No 11 • October 2014
Banco de Portugal releases new statistical series
Banco de Portugal publishes today new statistical series on the following domains:
•
Statistics on non-monetary financial institutions, except insurance corporations and pension funds (Chapter B.8 of
the Statistical Bulletin);
•
Central Credit Register statistical information (Chapter B.9);
•
Balance of payments and international investment position statistics (Chapter C);
•
National financial accounts (Chapter F);
•
Statistics on non-financial corporations from the Central Balance-Sheet Database (Chapter G);
•
Non-financial sector indebtedness (Chapter K).
1
The new series mainly result from the revision of international manuals – System of National Accounts (SNA2008), European
System of National and Regional Accounts (ESA2010) and Balance of Payments and International Investment Position Manual
2
(BPM6) .
The new series on general government debt (Table A.15, in Chapter E of the Statistical Bulletin) was released on 30
3
September . Furthermore, information on general government financing (Table A.15, Chapter E) has been updated in line
with methodological changes incorporated in other statistical domains.
I. Statistics on non-monetary financial institutions, except insurance corporations and pension funds (Chapter B.8)
Given the new sectoral classification rules introduced by ESA2010, statistics on the sector of non-monetary financial
institutions, except insurance corporations and pension funds, now include captive financial institutions and money lenders,
covering entities previously classified in the non-financial corporations sector. In turn, some entities previously included in
this sector were reclassified under the general government sector.
1
For more information, see Statistical Press Release No 10|2014, at http://www.bportugal.pt/enUS/Estatisticas/PublicacoesEstatisticas/NIE/Lists/LinksLitsItemFolder/Attachments/72/PR 2014 10 20 CB.pdf
2
For more information on these changes, please refer to Banco de Portugal’s website, at http://www.bportugal.pt/enUS/Estatisticas/MetodologiaseNomenclaturasEstatisticas/AlteracoesMetodológicasSEC2010BPM6/Pages/AlteracoesMetodológicasSEC2010BPM6.aspx
3
For more information, see Statistical Press Release No 9|2014, at http://www.bportugal.pt/enUS/Estatisticas/PublicacoesEstatisticas/NIE/Lists/LinksLitsItemFolder/Attachments/71/PR%202014%2009%2030%20AP.pdf
2
STATISTICAL PRESS RELEASE • October 2014
Subsectors have been reorganised, with the breakdown of investment funds, which were previously classified as other
financial intermediaries.
Statistics on non-monetary financial institutions, except insurance corporations and pension funds, now also incorporate
information on the activity of entities that are not supervised by Banco de Portugal.
Chart 1 briefly illustrates changes to this statistical domain, taking June 2014 as the reference period.
Chart 1
Main changes to the total balance sheet of non-monetary financial institutions, except investment funds, insurance
corporations and pension funds (June 2014)
ESA95
ESA2010
Other ISs
Non-financial holding
companies
and SPEs (S.11)
Unsupervised
OFIFAs
Supervised OFIFAs
119 B€
OFIs (except ICPFs),
FAs and CFIMLs)
(Total balance sheet: 181
B€)
OFIs, except
ICPFs (S.125)
3 B€
FAs (S.126)
59 B€
(Total balance sheet: 73 B€)
CFIMLs (S.127)
OFIs, except
ICPFs and IFs
(S.123)
14 B€
FAs (S.124)
Other ISs
GG (S.13)
Abbreviations: B€ – billion euros; FAs – financial auxiliaries; GG – general government; IFs – investment funds; CFIMLs – captive financial institutions and
money lenders; OFIs – other financial intermediaries; OFIFAs – other financial intermediaries and financial auxiliaries; ISs – institutional sectors; SPEs –
special purpose entities; ICPFs – insurance corporations and pension funds.
In net terms, these changes led to an increase in the balance sheet of non-monetary financial institutions, except investment
funds, insurance corporations and pension funds (Chart 2). Measured in terms of GDP, the sector’s balance sheet as at June
2014 moves from 42% to around 105% of GDP (Chart 3).
3
STATISTICAL PRESS RELEASE • October 2014
Chart 2
Developments in total assets of non-monetary financial institutions, except investment funds, insurance corporations and
pension funds on the basis of ESA95 and ESA2010
2b) ESA2010
300
250
250
200
200
OFIs
FAs
2014 Q2
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
1999
2013
2012
2011
2010
2009
2008
FAs
2014 Q2
OFIs
2007
2006
2005
2003
2004
0
2002
0
2001
50
2000
50
2003
100
2002
100
150
2001
150
2000
EUR billions
300
1999
EUR billions
2a) ESA95
CFIMLs
Chart 3
Developments in total assets of non-monetary financial institutions, except investment funds, insurance corporations and
pension funds on the basis of ESA95 and ESA2010 (as a % of GDP)
160
140
As a % of GDP
120
100
80
60
40
20
Previous series (ESA95)
2014 Q2
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
0
New series (ESA2010)
II. Central Credit Register statistical information (Chapter B.9)
Central Credit Register statistical information was revised, impacting the whole series, due to sectoral reclassifications in
terms of credit customers and lenders (for more information on these changes, see section IV, on national financial
accounts).
In August 2014, the latest period for which data are available, loans granted to non-financial corporations stood at €88.4
billion, i.e. €5.6 billion below the value obtained using the ESA95 methodology (Chart 4).
4
STATISTICAL PRESS RELEASE • October 2014
The non-performing loans ratio of non-financial corporations stood at 14.7%, i.e. 0.6 percentage points above the value for
the same date according to the ESA95 methodology (Chart 5), which results from the exclusion of entities with a lower nonperforming loans ratio.
Chart 4
Chart 5
Loans granted by the financial sector to non-financial
corporations, end-of-period positions
Loans granted by the financial sector to non-financial
corporations, non-performing loans ratio (%)
140
16
120
14
12
10
80
%
60
8
6
40
Previous series (ESA95)
Previous series (ESA95)
Jun-14
Dec-13
Mar-14
Jun-13
Sep-13
Dec-12
Mar-13
Jun-12
Sep-12
Dec-11
Mar-12
Jun-11
Sep-11
Dec-10
Mar-11
Jun-10
New series (ESA2010)
Sep-10
Jun-14
Dec-13
Mar-14
Jun-13
Sep-13
Dec-12
Mar-13
Jun-12
Sep-12
Dec-11
Mar-12
Jun-11
Sep-11
Dec-10
Mar-11
Jun-10
Sep-10
Dec-09
0
Mar-10
2
0
Dec-09
4
20
Mar-10
EUR billlions
100
New series (ESA2010)
III. Balance of payments and international investment position statistics (Chapter C)
Changes to the balance of payments and international investment position statistics cover the long series in its entirety (since
1996) and mainly result from the new methodological guidelines established in BPM6. Improvements stemming from the
new information collection system, launched in April 2013, were also introduced.
Main methodological changes resulting from BPM6 or guidelines established by international bodies:
1. Triangular trade or merchanting (sales and management of manufacturing that do not involve physical possession):
previously, this was recorded as services (inflows/outflows), while now it is always recorded in the goods account, under
exports (credits), with a positive or negative value. This change resulted in a decrease in debits/credits in the services
account, which was offset by an increase, in net terms, in the goods account.
2. New rules for the recording of processing: goods sent over the country’s borders to be processed are now recorded under
import/export of goods only where ownership changes. The value of processing work is recorded as export/import of
services. This methodological change leads to revisions to import/export flows, but does not have an impact on GDP or the
goods and services account balance.
3. Greater detail in terms of foreign direct investment relationships and transactions: information on foreign direct
investment is now presented according to two principles: the assets/liabilities principle (Tables C.2.3.1 and C.3.3.1) and the
directional principle (as was previously the case) (Tables C.2.3.4 and C.3.3.4).
According to the directional principle, direct investment is presented as follows: Portuguese direct investment abroad and
foreign direct investment in Portugal, whereby what prevails is always the investor/investee relationship. For instance,
STATISTICAL PRESS RELEASE • October 2014
5
investment by a Portuguese company in a Spanish company is recorded as direct investment abroad, with a positive value; if
that Spanish company invests in its investor, this is also recorded under direct investment abroad, but with a negative value
(the so-called reverse investment).
According to the assets/liabilities principle, focus is placed on the creation of net external assets or liabilities. As such,
according to the above example, investment by a Portuguese company in a Spanish company is recorded as an asset;
investment by the Spanish company in its investor is recorded as a liability.
Main changes to Chapter C of the Statistical Bulletin:
1. Chapter C.4, on (gross and net) external debt, was created;
2. Seven institutional sectors are now presented (instead of four);
3. Items were renamed. ‘Income’ is now ‘primary income’ and ‘current transfers’ is now ‘secondary income’;
4. In the financial account, the sign convention was changed (Table 1):
Table 1
Financial account: main change from BPM5 to BPM6
BPM5
BPM6
(symmetric sign to that of the current and
(same sign as the current and capital accounts)
capital accounts)
Credit
Debit
Net
acquisition
financial assets
of
Net
incurrence
of
liabilities
5. The subchapter on the international investment position (Chapter C.3) was reorganised, making its link with the financial
account more perceptible (Chapter C.2).
6. Details on the geographical breakdown and by economic activity are only provided through BPstat (multidimensional
component).
Charts 6 to 9 illustrate the impact of the main changes on the various series.
6
STATISTICAL PRESS RELEASE • October 2014
Chart 6
Chart 7
Current and capital accounts, as a % of GDP
International investment position, as a % of GDP
0%
0%
-2%
-20%
Em percentagem do PIB
-4%
-6%
-8%
-10%
-40%
-60%
-80%
-100%
-120%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
-12%
Previous series (BPM5)
-140%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
As a % of GDP
2%
New series (BPM6)
Previous series (BPM5)
New series (BPM6)
Chart 8
Chart 9
Goods account, as a % of GDP
Services account, as a % of GDP
0%
7%
-2%
6%
-4%
5%
3%
-12%
2%
-14%
1%
Previous series (BPM5)
New series (BPM6)
Previous series (BPM5)
2013
2012
2011
2010
2009
2007
2008
2006
2005
2004
2003
2002
2001
2000
0%
1999
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
-16%
1998
-10%
4%
1997
-8%
1996
-6%
As a % of GDP
As a % of GDP
2%
New series (BPM6)
IV. National financial accounts (Chapter F)
Changes to national financial accounts cover the whole of the series (since 1995) and largely stem from the new
methodological guidelines established by ESA2010. Changes were also introduced to the compilation system for these
4
statistics, namely those resulting from the incorporation of extrapolated Central Balance-Sheet Database data .
4
See the Supplement to the Statistical Bulletin No 2/2013, Statistics on non-financial corporations of the Central Balance-Sheet Database — Methodological notes
(http://www.bportugal.pt/en-US/Estatisticas/PublicacoesEstatisticas/Tumbnails%20List%20Template/Suplemento-2-2013-en.pdf).
STATISTICAL PRESS RELEASE • October 2014
7
5
Main methodological changes stemming from ESA2010 or guidelines established by international bodies:
1. New sectoral classification rules were incorporated, impacting on the following sectors:
Financial corporations:
A substantial number of holding companies and special purpose entities (SPEs), which were previously classified as nonfinancial corporations, are now included in the financial corporations sector. This change results from the fact that these
entities are not directly involved in the main activity of their investees, and act only as asset management companies or
financial vehicles.
Financial corporations’ subsectors were also changed (Chart 10).
Chart 10
Financial corporations by subsector: ESA95 and ESA2010
ESA95 – Financial corporations’
subsectors
Central bank
S.121
Other monetary
financial institutions
Other financial
intermediaries
S.122
S.123
S.121
S.122
Deposit-taking
corporations except
the central bank
S.123
Money market funds
S.124
S.125
Financial auxiliaries
S.124
S.126
S.127
Insurance corporations
and pension funds
Non-financial
corporations
S.125
S.11
ESA2010 – Financial corporations’
subsectors
Central bank
S.128
MFIs
Non-MMF investment
funds
Other financial
intermediaries
Financial auxiliaries
Captive financial
institutions and
money lenders
Insurance
corporations
S.129
Pension funds
S.11
Non-financial
corporations
NMFIs
Abbreviations: MMF – money market funds; MFIs – monetary financial institutions; NMFIs – non-monetary financial institutions.
General government:
The quantitative criterion used to classify entities was revised, and the calculation of the merchantability ratio now
includes net interest expenditure as part of operating costs.
5
For additional information on the impact of the implementation of ESA2010 on national accounts, see Statistics Portugal’s (INE) highlights:
http://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESdest_boui=211353592&DESTAQUESmodo=2
http://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESdest_boui=211351763&DESTAQUEStema=55557&DESTAQUESmodo=2
8
STATISTICAL PRESS RELEASE • October 2014
ESA2010 also introduced new qualitative criteria relevant to the classification of state-owned entities, namely the degree
of control by general government and the nature of the institution’s sales. Following these changes, several public
institutional units, which were previously classified as financial corporations or non-financial corporations, were
incorporated in the general government sector.
Non-financial corporations:
The universe of non-financial corporations was reduced, following the reclassification of entities under financial
corporations and general government.
Households:
A number of non-profit institutions serving households were reclassified in other sectors, namely under financial
corporations. Furthermore, savings banks and mutual associations are now included in the insurance corporations and
pension funds sector.
2. Transfers of pension funds are now recorded as financial transactions (instead of capital transfers on the revenue side). As
such, they cease to have an impact on the fiscal balance. Likewise, pensions paid over the following years to the beneficiaries
of transferred funds have no impact on the balance. This methodological change alters the time profile of the general
government deficit.
3. Currency issuance is recorded in accordance with the legal responsibility for the issuance of euro-denominated banknotes
(instead of banknotes put into circulation), in line with the ECB’s guidelines for the European System of Central Banks. Total
banknotes in circulation are allocated to central banks within the Eurosystem, according to the banknote allocation key
established by the ECB. The counterpart to the difference between the value of legally issued banknotes and the amount of
banknotes actually placed gives rise to an intra-Eurosystem position (recorded under other deposits). Furthermore, coins are
recorded as a central bank liability, with a corresponding claim (in other deposits) of central banks on general government.
4. Interbank investment of funds, which was previously recorded as loans, is now recorded as deposits.
5. The financial instrument ‘insurance technical reserves’ is now called ‘insurance, pensions and standardised guarantee
schemes’, which includes new instruments, e.g. claims of pension funds on pension managers. The (positive/negative)
imbalance in terms of defined benefit pension fund liabilities and assets is now recorded as financial asset/liability of the
pension fund on the employer.
6. The instrument ‘financial derivatives’ is now covered separately.
7. Valuation methods used in the financial instrument ‘unlisted shares and other equity’ were clarified. Provisions and
impairments were eliminated from ‘own funds’ in all sectors’ accounts, which resulted in a downward revision of that
instrument across all sectors, both on the assets (i.e., in investors’ balance sheets) and the liabilities side (i.e., in issuers’
balance sheets).
9
STATISTICAL PRESS RELEASE • October 2014
Charts 11 to 18 illustrate changes in financial assets and liabilities of the various resident sectors, in terms of stocks.
Chart 11
Chart 12
Non-financial corporations
Financial corporations
1 200
1 000
1 000
800
800
Households
Previous series (BPM5)
New series (BPM6)
Previous series (BPM5)
2013
2012
2011
2010
2009
2008
New series (BPM6)
2013
2012
2011
2010
2009
2008
2007
2005
2004
2003
2002
2001
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
0
2002
0
2001
100
2000
100
2000
200
1999
200
300
1998
300
1997
EUR billions
400
2007
2006
2005
2004
2003
General government
400
1999
2002
Chart 14
500
1998
2001
1997
2013
2012
2011
2010
2009
2008
Chart 13
500
1997
New series (BPM6)
Previous series (BPM5)
New series (BPM6)
2006
Previous series (BPM5)
2007
2006
2005
2004
2003
2002
0
2001
0
2000
200
1999
200
1998
400
1997
400
2000
600
1999
600
1998
EUR billions
1 200
EUR billions
EUR billions
Financial assets - stocks - EUR billions (non-consolidated data)
10
STATISTICAL PRESS RELEASE • October 2014
Chart 15
Chart 16
Non-financial corporations
Financial corporations
1 200
1 200
1 000
1 000
800
800
New series (BPM6)
Previous series (BPM5)
2013
2010
2009
2011
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
2000
0
1999
100
1998
200
1997
EUR billions
300
100
Previous series (BPM5)
2012
Households
200
2013
General government
300
2012
Chart 18
400
2008
New series (BPM6)
Chart 17
400
2007
2006
2005
2004
2003
Previous series (BPM5)
500
1998
2002
1997
2013
2012
2011
2010
2009
2008
New series (BPM6)
500
1997
EUR billions
Previous series (BPM5)
2007
2006
2005
2004
2003
2002
2001
2000
0
1999
0
1998
200
1997
200
2001
400
2000
400
600
1999
600
1998
EUR billions
EUR billions
Liabilities - stocks - EUR billions (non-consolidated data)
New series (BPM6)
V. Statistics on non-financial corporations from the Central Balance-Sheet Database (Chapter G)
For more information on this update, please refer to the Statistical Press Release No 10|2014, published today by Banco de
Portugal.
VI. Non-financial sector indebtedness (Chapter K of the Statistical Bulletin)
Amendments to series on non-financial sector indebtedness (Charts 19 to 22) mainly resulted from the above-mentioned
changes, particularly as regards the reclassification of a substantial number of holding companies and SPEs, in the financial
6
corporations sector, which were previously under non-financial corporations. Changes in SME indebtedness (Chart 21)
6
Small and medium-sized enterprises.
STATISTICAL PRESS RELEASE • October 2014
11
largely reflect the sectoral reclassification of SPEs, which, due to their low number of employees, are typically classified under
this size class.
Chart 19
Chart 20
General government
Private enterprises
350
350
300
300
250
250
EUR billions
EUR billions
Non-financial sector indebtedness - EUR billions
200
150
150
100
100
50
50
0
0
Dez07
Dez08
Dez09
Dez10
Previous series (ESA95)
Dez11
Dez12
Dez13
Jun14
Dez07
New series (ESA2010)
Dez08
Dez09
Dez10
Previous series (ESA95)
Dez11
Dez12
Chart 22
Small and medium-sized enterprises
Non-financial holding companies
200
200
150
150
100
Dez13
Jun14
New series (ESA2010)
Chart 21
EUR billions
EUR billions
200
100
50
50
0
0
Dez07
Dez08
Dez09
Dez10
Previous series (ESA95)
Dez11
Dez12
Dez13
New series (ESA2010)
Jun14
Dez07
Dez08
Dez09
Dez10
Previous series (ESA95)
Dez11
Dez12
Dez13
New series (ESA2010)
Jun14