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Classification of financial corporations and of financial assets

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

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Classification of financial corporations and of financial assets

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  1. Classification of financial corporations and of financial assets Reimund Mink OECD Working Parties on Financial Statistics and on National Accounts Paris, 10 October 2006

  2. Structure of the presentation Headline, headline • Classification of financial corporations • AEG paper on the classification and terminology for financial corporations • ECB’s proposal for the classification of financial corporations by sub-sector • ISWGNA’s suggestions based on recent discussions • Classification of financial assets • Outcome of the world-wide consultation on the classification of financial assets carried out by the ECB • ISWGNA’s suggestionsbased on recent discussions • 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, • 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

  3. Classification of financial corporations Headline, headline • AEG paper on the classification • AEG generally agreed to the proposals • Classify financial corporations into five sub-sectors (monetary financial intermediaries (MFI), investment funds (IF), ICPF, miscellaneous financial intermediaries (MiscFI), and financial auxiliaries (FA)) • Present specific terms in the updated SNA • Several changes to the proposals were made • Money market funds (MMF) 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 • Distinction between MiscFI and FA • Definition of investment funds issues • 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, • 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

  4. Classification of financial corporations Headline, headline • ECB’s proposal for the classification • Concerns expressed by the ECB’s STC to classify MMF with other types of IF • Treatment of institutional units providing neither financial intermediation nor financial auxiliary services • Holding corporations and other SPEs • 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, • 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

  5. Classification of financial corporations Headline, headline • ECB’s proposal for the classification • 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, Table 1: Proposed classification of financial corporations sector by sub-sector *) • 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 *) The sector codes used in the table are different to those applied in the 1993 SNA.

  6. Classification of financial corporations Headline, headline • ISWGNA’s suggestions based on recent discussions • Nine sub-sectors of financial institutions with flexibility on aggregation • Discussion of sub-sectors in chapter 4 • Use of sub-sectors in chapter 25 • 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, • 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

  7. Classification of financial corporations Headline, headline • Nine sub-sectors • 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, • Central bank, as now • Deposit-taking corporations other than central bank. This corresponds to “other depository corporations” as now and is a change of terminology only. The change is proposed so that the existing term “depository corporation” can be used in an enlarged sense as explained below. The present split between deposit money corporations and other other depository corporations now seems unnecessary and could be dropped. • Money market funds (MMFs) • Investment funds, other than MMFs • Other financial intermediaries except insurance corporations and pension funds (ICPF) Same title as now but excludes investment funds • Financial auxiliaries • 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 • Insurance corporations (IC) • Pension funds (PF) • 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

  8. Classification of financial corporations Headline, headline • Suggested possible combinations • 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, 1 + 2: Depository corporations 1 + 2 + 3: MFI 3 + 4: IF (including MMF) 5 + 6 + 7: 1 + 2 +3 +4 +5: Financial intermediaries except insurance corporations and pension funds 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

  9. Classification of financial assets Headline, headline • Outcome of the world-wide consultation on the classification carried out by the ECB • 53 responses so far • Main outcome: • Show separately monetary gold and SDRs in one category • Adopt the convention to classify an asset position of a depository institution as a loan and a liability position as a deposit • 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 • 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, • 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

  10. Classification of financial assets Headline, headline • Proposed modified classification • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  11. Table 1: Proposed modified classification of financial assets and liabilities in the 1993 SNA Rev 1 Classification of financial assets Headline, headline • Proposed modified classification • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  12. Classification of financial assets Headline, headline • Proposed modified classification • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  13. Classification of financial assets Headline, headline • ISWGNA suggestions • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  14. Table 1: Proposed modified classification of financial assets and liabilities in the 1993 SNA Rev 1 Classification of financial assets Headline, headline • ISWGNA suggestions • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  15. Classification of financial assets Headline, headline • ISWGNA suggestions • 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, • 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 * Interbank positions as a subcategory of transferable deposits. ** Credit default swaps to cover for guarantees to be indicated within this item.

  16. 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

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