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Modifications on the Categorization of Financial Institutions and Definition of
the Monetary Aggregate M2
February, 2012
Beginning from the February 2012 issue, the categorization of financial
institutions and the definition of the monetary aggregate M2 in the CBC’s Financial
Statistics Monthly will be modified, with details explained as follows.
1. Categorization of financial institutions
The financial institutions in the Financial Statistics Monthly will be re-grouped
in order to modify the representation of financial statistics. Before the modification,
the Financial Statistics Monthly presents data on the consolidated assets and liabilities
of financial institutions in four categories, including Deposit Money Banks, Monetary
Institutions, Major Financial Institutions and Financial Institutions. This modification
takes into consideration the norms and grouping of financial statistics compilation in
IMF and major economies, and better reflects Taiwan’s situation in financial services
practices. More details of this modification are described below (see Annex Table for
a comparison):
(1) Adjustment: Medium Business Banks will henceforth be grouped under
Domestic Banks.
(2) Removal: The tables, Consolidated Assets and Liabilities of Deposit Money
Banks, and the Consolidated Assets and Liabilities of Major Financial
Institutions, will no longer be produced.
(3) Addition: The Financial Statistics Monthly will be augmented with a newly
added table, Consolidated Assets and Liabilities of Other Monetary Financial
Institutions, including data for Domestic Banks, Local Branches of Foreign
Banks, Credit Cooperative Associations, Credit Departments of Farmers’ and
Fishermen’s Associations, Chunghwa Post Co., and Money Market Mutual
Funds.
(4) Adjustment: The table, Consolidated Assets and Liabilities of Monetary
Financial Institutions, will henceforth be used to express the consolidated assets
and liabilities of the Central Bank and Other Monetary Financial Institutions.
The newly-modified table will therefore replace the existing table currently
known as the Consolidated Assets and Liabilities of Major Financial
Institutions.
(5) This modification applies to all relevant data for the Financial Statistics
Monthly collected since January 1997.
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2. Definition of the monetary aggregate M2:
(1) Since banks began to issue structured products in early 2001, the carrying
values of the host contracts have been classified as banks’ deposits, which is by
definition a component of the monetary aggregate M2. However, structured
products carry higher liquidity risk and market risk, and unlike deposits, do not
necessarily guarantee the return of principal. For these reasons, such products
will be removed from the components of the M2.
Pursuant to the Official Letter by the Financial Supervisory Commission (FSC)
in Taiwan, released in October 2010, requesting banks to exclude structured
products from deposits, the CBC’s Financial Statistics Monthly will, beginning
from the February 2012 issue, modify the M2 definition by removing the
carrying values of the host contracts of structured products from deposits. This
modification applies to all relevant data collected since January 2001.
(2) Deposits held by enterprises and individuals in relevant tables of consolidated
assets and liabilities of financial institutions will also exclude the carrying
values of the host contracts of structured products, which will be reclassified as
other liabilities. Modification includes all relevant data collected since January
2001.
(3) In the table of Deposits with All Banks, data before (including) December 2009
will continue to include the carrying values of the host contracts of structured
products, due to unavailability of depositor-specific data for relevant
modification.
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Annex Table – Modification on the Categorization of Financial Institutions of
Financial Statistics Monthly
Existing
New
Notes
(Effective from Feb. 2012 Issue)
Table
Table
Category of Financial
Category of Financial
No.
No.
Institutions
Institutions
Central Bank
Central Bank
8
8
Deposit money banks:
Other monetary financial
1. Medium Business
9
9
institutions:
Banks will
1. Domestic banks
henceforth be
1. Domestic banks
2. Local branches of
categorized as part
foreign banks
2. Local branches of
of Domestic
3. Medium business banks
foreign banks
Banks.
4. Credit cooperative
3. Credit cooperative
2.
Chunghwa Post
associations
associations
Co. and money
5. Credit departments of
4. Credit departments of
market mutual
Farmers’ and
Farmers’ and
funds are to be
Fishermen’s Associations
Fishermen’s Associations
included in data of
5. Chunghwa Post Co.
Other Monetary
6. Money market mutual
Financial
funds
Institutions, to
reflect the IMF
categorization and
the practice of
financial services
in Taiwan.
10
11
12
Monetary institutions:
1. Central Bank
2. Deposit money banks
Major financial institutions:
1. Monetary institutions
2. Chunghwa Post Co.
3. Money market mutual
funds
Financial institutions:
1. Major financial
institutions
2. Trust and investment
companies
3. Life insurance
companies
10
11
Monetary financial
institutions:
1. Central Bank
2. Other monetary financial
institutions
In the new edition,
Monetary Financial
Institutions are the
existing Monetary
Institutions plus
Chunghwa Post Co.
and Money Market
Mutual Funds.
In the new edition,
Table 10 replaces the
existing Table 11.
Financial institutions:
In the new edition,
Table 11 replaces the
1. Monetary financial
existing Table 12.
institutions
2. Trust and investment
companies (before Dec.
2008)
3. Life insurance
companies
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