New financial sector delineation in ESA 2010:
First assessment for the financial accounts in
Austria
Workshop on SNA 2008 / ESA 2010
OECD - October 2011
Michael Andreasch (michael.andreasch@oenb.at)
Content
• Sector classification according to ESA 1995 and ESA 2010
• Content of each sector
• Classification in practice – possibilities and challenges
draft version (work in progress)
• What have we achieved – and what not?
Proposal for further steps
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Central bank S.121
Central bank S.121
Other MFI S.122
Other MFI S.122
Other financial intermediaries
S.123
Financial auxiliaries
S.124
Insurance corporations and
pensions funds
S.125
Money market funds S.123
Non-MMF S.124
Other financial
intermediaries S.125
Financial Auxiliaries S.126
Captive Financial
Institutions S.127
Insurance corporations
S.128
Pensions funds S.129
Holding
companies,
SPEs
Non-financial
corporations S.11
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Central bank S.121
Other MFI S.122
MMF S.123
• The classification will be made under the responsibility of the
central bank in Austria.
The ECB is providing a list of MFIs including MMFs.
• Data on each sub-sector on a who-to-whom basis are available in
Austria.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Non-MMF S.124
• Classification in Austria is based on national legislation:
Funds registered in Austria according to the “Investment fund law”
and “Real estate fund law”.
• The classification will be made under the responsibility of the central
bank in Austria.
• Data on the sub-sector on a who-to-whom basis are available in
Austria.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Financial vehicle corporations engaged in
securitisation transactions (FVC)
Security and derivative dealers (SDD)
Financial corporations „engaged in lending“
Financial leasing (FLC)
Other financial
intermediaries
S.125
Hire purchase and the provision of personal or
commercial finance (HP)
Factoring (FA)
Specialised financial corporations
Venture and development capital companies
(VC)
Export/import financing companies (EIF)
Financial intermediaries vis as vis MFI only
(FIM)
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Other financial
intermediaries S.125
?
• Classification in Austria is mainly based on national legislation
according to the banking law (except for VC, EIF) and will be made
under the shared responsibility of the central bank and the central
statistics office in Austria.
• Challenges: At present there is an unclear situation classifying
“financial leasing” in Austria: different views how to classify entities
included in “real estate leasing activities”(NACE 2008 classification)
based on information derived from the company register
(influenced by national tax legislation) and credit register (based on
banking supervisory treatment and even IAS)
• Data on FVC, SDD and FLC are available in Austria. Data on all other
units are (partly) difficult to achieve and partly not important in
Austria
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Insurance/loan/securities broker, financial service
consultants
Payment institutions
Financial Auxiliaries
S.126
Corporations providing stock exchange and
insurance exchange as well as infrastructure for
financial markets, arranging derivative/hedging
instruments, manage the issue of guarantees, …
Managers of pension funds, mutual funds, etc.
Central supervisory authorities (separate units only)
Head offices of financial corporations
classification by convention according to ESA 2010
based on NACE 2008 classification
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Financial Auxiliaries
S.126
• Classification in Austria is partly based on national legislation; for
head-offices based on type of activity (NACE 2008: 70.100), equity
holdings of daughter companies in the balance sheets, turnover,
number of employees (at present: 47 out of 3377), but:
?
equity as % of total liabilities
Turnover / Total liabilites ratio
Number of employees
of which:
Head-offices
Holdings
65%
78%
< 40% (76%) < 40% (71%)
< 10 (85%) < 10 (95%)
0 (41%)
0 (60%)
• The classification will be made under the shared responsibility of
the central bank and the central statistics office in Austria.
• Data on payment institutions, managers of mutual/pensions funds
are available on a quarterly basis. All other units are under
consideration (annual balance sheet data, FDI data)
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Trusts, estates, brass plate companies
Captive Financial
Institutions
S.127
Special Purpose Entities (SPE)
partly previously included in S.11,
delineation to S.13
Sovereign Wealth Funds (if classified as S.12)
Units providing financial services with own funds or funds
provided by a sponsor
Holding companies of financial and non-financial
corporations
based on NACE 2008 classification
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Captive Financial
Institutions S.127
• There is nearly no legal legislation for these units; holdings are
classified in line with NACE 2008 classification (NACE 2008: 64.200)
• Challenge: Correct allocation of the type of economic acitivity
(see S.126)
• The classification will be made under the shared responsibility of
the central bank and the central statistics office in Austria.
• Data on holding companies, SPE with cross-border activities on an
annual basis using balance sheet data, FDI data (counterpart data
information under consideration) should be available.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Insurance
corporations S.128
Pensions funds S.129
• Classification in Austria is based on national legislation:
Insurance corporations and pension funds are defined by law
The reporting of IC is based on “home country” principle.
Open issues:
Issuer of standardised guarantees (ICPF, Banks Gov.,..) ?
?
Pension Manager ?
• The classification will be made under the responsibility of
financial market supervisory body (FMA).
• Data on the sub-sectors (on a who-to-whom basis for assets
only) are available in Austria.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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What have we achieved up to now …
• Comparison between ESA 1995 and 2010 on major changes
in the sector delineation
• Identification of important amended / new entities in the
financial sector
• First assessment for the financial account in Austria
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Data sources
Data
Direct data
availability source
Reports by
other entities
Population
Sub-sector of the financial sector
Central bank S.121
Other MFI excluding MMF S.122
Money market funds S.123
Non-MMF S.124
Other financial intermediaries
S.125
Y
Y
Y
Y
Partly
Y (Reports)
Y (Reports)
Y (Reports)
Y (Reports)
Y (Reports,
BS data)
SHS
SHS, ICPF
BSI, SHS
BSI, SHS
BSI, SHS, ICPF
Financial auxiliaries S.126
Partly
Y (Reports, BSI, SHS, ICPF; (for
BS data)
head-offices under
consideration)
Captive financial institutions
S.127
Partly
Y (Reports, for holdings under
BS data)
consideration
Insurance corporations S.128
Pension funds S.129
Y
Y
Y (Reports) BSI, SHS
Y (Reports) BSI, SHS
1
780
24
2.179
> 150
> 100
> 2.000
59
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Reports = defined reporting requirements to the NCB. BSI = Banking Statistics, SHS = Security holdings statistics, ICPF = Statistics provided by
insurance corporations and pension funds. BS = Balance sheet data.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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Financial position of the financial sector and NFC - comparing ESA
1995 and ESA 2010
% of GDP
400
350
300
250
Position according to ESA 95
Amendments in line with ESA 2010
Position according to new data sources
200
150
100
50
0
-50
Source: OeNB.
Financial sector delineation in Austria – OECD workshop on SNA 2008/ESA 2010, October 2011
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… – and what not, next steps:
• Coordinated work on the classification of head-offices,
holding companies and leasing companies between NSI and
Central bank with the aim of a harmonized list of entities
• Investigation on amendments of reports to the Central bank
improving reporting guidelines and exchange of information
on (selected) individual entities
Challenge: Distinction between head offices (if part of sector
S.11) and holding companies in counterpart statistics (like
banking statistics, ICPF statistics, security holdings statistics by
custodians).
• Work on the integration of balance sheet data as part of the
regular compilation and
• Investigations on the compilation of back-data
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