Classification of financial
corporations and of financial assets
Reimund Mink
OECD Working Parties on
Financial Statistics and on National Accounts
Paris, 10 October 2006
Structure
of the presentation
Headline,
headline
• Classification of financial corporations
• Text, text text, text,Text, text, text, for
– AEG paper on the classification and terminology for financial
highlighting text, you may use ONE of the
corporations
following
colours:
– ECB’s
proposal
for the classification of financial corporations
sub-sector
•byyellow;
mustard; orange
– ISWGNA’s suggestions based on recent discussions
• Text, text text, text,Text, text, text,
• Classification of financial assets
– Outcome of the world-wide consultation on the classification
of financial assets carried out by the ECB
– ISWGNA’s suggestionsInstructions:
based on recent discussions
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial corporations
• AEG paper on the classification
• Text, text text, text,Text, text, text, for
• AEG generally agreed to the proposals
highlighting
text,
you may
ONE(monetary
of thefinancial
– Classify financial
corporations
into fiveuse
sub-sectors
intermediaries
(MFI), investment funds (IF), ICPF, miscellaneous
following
colours:
•
financial intermediaries (MiscFI), and financial auxiliaries (FA))
– Present
specific termsorange
in the updated SNA
yellow;
mustard;
• Several changes to the proposals were made
• Text,
text
text,
text,
text,
text,
– Money
market
funds
(MMF)Text,
to be shifted
from
MFI into IF and shown
explicitly
– Using the same term to describe an instrument and the controlling
institution is confusing
– New set of codes as the discretion of the ISWGNA
Instructions:
– Distinction between MiscFI and FA
• you may use this slide for the text of your presentation
– Definition
investment
funds
• if you wish
to highlightofparts
of your text,
youissues
may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial corporations
• ECB’s proposal for the classification
• Text, text text, text,Text, text, text, for
– Concerns
expressed
by
the
ECB’s
STC
to
classify
highlighting text, you may use ONE of the
MMF
with
other
types
of
IF
following colours:
– Treatment of institutional units providing neither
•financial
yellow;intermediation
mustard; orange
nor financial auxiliary
•services
Text, text text, text,Text, text, text,
– Holding corporations and other SPEs
Instructions:
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial corporations
• ECB’s proposal for the classification
• Text, text text, text,Text, text, text, for
Table 1: Proposed classification of financial corporations sector by sub-sector *)
highlighting text, you may use ONE of the
Financial corporations (S.12)
following colours:
1. Monetary financial institutions (S.121)
• yellow; mustard; orange
Central bank (S.1211)
Commercial monetary financial intermediaries (including money market funds) (S.1212)
2. Miscellaneous
financial
corporations
(S.122)text, text,
• Text, text
text,
text,Text,
Investment funds (without money market funds) (S.1221)
Other financial institutions (intermediaries, auxiliaries, and other institutions) (S.1222)
3. Insurance corporations and pension funds (S.123)
Insurance corporations (S.1231)
Instructions:
Pension funds (S.1232)
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
The sector
codes
the table
are different
thoseMT,
applied
1993
SNA.
• as*) with
the title,
theused
font inshould
always
be GilltoSans
withinathe
font
size
between 18 and 36
Classification
Headline,
headlineof financial corporations
• ISWGNA’s suggestions based on recent
• Text, text text, text,Text, text, text, for
discussions
highlighting text, you may use ONE of the
– Nine
sub-sectors
of financial institutions with
following
colours:
flexibility on aggregation
• yellow; mustard; orange
– Discussion of sub-sectors in chapter 4
Text,
text text, text,
Text, text,
– •Use
of sub-sectors
in chapter
25 text,
Instructions:
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial corporations
• Nine sub-sectors
Centraltext
bank, astext,
now
•1. Text,
text,Text, text, text, for
2.
Deposit-taking corporations other than central bank. This corresponds to “other
highlighting
you
may ofuse
ONE
depository
corporations” text,
as now and
is a change
terminology
only.of
Thethe
change is
proposed so that the existing term “depository corporation” can be used in an enlarged
following colours:
sense as explained below. The present split between deposit money corporations and
other other depository corporations now seems unnecessary and could be dropped.
3.
Money market funds (MMFs)
4.
Investment funds, other than MMFs
5.
Other financial intermediaries except insurance corporations and pension funds
(ICPF)
Same title as now but excludes investment funds
6.
Financial auxiliaries
7.
Other financial institutions, except ICPF. This is a new heading. It would include
corporate or quasi-corporate money lenders and may include some SPVs and holding
companies
Instructions:
8.
Insurance corporations (IC)
• you may use this slide for the text of your presentation
9.
Pension funds (PF)
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
• yellow; mustard; orange
• Text, text text, text,Text, text, text,
Classification
Headline,
headlineof financial corporations
• Suggested possible combinations
• Text, text text, text,Text, text, text, for
1 + 2:
Depository corporations
highlighting text, you may use ONE of the
1 + 2 + 3:
MFI
following IF
colours:
3 + 4:
(including MMF)
5 •+ 6yellow;
+ 7:
mustard; orange
1 + 2 +3 +4 +5: Financial intermediaries except insurance
• Text, textcorporations
text, text,and
Text,
text,funds
text,
pension
6 + 7:
8 + 9:
ICPFs
Instructions:
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• Outcome of the world-wide consultation on the
classification
carried
bytext,
the ECB
• Text, text text,
text,out
Text,
text, for
text,
– 53highlighting
responses so
far you may use ONE of the
following colours:
– Main outcome:
Show separately
monetary
gold and SDRs in one category
• • yellow;
mustard;
orange
•
• Adopt the convention to classify an asset position of a depository
institution
as atext,
loan and
a liability
position
a deposit
Text,
text
text,
Text,
text,astext,
• Interbank position as a sub-category of transferable deposits
• Split of investment fund shares into money market fund shares and
others as standard, no further breakdown
• No further split of financial
derivatives by risk category
Instructions:
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• Proposed modified classification
• Text,Financial
text asset
text,
text,Text, text, text,
for
(transaction)
SNA
code
(transaction)
highlighting text, you may use ONE
of the
Monetary gold and special drawing rights (SDRs)
F.1
following
colours:
Monetary gold
Special drawing rights
• yellow; mustard; orange
Currency and deposits
Currency
Transferable deposits*
Other deposits
F.2
Debt securities
Short-term
Long-term
F.3
• Text, text text, text,Text, text, text,
Instructions:
Loans
F.4
•
you
may
use
this
slide
for
the
text
of
your
presentation
Short-term
• Long-term
if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• Proposed modified classification
• Text,Financial
text text,
text,Text, text, text,SNA
forcode
asset (transaction)
(transaction)
highlighting text, you may use ONE
of the
Equity and investment fund shares
F.5
following
colours:
Equity
Quoted shares
Unquoted shares
Other equity
Investment fund shares/units
Money market fund shares/units
Other investment fund shares/units
• yellow; mustard; orange
• Text, text text, text,Text, text, text,
Provisions for insurance, pensions and
standardised guarantees
F.6
Non-life insurance technical provisions
Life insurance technical provisions Instructions:
• you may use this slide for the text of your presentation
Pension entitlements
• if you wish
highlight
of your text,
you may choose between the above colours
Provisions
fortocalls
underparts
standardised
guarantees
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• Proposed modified classification
• Text,Financial
text asset
text,
text,Text, text, text,
for
(transaction)
SNA code
(transaction)
highlighting text, you may use ONE
of the
Financial derivatives and employee stock options
F.7
following
colours:
Financial derivatives
Options
Forwards**
Employee stock options
• yellow; mustard; orange
F.8
• Text, text text, text,Text, text, text,
Other accounts receivable / payable
Trade credit and advances
Other
Memorandum item:
Direct foreign investment
Equity
Loans
Instructions:
Other
• you may use this slide for the text of your presentation
• if you wish
to highlight
parts of
of transferable
your text, you
may choose between the above colours
* Interbank
positions
as subcategory
deposits
**• as
Credit
swaps
cover
for guarantees
to Gill
be indicated
within
withdefault
the title,
thetofont
should
always be
Sans MT,
withthis
a font size between 18 and 36
item.
Classification
Headline,
headlineof financial assets
• ISWGNA suggestions
• Text,
text text, text,Text, text, text,
for
Financial asset (transaction)
SNA code
highlighting text, you may use(transaction)
ONE of the
Monetary gold and special drawing rights (SDRs)
F.1
following
colours:
Monetary gold
Special drawing rights
• yellow; mustard; orange
Currency and deposits
Currency
Transferable deposits
Interbank positions
Other transferable deposits
Other deposits
F.2
• Text, text text, text,Text, text, text,
Debt securities*
F.3
Short-term
Long-term
Instructions:
• you may use this slide for the text of your F.4
presentation
Loans
• Short-term
if you wish to highlight parts of your text, you may choose between the above colours
• as Long-term
with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• ISWGNA suggestions
• Text,
text text, text,Text, text, text,
for
Financial asset (transaction)
SNA code
(transaction)
highlighting text, you may use ONE
of the
Equity and investment fund shares**
F.5
following
colours:
Equity
Listed shares
Unlisted shares
Other equity
Investment fund shares/units*
Money market fund shares/units
Other investment fund shares/units
• yellow; mustard; orange
• Text, text text, text,Text, text, text,
Insurance, pension and standardised guarantee
schemes
F.6
Non-life insurance technical provisions
Instructions:
Life insurance and annuity entitlements
• you may use this slide for the text of your presentation
Pension entitlements
• if you wish
highlight
of your text,
you may choose between the above colours
Provisions
fortocalls
underparts
standardised
guarantees
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36
Classification
Headline,
headlineof financial assets
• ISWGNA suggestions
Financial asset (transaction)
SNA code (transaction)
• Text, text
text, text,Text, text, text,
for
Financial derivatives and employee stock options
F.7
Financial
derivatives
highlighting
text, you may use ONE of the
Options
Forwards***
following colours:
Employee stock options
• yellow; mustard; orange
Other accounts receivable / payable
Trade credit and advances
Other
F.8
• Text, text text, text,Text, text, text,
Memorandum item:
Direct foreign investment
Equity
Loans
Debt securities
Trade credit
Other
Instructions:
• you
use thisfor
slide
forsecurities
the text ofand
your
presentation
* The listed/unlisted
splitmay
is relevant
debt
investment
funds also.
• if you wishearnings
to highlight
yourany
text,ofyou
may choose between the above colours
** Reinvested
canparts
exist of
under
these.
• as
with default
the title,swaps
the font
shouldfor
always
be Gill are
Sans
MT, with
a font
size
between 18 and 36
***
Credit
to cover
guarantees
included
within
this
item.
Headline, headline
• Text, text text, text,Text, text, text, for
highlighting text, you may use ONE of the
following colours:
• yellow; mustard; orange
• Text, text text, text,Text, text, text,
Thank you
Instructions:
• you may use this slide for the text of your presentation
• if you wish to highlight parts of your text, you may choose between the above colours
• as with the title, the font should always be Gill Sans MT, with a font size between 18 and 36