Download Financial Auxiliaries

Statistics on Non-Bank Financial Sector:
Experience of Central Bank of Turkey
Aycan Ozek
Statistics Department
Deputy Director
Joint National Bank of the Republic of Macedonia and ECB
Seminar on Statistics
October 2-5, 2013
Skopje
Outline
1. Changing Environment
2. CBT’s Experience
- Other Financial Intermediaries
- Financial Auxiliaries
- Insurance Corporations and pension Funds
3. Future Work
Changing Environment
Importance of Information
- Moderate financial crisis
- Better management of financial crisis
New approaches in data
compilation
- Flexible to anticipate
- Compatible data sets
- International initiatives in data gaps
Changing perspective of
central banking
- Role of central bankers as statisticians
- Compilation of monetary and financial statistics
- Room for improvement in data quality
- Increased data requirements
Changing Environment
Emerging Statistical Needs:
Move from traditional data collection systems to emerging statistical
needs (G-20 data gaps initiative):
Strengthening the coverage of balance sheets
Flow of funds data
Data on non-bank financial institutions
More timely and comparable statistics
Changing Environment
The Need for Non-Bank Financial Institutions’ Data:
•G-20 Data Gaps Initiative
•Reporting requirements from international institutions (OECD, BIS)
•Harmonization with international standards (ESA95, MFSM)
CBT’s Experience
Traditional
Data Sources :
Supervisory
Reporting Forms
Central
Bank
Accounts
Banking
Data
Money
Market
Data
Balance Sheet /
Accounting
Records
CBT’s Experience
New Data Sources:
Government
Finance
Statistics
Non-Bank
Financial
Sector
Monetary
Sector
(enlarged)
CBT’s Experience
CBT Classification of Financial Corporations (S.12):
-Central Bank
-Other Monetary Financial Institutions
-Non-Bank Financial Institutions
- Financial Intermediaries
- Financial Auxiliaries
- Insurance Corporations and Pension Funds
Other Financial Intermediaries
Other Financial Intermediaries (S.123) in ESA 95:
‘ ….All financial corporations which are principally engaged
in financial intermediation by incurring liabilities in forms
other than currency, deposits and/or close substitutes for
deposits from institutional units other than monetary
financial institutions, or insurance technical reserves.’
(paragraph 2.53)
Other Financial Intermediaries
Comparison between other monetary financial
institutions and OFIs
MFIs
Liabilities
- from non MFIs
deposits and / or
close substitutes for deposits
OFIs
Liabilities
- from non MFIs
other than
currency, deposits and / or
close substitutes for deposits
Other Financial Intermediaries
Institutional Units in S.123:
• financial leasing corporations
• personal or commercial finance corporations
• factoring corporations
• security and derivative dealers (on own account)
• venture and development capital companies
• export and import financing companies
• financial vehicle corporations, created to be holders of securitized
assets
• financial intermediaries which receive deposits or close
substitutes for deposits from MFI´s
Other Financial Intermediaries
COVERAGE OF OTHER FINANCIAL INTERMEDIARIES
Financial Leasing Companies
31
Factoring Companies
74
Finance Companies
12
Mutual Funds
685
TOTAL
802
Source : BRSA, CMB
Other Financial Intermediaries
Data Sources for S.123:
•Unified Chart of Accounts of Financial Leasing, Factoring and Finance
Companies compiled by BRSA
•Capital Market Board data set for Investment Funds
•Data on holder sectors of investment funds compiled by Central
Registry Agency
Other Financial Intermediaries
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary financial
institutions
Other financial
intermediaries
Financial auxiliaries
Insurance
corporations and
pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
1.729.127.699
1.584.998.314
253.637.684
1.331.360.630
59.274.639
53.652.937
31.201.810
0
0
0
Stocks of financial instruments
Financial assets
Monetary gold and SDRs
Monetary gold
Special drawing rights
Currency and deposits
Currency
36.965.494
36.965.494
36.965.494
0
34.297.820
34.297.820
34.297.820
0
0
0
0
0
0
2.667.674
2.667.674
2.667.674
0
0
237.696.503
211.525.065
6.858.542
204.666.523
6.718.431
7.690.588
11.762.419
13.509.156
13.501.788
790.220
12.711.568
5.646
1.401
321
172.986.327
160.923.102
0
160.923.102
479.432
464.642
11.119.152
51.201.019
37.100.175
6.068.322
31.031.853
6.233.353
7.224.545
642.946
458.642.356
434.281.643
177.164.873
257.116.770
2.794.499
12.590.577
8.975.638
455.902.888
0
431.545.510
2.736.133
177.164.873
0
254.380.637
2.736.133
2.794.499
0
12.587.241
3.336
8.975.638
0
901.684.725
850.643.893
32.603.352
818.040.541
45.982.383
4.818.840
239.609
34.447.664
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.941.762
34.200.467
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.694.565
n.a
n.a
n.a
n.a
n.a
n.a
247.197
-
-
-
-
-
-
-
59.690.957
22.524.587
0
22.524.587
2.114.370
26.769.618
8.282.383
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares, excluding
financial derivatives
Financial derivatives
Loans
Shares and other equity
Shares and other equity, excluding
mutual funds shares
Mutual funds shares
Insurance technical reserves
Other accounts receivable
Other Financial Intermediaries
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary
financial institutions
Other financial
intermediaries
Financial
auxiliaries
Insurance
corporations and
pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
54.662.143
24.801.461
39.715.342
1.744.007.371
1.624.828.425
246.661.396
1.378.167.029
0
4.741.961
0
1.059.702.174
1.054.960.214
223.328.150
831.632.064
60.525.482
60.525.482
60.525.482
0
0
0
0
0
0
0
305.842.197
305.842.197
144.528.524
161.313.673
693.334.495
688.592.534
18.274.144
670.318.391
0
4.741.961
0
50.444.486
47.255.597
0
47.255.597
3.085.139
103.750
0
46.092.164
42.908.577
0
42.908.577
3.085.139
98.448
0
4.347.020
0
5.301
0
Stocks of financial instruments
Financial Liabilities
Currency and deposits
Currency
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares,
excluding financial derivatives
Financial derivatives
4.347.020
n.a
Loans
n.a
223.094.385
186.564.511
1.379.950
185.184.561
35.697.805
661.004
171.065
327.419.755
285.858.623
21.581.843
264.276.781
12.476.448
11.400.693
17.683.990
319.403.191
285.858.623
21.581.843
264.276.781
4.459.884
11.400.693
17.683.990
n.a
0
0
0
8.016.564
n.a
0
Insurance technical reserves
19.166.818
-
-
-
-
-
19.166.818
Other accounts payable
64.179.753
50.189.480
371.454
49.818.026
3.402.751
7.894.053
2.693.469
Shares and other equity
Shares and other equity,
excluding mutual funds shares
Mutual funds shares
Financial Auxiliaries
Financial Auxiliaries (S.124) in ESA 95:
‘ ….All financial corporations which are principally engaged
in auxiliary financial activities, that is to say activities
closely related to financial intermediation but which are
not financial intermediation themselves.’ (paragraph 2.57)
Financial Auxiliaries
Institutional Units in S.124:
•
insurance brokers, insurance and pension consultants, etc
•
loan brokers, security brokers, investment advisers, etc.
•
corporations that manage the issue of securities
•
corporations whose principal function is to guarantee, by indorsement, bills
and similar instruments
•
corporations which arrange derivative instruments
•
corporations providing infrastructure for financial markets
•
central supervisory authorities
•
managers of pension funds, mutual funds, etc.
•
corporations providing stock exchange, insurance exchange
Financial Auxiliaries
COVERAGE OF FINANCIAL AUXILIARIES
Savings Deposit Insurance Fund
1
Capital Market Dealer Companies
97
TOTAL
98
Source : SDIF, CMDC Association
Financial Auxiliaries
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary financial
institutions
Other financial
intermediaries
Financial auxiliaries
Insurance corporations
and pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
1.729.127.699
1.584.998.314
253.637.684
1.331.360.630
59.274.639
53.652.937
31.201.810
0
0
0
36.965.494
36.965.494
36.965.494
0
34.297.820
34.297.820
34.297.820
0
0
0
0
0
0
Stocks of financial instruments
Financial assets
Monetary gold and SDRs
Monetary gold
Special drawing rights
Currency and deposits
Currency
2.667.674
2.667.674
2.667.674
0
0
237.696.503
211.525.065
6.858.542
204.666.523
6.718.431
7.690.588
11.762.419
13.509.156
13.501.788
790.220
12.711.568
5.646
1.401
321
172.986.327
160.923.102
0
160.923.102
479.432
464.642
11.119.152
51.201.019
37.100.175
6.068.322
31.031.853
6.233.353
7.224.545
642.946
458.642.356
434.281.643
177.164.873
257.116.770
2.794.499
12.590.577
8.975.638
455.902.888
0
431.545.510
2.736.133
177.164.873
0
254.380.637
2.736.133
2.794.499
0
12.587.241
3.336
8.975.638
0
901.684.725
850.643.893
32.603.352
818.040.541
45.982.383
4.818.840
239.609
34.447.664
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.941.762
34.200.467
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.694.565
n.a
n.a
n.a
n.a
n.a
n.a
247.197
-
-
-
-
-
-
-
59.690.957
22.524.587
0
22.524.587
2.114.370
26.769.618
8.282.383
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares, excluding
financial derivatives
Financial derivatives
Loans
Shares and other equity
Shares and other equity, excluding
mutual funds shares
Mutual funds shares
Insurance technical reserves
Other accounts receivable
Financial Auxiliaries
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary
financial institutions
Other financial
intermediaries
Financial
auxiliaries
Insurance
corporations and
pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
54.662.143
24.801.461
39.715.342
1.744.007.371
1.624.828.425
246.661.396
1.378.167.029
0
4.741.961
0
1.059.702.174
1.054.960.214
223.328.150
831.632.064
60.525.482
60.525.482
60.525.482
0
0
0
0
0
0
0
305.842.197
305.842.197
144.528.524
161.313.673
693.334.495
688.592.534
18.274.144
670.318.391
0
4.741.961
0
50.444.486
47.255.597
0
47.255.597
3.085.139
103.750
0
46.092.164
42.908.577
0
42.908.577
3.085.139
98.448
0
4.347.020
0
5.301
0
Stocks of financial instruments
Financial Liabilities
Currency and deposits
Currency
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares,
excluding financial derivatives
Financial derivatives
4.347.020
n.a
Loans
n.a
223.094.385
186.564.511
1.379.950
185.184.561
35.697.805
661.004
171.065
327.419.755
285.858.623
21.581.843
264.276.781
12.476.448
11.400.693
17.683.990
319.403.191
285.858.623
21.581.843
264.276.781
4.459.884
11.400.693
17.683.990
n.a
0
0
0
8.016.564
n.a
0
Insurance technical reserves
19.166.818
-
-
-
-
-
19.166.818
Other accounts payable
64.179.753
50.189.480
371.454
49.818.026
3.402.751
7.894.053
2.693.469
Shares and other equity
Shares and other equity,
excluding mutual funds shares
Mutual funds shares
Financial Auxiliaries
Data Sources for S.124:
•Unified Financial Reporting System of Capital Market Dealer
Companies compiled from Capital Market Dealer’s Association
•Detailed balance sheet items of Savings Deposit Insurance Fund
Insurance Corp. and Pension Funds
Insurance Corporations and Pension Funds (S.125) in
ESA 95:
‘ ….All financial corporations which are principally engaged
in financial intermediation as the consequence of the
pooling of risks.’ (paragraph 2.60)
Insurance Corp. and Pension Funds
Institutional Units in S.125:
•
insurance corporations
•
reinsurance corporations
•
(autonomous) pension funds
Insurance Corp. and Pension Funds
Data Sources for S.125:
•Financial reports of Insurance Companies and Pension Funds
compiled by Treasury
COVERAGE OF INSURANCE COMPANIES AND
PENSION FUNDS
Insurance Companies
Reinsurance Companies
41
1
Pension Funds
17
TOTAL
59
Source : Undersecratariat of Treasury
Insurance Corp. and Pension Funds
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary financial
institutions
Other financial
intermediaries
Financial auxiliaries
Insurance
corporations and
pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
1.729.127.699
1.584.998.314
253.637.684
1.331.360.630
59.274.639
53.652.937
31.201.810
0
0
0
36.965.494
36.965.494
36.965.494
0
34.297.820
34.297.820
34.297.820
0
0
0
0
0
0
Stocks of financial instruments
Financial assets
Monetary gold and SDRs
Monetary gold
Special drawing rights
Currency and deposits
Currency
2.667.674
2.667.674
2.667.674
0
0
237.696.503
211.525.065
6.858.542
204.666.523
6.718.431
7.690.588
11.762.419
13.509.156
13.501.788
790.220
12.711.568
5.646
1.401
321
172.986.327
160.923.102
0
160.923.102
479.432
464.642
11.119.152
51.201.019
37.100.175
6.068.322
31.031.853
6.233.353
7.224.545
642.946
458.642.356
434.281.643
177.164.873
257.116.770
2.794.499
12.590.577
8.975.638
455.902.888
0
431.545.510
2.736.133
177.164.873
0
254.380.637
2.736.133
2.794.499
0
12.587.241
3.336
8.975.638
0
901.684.725
850.643.893
32.603.352
818.040.541
45.982.383
4.818.840
239.609
34.447.664
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.941.762
34.200.467
29.057.632
45.424
29.012.209
1.664.956
1.783.314
1.694.565
n.a
n.a
n.a
n.a
n.a
n.a
247.197
-
-
-
-
-
-
-
59.690.957
22.524.587
0
22.524.587
2.114.370
26.769.618
8.282.383
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares, excluding
financial derivatives
Financial derivatives
Loans
Shares and other equity
Shares and other equity, excluding
mutual funds shares
Mutual funds shares
Insurance technical reserves
Other accounts receivable
Insurance Corp. and Pension Funds
Thousand TRY
2012
Financial corporations
Total
Monetary financial
institutions
Central Bank
Other monetary
financial institutions
Other financial
intermediaries
Financial
auxiliaries
Insurance
corporations and
pension funds
S.12
S.121+S.122
S.121
S.122
S.123
S.124
S.125
54.662.143
24.801.461
39.715.342
1.744.007.371
1.624.828.425
246.661.396
1.378.167.029
0
4.741.961
0
1.059.702.174
1.054.960.214
223.328.150
831.632.064
60.525.482
60.525.482
60.525.482
0
0
0
0
0
0
0
305.842.197
305.842.197
144.528.524
161.313.673
693.334.495
688.592.534
18.274.144
670.318.391
0
4.741.961
0
50.444.486
47.255.597
0
47.255.597
3.085.139
103.750
0
46.092.164
42.908.577
0
42.908.577
3.085.139
98.448
0
4.347.020
0
5.301
0
Stocks of financial instruments
Financial Liabilities
Currency and deposits
Currency
Transferable deposits
Other deposits
Securities other than shares
Securities other than shares,
excluding financial derivatives
Financial derivatives
4.347.020
n.a
Loans
n.a
223.094.385
186.564.511
1.379.950
185.184.561
35.697.805
661.004
171.065
327.419.755
285.858.623
21.581.843
264.276.781
12.476.448
11.400.693
17.683.990
319.403.191
285.858.623
21.581.843
264.276.781
4.459.884
11.400.693
17.683.990
n.a
0
0
0
8.016.564
n.a
0
Insurance technical reserves
19.166.818
-
-
-
-
-
19.166.818
Other accounts payable
64.179.753
50.189.480
371.454
49.818.026
3.402.751
7.894.053
2.693.469
Shares and other equity
Shares and other equity,
excluding mutual funds shares
Mutual funds shares
CBT’s Experience:
Financial Assets of Non-Bank Financial Sector
CBT’s Experience:
Financial Liabilities of Non-Bank Financial Sector
CBT’s Experience
FINANCIAL SECTOR RATIOS IN PERCENT OF GDP
Total Assets in
Millions of TRY In Percentage of
as of 2012
GDP
Monetary Financial Intitutions
1.584.998
111,9%
Other Financial Intermediaries
59.275
4,2%
Financial Auxiliaries
53.653
3,8%
Insurance Companies and Pension Funds
31.202
2,2%
Source: CBT, Turkstat
CBT’s Experience
Asset Composition of Non-Bank Financial Institutions
CBT’s Experience
Liability Composition of Non-Bank Financial Institutions
CBT’s Experience
Periodic Reports on Non-Bank Financial Sector
•OECD Institutional Investors’ Survey
•Financial Accounts (OECD, Eurostat, CBT web site)
•Statistics on Non-Bank Financial Sector (CBT web site)
• Venture Capital
Companies
• Asset Leasing
Companies
• Aggregating
financial assets
and liabilities of
non-bank
financial
corporations
SNA and ESA Revisions
• Pension Mutual
Funds
Other Financial Corporations
Survey
Strengthening Coverage of OFI
Future Work
• Disaggregation
of Non-MMF
Investment
Funds from
OFIs
• Disaggregation
of Insurance
Companies and
Pension Funds
PLEASE CONTACT FOR FURTHER INFORMATION:
AYCAN ÖZEK
PHONE: +90 312 5076915
E-MAIL: [email protected]
CENTRAL BANK OF TURKEY
STATISTICS DEPARTMENT
MONETARY AND FINANCIAL STATISTICS DIVISION