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STATE STATISTICAL COMMITTEE OF AZERBAIJAN
REPUBLIC
The Financial Corporations Sector, its
subsectors and Institutional Units
Istanbul, May 6-8, 2015
Financial Corporations Sector
The financial corporations sector includes all resident
corporations whose principal activity is providing financial
services including financial intermediation, insurance and
pension fund services, and units that provide activities that
facilitate financial intermediation. In addition, the sector
includes NPIs engaged in market production of a financial
nature such as those financed by subscriptions from
financial enterprises whose role is to promote and serve the
interests of those enterprises.(Item 4.29, SNA 2008).
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Subsectors of Financial Corporation Sector in SNA 1993
S.121 Central bank
S.122 Other deposit organizations
S.123 Other financial intermediaries, other than insurance
corporations and pension funds
S.124 Auxiliary financial units
S.125 Insurance corporations and pension funds
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Subsectors of Financial Corporation Sector in SNA 2008
Subsectors in SNA 1993
Subsectors in SNA 2008
Central bank
S.121
S.121
Central Bank
Other deposit organizations
S.122
S.122
Deposit-taking corporations except the
Central Bank
S.123
Money market funds (MMF)
S.124
Non-MMF investment funds
S.125
Other financial intermediaries except
insurance corporations and pension funds
(ICPF)
Financial auxiliaries
Other financial intermediaries, other
than insurance corporations and
pension funds
Auxiliary financial units
S.123
S.124
S.126
S.128
Captive financial institutions and money
lenders
Insurance corporations
S.129
Pension funds
S.127
Insurance corporations and pension
funds
S.125
Holding companies (from S.11)
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Subsectors of Financial Corporation Sector in Azerbaijan, in
accordance with SNA 2008
S.121 Central Bank
S.122 Deposit-taking corporations except the Central Bank
S.125 Other financial intermediaries except insurance
corporations and pension funds
S.126 Financial auxiliaries
S.127 Captive financial institutions and money lenders
S.128 Insurance corporations
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Distribution of Institutional Units Operating in Azerbaijan by
Subsectors of Financial Corporation Sectors
Code
Subsector
Institutional Units
Type of
Activity Codes
under NACE
rev.2
Central Bank of
the Republic of Azerbaijan
6411
Commercial banks, credit unions
6419
Other financial intermediaries
S 125 except insurance corporations
and pension funds
Leasing companies
6491
S 126 Financial auxiliaries
Broker's offices, stock exchanges, 6499, 661,
investment companies, etc.
662, 663
S 121 Central Bank
S 122
Deposit-taking corporations
except the Central Bank
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Distribution of Institutional Units Operating in Azerbaijan by
Subsectors of Financial Corporation Sectors
Code
Subsector
Institutional Units
Non-bank credit organization,
microfinance institutions,
Captive financial institutions and
S 127
organizations through which the
money lenders
government credit programs are
implemented, pawnshops
S 128 Insurance corporations
Insurance organizations, deposit
insurance fund
Type of
Activity Codes
under NACE
rev.2
6492
651, 652
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Central Bank output
The output of Central Bank (CB) is divided into:
• market output;
• non-market output.
The CB output is calculated in two stages
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Central Bank output, continuation
At the first stage, the CB total output on expenses is calculated
based on data reflected in the CB profit and loss statement by the
following items of operating expenses:
• paid fee;
• staff maintenance expenses;
• operating expenses;
• depreciation on fixed assets and intangible assets;
• expenses related to production and delivery of banknotes and
banking documents;
• other expenses.
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Central Bank output, continuation
Commission fees and other incomes are considered as market
output of the Central Bank.
CB non-market output is calculated as a difference between total
output and market output.
Market output of the Central Bank is used as intermediate
consumption by other financial corporations as well as by units of
general government and non-financial corporation sectors.
Non-market output of the central bank is shown in secondary
distribution of income account as a current transfer from the
financial corporation sector to general government sector.
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Credit Organization Services output
Output of credit organization services consists of two types of
services:
• Financial services to be provided for a fee explicitly;
• Financial Intermediation Services Indirectly Measured
(FISIM).
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Credit Organization Services output, continuation
Data sources:
• Consolidated profit and loss statement of commercial banks
(Central Bank);
• Consolidated balance sheet of commercial banks (Central
Bank);
• Data on credit and deposit rates (Central Bank);
• Data of statistical form No.2-bank “On main indicators of
financial and economic activity of financial and credit
organizations”.
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Credit Organization Services output, continuation
Output of services to be provided for a fee explicitly is
calculated by summing up following statement profit and loss
items:
• Incomes of account management;
• Fee income from providing of other services;
• Other operating income.
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Credit Organization Services output, continuation
Output of Financial Intermediation Services Indirectly
Measured (FISIM) is calculated using standard formula below:
FISIM = [(rL – rr) x yL] + [(rr – rD) x yD] ,
where yL – average credit balance for accounting period;
yD –average deposit balance for accounting period,
rL – loan rate,
rD – deposit interest rate ,
rr – base interest rate.
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Credit Organization Services output, continuation
• Base rate is calculated using data on balances and interest
rates on credits and deposits of legal entities and individuals
in national and foreign currencies;
• There are calculated two reference rates by cash assets in
national currency and cash assets in foreign currency
• Base rates are calculated as weighted average of credits and
deposits rates.
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Credit Organization Services output, continuation
• FISIM is distributed by institutional sectors and subsectors
proportionally to the annual average of credits and deposits
balance, based on data provided by the Central Bank;
• The FISIM export and import indicators are not calculated yet
due to insignificant share of credits and deposits external
transactions and lack of required information.
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Insurance Services output
Output of insurance services consists of following types of
insurance services:
• direct insurance services;
•
including:
• life insurance;
• non-life insurance;
• reinsurance services.
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Insurance Services output, continuation
Data source:
• Data of statistical form No.1-insurance “On activity of
insurers (reinsurers) and insurance brokers having the
corporate status”
• Data of the State Agency for Insurance Supervision
(Ministry of Finance)
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Insurance Services output, continuation
Output of non-life insurance services is calculated using formula
below:
Actual earned premiums
plus additions to the premiums
minus adjusted payable insurance compensation
where adjusted payable insurance compensations are
assessed based on the analysis of insurance compensations
data for the last 5-7 years.
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Insurance Services output, continuation
Output of life insurance services is calculated as follows:
Actual earned premiums
plus additions to the premiums
minus payments with expiring due date
minus increase (plus decrease) of life insurance reserve funds
Output of reinsurance services is calculated using the same
formula as for direct insurance
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