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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. - 176 - 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. - 177 - 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 - 178 -