of the euro banknotes allocated to the NCB according to the aforementioned accounting regime, and the value of euro banknotes put into circulation, is also disclosed as an ”Intra-Eurosystem claim/liability related to banknote issue”.

3 From 2001 onwards: Split of the old serie ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area credit institutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.

164

13.2.2 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT (FROM 1999 ONWARDS)

(millions of euro)

2009 2010 2011 2012 2013

Assets1 Gold and gold receivables 5,606 7,720 8,899 9,223 6,3702 Claims on non-euro area residents denominated in foreign currency 11,080 12,409 13,927 14,021 13,109

2.1 Receivables from the IMF 5,771 6,623 7,814 7,832 7,2342.2 Balances with banks and security investments, external loans and other external assets 5,309 5,786 6,113 6,189 5,875

3 Claims on euro area residents denominated in foreign currency 246 421 7,896 242 2694 Claims on non-euro area residents denominated in euro 507 582 773 663 5555 Lending to euro area credit institutions related to monetary policy operations denominated in euro 41,277 7,215 40,421 40,010 15,985

5.1 Main refinancing operations 5,002 3,100 8,211 90 1,7005.2 Longer-term refinancing operations 36,275 4,115 17,965 39,920 14,2855.3 Fine-tuning reverse operations 0 0 0 0 05.4 Structural reverse operations 0 0 0 0 05.5 Marginal lending facility 0 0 14,245 0 05.6 Credits related to margin calls 0 0 0 0 0

6 Other claims on euro area credit institutions denominated in euro 2,388 2,299 9,234 1,439 27 Securities of euro area residents denominated in euro 1 15,305 19,088 23,396 22,962 21,369

7.1 Securities held for monetary policy purposes 984 4,768 9,114 8,955 7,6037.2 Other securities 14,321 14,320 14,282 14,007 13,766

8 Intra-Eurosystem claims 20,235 20,052 17,972 15,344 14,2448.1 Participating interest in ECB capital 140 180 221 261 2648.2 Claims equivalent to the transfer of foreign reserves 1,397 1,397 1,397 1,397 1,4018.3 Net claims related to the allocation of euro banknotes within the Eurosystem 18,698 18,475 16,354 13,686 12,5798.4 Other claims within the Eurosystem (net) 2 0 0 0 0 0

9 Other assets 4,817 4,912 5,197 5,849 5,8979.1 Coins of euro area 5 13 10 10 99.2 Tangible and intangible fixed assets 373 384 395 401 4009.3 Other financial assets 3,735 3,905 4,084 4,299 4,6279.4 Off-balance-sheet instruments: revaluation differences 0 0 0 165 1199.5 Accruals and deferred expenditure 629 541 627 921 7049.6 Sundry 75 69 81 53 38

Total Assets 101,461 74,698 127,715 109,753 77,800

165

13.2.2 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT (FROM 1999 ONWARDS) (CONTINUED)

(millions of euro)

20132012201120102009

Liabilities1 Banknotes in circulation 25,785 26,849 28,343 29,107 30,5742 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 14,777 12,996 22,570 19,573 13,798

2.1 Current accounts (covering the minimum reserve system) 11,881 11,778 9,613 6,482 10,6212.2 Deposit facility 2,896 718 10,797 11,291 8522.3 Fixed-term deposits 0 500 2,160 1,800 2,3252.4 Fine-tuning reverse operations 0 0 0 0 02.5 Deposits related to margin calls 0 0 0 0 0

3 Other liabilities to euro area credit institutions denominated in euro 226 22 0 0 04 Liabilities to other euro area residents denominated in euro 116 131 540 568 268

4.1 General government 108 82 65 296 1264.2 Other liabilities 8 49 475 272 142

5 Liabilities to non-euro area residents denominated in euro 258 269 340 329 4406 Liabilities to euro area residents denominated in foreign currency 0 680 1,264 298 07 Liabilities to non-euro area residents denominated in foreign currency 2,207 1,657 1,740 1,107 08 Counterpart of special drawing rights allocated by the IMF 4,706 5,003 5,130 5,040 4,8359 Intra-Eurosystem liabilities 42,490 13,871 52,859 38,059 15,454

9.1 Liabilities related to promissory notes backing the issuance of ECB debt certificates 0 0 0 0 09.2 Net liabilities related to the allocation of euro banknotes within the Eurosystem 0 0 0 0 09.3 Other liabilities within the Eurosystem 42,490 13,871 52,859 38,059 15,454

10 Other liabilities 655 743 895 579 52710.1 Off-balance-sheet instruments revaluation differences 53 66 303 0 010.2 Accruals and income collected in advance 20 21 21 14 1110.3 Sundry 582 656 571 565 516

11 Provisions 142 78 34 11 011.1 For future exchange losses 0 0 0 0 011.2 For new premises 0 0 0 0 011.3 For contingencies 0 0 0 0 011.4 In respect of monetary policy operations 142 78 34 11 0

12 Revaluation accounts 5,515 7,690 9,014 9,433 6,30913 Capital, reserve fund and available reserves 2,672 3,877 4,087 4,312 4,648

13.1 Capital 10 10 10 10 1013.2 Reserve fund : 2,662 2,660 2,662 4,302 4,638

Statutory reserve 1,169 1,169 1,169 1,169 1,169Extraordinary reserve 1,151 1,151 1,151 1,151 1,151Amortisation accounts in respect of tangible and intangible fixed assets 342 340 342 342 344

13.3 Available reserves 0 1,207 1,415 1,640 1,97414 Profit for the financial year 1,912 832 899 1,337 947

Total Liabilities 101,461 74,698 127,715 109,753 77,800

Source: NBB

1 From 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From the financial year 2003 onwards, the other claims and liabilities within the Eurosystem are presented on a net basis. As a result, the figures from the financial year 2002 were adapted to ensure the comparability of the annual accounts (see also section 9.3 on the liabilities side).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2000-III, p. 25.

166

13.3 CREDIT INSTITUTIONS - SOCIAL DATA13.3.1 STRUCTURE

(end of period, units)

2011 2012 2013 2014

March June Sep. Dec. March June Sep. Dec. March June Sep. Dec. March June

Credit institutions registered on the list :Belgian 48 48 48 47 47 47 46 42 42 40 39 39 39 39

with majority Belgian ownership 21 21 20 20 20 20 19 16 16 15 15 15 15 15Credit institutions registered on the list governed by Belgian law withmajority foreign ownership 27 27 28 27 27 27 27 26 26 25 24 24 24 24

an EU Member StateDE - Germany 1 1 1 0 0 0 0 0 0 0 0 0 0 0ES - Spain 1 1 1 1 1 1 1 1 1 1 1 1 1 1FR - France 11 11 12 12 12 13 13 13 13 12 12 12 12 12GB - United Kingdom 0 0 0 0 0 0 0 0 0 0 0 0 0 0IT - Italy 2 2 2 2 2 2 2 2 2 2 2 2 2 2LU - Luxembourg 0 0 0 0 0 0 1 1 1 1 1 1 1 1NL - Netherlands 4 4 4 4 4 4 3 3 3 3 3 3 3 3

a country that is not a member of the EUCH - Switzerland 2 2 2 2 2 2 2 1 1 1 0 0 0 0CN - China 0 0 0 0 0 0 0 0 0 0 0 0 0 0JP - Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1LB - Lebanon 1 1 1 1 1 1 1 1 1 1 1 1 1 1TW - Taiwan 1 1 1 1 1 1 1 1 1 1 1 1 1 1US - United States 2 2 2 2 2 1 1 1 1 1 1 1 1 1

Syndicated structure 1 1 1 1 1 1 1 1 1 1 1 1 1 1foreign (branches) 60 60 61 61 62 64 63 62 64 63 65 65 65 64

from an EU Member State 51 51 52 52 53 55 54 53 54 53 55 55 55 54DE - Germany 6 6 7 7 7 7 7 4 4 3 3 3 3 3ES - Spain 2 2 2 2 2 2 2 2 2 2 2 2 2 2FR - France 15 15 15 15 15 15 15 15 15 15 15 15 15 16IE - Ireland 1 1 1 1 1 1 1 1 1 1 1 1 1 1GB - United Kingdom 7 7 7 7 8 8 8 8 8 7 7 7 7 7IT - Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0LU - Luxembourg 7 7 7 7 7 8 8 9 10 11 13 13 13 12MT - Malta 1 1 1 1 1 1 1NL - Netherlands 12 12 12 12 12 13 12 12 12 12 12 12 12 11SE - Sweden 1 1 1 1 1 1 1 1 1 1 1 1 1 1

from a country that is not a member of the EU 9 9 9 9 9 9 9 9 10 10 10 10 10 10IN - India 3 3 3 3 3 3 3 3 4 4 4 4 4 4JA - Japan 2 2 2 2 2 2 2 2 2 2 2 2 2 2MA - Morocco 0 0 0 0 0 0 0 0 0 0 0 0 0 0PK - Pakistan 1 1 1 1 1 1 1 1 1 1 1 1 1 1US - United States 3 3 3 3 3 3 3 3 3 3 3 3 3 3

Total 108 108 109 108 109 111 109 104 106 103 104 104 104 103

Source: NBB

167

13.3.2 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(millions of euro)

2013 2014

Dec. Jan. Feb. March April May June July Aug.

AssetsLiquid ressources and interbank claims 247,578 258,579 252,875 255,785 263,516 265,819 253,295 253,941 258,750p

Cash, credit balances with central banks and postal cheque offi-ces 8,513 14,186 14,046 14,619 14,008 17,539 13,320 17,818 16,600p

Claims on credit institutions 239,065 244,393 238,829 241,166 249,509 248,280 239,975 236,123 242,150p

At sight 92,488 96,755 95,763 101,086 102,679 95,889 90,676 88,512 81,224p

Other claims 146,576 147,637 143,066 140,080 146,830 152,391 149,299 147,611 160,925p

Claims on customers 399,510 412,123 414,303 411,630 419,071 418,253 431,176 437,648 433,345p

Claims originally granted by the institutions 393,364 405,654 405,915 404,896 412,054 411,305 423,443 430,343 426,338p

Commercial bills 420 406 431 303 317 325 324 308 314p

Own acceptances 343 334 310 232 151 163 212 164 151p

Leasing claims and similar claims 1,051 1,050 1,050 1,039 1,044 1,042 1,032 1,114 1,112p

Non-mortgage loans by instalment 11,511 11,548 11,282 11,248 12,406 12,321 12,140 12,222 12,009p

Mortgage loans 105,820 107,455 107,769 108,416 112,026 112,690 113,731 115,171 116,164p

Fixed-term loans 245,161 255,107 256,449 251,571 253,323 252,379 263,252 265,607 264,098p

Current account advances 26,581 27,594 26,397 29,667 30,443 29,966 30,131 33,940 30,725p

Other credits 2,478 2,161 2,227 2,419 2,345 2,418 2,620 1,817 1,765p

Other debtors 6,146 6,469 8,388 6,734 7,017 6,948 7,733 7,305 7,007p

Securities and other negotiable instruments 1 237,910 238,257 237,990 235,005 231,231 232,283 238,740 244,178 245,423p

Public paper 6,196 7,588 6,907 8,119 7,266 7,108 9,017 10,363 10,456p

Eligible for refinancing at central banks 3,635 4,701 3,748 4,369 4,046 3,661 4,948 6,311 6,394p

Other 2,561 2,888 3,159 3,750 3,219 3,446 4,069 4,052 4,062p

Other short-term negotiable instruments 1,795 1,793 2,206 2,219 2,172 2,043 2,155 2,097 2,127p

Public long-term securities 86,591 86,943 87,541 83,762 84,622 84,550 88,627 93,588 95,285p

Other long-term loans represented by securities 139,583 138,219 137,510 137,166 133,189 134,249 134,806 133,919 133,759p

Company shares and other equity 1,452 1,323 1,527 1,445 1,650 1,942 1,963 2,029 1,992p

Other securities 2,292 2,391 2,299 2,295 2,331 2,391 2,173 2,182 1,803p

Fixed assets 31,451 31,435 31,907 31,867 31,899 31,902 31,898 31,886 31,887p

Financial fixed assets 26,335 26,318 26,806 26,796 26,815 26,835 26,860 26,802 26,817p

of which: 2

Loans of general governmentLoans of other issuersParticipations in affiliated enterprises 22,148 22,137 22,135 22,130 22,155 22,195 22,191 22,170 22,185Participations in other enterprises linked by a participatinginterest 2,459 2,437 2,437 2,441 2,441 2,441 2,442 2,441 2,440Other financial fixed assets 1,567 1,583 2,074 2,064 2,058 2,037 2,066 2,030 2,031

Shares 276 275 275 277 277 280 298 303 304Subordonated claims on affiliated enterprises and enter-prises linked by a participating interest 1,278 1,288 1,785 1,773 1,767 1,741 1,709 1,710 1,709Other 14 20 14 14 14 16 58 18 17

Tangible fixed assets 3,731 3,740 3,733 3,709 3,728 3,719 3,702 3,759 3,750p

Formation costs and intangible fixed assets 1,385 1,377 1,368 1,363 1,355 1,349 1,337 1,325 1,320p

Own shares 0 0 0 0 0 0 0 0 0p

Unrecoverable and doubtful claims 2,523 2,530 2,435 2,416 2,422 2,521 2,524 2,488 2,495p

Other assets 126,404 138,332 138,746 135,537 137,912 149,413 148,022 147,702 167,954p

Total Assets 1,045,375 1,081,257 1,078,256 1,072,240 1,086,052 1,100,191 1,105,656 1,117,842 1,139,854p

168

13.3.2 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(millions of euro)

20142013

Aug.JulyJuneMayAprilMarchFeb.Jan.Dec.

LiabilitiesInterbank debts 178,323 182,466 179,409 180,056 185,328 182,060 184,763 182,953 182,455p

At sight 72,707 75,197 75,387 73,792 78,499 74,431 77,796 78,433 75,655p

Mobilisation debts 18,371 18,648 16,499 18,280 17,375 17,632 19,021 17,529 18,376p

Other debts at fixed term or notice 87,245 88,621 87,523 87,983 89,454 89,998 87,946 86,991 88,424p

Debts to customers 602,869 616,760 616,044 613,786 615,047 621,831 631,432 638,785 639,037p

Deposits 574,885 582,705 576,366 583,929 586,949 590,862 596,807 597,672 595,986p

Sight deposits 187,221 191,839 188,340 196,134 199,058 202,332 207,191 207,446 200,093p

At fixed term or at notice < 1 month 9,681 9,438 6,631 8,134 7,794 7,241 9,122 9,204 13,929p

At fixed term or at notice >= 1 month and <= 1 year 36,620 37,933 37,694 38,784 39,230 37,182 38,070 39,552 40,956p

At fixed term or at notice > 1 year 75,565 75,901 75,625 72,218 71,668 72,204 70,357 69,197 68,481p

Special deposits 15,366 15,723 15,790 15,994 16,382 17,842 17,382 17,025 17,440p

Regulated savings deposits 249,902 251,339 251,757 252,142 252,318 253,568 254,203 254,775 254,605p

Linked with mortgage loans 513 513 511 506 498 492 481 473 484p

Deposit guarantee scheme 18 18 18 18 0 0 0 0 0p

Other creditors 27,984 34,055 39,678 29,856 28,098 30,969 34,625 41,113 43,051p

Debts represented by a security 55,900 59,677 61,346 58,349 62,551 63,176 58,604 65,352 67,824p

Certificates of deposit and similar debts 17,558 20,677 21,427 18,702 22,148 23,382 18,339 25,539 28,032p

Notes 26,576 26,351 26,510 26,420 26,420 26,201 25,978 25,652 25,238p

Bond loans 11,765 12,650 13,409 13,226 13,983 13,593 14,287 14,161 14,554p

Write-downs, provisions, provident funds and deferred taxes 7,330 7,253 7,080 7,075 6,979 6,938 6,949 6,879 6,891p

Other liabilities 125,009 141,365 140,435 137,445 140,085 150,759 148,343 147,864 167,276p

Subordonated debts 17,496 17,445 17,338 18,259 18,142 16,589 16,376 16,402 16,358p

Own ressources 58,449 56,291 56,603 57,270 57,920 58,839 59,190 59,608 60,013p

of which: 2

Capital 30,737 30,741 30,739 30,784 30,824 30,854 30,879 30,897 30,907Subscribed capital 30,737 30,741 30,739 30,784 30,824 30,854 30,879 30,897 30,907Uncalled capital 0 0 0 0 0 0 0 0 0

Issue premiums 2,960 2,960 2,960 2,960 2,960 2,960 2,960 2,961 2,961Capital gains on revaluation 22 22 21 21 21 21 21 21 21Reserves 11,331 11,463 11,463 11,593 11,593 11,604 11,605 11,605 11,605

Statutory reserve 1,323 1,420 1,420 1,426 1,426 1,428 1,430 1,430 1,430Unavailable reserves 100 100 100 100 100 100 100 100 100Tax-exempt reserves 560 560 560 560 560 560 560 560 560Available reserves 9,348 9,383 9,383 9,507 9,507 9,516 9,516 9,516 9,516

Profit brought forward (+) or loss brought forward (-) 5,417 5,255 5,483 5,581 5,549 5,500 5,490 5,391 5,386Profit on the year (+) or loss on the year (-) 2,671 456 544 927 1,573 2,417 2,710 3,150 3,516

Total Liabilities 1,045,375 1,081,257 1,078,256 1,072,240 1,086,052 1,100,191 1,105,656 1,117,842 1,139,854p


N.B.: Reporting on the company’s position for credit institutions governed by belgian law and on the territorial position for branches of credit institutions governed by foreign law established in Belgium.

1 Contains the investment portfolio and the commercial portfolio.2 The breakdown is not known for the branches of credit institutions governed by the law of another Member State of the European Union or similar for branches.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 12, November 1994.

169

13.3.3 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(miljoenen euro’s)

2013 2014

Dec. Jan. Feb. March April May June July Aug. p

Spot transactions in course of settlementSpot foreign exchange transactions 26,419 34,459 24,315 31,061 30,921 19,355 19,853 35,088 29,280Lendings and borrowings

Amounts to be received 17,259 28,231 26,319 21,991 28,148 21,180 23,168 22,251 21,022Amounts to be delivered 29,399 29,437 23,706 26,577 38,762 27,472 35,212 30,371 23,899

Purchases and sales of securities and other negotiable instru-ments

Amounts to be received (sales) 1,617 3,674 3,079 3,646 3,990 2,370 2,737 3,139 2,302Amounts to be delivered (purchases) 2,078 3,699 3,720 3,788 4,551 2,793 3,324 3,451 3,079

Forward transactionsForward transactions in currencies

Forward foreign exchange transactions 156,873 154,700 145,018 149,496 171,619 173,552 183,747 190,407 193,018Currency and interest swaps 208,629 214,868 224,395 220,852 201,043 196,590 192,206 198,265 190,883Currency futures transactions 267 823 1,289 620 971 1,518 269 637 1,132Currency options 27,432 29,144 30,227 31,022 31,210 32,100 32,302 32,416 33,253Forward exchange rate contracts 732 653 715 929 676 763 671 577 803

Forward interest rate transactionsForward deposit contracts

To be placed 1,964 1,126 876 992 3,098 3,094 856 1,444 1,964To be entered into 946 931 937 3,062 777 868 1,264 1,108 611

Interest rate swaps 3,687,927 3,645,600 3,675,558 3,735,526 3,669,763 3,692,234 3,678,215 3,674,551 3,678,056Interest futures transactions

Purchases 165,358 178,662 190,156 153,306 169,743 187,178 168,340 179,743 186,971Sales 168,970 196,352 202,858 163,381 177,563 197,386 170,348 184,320 187,938

Forward interest rate contractsNotional lendings 34,769 45,596 69,850 46,357 108,459 124,814 87,511 123,606 127,352Notional borrowings 36,223 40,410 67,781 42,318 105,654 122,422 84,138 116,716 127,885

Interest rate optionsOptions issued

Notional lendings 378,962 419,169 411,310 406,772 400,569 404,508 398,891 395,116 393,402Notional borrowings 306,516 341,591 338,082 338,413 335,113 335,987 334,149 331,450 330,234

Options acquiredNotional lendings 299,761 336,443 333,276 331,809 330,388 331,377 330,041 328,809 326,761Notional borrowings 368,847 405,231 403,794 401,878 396,007 397,280 390,724 389,495 388,778

OtherTo be paid 0 0 0 0 0 0 0 0 0To be received 0 0 0 0 0 0 0 0 0

Other forward transactionsSecurities

Purchases 1,573 1,586 1,554 1,589 1,556 1,799 1,828 1,821 1,770Sales 374 298 271 309 263 286 141 144 90

OptionsOptions issued

Values to be received 24,862 25,402 25,301 24,086 23,904 24,812 25,453 26,436 26,173Values to be delivered 13,365 13,383 13,716 14,814 15,061 15,956 15,083 14,777 14,963

Options acquiredValues to be received 28,502 29,956 30,625 26,446 28,295 29,639 28,448 28,137 28,603Values to be delivered 35,192 35,924 35,864 33,656 33,246 37,027 36,351 37,008 36,874

170

13.3.3 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(miljoenen euro’s)

20142013

Aug. pJulyJuneMayAprilMarchFeb.Jan.Dec.

Futures transactionsPurchases 7,212 6,837 5,485 5,634 5,933 6,164 7,178 7,886 8,027Sales 7,005 6,631 5,346 5,313 5,605 6,056 7,298 8,191 8,283

OtherValues purchased 4,570 2,857 2,849 2,992 2,996 3,083 3,096 3,274 3,434Values sold 4,570 2,857 2,849 2,992 2,996 3,083 3,096 3,274 3,434

Proceeds and expenses covered in advanceProceeds receivable 177 166 154 150 143 141 138 138 140Expenses payable 79 80 78 76 73 77 80 89 96

Commitment appropriations used 106,527 120,084 106,554 104,652 103,439 104,781 111,965 111,163 111,142Credit lines granted

Credit lines obtained 15,641 15,031 15,701 18,234 18,725 20,445 17,534 17,536 17,356Credit lines granted

To credit institutions 18,648 18,269 18,031 18,160 18,553 18,640 18,530 18,801 18,833To customers

For disbursement appropriations 251,107 250,977 250,416 249,901 248,640 256,592 253,255 258,592 261,082For commitment appropriations 28,206 28,288 27,905 27,789 27,693 27,897 28,403 28,500 28,210

GuaranteesAssets encumbered by real securities 160,342 181,357 176,016 176,505 173,173 181,174 178,493 187,051 186,478Guarantees obtained 2,620,950 2,743,137 2,743,319 2,778,233 2,802,672 2,860,950 2,891,757 2,974,236 2,970,248

Valuables and claims entrustedTo the institution

Without cover 16,303,454 16,467,659 16,539,604 16,587,054 16,677,714 17,159,985 17,213,297 17,767,513 17,676,559On trustee basis 4,588 4,563 4,691 4,704 4,714 4,809 4,808 4,742 4,817Other 24,794 25,229 29,903 27,136 23,520 24,644 24,119 23,421 23,176

By the institutionOn trustee basis 4,587 4,368 4,492 4,497 4,712 4,598 4,590 4,518 4,596Other 15,713,389 15,867,721 15,931,194 15,962,548 16,036,971 16,520,220 16,583,194 17,146,458 17,054,441

Other rights and commitments 79,560 78,332 77,410 77,197 75,847 77,299 80,601 75,169 70,095


N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law established in Belgium.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 12, November 1994.

171

13.3.4 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(millions of euro)

2012 2013 2014

I II III IV I II III IV I p

ReceiptsOperating income 27,609 23,905 24,390 18,400 22,770 20,106 19,372 18,656 19,653Interest and similar proceeds 8,977 8,355 7,877 6,673 7,024 6,878 6,735 6,352 7,464

Interbank claims 792 765 735 539 530 556 496 489 471Credits 3,332 3,185 3,256 2,911 2,993 2,996 3,075 3,170 3,149

Commercial bills 4 5 5 4 4 1 3 4 2Own acceptances 2 1 1 1 1 1 1 1 1Leasing and similar claims 10 9 9 9 9 9 10 9 9Non-mortgage loans by instalment 188 193 194 186 176 179 168 165 163Mortgage loans 948 962 940 940 939 951 941 983 1,013Fixed-term loans 1,915 1,750 1,868 1,526 1,630 1,633 1,642 1,672 1,633Other 265 266 238 245 233 223 310 336 329

Securities and negotiable instruments to be placed and to berealised 60 53 40 35 40 42 45 45 41Investments in securities and negotiable instruments 1,884 1,612 1,545 1,396 1,305 1,312 1,364 1,159 1,238Forward hedging transactions 2,910 2,739 2,301 1,792 2,157 1,971 1,756 1,490 2,565

Currency hedging 1 83 68 82 43 58 53 54 52 46Interest rate hedging 1 2,827 2,671 2,219 1,749 2,098 1,917 1,702 1,437 2,519

Incomes from shares and other variable-interest securities 15 46 15 28 24 86 1 37 33Commission received for financial services provided 1,589 1,633 1,523 1,666 1,715 1,760 1,975 1,496 1,725Other financial proceeds 13,807 12,261 13,691 9,114 12,811 9,934 9,141 9,590 9,059

Of foreign exchange activity 8,359 7,197 8,557 5,336 8,083 4,827 4,758 5,699 5,455Of trading in securities and other fixed-interest negotiable instru-ments 505 78 123 175 274 46 16 67 315Of trading in interest-rate transactions 2 4,371 4,683 4,709 3,140 3,769 4,559 3,856 3,115 2,864Of trading in variable-interest securities 2 224 132 130 169 389 179 307 405 195Of precious metals 15 10 5 4 7 6 6 5 6Capital gains on investment portfolio and similar operations 333 162 167 289 289 319 199 299 224

Proceeds of financial fixed assets 52 857 487 139 76 736 748 562 84Release of write-downs and drawings on and use of provisions 2,258 443 274 599 768 482 320 445 1,019Other operating income 911 311 523 180 353 230 452 174 268Extraordinary proceeds 1,457 84 128 455 740 839 116 380 96Regularisations of tax and drawings from provisions for taxa-tion 12 43 50 90 3 1 52 -10 29Loss on the year 8 489 -400 506 38 -21 23 8 14Drawings on deferred taxes and on tax-exempt reserves 18 2 0 35 14 29 17 -18 2Loss on the year for appropriation 8 623 -412 471 38 -21 22 2 15

Total Receipts 29,104 24,658 24,156 19,452 23,565 20,954 19,581 19,011 19,795

172

13.3.4 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(millions of euro)

201420132012

I pIVIIIIIIIVIIIIII

ExpenditureOperating expenditure 25,507 22,496 23,062 18,375 21,504 18,192 17,817 17,323 18,496Interest and similar charges 6,227 5,233 5,489 5,098 4,636 4,510 4,177 3,728 4,740

Interbank debts 499 492 504 248 293 284 345 100 223Debts to customers 1,868 1,748 1,865 1,692 1,559 1,533 1,403 1,431 1,411

Sight deposits 136 162 126 124 100 96 87 84 78Fixed-term deposits and special deposits 742 660 851 658 659 677 588 646 647Regulated savings deposits 888 843 815 795 736 704 685 649 614Deposits linked with mortgage loans 3 3 4 4 3 4 4 4 4Other debts to customers 97 79 69 113 61 52 40 49 68

Debts represented by a security 411 422 384 316 338 380 409 241 350Certificates of deposit and similar debts 31 63 57 33 46 93 127 -47 71Notes 311 298 284 268 243 235 228 222 212Mortgage loans 69 61 42 16 49 52 54 66 68

Subordinated debts 336 265 287 188 250 242 239 215 144Forward hedging transactions 3,112 2,306 2,449 2,653 2,196 2,071 1,780 1,740 2,611

Currency hedging 1 97 94 116 113 101 67 73 61 50Interest-rate hedging 1 3,016 2,213 2,333 2,540 2,095 2,004 1,708 1,679 2,561

Commission paid for recourse to financial services 692 713 603 708 687 739 650 764 669Other financial costs 13,847 13,014 13,345 8,119 12,366 9,343 9,338 9,094 8,843

Of foreign exchange activity 8,473 7,049 8,425 5,183 8,170 5,019 4,661 5,970 5,300Of trading in fixed-interest securities and negotiable instruments 354 107 -79 96 178 52 0 39 263Of trading in interest-rate transactions 2 3,830 5,412 4,627 2,593 3,549 4,059 3,956 2,695 2,881Of trading in variable-interest securities 2 121 206 294 83 302 170 351 482 229Of precious metals 12 8 3 3 6 3 7 8 5Capitol lossess on investment portfolio and similar operations 1,057 232 74 160 161 39 364 -101 165

Remunerations, social charges and pensions 1,339 1,338 1,347 1,398 1,335 1,354 1,322 1,245 1,298Depreciation and write-downs on non-financial fixed assets 150 162 154 155 151 171 156 167 162Other operating costs 2,024 1,458 1,600 1,549 1,568 1,353 1,554 1,510 1,606Write-downs and provisions 1,229 578 526 1,347 762 723 620 816 1,178Extraordinary expenditure 82 1,137 72 1,313 630 812 170 1,122 73Taxes 203 175 196 80 228 206 196 172 191Profit on the year 3,294 714 838 -316 1,190 1,714 1,381 419 1,032Transfers to deferred taxes and to tax-exempt reserves 137 0 -12 -6 1 1 1 -4 4Profit on the year for appropriation 3,176 851 838 -310 1,202 1,742 1,396 399 1,032

Total Expenditure 29,104 24,658 24,156 19,452 23,565 20,954 19,581 19,011 19,795


N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law established in Belgium.

1 The breakdown is not known for the branches of the credit institutions governed by the law of another Member State of the European Union or for similar branches.2 Since credit institutions use different accounting regimes in the trading portfolio for the interest rate swaps, and the options on variable yield securities, only the net financial results of trading in interest-rate transactions and variable yield securities are published.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, No. 11, November 1994.

13.4 CREDIT INSTITUTIONS, DATA ON TERRITORIAL BASIS13.4.1 CREDIT INSTITUTIONS’ MAIN BALANCE SHEET ITEMS

2014

March April May June July Aug. p

AssetsCash 1,678 1,908 1,895 1,824 1,878 1,807Loans 640,160 652,320 645,218 657,890 657,382 657,956

Belgium 335,530 345,621 343,766 338,534 340,764 341,674to monetary financial institutions 42,632 46,712 43,973 37,107 35,386 36,698to institutional units other than monetary financial institutions 292,898 298,909 299,793 301,427 305,378 304,976of which

general government 25,604 26,880 26,389 26,129 27,419 25,657other residents 267,294 272,029 273,404 275,298 277,959 279,319

Other member states of the Monetary Union 141,723 142,246 141,130 152,445 156,123 151,234to monetary financial institutions 108,679 110,692 110,821 114,315 116,900 115,266to institutional units other than monetary financial institutions 33,044 31,554 30,309 38,130 39,223 35,968of which

general government 42 39 39 139 39 39other residents 33,002 31,515 30,270 37,991 39,184 35,929

Rest of the world 162,907 164,453 160,322 166,911 160,495 165,048Securities other than shares 219,506 215,657 216,476 221,212 225,047 226,374

Belgium 135,043 132,061 132,145 132,516 132,544 132,131Euro 135,018 132,036 132,119 132,490 132,518 132,105

of monetary financial institutions 854 935 892 902 849 864of institutional units other than monetary financial institutions 134,164 131,101 131,227 131,588 131,669 131,241of which


Foreign currencies 25 25 26 26 26 26of monetary financial institutions 14 14 15 15 15 15of institutional units other than monetary financial institutions 11 11 11 11 11 11of which

general government 11 11 11 11 11 11other residents 0 0 0 0 0 0

Other member states of the Monetary Union 67,325 67,191 68,049 69,310 70,610 70,975Euro 67,012 66,803 67,648 68,925 70,188 70,549

of monetary financial institutions 22,257 22,122 22,065 22,430 22,202 22,261of institutional units other than monetary financial institutions 44,755 44,681 45,583 46,495 47,986 48,288of which


Foreign currencies 313 388 401 385 422 426of monetary financial institutions 129 133 150 147 192 197of institutional units other than monetary financial institutions 184 255 251 238 230 229of which

general government 0 1 0 0 0 0other residents 184 254 251 238 230 229

Rest of the world 17,138 16,405 16,282 19,386 21,893 23,268Money market paper

EuroForeign currencies

Shares and other equity 27,224 27,464 27,798 27,797 27,865 27,797Fixed assets 4,661 4,676 4,663 4,637 4,686 4,675Remaining assets 145,385 148,186 158,673 159,025 159,032 179,268

Total assets 1,038,821 1,050,409 1,054,925 1,072,587 1,076,085 1,098,086

13.4.1 CREDIT INSTITUTIONS’ MAIN BALANCE SHEET ITEMS (CONTINUED)

2014

Aug. pJulyJuneMayAprilMarch

LiabilitiesDeposits 762,557 770,621 766,602 784,509 789,061 787,568

Belgium 492,072 497,021 496,754 498,579 499,828 501,475Euro 466,466 470,958 471,845 473,121 475,732 474,574



Foreign currencies 25,606 26,063 24,909 25,458 24,096 26,901of monetary financial institutions 16,177 16,246 14,763 14,775 13,921 16,016of institutional units other than monetary financial institutions 9,429 9,817 10,146 10,683 10,175 10,885of which


Other member states of the Monetary Union 133,152 131,072 130,197 138,661 143,717 140,783Euro 109,071 106,427 106,117 111,905 117,526 115,421


general government 385 1,088 940 474 469 566other residents 55,318 54,057 54,473 58,727 61,593 60,657

Foreign currencies 24,081 24,645 24,080 26,756 26,191 25,362of monetary financial institutions 13,277 12,987 14,075 13,486 14,076 12,569of institutional units other than monetary financial institutions 10,804 11,658 10,005 13,270 12,115 12,793of which


Rest of the world 137,333 142,528 139,651 147,269 145,516 145,310Debt securities issued 67,357 67,557 65,904 65,964 65,387 67,290

Euro 59,208 59,774 58,260 58,858 57,920 58,936up to 1 year 9,553 9,408 9,792 10,680 10,281 11,554over 1 and up to 2 years 2,160 1,021 1,027 1,021 1,008 1,052over 2 years 47,495 49,345 47,441 47,157 46,631 46,330

Foreign currencies 8,149 7,783 7,644 7,106 7,467 8,354up to 1 year 7,070 6,707 6,556 6,028 6,372 7,079over 1 and up to 2 years 237 0 0 0 0 0over 2 years 842 1,076 1,088 1,078 1,095 1,275

Capital and reserves 59,820 60,411 61,307 61,612 61,980 62,357Remaining liabilities 149,087 151,820 161,112 160,500 159,654 180,867

Total liabilities 1,038,821 1,050,409 1,054,925 1,072,587 1,076,085 1,098,086

Source: NBB

175

13.4.2 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS13.4.2.1 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN HOUSEHOLDS

(millions of euro)

Consumer credit Lending for house purchase Other lending Total recorded inthe assets of the

Loans securitisedor otherwise trans-

Total adjusted forloans securitised

up to one year over one year andup to five years

over five years up to one year over one year andup to five years 1

over five years up to one year over one year andup to five years

over five yearsthe assets of thebalance sheet ofthe credit institu-

tions

or otherwise trans-ferred

loans securitisedor otherwise trans-

ferred

Outstanding amounts

2011 II 382 6,525 2,098 774 1,169 83,688 4,815 1,475 9,699 110,625 59,761 170,386III 294 6,472 2,144 781 1,186 85,391 4,901 1,507 9,697 112,373 60,469 172,842IV 263 6,502 2,261 805 1,201 76,225 4,768 1,429 9,746 103,200 72,439 175,639

2012 I 184 6,102 2,250 771 1,206 78,953 4,840 1,466 9,790 105,562 71,663 177,225II 487 6,011 2,259 792 1,225 82,020 4,969 1,399 9,685 108,847 71,490 180,337III 351 5,935 2,435 795 1,232 78,794 5,035 1,337 9,305 105,219 76,549 181,768IV 255 5,841 2,398 794 1,247 81,871 4,834 1,395 9,270 107,905 75,336 183,241

2013 I 166 5,766 2,389 785 1,271 83,744 4,822 1,389 9,144 109,476 73,971 183,447II 446 5,613 2,381 741 1,282 87,029 4,931 1,455 9,301 113,179 72,608 185,787III 328 5,539 2,384 737 1,285 89,570 5,011 1,464 9,239 115,557 71,599 187,156IV 196 5,415 2,367 750 1,284 92,041 4,648 1,433 8,228 116,362 70,648 187,010

2014 I 148 4,026 3,684 758 1,300 93,377 4,729 1,528 8,178 117,728 69,759 187,487II 389 4,100 3,690 769 1,574 98,378 4,864 1,574 8,328 123,666 65,908 189,574

2013 August 382 5,540 2,372 745 1,253 85,647 4,928 1,400 9,169 111,436 75,082 186,518September 328 5,539 2,384 737 1,285 89,570 5,011 1,464 9,239 115,557 71,599 187,156October 234 5,543 2,394 747 1,254 90,890 4,611 1,376 7,878 114,927 71,156 186,083November 203 5,474 2,384 754 1,265 90,941 4,646 1,401 8,212 115,280 71,070 186,350December 196 5,415 2,367 750 1,284 92,041 4,648 1,433 8,228 116,362 70,648 187,010

2014 January 189 4,035 3,685 744 1,299 92,456 4,683 1,456 8,155 116,702 70,355 187,057February 170 4,022 3,676 758 1,295 92,697 4,642 1,464 8,152 116,876 70,143 187,019March 148 4,026 3,684 758 1,300 93,377 4,729 1,528 8,178 117,728 69,759 187,487April 429 4,124 3,686 761 1,314 97,017 4,745 1,569 8,232 121,877 66,403 188,280May 398 4,103 3,680 770 1,551 97,373 4,806 1,460 8,270 122,411 66,345 188,756June 389 4,100 3,690 769 1,574 98,378 4,864 1,574 8,328 123,666 65,908 189,574July 338 4,179 3,675 786 1,580 99,701 4,878 1,504 8,323 124,964 65,032 189,996August 304 4,185 3,636 784 1,611 100,566 4,905 1,515 8,381 125,887 64,330 190,217

176

13.4.2.1 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN HOUSEHOLDS (CONTINUED)

(millions of euro)




ferred

Total recorded inthe assets of thebalance sheet ofthe credit institu-

tions

Other lendingLending for house purchaseConsumer credit Total adjusted forloans securitised



ferred


tionsover five yearsover one year and

up to five yearsup to one yearover five yearsover one year and

up to five years 1up to one yearover five yearsover one year and

up to five yearsup to one year

Transactions

2011 II 241 167 45 31 10 3,522 -40 86 -71 3,991 -947 3,044III -75 -46 43 7 18 1,667 90 32 -7 1,729 708 2,437IV -17 35 113 24 15 -9,206 -140 -77 41 -9,212 11,970 2,758

2012 I -64 -106 -15 -34 4 2,359 86 37 34 2,301 -776 1,525II 315 -87 1 22 22 3,044 141 -67 -118 3,273 -173 3,100III -123 -71 169 4 9 -3,259 79 -49 -76 -3,317 5,059 1,742IV -83 -90 -44 -2 15 3,081 -193 58 -40 2,702 -1,213 1,489

2013 I -77 -69 -13 -11 26 1,828 3 -6 -140 1,541 -1,365 176II 292 -148 -15 -43 13 2,602 131 67 24 2,923 -1,363 1,560III -108 -69 -1 -4 4 2,500 92 9 -69 2,354 -1,009 1,345IV -52 -188 -18 13 44 2,214 -34 69 386 2,434 -951 1,483

2014 I -43 -27 -22 6 16 1,360 88 94 -73 1,399 -889 510II 253 78 9 13 34 5,207 145 93 89 5,921 -3,851 2,070

2013 August -46 -41 6 -1 -2 572 2 -40 -74 376 -108 268September -51 0 10 -8 32 3,900 90 65 71 4,109 -3,483 626October -22 -63 11 10 13 1,079 -78 7 48 1,005 -443 562November -27 -67 -10 7 11 59 37 28 331 369 -86 283December -3 -58 -19 -4 20 1,076 7 34 7 1,060 -422 638

2014 January -9 -29 -26 -6 15 404 41 23 -79 334 -293 41February -15 -3 -4 18 -3 243 -35 8 -14 195 -212 -17March -19 5 8 -6 4 713 82 63 20 870 -384 486April 285 99 2 5 14 3,627 20 41 48 4,141 -3,356 785May -27 -19 -6 10 -3 583 64 -64 -11 527 -58 469June -5 -2 13 -2 23 997 61 116 52 1,253 -437 816July -48 -55 -14 13 5 1,311 17 -89 -9 1,131 -876 255August -30 7 -38 -3 31 877 29 11 55 939 -702 237

Source: NBB

N.B.: Including non-profit institutions serving Belgian households.

1 Up to December 2002: inclusive lending for house purchase up to one year.

177

13.4.2.2 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN NON-FINANCIAL CORPORATIONS

(millions of euro)

Outstanding amounts Transactions


over five years Total recorded inthe assets of thebalance sheet ofthe credit institu-

tions


ferred





tions


ferred



2011 II 38,999 16,403 48,765 104,167 12,562 116,729 4,104 163 -8 4,259 -4 4,255III 36,813 17,249 48,964 103,026 12,669 115,695 -2,537 815 168 -1,554 107 -1,447IV 36,360 17,291 49,540 103,191 12,614 115,805 -553 31 508 -14 -55 -69

2012 I 36,247 18,177 50,002 104,426 12,556 116,982 -66 936 794 1,664 -58 1,606II 36,521 17,743 48,423 102,687 15,700 118,387 76 -446 -1,619 -1,989 3,144 1,155III 35,030 16,901 48,251 100,182 16,007 116,189 -1,367 -774 611 -1,530 307 -1,223IV 34,309 16,860 49,647 100,816 16,152 116,968 -575 -27 999 397 145 542

2013 I 34,784 16,690 49,909 101,383 16,177 117,560 781 -29 332 1,084 25 1,109II 35,238 17,208 49,420 101,866 15,813 117,679 458 516 117 1,091 -364 727III 33,449 17,189 49,471 100,109 15,481 115,590 -1,462 18 -23 -1,467 -332 -1,799IV 33,638 16,867 52,354 102,859 14,863 117,722 -225 576 132 483 -618 -135

2014 I 33,660 16,393 51,986 102,039 15,571 117,610 110 -447 -443 -780 708 -72II 33,933 13,452 54,450 101,835 16,598 118,433 330 150 -696 -216 1,027 811

2013 August 33,843 17,303 49,593 100,739 15,885 116,624 -944 -152 17 -1,079 200 -879September 33,449 17,189 49,471 100,109 15,481 115,590 -289 -111 -185 -585 -404 -989October 33,303 16,392 52,057 101,752 15,106 116,858 -345 94 169 -82 -375 -457November 33,033 16,259 52,137 101,429 15,358 116,787 -249 -132 75 -306 252 -54December 33,638 16,867 52,354 102,859 14,863 117,722 369 614 -112 871 -495 376

2014 January 34,557 16,569 52,147 103,273 15,294 118,567 888 -298 -238 352 431 783February 33,311 16,402 52,152 101,865 15,647 117,512 -1,149 -141 -25 -1,315 353 -962March 33,660 16,393 51,986 102,039 15,571 117,610 371 -8 -180 183 -76 107April 34,265 17,024 51,870 103,159 15,544 118,703 660 635 -180 1,115 -27 1,088May 34,176 13,769 54,193 102,138 16,682 118,820 -110 -312 -629 -1,051 1,138 87June 33,933 13,452 54,450 101,835 16,598 118,433 -220 -173 113 -280 -84 -364July 34,493 13,759 54,742 102,994 16,387 119,381 527 219 259 1,005 -211 794August 33,727 13,512 54,722 101,961 16,521 118,482 -771 -249 -40 -1,060 134 -926

Source: NBB

178

13.4.2.3 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO OTHER BELGIAN FINANCIAL INTERMEDIARIES AND TO BELGIAN FINANCIAL AUXILIARIES

(millions of euro)




tions


ferred





tions


ferred



2011 II 16,559 9,069 10,128 35,756 2,307 38,063 -1,325 -785 153 -1,957 4 -1,953III 18,044 9,728 10,768 38,540 2,290 40,830 1,580 634 618 2,832 -17 2,815IV 12,865 11,643 12,009 36,517 2,300 38,817 -2,925 1,897 1,226 198 10 208

2012 I 10,969 11,724 12,113 34,806 2,336 37,142 -1,656 93 120 -1,443 36 -1,407II 10,497 11,174 12,191 33,862 2,509 36,371 -499 -569 66 -1,002 173 -829III 10,798 12,261 13,911 36,970 1,972 38,942 -418 586 1,779 1,947 -537 1,410IV 10,057 12,456 14,168 36,681 1,956 38,637 -636 101 264 -271 -16 -287

2013 I 10,625 13,092 14,158 37,875 1,870 39,745 557 408 -16 949 -86 863II 11,258 12,947 14,175 38,380 1,662 40,042 805 -104 77 778 -208 570III 10,621 13,036 14,034 37,691 1,653 39,344 -730 75 -130 -785 -9 -794IV 11,212 12,096 13,885 37,193 1,607 38,800 884 -664 -20 200 -46 154

2014 I 13,021 12,308 14,130 39,459 1,575 41,034 1,811 213 245 2,269 -32 2,237II 15,155 11,153 15,217 41,525 1,608 43,133 2,131 -490 416 2,057 33 2,090

2013 August 10,198 13,273 13,943 37,414 1,665 39,079 -1,035 454 -431 -1,012 4 -1,008September 10,621 13,036 14,034 37,691 1,653 39,344 426 -233 149 342 -12 330October 11,246 12,082 14,403 37,731 1,644 39,375 627 -680 230 177 -9 168November 10,933 12,035 14,140 37,108 1,574 38,682 -314 -48 -263 -625 -70 -695December 11,212 12,096 13,885 37,193 1,607 38,800 571 64 13 648 33 681

2014 January 12,170 12,215 14,008 38,393 1,596 39,989 953 114 117 1,184 -11 1,173February 12,790 12,277 13,965 39,032 1,570 40,602 627 68 -37 658 -26 632March 13,021 12,308 14,130 39,459 1,575 41,034 231 31 165 427 5 432April 13,608 11,499 14,202 39,309 1,575 40,884 588 -808 73 -147 0 -147May 14,602 11,653 14,445 40,700 1,624 42,324 989 189 199 1,377 49 1,426June 15,155 11,153 15,217 41,525 1,608 43,133 554 129 144 827 -16 811July 16,024 10,749 15,240 42,013 1,604 43,617 857 -167 21 711 -4 707August 17,298 10,842 15,342 43,482 1,613 45,095 1,267 88 96 1,451 9 1,460

Source: NBB

179

13.4.2.4 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO THE OTHER SECTORS

(millions of euro)

Belgium Rest of the world

Insurance corporations and pension funds General government Euro area countries Non-euro area countries


tions


ferred




tions


ferred




tions


ferred




tions


ferred



Outstanding amounts

2011 II 5,102 1 5,103 21,737 4,846 26,583 30,960 1,902 32,862 47,109 143 47,252III 5,044 1 5,045 20,949 4,734 25,683 34,948 1,750 36,698 46,124 144 46,268IV 7,634 2 7,636 25,710 4,683 30,393 34,835 1,719 36,554 39,220 60 39,280

2012 I 4,862 1 4,863 25,120 4,500 29,620 38,292 1,461 39,753 45,331 45 45,376II 4,649 4 4,653 25,276 4,469 29,745 36,130 1,426 37,556 48,227 44 48,306III 5,678 3 5,681 24,988 3,905 28,893 36,464 1,432 37,896 49,430 101 49,531IV 6,045 3 6,048 23,557 3,826 27,383 29,476 1,441 30,917 44,112 67 44,179

2013 I 6,487 3 6,490 26,475 3,680 30,155 38,949 1,411 40,360 48,135 63 48,198II 8,270 3 8,273 27,685 3,488 31,173 37,867 1,385 39,252 53,440 56 53,496III 8,714 3 8,717 25,754 3,424 29,178 35,219 1,340 36,559 49,474 52 49,526IV 8,176 3 8,179 23,946 3,281 27,227 29,316 1,284 30,600 47,481 50 47,531

2014 I 8,069 4 8,073 25,604 3,224 28,828 33,044 99 33,143 49,814 49 49,863II 8,273 5 8,278 26,129 3,158 29,287 38,130 103 38,233 53,747 48 53,795

2013 Aug. 8,825 3 8,828 24,918 3,430 28,348 34,844 1,362 36,206 n. n. n.Sep. 8,714 3 8,717 25,754 3,424 29,178 35,219 1,340 36,559 n. n. n.Oct. 8,337 3 8,340 26,312 3,328 29,640 35,574 1,310 36,884 n. n. n.Nov. 8,164 3 8,167 24,238 3,304 27,542 36,351 1,302 37,653 n. n. n.Dec. 8,176 3 8,179 23,946 3,281 27,227 29,316 1,284 30,600 n. n. n.

2014 Jan. 8,275 3 8,278 25,420 3,259 28,679 33,904 101 34,005 n. n. n.Feb. 7,966 4 7,970 24,001 3,238 27,239 35,329 98 35,427 n. n. n.March 8,069 4 8,073 25,604 3,224 28,828 33,044 99 33,143 n. n. n.April 7,685 4 7,689 26,880 3,186 30,066 31,554 102 31,656 n. n. n.May 8,153 5 8,158 26,389 3,173 29,562 30,309 104 30,413 n. n. n.June 8,273 5 8,278 26,129 3,158 29,287 38,130 103 38,233 n. n. n.July 7,989 5 7,994 27,419 3,092 30,511 39,223 105 39,328 n. n. n.Aug. 7,990 4 7,994 25,657 3,085 28,742 35,968 103 36,071 n. n. n.

180

13.4.2.4 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO THE OTHER SECTORS (CONTINUED)

(millions of euro)

Rest of the worldBelgium

Non-euro area countriesEuro area countriesGeneral governmentInsurance corporations and pension funds




ferred


tions




ferred


tions




ferred


tions




ferred


tions

Transactions

2011 II -275 0 -275 -875 5 -870 -1,360 -123 -1,483 -6,708 -193 -6,901III -58 0 -58 -788 -112 -900 3,564 -152 3,412 -2,585 1 -2,584IV 2,590 1 2,591 4,762 -51 4,711 -424 -31 -455 -8,543 -84 -8,627

2012 I -2,772 -1 -2,773 -590 -183 -773 3,494 -258 3,236 6,542 -15 6,527II -213 3 -210 156 -31 125 -2,573 -35 -2,608 1,347 -1 1,346III 1,028 -1 1,027 -288 -564 -852 441 6 447 1,639 57 1,696IV 366 0 366 -1,431 -79 -1,510 -6,597 9 -6,588 -4,652 -34 -4,686

2013 I 298 0 298 2,918 -146 2,772 9,448 -30 9,418 3,805 -4 3,801II 1,783 0 1,783 1,210 -192 1,018 -946 -26 -972 5,476 -7 5,469III 444 0 444 -1,931 -64 -1,995 1,132 -45 1,087 -3,476 -4 -3,480IV -538 0 -538 -1,758 -143 -1,901 -5,853 -56 -5,909 -1,257 -2 -1,259

2014 I -107 1 -106 1,658 -57 1,601 3,728 -1,185 2,543 2,242 -1 2,241II 204 1 205 525 -66 459 4,945 4 4,949 3,487 -1 3,486

2013 Aug. 94 0 94 -1,201 -21 -1,222 -3,667 -12 -3,679 n. n. n.Sep. -111 0 -111 836 -6 830 384 -22 362 n. n. n.Oct. -377 0 -377 558 -96 462 418 -30 388 n. n. n.Nov. -173 0 -173 -2,074 -24 -2,098 711 -8 703 n. n. n.Dec. 12 0 12 -242 -23 -265 -6,982 -18 -7,000 n. n. n.

2014 Jan. 99 0 99 1,474 -22 1,452 4,484 -1,183 3,301 n. n. n.Feb. -309 1 -308 -1,419 -21 -1,440 1,518 -3 1,515 n. n. n.March 103 0 103 1,603 -14 1,589 -2,274 1 -2,273 n. n. n.April -384 0 -384 1,276 -38 1,238 -1,489 3 -1,486 n. n. n.May 468 1 469 -491 -13 -504 -1,355 2 -1,353 n. n. n.June 120 0 120 -260 -15 -275 7,789 -1 7,788 n. n. n.July -285 0 -285 1,290 -66 1,224 974 2 976 n. n. n.Aug. 0 -1 -1 -1,762 -7 -1,769 -3,304 -2 -3,306 n. n. n.

Source: NBB

181

13.4.3 DEPOSITS AND OTHER RECEIVABLES HELD WITH CREDIT INSTITUTIONS13.4.3.1 DEPOSITS AND OTHER RECEIVABLES HELD WITH CREDIT INSTITUTIONS BY BELGIAN HOUSEHOLDS

(millions of euro)


Sight deposits Deposits with agreedmaturity

Deposits redeemableat notice 1

Repos Total Sight deposits Deposits with agreedmaturity


Repos Total

2011 II 44,741 19,399 205,293 0 269,433 3,143 1,612 68 0 4,823III 42,968 21,066 204,713 0 268,747 -1,895 1,632 -583 0 -846IV 43,154 21,149 206,091 0 270,394 106 58 1,377 0 1,541

2012 I 44,618 20,770 212,279 0 277,667 1,521 -360 6,189 0 7,350II 48,570 20,913 215,658 0 285,141 3,758 -113 3,378 0 7,023III 47,253 21,007 217,839 0 286,099 -1,267 109 2,182 0 1,024IV 46,346 21,288 223,513 0 291,147 -860 471 5,499 0 5,110

2013 I 48,975 20,652 228,397 0 298,024 2,592 -645 4,808 0 6,755II 53,366 19,979 231,343 0 304,688 4,433 -661 2,947 0 6,719III 50,589 19,924 231,828 0 302,341 -2,815 -43 589 0 -2,269IV 51,943 19,895 235,492 0 307,330 1,563 -19 3,666 0 5,210

2014 I 53,641 19,817 236,995 0 310,453 1,694 -79 1,503 0 3,118II 55,758 19,279 237,234 0 312,271 3,544 -544 1,853 0 4,853

2013 August 51,846 19,931 231,382 0 303,159 -140 -72 29 0 -183September 50,589 19,924 231,828 0 302,341 -1,217 0 447 0 -770October 51,664 19,917 231,962 0 303,543 1,102 -2 135 0 1,235November 52,751 19,928 232,308 0 304,987 1,079 10 346 0 1,435December 51,943 19,895 235,492 0 307,330 -618 -27 3,185 0 2,540

2014 January 53,013 19,916 236,323 0 309,252 1,014 11 830 0 1,855February 53,462 19,984 236,663 0 310,109 504 77 341 0 922March 53,641 19,817 236,995 0 310,453 176 -167 332 0 341April 54,690 19,744 236,947 0 311,381 1,058 -72 -48 0 938May 55,998 19,594 236,295 0 311,887 2,721 -158 962 0 3,525June 55,758 19,279 237,234 0 312,271 -235 -314 939 0 390July 55,380 18,801 237,593 0 311,774 -433 -487 357 0 -563August 55,602 18,182 237,571 0 311,355 185 -625 -23 0 -463

Source: NBB

N.B.: Including non-profit institutions serving Belgian households.

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans.

182

13.4.3.2 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY BELGIAN NON-FINANCIAL CORPORATIONS

(millions of euro)






Repos Total

2011 II 40,393 16,699 19,229 0 76,321 -710 959 -325 0 -76III 39,050 16,126 18,844 0 74,020 -1,475 998 -385 0 -862IV 39,612 15,963 17,714 0 73,289 483 -179 -1,130 0 -826

2012 I 41,911 16,657 19,050 0 77,618 2,356 706 1,336 0 4,398II 42,030 14,692 19,782 0 76,504 -142 -1,899 557 0 -1,484III 45,100 12,798 21,105 0 79,003 2,935 -1,883 1,520 0 2,572IV 44,314 10,552 23,423 0 78,289 -733 18 66 0 -649

2013 I 44,062 10,625 24,983 0 79,670 -291 -161 1,495 0 1,043II 45,009 9,500 25,432 0 79,941 999 -959 499 0 539III 46,835 9,645 25,652 0 82,132 1,507 78 721 0 2,306IV 47,954 10,958 24,388 0 83,300 478 705 -870 0 313

2014 I 48,563 11,057 25,908 0 85,528 602 97 1,520 0 2,219II 51,981 10,783 28,611 0 91,375 2,384 -282 959 0 3,061

2013 August 46,295 9,540 25,201 10 81,046 -1,342 -108 158 10 -1,282September 46,835 9,645 25,652 0 82,132 701 112 451 -10 1,254October 46,666 10,041 26,286 0 82,993 -141 401 634 0 894November 48,127 10,635 25,473 0 84,235 1,043 -41 -382 0 620December 47,954 10,958 24,388 0 83,300 -424 345 -1,122 0 -1,201

2014 January 48,219 11,165 25,490 0 84,874 211 190 1,102 0 1,503February 47,430 10,254 25,630 0 83,314 -740 -895 140 0 -1,495March 48,563 11,057 25,908 0 85,528 1,131 802 278 0 2,211April 49,942 11,711 26,230 0 87,883 1,387 656 322 0 2,365May 50,119 10,754 28,405 0 89,278 -995 -969 556 0 -1,408June 51,981 10,783 28,611 0 91,375 1,992 31 81 0 2,104July 51,755 10,242 28,643 0 90,640 -326 -557 32 0 -851August 51,132 10,705 28,970 0 90,807 -656 452 327 0 123

Source: NBB

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans.

183

13.4.3.3 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY OTHER BELGIAN FINANCIAL INTERMEDIARIES AND BY BELGIAN FINANCIAL AUXILIARIES

(millions of euro)






Repos Total

2011 II 8,077 12,882 1,712 258 22,929 -1,050 206 -105 -240 -1,189III 8,264 14,873 1,670 298 25,105 148 340 -42 40 486IV 8,310 16,714 1,520 256 26,800 19 1,809 -150 -42 1,636

2012 I 9,285 15,037 1,671 243 26,236 853 -1,654 151 -13 -663II 9,406 14,189 1,880 222 25,697 94 -809 384 -21 -352III 8,489 15,727 2,084 209 26,509 -903 1,554 204 -13 842IV 9,231 12,617 2,740 279 24,867 754 -2,689 247 70 -1,618

2013 I 8,813 12,481 2,944 270 24,508 -428 78 204 -9 -155II 11,486 11,089 3,374 255 26,204 2,694 -1,380 380 -15 1,679III 10,963 9,233 3,570 177 23,943 -628 -1,760 196 -78 -2,270IV 9,024 8,705 3,026 153 20,908 -1,377 -533 -292 -24 -2,226

2014 I 8,723 9,458 3,853 124 22,158 -303 753 827 -29 1,248II 9,384 9,073 3,083 116 21,656 327 -392 -218 -8 -291

2013 August 8,071 10,477 3,488 181 22,217 -240 -987 53 -73 -1,247September 10,963 9,233 3,570 177 23,943 2,780 -1,234 82 -4 1,624October 11,639 9,423 3,498 175 24,735 683 196 -72 -2 805November 9,871 8,805 3,259 82 22,017 -1,360 -635 -24 -93 -2,112December 9,024 8,705 3,026 153 20,908 -700 -94 -196 71 -919

2014 January 8,346 8,838 3,668 133 20,985 -691 122 642 -20 53February 8,169 8,092 3,744 133 20,138 -165 -735 76 0 -824March 8,723 9,458 3,853 124 22,158 553 1,366 109 -9 2,019April 8,235 9,478 3,708 116 21,537 -486 22 -145 -8 -617May 8,891 9,047 3,180 116 21,234 319 -441 24 0 -98June 9,384 9,073 3,083 116 21,656 494 27 -97 0 424July 9,721 9,259 3,201 116 22,297 397 175 118 0 690August 9,608 9,136 3,208 112 22,064 -122 -131 7 -4 -250

Source: NBB

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans

184

13.4.3.4 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY THE OTHER SECTORS

(millions of euro)


Belgium Rest of the world Belgium Rest of the world

Insurance corporations andpension funds

General government Euro area countries Non-euro area countries Insurance corporations andpension funds

General government Euro area countries Non-euro area countries

2011 II 8,068 14,206 89,180 80,260 -623 16 6,375 -2,912III 9,056 14,340 107,152 93,002 983 134 17,280 11,343IV 10,870 13,228 82,012 82,809 1,810 -1,112 -25,527 -11,133

2012 I 9,060 15,453 76,625 72,142 -1,806 2,225 -5,058 -10,634II 8,588 16,410 83,628 72,139 -477 1,242 6,296 -7,926III 10,252 16,100 91,151 64,811 1,669 -310 -2,497 -6,932IV 9,489 13,547 80,819 55,129 -760 -2,553 -10,088 -8,918

2013 I 9,567 16,454 84,734 63,307 75 3,047 3,746 8,048II 9,036 20,300 82,925 64,629 -660 3,813 -1,592 1,886III 9,748 16,382 76,676 69,096 720 -3,918 -1,069 4,970IV 9,473 13,613 72,130 62,335 -271 -2,795 -4,383 -6,231

2014 I 11,244 16,667 66,507 62,820 1,771 3,055 -5,646 390II 10,002 18,248 72,471 65,834 -1,244 1,021 5,832 2,564

2013 August 8,627 23,902 78,142 n. -713 3,112 -315 n.September 9,748 16,382 76,676 n. 1,124 -7,520 -1,365 n.October 9,221 17,433 76,883 n. -525 1,051 290 n.November 8,850 16,660 74,929 n. -372 -773 -1,951 n.December 9,473 13,613 72,130 n. 626 -3,073 -2,722 n.

2014 January 9,663 18,286 70,706 n. 185 4,673 -1,585 n.February 9,367 22,479 71,054 n. -291 4,194 485 n.March 11,244 16,667 66,507 n. 1,877 -5,812 -4,546 n.April 10,142 17,540 66,658 n. -1,101 873 164 n.May 9,738 18,253 65,418 n. -407 153 -1,367 n.June 10,002 18,248 72,471 n. 264 -5 7,035 n.July 9,778 22,080 74,177 n. -228 3,831 1,542 n.August 8,945 23,427 74,016 n. -836 1,346 -237 n.

Source: NBB

185

13.5 CREDIT INSTITUTIONS, CONSOLIDATED DATA13.5.1 GLOBAL ACTIVITY BY ACCOUNTING CATEGORY/PORTFOLIO

(carrying amount, millions of euro)

Total Belgium Other EMU Rest of the world

2013

II

Total assets 1,025,169 520,149 269,236 235,784Financial assets held for trading 108,706 34,165 41,776 32,765Financial assets designated at fair value through profit and loss 13,718 3,980 2,787 6,952Available-for-sale financial assets 117,582 49,980 47,775 19,826Loans and receivables (including finance leases) 663,940 366,157 144,016 153,767Held-to-maturity investments 27,080 15,003 4,484 7,593Derivatives used for hedging 8,696 5,024 1,684 1,988Tangible assets 7,477 5,353 1,249 875Goodwill and other intangible assets 2,620 774 933 913Investments in associates, subsidiaries and joint ventures 5,048 3,950 847 252Miscellaneous 70,302 35,763 23,686 10,853

Total liabilities 1,025,169 626,078 207,593 191,497Financial liabilities held for trading 94,835 32,365 23,607 38,863Financial liabilities designated at fair value through profit and loss 32,216 9,580 15,190 7,446Financial liabilities measured at amortised cost 748,196 485,704 141,202 121,290Financial liabilities associated to transferred assets 19,861 3,312 8,809 7,740Derivatives used for hedging 19,711 4,429 10,996 4,286Provisions 5,939 5,200 302 437Miscellaneous 43,006 24,324 7,445 11,236Total equity and minority interest 61,405 61,165 42 199

Source: NBB

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2007-II, p. 9-10.

186

13.5.1 GLOBAL ACTIVITY BY ACCOUNTING CATEGORY/PORTFOLIO (CONTINUED)



2013

III

Total assets 996,661 500,094 261,339 235,228Financial assets held for trading 92,462 26,181 37,471 28,811Financial assets designated at fair value through profit and loss 14,218 4,445 3,939 5,833Available-for-sale financial assets 114,088 47,397 48,764 17,928Loans and receivables (including finance leases) 660,143 367,056 138,628 154,458Held-to-maturity investments 27,583 14,732 5,152 7,699Derivatives used for hedging 8,550 1,011 4,568 2,970Tangible assets 7,334 5,310 1,169 855Goodwill and other intangible assets 2,598 738 937 922Investments in associates, subsidiaries and joint ventures 5,272 4,144 866 262Miscellaneous 64,413 29,080 19,843 15,490

Total liabilities 996,661 606,962 193,224 196,475Financial liabilities held for trading 78,259 23,152 25,742 29,365Financial liabilities designated at fair value through profit and loss 31,590 7,054 14,590 9,945Financial liabilities measured at amortised cost 738,898 481,860 130,667 126,372Financial liabilities associated to transferred assets 18,792 679 7,633 10,480Derivatives used for hedging 18,824 3,015 6,958 8,851Provisions 5,754 5,020 310 423Miscellaneous 42,478 24,366 7,272 10,840Total equity and minority interest 62,066 61,815 52 199

Source: NBB


187




2013

IV

Total assets 960,570 488,305 242,684 229,581Financial assets held for trading 77,635 22,156 28,016 27,463Financial assets designated at fair value through profit and loss 8,514 3,294 2,542 2,678Available-for-sale financial assets 113,626 46,645 48,656 18,324Loans and receivables (including finance leases) 651,341 360,319 133,607 157,415Held-to-maturity investments 27,289 15,007 4,141 8,141Derivatives used for hedging 8,371 426 5,455 2,489Tangible assets 7,413 5,314 1,162 936Goodwill and other intangible assets 2,640 756 943 940Investments in associates, subsidiaries and joint ventures 4,867 3,820 810 237Miscellaneous 58,875 30,567 17,351 10,957


Source: NBB


188




2014

I

Total assets 987,591 484,917 258,485 244,189Financial assets held for trading 76,142 19,903 30,623 25,616Financial assets designated at fair value through profit and loss 9,463 3,732 3,098 2,633Available-for-sale financial assets 117,331 43,839 54,144 19,348Loans and receivables (including finance leases) 674,384 365,533 142,542 166,308Held-to-maturity investments 26,915 14,614 5,053 7,248Derivatives used for hedging 8,877 1,096 5,870 1,911Tangible assets 7,153 5,236 1,041 876Goodwill and other intangible assets 2,628 715 1,020 892Investments in associates, subsidiaries and joint ventures 5,309 4,115 887 306Miscellaneous 59,388 26,132 14,206 19,050


Source: NBB


189




2014

II

Total assets 1,017,879 491,236 274,847 251,797Financial assets held for trading 81,048 20,373 34,122 26,552Financial assets designated at fair value through profit and loss 10,447 4,094 2,469 3,884Available-for-sale financial assets 129,541 45,971 61,502 22,067Loans and receivables (including finance leases) 686,654 370,095 146,846 169,714Held-to-maturity investments 26,817 14,610 5,046 7,161Derivatives used for hedging 10,400 1,229 7,053 2,118Tangible assets 6,977 5,222 1,018 736Goodwill and other intangible assets 2,648 729 1,024 894Investments in associates, subsidiaries and joint ventures 3,598 2,517 623 458Miscellaneous 59,749 26,395 15,142 18,212

Total liabilities 1,017,879 619,509 197,452 200,918Financial liabilities held for trading 67,712 16,575 24,919 26,218Financial liabilities designated at fair value through profit and loss 29,286 8,412 12,222 8,651Financial liabilities measured at amortised cost 763,464 492,329 135,453 135,682Financial liabilities associated to transferred assets 21,791 1,432 9,712 10,646Derivatives used for hedging 22,962 5,694 8,503 8,765Provisions 5,944 4,918 372 654Miscellaneous 42,239 26,010 6,194 10,035Total equity and minority interest 64,481 64,138 77 266

Source: NBB


190

13.5.2 GLOBAL ACTIVITY BY PRODUCT


2013 2014

II III IV I II

Total assets 1,025,169 996,661 960,570 987,591 1,017,879Cash and cash balances with central banks 38,838 34,138 32,542 29,031 28,234Loans and advances to credit institutions 124,507 125,813 117,672 125,945 133,692Equity instruments 5,340 5,705 4,124 4,114 6,109Debt instruments 187,616 182,766 181,941 186,269 193,741Derivatives 90,875 76,027 64,914 67,281 69,290Loans and advances to other than credit institutions 531,384 526,733 518,125 529,503 542,075Accrued income from financial instruments 1 0 0 0 0 0Other assets 46,609 45,479 41,252 45,448 44,738

Total liabilities 1,025,169 996,661 960,570 987,591 987,591Deposits from central banks 21,439 21,372 20,072 21,488 20,758Debts to credit institutions 108,921 105,405 103,013 100,563 108,597Financial liabilities associated with transferred assets 19,861 18,792 19,128 18,713 21,791Deposits measured at amortized cost 535,997 528,955 525,437 545,727 560,675

Central Government 8,570 5,551 5,396 10,043 12,504Non-Credit institutions 44,339 45,193 43,573 46,669 47,470Corporate 144,332 146,081 142,405 154,775 159,412Retail 338,756 332,130 334,062 334,241 341,288(pm Regulated deposits) 216,320 217,528 218,188 219,765 221,733

Short positions 1,242 2,329 2,414 2,447 2,687Derivatives 99,133 83,176 72,481 77,395 79,315Debt certificates including bonds 104,430 105,183 96,621 96,042 95,501

Certificates of deposits 15,249 15,641 11,031 11,801 10,599Customer saving certificates 27,313 26,738 26,202 26,004 25,597Bonds and others 61,868 62,804 59,388 58,236 59,306

Subordinated liabilities 18,968 18,122 17,772 17,218 15,584Accrued expenses on financial instruments 1 0 0 0 0 0Other liabilities 53,773 51,261 42,254 43,390 48,489Total equity and minority interest 61,405 62,066 61,380 64,610 64,481

Source: NBB

1 If accounted separately.


191

13.5.3 OFF-BALANCE-SHEET COMMITMENTS

(notional amounts, millions of euro)

2009 2010 2011 2012 2013

Loan commitments given 267,988 163,733 140,934 123,562 112,707

Loan commitments received 31,007 62,986 5,272 16,002 14,416

Guarantees given 215,239 60,897 81,371 73,719 60,458

Guarantees received 564,473 385,480 295,656 283,368 306,945

Other commitments given 281,767 187,919 233,193 3,073,385 3,082,272

Other commitments received 213,127 181,914 201,945 266,852 3,143,249

Source: NBB


192

13.5.4 SECURITIES PORTFOLIO


2013 2014

II III IV I II

Total securities (long positions) 198,004 193,742 190,933 195,692 203,449Equity instruments 5,340 5,705 4,124 4,114 6,109

Quoted equity 2,865 3,558 2,171 2,131 2,793Held for trading 2,326 3,032 1,649 1,634 2,117Designated at fair value through profit and loss 166 184 186 203 187Available-for-sale 373 342 336 293 489

Unquoted equity 2,475 2,147 1,953 1,983 3,317Held for trading 220 18 23 22 10Designated at fair value through profit and loss 569 541 522 514 469Available-for-sale 1,685 1,588 1,408 1,448 2,838(pm Equity involved in repo transactions excluding re-used equity) 283 293 145 97 150

Debt instruments 187,616 182,766 181,941 186,269 193,741Held for trading 8,953 7,959 7,769 8,942 8,132Designated at fair value through profit and loss 2,259 2,299 2,490 2,616 2,635Available-for-sale 115,524 112,159 111,880 115,589 126,214Loans and receivables 33,799 32,767 32,513 32,205 29,943Held-to-maturity 27,080 27,583 27,289 26,915 26,817(pm Debt instruments involved in repo transactions excluding re-used debt instruments) 28,709 32,223 30,483 29,360 33,496

Investments in associates, subsidiaries and joint ventures 5,048 5,272 4,867 5,309 3,598Total short positions 1,242 2,329 2,414 2,447 2,687

Equity instruments 48 59 69 56 53Debt instruments 1,194 2,270 2,344 2,391 2,634

Source: NBB


193

13.5.5 LOANS AND ADVANCES


2013 2014

II III IV I II

Total loans and advances 655,890 652,546 635,797 655,449 675,768Held for trading 15,026 13,976 11,651 7,141 11,899Designated at fair value through profit and loss 10,723 11,195 5,316 6,129 7,157Available-for-sale 0 0 0 0 0Loans and receivables 630,141 627,376 618,829 642,179 656,711Held-to-maturity 0 0 0 0 0

Loans and advances to other than credit institutions in loans and receivables portfolio 511,841 510,564 508,882 519,846 526,066Bills and own acceptances 755 732 769 634 3,147Finance leases 22,699 22,754 22,460 22,000 22,001Securitized loans 21,143 20,336 19,495 18,593 19,201Consumer credits 25,227 25,453 26,940 27,090 28,039Mortgage loans 191,784 193,977 190,780 190,494 192,857Term loans 211,276 206,776 211,502 214,512 215,776Current accounts 24,640 27,146 23,877 32,332 31,504Others 14,316 13,390 13,059 14,190 13,542

Source: NBB


194

13.5.6 FUNDING STRUCTURE


2013 2014

II III IV I II

Deposit base 706,003 695,660 686,481 704,133 726,330Wholesale deposits 1 339,935 336,792 326,217 343,888 359,445

Central Banks 21,439 21,372 20,072 21,488 20,758Credit institutions 108,922 105,406 103,028 100,565 108,599Other wholesale deposits 209,574 210,014 203,117 221,836 230,088

of which valued at amortized cost 197,241 196,825 191,375 211,486 219,387Central governments 8,570 5,551 5,396 10,043 12,504Non credit institutions 44,339 45,193 43,573 46,669 47,470Corporate 144,332 146,081 142,405 154,775 159,412

Retail deposits and customer saving certificates 366,069 358,868 360,264 360,245 366,885Retail deposits 2 338,756 332,130 334,062 334,241 341,288Customer savings certificates 27,313 26,738 26,202 26,004 25,597pm Regulated deposits 216,320 217,528 218,188 219,765 221,733

Market borrowing 216,321 200,864 182,214 185,810 189,283Certificates of deposits 15,249 15,641 11,031 11,801 10,599Bonds and other debt certificates 61,868 62,804 59,388 58,236 59,306Subordinated liabilities 18,968 18,122 17,772 17,218 15,584Short positions 1,242 2,329 2,414 2,447 2,687Derivatives (trading & hedging) 99,133 83,176 72,481 77,395 79,315Financial liabilities associated with transferred assets 19,861 18,792 19,128 18,713 21,791

Other liabilities 41,439 38,072 30,496 33,038 37,786Equity and minority interest 61,405 62,066 61,380 64,610 64,481

Source: NBB

1 Included retail deposits valued at fair value.2 Only those measured at amortized cost.


195

13.5.7 DERIVATIVES

(millions of euro)

2013 2014

II III IV I II

Carrying amountsDerivatives classified as assets (total) 90,875 76,027 64,914 67,281 69,290

Held for trading 82,180 67,477 56,543 58,404 58,890Used for hedging 8,696 8,550 8,371 8,877 10,400

Used for micro-hedging 1,297 1,394 1,484 1,478 1,540Fair value hedges 493 491 519 456 583Cash flow hedges 804 903 964 1,022 957Net investment in foreign operations 0 0 0 0 0

Used for portfolio hedging of interest rate risk 7,399 7,155 6,887 7,399 8,860Fair value hedges 3,341 3,326 3,223 3,562 4,466Cash flow hedges 4,058 3,829 3,664 3,837 4,395

Derivatives classified as liabilities (total) 99,133 83,176 72,481 77,395 79,315Held for trading 79,421 64,352 54,299 57,116 56,353Used for hedging 19,711 18,824 18,182 20,278 22,962

Used for micro-hedging 3,973 3,849 3,942 3,940 4,713Fair value hedges 2,431 2,328 2,520 2,316 2,638Cash flow hedges 1,542 1,520 1,422 1,624 2,074Net investment in foreign operations 0 0 0 0 0


Notional amountsDerivatives assets + liabilities 4,955,307 4,667,063 4,542,215 4,721,924 4,564,367

Held for trading 4,540,606 4,187,946 3,988,801 4,025,848 3,946,840Interest rate derivatives 3,855,399 3,534,447 3,334,254 3,406,064 3,294,008Equity derivatives 136,223 135,321 136,540 124,750 143,053Currency (fx) derivatives 478,560 448,771 460,501 442,057 459,255Credit derivatives 47,875 46,640 41,400 35,588 32,446Commodity derivatives 22,543 22,765 15,997 17,358 18,072Other derivatives 5 2 108 32 6

Used for hedging 414,700 479,118 553,414 696,076 617,527Used for micro-hedging 127,460 144,651 170,825 168,263 177,933

Fair value hedges 61,381 67,581 89,995 85,149 96,823Cash flow hedges 66,079 77,070 80,830 83,113 81,111Net investment in foreign operations 0 0 0 0 0


Source: NBB


196

13.5.8 INCOME STATEMENT

(carrying amount, cumulated figures until the end of the period, millions of euro)

2013 2014

II III IV I II

Interest income 20,228 29,050 37,198 8,767 20,745Interest expenses 13,638 19,157 23,908 5,257 13,645Net interest income 6,590 9,893 13,289 3,510 7,100Dividend income 99 123 155 46 149Net fee income 3,149 4,621 5,870 1,597 3,210

Fees received 4,278 6,256 7,988 2,190 4,324Fees paid (exclusive of commissions paid to agents) 1,129 1,635 2,117 593 1,114

Realized capital (gains and losses on financial assets and liabilities other than measured at fair valuethrough profit and loss) 461 456 410 215 337Trading income (gains and losses on financial assets held for trading) 387 541 839 11 -260Other fair value accounting gains and losses 137 90 -461 -166 86

Gains and losses on financial assets and liabilities designated at fair value through profit and loss 135 109 -467 -155 -161Fair value adjustments in hedge accounting 2 -19 5 -11 247

Other net operating income 603 769 1,129 178 352Non interest income 4,834 6,600 7,942 1,882 3,874Gross operating income (banking product) 11,424 16,492 21,231 5,391 10,974Staff expenses 3,341 5,036 6,528 1,688 3,342Commissions to agents 454 674 896 224 430General and administrative expenses 2,602 3,863 5,149 1,451 2,816Depreciation 329 504 679 165 335Operating expenses (excl. impairment losses and provisions) (-) 6,727 10,076 13,252 3,528 6,923Impairment losses on financial assets 829 1,204 2,312 273 608Impairment on property, investment properties, intangible assets, investments and associates and jointventures accounted for using the equity method 28 130 564 6 6Provisions 53 75 76 -40 88Impairment losses and provisions (-) 910 1,408 2,952 238 703Share of the profit or loss of associates, and joint ventures accounted for using the equity me-thod 251 358 417 98 105Net operating income 4,039 5,367 5,444 1,724 3,453Negative goodwill immediately recognized in profit or loss 0 0 0 0 0Total profit or loss from non-current assets and disposal groups classified as held for sale not qualifyingas discontinued operations -96 -97 -96 1 -2Total profit or loss after tax from discontinued operations 0 0 0 0 0Total profit or loss before tax and minority interest 3,943 5,270 5,348 1,725 3,451Tax expense related to profit or loss from continuing operations (-) 1,033 1,425 1,621 431 913Total profit and loss after tax and before minority interest 2,910 3,845 3,727 1,294 2,538Minority interest (-) 261 374 446 135 268Net profit or loss 2,649 3,471 3,281 1,159 2,270

Source: NBB


197

13.5.9 COUNTRY RISKS OF EXTERNAL CLAIMS OF THE CREDIT INSTITUTIONS GOVERNED BY BELGIAN LAW

(millions of euro)

Large banking groups Other Belgian credit institutions Total

Total claims Total claims after transfers 1 Total claims Total claims after transfers 1 Total claims Total claims after transfers 1

2012

March

Developed countries of Europe 401,611.0 376,655.3 204,132.3 105,756.6 605,743.3 482,411.9Developed countries outside of Europe 48,160.0 53,042.5 7,818.9 7,834.7 55,979.0 60,877.2Developing countries of Europe 92,836.8 94,347.3 4,116.7 4,494.0 96,953.4 98,841.4Developing countries of Africa and Middle East 4,214.1 4,188.1 531.2 657.4 4,745.3 4,845.5Developing countries of Asia and Pacific 4,704.7 5,013.5 964.0 1,056.1 5,668.7 6,069.5Developing countries of Latin America and Carribean 1,174.3 1,503.7 398.5 615.6 1,572.8 2,119.3Centres off-shore 10,390.7 8,144.1 17,975.5 16,791.3 28,366.2 24,935.4Others 2,467.3 2,472.1 260.3 324.6 2,727.7 2,796.7

June

Developed countries of Europe 416,236.6 389,307.7 205,386.4 104,960.3 621,622.9 494,268.1Developed countries outside of Europe 44,484.5 50,219.2 8,836.9 8,792.1 53,321.4 59,011.2Developing countries of Europe 91,342.1 92,788.5 4,114.2 4,548.8 95,456.3 97,337.3Developing countries of Africa and Middle East 4,246.1 4,137.5 572.5 681.3 4,818.6 4,818.8Developing countries of Asia and Pacific 4,983.9 5,209.4 937.3 1,165.2 5,921.2 6,374.6Developing countries of Latin America and Carribean 1,433.5 1,767.5 1,148.2 1,311.7 2,581.7 3,079.3Centres off-shore 10,842.1 8,481.4 19,628.6 18,209.1 30,470.7 26,690.5Others 2,403.4 2,416.5 295.9 353.0 2,699.3 2,769.5

Sep.

Developed countries of Europe 393,547.1 360,354.9 188,953.9 99,424.0 582,501.0 459,778.9Developed countries outside of Europe 44,002.1 48,340.7 10,668.0 11,396.8 54,670.2 59,737.5Developing countries of Europe 91,503.2 93,283.6 4,564.7 5,066.8 96,068.0 98,350.4Developing countries of Africa and Middle East 4,136.1 4,003.8 450.2 638.3 4,586.3 4,642.1Developing countries of Asia and Pacific 4,787.1 4,983.1 892.4 1,098.8 5,679.6 6,081.9Developing countries of Latin America and Carribean 1,337.9 1,714.3 570.9 975.9 1,908.8 2,690.3Centres off-shore 8,065.6 7,227.6 21,277.6 20,112.2 29,343.2 27,339.8Others 2,648.9 2,620.6 787.4 790.6 3,436.2 3,411.2

Dec.

Developed countries of Europe 325,870.1 297,391.5 186,198.3 101,244.8 512,068.5 398,636.3Developed countries outside of Europe 40,604.1 46,786.6 10,417.6 9,969.2 51,021.7 56,755.8Developing countries of Europe 82,076.8 81,973.1 4,914.2 5,290.7 86,991.0 87,263.9Developing countries of Africa and Middle East 4,189.0 4,042.6 605.2 704.3 4,794.2 4,747.0Developing countries of Asia and Pacific 4,517.6 4,724.9 753.1 950.4 5,270.7 5,675.3Developing countries of Latin America and Carribean 1,587.6 1,981.2 968.2 1,108.2 2,555.9 3,089.4Centres off-shore 11,858.1 9,502.3 22,888.3 20,975.2 34,746.4 30,477.5Others 3,297.6 3,284.6 571.4 572.4 3,869.0 3,856.9

Source: NBB

N.B.: From 31 March 2005 onwards, credit institutions should report their operations by country in accordance with a new model with follow-ing characteristics:- the table introduces a reporting by country for the operations in off-balance sheet derivatives (credit derivatives, forwards, swaps, optionsand others);- the table should be reported by all credit institutions and there is no exemption any more for operations of limited consideration;- the local transactions in local currency are from now on included in the total claims before and after risk transfers.

The publication of the statistics by group of countries has been changed in order to reflect the breakdown of the BIS in its statistical publica-tions. For each financial year starting on or after 1 January 2006, all credit institutions have been required to prepare their consolidated annualaccounts in accordance with the international accounting standards IAS/IFRS. As a result, from that date onwards also the reporting of thecountry risks has been drawn up in accordance with IAS/IFRS.

1 This is after deduction from claims that could be allocated to another country and those guaranteed by the National Delcredere service,and after adding the claims on other countries that could be allocated to the country involved.

198

13.6 MONETARY COLLECTIVE INVESTMENT INSTITUTIONS13.6.1 NUMBER, NET INVENTORY VALUE AND NET CONTRIBUTIONS

(millions of euros, unless other comment)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012

year III IV I II

CIUs governed by Belgian law

Number of compartments (end of period) 17 14 15 14 16 16 16 13 13 8 9 8 8 8

Net inventory value (end of period) 1,909 2,673 3,216 6,207 5,525 1,945 1,920 4,376 999 1,019 1,045 1,019 871 1,279

Subscriptions 1,540 2,076 4,119 10,165 9,244 3,662 1,561 7,693 2,832 3,089 654 671 874 994

Repayments 1,332 1,304 3,655 7,471 9,794 7,325 1,644 5,075 6,230 2,602 1,460 650 1,019 594

Net contributions 207 773 462 2,694 -550 -3,665 -84 2,619 -3,399 486 -806 21 -146 400

For information purposes

Net inventory value of monetary UCI governedby Belgian and foreign law publicly spread inBelgium (end of period) 6,160 5,920 5,300 6,760 7,660 1,920 2,028 4,860 1,233 1,755 1,790 1,755 1,561 2,105

Sources: BEAMA, FSMA

14. Other financial intermediariesand financial auxiliairies

200

14.1 COLLECTIVE INVESTMENT UNDERTAKINGS14.1.1 DEVELOPMENTS OF THE COLLECTIVE INVESTMENT UNDERTAKINGS OPERATING IN BELGIUM AS A WHOLE

(millions of euro, unless other comment)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012 2013

II I II I

UCI governed by Belgian lawNumber of institutions (end of period)

Investment companies with variable capital 108 108 108 105 98 98 96 93 93 91 93 93 91 89Compartments 1 n. n. n. n. n. n. n. n. n. n. n. n. n. n.Operating compartments 2 1,365 1,477 1,649 1,842 1,900 1,970 1,938 1,936 1,618 1,511 1,618 1,555 1,511 1,432

Mutual investment funds 18 17 40 37 37 37 37 34 35 23 35 21 23 21Pension-saving funds 3 12 12 14 14 14 14 15 15 16 16 16 16 16 16Total 138 137 162 156 149 149 148 142 144 130 144 130 130 126

Net inventory value (end of period)Investment companies with variable capital 81,877 95,272 103,401 99,038 71,279 74,374 72,682 61,177 61,147 62,496 61,147 61,810 62,496 70,944Mutual investment funds 4,707 5,954 9,289 9,700 7,191 6,743 7,598 7,136 8,316 11,682 8,316 8,316 11,682 11,682Pension-saving funds 3 8,705 10,316 11,477 11,791 8,997 11,187 11,979 11,269 12,651 14,334 12,651 12,958 14,334 15,170Total 95,289 111,543 124,167 120,529 87,467 92,305 92,259 79,582 82,114 88,512 82,114 83,084 88,512 97,796

Subscriptions 23,126 34,890 39,993 56,512 38,866 34,899 34,289 31,926 32,410 43,298 15,648 20,941 22,357 22,850Repayments 17,573 28,337 32,403 56,701 46,913 35,963 34,887 36,734 34,009 39,527 16,045 19,610 19,917 16,329Net contributions 5,553 6,553 7,591 -190 -8,047 -1,064 -599 -4,808 -1,599 3,770 -397 1,331 2,439 6,521

Foreign UCI whose shares and other equity are is-sued publicly in Belgium

Number of institutions (end of period)by legal form

Investment companies with variable capital 184 170 173 171 191 188 202 219 244 266 244 252 266 299Compartments 2,030 2,122 2,172 2,366 2,632 2,506 2,542 2,700 2,732 2,895 2,732 2,791 2,895 3,064

Investment funds 61 46 53 60 70 84 110 123 121 125 121 130 125 129Total 245 216 226 231 261 272 312 342 365 391 365 382 391 428

by categoryInstitutions with UCITS passport 206 198 209 216 250 262 304 335 360 387 360 378 387 424

Compartments 1,918 2,023 2,068 2,258 2,530 2,398 2,427 2,598 2,642 2,813 2,642 2,702 2,813 3,003Institutions without UCITS passport 39 18 17 15 11 10 8 7 5 4 5 4 4 4

Compartments 112 99 104 108 102 108 115 102 90 82 90 89 82 61Total 245 216 226 231 261 272 312 342 365 391 365 382 391 428

Subscriptions in Belgium 12,231 30,030 n. n. n. n. n. n. n. n. n. n. n. n.Repayments in Belgium 12,110 22,296 n. n. n. n. n. n. n. n. n. n. n. n.Net contributions in Belgium 122 7,734 n. n. n. n. n. n. n. n. n. n. n. n.

For information purposes 4

Net inventory value of UCI governed by Belgian and for-eign law publicly spread in Belgium (end of period) 149,280 183,810 197,960 188,420 127,950 135,160 138,690 115,110 118,062 131,824 118,062 122,361 131,824 148,865

Source: FSMA

N.B.: Monetary and non-monetary UCI. For the last year, I = 1st half-year, II = 2nd half-year.

1 Since October 2000 only the operating compartments are registered. These data include the compartments which were registered before October 2000 but were not operating.2 Excluding the compartments which were statutorily formed but not operated and which were registered before October 2000. These compartments have been struck off the list in December 2003.3 Pension-saving fund authorised under the Royal Decree of 22 December 1986.4 Source: BEAMA ( Belgian Asset Managers Association )

201

14.1.2 OUTSTANDING AMOUNT OF FINANCIAL ASSETS AND LIABILITIES OF NON-MONETARY COLLECTIVE INVESTMENT UNDERTAKINGS GOVERNED BY BELGIAN LAW

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012

year III IV I II

Financial assetsCurrency and deposits 27,871 29,072 28,940 21,624 18,469 15,275 11,371 9,402 7,656 6,412 6,416 6,412 6,436 6,013Securities other than shares 24,993 24,970 27,475 33,636 30,447 32,059 32,237 28,271 26,719 26,939 26,424 26,939 27,596 27,683

Short-term 732 1,230 1,071 1,664 1,363 2,119 1,464 1,841 1,254 1,332 1,400 1,332 1,264 1,332Long-term 22,675 21,716 23,944 29,007 27,450 27,541 28,525 24,516 23,408 23,929 23,346 23,929 24,669 24,627Financial derivatives 1,586 2,024 2,459 2,965 1,634 2,399 2,247 1,914 2,057 1,678 1,678 1,678 1,663 1,724

Shares and other equity 29,293 35,690 39,567 35,691 18,442 28,236 28,772 20,412 28,073 34,640 33,058 34,640 35,223 39,788Quoted shares 29,193 35,573 39,439 35,560 18,351 28,121 28,743 20,388 28,032 34,579 33,006 34,579 35,160 39,721Non-quoted shares and other equity 100 118 128 131 90 115 28 24 41 62 52 62 64 66

Shares of collective investment undertakings 7,044 13,813 19,173 18,969 11,191 14,222 18,645 18,299 21,322 32,852 27,945 32,852 35,206 38,186Other instruments (net) 3,879 4,495 5,593 6,790 4,493 3,516 3,221 2,669 2,410 2,858 3,412 2,858 2,915 3,969

Total 1 93,080 108,040 120,749 116,710 83,041 93,309 94,245 79,052 86,181 103,702 97,256 103,702 107,377 115,639Financial liabilities

Shares issued by:Bond UCI 8,028 9,226 8,910 7,798 8,111 10,422 9,414 12,942 15,481 14,225 13,959 14,225 14,892 14,335Share UCI 19,065 24,350 28,559 26,769 12,467 20,030 20,559 14,595 22,096 26,663 25,574 26,663 26,953 30,958Index UCI 35,373 38,974 40,914 39,448 35,208 30,316 26,070 22,189 17,498 14,670 15,328 14,670 14,373 14,508Real estate UCI 412 678 886 440 221 247 0 0 0 0 0 0 0 0Mixed UCI 12,860 13,186 12,824 11,791 7,312 8,316 7,106 16,519 17,053 31,655 26,020 31,655 34,117 37,669Pension-saving funds 2 8,705 10,316 11,477 11,791 8,997 11,187 11,979 11,269 12,651 14,334 13,631 14,334 14,797 15,170Funds of funds 3 8,936 12,139 17,381 16,285 10,625 12,423 17,227 0 0 0 0 0 0 0

Debts 3,785 1,670 2,374 1,855 1,538 1,402 2,155 2,743 2,155 2,244 2,999Total 93,080 108,040 120,749 116,710 83,041 93,309 94,245 79,052 86,181 103,702 97,256 103,702 107,377 115,639

Sources: FSMA, NBB Calculations: NBB

1 Net inventory value2 Pension-saving funds authorised under the Royal Decree of 22 December 1986.3 Funds of funds reclassified into other categories of UCI from the third quarter 2011 according to the ”Manual on investment fund statistics” (ECB - May 2009) to allow comparison with data published by the ECB.

202

14.1.3 FINANCIAL TRANSACTIONS OF NON-MONETARY COLLECTIVE INVESTMENT UNDERTAKINGS GOVERNED BY BELGIAN LAW

(millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012

year III IV I II

Formation of financial assetsCurrency and deposits 1,994 1,860 -654 -6,995 -2,990 -3,331 -4,122 -2,134 -1,853 -1,202 -74 9 23 -439Securities other than shares 4,916 -2,077 4,682 8,291 -3,182 -632 -654 -3,413 -4,331 355 86 398 183 -305

Short-term -604 466 -125 658 -336 676 -678 358 -647 95 30 -60 -153 67Long-term 5,332 -1,589 3,256 6,793 -856 -670 355 -3,580 -2,980 814 71 568 435 -266Financial derivatives 190 -954 1,552 840 -1,990 -638 -331 -193 -704 -553 -15 -109 -98 -106

Shares and other equity -2,465 415 -1,221 -4,249 -798 4,017 -1,694 -5,185 3,883 1,212 2,635 -484 -396 3,738Quoted shares -2,459 398 -1,231 -4,248 -873 3,974 -1,609 -5,186 3,872 1,201 2,629 -491 -396 3,737Non-quoted shares and other equity -6 17 9 -1 75 44 -85 0 11 11 6 7 0 1

Shares of collective investment undertakings -5 5,856 5,057 -140 -5,350 1,295 2,405 -332 1,076 9,982 3,381 4,174 1,963 2,282Other instruments (net) 1,799 440 72 1,246 -1,662 -1,084 -235 -612 -436 414 -640 -559 -1 1,042

Total 6,240 6,493 7,935 -1,851 -13,982 262 -4,337 -12,001 -1,658 10,755 5,388 3,539 1,772 6,318New financial liabilities

Net subscriptions of shares issued by:Bond UCI 677 972 -241 -677 -485 1,141 -1,239 -1,218 594 1,239 330 425 681 -530Share UCI -1,448 1,791 1,025 -691 -2,919 3,357 -1,490 -4,330 3,882 770 2,511 -217 -80 3,161Index UCI 6,246 1,637 2,283 -365 -2,934 -6,580 -4,904 -3,879 -6,136 -3,359 -440 -777 -368 -145Real estate UCI 24 175 9 -265 -55 22 0 0 0 0 0 0 0 0Mixed UCI -190 -1,294 -753 -253 -1,811 -476 427 -3,966 -351 10,656 3,093 4,625 1,537 2,665Pension-saving funds 1 -134 66 36 94 242 484 169 84 -92 26 0 59 -13 26Funds of funds 2 171 2,433 4,769 -727 -3,865 620 1,616 996 0 0 0 0 0 1Total 5,345 5,781 7,128 -2,883 -11,825 -1,432 -5,423 -12,313 -2,103 9,334 5,495 4,115 1,757 5,178

Change in debts 0 0 0 1,420 -2,115 704 -540 -317 -137 753 -224 -589 89 755Reinvested earnings and statistical adjustments 894 712 809 -384 -41 992 1,624 628 580 669 118 12 -74 385

Total 6,240 6,493 7,935 -1,851 -13,982 262 -4,337 -12,001 -1,658 10,755 5,388 3,539 1,772 6,318

Source: FSMA, NBB Calculations: NBB

1 Pension-saving funds authorised under the Royal Decree of 22 December 1986.2 Funds of funds reclassified into other categories of UCI from the third quarter 2011 according to the ”Manual on investment fund statistics” (ECB - May 2009) to allow comparison with data published by the ECB.

203

14.2 MANAGEMENT COMPANIES OF UCI14.2.1 BALANCE SHEET OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011)

(millions of euros)

2012 2013 2012 2013 20142012 2013


ASSETSCash and cash balances with central banks and postal chequeoffices 0 0 0 0 0 0 0 0 0 0 0Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 222 802 409 219 222 300 431 525 802 506 526

Repayable on demand 152 682 209 119 152 280 341 275 682 218 243Other claims (at fixed term or at notice) 70 120 200 100 70 20 90 250 120 288 283

Claims on clients 89 91 109 177 89 97 114 107 91 95 95Bonds and other fixed-income securities 14 8 13 14 14 20 7 7 8 0 0

Issued by public bodies 0 0 0 0 0 0 0 0 0 0 0Issued by other issuers 14 8 13 14 14 20 7 7 8 0 0

Shares, interests in companies and other variable-income securi-ties 66 64 130 65 66 60 70 58 64 60 56Financial fixed assets 27 27 27 27 27 27 27 27 27 27 27

Participations in affiliated enterprises 26 26 26 26 26 26 26 26 26 26 26Participations in other enterprises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0Other shares and equity constituting financial fixed assets 0 0 0 0 0 0 0 0 0 0 0Subordinated claims on affiliated enterprises and other enter-prises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0

Formation expenses and intangible fixed assets 18 59 19 19 18 19 20 20 59 59 57Tangible fixed assets 12 11 10 9 12 13 12 12 11 12 11Own shares 0 0 0 0 0 0 0 0 0 0 0Other assets 196 79 12 122 196 143 97 183 79 69 87Differed charges and accrued income 23 24 26 24 23 27 27 28 24 32 35

TOTAL ASSETS 667 1,165 754 676 667 707 804 967 1,165 860 895

204

14.2.1 BALANCE SHEET OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20142013201220132012

IIIIVIIIIIIIVIIIII

20132012

LIABILITIESTHIRD-PARTY FUNDS 273 322 276 299 273 422 302 303 322 385 302

Amounts payable to credit institutions 44 18 1 0 44 44 39 57 18 36 18Repayable on demand 1 1 1 0 1 1 0 1 1 3 1Debts resulting from mobilisation by rediscounting of commer-cial bills 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 44 17 0 0 44 43 39 57 17 33 17

Amounts payable to customers 41 59 97 121 41 73 70 52 59 55 56Savings deposits 0 0 0 0 0 0 0 0 0 0 0Other debts 41 59 97 121 41 73 70 52 59 55 56

Repayable on demand 5 8 7 4 5 6 8 6 8 3 4At fixed term or at notice 37 51 91 118 37 67 62 46 51 52 52Resulting from mobilisation by rediscounting of commercialbills 0 0 0 0 0 0 0 0 0 0 0

Debts represented by a security 0 0 0 0 0 0 0 0 0 0 0Notes and bonds in circulation 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0

Other liabilities 151 198 137 136 151 265 150 152 198 246 175Differed charges and accrued income 17 22 19 19 17 21 22 22 22 27 32Provisions and deferred tax liabilities 3 9 5 6 3 3 4 3 9 4 4

Provisions for risks and charges 3 9 5 6 3 3 4 3 9 4 4Pensions and similar obligations 2 0 0 1 2 1 1 0 0 0 0Tax liabilities 0 1 0 0 0 0 0 0 1 1 1Other risks and charges 2 7 5 5 2 2 3 2 7 3 3

Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 17 17 17 17 17 17 17 17 17 17 17

EQUITY 394 843 478 378 394 285 502 664 843 475 593Capital 98 148 138 138 98 98 98 148 148 148 148

Paid-in capital 99 149 139 139 99 99 99 149 149 149 149Uncalled capital -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1

Share premium account 85 85 85 85 85 85 85 85 85 85 85Revaluation gains 0 0 0 0 0 0 0 0 0 0 0Reserves 31 32 31 31 31 62 32 32 32 32 32

Legal reserves 7 8 7 7 7 8 8 8 8 8 8Unavailable reserves 0 0 0 0 0 0 0 0 0 0 0

For own shares 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0

Tax-exempt reserves 5 5 5 5 5 24 5 5 5 5 5Available reserves 19 19 19 19 19 30 19 19 19 19 19

Profit carried forward (+) or loss carried forward (-) 41 41 39 39 41 17 47 49 41 183 183Income (+) or loss (-) at the end of the period 139 536 185 84 139 22 239 349 536 26 144

TOTAL LIABILITIES 667 1,165 754 676 667 707 804 967 1,165 860 895

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of management companies of UCI occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the RoyalDecree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the management companies of UCI can be consulted on the website: www.nbb.be/belgostat.

205

14.2.2 PROFIT AND LOSS ACCOUNT OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011)

(millions of euros)

2012 2013 2012 2013 20142012 2013


PROFIT AND LOSS ACCOUNTInterest received and similar proceeds 2 1 1 2 2 0 0 1 1 0 1

Of which: from fixed-income securities 1 0 1 1 1 0 0 0 0 0 0Interest payable and similar charges 1 1 1 1 1 0 0 1 1 0 1Income from variable-income securities 202 445 143 179 202 0 192 279 445 0 93

From shares, interests in companies and other variable-income securities 1 1 0 0 1 0 0 0 1 0 1From participations in affiliated enterprises 201 444 143 179 201 0 192 279 444 0 92From participations in other enterprises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constituting financial fixed assets 0 0 0 0 0 0 0 0 0 0 0

Commissions received 810 962 400 602 810 224 474 706 962 258 527Brokerage and similar commissions 0 19 0 0 0 3 11 15 19 3 7Remuneration of management, advice and custody services 792 912 391 590 792 218 445 667 912 248 504Other commissions received 18 31 9 11 18 3 18 24 31 7 16

Commissions paid 522 644 251 385 522 149 317 473 644 169 348Profit (loss) from financial operations (+)(-) 0 -1 0 0 0 0 0 -1 -1 0 0

From the exchange and trading of securities and other financial instruments 0 0 0 0 0 0 0 0 0 0 0From the realisation of investment securities 0 0 0 0 0 0 0 -1 0 0 0

General and administrative expenses 241 253 126 181 241 64 125 183 253 67 135Remunerations, social charges and pensions 110 113 55 81 110 28 56 83 113 30 61Other administrative expenses 131 140 70 100 131 35 69 100 140 36 74

Depreciation and write-downs on formation expenses, on intangible and tangible fixed assets 13 13 6 9 13 3 6 9 13 4 9Write-downs on claims and provisions for the items ”I. Possible liabilities” and ”II. Commitments liable tocreating a credit risk” off-balance sheet : appropriations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Write-downs on the portfolio of investment in bonds, shares and other fixed- or variable-income securi-ties : appropriations (withdrawals) (+)(-) -4 -2 -1 -4 -4 0 -1 -2 -2 0 0Provisions for risks and other charges than those aimed at by the items ”I. Possible liabilities” and ”II.Commitments liable to creating a credit risk” off-balance sheet : uses (drawings) (+)(-) -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 0Provisions for risks and other charges than those aimed at by the items ”I. Possible liabilities” and ”II.Commitments liable to creating a credit risk” off-balance sheet 0 2 0 0 0 0 0 0 2 0 0Levy on the (appropriation to) the fund for general banking risks (+)(-) 0 0 0 0 0 0 0 0 0 0 0Other operating income 97 98 49 71 97 25 51 74 98 23 49Other operating expenses 10 9 4 6 10 2 6 8 9 2 4Profit on ordinary activities (loss on ordinary activities) before taxes (+)(-) 330 587 206 276 330 33 264 388 587 40 173Extraordinary proceeds 18 1 2 2 18 0 0 0 1 0 0

Release of depreciation and write-downs on intangible and tangible fixed assets 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 2 0 2 2 2 0 0 0 0 0 0Drawings from provisions for risks and exceptional charges 3 0 0 0 3 0 0 0 0 0 0Gains on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0Other extraordinary proceeds 13 0 0 0 13 0 0 0 0 0 0

206

14.2.2 PROFIT AND LOSS ACCOUNT OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20142013201220132012

IIIIVIIIIIIIVIIIII

20132012

Extraordinary charges 3 0 3 3 3 0 0 0 0 0 0Extraordinary deprecation and write-downs on formation expenses, on intangible and tangible fixedassets 0 0 0 0 0 0 0 0 0 0 0Value reduction on financial fixed assets 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropriations (uses) (+)(-) 1 0 0 1 1 0 0 0 0 0 0Losses on the realisation of fixed assets 3 0 3 3 3 0 0 0 0 0 0Other extraordinary charges 0 0 0 0 0 0 0 0 0 0 0

Income (+) or loss (-) before taxes 345 587 206 275 345 33 264 388 587 40 173Transfer to deferred taxes 0 0 0 0 0 0 0 0 0 0 0Drawings from deferred taxes 0 0 0 0 0 0 0 0 0 0 0Taxes on the profit or loss (+)(-) 41 51 22 31 41 10 25 39 51 14 30

Taxes 41 53 22 31 41 10 25 39 53 14 29Regularisations of tax and drawings from provisions for taxation 0 -1 0 0 0 0 0 0 -1 0 1

Income (+) or loss (-) at the end of the period 304 536 185 244 304 22 239 349 536 26 144Transfer to (drawings from the) tax-exempt reserves (+)(-) 0 0 0 0 0 0 0 0 0 0 0Profit (loss) on the year for appropriation (+)(-) 304 536 185 244 304 22 239 349 536 26 144

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of management companies of UCI occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the RoyalDecree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the management companies of UCI can be consulted on the website: www.nbb.be/belgostat.

14.2.3 MOVEMENT IN ASSETS MANAGED BY MANAGEMENT COMPANIES OF UCI (AS FROM JUNE 2012)

(millions of euros)

2012 2013 2012 2013 20142012 2013


Assets under management 168,729 174,697 166,807 169,791 168,729 159,899 159,601 166,167 174,697 185,374 192,101

Source: FSMA

14.2.4 DISTRIBUTION OF MANAGEMENT COMPANIES OF UCI (AS FROM JUNE 2012)

(units)

2012 2013 2012 2013 20142012 2013


Management companies of UCI under Belgian law 7 7 7 7 7 7 7 7 7 7 7

Belgian-registered branches of management companies of UCI governed by the law of another MemberState of the EEA 5 6 5 6 5 5 5 5 6 7 7

Belgian-registered branches of management companies of UCI governed by the law of a non-MemberState of the EEA 0 0 0 0 0 0 0 0 0 0 0

Total management companies of UCI registered in Belgium 12 13 12 13 12 12 12 12 13 14 14

Source: FSMA

207

14.3 INVESTMENT FIRMS14.3.1 DISTRIBUTION OF INVESTMENT FIRMS

(units)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

year III IV I II

Stockbroking firms 46 43 40 37 36 31 27 26 23 23 23 22 21 20p 20 20p 20 20

Portfolio management and investment advicecompanies 31 34 33 30 30 23 22 23 26 24 24 20 21 19 20 19 18 19

Brokerage firms in financial instruments 4 4 3 2 1 1 1 0 0 0 0 0 0 0 0 0 0 0

Companies placing orders in financial instru-ments 3 4 3 2 3 2 3 0 0 0 0 0 0 0 0 0 0 0

Total investment firms under Belgian law 84 85 79 71 70 57 53 49 49 47 47 42 42 39 40 39 38 39

Belgian-registered branches of investmentfirms governed by the law of another Mem-ber State of the EEA 9 11 9 11 15 14 17 17 n. 18 24 24 23 24 25 24 23 23

Belgian-registered branches of investmentfirms governed by the law of a non-MemberState of the EEA 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total investment firms registered in Bel-gium 94 96 88 82 85 71 70 66 n. 65 71 66 65 63 65 63 61 62

Source: FSMA NBB

N.B.: The statuses of brokerage firm in financial instruments and company placing orders in financial instruments (two categories of investment firms) have been abolished as from 1 November 2007. On the same date, the status of asset management company has been renamed intoportfolio management and investment advice company.

208

14.3.2 BALANCE SHEET OF STOCKBROKING FIRMS (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2013 2012 2013 20142011 2012 2013


ASSETSCash and cash balances with central banks and postal chequeoffices 8 57 96 13 11 57 46 71 71 96 78 34Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 1,446 1,784 1,813 2,871 1,729 1,784 2,478 2,216 2,201 1,813 2,270 2,546

Repayable on demand 531 967 802 1,954 830 967 1,545 1,152 1,110 802 1,250 1,365Other claims (at fixed term or at notice) 915 816 1,012 917 899 816 933 1,064 1,091 1,012 1,020 1,181

Claims on clients 252 84 65 909 185 84 221 253 112 65 409 309Bonds and other fixed-income securities 72 18 17 19 19 18 23 17 17 17 14 16

Issued by public bodies 63 13 13 13 13 13 13 13 13 13 10 10Issued by other issuers 8 5 4 6 6 5 10 4 4 4 4 5

Shares, interests in companies and other variable-incomesecurities 22 32 20 47 56 32 16 13 15 20 25 32Financial fixed assets 65 62 111 63 63 62 61 61 111 111 111 111

Participations in affiliated enterprises 60 58 107 58 58 58 57 57 107 107 107 107Participations in other enterprises linked by a participatinginterest 0 0 0 0 0 0 0 0 0 0 0 0Other shares and equity constituting financial fixed assets 4 4 4 4 4 4 4 4 4 4 4 4Subordinated claims on affiliated enterprises and other enter-prises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0 0

Formation expenses and intangible fixed assets 6 4 3 5 5 4 4 2 2 3 3 5Tangible fixed assets 14 11 11 12 12 11 11 11 10 11 11 11Own shares 0 0 0 0 0 0 0 0 0 0 0 0Other assets 140 169 175 222 345 169 257 317 315 175 302 235Differed charges and accrued income 22 19 15 20 20 19 21 24 21 15 36 41

TOTAL ASSETS 2,045 2,240 2,326 4,182 2,446 2,240 3,139 2,987 2,875 2,326 3,259 3,340LIABILITIES

THIRD-PARTY FUNDS 1,630 1,857 1,903 3,800 2,067 1,857 2,748 2,615 2,495 1,903 2,825 2,922Amounts payable to credit institutions 136 157 205 185 171 157 412 288 206 205 409 401

Repayable on demand 135 156 204 181 169 156 410 261 205 204 407 400Debts resulting from mobilisation by rediscounting of com-mercial bills 0 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 1 2 1 3 2 2 3 27 2 1 2 1

Amounts payable to customers 1,199 1,473 1,473 3,289 1,481 1,473 2,021 1,962 1,894 1,473 2,052 2,166Savings deposits 2 0 0 0 2 0 0 0 0 0 0 2Other debts 1,198 1,473 1,473 3,289 1,479 1,473 2,021 1,962 1,894 1,473 2,052 2,164

Repayable on demand 1,124 1,456 1,411 3,243 1,449 1,456 1,925 1,899 1,830 1,411 1,987 2,101At fixed term or at notice 74 17 62 46 30 17 96 62 64 62 65 62Resulting from mobilisation by rediscounting of commer-cial bills 0 0 0 0 0 0 0 0 0 0 0 0

Debts represented by a security 0 0 1 0 0 0 0 1 1 1 1 1Notes and bonds in circulation 0 0 1 0 0 0 0 1 1 1 1 1Other items 0 0 0 0 0 0 0 0 0 0 0 0

Other liabilities 239 194 189 275 362 194 283 328 351 189 320 304Differed charges and accrued income 19 6 6 12 9 6 9 10 14 6 28 35Provisions and deferred tax liabilities 35 25 28 37 41 25 22 25 28 28 15 15

Provisions for risks and charges 35 25 28 37 41 25 22 25 28 28 15 15Pensions and similar obligations 8 15 14 17 20 15 12 13 17 14 1 1Tax liabilities 0 0 0 0 1 0 0 1 1 0 1 1Other risks and charges 27 10 13 20 20 10 9 11 10 13 13 13

209

14.3.2 BALANCE SHEET OF STOCKBROKING FIRMS (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

201420132012201320122011

IIIIVIIIIIIIVIIIII

201320122011

Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0 0Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 2 2 1 3 3 2 2 1 1 1 1 1

EQUITY 415 383 423 382 379 383 390 372 380 423 434 419Capital 113 118 103 119 118 118 118 100 101 103 106 106

Paid-in capital 113 123 103 124 123 123 123 100 101 103 106 106Uncalled capital 0 -5 0 -5 -5 -5 -5 0 0 0 0 0

Share premium account 71 71 70 71 71 71 71 70 70 70 70 70Revaluation gains 0 0 0 0 0 0 0 0 0 0 0 0Reserves 114 115 115 114 113 113 110 110 83

Legal reserves 7 7 6 7 7 7 7 6 6 6 6 6Unavailable reserves 0 0 0 0 0 0 0 0 0 0 0 0

For own shares 0 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0 0

Tax-exempt reserves 0 0 0 0 0 0 0 0 0 0 0 1Available reserves 107 108 104 107 107 108 107 106 106 104 104 76

Profit carried forward (+) or loss carried forward (-) 80 67 72 70 69 67 80 71 72 72 138 136Income (+) or loss (-) at the end of the period 37 12 67 8 6 12 7 18 23 67 8 23

TOTAL LIABILITIES 2,045 2,240 2,326 4,182 2,446 2,240 3,139 2,987 2,875 2,326 3,259 3,340

Source: NBB

N.B.: Since 1 January 2011, the collection of the financial data of stockbroking firms occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the Royal Decreeof 23 September 1992 on the annual accounts of the credit institutions. The previous data on the stockbroking firms can be consulted on the website: www.nbb.be/belgostat.

210

14.3.3 PROFIT AND LOSS ACCOUNT OF STOCKBROKING FIRMS (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2013 2012 2013 20142011 2012 2013


PROFIT AND LOSS ACCOUNTInterest received and similar proceeds 27 19 14 10 14 19 4 7 10 14 3 6

Of which: from fixed-income securities 2 1 1 0 1 1 0 0 0 1 0 0Interest payable and similar charges 11 8 6 4 6 8 2 3 5 6 1 2Income from variable-income securities 44 16 11 15 16 16 0 11 11 11 0 13

From shares, interests in companies and other variable-in-come securities 0 0 0 0 0 0 0 0 0 0 0 0From participations in affiliated enterprises 43 16 11 15 16 16 0 11 11 11 0 12From participations in other enterprises linked by a participat-ing interest 0 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constitutingfinancial fixed assets 0 0 0 0 0 0 0 0 0 0 0 0

Commissions received 253 218 229 108 158 218 65 120 177 229 53 103Brokerage and similar commissions 118 93 104 44 66 93 33 56 80 104 28 52Remuneration of management, advice and custody services 103 97 98 49 72 97 26 53 79 98 19 37Other commissions received 33 27 26 14 20 27 5 11 18 26 6 14

Commissions paid 62 42 39 21 31 42 10 21 31 39 8 15Profit (loss) from financial operations (+)(-) 10 12 14 5 9 12 3 6 10 14 5 8

From the exchange and trading of securities and other finan-cial instruments 10 12 14 5 8 12 3 6 9 14 5 8From the realisation of investment securities 0 0 0 0 0 0 0 0 0 0 0 0

General and administrative expenses 192 200 191 102 151 200 51 99 149 191 45 92Remunerations, social charges and pensions 99 102 98 52 77 102 28 52 78 98 23 46Other administrative expenses 92 98 92 50 74 98 24 47 71 92 22 46

Depreciation and write-downs on formation expenses, on in-tangible and tangible fixed assets 8 6 4 3 4 6 1 2 3 4 1 2Write-downs on claims and provisions for the items ”I. Possibleliabilities” and ”II. Commitments liable to creating a credit risk”off-balance sheet : appropriations (withdrawals) (+)(-) 0 0 2 0 0 0 1 1 1 2 0 0Write-downs on the portfolio of investment in bonds, sharesand other fixed- or variable-income securities : appropriations(withdrawals) (+)(-) 2 0 0 0 1 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at bythe items ”I. Possible liabilities” and ”II. Commitments liable tocreating a credit risk” off-balance sheet : uses (drawings) (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at bythe items ”I. Possible liabilities” and ”II. Commitments liable tocreating a credit risk” off-balance sheet -4 1 0 0 0 1 0 -1 -1 0 0 0Levy on the (appropriation to) the fund for general bankingrisks (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Other operating income 4 6 8 3 5 6 1 5 6 8 5 10Other operating expenses 3 4 3 2 4 4 1 4 4 3 3 4Profit on ordinary activities (loss on ordinary activities) beforetaxes (+)(-) 65 9 31 9 7 9 6 19 22 31 9 25Extraordinary proceeds 5 5 46 2 2 5 1 3 6 46 0 1

Release of depreciation and write-downs on intangible andtangible fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 2 0 0 0 0 0 0 0 0 0 0 0Drawings from provisions for risks and exceptional charges 0 0 0 0 0 0 0 0 0 0 0 0Gains on the realisation of fixed assets 2 0 0 0 0 0 0 0 0 0 0 0Other extraordinary proceeds 1 5 46 2 2 5 0 3 6 46 0 1

Extraordinary charges 24 2 4 1 2 2 -1 2 2 4 0 0

211

14.3.3 PROFIT AND LOSS ACCOUNT OF STOCKBROKING FIRMS (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

201420132012201320122011

IIIIVIIIIIIIVIIIII

201320122011

Extraordinary deprecation and write-downs on formationexpenses, on intangible and tangible fixed assets 1 0 0 0 0 0 0 0 0 0 0 0Value reduction on financial fixed assets -31 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropri-ations (uses) (+)(-) 12 -1 3 -1 0 -1 -1 1 1 3 0 0Losses on the realisation of fixed assets 41 0 0 0 0 0 0 0 0 0 0 0Other extraordinary charges 1 2 1 2 1 2 0 0 0 1 0 0

Income (+) or loss (-) before taxes 45 12 73 9 7 12 8 20 27 73 9 26Transfer to deferred taxes 0 0 0 0 0 0 0 0 0 0 0 0Drawings from deferred taxes 0 0 0 0 0 0 0 0 0 0 0 0Taxes on the profit or loss (+)(-) 3 1 3 1 1 1 0 1 2 3 0 1

Taxes 3 1 3 1 1 1 0 1 2 3 0 1Regularisations of tax and drawings from provisions for taxa-tion 0 0 0 0 0 0 0 0 0 0 0 0

Income (+) or loss (-) at the end of the period 42 11 70 8 6 11 7 19 25 70 9 25Transfer to (drawings from the) tax-exempt reserves (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Profit (loss) on the year for appropriation (+)(-) 42 11 70 8 6 11 7 19 25 70 9 24

Source: NBB

N.B.: Since 1 January 2011, the collection of the financial data of stockbroking firms occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the Royal Decreeof 23 September 1992 on the annual accounts of the credit institutions. The previous data on the stockbroking firms can be consulted on the website: www.nbb.be/belgostat.

212

14.3.4 BALANCE OF FINANCIAL INSTRUMENTS OF STOCKBROKING FIRMS (AS FROM EARLY 2008)

(millions of euros)

2008 2009 2010 2011 2012 2013 2012 2013 20142008 2009 2010 2011 2012 2013


ASSETSFinancial Instruments to be Received for the Ac-count of Clients or Counterparties 388 170 187 342 197 346 315 361 197 621 449 420 346 508 336

Transactions in Progress 232 140 124 239 157 130 262 321 157 249 294 242 130 254 230Securities Financing Contracts 4 0 2 3 1 0 6 8 1 1 0 0 0 0 0Adjustments 153 30 61 100 39 216 48 32 39 371 155 178 216 254 107

Client-Owned Financial Instruments in Safekeeping 54,772 69,594 78,769 69,737 80,119 93,266 73,000 77,558 80,119 85,670 85,862 91,493 93,266 96,256 95,845With Settlements Institutions within the Group 76 125 952 1 4,068 5,871 1 1 4,068 4,259 5,838 5,712 5,871 4,886 1,732With Settlements Institutions outside the Group 948 42,173 47,905 37,208 42,639 49,742 39,803 43,931 42,639 45,978 44,573 49,918 49,742 52,991 54,240With Third-Party Depositaries 53,392 16,354 19,489 19,426 21,062 22,134 20,519 21,200 21,062 22,772 21,725 21,714 22,134 22,758 22,699With Safe Custody (Third-Party Depositaries) 48 10,753 10,217 12,879 12,140 15,446 12,224 12,212 12,140 12,394 13,484 14,044 15,446 15,564 17,118With Safe Custody (Institution’s Own Assets) 125 16 14 61 39 22 39 39 39 34 31 35 22 10 10With Reporting Institution 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0With Clients’ Debit Balances 182 173 191 162 171 60 420 184 171 234 212 71 60 53 46(Valuation Differences) 0 0 0 0 0 -8 -7 -9 0 0 0 0 -8 -6 -1

Client-Owned Financial Instruments Provided asCollateral 64 69 64 50 17 8 54 31 17 67 10 11 8 9 9

TOTAL 55,224 69,833 79,020 70,129 80,333 93,620 73,370 77,951 80,333 86,358 86,321 91,924 93,620 96,773 96,190LIABILITIES

Financial Instruments to be Delivered to Clients orCounterparties 321 223 210 275 268 335 331 315 268 522 416 321 335 430 397

Transactions in Progress 160 122 120 137 142 126 245 272 142 205 261 218 126 246 284Securities Financing Contracts 56 59 55 28 10 13 33 11 10 10 5 6 13 14 12Adjustments 105 42 35 110 117 195 53 32 117 308 150 97 195 170 101

Client-Owned Financial Instruments 54,783 69,480 78,633 69,637 79,954 93,177 72,898 77,468 79,954 85,645 85,782 91,480 93,177 96,233 95,643Retail Clients 11,877 14,847 17,983 13,850 15,442 15,890 14,121 14,761 15,442 16,073 14,514 14,861 15,890 16,403 16,746

Under Portfolio Management 4,544 5,313 6,096 5,797 6,643 6,827 6,198 6,466 6,643 6,892 6,244 6,482 6,827 6,832 6,999Not under Portfolio Management 7,332 9,535 11,887 8,053 8,799 9,062 7,923 8,295 8,799 9,182 8,270 8,379 9,062 9,571 9,747

Professional Clients 42,751 54,434 60,486 55,642 64,340 77,256 58,519 62,556 64,340 69,360 71,063 76,570 77,256 79,783 78,840Under Portfolio Management 1,367 1,386 1,346 1,393 1,179 880 1,166 1,269 1,179 1,223 1,121 1,160 880 873 899Not under Portfolio Management 41,385 53,047 59,140 54,249 63,161 76,376 57,353 61,287 63,161 68,137 69,942 75,410 76,376 78,910 77,940

Credit Balances at Depositaries 155 199 163 145 172 31 257 152 172 212 205 49 31 47 57(Valuation Differences) 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0

Client-Owned Financial Instruments Received asCollateral 120 130 177 217 111 109 140 167 111 191 123 123 109 110 151

TOTAL 55,224 69,833 79,020 70,129 80,333 93,620 73,370 77,951 80,333 86,358 86,321 91,924 93,620 96,773 96,190

Source: NBB

14.3.5 MOVEMENT IN ASSETS MANAGED BY STOCKBROKING FIRMS (AS FROM JUNE 2012)

(millions of euros)

2012 2013 20142012

year III IV I II

Assets under management 10,324 7,636 10,584 7,636 3,001 3,135

Source: NBB

213

14.3.6 BALANCE SHEET OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2013 2012 2013 20142011 2012 2013


ASSETSCash and cash balances with central banks and postal cheque offices 1 0 0 0 1 0 0 0 0 0 0 0Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 35 46 26 35 41 46 32 26 27 26 27 28

Repayable on demand 26 43 22 31 39 43 30 22 24 22 22 23Other claims (at fixed term or at notice) 8 3 5 4 1 3 2 4 3 5 5 6

Claims on clients 10 13 14 10 10 13 10 11 14 14 12 12Bonds and other fixed-income securities 5 4 3 5 6 4 3 3 3 3 3 3

Issued by public bodies 1 1 0 1 1 1 0 0 0 0 0 0Issued by other issuers 4 3 3 4 5 3 3 3 3 3 3 3

Shares, interests in companies and other variable-income securities 2 1 1 2 2 1 1 1 1 1 1 2Financial fixed assets 0 0 1 0 0 0 0 1 1 1 1 1

Participations in affiliated enterprises 0 0 1 0 0 0 0 0 1 1 1 1Participations in other enterprises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0 0Other shares and equity constituting financial fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Subordinated claims on affiliated enterprises and other enterprises linked by aparticipating interest 0 0 0 0 0 0 0 0 0 0 0 0

Formation expenses and intangible fixed assets 1 1 2 1 1 1 1 2 2 2 2 2Tangible fixed assets 2 5 7 5 5 5 5 5 5 7 7 7Own shares 0 0 0 0 0 0 0 0 0 0 1 0Other assets 1 1 2 1 2 1 1 1 1 2 1 2Differed charges and accrued income 1 1 1 1 1 1 1 1 1 1 1 1

TOTAL ASSETS 57 71 56 60 68 71 55 50 55 56 55 58LIABILITIES

THIRD-PARTY FUNDS 13 16 16 12 15 16 18 15 15 16 15 16Amounts payable to credit institutions 0 1 1 0 1 1 0 0 1 1 0 0

Repayable on demand 0 0 0 0 0 0 0 0 0 0 0 0Debts resulting from mobilisation by rediscounting of commercial bills 0 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 0 1 1 0 1 1 0 0 1 1 0 0

Amounts payable to customers 0 0 0 0 0 0 0 0 0 0 0 0Savings deposits 0 0 0 0 0 0 0 0 0 0 0 0Other debts 0 0 0 0 0 0 0 0 0 0 0 0

Repayable on demand 0 0 0 0 0 0 0 0 0 0 0 0At fixed term or at notice 0 0 0 0 0 0 0 0 0 0 0 0Resulting from mobilisation by rediscounting of commercial bills 0 0 0 0 0 0 0 0 0 0 0 0

Debts represented by a security 0 0 0 0 0 0 0 0 0 0 0 0Notes and bonds in circulation 0 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0 0

Other liabilities 10 10 12 7 8 10 13 10 10 12 12 12Differed charges and accrued income 2 2 1 2 4 2 3 3 2 1 1 1Provisions and deferred tax liabilities 1 2 2 2 2 2 2 2 2 2 2 2

Provisions for risks and charges 1 2 2 2 2 2 2 1 2 2 1 1Pensions and similar obligations 0 0 0 0 0 0 0 0 0 0 0 0Tax liabilities 1 1 1 1 1 1 1 1 1 1 0 0Other risks and charges 1 1 1 1 1 1 1 1 1 1 1 1

Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0 0Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 0 0 1 0 0 0 0 0 0 1 1 1

EQUITY 44 55 40 48 53 55 37 35 40 40 39 42

214

14.3.6 BALANCE SHEET OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

201420132012201320122011

IIIIVIIIIIIIVIIIII

201320122011

Capital 16 24 32 21 24 24 24 27 30 32 31 37Paid-in capital 17 27 37 26 26 27 27 27 38 37 36 37Uncalled capital -1 -3 -5 -5 -3 -3 -3 0 -8 -5 -5 -1

Share premium account 0 0 0 0 0 0 0 0 0 0 0 0Revaluation gains 0 0 0 0 0 0 0 0 0 0 0 0Reserves 4 6 7 6 6 6 8 6 7 7 10 9

Legal reserves 1 1 1 1 1 1 1 1 1 1 1 1Unavailable reserves 0 0 0 0 0 0 0 0 0 0 0 0

For own shares 0 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0 0

Tax-exempt reserves 0 0 0 0 0 0 0 0 0 0 1 1Available reserves 3 5 5 5 5 5 6 5 6 5 8 7

Profit carried forward (+) or loss carried forward (-) 14 18 -4 18 18 18 3 -1 -2 -4 -3 -6Income (+) or loss (-) at the end of the period 10 8 6 3 5 8 2 3 4 6 1 3

TOTAL LIABILITIES 57 71 56 60 68 71 55 50 55 56 55 58

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of portfolio management and investment advice companies occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companiesof UCI of the Royal Decree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the portfolio management and investment advice companies can be consulted on the website: www.nbb.be/belgostat.

215

14.3.7 PROFIT AND LOSS ACCOUNT OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2013 2012 2013 20142011 2012 2013


PROFIT AND LOSS ACCOUNTInterest received and similar proceeds 0 1 0 0 0 1 0 0 0 0 0 0

Of which: from fixed-income securities 0 0 0 0 0 0 0 0 0 0 0 0Interest payable and similar charges 0 0 0 0 0 0 0 0 0 0 0 0Income from variable-income securities 0 0 0 0 0 0 0 0 0 0 0 0

From shares, interests in companies and other variable-income securities 0 0 0 0 0 0 0 0 0 0 0 0From participations in affiliated enterprises 0 0 0 0 0 0 0 0 0 0 0 0From participations in other enterprises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constituting financial fixedassets 0 0 0 0 0 0 0 0 0 0 0 0

Commissions received 47 54 54 26 39 54 13 26 39 54 14 29Brokerage and similar commissions 7 6 10 3 4 6 1 5 7 10 3 5Remuneration of management, advice and custody services 23 33 31 16 24 33 8 15 23 31 8 17Other commissions received 16 15 13 7 11 15 4 6 9 13 3 6

Commissions paid 1 1 5 0 1 1 0 3 5 5 2 3Profit (loss) from financial operations (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0

From the exchange and trading of securities and other financial instruments 0 0 0 0 0 0 0 0 0 0 0 0From the realisation of investment securities 0 0 0 0 0 0 0 0 0 0 0 0

General and administrative expenses 29 40 38 19 28 40 10 19 27 38 10 20Remunerations, social charges and pensions 14 17 15 8 13 17 4 8 12 15 4 8Other administrative expenses 15 24 22 10 15 24 7 11 16 22 6 12

Depreciation and write-downs on formation expenses, on intangible and tangi-ble fixed assets 1 1 2 1 1 1 0 1 1 2 0 1Write-downs on claims and provisions for the items ”I. Possible liabilities” and”II. Commitments liable to creating a credit risk” off-balance sheet : appropri-ations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Write-downs on the portfolio of investment in bonds, shares and other fixed- orvariable-income securities : appropriations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at by the items ”I.Possible liabilities” and ”II. Commitments liable to creating a credit risk” off-bal-ance sheet : uses (drawings) (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at by the items ”I.Possible liabilities” and ”II. Commitments liable to creating a credit risk” off-bal-ance sheet 0 0 0 0 0 0 0 0 0 0 0 0Levy on the (appropriation to) the fund for general banking risks (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Other operating income 2 2 2 1 1 2 1 1 2 2 0 1Other operating expenses 3 1 1 2 2 1 0 0 1 1 0 1Profit on ordinary activities (loss on ordinary activities) before taxes (+)(-) 15 13 11 5 9 13 2 5 7 11 2 6Extraordinary proceeds 0 0 0 0 0 0 0 0 0 0 0 0

Release of depreciation and write-downs on intangible and tangible fixedassets 0 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Drawings from provisions for risks and exceptional charges 0 0 0 0 0 0 0 0 0 0 0 0Gains on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Other extraordinary proceeds 0 0 0 0 0 0 0 0 0 0 0 0

Extraordinary charges 0 0 0 0 0 0 0 0 0 0 0 0Extraordinary deprecation and write-downs on formation expenses, on intan-gible and tangible fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Value reduction on financial fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropriations (uses) (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Losses on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0 0Other extraordinary charges 0 0 0 0 0 0 0 0 0 0 0 0

216

14.3.7 PROFIT AND LOSS ACCOUNT OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

201420132012201320122011

IIIIVIIIIIIIVIIIII

201320122011

Income (+) or loss (-) before taxes 15 13 11 6 9 13 2 5 7 11 2 5Transfer to deferred taxes 0 0 0 0 0 0 0 0 0 0 0 0Drawings from deferred taxes 0 0 0 0 0 0 0 0 0 0 0 0Taxes on the profit or loss (+)(-) 5 6 5 3 4 6 1 2 3 5 1 2

Taxes 5 6 5 3 4 6 1 2 3 5 1 2Regularisations of tax and drawings from provisions for taxation 0 0 0 0 0 0 0 0 0 0 0 0

Income (+) or loss (-) at the end of the period 10 8 6 3 5 8 2 3 4 6 1 3Transfer to (drawings from the) tax-exempt reserves (+)(-) 0 0 0 0 0 0 0 0 0 0 0 0Profit (loss) on the year for appropriation (+)(-) 10 7 6 3 5 7 2 3 4 6 1 3

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of portfolio management and investment advice companies occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companiesof UCI of the Royal Decree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the portfolio management and investment advice companies can be consulted on the website: www.nbb.be/belgostat.

14.3.8 MOVEMENT IN ASSETS MANAGED BY PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES

(millions of euros)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2012 2013 20142004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Assets under management 191,714 32,399 46,730 49,080 28,223 49,430 61,681 2,587 3,887 3,407 3,079 3,464 3,887 4,373 3,829 3,325 3,407 3,555 3,782

Source: FSMA

217

14.4 FINANCIAL VEHICLE CORPORATIONS14.4.1 OUTSTANDING AMOUNTS OF ASSETS AND LIABILITIES OF BELGIAN FINANCIAL VEHICLE CORPORATIONS

(millions of euro)

2012 2013 2014


ASSETS 101,135 102,251 100,693 98,512 97,250 98,580 94,267 92,825 89,811Deposits and loan claims 4,252 5,056 4,698 4,197 4,563 4,412 4,901 3,686 3,586Securitised loans 96,249 96,677 95,487 93,848 91,979 90,508 88,625 88,430 85,517

Originated by euro area MFI 95,483 95,946 94,799 93,199 91,474 90,028 88,179 88,007 85,236to euro area households 72,281 74,108 72,889 71,519 70,113 69,043 68,008 67,197 63,402to euro area NFC 15,764 15,627 15,790 15,763 15,648 15,343 14,676 15,397 16,436to other euro area residents 7,438 6,210 6,119 5,917 5,713 5,642 5,495 5,413 5,398to non-euro area residents 0 0 0 0 0 0 0 0 0

Originated by euro area general government 383 365 340 318 300 283 256 241 103Originated by euro area non-monetary financial institutions 337 321 304 290 163 156 149 143 138Originated by euro area non-financial corporations 46 46 44 42 42 42 42 39 39Originated by non-euro area residents 0 0 0 0 0 0 0 0 0

Securities other than shares 68 71 68 66 62 62 57 57 56Other securitised assets 0 0 0 0 234 246 253 255 259Other assets 1 566 447 440 402 413 3,352 430 396 392

LIABILITIES 101,135 102,251 100,693 98,512 97,250 98,580 94,267 92,825 89,811Loans and deposits received 3,452 3,732 3,665 3,578 3,570 3,532 3,028 2,983 2,050Debt securities issued 95,910 96,922 95,272 93,374 91,965 93,417 89,547 88,264 86,133

up to 2 years 264 264 264 264 453 462 468 470 472over 2 years 95,646 96,659 95,008 93,111 91,513 92,956 89,079 87,795 85,660

Other liabilities 2 1,774 1,597 1,756 1,561 1,715 1,630 1,692 1,578 1,628

Source: NBB

N.B.: You can consult the results of the euro area as a whole on the website of the European Central Bank => Statistics => Monetary and financial statistics => Financial vehicle corporations.

1 Shares and other equity, fixed assets, financial derivatives and remaining assets.2 Capital and reserves, financial derivatives and remaining liabilities.

218

14.4.2 FINANCIAL TRANSACTIONS OF ASSETS AND LIABILITIES OF BELGIAN FINANCIAL VEHICLE CORPORATIONS

(millions of euro)

2012 2013 2014


ASSETS 2,741 1,116 -1,558 -2,180 -1,262 1,330 -4,313 -1,442 -3,014Deposits and loan claims 174 803 -357 -501 366 -151 489 -1,215 -100Securitised loans 2,599 429 -1,191 -1,639 -1,869 -1,470 -1,883 -195 -2,913

Originated by euro area MFI 2,637 463 -1,147 -1,600 -1,724 -1,446 -1,849 -172 -2,770to euro area households -636 1,827 -1,219 -1,370 -1,406 -1,070 -1,035 -812 -3,794to euro area NFC 3,116 -137 163 -27 -114 -306 -667 721 1,039to other euro area residents 157 -1,227 -91 -202 -204 -71 -147 -82 -15to non-euro area residents 0 0 0 0 0 0 0 0 0

Originated by euro area general government -21 -18 -25 -22 -18 -17 -27 -15 -137Originated by euro area non-monetary financial institutions -17 -16 -17 -14 -127 -7 -7 -5 -5Originated by euro area non-financial corporations 0 0 -2 -2 0 0 0 -2 0Originated by non-euro area residents 0 0 0 0 0 0 0 0 0

Securities other than shares 1 3 -3 -3 -4 0 -5 0 0Other securitised assets 0 0 0 0 234 12 7 2 3Other assets 1 -34 -120 -7 -37 11 2,939 -2,921 -34 -4

LIABILITIES 2,741 1,116 -1,558 -2,180 -1,262 1,330 -4,313 -1,442 -3,014Loans and deposits received -84 280 -67 -87 -7 -38 -505 -45 -933Debt securities issued 2,895 1,012 -1,649 -1,896 -1,408 1,451 -3,870 -1,283 -2,133

up to 2 years 0 0 0 0 189 9 6 2 3over 2 years 2,895 1,012 -1,649 -1,896 -1,597 1,441 -3,876 -1,285 -2,136

Other liabilities 2 -71 -176 158 -197 153 -83 62 -113 52

Source: NBB

N.B.: You can consult the results of the euro area as a whole on the website of the European Central Bank => Statistics => Monetary and financial statistics => Financial vehicle corporations.

1 Shares and other equity, fixed assets, financial derivatives and remaining assets.2 Capital and reserves, financial derivatives and remaining liabilities.

15. Financial assets held by non-financialcompanies and households

220

15.1 MONETARY AGGREGATES OF THE EURO AREA

(end of period, billions of euro)

Currency in circu-lation

Overnight deposits M1 Deposits withagreed maturity up

to 2 years

Deposits redeem-able at notice up to

3 months

M2 Repurchaseagreements

Money market fundshares / units

Money market pa-per and debt secu-rities up to 2 years

M3 M3 excluding cur-rency in circulation

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

2004 468 2,481 2,949 1,041 1,643 5,632 229 605 102 6,568 6,1002005 533 2,949 3,482 1,139 1,548 6,169 222 616 124 7,131 6,5982006 592 3,167 3,759 1,429 1,556 6,744 248 615 196 7,802 7,2102007 639 3,263 3,901 1,995 1,541 7,437 283 661 312 8,692 8,0532008 723 3,313 4,036 2,502 1,565 8,103 330 726 264 9,423 8,7012009 770 3,786 4,556 1,917 1,802 8,275 327 648 132 9,382 8,6122010 809 3,946 4,754 1,807 1,911 8,471 173 553 123 9,320 8,5112011 858 4,009 4,867 1,845 1,959 8,671 137 520 207 9,535 8,6782012 877 4,292 5,169 1,801 2,076 9,046 116 468 180 9,809 8,9322013 921 4,524 5,445 1,688 2,117 9,250 111 405 87 9,853 8,9322012 II 868 4,091 4,958 1,842 2,010 8,811 133 510 229 9,684 8,816

III 867 4,156 5,023 1,817 2,028 8,868 130 493 211 9,702 8,835IV 877 4,292 5,169 1,801 2,076 9,046 116 468 180 9,809 8,932

2013 I 868 4,303 5,170 1,797 2,114 9,082 122 460 142 9,806 8,938II 886 4,423 5,309 1,733 2,123 9,165 115 436 134 9,850 8,964III 894 4,454 5,348 1,712 2,122 9,181 114 418 134 9,847 8,953IV 921 4,524 5,445 1,688 2,117 9,250 111 405 87 9,853 8,932

2014 I 917 4,545 5,462 1,678 2,135 9,274 117 404 84 9,880 8,963II 935 4,666 5,601 1,652 2,133 9,386 128 392 80 9,987 9,052

2013 Aug. 894 4,431 5,326 1,733 2,127 9,185 126 444 129 9,885 8,991Sep. 894 4,454 5,348 1,712 2,122 9,181 114 418 134 9,847 8,953Oct. 898 4,486 5,384 1,702 2,114 9,201 118 419 122 9,860 8,962Nov. 903 4,529 5,432 1,689 2,116 9,236 117 418 117 9,888 8,985Dec. 921 4,524 5,445 1,688 2,117 9,250 111 405 87 9,853 8,932

2014 Jan. 908 4,511 5,419 1,675 2,130 9,225 122 423 86 9,855 8,947Feb. 910 4,518 5,428 1,677 2,130 9,236 129 422 81 9,867 8,957March 917 4,545 5,462 1,678 2,135 9,274 117 404 84 9,880 8,963April 922 4,578 5,499 1,670 2,133 9,302 122 409 71 9,904 8,982May 929 4,628 5,557 1,672 2,135 9,363 124 405 79 9,972 9,043June 935 4,666 5,601 1,652 2,133 9,386 128 392 80 9,987 9,052July 945 4,667 5,612 1,660 2,131 9,403 133 410 73 10,018 9,074Aug. p 947 4,700 5,647 1,664 2,133 9,444 134 413 76 10,066 9,120

N.B.: Monetary aggregates comprise monetary liabilities of MFIs and central government (Post Office,Treasury) vis-à-vis non-MFI euro area residents excluding central government.From June 2010, the Repurchase agreements, and consequently M3, exclude the Repurchase agreements with Central counterparties (CCPs).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p28.

221

15.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE15.2.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE (FROM JANUARY 2002 ONWARDS)

(end of period, billions of euro)

Overnight deposits Deposits with agreed ma-turity up to 2 years

Deposits redeemable atnotice up to 3 months

Other M3 components M3 (excluding the curren-cy in circulation)

Overnight deposits Deposits with agreed maturity up to 2 years

Deposits redeemable atnotice up to 3 months

Repurchase agreements Money market fund shares/ units

Money market paper anddebt securities up to 2

years

Total

M3 (excluding the currency in circulation)

2004 79.0 63.7 155.6 1.8 1.9 5.5 9.2 307.52005 91.0 66.3 164.5 2.1 2.0 3.7 7.8 329.52006 93.0 81.4 164.8 2.6 2.1 2.0 6.7 345.92007 100.2 108.8 155.7 4.1 3.2 4.8 12.1 376.92008 100.9 108.0 158.9 11.7 4.4 11.1 27.2 395.12009 113.8 53.8 201.2 23.9 1.5 22.2 47.6 416.32010 114.9 43.3 227.0 1.0 1.5 15.1 17.6 402.72011 111.5 44.2 230.4 2.2 3.5 -6.4 -0.7 385.42012 124.5 34.0 256.5 1.3 0.7 13.0 15.0 429.92013 131.8 26.8 270.7 5.5 0.6 -1.6 4.5 433.92012 II 121.1 36.8 242.4 1.2 1.9 15.2 18.3 418.7

III 123.7 40.8 246.9 1.2 0.9 14.6 16.7 428.2IV 124.5 34.0 256.5 1.3 0.7 13.0 15.0 429.9

2013 I 125.5 29.0 264.8 1.1 0.2 0.3 1.6 421.0II 131.8 27.3 268.8 1.2 1.4 -0.3 2.3 430.2III 132.4 27.1 270.2 8.8 0.8 -1.1 8.5 438.3IV 131.8 26.8 270.7 5.5 0.6 -1.6 4.5 433.9

2014 I 136.8 24.2 275.6 4.2 0.5 -0.7 4.0 440.7II 142.9 25.7 277.6 7.3 0.8 -0.9 7.2 453.4

2013 August 128.5 27.9 269.1 9.4 1.4 0.0 10.8 436.2September 132.4 27.1 270.2 8.8 0.8 -1.1 8.5 438.3October 133.8 27.4 270.8 8.3 0.7 -0.7 8.3 440.3November 134.1 25.6 270.0 8.2 0.6 -1.2 7.6 437.3December 131.8 26.8 270.7 5.5 0.6 -1.6 4.5 433.9

2014 January 134.1 26.1 273.8 4.8 0.7 -1.6 3.9 438.0February 132.3 24.9 274.8 5.2 0.4 -1.5 4.1 436.1March 136.8 24.2 275.6 4.2 0.5 -0.7 4.0 440.7April 138.3 25.6 275.4 2.7 1.1 -2.2 1.6 440.8May 138.6 23.8 276.7 3.4 0.9 -1.4 2.9 441.9June 142.9 25.7 277.6 7.3 0.8 -0.9 7.2 453.4July 141.5 26.6 278.3 10.1 0.9 -1.2 9.8 456.2August p 139.0 28.3 278.8 9.2 0.5 0.1 9.8 455.9


N.B.: From january 2002 onwards, the Belgian contribution to the monetary aggregates of the eurozone excludes currency in circulation.From June 2010, the Repurchase agreements, and consequently M3, exclude the Repurchase agreements with Central counterparties (CCPs). Hence, reclassifications that have an impact on the list of Central counterparties (CCPs), might cause breaks in the time series.

222

15.3 FORMATION OF FINANCIAL ASSETS BY INDIVIDUALS

(changes in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Investmentfund

shares or

Insurance, pension and standardised guaranteedschemes

Other 1 Grand total

Notes andcoins

Sight de-posits

Savingsdeposits

Other de-posits atup to one

year

Depositsat over

one year

Total Short-termsecurities

Long-termsecurities

Total Quotedshares

Unquotedshares

and otherequity

Total

fundshares or

units Non-life in-surancetechnicalreserves

Life insur-ance andannuityentitle-ments

Pensionentitle-ments

Total

2004 2,175 3,571 14,178 866 -400 20,390 -243 -17,097 -17,341 1,793 174 1,967 9,761 986 13,443 2,268 16,697 -162 31,3132005 2,348 5,072 8,335 222 -659 15,317 -113 -13,279 -13,393 -8,933 3,407 -5,526 10,434 279 17,971 2,429 20,678 271 27,7832006 1,997 -774 1,740 10,086 40 13,089 238 -14,668 -14,430 4,302 4,294 8,596 6,647 1,165 10,418 1,582 13,165 974 28,0412007 1,472 -916 -8,773 17,493 1,381 10,657 739 -5,810 -5,071 1,611 5,853 7,463 -668 425 9,394 4,345 14,164 2,251 28,7962008 3,180 -1,147 1,793 -1,555 3,573 5,844 1,364 10,701 12,065 6,845 5,774 12,618 -14,734 172 4,506 224 4,901 -152 20,5442009 -232 4,738 32,854 -27,322 4,358 14,395 -2,047 9,575 7,528 5,425 2,972 8,397 -10,145 1,204 8,420 5,033 14,656 -2,024 32,8072010 966 2,082 20,894 -10,113 1,095 14,924 -471 -4,109 -4,580 3,200 5,439 8,639 -4,896 671 14,327 5,004 20,002 1 34,0912011 1,081 620 4,318 3,725 3,235 12,980 -56 11,015 10,960 1,490 6,951 8,441 -569 -245 5,037 2,023 6,814 609 39,2352012 643 5,173 16,625 -5,321 2,096 19,217 -27 -9,194 -9,221 1,084 4,895 5,978 -1,065 980 6,795 3,783 11,559 920 27,3882013 1,709 5,524 13,535 -474 -962 19,332 -29 -8,945 -8,974 1,594 6,772 8,366 2,360 438 3,640 2,460 6,538 1,581 29,2032012 II 723 3,738 3,898 330 538 9,227 20 -1,571 -1,551 1,850 65 1,915 -292 -83 1,974 1,202 3,093 -1,175 11,217

III -70 -1,312 2,809 -1,009 406 825 -12 -2,420 -2,433 -646 108 -538 -770 -577 1,493 769 1,685 2,247 1,016IV 567 -923 2,995 -827 733 2,546 -5 -2,938 -2,943 845 3,159 4,004 564 727 1,528 638 2,893 918 7,981

2013 I -516 2,564 5,102 488 -278 7,361 -15 -3,837 -3,852 853 402 1,256 3,106 579 1,559 358 2,496 -617 9,749II 459 4,464 3,859 -73 -753 7,957 15 -3,217 -3,202 -939 169 -770 851 -32 818 598 1,385 -1,229 4,991III 324 -2,853 1,382 160 -207 -1,195 7 -1,366 -1,358 736 124 860 1,130 -23 332 644 953 2,295 2,686IV 1,442 1,348 3,193 -1,049 275 5,210 -37 -525 -562 944 6,077 7,020 -2,728 -87 931 860 1,704 1,132 11,777

2014 I 8 1,727 1,294 688 82 3,799 46 -1,921 -1,875 -20 2,264 2,243 1,795 678 544 47 1,269 -1,948 5,284II 629 3,517 1,787 344 -763 5,514 -34 -2,128 -2,163 147 620 767 4,850 520 1,246 237 2,003 -851 10,120


1 Includes trade credit and advances, other accounts receivable/payable, loans and financial derivatives.

223

15.4 FINANCIAL ASSETS HELD BY INDIVIDUALS

(outstanding amounts at the end of period in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Investmentfund

shares or

Insurance, pension and standardised guaranteedschemes

Other 1 Grand total

Notes andcoins

Sight de-posits

Savingsdeposits

Other de-posits atup to one

year

Depositsat over

one year


Long-termsecurities

Total Quotedshares

Unquotedshares

and otherequity

Total

fundshares or

units Non-life in-surancetechnicalreserves

Life insur-ance andannuityentitle-ments

Pensionentitle-ments

Total

2004 15,292 31,776 140,229 30,577 3,748 221,623 508 105,946 106,454 38,808 137,606 176,414 124,222 15,842 90,210 43,278 149,330 10,137 788,1812005 17,640 36,960 148,564 31,017 3,091 237,271 395 94,676 95,071 44,077 146,006 190,083 146,979 16,304 111,382 48,199 175,885 10,613 855,9022006 19,637 36,116 150,304 41,031 3,130 250,218 633 76,374 77,007 53,621 157,888 211,509 155,742 16,789 122,894 50,183 189,866 11,222 895,5622007 21,109 35,151 141,656 58,503 4,514 260,933 1,372 71,915 73,287 57,379 177,578 234,957 148,600 17,215 132,200 55,201 204,615 12,464 934,8562008 24,289 34,020 143,450 56,926 8,086 266,770 2,738 85,289 88,027 27,575 168,198 195,773 110,706 17,387 129,404 55,228 202,019 11,628 874,9242009 24,057 38,753 176,304 29,656 12,445 281,213 690 98,449 99,139 37,586 177,296 214,883 112,397 18,190 140,972 60,403 219,565 11,543 938,7392010 25,022 40,959 197,198 19,615 13,541 296,334 218 94,739 94,958 41,086 188,601 229,686 108,475 18,861 156,178 65,487 240,527 12,036 982,0152011 26,127 41,666 201,516 22,746 16,777 308,831 187 106,091 106,278 34,854 216,556 251,410 103,945 18,616 159,457 67,448 245,521 15,631 1,031,6152012 26,769 46,901 217,577 18,209 18,873 328,330 161 100,565 100,726 38,016 221,809 259,825 111,438 19,596 169,516 71,355 260,468 16,133 1,076,9182013 28,479 52,215 231,113 17,659 17,909 347,375 192 87,186 87,378 45,564 229,858 275,423 125,285 20,035 175,193 73,905 269,133 15,953 1,120,5462012 II 26,272 49,225 212,241 19,597 17,735 325,070 178 103,997 104,175 34,950 217,679 252,629 106,230 19,446 164,282 69,856 253,584 11,317 1,053,005

III 26,203 47,868 214,582 19,050 18,140 325,844 166 102,848 103,014 36,364 217,933 254,297 109,012 18,869 167,299 70,686 256,854 13,029 1,062,049IV 26,769 46,901 217,577 18,209 18,873 328,330 161 100,565 100,726 38,016 221,809 259,825 111,438 19,596 169,516 71,355 260,468 16,133 1,076,918

2013 I 26,253 49,513 222,680 18,784 18,595 335,825 146 96,610 96,756 36,058 223,615 259,673 117,614 20,175 171,910 71,748 263,833 14,246 1,087,947II 26,713 53,910 226,538 18,679 17,842 343,682 161 91,815 91,976 37,359 223,718 261,077 116,911 20,144 172,062 72,329 264,534 12,206 1,090,386III 27,036 51,088 227,920 18,724 17,634 342,403 168 90,579 90,747 39,295 223,886 263,181 121,338 20,121 173,492 73,010 266,623 14,016 1,098,309IV 28,479 52,215 231,113 17,659 17,909 347,375 192 87,186 87,378 45,564 229,858 275,423 125,285 20,035 175,193 73,905 269,133 15,953 1,120,546

2014 I 28,487 53,947 232,406 18,350 17,991 351,182 245 84,917 85,162 48,187 232,446 280,633 129,711 20,712 176,183 73,979 270,874 14,610 1,132,171II 29,116 55,769 232,040 18,011 17,138 352,075 211 83,304 83,516 49,671 234,267 283,939 137,704 21,232 178,190 74,277 273,699 13,597 1,144,529


1 Includes trade credit and advances, other accounts receivable/payable, loans and financial derivatives.

224

15.5 FORMATION OF FINANCIAL ASSETS BY NON-FINANCIAL CORPORATIONS


Currency and deposits Fixed-interest securities Shares and other equity Investmentfund shares

Insurance,pension and

Loans Trade credits Other 1 Grand total

Notes, coinsand sight de-

posits

Other depo-sits at up toone year

Deposits atover one

year


Long-termsecurities

Total Quotedshares

Unquotedshares and

other equity

Total

Investmentfund shares

or units

Insurance,pension andstandardisedguaranteedschemes

Loans Trade credits Other Grand total

2004 4,157 1,980 291 6,428 2,673 -1,045 1,629 9,268 8,180 17,448 -270 509 3,156 8,317 -23,762 13,4552005 2,091 -2,618 -110 -637 -121 1,371 1,250 -21,622 23,970 2,348 0 2,223 12,299 7,281 3,949 28,7152006 3,755 10,290 803 14,848 801 -3,218 -2,417 4,962 33,012 37,974 1 431 10,696 8,702 11,992 82,2272007 2,614 10,546 830 13,990 171 2,413 2,585 11,051 26,821 37,872 0 146 1,265 12,981 23,029 91,8682008 -3,676 -4,552 625 -7,603 2,329 2,578 4,908 9,340 39,077 48,417 0 38 78,307 -3,947 7,610 127,7302009 4,709 4,736 3,090 12,536 -1,691 4,967 3,276 5,774 11,780 17,554 0 468 9,297 -4,082 -35,084 3,9662010 3,742 1,269 -830 4,182 2,309 -2,522 -212 6,779 35,732 42,511 0 346 -17,025 6,392 24,334 60,5272011 12,750 -12,130 787 1,408 -2,587 4,712 2,125 16,033 28,688 44,722 0 -164 17,704 10,101 1,942 77,8382012 -15,569 2,381 8,099 -5,089 -2,284 3,532 1,248 5,767 -1,084 4,682 0 472 215 -7,051 -3,151 -8,6742013 1,351 14,543 -9,217 6,678 -2,384 -2,101 -4,485 3,748 18,383 22,131 0 207 -47,659 2,238 7,934 -12,9562012 II -2,221 2,263 -588 -545 19 2,034 2,053 3,634 2,114 5,748 0 -38 4,735 -8,535 3,686 7,104

III 1,960 -3,017 -492 -1,549 -913 332 -581 864 3,571 4,436 0 -420 6,009 -12,216 5,489 1,167IV 146 -3,106 386 -2,574 -1,143 33 -1,111 3,217 -10,789 -7,572 0 484 -7,370 15,310 -3,767 -6,599

2013 I -1,985 18,288 -9,688 6,615 -175 -703 -879 44 11,892 11,936 0 294 -14,914 -3,921 1,669 801II 1,882 1,224 -155 2,952 -945 -315 -1,260 3,423 367 3,790 0 -22 -5,422 12,786 2,352 15,176III 3,268 459 171 3,898 -648 1,641 993 665 6,380 7,045 0 -23 -6,174 -21,310 7,829 -7,742IV -1,814 -5,428 455 -6,787 -616 -2,723 -3,339 -384 -255 -639 0 -42 -21,149 14,683 -3,917 -21,190

2014 I 446 7,417 -213 7,650 678 -130 548 918 4,940 5,858 85 351 6,231 -4,972 -10,605 5,146II -1,340 -426 3 -1,763 -676 -8,177 -8,853 1,841 6,980 8,821 -427 400 6,311 -268 10,884 15,105


1 Includes financial derivatives , other accounts receivable/payable and statistical adjustments.

225

15.6 FINANCIAL ASSETS HELD BY NON-FINANCIAL CORPORATIONS


Currency and deposits Fixed-interest securities Shares and other equity Investmentfund shares

Insurance,pension and

Loans Trade credits Other 1 Grand total

Notes, coinsand sight de-

posits

Other depo-sits at up toone year

Deposits atover one

year


Long-termsecurities

Total Quotedshares

Unquotedshares and

other equity

Total

Investmentfund shares

or units

Insurance,pension andstandardisedguaranteedschemes

Loans Trade credits Other Grand total

2004 30,458 29,275 3,332 63,065 6,215 5,710 11,925 96,668 163,057 259,725 0 6,351 223,529 114,345 18,030 696,9692005 32,029 27,275 3,222 62,525 6,093 7,094 13,187 82,796 169,819 252,615 0 6,513 231,931 121,421 12,007 700,2002006 35,586 37,094 4,024 76,704 6,892 3,663 10,555 96,456 197,402 293,858 1 6,697 243,758 129,460 11,589 772,6222007 37,885 46,850 4,854 89,589 7,068 6,008 13,076 100,172 244,230 344,401 1 6,842 244,328 139,854 28,369 866,4602008 34,235 42,442 5,479 82,157 9,418 8,697 18,115 69,667 340,918 410,585 0 6,880 347,040 137,518 95,979 1,098,2742009 38,909 47,143 8,572 94,624 7,707 13,695 21,402 73,744 350,492 424,236 0 7,348 366,756 133,945 77,172 1,125,4832010 42,867 48,650 7,749 99,267 10,013 11,110 21,123 82,147 366,068 448,215 0 7,694 381,215 141,481 111,623 1,210,6182011 55,681 37,167 8,548 101,396 7,431 15,825 23,257 84,677 424,213 508,890 0 7,530 405,540 151,626 113,571 1,311,8112012 40,533 39,175 16,646 96,354 5,147 19,807 24,953 91,975 414,318 506,293 0 8,002 389,787 144,710 110,447 1,280,5472013 42,305 53,060 7,417 102,783 2,742 17,474 20,216 92,214 409,391 501,604 10,385 8,209 360,344 146,243 118,371 1,268,1542012 II 38,374 45,538 16,756 100,669 7,204 19,172 26,376 87,185 429,747 516,932 0 7,937 399,081 141,666 108,719 1,301,380

III 40,472 42,304 16,263 99,038 6,291 19,645 25,937 88,083 432,989 521,072 0 7,517 400,089 129,398 114,216 1,297,267IV 40,533 39,175 16,646 96,354 5,147 19,807 24,953 91,975 414,318 506,293 0 8,002 389,787 144,710 110,447 1,280,547

2013 I 38,588 57,552 6,959 103,099 4,971 19,076 24,047 87,813 416,823 504,636 0 8,296 388,633 140,083 112,080 1,280,874II 40,381 58,589 6,803 105,773 4,026 18,566 22,593 89,268 417,334 506,603 0 8,274 391,487 153,412 114,441 1,302,583III 44,065 58,521 6,973 109,559 3,378 20,259 23,637 90,124 416,754 506,878 0 8,251 391,803 132,055 122,279 1,294,462IV 42,305 53,060 7,417 102,783 2,742 17,474 20,216 92,214 409,391 501,604 10,385 8,209 360,344 146,243 118,371 1,268,154

2014 I 42,758 60,478 7,205 110,441 3,176 17,115 20,291 93,604 409,611 503,215 10,638 8,559 365,983 141,005 107,735 1,267,867II 42,644 61,154 7,182 110,979 2,502 9,034 11,536 96,265 422,482 518,747 10,439 8,960 372,303 141,655 118,618 1,293,238


1 Includes financial derivatives , other accounts receivable/payable and statistical adjustments.

16. Liabilities of householdsand non-financial companies

228

16.1 NON-FINANCIAL CORPORATIONS16.1.1 NEW FINANCIAL LIABILITIES OF NON-FINANCIAL CORPORATIONS


At up to one year At over one year Other 1 Grand total

Bank loans Non-bank loans Fixed-interest se-curities

Total Bank loans Non-bank loans Quoted shares Unquoted sharesand other equity

Fixed-interest se-curities

Total

Other Grand total

2004 5,787 -3,677 1,616 3,726 364 19,653 10,917 642 780 32,355 8,318 44,398

2005 -1,589 14,276 -471 12,216 -696 3,963 -20,641 33,865 -1,907 14,583 24,167 50,967

2006 2,536 -6,037 -1,081 -4,582 3,465 10,567 1,931 77,170 2,645 95,778 22,081 113,277

2007 5,445 11,976 1,394 18,814 9,211 13,180 2,650 24,148 966 50,155 17,981 86,950

2008 5,169 5,639 425 11,233 21,103 22,213 6,175 57,955 1,158 108,604 2,381 122,218

2009 -7,185 3,144 1,459 -2,583 -7,043 20,073 503 15,109 6,981 35,623 -8,188 24,852

2010 -1,914 8,701 -4,181 2,606 609 -16,834 45 70,128 1,526 55,475 7,990 66,071

2011 3,975 3,423 280 7,678 2,423 49,698 -4,455 28,521 3,047 79,233 8,893 95,804

2012 -1,196 -5,079 899 -5,376 4,506 -1,126 -621 -23,842 6,392 -14,691 -10,078 -30,144

2013 6,675 -23,212 502 -16,035 1,231 -11,316 5,915 -22,003 2,839 -23,334 9,513 -29,856

2012 II 1,987 2,453 88 4,528 1,238 2,454 119 7,913 1,122 12,845 -4,098 13,275III -1,639 3,926 282 2,569 486 2,923 15 -4,009 2,954 2,369 -15,759 -10,820IV 1,477 -4,790 -138 -3,451 812 -6,462 62 -29,926 1,599 -33,915 16,795 -20,572

2013 I 2,380 -8,056 -316 -5,992 -330 -1,586 -2,305 877 394 -2,950 -3,776 -12,717II -2,925 5,117 -280 1,912 1,117 -180 6,248 -2,950 737 4,972 17,042 23,927III -675 -3,904 -281 -4,861 -424 1,849 216 3,073 1,883 6,597 -16,384 -14,648IV 7,895 -16,369 1,380 -7,095 869 -11,399 1,756 -23,003 -175 -31,953 12,630 -26,417

2014 I 137 2,792 30 2,958 0 3,056 356 4,309 171 7,891 -6,686 4,163II 1,623 -515 -616 492 633 2,483 2,381 10,953 1,688 18,138 3,010 21,640


1 Includes financial derivatives, trade credit and advances, other accounts receivable/payable and statistical adjustments.

229

16.1.2 FINANCIAL LIABILITIES OF NON FINANCIAL CORPORATIONS


At up to one year At over one year Other 1 Grand total

Bank loans Non-bank loans Fixed-interest se-curities

Total Bank loans Non-bank loans Quoted shares Unquoted sharesand other equity

Fixed-interest se-curities

Total

Other Grand total

2004 48,729 96,162 6,144 151,035 58,138 133,944 92,850 386,647 9,136 680,715 122,885 954,636

2005 47,515 110,404 5,657 163,576 57,537 137,651 87,788 421,922 7,270 712,168 137,131 1,012,874

2006 48,255 101,792 4,570 154,617 60,682 146,780 111,017 524,494 9,676 852,650 146,001 1,153,268

2007 53,974 115,200 5,986 175,160 75,782 158,897 115,973 574,800 10,433 935,886 153,919 1,264,964

2008 60,308 148,685 6,467 215,459 98,075 185,879 80,721 622,350 11,938 998,963 158,192 1,372,613

2009 50,897 140,383 7,811 199,091 92,769 204,599 119,259 638,372 19,173 1,074,172 152,339 1,425,602

2010 48,279 145,067 3,615 196,962 93,414 186,176 139,104 703,583 20,312 1,142,590 156,403 1,495,954

2011 51,700 143,266 3,889 198,855 90,982 231,248 131,017 736,982 23,003 1,213,231 165,063 1,577,150

2012 49,937 139,561 4,642 194,141 91,616 224,846 168,383 703,497 30,136 1,218,478 155,027 1,567,646

2013 54,501 129,852 5,068 189,420 93,612 215,741 199,456 693,103 34,074 1,235,987 162,646 1,588,054

2012 II 50,930 145,379 4,657 200,967 92,473 232,410 154,763 736,782 25,709 1,242,136 154,906 1,598,009III 49,577 144,519 4,953 199,050 91,224 231,390 167,133 730,230 29,510 1,249,487 139,106 1,587,642IV 49,937 139,561 4,642 194,141 91,616 224,846 168,383 703,497 30,136 1,218,478 155,027 1,567,646

2013 I 50,080 140,210 4,266 194,556 91,307 226,429 187,161 714,279 30,262 1,249,437 150,034 1,594,026II 47,172 144,203 3,981 195,356 90,664 227,959 172,149 711,779 30,193 1,232,744 166,885 1,594,984III 46,271 144,993 3,697 194,962 90,038 229,176 184,173 709,677 32,067 1,245,132 150,730 1,590,823IV 54,501 129,852 5,068 189,420 93,612 215,741 199,456 693,103 34,074 1,235,987 162,646 1,588,054

2014 I 54,639 131,624 5,114 191,378 93,350 219,155 203,559 697,555 34,441 1,248,061 155,944 1,595,382II 55,880 132,093 4,521 192,494 94,056 220,350 218,824 701,146 36,230 1,270,606 159,779 1,622,880


1 Includes financial derivatives, trade credit and advances, other accounts receivable/payable and statistical adjustments.

230

16.1.3 CREDITS REGISTERED AT THE CENTRAL OFFICE FOR CREDITS TO COMPANIES16.1.3.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THE BENEFICIARY

(end of period, millions of euro)

2004 2005 2006 2007 2008 2009 2010 2011

Outstanding amounts openedProducts of agriculture, forestry and fishing 6,442 6,447 6,663 6,957 7,405 7,622 8,035 8,266Mining and quarrying 697 531 537 490 244 182 180 190Manufactured products 29,431 27,253 27,925 28,654 29,570 27,139 26,482 26,184Electricity, gas, steam and air conditioning 3,047 3,717 4,564 6,689 6,725 9,186 10,296 9,367Water supply; sewerage, waste management and remediation services 2,774 3,261 3,478 3,845 4,245 4,434 4,599 4,421Constructions and construction works 12,704 14,002 15,731 16,604 19,325 18,706 20,817 22,392Wholesale and retail trade services;repair service of motor vehicles and motorcycles 30,003 32,732 33,183 35,173 36,752 34,915 36,117 36,291Transportation and storage services 6,798 7,446 7,326 7,889 8,332 8,125 8,875 9,212Accommodation and food services 2,727 2,841 3,003 3,128 3,367 3,405 3,366 3,404Information and communication services 3,778 3,346 3,962 3,663 3,261 2,812 3,180 3,267Financial and insurance services 31,634 33,615 40,656 46,498 58,892 60,620 52,518 46,246Real estate services 13,663 14,292 17,184 17,943 20,526 21,266 21,894 23,579Professional, scientific and technical services 6,819 7,626 8,500 9,636 11,035 11,415 11,941 13,004Administrative and support services 7,583 9,598 8,422 8,426 8,079 6,399 6,375 7,676Public administration and defence services; compulsory social security services 34,632 35,242 35,324 38,015 32,781 32,391 33,012 34,096Education services 1,571 1,639 1,657 1,646 1,643 1,689 1,754 1,822Human health and social work services 9,189 9,320 9,764 10,520 11,111 11,756 12,565 13,194Arts, entertainment and recreation services 911 904 1,041 1,100 1,168 1,230 1,318 1,422Other services 1,263 1,437 1,520 1,643 1,650 1,631 1,661 1,604Services of households as employers;undiff goods and services products by househoulds own use 1,542 1,645 1,775 1,780 1,764 1,619 1,562 1,424Services provided by extraterritorial organisations and bodies 33 8 12 4 11 10 10 9Enterprises of which insufficient data is available 599 575 713 1,161 2,282 2,015 1,686 1,750Total 207,840 217,477 232,940 251,464 270,168 268,567 268,243 268,820

231

16.1.3.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THE BENEFICIARY (CONTINUED)


20112010200920082007200620052004

Outstanding amounts usedProducts of agriculture, forestry and fishing 5,019 5,071 5,185 5,453 5,831 6,104 6,431 6,656Mining and quarrying 395 260 205 176 151 122 118 109Manufactured products 16,939 15,258 15,454 17,118 19,227 15,579 15,554 16,104Electricity, gas, steam and air conditioning 2,246 3,024 2,909 4,554 4,752 6,491 7,068 6,804Water supply; sewerage, waste management and remediation services 2,052 2,475 2,582 2,689 3,098 3,083 3,258 3,361Constructions and construction works 8,479 9,515 10,727 11,641 13,788 14,076 14,413 14,671Wholesale and retail trade services;repair service of motor vehicles and motorcycles 21,355 22,481 22,499 25,311 27,042 25,042 25,440 27,039Transportation and storage services 5,165 5,842 5,678 5,881 6,225 6,284 6,600 7,212Accommodation and food services 2,552 2,608 2,668 2,844 3,056 3,179 3,180 3,200Information and communication services 1,722 1,664 2,007 2,068 1,911 1,886 2,122 2,177Financial and insurance services 17,227 18,004 23,221 33,867 39,618 43,195 41,395 37,350Real estate services 11,807 12,093 13,196 14,808 17,464 17,960 18,998 20,085Professional, scientific and technical services 5,443 5,915 6,475 7,540 8,732 9,523 9,820 10,383Administrative and support services 6,216 7,524 6,719 6,976 6,828 5,160 5,354 6,490Public administration and defence services; compulsory social security services 23,533 24,158 22,938 25,713 21,954 22,854 23,827 25,118Education services 1,350 1,388 1,381 1,387 1,299 1,431 1,442 1,479Human health and social work services 7,118 7,123 7,454 8,082 8,503 9,104 9,916 10,533Arts, entertainment and recreation services 733 774 837 946 981 1,064 1,105 1,175Other services 1,006 1,123 1,199 1,293 1,330 1,370 1,397 1,343Services of households as employers;undiff goods and services products by househoulds own use 1,383 1,514 1,591 1,594 1,576 1,558 1,542 1,436Services provided by extraterritorial organisations and bodies 1 1 4 4 3 10 10 9Enterprises of which insufficient data is available 234 232 341 1,179 1,952 839 625 1,177Total 141,975 148,047 155,270 181,124 195,321 195,914 199,615 203,911

Sources: NBB, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary, the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He can exercise this right by contracting debts with financial institutions or by handing over commercialcredits to third parties. The beneficial enterprises include the public but not financial institutions. The breakdown by branch of activity of the beneficiary is calculated according to the NACE codes 2008.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.

232

16.1.3.2 OUTSTANDING AMOUNTS OPENED


2010 2011

Outstanding amounts openedEconomic zones 97,916 85,069

European Union 84,568 72,430MUMS 63,305 57,451

Austria 383 278Cyprus 933 943Germany 4,617 3,716Estonia 1 1Spain 7,927 3,382Finland 188 738France 10,096 11,354Greece 254 60Ireland 7,573 6,406Italy 466 498Luxembourg 4,747 4,879Latvia 3 2Malta 87 66Netherlands 24,071 23,251Portugal 1,180 1,063Slovenia 1 1Slovakia 781 815

Other countries of the European Union 21,263 14,979Bulgaria 99 106Czech Republic 543 320Denmark 936 495United Kingdom 18,197 11,473CroatiaHungary 190 203Lithuania 0 0Poland 329 252Romania 162 84Sweden 804 2,044

NAFTA 12,903 12,437Canada 225 213Mexico 133 50United States of America 12,545 12,174

MERCOSUR 445 202Argentina 94 60Bolivia 0 0Brazil 138 22Chile 122 51Paraguay 0 0SurinameUruguay 39 32Colombia 2 1Ecuador 40 31Peru 2 2Venezuela 8 3

Other countries 27,287 24,094Netherlands Antilles 69 80

233

16.1.3.2 OUTSTANDING AMOUNTS OPENED (CONTINUED)


20112010

Australia 111 32Switzerland 2,978 1,952CIS 1,320 1,616Hong Kong 514 511Indonesia 27 22India 262 241Cayman Islands 625 418Turkey 1,219 841Taiwan 0 0

Total zones and other countries 125,203 109,163

234



20112010

Outstanding amounts usedEconomic zones 69,688 58,209

European Union 59,643 52,017MUMS 47,525 44,078

Austria 225 135Cyprus 361 782Germany 2,425 2,203Estonia 1 0Spain 4,984 1,746Finland 53 164France 5,392 5,791Greece 74 54Ireland 5,201 4,788Italy 314 370Luxembourg 7,488 7,142Latvia 3 2Malta 41 22Netherlands 20,143 20,020Portugal 441 417Slovenia 0 0Slovakia 382 444

Other countries of the European Union 12,118 7,939Bulgaria 84 93Czech Republic 345 280Denmark 213 236United Kingdom 10,542 6,433CroatiaHungary 172 184Lithuania 0 0Poland 266 193Romania 99 77Sweden 394 441

NAFTA 9,665 5,993Canada 133 105Mexico 118 48United States of America 9,414 5,840

MERCOSUR 380 199Argentina 91 60Bolivia 0 0Brazil 98 22Chile 109 48Paraguay 0 0SurinameUruguay 38 32Colombia 2 1Ecuador 33 31Peru 2 2Venezuela 7 3

Other countries 15,989 14,319Netherlands Antilles 32 46

235



20112010

Australia 65 31Switzerland 719 807CIS 1,189 1,150Hong Kong 455 479Indonesia 24 22India 214 230Cayman Islands 588 262Turkey 1,045 828Taiwan 4 1

Total zones and other countries 85,677 72,528

Sources: NBB, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary , the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He can exercise this right by contracting debts with the financial institutions or by handing over commercialcredits to third parties.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.

236

16.2 HOUSEHOLDS AND INDIVIDUALS16.2.1 NEW FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Other 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total

Other Grand total

2004 -210 7,222 -493 24 6,754 458 7,001

2005 816 10,759 646 728 12,133 -247 12,702

2006 41 11,248 1,992 838 14,078 282 14,401

2007 144 12,412 1,414 -60 13,766 1,694 15,604

2008 407 12,065 1,302 594 13,961 131 14,499

2009 -271 6,639 603 -2,890 4,351 -887 3,193

2010 -61 11,727 2 -15 11,714 -333 11,320

2011 53 12,180 1,488 -43 13,624 389 14,066

2012 543 8,246 372 -267 8,351 -88 8,806

2013 1,633 5,972 -141 224 6,055 293 7,980

2012 II 801 2,723 290 -216 2,797 223 3,821III -114 1,592 167 -124 1,635 -713 808IV -206 2,017 -165 11 1,864 -62 1,596

2013 I 861 916 108 -117 908 322 2,091II 435 1,489 -75 48 1,462 405 2,303III 144 1,794 -65 -39 1,691 -880 954IV 192 1,772 -109 332 1,994 446 2,632

2014 I 559 587 176 123 885 9 1,453II 821 1,790 281 245 2,316 677 3,814


1 Includes trade credit and advances, other accounts receivable/payable.

237

16.2.2 FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Other 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total

Other Grand total

2004 5,110 89,395 10,388 13,161 112,944 4,915 122,969

2005 5,932 100,723 11,034 13,475 125,232 4,601 135,766

2006 5,970 112,086 13,027 13,988 139,100 4,715 149,785

2007 6,148 124,498 14,440 13,733 152,671 6,130 164,950

2008 6,559 136,182 15,742 14,068 165,992 6,112 178,663

2009 6,227 142,736 16,427 12,477 171,640 5,865 183,732

2010 6,171 154,463 16,600 12,464 183,526 5,736 195,432

2011 8,038 166,447 18,087 12,781 197,315 12,736 218,090

2012 8,581 175,039 18,167 12,189 205,396 13,481 227,458

2013 9,819 181,778 18,096 11,025 210,898 14,582 235,299

2012 II 8,903 171,431 18,165 12,628 202,223 13,839 224,965III 8,788 173,022 18,332 12,178 203,533 13,335 225,656IV 8,581 175,039 18,167 12,189 205,396 13,481 227,458

2013 I 9,443 175,956 18,275 12,073 206,304 14,907 230,653II 9,877 178,037 18,201 12,232 208,470 14,973 233,319III 10,019 179,831 18,136 12,192 210,160 14,281 234,460IV 9,819 181,778 18,096 11,025 210,898 14,582 235,299

2014 I 10,479 182,365 18,171 11,147 211,683 14,989 237,151II 11,282 183,803 18,425 11,358 213,586 16,710 241,579


1 Includes trade credit and advances, other accounts receivable/payable.

238

16.2.3 CONSUMER AND MORTGAGE CREDIT ACCORDING TO THE CENTRAL INDIVIDUAL CREDIT REGISTER16.2.3.1 CONSUMER CREDIT

(amounts in thousands of euros)

Number of outstandingcredits

Outstanding overdue credits New credits Number of new overduecredits

Number of borrowers with at least one 1Number of outstandingcredits

Number Arrears Number 2 Credit amount

Number of new overduecredits

Credit Outstanding overduecredit

Total of which outstanding

Arrears Number Credit amount Credit Outstanding overduecredit

2013 September 8,651,235 563,404 463,958 1,765,714 86,494 837,034 9,915 5,610,494 313,826October 8,665,407 566,904 467,325 1,774,852 97,398 1,032,529 12,402 5,616,579 316,306November 8,670,676 570,678 471,276 1,783,298 80,536 843,494 12,716 5,619,089 319,042December 8,668,666 571,821 471,204 1,787,326 73,877 806,517 11,073 5,620,138 318,538

2014 January 8,671,438 574,073 473,924 1,790,245 96,316 1,072,876 13,183 5,616,035 319,933February 8,690,566 577,286 476,634 1,793,138 94,940 1,097,443 12,230 5,623,671 321,616March 8,683,107 578,582 477,476 1,796,319 84,107 1,093,309 10,678 5,617,826 321,808April 8,688,415 581,467 480,911 1,803,124 80,060 984,404 11,971 5,621,308 323,656May 8,633,755 584,556 482,410 1,807,351 84,707 1,045,583 12,763 5,605,272 324,436June 8,607,735 581,573 479,255 1,792,354 80,216 1,020,350 11,248 5,592,730 322,086July 8,602,714 583,202 479,464 1,786,923 82,872 1,054,639 10,328 5,592,697 321,843August 8,617,031 586,087 481,551 1,787,845 90,131 831,342 10,658 5,594,835 322,946September 8,609,591 588,902 484,338 1,794,573 81,029 940,740 12,144 5,593,310 324,334

Sources: NBB, Central Consumer Credit Office

1 The total number of borrowers is not equal to the sum of the number of borrowers per type of credit. A borrower who has contracted several different types of loan is counted in each of the categories but only once in the total number.2 The growth in the number of loans/revolving credit facilities in 2011 results from a legislative change requiring overdraft facilities on accounts to be recorded in the Central Register by the end of the year. The increase is thus mainly a consequence of

the widening of the Central Register’s scope of application and should not be considered as a rise in the number of ”new” loans.

239

16.2.3.2 MORTGAGE CREDITS

(amounts in thousands of euros)

Number of outstandingcredits

Outstanding overdue credits New credits Number of new overduecredits

Number of borrowers with at least oneNumber of outstandingcredits

Number Arrears Number Credit amount

Number of new overduecredits

Credit Outstanding overdue cre-dit

Total of which outstanding

Arrears Number Credit amount Credit Outstanding overdue credit

2013 September 2,787,897 46,080 31,513 1,127,748 22,175 2,348,813 1,022 2,859,334 42,487October 2,792,477 46,393 31,795 1,149,486 26,232 2,827,450 1,231 2,861,469 42,879November 2,793,488 46,684 32,033 1,167,136 18,253 1,964,874 1,197 2,861,922 43,161December 2,797,148 47,017 32,340 1,177,106 22,814 2,498,988 1,243 2,864,902 43,574

2014 January 2,796,194 47,184 32,398 1,183,835 17,202 1,839,698 1,169 2,863,096 43,598February 2,796,775 47,312 32,338 1,198,320 16,622 1,760,322 1,036 2,862,206 43,426March 2,798,400 47,479 32,645 1,206,625 19,419 2,126,796 1,161 2,861,260 43,784April 2,801,621 47,524 32,876 1,222,794 20,144 2,126,775 1,084 2,861,956 44,051May 2,806,093 47,826 33,121 1,241,856 20,777 2,176,122 1,154 2,864,048 44,247June 2,811,072 47,481 32,873 1,251,329 26,673 3,038,975 1,053 2,866,450 43,790July 2,810,998 47,480 32,742 1,255,110 27,175 2,942,224 1,012 2,865,790 43,570August 2,811,729 47,890 32,984 1,266,944 26,452 2,816,601 999 2,864,753 43,924September 2,815,169 48,227 33,375 1,270,237 42,839 4,253,299 1,240 2,862,229 44,467

Sources: NBB, Central Consumer Credit Office

240

16.2.4 RESULTS OF THE SURVEY ON THE PURPOSE OF MORTGAGE CREDITS16.2.4.1 MORTGAGE CREDIT: APPLICATIONS SUBMITTED

Number of applications (thousands) Amount of applications (millions of euro)

Purchase Building Conversion Purchase andconversion

Total Other financialpurpose

Refinancing ofan existing cre-

dit




dit(1) (2) (3) (4) (5) = (1) + (2) +

(3) + (4)(6) (7) (8) (9) (10) (11) (12) = (8) + (9) +

(10) + (11)(13) (14)

2004 107.0 31.8 38.5 18.0 195.3 15.7 45.9 11,840 3,608 1,532 2,183 19,163 1,255 3,965

2005 128.8 43.7 65.0 18.6 256.1 23.0 77.6 15,781 5,314 2,490 2,549 26,134 2,167 7,163

2006 129.4 38.2 53.6 19.6 240.8 22.1 30.4 17,063 4,946 2,229 2,890 27,128 2,153 3,190

2007 137.9 36.9 52.1 17.3 244.2 19.2 20.3 18,737 4,868 2,048 2,815 28,468 1,667 2,389

2008 136.5 36.0 61.9 16.6 251.0 17.3 16.5 18,342 4,683 2,342 2,574 27,941 1,426 2,114

2009 136.6 37.4 85.6 17.8 277.4 19.9 22.7 18,126 4,897 3,009 2,658 28,690 1,575 2,996

2010 158.1 47.1 108.3 18.5 332.0 19.9 35.7 21,263 5,541 3,444 2,797 33,045 1,556 4,838

2011 163.9 44.1 149.2 19.4 376.6 19.9 30.2 22,321 4,817 4,152 2,942 34,232 1,535 3,814

2012 152.4 30.0 68.2 17.4 268.0 17.4 38.0 21,498 4,080 2,687 2,774 31,039 1,369 4,704

2013 170.3 34.9 66.6 15.9 287.7 14.8 33.0 23,972 5,062 2,812 2,601 34,447 1,414 4,152

2012 II 39.7 7.9 19.1 4.8 71.5 4.9 8.9 5,620 1,110 726 794 8,250 348 1,120III 36.4 6.7 16.4 4.2 63.7 4.2 10.7 5,203 912 646 675 7,436 334 1,324IV 36.7 6.9 15.0 3.9 62.5 3.9 9.7 5,176 929 607 598 7,310 351 1,170

2013 I 41.1 8.9 18.2 4.1 72.3 3.7 9.1 5,820 1,304 767 654 8,545 337 1,157II 45.8 9.3 19.2 4.5 78.8 4.3 10.5 6,510 1,352 795 745 9,402 392 1,328III 42.5 8.8 15.7 3.9 70.9 3.5 7.5 5,892 1,236 669 636 8,433 363 928IV 40.9 7.9 13.5 3.4 65.7 3.3 5.9 5,750 1,170 581 566 8,067 322 739

2014 I 41.3 8.1 15.6 3.8 68.8 3.2 6.1 5,950 1,197 686 623 8,456 303 806II 43.6 8.5 15.6 3.6 71.3 3.7 7.9 6,283 1,224 696 598 8,801 318 987

2013 August 13.4 2.8 4.6 1.2 22.0 1.1 2.3 1,841 386 197 187 2,611 105 277September 14.0 2.7 5.1 1.3 23.1 1.1 2.1 1,939 378 215 220 2,752 118 270October 15.5 3.1 5.4 1.2 25.2 1.3 2.3 2,188 459 235 198 3,080 135 286November 12.5 2.3 3.9 1.1 19.8 1.0 1.8 1,773 336 166 190 2,465 94 222December 12.9 2.5 4.2 1.1 20.7 1.0 1.8 1,789 375 180 178 2,522 93 231

2014 January 12.9 2.3 4.4 1.1 20.7 0.9 1.8 1,871 344 195 170 2,580 91 235February 13.4 2.5 5.0 1.3 22.2 1.1 1.8 1,938 366 219 210 2,733 101 233March 15.0 3.3 6.2 1.4 25.9 1.2 2.5 2,141 487 272 243 3,143 111 338April 14.4 2.9 5.3 1.2 23.8 1.2 2.3 2,059 411 233 191 2,894 105 285May 14.0 2.7 5.1 1.1 22.9 1.2 2.4 2,021 401 234 178 2,834 103 298June 15.2 2.9 5.2 1.3 24.6 1.3 3.2 2,203 412 229 229 3,073 110 404July 15.0 2.8 5.2 1.2 24.2 1.3 4.2 2,195 413 224 190 3,022 115 538August p 12.5 2.4 4.6 1.0 20.5 1.2 4.8 1,790 371 196 168 2,525 88 60

Source: NBB

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies.The data indicate a trend and do not reflect all applications for mortgage credit or the outstanding amount of these loans. From 1995 onwards the concept of ”mortgage credit” refers to the Law of 4th August 1992 concerning mortgage credit, and excludes all mortgage credit contractedfor commercial purposes.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 9, September 1994.

241

16.2.4.2 MORTGAGE CREDIT: MORTGAGE CONTRACTS DRAWN UP

Number of applications (thousands) Amount of applications (millions of euro)




dit




dit(1) (2) (3) (4) (5) = (1) + (2) +

(3) + (4)(6) (7) (8) (9) (10) (11) (12) = (8) + (9) +

(10) + (11)(13) (14)

2004 84.6 26.2 31.5 15.1 157.4 9.8 33.4 8,465 2,673 1,158 1,579 13,875 691 2,698

2005 105.3 34.2 53.4 15.6 208.5 15.8 55.2 11,904 3,744 1,903 1,732 19,283 1,269 4,647

2006 102.6 36.0 49.4 16.7 204.7 15.0 29.5 12,461 4,156 1,917 1,967 20,501 1,261 2,564

2007 102.9 31.6 44.5 15.6 194.6 14.3 17.0 12,809 3,688 1,641 1,963 20,101 1,107 1,618

2008 100.8 30.0 51.5 14.0 196.3 11.7 11.0 12,488 3,495 1,819 1,794 19,596 856 1,096

2009 95.7 29.4 73.6 13.4 212.1 12.8 14.3 11,918 3,544 2,434 1,801 19,697 862 1,517

2010 113.2 36.7 88.9 13.6 252.4 13.9 19.7 14,544 4,173 2,699 2,009 23,425 945 2,398

2011 117.1 36.0 136.6 13.6 303.3 13.8 21.7 15,286 3,634 3,559 2,070 24,549 925 2,600

2012 111.1 24.2 58.0 12.2 205.5 12.5 27.8 14,818 3,130 2,178 1,952 22,078 810 3,106

2013 108.4 25.0 53.9 10.7 198.0 9.9 23.5 14,493 3,402 2,167 1,695 21,757 778 2,542

2012 II 27.8 6.3 16.3 3.3 53.7 3.2 5.7 3,647 808 600 518 5,573 197 642III 27.8 6.2 15.0 3.1 52.1 3.2 7.0 3,798 818 561 509 5,686 202 776IV 29.0 5.9 13.6 2.9 51.4 3.0 9.4 3,925 784 522 465 5,696 205 1,028

2013 I 25.0 5.1 12.6 2.5 45.2 2.4 6.4 3,318 692 483 389 4,882 172 669II 26.8 6.6 15.4 2.7 51.5 2.6 6.3 3,603 905 608 417 5,533 198 699III 27.2 6.3 13.7 2.7 49.9 2.4 6.2 3,641 870 561 447 5,519 197 674IV 29.4 7.0 12.2 2.8 51.4 2.5 4.6 3,931 935 515 442 5,823 211 500

2014 I 22.6 4.9 10.6 2.1 40.2 2.1 3.0 3,046 679 428 334 4,487 164 326II 26.3 5.8 12.5 2.6 47.2 2.3 3.6 3,604 802 517 428 5,351 178 395

2013 August 8.5 1.9 4.1 0.9 15.4 0.7 1.8 1,137 268 169 145 1,719 60 187September 9.1 2.3 4.6 0.9 16.9 0.8 2.1 1,201 309 190 147 1,847 68 228October 10.3 2.6 4.9 1.1 18.9 0.9 1.9 1,380 345 208 168 2,101 70 213November 8.1 1.9 3.4 0.8 14.2 0.7 1.3 1,087 256 138 135 1,616 61 140December 11.0 2.5 3.9 0.9 18.3 0.9 1.4 1,464 334 169 139 2,106 80 147

2014 January 7.1 1.6 3.1 0.6 12.4 0.7 0.9 953 212 125 94 1,384 57 99February 7.6 1.5 3.4 0.7 13.2 0.7 1.1 1,028 211 138 118 1,495 52 118March 7.9 1.8 4.1 0.8 14.6 0.7 1.0 1,065 256 165 122 1,608 55 109April 8.2 1.9 4.2 0.8 15.1 0.7 1.1 1,121 258 170 132 1,681 54 118May 8.0 1.8 4.0 0.8 14.6 0.7 1.1 1,087 249 165 127 1,628 55 122June 10.1 2.1 4.3 1.0 17.5 0.9 1.4 1,396 295 182 169 2,042 69 155July 9.9 2.1 4.2 0.8 17.0 0.9 1.5 1,363 277 181 141 1,962 65 169August p 8.3 1.7 3.5 0.7 14.2 0.7 1.6 1,146 229 153 106 1,634 51 185

Source: NBB

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies.The concept of ”mortgage credit” refers to the Law of 4th August 1992 concerning mortgage credit, and excludes all mortgage credit for commercial purposes.

Bibliographical reference: Bulletin statistique de la Banque nationale de Belgique, 1996-I, p. 27-30.

242

16.2.5 RESULTS OF THE SURVEY OF THE GDSEI ON CONSUMER CREDIT

Consumer credit: hire-purchase, instalment-payment loans, leasing and opening of credits.

Consumer credit: general results

Number of contracts at end of half-year (thousands) 1 Outstanding amount of credit at end of half-year (millions of euro) 1 Credit granted during the half-year (millions of euro)

Hire-purcha-se

Instalment-paymentloans 2

Leasing Opening ofcredit

Total Hire-purcha-se

Instalment-paymentloans 2


Total Hire-purcha-se

Instalment-payment

loans


Total

(1) (2) (3) (4) (5) = (1) + (2) +(3) + (4)

(6) (7) (8) (9) (10) = (6) + (7)+ (8) + (9)

(11) (12) (13) (14) (15) = (11) +(12) + (13) +

(14)

2001 II 481 1,389 15 2,584 4,469 1,146 9,521 42 2,522 13,231 320 2,129 10 498 2,957

2002 I 486 1,380 14 2,793 4,673 1,273 9,709 43 2,431 13,456 463 2,344 11 538 3,356II 475 1,366 14 2,905 4,760 1,317 9,536 43 2,609 13,505 278 2,089 9 596 2,972

2003 I 455 1,351 14 2,988 4,808 1,333 9,768 42 2,571 13,714 431 2,465 7 551 3,454II 470 1,306 13 3,070 4,859 1,349 9,621 40 2,713 13,723 356 2,180 6 538 3,080

2004 I 515 1,259 13 3,143 4,930 1,491 9,872 38 2,677 14,078 495 2,589 6 639 3,729II 506 1,212 13 3,211 4,942 1,464 9,941 37 2,693 14,135 336 2,347 7 624 3,314

2005 I 517 1,206 13 3,765 5,501 1,567 10,392 38 2,659 14,656 476 2,799 8 953 4,236II 550 1,177 13 3,770 5,510 1,613 10,396 34 2,768 14,811 372 2,772 13 1,000 4,157

2006 I 569 1,213 13 4,006 5,801 1,699 11,278 34 2,903 15,914 524 3,408 7 903 4,842II 613 1,237 13 3,943 5,806 1,651 11,624 37 3,001 16,313 369 3,103 3 880 4,355

2007 I 631 1,259 13 3,939 5,842 1,851 12,599 38 3,038 17,526 595 3,485 9 916 5,005II 614 1,281 13 4,080 5,988 1,777 12,972 38 3,350 18,137 405 3,111 8 1,156 4,680

2008 I 623 1,306 12 4,269 6,210 2,007 13,625 40 3,380 19,052 603 3,666 9 1,167 5,445II 637 1,325 12 3,628 5,602 1,962 13,955 41 3,629 19,587 399 2,895 8 909 4,211

2009 I 636 1,312 12 3,653 5,613 1,967 14,037 37 3,572 19,613 508 3,370 8 932 4,818II 648 1,333 12 3,734 5,727 1,878 14,167 43 3,688 19,776 343 3,032 9 812 4,196

2010 I 634 1,351 13 3,733 5,731 1,844 14,655 46 3,701 20,246 525 3,543 11 1,050 5,129II 645 1,373 13 3,713 5,744 1,757 14,870 47 3,916 20,590 333 3,066 10 962 4,371

2011 I 625 1,411 13 6,426 8,475 1,718 15,325 46 4,124 21,213 400 3,591 11 1,549 5,551II 636 1,460 13 6,677 8,786 1,590 15,713 45 4,240 21,588 284 3,706 9 1,121 5,120

2012 I 602 1,473 13 6,543 8,631 1,380 15,941 42 4,172 21,535 291 3,378 8 1,038 4,715II 596 1,472 2 6,546 8,616 1,228 15,623 36 4,320 21,207 181 3,168 7 960 4,316

2013 I 361 1,492 0 6,466 8,319 1,096 15,898 0 4,322 21,316 204 3,651 0 1,114 4,969II 326 1,496 0 6,713 8,535 936 15,513 0 4,672 21,121 135 3,085 0 1,170 4,390

Source: GDSEI

N.B.: The definition of credit has been extended from the first semester 2011 onwards within the scope of the law of the 13th of June 2010 modifying the law of the 12th of June 1991 relative to consumer credit.

1 Until 1993, excluding payments; from 1994 onwards, including the claims which are recorded under the item ”doubtful debtors” under creditors, but excluding transfers to credit insurance companies.2 Until December 1993 inclusive, only personal loans are included.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 9, September 1994.

17. Capital market

244

17.1 FIXED INTEREST SECURITIES17.1.1 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR PER CREDITOR SECTOR

(millions of euro)

Non-financial corporations General government of which: Financial institutions Rest of the world 1 TotalNon financial corporations General government

Federal government

Financial institutions Rest of the world Total

Net issues

2004 780 -2,120 -3,046 -6,654 26,849 18,855

2005 -1,907 4,365 4,139 -6,492 17,694 13,660

2006 2,645 -2,021 -1,994 965 16,149 17,739

2007 966 5,469 5,473 13,371 42,450 62,256

2008 1,158 3,703 2,978 39,515 16,703 61,079

2009 6,981 24,251 18,293 39,442 4,292 74,967

2010 1,526 18,639 17,354 -9,856 -7,861 2,448

2011 3,047 19,169 17,800 7,180 -30,153 -757

2012 6,392 18,683 17,619 -1,824 -24,196 -944

2013 2,839 12,928 13,157 -3,899 -17,231 -5,362

2012 II 1,122 13,681 13,187 218 -4,447 10,574III 2,954 -2,203 -2,379 3,452 -10,918 -6,714IV 1,599 3,361 3,254 -1,592 -6,234 -2,866

2013 I 394 -5,905 -5,459 -1,940 -3,606 -11,058II 737 19,384 18,986 -946 -8,605 10,571III 1,883 -6,702 -6,500 2,206 31 -2,582IV -175 6,152 6,131 -3,219 -5,050 -2,293

2014 I 171 -3,277 -1,841 764 -2,649 -4,992II 1,688 11,245 11,155 -3,836 -3,224 5,872

245

17.1.1 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR PER CREDITOR SECTOR (CONTINUED)

(millions of euro)

TotalRest of the world 1Financial institutionsof which:General governmentNon-financial corporations TotalRest of the world 1Financial institutions

Federal government

General governmentNon-financial corporations

Outstanding amounts at end of period

2004 9,136 260,415 254,165 62,621 271,736 603,909

2005 7,270 265,320 258,844 56,176 293,297 622,063

2006 9,676 251,712 245,263 57,796 301,965 621,148

2007 10,433 250,739 244,294 74,264 348,392 683,827

2008 11,938 264,056 256,886 117,457 369,694 763,144

2009 19,173 290,253 277,125 157,731 380,172 847,330

2010 20,312 303,347 288,934 154,061 371,017 848,737

2011 23,003 322,523 306,741 168,403 339,613 853,542

2012 30,136 370,366 353,519 153,091 328,789 882,382

2013 34,074 371,019 354,401 151,945 302,385 859,424

2012 II 25,709 353,186 336,621 164,693 338,653 882,241III 29,510 361,786 345,046 154,423 332,301 878,020IV 30,136 370,366 353,519 153,091 328,789 882,382

2013 I 30,262 361,275 344,875 150,808 323,701 866,046II 30,193 371,294 354,495 149,657 310,879 862,023III 32,067 364,223 347,626 153,243 310,190 859,723IV 34,074 371,019 354,401 151,945 302,385 859,424

2014 I 34,441 385,282 369,948 153,479 303,976 877,178II 36,230 403,992 388,568 147,717 306,765 894,704


1 Securities issued by the Rest of the world and acquired by domestic sectors of the economy.

246

17.1.2 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR : BREAKDOWN BY ISSUER SECTOR AND BY HOLDER SECTOR


Holders

Individuals Non-financial cor-porations

General govern-ment

Monetary finan-cial institutions

Non-MMF invest-ment funds

Insurance corpo-rations

Pensionfunds Other financialinstitutions

Rest of the world Total

2007Issuers

Non-financial corporations 755 538 898 594 785 472 206 986 5,200 10,433General government 7,897 1,872 16,307 46,724 2,227 23,732 340 1,633 150,006 250,739Financial institutions 37,427 376 683 5,121 127 559 0 704 29,266 74,264Rest of the world 25,836 3,222 34 162,485 25,867 105,871 543 24,534 - 348,392

Total Issuers 71,915 6,008 17,924 214,923 29,007 130,633 1,089 27,857 184,472 683,827

2008Issuers

Non-financial corporations 750 876 1,918 665 626 639 192 1,068 5,204 11,938General government 7,452 2,204 16,514 48,660 1,771 27,952 184 2,100 157,219 264,056Financial institutions 38,481 560 519 40,242 73 521 0 745 36,317 117,457Rest of the world 38,606 5,058 14 166,535 24,980 108,211 556 25,736 - 369,694

Total Issuers 85,289 8,697 18,964 256,101 27,450 137,322 932 29,648 198,740 763,144

2009Issuers

Non-financial corporations 1,402 1,578 1,793 706 948 730 226 1,652 10,139 19,173General government 7,266 2,063 15,936 55,472 1,150 34,343 206 2,240 171,577 290,253Financial institutions 48,057 969 683 65,958 126 491 0 1,080 40,368 157,731Rest of the world 41,724 9,085 12 145,524 25,318 120,682 674 37,152 - 380,172

Total Issuers 98,449 13,695 18,425 267,659 27,541 156,247 1,106 42,124 222,083 847,330

2010Issuers

Non-financial corporations 1,460 1,230 662 845 1,039 804 277 1,407 12,589 20,312General government 6,141 1,894 23,033 63,744 1,568 40,550 153 2,076 164,188 303,347Financial institutions 44,317 756 1,160 69,637 80 474 0 941 36,696 154,061Rest of the world 42,820 7,230 13 135,349 25,839 126,589 1,155 32,021 - 371,017

Total Issuers 94,739 11,110 24,868 269,576 28,525 168,417 1,585 36,445 213,472 848,737

2011Issuers

Non-financial corporations 1,968 1,754 645 1,038 212 989 349 971 15,076 23,003General government 11,573 2,640 21,606 70,444 1,103 63,041 230 1,697 150,190 322,523Financial institutions 45,863 1,079 1,150 79,064 129 376 0 674 40,068 168,403Rest of the world 46,688 10,352 13 125,062 23,071 110,683 1,418 22,325 - 339,613

Total Issuers 106,091 15,825 23,415 275,608 24,516 175,088 1,997 25,668 205,334 853,542

2012Issuers

Non-financial corporations 2,795 2,475 392 393 132 1,747 390 1,052 20,760 30,136General government 9,308 2,723 22,103 81,960 931 78,999 212 1,566 172,563 370,366Financial institutions 40,510 1,392 1,203 83,076 62 848 0 677 25,322 153,091Rest of the world 47,952 13,217 15 107,585 22,282 114,422 1,348 21,969 - 328,789

Total Issuers 100,565 19,807 23,712 273,015 23,408 196,016 1,949 25,265 218,646 882,382

2013Issuers

Non-financial corporations 5,130 1,976 469 541 135 1,888 375 145 23,415 34,074General government 6,781 2,167 21,489 71,496 832 75,890 287 965 191,112 371,019

247

17.1.2 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR : BREAKDOWN BY ISSUER SECTOR AND BY HOLDER SECTOR (CONTINUED)


Holders

TotalRest of the worldOther financialinstitutions

PensionfundsInsurance corpo-rations

Non-MMF invest-ment funds

Monetary finan-cial institutions

General govern-ment

Non-financial cor-porations

Individuals

Financial institutions 31,955 1,254 1,142 77,022 77 805 0 568 39,122 151,945Rest of the world 43,320 12,076 18 98,007 22,884 110,150 1,523 14,407 - 302,385

Total Issuers 87,186 17,474 23,119 247,066 23,929 188,732 2,185 16,084 253,649 859,424

2014 IIIssuers

Non-financial corporations 5,011 1,927 469 656 124 3,008 394 169 24,472 36,230General government 5,140 1,542 21,315 63,695 835 78,393 316 2,613 230,143 403,992Financial institutions 30,630 1,123 1,061 74,665 51 1,051 0 604 38,532 147,717Rest of the world 42,523 4,442 19 98,144 23,618 117,257 1,601 19,161 - 306,765

Total Issuers 83,304 9,034 22,864 237,159 24,627 199,710 2,311 22,547 293,147 894,704


248

17.1.3 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR HELD BY INDIVIDUALS

(millions of euro)

Non-financial corporations General government Financial institutions Rest of the world 1 Total

Net acquisitions

2004 -250 -579 -5,806 -10,462 -17,097

2005 -529 -1,046 -7,749 -3,956 -13,279

2006 75 -234 -4,409 -10,100 -14,668

2007 -26 -852 490 -5,423 -5,810

2008 -40 -714 1,027 10,428 10,701

2009 644 -195 9,573 -448 9,575

2010 86 -940 -3,730 475 -4,109

2011 514 5,206 14 5,281 11,015

2012 604 -2,893 -5,415 -1,490 -9,194

2013 252 -1,985 -3,069 -4,143 -8,945

2012 II 24 -870 -1,336 610 -1,571III 385 -1,105 -1,401 -299 -2,420IV 119 -266 -1,697 -1,094 -2,938

2013 I 18 -662 -1,597 -1,596 -3,837II -25 -724 -495 -1,973 -3,217III 261 -575 -475 -577 -1,366IV -2 -24 -502 2 -525

2014 I -118 -232 -406 -1,165 -1,921II -146 -237 -974 -771 -2,128

249

17.1.3 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR HELD BY INDIVIDUALS (CONTINUED)

(millions of euro)

TotalRest of the world 1Financial institutionsGeneral governmentNon-financial corporations

Outstanding amounts at end of period

2004 1,288 10,810 49,166 44,681 105,946

2005 766 9,677 41,420 42,812 94,676

2006 807 9,007 36,963 29,598 76,374

2007 755 7,897 37,427 25,836 71,915

2008 750 7,452 38,481 38,606 85,289

2009 1,402 7,266 48,057 41,724 98,449

2010 1,460 6,141 44,317 42,820 94,739

2011 1,968 11,573 45,863 46,688 106,091

2012 2,795 9,308 40,510 47,952 100,565

2013 5,130 6,781 31,955 43,320 87,186

2012 II 2,150 10,311 43,569 47,967 103,997III 2,615 9,432 42,191 48,610 102,848IV 2,795 9,308 40,510 47,952 100,565

2013 I 2,789 8,496 38,906 46,419 96,610II 2,684 7,423 38,390 43,319 91,815III 2,944 6,805 37,914 42,916 90,579IV 5,130 6,781 31,955 43,320 87,186

2014 I 5,129 5,351 31,590 42,846 84,917II 5,011 5,140 30,630 42,523 83,304


1 Securities issued by the Rest of the world and acquired by domestic sectors of the economy.

250

17.1.4 PUBLIC CALL ON PRIMARY MARKET OF FIXED-INTEREST SECURITIES

(annual datas, millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Bonds 1,229 5,516 4,966 5,542 5,287 12,278 10,870 7,800 6,191 9,815Belgian companies 50 228 375 236 208 3,101 5,608 1,537 1,591 2,824Foreign companies 1,179 5,288 4,591 5,306 5,079 9,176 5,262 6,263 4,601 6,990

Debt securities with a capital risk 341 268 549 1,109 773 651 216 536 267 61Belgian companies 0 0 0 18 0 0 7 0 0 0Foreign companies 341 268 549 1,091 773 651 209 536 267 61

Total 1,570 5,784 5,515 6,651 6,060 12,929 11,086 8,336 6,458 9,876

Treasury notes 1,284 848 577 680 519 679 669 219 6,032 142

Subordinated certificates issued by the credit institutions 1 666 955 1,053 1,440 1,539 484 891 972 269 124

Capitalisation bonds to bearer 0 6 131 97 187 23 12 3 0 0

Sources: FSMA, Treasury Administration

1 Since the law of 22 March 1993 on the statutes and supervision of credit institutions, a prospectus is required for the continuous issues of such certificates.

251

17.1.5 PUBLIC ISSUES OF BONDS IN NATIONAL CURRENCY AT OVER ONE YEAR BY THE PUBLIC SECTOR

Issuers 1 Period Nominal interest rate(p c )

Issue price (p.c.) Duration of loan Amounts issued (mil-lions of e ro) 2

Yield for bearer (p.c.) 3Issuers

Issue Maturity

Nominal interest rate(p.c.)

Issue price (p.c.)

Years Months

Amounts issued (millions of euro) 2

At interim maturitydate

At final maturity date

2005 25 August EB/BES 4 2005 2010 2.60 100.50 5 58.0 - 2.4926 August EB/BES 4 2005 2013 3.00 100.50 8 100.0 - 2.9324 November EB/BES 4 2005 2010 2.85 100.00 5 55.0 - 2.8525 November EB/BES 4 2005 2013 3.20 100.00 8 88.3 - 3.20

2006 23 February EB/BES 4 2006 2011 3.00 100.00 5 146.3 - 3.0023 May EB/BES 4 2006 2011 3.55 100.50 5 186.5 - 3.4424 August EB/BES 4 2006 2011 3.60 100.25 5 183.5 - 3.5423 November EB/BES 4 2006 2011 3.45 100.00 5 130.0 - 3.4524 November EB/BES 4 2006 2014 3.70 100.00 8 33.5 - 3.70

2007 22 February EB/BES 4 2007 2012 3.70 100.00 5 136.3 - 3.7023 February EB/BES 4 2007 2015 4.00 100.00 8 53.3 - 4.0023 May EB/BES 4 2007 2010 3.80 99.75 3 32.2 - 3.8924 May EB/BES 4 2007 2012 4.00 100.00 5 75.3 - 4.0025 May EB/BES 4 2007 2015 4.10 100.00 8 18.5 - 4.1024 August EB/BES 4 2007 2010 4.10 100.25 3 54.5 - 4.0125 August EB/BES 4 2007 2012 4.10 100.00 5 57.5 - 4.1026 August EB/BES 4 2007 2015 4.15 100.00 8 13.0 - 4.1523 November EB/BES 4 2007 2010 3.85 100.25 3 36.5 - 3.7624 November EB/BES 4 2007 2012 3.90 100.25 5 24.0 - 3.8425 November EB/BES 4 2007 2015 4.00 100.25 8 18.0 - 3.96

2008 22 February EB/BES 4 2008 2011 3.50 100.00 3 43.0 - 3.5023 February EB/BES 4 2008 2013 3.55 100.00 5 21.0 - 3.5524 February EB/BES 4 2008 2016 3.75 100.00 8 19.5 - 3.7526 May EB/BES 4 2008 2011 3.85 99.50 3 17.3 - 4.0327 May EB/BES 4 2008 2013 4.05 99.50 5 36.1 - 4.1628 May EB/BES 4 2008 2016 4.10 99.50 8 11.7 - 4.1726 August EB/BES 4 2008 2013 4.20 100.00 5 36.8 - 4.2027 August EB/BES 4 2008 2016 4.35 100.00 8 10.9 - 4.3525 November EB/BES 4 2008 2011 3.10 100.25 3 199.6 - 3.0126 November EB/BES 4 2008 2013 3.40 100.25 5 131.0 - 3.3427 November EB/BES 4 2008 2016 4.00 101.00 8 152.7 - 3.85

2009 23 February EB/BES 4 2009 2012 2.40 100.00 3 103.0 - 2.4024 February EB/BES 4 2009 2014 3.10 100.00 5 151.5 - 3.1025 February EB/BES 4 2009 2017 3.75 100.00 8 121.7 - 3.7525 May EB/BES 4 2009 2012 2.00 100.00 3 28.3 - 2.0026 May EB/BES 4 2009 2014 2.75 100.00 5 34.0 - 2.7527 May EB/BES 4 2009 2017 3.50 99.50 8 51.2 - 3.5726 August EB/BES 4 2009 2014 2.75 100.00 5 40.0 - 2.7527 August EB/BES 4 2009 2017 3.40 100.00 8 50.0 - 3.4025 November EB/BES 4 2009 2014 2.60 100.00 5 44.1 - 2.6026 November EB/BES 4 2009 2017 3.35 100.00 8 45.1 - 3.35

2010 23 February EB/BES 4 2010 2015 2.50 100.00 5 33.5 - 2.5024 February EB/BES 4 2010 2018 3.25 100.00 8 53.7 - 3.2526 May EB/BES 4 2010 2015 2.20 101.00 5 16.0 - 1.9927 May EB/BES 4 2010 2018 3.00 101.50 8 29.5 - 2.7926 August EB/BES 4 2010 2015 2.05 100.75 5 17.0 - 1.8927 August EB/BES 4 2010 2018 2.75 100.75 8 19.0 - 2.6425 November EB/BES 4 2010 2015 2.35 100.00 5 23.3 - 2.3526 November EB/BES 4 2010 2018 3.00 99.75 8 27.5 - 3.04

2011 23 February EB/BES 4 2011 2014 2.45 100.00 3 19.5 - 2.45

252

17.1.5 PUBLIC ISSUES OF BONDS IN NATIONAL CURRENCY AT OVER ONE YEAR BY THE PUBLIC SECTOR (CONTINUED)

Yield for bearer (p.c.) 3Amounts issued (mil-lions of euro) 2

Duration of loanIssue price (p.c.)Nominal interest rate(p.c.)

PeriodIssuers 1

At final maturity dateAt interim maturitydate

Amounts issued (mil-lions of euro) 2

MonthsYears

Issue price (p.c.)Nominal interest rate(p.c.)

MaturityIssue

Issuers 1

24 February EB/BES 4 2011 2016 3.20 100.00 5 62.7 - 3.2025 February EB/BES 4 2011 2019 3.75 100.00 8 59.2 - 3.7524 May EB/BES 4 2011 2014 2.50 100.00 3 12.8 - 2.5025 May EB/BES 4 2011 2016 3.25 100.00 5 27.8 - 3.2526 May EB/BES 4 2011 2019 3.75 99.75 8 46.4 - 3.7925 August EB/BES 4 2011 2014 2.35 100.25 3 9.5 - 2.2626 August EB/BES 4 2011 2016 3.00 100.25 5 31.3 - 2.9527 August EB/BES 4 2011 2019 3.50 100.25 8 36.3 - 3.4624 November EB/BES 4 2011 2014 3.50 100.00 3 710.2 - 3.5025 November EB/BES 4 2011 2016 4.00 100.00 5 4,714.6 - 4.0026 November EB/BES 4 2011 2019 4.20 100.00 8 304.5 - 4.20

2012 23 February EB/BES 4 2012 2017 2.35 100.00 5 29.9 - 2.3524 February EB/BES 4 2012 2020 3.10 100.00 8 29.4 - 3.1023 May EB/BES 4 2012 2017 2.25 100.00 5 17.5 - 2.2524 May EB/BES 4 2012 2020 3.00 100.00 8 28.5 - 3.0024 August EB/BES 4 2012 2020 2.10 100.00 8 22.3 - 2.1023 November EB/BES 4 2012 2017 1.00 100.00 5 4.3 - 1.0024 November EB/BES 4 2012 2020 1.80 100.00 8 10.1 - 1.80

2013 21 February EB/BES 4 2013 2018 1.00 100.00 5 4.0 - 1.0022 February EB/BES 4 2013 2021 1.85 100.00 8 8.7 - 1.8524 May EB/BES 4 2013 2018 0.75 100.00 5 3.6 - 0.7525 May EB/BES 4 2013 2021 1.50 100.00 8 5.7 - 1.5026 August EB/BES 4 2013 2018 1.35 100.00 5 8.1 - 1.3527 August EB/BES 4 2013 2021 2.15 100.00 8 15.7 - 2.1525 November EB/BES 4 2013 2018 1.00 100.00 5 5.9 - 1.0026 November EB/BES 4 2013 2021 1.90 100.00 8 14.6 - 1.90

2014 21 February EB/BES 4 2014 2019 0.90 100.00 5 3.8 - 0.9022 February EB/BES 4 2014 2022 1.75 100.00 8 11.8 - 1.7522 May EB/BES 4 2014 2019 0.60 100.00 5 6.0 - 0.6023 May EB/BES 4 2014 2022 1.40 100.00 8 7.7 - 1.4026 August EB/BES 4 2014 2022 1.00 100.00 8 9.8 - 1.00

Source: NBB

N.B.: Loans which are subject to a Decree in the ”Belgisch Staatsblad/Moniteur belge”, excluding tap issues.

1 EB/BES: Etat belge/Belgische Staat (Belgian State)FR/WF: Fonds des Routes/Wegenfonds (Road Fund)FARFC: Fonds d’aide au redressement financier des communes/Hulpfonds tot financieel herstel van de gemeenten (Assistance Fund for the Financial Recovery of Municipalities)RW/WG: Région wallonne/Waals Gewest (Walloon region)

2 Nominal values.3 Yields calculated before retentions of tax at source.4 State note.

253

17.1.6 OUTSTANDING AMOUNT OF LINEAR BONDS


2009 2010 2011 2012 2013 20142009 2010 2011 2012 2013

June July Aug. Sep.

Issue Maturity date Code Nominal interest rate (p.c.)1992 24/12/12 262 8.00 8,547 8,547 8,547 0 0 0 0 0 01995 28/03/15 282 8.00 6,220 6,220 6,220 6,220 6,220 6,220 6,220 6,220 6,2201998 28/03/28 291 5.50 13,440 14,132 15,254 15,354 16,639 17,333 17,333 17,333 17,3332000 28/09/10 295 5.75 15,844 0 0 0 0 0 0 0 02001 28/09/11 296 5.00 12,390 12,390 0 0 0 0 0 0 02002 28/09/12 298 5.00 12,758 12,758 12,758 0 0 0 0 0 02002 28/09/17 300 5.50 8,438 8,438 8,438 8,438 8,438 8,438 8,438 8,438 8,4382003 28/09/13 301 4.25 12,975 13,727 15,547 15,547 0 0 0 0 02004 28/09/14 303 4.25 12,209 12,829 12,829 12,829 12,829 12,829 12,829 12,829 02004 28/03/35 304 5.00 13,583 14,018 15,786 17,284 18,112 19,165 19,165 19,165 19,1652005 28/03/10 305 3.00 8,848 0 0 0 0 0 0 0 02005 28/09/15 306 3.75 11,294 11,294 11,294 11,294 11,294 11,294 11,294 11,294 11,2942006 28/09/16 307 3.25 12,175 12,175 12,984 12,984 12,984 12,984 12,984 12,984 12,9842006 28/03/22 308 4.00 10,355 12,827 13,909 14,084 14,084 14,084 14,084 14,084 14,0842007 28/03/17 309 4.00 11,176 11,176 11,176 11,176 11,176 11,176 11,176 11,176 11,1762007 28/03/13 310 4.00 11,057 12,718 12,718 12,718 0 0 0 0 02007 22/06/11 311 VAR 3,000 3,000 0 0 0 0 0 0 02008 28/03/18 312 4.00 10,103 10,103 10,471 10,471 11,428 11,428 11,428 11,428 11,4282008 28/03/11 313 3.50 10,988 10,988 0 0 0 0 0 0 02008 28/03/14 314 4.00 10,973 10,973 12,895 12,895 12,895 0 0 0 02009 28/03/19 315 4.00 10,212 10,212 10,212 11,129 11,129 12,237 12,237 12,237 12,2372009 28/03/15 316 3.50 8,601 9,785 9,785 9,785 9,785 9,785 9,785 9,785 9,7852009 28/03/12 317 2.00 6,457 7,443 7,443 0 0 0 0 0 02010 28/09/20 318 3.75 17,634 17,634 17,634 17,634 17,634 17,634 17,634 17,6342010 28/03/16 319 2.75 9,594 9,594 9,594 9,594 9,594 9,594 9,594 9,5942010 28/03/41 320 4.25 4,823 9,580 11,558 12,423 13,860 13,860 13,860 13,8602011 28/09/21 321 4.25 13,096 14,085 14,921 14,921 14,921 14,921 14,9212011 15/02/16 322 VAR 3,000 3,000 3,000 3,000 3,000 3,000 3,0002011 28/06/17 323 3.50 6,709 13,234 13,234 13,234 13,234 13,234 13,2342011 28/03/26 324 4.50 4,472 7,010 7,779 7,779 9,040 9,040 9,0402012 28/09/22 325 4.25 15,417 15,417 15,417 15,417 15,417 15,4172012 28/03/32 326 4.00 5,612 8,204 8,204 8,204 8,204 8,2042012 28/09/19 327 3.00 7,199 9,356 10,751 10,751 10,751 10,7512012 22/06/23 328 2.25 13,652 13,652 13,652 13,652 13,6522013 22/06/18 329 1.25 11,890 11,890 11,890 11,890 11,8902013 02/05/18 330 VAR 2,500 2,500 2,500 2,500 2,5002013 22/06/45 331 3.75 4,000 4,886 4,886 4,886 4,8862014 22/06/24 332 2.60 10,549 11,726 11,726 13,2982014 22/06/34 333 3.00 5,000 5,000 5,000 6,147TOTAL 241,643 257,804 272,350 286,551 300,616 309,843 312,281 312,281 302,171


254

17.1.7 HOLDERSHIP OF DEMATERIALISED LINEAR BONDS


Belgium Foreign countries Grand total

MFI Other financialinstitutions

General gov-ernment

Other Total European Union, excluding Belgium Rest of the world Total

Grand total

Credit institu-tions

Other 1

Other financialinstitutions

General government

Other Total

MUMS Other member-states Banks Other clients

Total

Credit institutions

Other

MFI Other clients MFI Other clients

Banks Other clients

2004 28,221 1,844 24,111 8,586 4,282 67,044 77,975 4,333 27,215 199 32,543 805 143,069 210,1132005 21,749 1,730 24,267 10,179 7,109 65,034 72,435 2,873 37,293 1,139 34,717 978 149,436 214,4692006 26,552 2,255 20,875 9,707 3,192 62,581 75,652 2,469 31,255 1,564 39,383 1,322 151,645 214,2252007 18,070 3,226 16,372 15,618 2,953 56,239 75,605 1,871 29,473 847 55,608 1,261 164,665 220,9042008 27,739 6,328 14,758 14,765 3,415 67,005 77,447 1,993 31,500 89 46,278 1,104 158,411 225,4152009 42,375 5,193 15,685 13,852 3,859 80,964 87,978 2,056 23,634 370 45,999 642 160,680 241,6442010 33,233 6,784 15,889 20,705 3,284 79,896 87,798 2,343 25,789 111 61,619 248 177,908 257,8042011 29,883 8,618 14,819 15,506 5,195 74,022 93,954 1,747 34,884 91 67,072 582 198,329 272,3512012 72,098 7,583 12,503 15,790 4,530 112,504 82,631 1,800 27,051 83 62,253 227 174,046 286,5512013 48,005 6,897 33,556 16,201 3,586 108,245 92,763 2,798 32,959 113 63,312 426 192,371 300,6162012 I 35,498 12,059 14,467 14,157 5,180 81,361 97,685 1,548 24,769 96 71,928 494 196,520 277,881

II 48,865 8,868 14,940 19,516 4,657 96,846 92,793 2,393 30,884 90 64,755 444 191,358 288,204III 59,273 8,620 13,162 16,374 4,244 101,673 89,800 1,685 27,853 95 65,608 56 185,097 286,770IV 72,098 7,583 12,503 15,790 4,530 112,504 82,631 1,800 27,051 83 62,253 227 174,046 286,551

2013 I 52,158 7,557 30,949 11,501 4,400 106,564 83,809 1,710 26,553 70 67,623 185 179,951 286,515II 52,642 7,655 31,031 17,125 3,148 111,600 84,634 2,149 35,565 417 66,664 163 189,592 301,193III 50,630 6,842 30,825 10,538 3,021 101,857 90,452 2,225 36,253 233 65,949 127 195,241 297,097IV 48,005 6,897 33,556 16,201 3,586 108,245 92,763 2,798 32,959 113 63,312 426 192,371 300,616

2014 I 47,640 7,224 32,411 12,579 3,180 103,034 92,777 1,755 35,093 183 68,786 128 198,722 301,756

Source: NBB

N.B.: Based on the report which must be produced by institutions which have been authorised to keep accounts for public debt securities (Article 49 of the Royal Decree of 23 January 1991 amended by Article 1 of the Royal Decree of 11 June 2001 and Article 1 of the Royal Decreeof 31 May 2009). The structure of OLO bond-holding shown in this table differs from that used to draw up the tables in chapters 11 and 12 and table 17.1.3 of the Bulletin. That is due mainly to the treatment of repo transactions. In the statistical summary of public debt security account-keepers,repo transactions give rise to a transfer of ownership of the securities, in contrast to the treatment in the financial accounts where they do not lead to any change of holder, since these transactions are regarded as the pledging of securities in order to obtain a loan. In addition, differencesmay also arise because the statistical summary of the account-keepers is an indirect source for securities held on behalf of third parties, whereas the financial accounts statistics are compiled on the basis of direct sources where those are available.

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIIth year, number 4, April 1992. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

255

17.2 SHARES AND OTHER EQUITY17.2.1 ISSUES OF SHARES

Amount of the financial transactions (in millions of euro) Number of companies (in units)

Company formations Capital increases Capital reductions Companyformations

Capital in-creases

Capital re-ductions

Contribu-tions incash

Contribu-tions in

kind

Amount tobe paid up

Total Contribu-tions incash

Contribu-tions in

kind

Amount tobe paid up

Conver-sions of eq-

uity

Conver-sions ofdebts

Issue pre-miums

Total Repay-ments tosharehol-

ders

Incorpora-tion of los-

ses 1

Other 2 Total

Companyformations

Capital increases

Capital reductions

2004 1,041 1,394 356 2,792 25,065 25,754 3,587 3,660 5,477 6,828 70,371 14,208 2,807 15,146 32,161 n. n. n.2005 878 1,563 250 2,691 12,480 17,077 1,424 2,897 3,321 6,862 44,061 9,917 9,052 21,082 40,050 20,860 9,058 5,0472006 5,152 9,911 3,358 18,421 59,985 33,397 1,239 1,139 4,318 17,920 117,997 26,802 3,065 8,521 38,388 23,777 8,308 4,5852007 4,202 3,295 739 8,236 66,607 67,469 7,441 6,884 4,203 37,893 190,496 29,237 4,064 13,329 46,630 26,454 7,153 4,7842008 1,924 5,550 308 7,782 66,794 96,946 4,500 2,649 18,080 37,166 226,134 40,869 6,357 42,693 89,919 25,871 6,996 5,2062009 1,402 3,599 421 5,422 32,586 12,455 3,314 8,256 6,679 14,439 77,729 14,416 49,660 7,808 71,884 22,768 6,812 5,8012010 1,670 15,442 338 17,449 43,856 64,406 7,484 3,003 8,360 11,495 138,604 52,825 10,677 16,412 79,914 26,263 6,772 6,0792011 1,665 3,689 427 5,780 30,497 76,608 1,773 7,987 7,294 14,736 138,896 48,065 13,856 27,957 89,878 26,837 7,244 6,9502012 1,073 4,855 527 6,455 44,028 21,430 3,125 26,559 13,099 13,067 121,309 106,361 27,138 40,190 173,689 21,419 6,907 7,9642013 961 6,996 265 8,222 26,276 18,396 419 8,735 6,391 11,918 72,135 21,699 12,182 55,245 89,126 20,538 20,938 9,0862013 Jan. 72 1,824 18 1,914 292 257 5 265 50 118 987 766 48 619 1,432 2,038 339 358

Feb. 43 38 30 112 917 657 54 83 150 67 1,927 167 43 411 621 1,644 302 364March 92 95 19 207 807 299 9 291 89 148 1,643 968 59 3,139 4,166 1,870 594 822April 89 66 19 174 1,004 264 13 1,792 140 450 3,662 1,223 636 523 2,381 1,659 394 498May 64 99 14 177 657 3,143 35 487 405 86 4,813 1,195 7,833 1,231 10,258 1,473 376 465June 65 93 18 177 1,546 330 66 1,062 310 511 3,825 4,417 733 2,941 8,090 1,386 646 879July 157 94 35 287 324 1,126 20 21 378 197 2,066 1,585 113 895 2,592 2,001 527 572Aug. 46 50 12 108 231 111 3 124 415 29 913 286 43 642 972 1,196 328 392Sep. 62 237 19 318 780 286 29 38 2,683 1,143 4,958 864 233 208 1,305 1,505 545 730Oct. 97 2,988 25 3,110 929 1,091 4 166 115 1,690 3,994 1,810 213 551 2,574 2,004 597 552Nov. 73 122 25 220 8,669 547 154 239 240 4,203 14,052 6,638 189 26,767 33,594 1,450 2,002 693Dec. 100 1,288 30 1,418 10,120 10,286 28 4,167 1,417 3,275 29,294 1,782 2,040 17,317 21,140 2,312 14,288 2,761

2014 Jan. 92 161 23 276 1,116 103 33 3 77 269 1,601 2,496 60 61 2,617 2,133 1,764 402

Source: NBB

N.B.: Including shares issued by the financial intermediaries.

1 This item essentially comprises incorporation of losses. It also comprises other restructuring operations of the own funds which reduce the capital.2 This item essentially comprises the capital reductions as a result of liquidations, mergers by acquisition and demergers.

256

17.2.2 PUBLIC CALL ON PRIMARY MARKET OF SHARES AND OTHER EQUITY

(annual datas, millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Issues of sharesBelgian companies 352 3,559 1,828 1,329 17,691 6,513 578 669 680 295Foreign companies 1 33 91 16 0 0 0 0 0 0 0Total 385 3,650 1,844 1,329 17,691 6,513 578 669 680 295

Issues of CIU shares and other equityBelgian collective investment undertakings 20,159 23,126 34,890 39,994 56,512 38,731 34,900 34,303 31,926 32,411Foreign collective investment undertakings 12,175 12,231 30,030 n. n. n. n. n. n. n.Total 32,334 35,357 64,919 n. n. n. n. n. n. n.of which investment companies with variable capital 12,142 11,212 26,394 n. n. n. n. n. n. n.

Source: FSMA

1 The data calculated do not allow for the issues of representative certificates of foreign securities.

257

17.2.3 STOCK EXCHANGE ACTIVITY

Euronext Brussels Capital traded: average per session (thousands of euro) 1

Prices of shares (indices year 1985 = 100) 2 Stock exchange capitalisation of shares atend of period (millions of e ro) 3

Belgian values Foreign securities

Price index (dividends not reinvested) Return index (reinvested dividends)

Stock exchange capitalisation of shares atend of period (millions of euro) 3

Belgian values Foreign securities

2004 438.2 754.9 200,918.4 217,625.8 4,785.62005 566.7 999.6 244,574.0 361,199.4 6,106.52006 703.2 1,268.8 300,454.0 469,441.2 12,048.82007 799.1 1,472.7 263,718.0 659,201.2 10,742.32008 583.1 1,100.5 120,013.0 543,576.2 5,728.42009 405.5 790.2 181,059.0 338,906.5 2,245.92010 485.0 969.1 200,309.0 313,697.0 2,186.02011 467.5 959.2 176,646.0 312,159.8 1,710.72012 481.7 1,022.1 227,184.0 310,655.1 1,130.32013 558.5 1,220.7 271,648.0 331,558.9 3,359.62012 September 518.3 1,107.5 219,302.0 383,477.0 1,033.0

October 512.7 1,100.5 217,729.0 334,066.0 1,063.0November 506.9 1,088.2 225,051.0 292,449.0 1,227.0December 513.3 1,102.5 227,184.0 279,773.0 889.0

2013 January 520.3 1,118.1 227,851.0 341,221.0 1,225.0February 519.0 1,115.5 239,905.0 405,803.0 4,413.0March 537.2 1,157.5 245,712.0 370,519.0 1,920.0April 533.3 1,152.9 239,101.0 404,961.0 2,701.0May 552.3 1,206.5 238,426.0 349,299.0 2,617.0June 526.8 1,154.7 232,182.0 374,423.0 2,886.0July 536.7 1,179.4 244,149.0 280,160.0 2,473.0August 572.2 1,257.4 243,078.0 295,150.0 2,838.0September 584.9 1,286.5 252,625.0 304,785.0 4,121.0October 601.8 1,326.0 264,755.0 292,387.0 3,875.0November 614.7 1,357.8 265,458.0 307,542.0 6,370.0December 602.6 1,336.1 271,648.0 265,813.0 5,116.0

2014 January 618.4 1,372.7 262,598.0 363,555.0 4,443.0February 623.4 1,384.0 277,573.0 362,741.0 2,766.0March 615.5 1,429.1 277,450.0 351,884.0 2,251.0April 659.8 1,468.5 280,772.0 336,137.0 1,652.0May 670.8 1,506.1 285,799.0 328,133.0 4,703.0June 685.3 1,545.0 289,224.0 325,415.0 2,453.0July 673.0 1,517.9 285,009.0 290,407.0 2,156.0August 657.8 1,483.9 295,458.0 310,986.0 2,265.0September 682.8 1,541.4 298,874.0 344,964.0 2,400.0

Source: EURONEXT Calculations: NBB

1 Debentures and shares.2 Belgian All Shares, average index number for the period.3 Source: EURONEXT

18. Money market

260

18.6 ISSUING OF THREE-MONTH TREASURY CERTIFICATES

Tender date Issuing of three-month treasury certificates 1Tender date

Competitive tendering Non-competitive sub-scriptions (in millions of

Outstanding amount ofdematerialised certifi

Amount offered (in mil-lions of euro)

Interest rates/prices proposed 4 Amount awarded (inmillions of euro)

Maximum interest rate/price adopted 4

Percentages awardedon tenders presented at

Weighted average in-terest rate of the ten-

Non competitive subscriptions (in millions of

euro) 2

Outstanding amount ofdematerialised certifi-

cates issued since 29thJanuary 1991 (in mil-lions of euro)

Minimum Maximummillions of euro) price adopted 4 on tenders presented at

the maximum rate/priceadopted

terest rate of the ten-dering session

January 1991 (in mil-lions of euro) 3

2013 5 November 3,100.0 99.975 99.997 402.0 99.995 56 0.02 0.0 4,377.012 November 3,050.0 99.970 99.999 445.0 99.996 100 0.01 0.0 3,102.03 December 2,400.0 99.980 100.000 402.0 99.997 62 0.01 0.0 3,504.017 December 1,980.0 99.930 99.984 555.0 99.977 100 0.08 52.0 2,858.0

2014 7 January 3,150.0 99.958 99.989 1,350.0 99.978 100 0.06 0.0 4,208.014 January 2,860.0 99.959 99.980 1,402.0 99.973 67 0.10 0.0 4,608.04 February 2,640.0 99.955 99.981 1,185.0 99.969 100 0.10 0.0 5,793.011 February 2,995.0 99.957 99.975 945.0 99.967 100 0.12 0.0 5,891.04 March 3,115.0 99.950 99.970 1,215.0 99.963 100 0.12 0.0 7,106.011 March 2,770.0 99.802 99.960 1,315.0 99.955 100 0.16 45.0 7,457.01 April 2,670.0 99.930 99.955 1,240.0 99.950 100 0.16 0.0 8,697.015 April 2,110.0 99.940 99.965 504.0 99.960 36 0.15 0.0 6,449.029 April 2,016.0 99.930 99.955 541.0 99.947 100 0.17 0.0 6,990.013 May 2,430.0 99.952 99.970 570.0 99.965 100 0.13 34.0 5,464.03 June 2,180.0 99.959 99.985 555.0 99.977 100 0.06 0.0 6,019.017 June 2,397.0 99.995 100.010 482.0 100.004 100 -0.03 0.0 3,926.01 July 2,115.0 99.980 100.006 715.0 100.003 18 -0.01 6.0 4,647.015 July 2,111.0 99.985 100.008 721.0 100.003 100 -0.02 0.0 3,624.05 August 1,840.0 99.990 100.008 745.0 100.003 100 -0.02 0.0 4,369.012 August 1,920.0 99.988 100.030 805.0 100.005 100 -0.03 0.0 4,029.02 September 2,645.0 99.995 100.012 1,308.0 100.001 47 -0.02 14.0 5,351.016 September 2,815.0 100.019 100.039 825.0 100.016 100 -0.07 0.0 5,139.030 September 2,045.0 100.000 100.021 685.0 100.014 100 -0.06 0.0 5,824.014 October 2,805.0 100.000 100.022 701.0 100.019 76 -0.08 5,083.0

Source: NBB

1 This table relates solely to the dematerialised certificates which have been issued since 29th January 1991 in accordance with the Ministerial Decree of 24th January 1991 either by competitive tendering or by non-competitive subscriptions. In the competitive tendering, all the securitiesare awarded at the interest rates proposed by the subscribers (”American” awarding method). All the tenders submitted at rates below the maximum rate adopted by the Treasury are accepted in full. Tenders submitted at the maximum rate adopted may be scaled down.

2 By means of these non-competitive subscriptions the primary dealers can subscribe, within certain limits, for Treasury certificates at the average rate of the tendering session.3 On the payment date.4 Auction on price as from 17/07/2012.

261

18.7 ISSUING OF SIX-MONTH TREASURY CERTIFICATES

Auction date Issuing of six-month treasury certificates 1Auction date









euro) 2







2013 5 November 3,165.0 99.945 99.970 803.0 99.967 44 0.07 0.0 5,379.03 December 2,250.0 99.872 99.985 600.0 99.972 30 0.05 0.0 5,059.0

2014 7 January 3,550.0 99.924 99.964 1,600.0 99.946 100 0.11 0.0 5,718.04 February 3,015.0 99.930 99.956 1,503.0 99.946 45 0.11 0.0 4,489.04 March 2,965.0 99.920 99.946 1,503.0 99.938 36 0.13 0.0 5,212.01 April 2,855.0 99.900 99.926 1,395.0 99.917 100 0.17 0.0 5,204.029 April 2,405.0 99.902 99.921 1,255.0 99.911 100 0.18 0.0 5,656.03 June 2,375.0 99.940 99.965 1,095.0 99.960 100 0.09 0.0 6,751.01 July 2,049.0 99.960 100.006 1,080.0 100.000 100 0.00 10.0 7,841.05 August 2,018.0 99.990 100.012 967.0 100.000 23 -0.01 0.0 7,305.02 September 2,200.0 99.994 100.011 1,080.0 100.002 100 -0.01 14.0 6,896.030 September 2,795.0 100.000 100.026 1,135.0 100.018 100 -0.04 0.0 6,636.0

Source: NBB



262

18.8 ISSUING OF TWELVE-MONTH TREASURY CERTIFICATES

Tender date Issuing of twelve-month treasury certificates 1Tender date









euro) 2







2013 12 November 3,415.0 99.800 99.871 1,550.0 99.853 100 0.14 0.0 17,292.017 December 2,810.0 99.710 99.770 1,200.0 99.749 100 0.24 213.0 17,704.0

2014 14 January 2,780.0 99.784 99.954 1,585.0 99.811 100 0.16 0.0 17,768.011 February 3,050.0 99.810 99.848 1,855.0 99.831 100 0.16 165.0 18,093.011 March 2,405.0 99.700 99.818 1,225.0 99.806 100 0.19 0.0 17,993.015 April 2,980.0 99.804 99.833 1,600.0 99.819 100 0.18 0.0 17,991.013 May 2,585.0 99.800 99.835 1,403.0 99.823 29 0.17 182.0 18,006.017 June 2,620.0 99.986 99.955 1,515.0 99.972 100 0.02 0.0 18,121.015 July 2,480.0 99.950 99.998 1,255.0 99.972 100 0.02 0.0 18,041.012 August 2,145.0 99.950 99.995 1,230.0 99.987 100 0.01 0.0 17,861.016 September 2,540.0 100.020 100.050 1,430.0 100.042 100 -0.05 0.0 17,758.014 October 2,295.0 100.000 100.048 1,365.0 100.040 100 -0.04 17,773.0

Source: NBB



263

18.10 TRANSACTIONS ON THE SECUNDARY MARKET IN DEMATERIALISED SECURITIES

(averages per period of the daily data)

Secondary market transactions in dematerialized securities recorded by the NBB’s security clearing system (period averages of the daily data)

Treasury certificates Linear bonds Treasury bills and certificates of credit Total

Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro)(1) (2) (3) (4) (5) (6) (7) = (1) + (3) + (5) (8) = (2) + (4) + (6)

2004 87 2,657 501 10,429 91 417 680 13,503

2005 110 2,711 469 11,189 84 428 664 14,328

2006 115 3,239 516 13,210 80 605 711 17,047

2007 115 3,037 542 14,358 85 675 741 18,070

2008 109 3,341 526 15,411 94 599 728 19,351

2009 110 3,105 515 13,137 51 343 675 16,585

2010 168 3,974 595 14,658 39 588 801 19,221

2011 211 6,213 843 25,804 45 420 1,100 32,437

2012 246 5,369 862 17,979 39 429 1,147 23,777

2013 280 5,926 738 13,637 39 386 1,057 19,950

2013 September 307 5,725 699 12,658 38 346 1,044 18,729October 316 5,975 784 15,974 37 380 1,137 22,329November 249 4,545 742 13,828 40 371 1,031 18,744December 235 3,984 701 14,260 42 324 978 18,568

2014 January 228 4,770 790 16,586 36 362 1,053 21,718February 261 5,548 805 15,622 40 415 1,106 21,585March 241 4,772 845 16,784 35 275 1,121 21,831April 222 4,490 823 17,200 39 345 1,084 22,035May 219 4,505 830 19,311 45 455 1,094 24,270June 203 3,892 781 15,699 40 390 1,024 19,981July 182 3,480 733 14,103 35 346 950 21,844August 199 3,847 654 13,043 36 383 889 17,274September 187 3,471 749 14,463 34 287 970 18,221

Source: NBB

264

18.11 HOLDERSHIP OF DEMATERIALISED TREASURY CERTIFICATES


Belgium Foreign countries Grand total

MFI Other financialinstitutions

General gov-ernment

Other Total European Union, excluding Belgium Rest of the world Total

Grand total

Credit institu-tions

Other 1

Other financialinstitutions

General government

Other Total

MUMS Other member-states Banks Other clients

Total

Credit institutions

Other

MFI Other clients MFI Other clients

Banks Other clients

2004 2,746 110 1,228 3,677 497 8,258 9,954 548 3,350 16 4,379 5 18,253 26,511

2005 1,714 447 753 3,915 460 7,289 8,510 97 2,330 542 8,617 9 20,106 27,395

2006 4,144 560 253 2,158 595 7,710 8,089 117 2,533 88 9,172 5 20,004 27,714

2007 1,549 243 225 3,904 313 6,234 9,085 120 2,843 17 13,175 5 25,245 31,479

2008 1,787 402 524 1,920 1,731 6,365 6,814 259 6,091 0 22,692 380 36,237 42,602

2009 4,403 806 304 290 1,283 7,087 5,022 135 6,762 198 21,185 30 33,332 40,417

2010 3,282 257 481 1,272 664 5,956 6,617 163 8,001 0 19,917 9 34,687 40,653

2011 2,460 896 1,295 4,775 636 10,062 7,688 108 6,872 95 10,632 27 25,422 35,484

2012 1,601 1,023 240 763 148 3,775 9,531 79 8,051 23 10,331 0 28,015 31,790

2013 1,679 352 725 188 98 3,042 4,766 384 6,947 20 9,521 1 21,639 24,681

2012 I 2,432 1,118 896 2,429 629 7,504 7,452 208 8,725 15 10,906 47 27,353 34,857II 1,674 1,158 730 1,526 339 5,428 11,089 275 8,523 125 10,141 14 30,167 35,595III 2,293 644 681 424 411 4,452 10,558 225 8,859 17 11,457 15 31,131 35,583IV 1,601 1,023 240 763 148 3,775 9,531 79 8,051 23 10,331 0 28,015 31,790

2013 I 3,114 829 773 291 240 5,248 9,219 137 11,397 69 9,352 1 30,174 35,423II 1,561 562 807 164 192 3,285 9,440 58 8,418 0 9,404 1 27,321 30,606III 1,782 467 341 144 320 3,054 8,799 111 6,375 53 8,849 3 24,191 27,245IV 1,679 352 725 188 98 3,042 4,766 384 6,947 20 9,521 1 21,639 24,681

2014 I 2,237 342 1,189 110 282 4,161 6,353 157 10,341 60 10,388 0 27,298 31,459

Source: NBB

N.B.: Based on the report which must be produced by institutions which have been authorised to keep accounts for public debt securities (Article 49 of the Royal Decree of 23 January 1991 amended by Article 1 of the Royal Decree of 11 June 2001 and Article 1 of the Royal Decreeof 31 May 2009). The structure of treasury certificates-holding shown in this table differs from that used to draw up the tables in chapters 11 and 12 and table 17.1.3 of the Bulletin. That is due mainly to the treatment of repo transactions. In the statistical summary of public debt securityaccount-keepers, repo transactions give rise to a transfer of ownership of the securities, in contrast to the treatment in the financial accounts where they do not lead to any change of holder, since these transactions are regarded as the pledging of securities in order to obtain a loan. Inaddition, differences may also arise because the statistical summary of the account-keepers is an indirect source for securities held on behalf of third parties, whereas the financial accounts statistics are compiled on the basis of direct sources where those are available.

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 6, juni 1991. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

19. Interest rates

266

19.1 MAIN INTEREST RATES OF THE MONETARY POLICY OF THE EUROSYSTEM

(yearly percentages, dates of change)

Interest rate of themain refinancing

operations 1

Interest rate of thelonger-term refinan-

cing operations 2

Interest rate of themarginal lending fa-

cilities

Interest rate of thedeposit facilities

p.m. 2011 29 December - - 1.75 0.252012 10 July 0.75 0.75 1.75 0.25

11 July - - 1.50 0.002013 7 May 0.50 0.50 1.50 0.00

8 May - - 1.00 0.0012 November 0.25 0.25 1.00 0.0013 November - - 0.75 0.00

2014 10 June 0.15 0.15 0.75 0.0011 June - - 0.40 -0.109 September 0.05 - 0.40 -0.1010 September - - 0.30 -0.2024 September - 0.05 0.30 -0.20

Source: ECB

1 It is the rate of the weekly tender with a maturity of two weeks. For the variable tender rate it is the weighted average rate. The dates mentionedcorrespond to the dates of the allocations.

2 It is the rate of the monthly tender with a maturity of three or six months.The dates mentioned correspond to the dates of the allocations.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p. 29.

267

19.2 REFERENCE INTEREST RATES ON THE SECONDARY MARKET FOR TREASURY CERTIFICATES ISSUED BY THE BELGIAN GOVERNMENT

(yearly percentages, daily averages)

1 month 2 months 3 months 6 months 12 months

2004 1.97 1.99 2.01 2.03 2.16

2005 2.02 2.05 2.07 2.11 2.22

2006 2.72 2.81 2.90 3.05 3.27

2007 3.80 3.84 3.89 3.97 4.10

2008 3.64 3.66 3.67 3.66 3.70

2009 0.57 0.62 0.66 0.73 0.93

2010 0.32 0.37 0.43 0.53 0.81

2011 0.78 0.90 1.01 1.16 1.55

2012 0.07 0.09 0.13 0.17 0.37

2013 0.02 0.03 0.05 0.07 0.15

2013 September 0.04 0.06 0.06 0.09 0.21October 0.04 0.04 0.05 0.09 0.18November 0.04 0.04 0.06 0.08 0.14December 0.04 0.05 0.10 0.13 0.19

2014 January 0.08 0.10 0.12 0.15 0.19February 0.11 0.12 0.14 0.12 0.15March 0.15 0.16 0.18 0.18 0.19April 0.15 0.18 0.19 0.19 0.19May 0.14 0.14 0.14 0.13 0.15June 0.03 0.03 0.03 0.03 0.06July -0.03 -0.03 0.00 0.00 0.03August -0.04 -0.01 0.00 0.00 0.01September -0.07 -0.06 -0.04 -0.04 -0.04


Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXVIth year, number 5, May 1991.

268

19.3 EONIA AND EURIBOR


EONIA 1 EURIBOR 2EONIA

1 week 1 month 2 months 3 months 4 months 5 months 6 months 7 months 8 months 9 months 10 months 11 months 12 months

2010 0.44 0.488 0.571 0.664 0.814 0.894 0.982 1.084 1.127 1.172 1.224 1.263 1.305 1.353

2011 0.87 1.029 1.179 1.260 1.393 1.464 1.545 1.638 1.699 1.759 1.825 1.883 1.943 2.008

2012 0.23 0.226 0.326 0.433 0.574 0.660 0.744 0.828 0.881 0.931 0.977 1.023 1.067 1.112

2013 0.09 0.098 0.129 0.177 0.220 0.336 0.440 0.536

2012 III 0.13 0.115 0.157 0.235 0.362 0.450 0.541 0.627 0.676 0.722 0.768 0.812 0.855 0.897IV 0.08 0.079 0.110 0.148 0.196 0.249 0.312 0.368 0.410 0.450 0.484 0.526 0.562 0.599

2013 I 0.07 0.081 0.117 0.168 0.211 0.256 0.303 0.345 0.384 0.424 0.461 0.500 0.538 0.572II 0.08 0.086 0.117 0.166 0.207 0.243 0.279 0.315 0.346 0.377 0.412 0.443 0.475 0.506III 0.09 0.100 0.127 0.176 0.223 0.259 0.296 0.339 0.373 0.407 0.443 0.475 0.505 0.537IV 0.12 0.125 0.156 0.196 0.240 0.346 0.446 0.530

2014 I 0.18 0.193 0.227 0.260 0.295 0.397 0.483 0.563II 0.19 0.192 0.221 0.259 0.298 0.393 0.478 0.569III 0.02 0.028 0.066 0.119 0.165 0.266 0.350 0.440

2013 September 0.08 0.098 0.128 0.174 0.223 0.257 0.296 0.340 0.374 0.410 0.449 0.483 0.514 0.543October 0.09 0.099 0.128 0.172 0.226 0.261 0.300 0.342 0.374 0.411 0.450 0.481 0.512 0.541November 0.10 0.107 0.132 0.178 0.223 0.327 0.424 0.506December 0.17 0.172 0.214 0.242 0.274 0.371 0.464 0.542

2014 January 0.20 0.194 0.224 0.259 0.292 0.396 0.487 0.562February 0.16 0.190 0.224 0.252 0.288 0.387 0.469 0.549March 0.19 0.195 0.232 0.268 0.305 0.407 0.493 0.577April 0.25 0.223 0.253 0.291 0.330 0.430 0.513 0.604May 0.25 0.243 0.259 0.291 0.325 0.417 0.503 0.592June 0.08 0.110 0.153 0.198 0.241 0.333 0.421 0.513July 0.04 0.051 0.096 0.155 0.205 0.305 0.395 0.488August 0.02 0.041 0.085 0.142 0.192 0.292 0.380 0.469September 0.01 -0.008 0.018 0.058 0.097 0.200 0.275 0.362


1 EONIA is an acronym for Euro OverNight Index Average. It is constituted of a weighted average of the overnight interest rate from a panel of 57 banks in the eurozone. This average is computed by the ECB at 7 PM (Brussels time).2 EURIBOR is an acronym for EURo Inter Bank Offered Rate. It is constituted of a simple average of the offered prime rate, corrected for the extreme values, from a panel of 57 banks inside the eurozone. This average is computed at 11 AM (Brussels time).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p. 29.

269

19.4 MFI INTEREST RATES (MIR)19.4.1 INTEREST RATES ON NEW BUSINESS IN EUR19.4.1.1 INTEREST RATES ON DEPOSITS IN EUR FROM HOUSEHOLDS - NEW BUSINESS

Overnight With agreed maturity Redeemable at up to 3months notice

Overnight

Up to 1 year maturity Over 1 and up to 2years maturity

Over 2 years maturity

Redeemable at up to 3months notice

2013 August 0.18 1.23 1.20 1.90 0.63September 0.18 1.26 1.21 1.95 0.62October 0.17 0.51 1.26 2.14 0.61November 0.16 0.37 1.15 2.13 0.60December 0.17 0.38 1.16 1.54 0.58

2014 January 0.17 0.55 1.05 1.42 0.57February 0.16 0.39 1.05 1.56 0.59March 0.17 0.80 1.07 1.59 0.55April 0.17 1.20 1.08 1.47 0.53May 0.15 1.24 1.01 1.42 0.49June 0.15 1.44 0.99 1.31 0.48July 0.15 1.53 0.89 1.23 0.45August 0.15 2.03 0.86 1.11 0.39

Source: NBB Recalculated: NBB

N.B.: - ”up to” means ”up to and including”.- More detailed data are available at http://www.mfiir.be.

19.4.1.2 INTEREST RATES ON DEPOSITS IN EUR FROM NON-FINANCIAL CORPORATIONS - NEW BUSINESS

Overnight With agreed maturityup to 1 month

With agreed maturityup to 1 year

2013 August 0.19 0.14 0.23September 0.20 0.14 0.23October 0.19 0.10 0.24November 0.19 0.19 0.35December 0.19 0.12 0.32

2014 January 0.17 0.33 0.38February 0.17 0.34 0.37March 0.18 0.14 0.37April 0.19 0.27 0.37May 0.19 0.25 0.37June 0.16 0.31 0.35July 0.15 0.21 0.31August 0.15 0.21 0.25



270

19.4.1.3 INTEREST RATES ON LOANS IN EUR TO HOUSEHOLDS - NEW BUSINESS

2013 2014

August September October November December January February March April May June July August

Bank overdraft 8.72 8.67 8.66 8.63 8.65 8.61 8.54 8.47 8.45 7.59 7.53 7.20 7.27For consumption

Floating rate and up to 1 year initial rate fixation 6.06 6.60 5.49 5.47 5.22 5.55 5.29 4.55 4.60 4.93 5.10 5.41 5.24Over 1 and up to 5 years initial rate fixation 6.05 5.87 5.87 5.79 5.47 5.01 4.73 4.99 5.03 5.18 5.13 5.22 5.37Over 5 years initial rate fixation 7.72 7.94 7.99 7.96 7.43 6.95 6.74 7.41 7.22 7.14 7.20 7.50 7.56Annual percent rate of charge 6.76 6.73 6.67 6.63 6.22 5.73 5.46 5.81 5.78 5.88 5.89 6.40 6.47

For house purchasesFloating rate and up to 1 year initial rate fixation 3.13 3.14 3.17 3.19 3.06 3.09 3.09 3.06 3.11 3.13 3.11 3.16 3.10Over 1 and up to 5 years initial rate fixation 2.99 3.04 3.08 3.14 3.11 3.19 3.17 3.10 3.07 3.02 2.90 2.81 2.70Over 5 and up to 10 years initial rate fixation 3.44 3.48 3.59 3.68 3.74 3.70 3.70 3.62 3.56 3.53 3.39 3.25 3.04Over 10 years initial rate fixation 3.56 3.62 3.75 3.83 3.84 3.82 3.76 3.66 3.56 3.46 3.35 3.23 3.12

For other purposesFloating rate and up to 1 year initial rate fixation 1.89 1.79 1.90 1.89 2.05 2.00 1.91 1.96 2.09 2.02 1.81 1.71 1.71Over 1 and up to 5 years initial rate fixation 4.01 3.91 3.95 4.33 3.72 3.72 3.63 4.01 3.49 3.01 2.87 2.84 2.91Over 5 years initial rate fixation 3.98 3.93 4.03 3.82 3.74 3.41 3.40 3.31 3.34 3.22 3.18 2.98 2.84



19.4.1.4 INTEREST RATES ON LOANS IN EUR TO NON-FINANCIAL CORPORATIONS - NEW BUSINESS

2013 2014

August September October November December January February March April May June July August

Bank overdraft 4.74 5.28 5.12 4.92 5.51 5.68 5.54 5.24 6.12 5.96 5.75 5.49 4.97Other loans up to an amount of EUR 1 million

Floating rate and up to 1 year initial rate fixation 2.06 2.07 2.13 2.16 2.26 2.21 2.21 2.24 2.25 2.26 2.14 2.09 2.07Over 1 and up to 5 years initial rate fixation 3.13 3.14 3.16 3.01 2.67 2.88 2.86 2.91 2.62 2.63 2.55 2.59 2.53Over 5 years initial rate fixation 3.73 3.77 3.78 3.73 3.69 3.41 3.37 3.31 3.28 3.21 3.12 3.04 2.87

Other loans over an amount of EUR 1 millionFloating rate and up to 1 year initial rate fixation 1.79 1.85 1.86 1.83 1.90 1.83 1.85 1.89 1.88 1.88 1.76 1.72 1.71

Source: BNB Recalculated: NBB


271

19.4.2 INTEREST RATES ON OUTSTANDING AMOUNTS IN EUR19.4.2.1 AVERAGE INTEREST RATES ON THE OUTSTANDING AMOUNTS OF DEPOSITS IN EUR WITH AGREED MATURITY FROM HOUSEHOLDS AND NON-FINANCIAL CORPORATIONS

Deposits from households Deposits from non-financial corporations

Up to 2 years Over 2 years Up to 2 years Over 2 years

2013 August 1.96 3.00 0.90 2.56September 1.97 3.00 0.78 2.56October 1.86 3.00 0.92 2.54November 1.72 3.01 0.79 2.54December 1.53 3.00 0.77 2.58

2014 January 1.18 2.95 0.79 2.50February 1.15 2.91 0.78 2.41March 1.16 2.87 0.74 2.37April 1.37 2.85 0.74 2.35May 1.49 2.82 0.75 2.33June 1.64 2.78 0.77 2.29July 1.72 2.73 0.70 2.25August 1.76 2.69 0.67 2.21



19.4.2.2 AVERAGE INTEREST RATES ON THE OUTSTANDING AMOUNTS OF LOANS IN EUR TO HOUSEHOLDS AND NON-FINANCIAL CORPORATIONS

Loans to households Loans to non-financial corporations

For house purchases Consumer credit and other loans Up to 1 year Over 1 and up to 5 years Over 5 years

Up to 1 year Over 1 and up to 5 years Over 5 years Up to 1 year Over 1 and up to 5 years Over 5 years

Up to 1 year Over 1 and up to 5 years Over 5 years

2013 August 3.27 3.55 3.64 5.93 6.50 4.55 2.35 2.31 3.61September 3.25 3.53 3.62 5.96 6.31 4.50 2.50 2.33 3.65October 3.25 3.48 3.61 6.19 6.12 4.52 2.49 2.45 3.61November 3.27 3.48 3.59 6.20 6.11 4.46 2.46 2.42 3.53December 3.29 3.48 3.58 6.28 6.10 4.40 2.63 2.44 3.53

2014 January 3.31 3.44 3.54 6.47 4.65 4.84 2.59 2.43 3.46February 3.33 3.45 3.54 6.37 4.66 4.87 2.60 2.46 3.45March 3.33 3.45 3.54 6.38 4.57 4.86 2.58 2.46 3.44April 3.34 3.45 3.53 6.18 4.50 4.84 2.76 2.45 3.44May 3.27 3.43 3.55 5.75 4.30 5.01 2.74 2.51 3.32June 3.36 3.44 3.53 5.53 4.27 4.98 2.51 2.48 3.27July 3.37 3.42 3.52 5.42 4.27 4.95 2.49 2.47 3.26August 3.36 3.40 3.50 5.45 4.24 4.93 2.37 2.41 3.24

Calculations: NBB


272

19.5 LONG-TERM YIELD RATES ON THE BELGIAN SECONDARY MARKET FOR BONDS ISSUED BY THE BELGIAN PUBLIC SECTOR


Reference rates by maturity Gross interest rate of refer-ence loan 1

1 year 2 years 3 years 4 years 5 years 10 years 20 years

Gross interest rate of reference loan 1

2008 3.70 3.80 3.90 3.99 4.06 4.44 4.73 4.42

2009 0.93 1.62 2.20 2.64 2.97 3.94 4.46 3.90

2010 0.80 1.20 1.63 2.06 2.44 3.44 3.95 3.46

2011 1.55 2.28 2.90 3.34 3.61 4.20 4.58 4.23

2012 0.37 0.74 1.13 1.52 1.87 2.98 3.58 3.00

2013 0.15 0.33 0.57 0.88 1.20 2.43 3.18 2.42

2013 September 0.21 0.47 0.78 1.17 1.54 2.80 3.56 2.75October 0.18 0.40 0.67 1.03 1.37 2.64 3.42 2.57November 0.14 0.28 0.51 0.85 1.19 2.51 3.27 2.42December 0.19 0.34 0.57 0.92 1.25 2.55 3.21 2.43

2014 January 0.19 0.32 0.56 0.91 1.24 2.52 3.19 2.45February 0.15 0.29 0.47 0.74 1.06 2.33 3.03 2.40March 0.19 0.29 0.44 0.69 0.98 2.22 2.95 2.26April 0.19 0.28 0.43 0.66 0.92 2.12 2.85 2.16May 0.15 0.22 0.35 0.55 0.79 1.97 2.69 1.99June 0.06 0.12 0.24 0.42 0.64 1.82 2.63 1.83July 0.03 0.07 0.16 0.31 0.50 1.62 2.41 1.61August 0.01 0.05 0.12 0.24 0.39 1.42 2.17 1.40September -0.04 -0.03 0.03 0.15 0.32 1.34 2.17 1.30


1 Benchmarks:OLO 9.00 % 1991/2003 from 23-3-93 to 11-01-94OLO 7.25 % 1993/2004 from 12-01-94 to 17-11-94OLO 7.75 % 1994/2004 from 18-11-94 to 24-04-95OLO 6.50 % 1994/2005 from 25-04-95 to 09-02-96OLO 7.00 % 1995/2006 from 10-02-96 to 09-01-97OLO 6.25 % 1996/2007 from 10-01-97 to 21-01-98OLO 5.75 % 1997/2008 from 22-01-98 to 31-01-99OLO 3.75 % 1999/2008 from 01-02-99 to 20-01-00OLO 5.75 % 2000/2010 from 21-01-00 to 21-01-01OLO 5.00 % 2001/2011 from 22-01-01 to 17-01-02OLO 5.00 % 2002/2012 from 18-01-02 to 27-01-02OLO 4.25 % 2003/2013 from 28-01-03 to 25-01-04OLO 4.25 % 2004/2014 from 26-01-04 to 15-03-05OLO 3.75 % 2005/2015 from 16-03-05 to 19-01-06OLO 3.25 % 2006/2016 from 20-01-06 to 18-01-07OLO 4.00 % 2007/2017 from 19-01-07 to 24-01-08OLO 4.00 % 2008/2018 from 25-01-08 to 19-01-09OLO 4.00 % 2009/2019 from 20-01-09 to 17-01-10OLO 3.75 % 2010/2020 from 18-01-10 to 23-01-11OLO 4.25 % 2011/2021 from 24-01-11 to 31-01-12OLO 4.25 % 2012/2022 from 01-02-12 to 15-01-13OLO 2.25 % 2013/2023 from 16-01-13 to 26-01-14OLO 2.60 % 2014/2024 from 27-01-14 onwards

273

19.6 INTEREST RATES ON THREE-MONTH EURO-CURRENCY DEPOSITS


Euro Dollar of the UnitedStates

Japanese yen Pound sterling 1 Swiss franc Danish crown Swedish crown Norwegian crown Canadian dollar Australian dollar

2004 2.07 1.56 -0.07 4.53 0.39 2.06 2.12 1.82 2.25 5.31

2005 2.15 3.51 -0.04 4.65 0.73 2.09 1.69 2.01 2.74 5.49

2006 3.04 5.14 0.22 4.75 1.44 3.05 2.36 2.88 4.04 5.71

2007 4.23 5.26 0.72 5.91 2.44 4.22 3.69 4.71 4.48 6.28

2008 4.59 3.21 0.99 5.37 2.45 4.65 4.49 5.87 3.17 6.74

2009 1.10 0.84 0.38 0.96 0.37 1.79 0.78 2.14 0.59 3.44

2010 0.73 0.36 0.17 0.68 0.14 0.67 0.64 2.21 0.77 4.56

2011 1.33 0.34 0.24 0.99 0.12 0.84 1.64 2.55 1.19 4.78

2012 0.47 0.38 0.23 0.79 -0.01 0.21 1.82 1.97 1.19 3.86

2013 0.12 0.20 0.03 0.47 -0.13 -0.18 1.01 1.55 1.06 2.71

2013 September 0.12 0.18 0.05 0.48 -0.11 -0.18 0.95 1.52 1.05 2.49October 0.13 0.17 0.01 0.46 -0.12 -0.18 0.95 1.52 1.03 2.49November 0.13 0.16 -0.05 0.42 -0.12 -0.18 0.94 1.48 1.01 2.46December 0.19 0.17 -0.05 0.43 -0.12 -0.18 0.84 1.46 1.02 2.47

2014 January 0.20 0.17 -0.01 0.46 -0.10 -0.18 0.71 1.42 1.01 2.49February 0.19 0.16 -0.01 0.46 -0.10 -0.22 0.66 1.41 1.00 2.52March 0.21 0.15 -0.02 0.45 -0.09 -0.14 0.65 1.42 1.00 2.52April 0.24 0.16 -0.05 0.44 -0.09 -0.12 0.63 1.44 0.99 2.56May 0.24 0.15 -0.05 0.46 -0.11 -0.07 0.64 1.50 0.97 2.58June 0.15 0.14 -0.03 0.47 -0.12 -0.06 0.61 1.53 0.98 2.64July 0.11 0.14 -0.05 0.48 -0.12 -0.06 0.27 1.45 0.98 2.62August 0.10 0.16 -0.04 0.52 -0.10 -0.06 0.23 1.44 1.00 2.62September 0.00 0.15 -0.10 0.53 -0.13 -0.09 0.24 1.45 1.03 2.68


1 Rate calculated on a base of 365 days.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXVIth year, number 5, May 1991 and number 6, June 1991.

274

19.7 GROSS YIELD RATES OF 10 YEAR BENCHMARK BOND ON THE SECONDARY MARKET: INTERNATIONAL COMPARISON


Belgium France Netherlands Germany Italy United Kingdom United States Japan

2004 4.15 4.10 4.10 4.07 4.24 4.93 4.30 1.51

2005 3.43 3.41 3.37 3.38 3.55 4.47 4.33 1.38

2006 3.81 3.79 3.78 3.77 4.04 4.54 4.84 1.74

2007 4.33 4.30 4.29 4.23 4.47 5.07 4.69 1.67

2008 4.42 4.23 4.25 4.00 4.67 4.55 3.70 1.49

2009 3.90 3.64 3.71 3.26 4.28 3.63 3.27 1.34

2010 3.46 3.11 3.00 2.77 4.03 3.55 3.22 1.17

2011 4.23 3.31 2.97 2.65 5.33 3.03 2.79 1.11

2012 3.00 2.52 1.95 1.57 5.47 1.87 1.79 0.84

2013 2.42 2.20 1.97 1.63 4.30 2.35 2.35 0.71

2013 September 2.75 2.48 2.32 1.93 4.47 2.91 2.82 0.72October 2.57 2.38 2.18 1.81 4.26 2.71 2.61 0.63November 2.42 2.27 2.06 1.72 4.10 2.77 2.73 0.61December 2.43 2.32 2.15 1.84 4.12 2.94 2.89 0.67

2014 January 2.45 2.38 2.10 1.80 3.87 2.89 2.88 0.66February 2.40 2.25 1.88 1.66 3.66 2.75 2.71 0.60March 2.26 2.15 1.81 1.59 3.39 2.74 2.73 0.62April 2.16 2.03 1.82 1.54 3.17 2.71 2.72 0.61May 1.99 1.85 1.72 1.41 3.04 2.66 2.58 0.60June 1.83 1.71 1.60 1.35 2.81 2.72 2.60 0.59July 1.61 1.56 1.41 1.20 2.79 2.65 2.54 0.54August 1.40 1.41 1.21 1.02 2.63 2.48 2.44 0.51September 1.30 1.35 1.15 0.99 2.40 2.50 2.53 0.54


N.B.: Today’s bonds of reference:Belgium: 2.60 % OLO - 22/06/2024,France: 1.75 % OAT - 25/11/2024,Netherlands: 2.00 % Nederland - 15/07/2024,Germany: 1.00 % Bund - 15/08/2024,Italy: 3.75 % BTP - 01/09/2024,United Kingdom: 2.25 % Treasury stock - 07/09/2023,United States: 2.38 % Treasury note - 15/08/2024,Japan: 0.50 % JGB - 20/09/2024.

275

19.8 OFFICIAL INTEREST RATES OR INTERVENTION RATES OF FOREIGN CENTRAL BANKS

(yearly percentages, dates of change)

Denmark Sweden Norway Switserland United kingdom United States Japan

Rate on current accountdeposits

Rate on certificates of de-posit

Repo for 2 weeks Depositfacility Discount rate Minimum lending rate Discount rate Discount rate

p.m. 2013 4 March 0.00 -0.10 1.00 1.50 - 0.50 - 0.3018 December 0.75

2014 25 April 0.059 July 0.255 September -0.05

Source: NBB

Bibliographical reference: Bulletin statistique de la Banque Nationale de Belgique, 1996-I.

General remarks

In the various tables, the totals shown can differ from the sum of the items as a result of roundings.

The publication schedule for the most important economic statistics compiled by the Bank and the NAI is given on the Bank’s website. (http://www.nbb.be/app/cal/F/CalThema.htm)

In order to meet the obligations imposed by the SDDS (the IMF’s Special Data Dissemination Standard), this schedule also covers all the statistics included in the SDDS. Publication date are those given by the institution responsible for compiling the statistics; some of these institutions publish via their own media more detailed schedules for statistics than those given on the Bank’s website.

277

Conventional signs

e estimation p provisional - the data does not exist or is meaningless n. not available p.m. pro memoria 0 or 0,0 zero or less than the half of the last chosen unit

279

List of abbreviations

BEAMA Belgian Asset Managers Association BIS Bank for International Settlements CEC Centre for Exchange and Clearing CIU Collective Investment Undertakings EC European Community ECB European Central Bank ELLIPS Electronic Large-value Interbank Payment System EMU European Monetary Union EONIA Euro Overnight Index Average ERM Exchange Rate Mechanism ESA European System of Accounts EU European Union EUR Euro EURIBOR Euro Interbank Offered Rate EURONEXT Federation of European stock exchange EUROSTAT European Communities Office of Statistics FPS Eco Federal Public Service Economy, SMEs, Self-employed and Energy FPS ELSD Federal Public Service Employment, Labour and Social dialogue FPS Fin Federal Public Service Finance FSMA Financial Services and Markets Authority GDP Gross Domestic Product GDSEI Directorate General Statistics and Economical Information HWWI the Hamburg Institute of International Economics IAS International Accounting Standards IFRS International Financial Reporting Standards IMF International Monetary Fund INAMI Institut national d’assurance maladie invalidité KWH Kilowatt hour MB/BS Moniteur belge/Belgisch Staatsblad MERCOSUR Mercado Comun del Sur

2815

MFI Monetary Financial Institution MIR Monetary Financial Institutions Interest Rates MUMS Monetary Union Member States NACE Classification of Economic Activities in the European Community NAFTA North America Free Trade Agreement NAI National Accounts Institute NBB National Bank of Belgium NCB National Central Bank NEO National employment office NSI National Statistical Institute NMBS/SNCB Nationale maatschappij der Belgische spoorwegen/ Societé Nationale des Chemins de fer Belges OAT Outstanding amounts and turnover OLO Linear Bond ONVA Office for the Annual Holiday PCO Poste Cheques Office RD Royal decree SDDS Special Data Dissemination Standard(IMF) SME Small and medium enterprise UCI Undertakings for Collective Investment UCITS Undertakings for Collective Investment in Transferable Securities VAT Value Added Tax

282

Orders

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More informations

We suggest people wanting more information on the contents, the methodology, the methods of calculation and the sources to get in touch with the Statistical Information Systems of the National Bank of Belgium.

Tel. +32 2 221 21 37 - Fax +32 2 221 31 34 [email protected]

© Illustrations: National Bank of Belgium

Layout: NBB General Statistics Cover: NBB AG — Prepress & Image

Published in 2014

Editor

Rudi AcxHead of the General Statistics Department

National Bank of Belgium Limited Liability company RLP Brussels — Company’s number: 0203.201.340 Registered office: boulevard de Berlaimont 14 — BE-1000 Brussels www.nbb.be

October

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