regional seminar on developing a programme for the implementation of the 2008 sna an supporting...
TRANSCRIPT
Regional Seminar on Developing a Programme for the Implementation of the 2008 SNA an Supporting
Statistics in the ECO member countries
11 – 13 September 2013Ankara, Turkey
VI. Discussion on selected issues on SNA implementation
Measurement of output of financial services
Wolfgang Eichmann
Federal Statistical Office Germany
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 2
AGENDA
I. The fundamental problemII. FISIM
- Concept- Data
III. Insurance- Concept- Data
IV. Other Financial InstitutionsV. Full implementation programme
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 3
I. The fundamental problem
Output: turnover, change in inventories, value of own account production
3 problematic sectors:
Government
Banks
Insurance
=> Sum of costs
=> Margin
=> Margin
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 4
Dividends
Interest onbonds
Interest on loans
Imputedbank
servicecharge
Interest onbank bonds
Interest ondeposits
Interest on loans Interest on
deposits
FISIM on loans
FISIM on deposits
Interest on loans anddeposits at reference rate
II. FISIM – concept Imputed bank service charge (old) and FISIM (new)
A comparison
Assumption: loans = deposits
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 5
II. FISIM – data 1. Stocks: Banking Statistics
Loans and deposits classified by institutional sectors (including S2 without interbank)
For sector private Households in addition subclassified:
housing credits (=> Intermediate consumption)
small business (=> Intermediate consumption)
consumer credits (=> Private consumption)
classified by currency
2. Interest rates: Interest rate statistics
classified as above
average rates, not merely „new business“
3. Reference rate
internal (domestic currency) = average interbank rate
external: specific solutions (foreign currency) (e.g. IMF-Interest Rate Statistics Libor, Euribor etc.)
4. For imports in addition
International Investment Positions Statistics
IMF – Interest Rate Statistics
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 6
IMF classification of Islamic financial instruments
Islamic financial instrument IMF classification Fisim
Funds for Islamic financial institutions
Amanah and Qard-hasan deposits Deposits Yes
Mudarabah Stocks No
Participation term certificates If treated as liability = Deposits
Yes
Profit and loss sharing certificates and investment deposits
Deposits (?)
Credits supplied by Islamic financial institutions
Qard-hasan loans Loans but return-free To be discussed
Murabaha Loan Yes
Musharakah Loan Yes
Ijara Loan Yes
Ijara Wa Iktina Loan Yes
Salaf/Salam Loan Yes
Zakat funds Funds No
Source: IMF Monetary and Financial Statistics Manual, Washington 2000, Appendix 2: Islamic Banking.
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 7
III. Insurance – concept Insurance premium Break down
Gross premiumwritten
Unearned premiums
Earned premiums
Reinsurance
Earned premiums net of reinsurance
Premium supplement
Earned premiums
Total premiums earned
Change in insurance technical reserves
Claims paid
Insuranceservices
Insurance Accounting
National Accounts
Unearned premiums
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 8
III. Insurance – data
Balance sheets / Gain and Loss account provided by the Insurance Supervising Authority by classes of insurance
Note: Reinsurance in SNA2008/BPM6 is treated like non-life insuranceData problems for importers of reinsurance services
For details see: The new treatment of reinsurance transactions in national accounts UNECE: Group of Experts on National Accounts Eleventh session Geneva, 30 April-4 May 2012 Item 6
http://www.unece.org/fileadmin/DAM/stats/documents/ece/ces/ge.20/2012/10_Germany_reinsurance.pdf
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 9
IV. Other Financial InstitutionsExample: Treatment of trade margins in National Accounts
ask price (120) The bank sells a security
mid price (100)
financial service (20)
financial service (20)
bid price (80) The bank buys a security
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 10
V. Full implementation programme
1. Seminar on concepts in National Accounts for financial institutions
Participants: National Statistical Office, Central Bank, Insurance Supervisory, Ministry of Finance
ASA Institut für Sektoranalyse und Politikberatung GmbH
Czech Statistical Office
Seminar on insurance, credit institutions and pension funds in National Accounts
AGENDA
Day 1, Monday, 28 February
Morning sessions9:30 – 12:30
Short introduction to National Accounts Treatment of banks in National Accounts Concept and impact on major National Accounts aggregatesA short look on banks in the Structural Business Statistics
12:30 – 14:00 Break
Afternoon sessions14:00 – 16:00
Implementation of the concept and statistical sources Monetary Statistics - Balance sheet statisticsMonetary Statistics - Interest rate statisticsInternational Investment position: external assets and liabilities
Day 2 – Tuesday, 1 March
Morning sessions9:30 – 12:30
Sequence of accounts for the banking sectorOutput of the Central BankSpecific problems S123: Other financial intermediaries, except insurance corporations and pension fundsSpecific problems S124: Financial auxiliaries
12:30 – 14:00 Break
Afternoon sessions14:00 – 16:00
Allocation to Industries (NACE rev.2)Regional Accounts Price and volume measures
Federal Statistics Office of Germany
ASA Institut für Sektoranalyse und Politikberatung GmbH
Czech Statistical Office
Seminar on insurance, credit institutions and pension funds in National Accounts
AGENDA
Day 3, Wednesday, 2 March
Morning sessions9:30 – 12:30
Treatment of insurance companies and pension funds in National Accounts Concept and impact on major National Accounts aggregatesNon-life insurance Life insurancePension Funds A short look on insurance companies and pension funds in the Structural Business Statistics
12:30 – 14:00 Break
Afternoon sessions14:00 – 16:00
Implementation of the concept and statistical sources Example: Stock Company for Insurance and Reinsurance QBE MakedonijaExample: Nov Penziski Fond A.D. SkopjeImport of reinsurance services
Day 4, Thursday, 3 March
Morning sessions9:30 – 12:30
Sequence of accounts for insurance companies and pension fundsAllocation to Industries (NACE rev.2)
12:30 – 14:00 Break
Regional Accounts Price and volume measures
Federal Statistics Office of Germany
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 13
V. Full implementation programme
1. Implementation Workshop for Financial Institutions
a) Banks NSO, CB
b) Insurance companies NSO, CB, Insurance supervisory
c) Other Financial Institutions NSO, CB, Supervisory Authority
© Federal Statistical Office Germany, Wolfgang Eichmann 19.04.23 Slide 14
V. Full implementation programme
3. Time requirement
4 - days for Seminar / Workshop
6 – days preparation for each Seminar / Workshop