Financial Accounts: Practice for Turkey
National Seminar on Developing a Program for the
Implementation of the 2008 SNA and Supporting Statistics in Turkey
Ankara, 10th of September 2013
Burcu ÇAKMAK
Central Bank of Republic of Turkey
Statistics Department
CONTENT
• Overview
• Classifications
• Data Sources
• Current Situation
• Future Work
2
OVERVIEW
TIMELINE FOR FA COMPILATION
2003
2004
2005
2006
2007
2008
2008
onwards
• Investigation • IMF Flow of • ESA95 FA • CBRT as
• Transmission • Establishment• Studies to
and research Funds for DC for DC
coordinator to OECD and of FAWG
produce
sector
Sector
of FA in Off. Eurostat beg.
FA for
Stat. Prog.
From 2005
other
data.
sectors
3 / 19
OVERVIEW
• A technical working group for compilation of
financial accounts in 2008.
• All stakeholder agencies are members
• Working on the compilation of general
government and insurance companies’
financial accounts.
• No written protocol between agencies but
OSP.
4 / 19
OVERVIEW
Division of Responsibilities under OSP:
SECTORS AND SUBSECTORS
ESA
CODE
RESPONSIBLE
AGENCY
Non-financial corporations
Central Bank
S11
S121
Turkstat, CBRT
CBRT
Other monetary financial institutions
S122
CBRT
Other financial intermediaries except
insurance corporations and pension
funds
S123
CBRT
Financial Auxilaries
S124
Insurance corporations and pension funds
S125
CBRT
UT
General Government
S13
MOF, UT
Households
S14
CBRT
Non-profit institutions serving households
S15
Rest of the world
S2
CBRT
CBRT
DATA SOURCE
Counterpart information from banking
sector and company accounts
statistics of CBRT
CBRT Accounting Records
BRSA Supervisory Package and
Statistical Reporting Forms of the
CBRT and CMB for mutual fund
statistcs
BRSA Reporting Package compiled
from financial leasing, factoring and
consumer finance companies
Saving Deposit Insurance Fund,
Capital Market Intermediary
Institutions
UT Insurance Directorate
MOF's detailed GFS and trial balance
sheet data, UT's debt and receivable
statistics
Counterpart information from banking
sector
Counterpart information from banking
sector
CBRT Balance of Payments Statistics 5
CLASSIFICATIONS
• IMF Manual on Monetary and Financial Statistics 2000
• European System of National Accounts (ESA 95)
• Institutional Sector List prepared by the CBRT
6
CLASSIFICATIONS
Institutional Sectors:
•General Government
- Central Government
- Local Government
- Social Security Institutions
• Non-Financial Corporations (private and public)
• Financial Corporations
- CBRT
- Banks
- Insurance Companies and Pension Funds
- Financial Intermediaries
- Financial Auxiliaries
• Households and NPISHs
• Rest of the World
7
CLASSIFICATIONS
CBT Classification:
S121. Central Bank
SNA 2008:
S121. Central Bank
S122. Other MFI
S122. Other MFI
S123. Money Market Funds
S123. Other Fin.
Interm.
S124. Finan.
Auxiliaries
S125. Insurance
Comp. & Pensions
S124. NonMMF Inv. Funds
S125. Other Financial
Intermediaries
S124. Finan. Auxiliaries
S128. Insurance Companies
S129. Pension Funds
8
DATA SOURCES
Monetary Financial Institutions:
• Banks’ Supervisory Reporting Package under
Uniform Chart of Accounts of BRSA
• Statistical Reporting Forms of CBT
Central Bank:
• Detailed balance sheet accounts based on
UFRS
9
DATA SOURCES
Financial Intermediaries:
• Non-bank Financial Institutions’ Supervisory
Reporting Package based on Uniform Chart of
Accounts of BRSA
• Data on Investment Funds compiled from
Capital Market Board
10
DATA SOURCES
Financial Auxiliaries:
• Balance Sheet of Savings Deposit Insurance
Fund
• Reporting Forms of dealer companies
compiled by Capital Market Dealers’
Association
Insurance Companies and Pension Funds:
• Reporting Forms of insurance companies and
pension funds compiled by Treasury
11
DATA SOURCES
DATA SOURCES FOR FINANCIAL ACCOUNTS
F1.Monetary Gold
F2. Currency
F22. Deposits
F3. Securities
F4. Loans
F5. Shares
F6. Insurance Technical Reserves
F7. Other A/P, A/R
TOTAL
F1.Monetary Gold
F2. Currency
F22. Deposits
F3. Securities
F4. Loans
F5. Shares
F6. Insurance Technical Reserves
F7. Other A/P, A/R
TOTAL
Central Local
Gov.
Govt.
Social
Monetary Central
Sec.Inst. Fin.Inst. Bank
Financial Financial
Interm.
Auxiliar.
Insurance
Comp. &
Pension
Funds
NA
MoF
MoF
MoF
MoF
MoF
NA
MoF
MoF
NA
MoF
MoF
MoF
MoF
MoF
NA
MoF
MoF
NA
BRSA
BRSA
BRSA
BRSA
BRSA
BRSA
BRSA
BRSA
NA
TRE
MBS
TRE
NA
TRE
NA
TRE
TRE
Central
Gov.
NA
MoF
NA
MoF +
TRE
MoF
NA
NA
MoF
MoF
BRSA: Banking Regulation and Supervision Agency
CBT: Central Bank accounting records
CMDA: Capital Market Dealers' Association
MBS: Money and Banking Statistics of Central Bank
SDIF: Saving Deposit Insurance Fund
NA
MoF
MoF
MoF
MoF
MoF
NA
MoF
MoF
NA
MBS
MBS
MBS
MBS
MBS
MBS
MBS
MBS
CBT
CBT
CBT
CBT
CBT
CBT
CBT
CBT
CBT
NA
SDIF+CMDA
SDIF+CMDA
SDIF+CMDA
NA
SDIF+CMDA
NA
SDIF+CMDA
SDIF+CMDA
Local
Govt.
NA
NA
NA
Social
Monetary Central
Sec.Inst. Fin.Inst. Bank
NA
NA
NA
NA
NA
CBT
NA
MBS
CBT
Financial Financial
Interm.
Auxiliar.
NA
NA
BRSA
NA
BRSA
NA
Insurance
Comp. &
Pension
Funds
NA
NA
TRE+ MBS
MoF
MoF
NA
NA
MoF
MoF
NA
MBS
NA
NA
MoF
MoF
BRSA
BRSA
BRSA
BRSA
BRSA
BRSA
TRE
TRE+ MBS
TRE
TRE
TRE
TRE
MBS
MBS
MBS
MBS
MBS
MBS
CBT
CBT
CBT
NA
CBT
CBT
NA
SDIF+CMDA
SDIF+CMDA
NA
SDIF+CMDA
SDIF+CMDA
12
DATA SOURCES
COVERAGE OF MFIs
Central Bank
COVERAGE OF INSURANCE
COMPANIES AND PENSION FUNDS
1
Deposit Money Banks
31
Investment and Development Banks
13
Participation Banks
Money Market Funds
TOTAL
4
54
103
Insurance Companies
Reinsurance Companies
17
TOTAL
59
Source : UT
COVERAGE OF FINANCIAL INTERMEDIARIES
COVERAGE OF FINANCIAL AUXILIARIES
31
Factoring Companies
74
Finance Companies
12
TOTAL
Source : BRSA
117
1
Pension Funds
Source : CBRT
Financial Leasing Companies
41
Savings Depoist Insurance Fund
1
Capital Market Dealer Companies
97
TOTAL
98
Source : CBRT
13
CURRENT SITUATION
Quarterly
Annual
•
•
•
•
S121. Monetary and Financial Institutions
S123. Financial Intermediaries
S124. Financial Auxiliaries
S125. Insurance Companies and Pension Funds
• S13. General Government
14
CURRENT SITUATION
•
•
•
Non-consolidated Stock Tables for:
•
Central Bank
•
Other Monetary Financial Institutions
•
Financial Intermediaries
•
Financial Auxiliaries
•
Insurance Companies and Pension Funds
•
Central Government
•
Local Government
Non-consolidated Flows for:
•
Central Bank
•
Other Monetary Financial Institutions
Consolidated Stock and Flow Tables for:
•
Central Bank
•
Other Monetary Financial Institutions
15
CURRENT SITUATION
Steps for FA Compilation:
1. Identify accurate data sources
2. Convert into ESA codes
3. Derive stock data
4. Compile counterpart info
5. Consolidation
6. Derive flow data
16 / 19
CURRENT SITUATION
Compilation Steps by Sectors
Financial Corporations
NonNonCentral
Other
Financial
Bank
Monetary
Intermed.
Financial
Insurance
Auxiliaries Companies
Financial
&
Inst.
Pension
Funds
Step 6
Step 6
Step 4
Step 4
Households
Profit
Rest of General
Financial
Inst.
the
Corp.
Serving
World
Govern.
HH
Step 3
Step 1
Step 1
Step 1
Step 4
Step 4
CBRT is in charge. Data are available and regularly reported to OECD and Eurostat.
MoF and Treasury are in charge. Compilation studies are continuing.
CBRT (with Turkstat for Non-Financial Corporations) is in charge. Compilation studies are continuing.
CBRT is in charge. Compilation studies are continuing.
17 / 19
FUTURE WORK
Financial Corporations
(2013,CBRT)
Insurance Corporations and
Pension Funds (2013,UT)
General Government
(2012-2014;UT,MOF)
HH (2014,CBRT)
FA-Whole Economy
(2015)
Nonfinancial Corporations
(2013-2014;CBRT,Turkstat)
ROW (2014,CBRT)
18 / 19
THANK YOU
19 / 19
Financial Accounts: Practice for Turkey
National Seminar on Developing a Program for the
Implementation of the 2008 SNA and Supporting Statistics in Turkey
Ankara, 10th of September 2013
Central Bank of Republic of Turkey
Statistics Department