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Published by the Stationery Office, Dublin, Ireland.
Available from:
Central Statistics Office, National Accounts, Ardee Road, Dublin 6.
October 2013
An Phríomh-Oifig Staidrimh
Central Statistics Office
© Government of Ireland 2013
Material compiled and presented by theCentral Statistics Office.
Reproduction is authorised, except for commercialpurposes, provided the source is acknowledged.
Print ISSN 2009-4353On-line ISSN 2009-5597
Table of Contents
Page
Introduction 5
Commentary 7
Summary Table 2008 – 2012 14
Non-Financial Accounts Tables
2012
1.1 Production Account 18
1.2 Generation of Income Account 18
1.3 Allocation of Primary Income Account 19
1.4 Entrepreneurial Income Account 19
1.5 Secondary Distribution of Income Account 20
1.6 Use of Disposable Income Account 21
1.7 External Account 21
1.8 Change in Net Worth due to Saving and Capital Transfers Account 22
1.9 Acquisition of Non-Financial Assets Account 22
Financial Accounts Tables
Table 2 Financial Transactions Account 2008-2012 non-consolidated
Assets 24
Liabilities 30
Table 3 Financial Balance Sheet 2008-2012 non-consolidated
Assets 36
Liabilities 42
Table 4 Financial Transactions Account 2008-2012 consolidated
Assets 48
Liabilities 54
Table 5 Financial Balance Sheet 2008-2012 consolidated
Assets 60
Liabilities 66
Appendices
1. Institutional sectors in the accounts 74
2. Description of detailed non-financial and financial accounts 78
3. Explanation of the variables in the non-financial accounts 82
4. Explanation of the variables in the financial accounts 92
Introduction
The institutional sector accounts presented in this publication provide an alternative to the set of accounts publishedin the annual National Income and Expenditure report. The institutional accounts provide comprehensive informationnot only on the economic activities of households, non-financial corporations, financial corporations and thegovernment, but also on the interactions between these sectors and the rest of the world. In addition, the accountslink financial and non-financial statistics, thereby allowing for an integrated analysis of non-financial economicactivities (such as gross fixed capital formation) and financial transactions (such as the issuance of debt). Importanteconomic indicators can be derived from institutional accounts. These include measures such as the householdsaving rate, the profit share of corporations and the investment rates of the households and corporate sectors.
Consistency with other CSO statistics
The institutional sector accounts draw on a wide range of sources, including many that are used in the compilation ofother sets of CSO statistics. For this publication, the main relationships to other published CSO series are as follows:
• the non-financial accounts are based on, and are largely consistent with, the annual reports on NationalIncome and Expenditure (NIE) and Balance of Payments (BoP) for 2012. However, there are somemethodological differences between the data contained in the NIE and BoP reports and those published in thepresent report. The sector accounts fully comply with the European System of Accounts (ESA95)methodology in order to ensure greater international comparability.
• the financial transaction account is consistent with the balance on the financial account in the Balance ofPayments. For methodological reasons the net international investment position (IIP), as published in thefinancial accounts, differs from the IIP published in the Balance of Payments statistics for the years 2002-2012.This difference is due solely to the inclusion of the item “Liabilities related to the allocation of euro banknoteswithin the Eurosystem” which appears as a liability of the Central Bank and an asset of the rest of the worldsector in the financial accounts. This item is not included for IIP purposes and can be explicitly identified in thebalance sheet of the Central Bank as published in its annual report.
Contents of the publication
The commentary part of the report refers to a number of key economic indicators for 2012 and earlier years. Thesummary table contains information on key variables for the 2008 to 2012 period while Table 1 provides detailednon-financial accounts for 2012 only. Financial transaction accounts for 2008 to 2012 are set out in Table 2 whileTable 3 contains financial balance sheet data for the same period. Table 4 shows consolidated financial transactionsand Table 5 contains consolidated financial balance sheet data. The report also contains four appendices containingbackground notes on concepts and definitions.
Further information
The data tables contained in the present report as well as for earlier years can be downloaded from Database Directon the CSO Website.
Non-financial accounts:http://cso.ie/shorturl.aspx/91
Financial accounts:http://cso.ie/shorturl.aspx/92
For further information contact:
National Accounts,Central Statistics Office,Ardee Road,Dublin 6.E-mail: [email protected]: www.cso.ie
Non-financial accounts: Financial accounts:Contact Michael Connolly at 01 498 4006 Contact Derek Stynes at 01 498 4303or Mary Brew at 01 498 4365
5
Commentary
Introduction
The Institutional Sector Accounts presented in this publication provide an integrated macro economic analysis of theIrish economy. Both the Non–Financial and Financial Institutional Accounts are presented on a sector by sector basisand the commentary emphasises the inter-linkages between the two sets of accounts. A number of key indicators,which help to explain the more significant developments which occurred in 2012 and in previous years, arehighlighted for each of the institutional sectors.
Both consolidated and non-consolidated tables are presented for the Financial Accounts. The consolidated analysisallows a clearer view of transactions and balance sheet positions between institutional sectors. Transactionsbetween entities in the same institutional sector are netted out in this consolidated presentation.
Households and Non-profit institutions serving households (S.14 & S.15)
Household saving
Gross disposable income of households (B.6g)and the adjustment for the change in net equityof households in pension funds reserves (D.8)
together comprise actual gross disposableincome of households.
Household actual gross disposable incomedeclined from €88.0bn in 2011 to €87.1bn in2012. During the same period household finalexpenditure on goods and services showed asmall increase from €78.2bn to €78.3bn. As aresult the gross saving of households (B.8g) fellfrom €9.8bn in 2011 to €8.8bn in 2012.Expressed as a percentage of actual grossdisposable income the corresponding grosssaving ratio was 11.2 per cent in 2011 and 10.2per cent in 2012. Figure 1 shows actual grossdisposable income, final expenditure on goodsand services and the saving ratio for thehousehold sector for the period 2002 - 2012.
Also included in Figure 1 is the EU saving ratio.In the period after the onset of the recession in2008 a similar trend is evident in both EU andIrish saving ratios, initially trending upwards andpeaking in 2009 followed by a fall off in the ratiosince 2010.
Household debt
The balance sheet position in relation tohousehold debt (Table 3 Liabilities – AF.4Loans) declined from €178.7bn in 2011 to€172.3bn in 2012. However, as indicated in theprevious section, the actual gross disposableincome of households also fell during the sameperiod – from €88.0bn to €87.1bn. Theresulting household debt to income ratio, whichmeasures the sustainability of household debt,decreased marginally from 216 per cent in 2011to 212 per cent in 2012.
Figure 2 charts the movement in these seriesfor the period 2002 to 2012.
7
0.0
0.5
1.0
1.5
2.0
2.5
-
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billionsFigure 2 Household Debt to Income
Debt GDI Debt to Income Ratio
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
-
20
40
60
80
100
120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billions
Figure 1 Trend in Irish and EU Household Saving
PCE GDI Saving Ratio EU Saving Ratio
EU
IE
Use of household saving
Household saving peaked at €15.3bn in 2009 and has since fallen back to €8.8bn in 2012. How households havebeen using their saving is illustrated in Figure 3 below. The line graph is the trend in actual gross household savingwhile the bar chart illustrates transactions in investment and borrowing by households1.
During the entire period there is a clear link between transactions in loans (Liabilities F.4) and transactions in grosscapital formation (GFCF) of households (P.5). The transactions in loans relate predominantly to borrowing to fundinvestment in property while the capital formation relates to the property investments themselves.
Since 2009 households have not beenborrowing, in net terms. At the same timeinvestment in property has fallen to levelsthat can be financed by the saving of thesector without having recourse toborrowing. In fact the gross capitalformation of households fell from a high of€25.6bn in 2006 to €4.5bn in 2012.Repayment of loans or deleveraging,amounting to €7.3bn continued to be amajor use of household saving in 2012.The use of household saving to fundtransactions in assets e.g. deposits(Table 2 – Assets F.2) and insurance andpension investments (Table 2 – AssetsF.6) is also apparent in the graph.
Non-Financial Corporations (S.11)
Profits share of non-financialcorporations
There was a small improvement in theoperating surplus (B.2g/B.3g) or profits ofthe non-financial corporations from€48.4bn in 2011 to €48.9bn in 2012 (seeSummary Table). The other maincomponent of value added (B.1g) iscompensation of employees (D.1 Uses -wages and salaries) which increased from€38.1bn in 2011 to €38.6bn in 2012.Because of the relatively smallmovements in both components the profitshare ratio of value added was virtuallyunchanged.
1It is important to make the distinction between balance sheet measures of household debt i.e. the outstanding stock of loans illustrated in Figure 2 and transactions in
loans i.e. increases (+) or decreases (-) included in Figure 3
8
0%
10%
20%
30%
40%
50%
60%
70%
-
20
40
60
80
100
120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billionsFigure 4 Profit Share of Non - Financial Corporations
GrossValue Added Profits Profit Share
-40
-30
-20
-10
0
10
20
30
40
50
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
€billions
Figure 3 Saving, Investment and Net Lending/Borrowing ofHouseholds
GFCF Net Capital Transfers
Shares Deposits
Loans Insurance&Pensions
GrossSaving
Investment
Expressing gross fixed capital formation as apercentage of gross value added gives theinvestment rate. For the first time since 2005the investment rate of the non-financialcorporations increased in 2012. The rateincreased from 8.8 per cent in 2011 to 10 percent in 2012, possibly reflecting a moreoptimistic view of trading conditions bycorporations. Figure 5 provides a graphicalillustration. The net lending of thenon-financial corporations sector was over€6.6bn in 2012 but a substantial element ofthis is explained by the undistributed profits ofthe redomiciled headquarters of large quotedcompanies.
Return on equity
The net return on equity is a measure ofcorporate profitability. It is the ratio ofentrepreneurial income (B.4g) less taxes onincome and wealth (D.5) to total equityliabilities (Table 3 – Balance Sheets AF.5).The various components are graphed inFigure 6.
The rate of return on equity investment hasshown a small decline in 2012 to 13.9 per centdown from the 2011 result of 14.5 per cent.
Financial Sector (S.12)
The balance sheet of financial corporationscontinued to decrease in 2012 compared to2011. Assets fell from €3,619.9bn in 2011 to€3,613.6bn in 2012 and liabilities fell from€3,610.4bn to €3,585.3bn during the sameperiod, a fall of less than 1 per cent in bothcases. Figure 7 shows the balance-sheetevolution of the three main sub-sectors of thefinancial sector from 2008 to 2012.
The balance sheet of monetary financialinstitutions (S.121+S.122) continued itscontraction in 2012. The assets and liabilities,which peaked in 2008 at €1,864.5bn and€1,870.3bn, have declined to €1,304.8bn and€1,310.3bn respectively – a reduction ofapproximately 30.0 per cent in this period.
9
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
20
40
60
80
100
120
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billions
Figure 5 Investment Rate of Non-Financial Corporations
GrossValue Added GFCF Investment Rate
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
-
50
100
150
200
250
300
350
400
450
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billions
Figure 6 Net Return on Equity for Non-FinancialCorporations
Entrepreneurial Income Financial Liabilities Return on Equity
The trend of balance sheet expansion in the other financial intermediaries (OFI) sector (S.123 + S.124) continued in2012. Financial assets grew by €816.5bn from 2008 to 2012, representing an average annual growth rate of 14.0 percent. Liabilities increased during this period from €1,209.4bn to €1,976.2bn, representing an average annual growthrate of 13.1 per cent. A large part of the growth in the OFI sector is explained by the expansion of investment fundsand collective investment schemes which constitute a significant proportion of the overall total investment of thissector in the Irish economy.
The balance sheet of the financial sector was impacted by the securitisation activity of banks during 2012. Residentialmortgage backed securities were redeemed by special purpose vehicles (SPVs) in the other financial intermediariessector. The outstanding balance of approximately €7.9bn on these mortgages has returned to the balance sheet ofthe monetary financial institutions sector, leading to a corresponding drop in the loan assets of the S.123 sector.
Significant changes have taken place in the balance sheets of financial corporations in the wake of the global financialcrisis over the 2008-2012 period. Some of these changes are apparent in the accounts but some are less evident dueto offsetting shifts within the sector. The following outlines the effect of more significant events on the balance sheetsof the financial sector for the period covered.
• NAMA issued debt securities: In 2010 the National Asset Management Agency (NAMA) was established topurchase land and development loans from participating credit institutions. By virtue of its legal structure it istreated as a Special Purpose Vehicle (SPV) and is therefore in the other financial intermediaries sector(S.123). Hence, the issuing of debt securities, in return for loans that are transferred from these creditinstitutions, is included in the financial accounts as an increase in debt security assets (AF.33) of creditinstitutions (S.122) and an increase in liabilities of other financial intermediaries (S.123). The loan assets ofNAMA vis-á-vis the resident economy are shown at the outstanding amounts of these loans as opposed to thediscounted values paid by NAMA to the banking sector in purchasing them.
• Government transfers to credit institutions: In 2010 promissory notes were issued by the Irish government toinject capital into credit institutions. These transfers appear in item D.99 other capital transfers in the capitalaccount of the non-financial accounts while in the financial accounts they are included as a loan asset (AF.42)of credit institutions (S.122) and a loan liability of general government (S.13). In 2011, following the PCAR andPLAR ‘stress tests’, the Irish Government injected €16.5bn into the covered banks to ensure the capitalrequirements outlined in the tests were met. In the financial accounts, this injection of capital is treated as anequity liability (AF.51) of credit institutions with a corresponding equity asset in the general government sector.
• Eurosystem monetary policy operations: Advances to Irish Banks, as part of the Eurosystem monetary policyoperations, decreased significantly in 2012. These advances are included in the financial accounts as deposit(AF.29) assets of the Central Bank (S.121) and deposit liabilities of credit institutions (S.122). In addition, therewas a reduction in the Central Bank deposit liability to the ECB during 2012.
General Government (S.13)
Despite an improved deficit position General Government debt continued to rise in 2012 following the trend observedsince 2008. Gross disposable income (B.6g) increased by 4.5 per cent from €19.3bn to €20.2bn in the year, althoughthis represented a 36.7 per cent drop from its 2008 value of €31.9bn.
As shown in Figure 8 the consolidated gross debt ofGeneral Government, using the categories of debt setout under the Excessive Deficit Procedure2 (EDP),showed a gradual decline between 2002 and 2007, buthas since risen sharply standing at 122.7 per cent oftotal economy GDP at the end of 2012. This officialmeasure of General Government Debt (GGDebt or“Maastricht Debt”) used for EDP purposes is reported atface value resulting in a ratio of 117.6 per cent of GDPby the end of 20123. In the current publication allliabilities of S.13 are measured at market value andsubstituting this market valuation for the face valueused in the calculation of GGDebt gives rise to thehigher figure of 122.7 per cent of GDP.
In contrast, total consolidated government liabilities (allinstruments) amounted to 127.8 per cent of GDP at theend of 2012.
10
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
0.000
50.000
100.000
150.000
200.000
250.000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ratio€billions
Figure 8 Government Debt/GDP Ratio at market prices
Government Debt GDP Government Debt/GDP
The rapid rise in the ratio of debt to GDP since 2007 is due to the combined effect of an increasing government debtlevel during this period and falling GDP. Although GDP increased slightly by €1.3bn to €163.9bn in 2012, the rise inconsolidated government debt of €40.0bn in the same period accounted for the continued upward movement in thedebt/GDP ratio.
Composition of government debt(non-consolidated)
The composition of non-consolidated debt ofgeneral government is shown in Figure 9. Theincrease of €40.7bn in total government liabilitiesin 2012 was composed mainly of a rise of €16.8bnin government bond liabilities (AF.33) and anincrease in loan liabilities (AF.4) of €21.0bn. Theincreasing trend toward financing the activities ofgovernment through direct loans over the period2010-2012 has offset the difficulties faced inraising finance in the sovereign bond marketduring this time. This is evident in Figure 9 wherefinancing through the issuance of securities(AF.33) declined during 2010-2011, standing at€79.9bn at the end of 2011 from the 2010 level of€84.3bn. Government continued its increasingreliance on direct loans to finance its expenditurein 2012, although the trend of decreasingdependence on funding from the issuance of debtsecurities since 2009 was reversed as the stateresumed its normal bond-trading activity duringthe year.
The consolidated liabilities of general governmentrose sharply by €40.6bn in 2012 from €168.9bn to€209.6bn, as shown in Table 5.
Government expenditure varied significantly overthe period under review (2008-2012), peaking in2010 mainly as a result of capital injections into thebanking system. These capital transfersconstituted just over 30 per cent of governmentexpenditure in 2010 leading to a spike in thebudget deficit for that year4.
Gross saving (B.8g) of general governmentincreased by €1.3bn in 2012 representing a rise of12.6 per cent for the year and resulting in a deficitof €9.2bn. Overall, gross saving has risen by€3.1bn since 2009. Government net borrowingpeaked at €48.1bn in 2010 (used mainly to fundcapital injections into the financial system) but hassince fallen to €12.2bn in 2012 representing adrop of €35.9bn over this period.
2Defined under EU regulations governing the Excessive Deficit Procedure as the sum of gross liabilities of the consolidated General Government sector (S.13) in the
categories AF.2 (Currency & Deposits), AF.33 (Securities other than shares, excluding derivatives) and AF.4 (Loans) at face value.
3Further details on GG Debt and its components at nominal value can be seen in the CSO release Government Finance Statistics – Annual, April 2013
4See Table 1 of Government Finance Statistics – Annual, April 2013 for further details of the impact of the financial crisis interventions on the deficit of General
Government.
11
0.0
50.0
100.0
150.0
200.0
250.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
€billionsFigure 9 Composition of General Government Debt
AF.2 Deposits AF.33 Securities AF.4 Loans
-60.0
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
€billions
Figure 10 Government Saving and NetLending/ Borrowing
Saving (B.8g) Net Lending/Borrowing (B.9)
Rest of the World Sector (S.2)5
The balance on the current account for the Rest of theWorld sector is shown in Figure 11. In the sectoraccounts, this account is presented from the point ofview of the rest of the world6.
The current account deficit for the rest of the world in2012 should be matched,in accounting terms, by afinancial account surplus. However, the errors andomissions term in the statistics for the rest of the worldsector arises because of discrepancies between thefinancial and current accounts. This is reported in thesummary tables as the difference between B.9 andB.9F (-€6.2bn 2012). This same discrepency is alsoreported for S.1 (i.e. the total domestic economy) butwith the opposite sign.
Figure 12 shows the net financial position of the rest ofthe world vis-á-vis Ireland. The sector slightlyincreased its net asset position vis-á-vis Ireland withthe 2012 level of €200.5bn representing less than a1.0 per cent increase over the 2011 position7.
5The trends in the rest of the world accounts have already been commented on in the June 2013 International Investment Position and External Debt release and the
Balance of Payments release of June 2013.
6A current account deficit in the rest of the world account is the equivalent of a current account surplus in the balance of payments presentation.
7This corresponds to a net international investment position with the rest of the world of -€200.5bn, when Gold and SDRs are excluded.
12
-10.00
-8.00
-6.00
-4.00
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
€billions
Figure 11 Current Account Balance - Rest of theWorld Sector
0.0
50.0
100.0
150.0
200.0
250.0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
€billions
Figure 12 Net Financial Asset Position of the Rest of theWorld
Assets
Liabilities
Net Financial Position
€billions
Institutional Sector Accounts
Summary Table
2008-2012
(a)
B.1
*gG
ross
dom
estic
pro
duct
2008
180,2
49
19,3
17
88,5
33
16,3
15
24,2
55
31,8
28
2009
162,2
84
16,3
30
80,7
29
16,5
43
23,6
25
25,0
57
2010
158,0
97
13,5
40
83,1
09
15,6
19
22,1
86
23,6
43
2011
162,6
00
13,6
03
87,6
90
15,0
34
22,0
17
24,2
55
2012
163,9
38
16,4
94
88,6
81
13,9
39
21,5
36
23,2
88
(b)
B.2
gG
ross
opera
ting
surp
lus
/M
ixed
incom
e2008
78,6
57
-124
40,4
38
9,6
82
3,0
56
25,6
03
2009
72,0
34
938
38,3
86
10,1
05
2,9
20
19,6
85
2010
73,0
22
-1,4
90
43,3
18
9,4
30
2,9
02
18,8
63
2011
78,6
25
-1,1
44
48,3
65
8,8
94
2,9
04
19,6
06
2012
79,6
57
1,3
47
48,9
31
7,8
65
2,7
52
18,7
62
(c)
D.1
_D
.4N
et
Prim
ary
Incom
e2008
77,5
88
-28,2
38
3,7
43
20,2
50
81,8
32
2009
63,2
53
-26,3
73
-1,8
60
15,3
34
76,1
52
2010
59,8
78
-23,7
89
-1,5
92
13,6
99
71,5
59
2011
53,3
19
-28,2
88
-1,6
69
13,2
13
70,0
63
2012
54,2
05
-27,2
54
-2,3
08
12,8
63
70,9
04
(d)
B.5
gG
ross
nationalin
com
e=
(b+
c)
2008
156,2
45
-124
12,2
01
13,4
25
23,3
07
107,4
36
2009
135,2
87
938
12,0
12
8,2
44
18,2
54
95,8
37
2010
132,9
00
-1,4
90
19,5
29
7,8
38
16,6
01
90,4
22
2011
131,9
44
-1,1
44
20,0
77
7,2
25
16,1
17
89,6
69
2012
133,8
62
1,3
47
21,6
77
5,5
57
15,6
15
89,6
65
(e)
D.5
_D
.7N
et
Curr
ent
Tra
nsfe
rs2008
-2,4
65
-3,8
47
1,5
82
8,6
02
-8,8
02
2009
-2,7
86
-3,1
23
1,5
50
2,7
01
-3,9
15
2010
-2,5
09
-3,3
60
1,4
56
2,4
43
-3,0
48
2011
-2,4
66
-3,1
01
1,5
10
3,2
16
-4,0
90
2012
-2,4
22
-3,4
51
1,5
12
4,5
86
-5,0
68
(f)
B.6
gG
ross
dis
posable
incom
e=
(d+
e)
2008
153,7
80
-124
8,3
53
15,0
07
31,9
09
98,6
34
2009
132,5
01
938
8,8
90
9,7
95
20,9
56
91,9
22
2010
130,3
91
-1,4
90
16,1
69
9,2
94
19,0
44
87,3
74
2011
129,4
78
-1,1
44
16,9
76
8,7
35
19,3
32
85,5
79
2012
131,4
40
1,3
47
18,2
26
7,0
69
20,2
01
84,5
97
(g)
P.3
+D
.8U
se
of
dis
posable
incom
e2008
-124,5
32
-3,3
51
-34,4
28
-86,7
53
2009
-112,5
99
-2,6
97
-33,2
70
-76,6
32
2010
-108,3
96
-2,4
59
-30,4
05
-75,5
32
2011
-108,0
81
-2,4
31
-29,8
94
-75,7
56
2012
-107,7
30
-2,5
47
-29,4
33
-75,7
50
(h)
B.8
gG
ross
savin
g=
(f+
g)
12008
29,2
47
-124
8,3
53
11,6
56
-2,5
19
11,8
81
2009
19,9
02
938
8,8
90
7,0
98
-12,3
15
15,2
91
2010
21,9
95
-1,4
90
16,1
69
6,8
35
-11,3
61
11,8
42
2011
21,3
97
-1,1
44
16,9
76
6,3
04
-10,5
61
9,8
23
2012
23,7
10
1,3
47
18,2
26
4,5
22
-9,2
32
8,8
47
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
-S
UM
MA
RY
TA
BL
E€
mil
lio
n
Key
Vari
ab
les
S.2
Rest
of
World
S.1
Tota
l
econom
y
S.I
N
Not
secto
rized
S.1
1
Non-f
inancia
l
corp
ora
tions
S.1
2
Fin
ancia
l
corp
ora
tions
S.1
3
Genera
l
govern
ment
S.1
4+
S.1
5
Household
s
inclu
din
g
NP
ISH
14
(i)
Changes
inC
apitalA
ccounts
2008
-21,1
88
-124
-3,4
62
-416
-7,8
50
-9,3
37
2009
-7,9
76
938
-1,9
41
3,2
25
-7,3
37
-2,8
61
2010
-4,6
43
-1,4
90
797
31,0
77
-34,0
55
-972
2011
-3,3
94
-1,1
44
-590
6,9
21
-7,8
79
-701
2012
-2,1
40
1,3
47
-2,8
65
195
-545
-271
(j)
K.1
Consum
ption
of
fixed
capital
2008
18,1
79
8,6
37
675
2,7
64
6,1
03
2009
16,9
44
8,6
79
663
2,6
58
4,9
44
2010
16,2
47
8,3
77
665
2,6
47
4,5
58
2011
16,2
63
8,4
78
690
2,6
23
4,4
72
2012
16,3
79
8,7
07
702
2,4
24
4,5
46
(k)
B.9
Net
lendin
g(+
)/
Net
borr
ow
ing
(-)
=(h
+i)
-j
2008
10,1
21
-10,1
19
-247
-3,7
46
10,5
66
-13,1
34
-3,5
58
2009
5,0
15
-5,0
18
1,8
77
-1,7
30
9,6
60
-22,3
10
7,4
86
2010
-1,1
08
1,1
05
-2,9
81
8,5
90
37,2
46
-48,0
63
6,3
13
2011
-1,7
39
1,7
41
-2,2
87
7,9
08
12,5
35
-21,0
64
4,6
49
2012
-5,1
94
5,1
91
2,6
95
6,6
54
4,0
14
-12,2
01
4,0
29
(l)
Tra
nsactions
infinancia
lassets
2008
167,2
08
282,2
73
53,9
87
201,0
08
20,1
12
7,1
67
2009
-29,5
79
9,1
87
9,8
45
-10,4
61
2,9
89
6,8
13
2010
52,7
25
160,5
67
4,2
74
162,8
12
-7,6
92
1,1
73
2011
14,7
51
-128,6
35
-21,2
57
-111,9
08
2,9
62
1,5
69
2012
17,7
06
-24,4
75
27,0
96
-64,1
65
10,3
73
2,2
20
(m)
Tra
nsactions
infinancia
llia
bili
ties
2008
151,0
73
298,4
05
55,3
12
200,6
03
33,9
33
8,5
57
2009
-28,5
17
8,1
27
7,5
49
-21,3
43
24,4
37
-2,5
16
2010
45,4
48
167,8
43
-1,6
79
138,0
43
40,7
14
-9,2
35
2011
4,6
75
-118,5
60
-27,0
06
-108,3
11
24,0
97
-7,3
40
2012
16,7
19
-23,4
85
18,5
37
-59,5
72
22,6
26
-5,0
77
(n)
B.9
FN
et
financia
ltr
ansactions
2008
16,1
34
-16,1
32
-1,3
25
404
-13,8
22
-1,3
90
2009
-1,0
61
1,0
60
2,2
97
10,8
82
-21,4
48
9,3
29
2010
7,2
77
-7,2
76
5,9
52
24,7
69
-48,4
06
10,4
08
2011
10,0
77
-10,0
75
5,7
49
-3,5
97
-21,1
35
8,9
08
2012
988
-990
8,5
59
-4,5
93
-12,2
53
7,2
97
(o)
B.9
-B
.9F
Sta
tisticaldis
cre
pancy
2=
(k-
n)
2008
-6,0
14
6,0
13
-247
-2,4
21
10,1
61
688
-2,1
69
2009
6,0
77
-6,0
78
1,8
77
-4,0
27
-1,2
22
-862
-1,8
44
2010
-8,3
85
8,3
81
-2,9
81
2,6
37
12,4
77
343
-4,0
95
2011
-11,8
16
11,8
16
-2,2
87
2,1
59
16,1
32
72
-4,2
60
2012
-6,1
82
6,1
81
2,6
95
-1,9
05
8,6
07
52
-3,2
68
1R
efe
rto
reconcili
ation
table
inA
ppendix
3
S.1
2
Fin
ancia
l
corp
ora
tions
S.1
3
Genera
l
govern
ment
S.1
4+
S.1
5
Household
s
inclu
din
g
NP
ISH
2T
hese
sets
ofaccounts
occur
as
are
sult
ofth
ein
tegra
tion
ofvarious
sta
tistics,am
ong
whic
hare
the
Bala
nce
of
Paym
ents
sta
tistics.T
he
item
labelle
das
the
Sta
tisticaldis
cre
pancy
for
S.2
Restofth
eW
orld
isequiv
ale
ntto
the
Neterr
ors
and
om
issio
ns
item
appearing
inth
eB
ala
nce
ofIn
tern
ationalP
aym
ents
rele
ase.
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
-S
UM
MA
RY
TA
BL
E€
mil
lio
n
Key
Vari
ab
les
S.2
Rest
of
World
S.1
Tota
l
econom
y
S.I
N
Not
secto
rized
S.1
1
Non-f
inancia
l
corp
ora
tions
15
Institutional Sector Accounts
Non-Financial Tables
2012
20
12
P.1
Outp
ut
365,0
20
365,0
20
1,3
47
246,2
64
43,8
24
29,9
64
43,6
21
20,3
32
8,4
28
29,8
85
157,5
83
216,2
29
216,2
29
P.2
Inte
rmedia
teconsum
ption
23,2
88
21,5
36
13,9
39
88,6
81
1,3
47
148,7
92
B.1
gG
ross
valu
ead
ded
D.2
1-D
.31
Taxes
less
subsid
ies
on
pro
ducts
15,1
47
15,1
47
15,1
47
23,2
88
21,5
36
13,9
39
88,6
81
16,4
94
163,9
38
B.1
*g(1
)G
ross
do
mesti
cp
rod
uct
(1)
B.1
*nnet
dom
estic
pro
duct
can
be
com
pute
dfr
om
B1*g
Gro
ss
dom
estic
pro
duct
by
deducting
K.1
Consum
ption
of
fixed
capital.
B.1
*gG
ross
do
mesti
cp
rod
uct
163,9
38
16,4
94
88,6
81
13,9
39
21,5
36
23,2
88
5,7
01
18,7
84
5,9
70
38,5
50
69,0
05
547
69,5
52
D.1
Com
pensation
ofem
plo
yees
16,1
09
16,1
09
16,1
09
D.2
1T
axes
on
pro
ducts
443
104
1,7
93
2,3
40
2,3
40
D.2
9O
ther
taxes
on
pro
duction
D.3
1S
ubsid
ies
on
pro
ducts
962
962
962
D.3
9O
ther
subsid
ies
on
pro
duction
2,2
10
2,2
10
593
00
1,6
17
18,7
62
2,7
52
7,8
65
48,9
31
1,3
47
79,6
57
B.2
g/B
.3g
Gro
ss
op
era
tin
gsu
rplu
s/
Mix
ed
inco
me
1.2
GE
NE
RA
TIO
NO
FIN
CO
ME
AC
CO
UN
T
1.1
PR
OD
UC
TIO
NA
CC
OU
NT
S.I
N
No
t
se
cto
rize
d
S.1
To
tal
eco
no
my
S.1
To
tal
eco
no
my
S.I
N
No
t
se
cto
rize
d
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
€m
illi
on
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.2
Re
st
of
Wo
rld
CU
RR
EN
TA
CC
OU
NT
SS
.14
+S
.15
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
Uses
Reso
urc
es
Re
st
of
Wo
rld
(S.2
)
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
18
20
12
B.2
g/B
.3g
Gro
ss
op
era
tin
gsu
rplu
s/
Mix
ed
inco
me
79,6
57
1,3
47
48,9
31
7,8
65
2,7
52
18,7
62
D.1
Com
pensation
ofem
plo
yees
69,5
52
734
68,8
18
68,8
18
D.2
Taxes
on
pro
duction
and
import
s18,4
49
417
18,0
32
18,0
32
D.2
1T
axes
on
pro
ducts
16,1
09
417
15,6
92
15,6
92
D.2
9O
ther
taxes
on
pro
duction
2,3
40
02,3
40
2,3
40
1,5
40
1,5
40
1,6
32
3,1
72
D.3
Subsid
ies
920
920
42
962
D.3
1S
ubsid
ies
on
pro
ducts
620
620
1,5
90
2,2
10
D.3
9O
ther
subsid
ies
on
pro
duction
1,6
28
5,8
58
51,2
41
40,8
53
99,5
81
56,1
11
155,6
92
D.4
Pro
pert
yin
com
e155,6
88
87,2
13
68,4
75
13,5
99
48,9
33
2,2
29
3,7
14
1,4
28
5,8
58
23,7
47
5,1
59
36,1
91
35,9
89
72,1
80
D.4
1In
tere
st
72,1
77
28,0
81
44,0
95
681
41,7
76
869
770
00
17,5
05
20,9
65
38,4
70
9,0
23
47,4
92
D.4
2D
istr
ibute
din
com
eof
corp
ora
tions
47,4
94
35,4
69
12,0
25
2,6
90
6,2
87
1,3
60
1,6
88
00
7,2
42
14,7
30
21,9
72
11,0
99
33,0
71
D.4
3R
ein
veste
dearn
ings
on
direct
fore
ign
investm
ent
33,0
69
21,9
70
11,0
99
10,2
29
870
00
00
2,7
48
02,7
48
02,7
48
D.4
4P
ropert
yin
com
eattribute
dto
insura
nce
polic
yhold
ers
2,7
48
1,6
93
1,0
55
00
01,0
55
200
00
0200
200
D.4
5R
ent
200
200
00
0200
89,6
65
15,6
15
5,5
57
21,6
77
1,3
47
133,8
62
B.5
gG
ross
nati
on
alin
co
me
B.2
gG
ross
op
era
tin
gsu
rplu
s48,9
31
7,8
65
23,7
47
5,1
59
D.4
1In
tere
st
681
41,7
76
D.4
2D
istr
ibute
din
com
eof
corp
ora
tions
2,6
90
6,2
87
D.4
3R
ein
veste
dearn
ings
on
direct
fore
ign
investm
ent
10,2
29
870
2,7
48
0D
.44
Pro
pert
yin
com
eattribute
dto
insura
nce
polic
yhold
ers
00
00
D.4
5R
ent
00
30,3
04
57,3
72
B.4
gE
ntr
ep
ren
eu
rialin
co
me,
gro
ss
1.4
ME
MO
RA
ND
UM
:E
NT
RE
PR
EN
EU
RIA
LIN
CO
ME
AC
CO
UN
T
1.3
AL
LO
CA
TIO
NO
FP
RIM
AR
YIN
CO
ME
AC
CO
UN
T
S.I
N
No
t
se
cto
rize
d
S.1
To
tal
eco
no
my
S.1
To
tal
eco
no
my
S.I
N
No
t
se
cto
rize
d
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
€m
illio
n
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.2
Re
st
of
Wo
rld
CU
RR
EN
TA
CC
OU
NT
SS
.14
+S
.15
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
Uses
Reso
urc
es
S.2
Re
st
of
Wo
rld
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
19
20
20
12
B.5
gG
ross
nati
on
alin
co
me
133,8
62
1,3
47
21,6
77
5,5
57
15,6
15
89,6
65
16,6
05
-11,0
34
3,2
69
20,9
06
75
20,9
82
D.5
Curr
entta
xes
on
incom
e,w
ealth,
etc
.20,9
82
78
20,9
04
20,9
04
14,1
21
14,1
21
014,1
21
D.6
1S
ocia
lcontr
ibutions
14,1
21
014,1
21
04,0
45
9,6
56
420
686
24,3
19
1,4
98
026,5
03
292
26,7
95
D.6
2S
ocia
lbenefits
oth
er
than
socia
ltr
ansfe
rsin
kin
d26,7
95
324
26,4
71
26,4
71
4,5
47
1,7
56
6,8
75
546
13,7
24
3,5
62
17,2
86
D.7
Oth
er
curr
enttr
ansfe
rs17,2
86
5,9
50
11,3
36
364
6,8
73
100
3,9
99
2,4
89
37
144
546
3,2
15
3,5
16
6,7
31
D.7
1N
etnon-life
insura
nce
pre
miu
ms
6,7
31
06,7
31
6,7
31
0
06,7
31
6,7
31
06,7
31
D.7
2N
on-life
insura
nce
cla
ims
6,7
31
3,5
16
3,2
15
364
142
10
2,7
00
523
523
52
574
D.7
4C
urr
entin
tern
ational
coopera
tion
574
523
52
52
2,0
58
1,1
96
00
3,2
55
-63,2
49
D.7
5M
iscella
neous
curr
ent
transfe
rs3,2
49
1,9
11
1,3
38
00
38
1,2
99
84,5
97
20,2
00
7,0
69
18,2
26
1,3
47
131,4
40
B.6
gG
ross
dis
po
sab
lein
co
me
S.1
To
tal
eco
no
my
S.I
N
No
t
se
cto
rize
d
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.2
Re
st
of
Wo
rld
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
1.5
SE
CO
ND
AR
YD
IST
RIB
UT
ION
OF
INC
OM
EA
CC
OU
NT
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
CU
RR
EN
TA
CC
OU
NT
SS
.14
+S
.15
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.I
N
No
t
se
cto
rize
d
S.1
To
tal
eco
no
my
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
€m
illio
n
Uses
Reso
urc
es
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.2
Re
st
of
Wo
rld
21
20
12
B.6
gG
ross
dis
po
sab
lein
co
me
131,4
40
1,3
47
18,2
26
7,0
69
20,2
00
84,5
97
78,2
97
29,4
33
107,7
30
P.3
Fin
alconsum
ption
expenditure
78,2
97
20,8
75
99,1
72
P.3
1In
div
idualconsum
ption
expenditure
8,5
58
8,5
58
P.3
2C
olle
ctive
consum
ption
expenditure
2,5
47
2,5
47
02,5
47
D.8
Adju
stm
entfo
rth
echange
innet
equity
ofhousehold
sin
pensio
n
funds
reserv
es
2,5
47
02,5
47
2,5
47
8,8
47
-9,2
32
4,5
22
18,2
26
1,3
47
23,7
09
B.8
gG
ross
savin
g
176,7
36
P.6
Export
sofgoods
and
serv
ices
85,8
52
P.6
1E
xport
sofgoods
90,8
84
P.6
2E
xport
sofserv
ices
P.7
Import
sofgoods
and
serv
ices
136,9
90
P.7
1Im
port
sofgoods
49,4
85
P.7
2Im
port
sofserv
ices
87,5
06
-39,7
45
B.1
1
Exte
rnalb
ala
nce
of
go
od
s&
serv
ices
266,3
76
62,2
19
328,5
95
D.1
toD
.8
Prim
ary
incom
es
and
curr
ent
transfe
rs328,5
92
94,7
15
233,8
77
-7,2
50
B.1
2C
urr
en
texte
rnalb
ala
nce
1.6
US
EO
FD
ISP
OS
AB
LE
INC
OM
EA
CC
OU
NT
1.7
EX
TE
RN
AL
AC
CO
UN
T
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
To
tal
eco
no
my
S.I
N
No
t
se
cto
rize
d
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.2
Re
st
of
Wo
rld
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
€m
illio
n
CU
RR
EN
TA
CC
OU
NT
SS
.14
+S
.15
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.I
N
No
t
se
cto
rize
d
S.1
To
tal
eco
no
my
Uses
Reso
urc
es
S.2
Re
st
of
Wo
rld
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
22
20
12
B.8
gG
ross
savin
g23,7
09
1,3
47
18,2
26
4,5
22
-9,2
32
8,8
47
B.1
2C
urr
en
texte
rnalb
ala
nce
-7,2
50
776
1,2
30
099
2,1
06
86
2,1
91
D.9
Capitaltr
ansfe
rs2,1
91
60
2,1
31
246
280
961
644
758
00
758
0758
D.9
1C
apitalta
xes
758
0758
758
821
821
82
903
D.9
2In
vestm
entgra
nts
903
0903
246
082
575
18
409
099
526
4530
D.9
9O
ther
capitaltr
ansfe
rs530
60
470
0280
121
69
4,5
46
2,4
24
702
8,7
07
16,3
79
16,3
79
K.1
Consum
ption
offixed
capital
4,1
68
-11,9
25
4,1
00
9,6
66
1,3
47
7,3
56
-7,2
75
81
B.1
0.1
Ch
an
ges
inn
et
wo
rth
du
eto
savin
gan
dcap
italtr
an
sfe
rs
B.1
0.1
Ch
an
ges
inn
et
wo
rth
du
eto
savin
gan
dcap
italtr
an
sfe
rs81
-7,2
75
7,3
56
1,3
47
9,6
66
4,1
00
-11,9
25
4,1
68
4,6
86
3,4
32
788
8,9
05
-1,3
47
16,4
63
16,4
63
P.5
Gro
ss
capitalfo
rmation
4,4
97
3,3
50
788
8,8
89
17,5
23
17,5
23
P.5
1G
ross
fixed
capitalfo
rmation
194
82
017
-1,3
47
-1,0
55
-1,0
55
P.5
2C
hanges
inin
vento
ries
-50
0-1
-6-6
P.5
3A
cquis
itio
ns
less
dis
posals
of
valu
able
s
K.1
Consum
ption
offixed
capital
16,3
79
16,3
79
8,7
07
702
2,4
24
4,5
46
0-7
32
02,8
13
2081
-2081
0K
.2
Acquis
itio
ns
less
dis
posals
of
non-p
roduced
non-f
inancia
l
assets
4,0
29
-12,2
01
4,0
14
6,6
54
2,6
95
5,1
91
-5,1
94
-3B
.9N
et
len
din
g(+
)/
net
bo
rro
win
g(-
)
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.2
Re
st
of
Wo
rld
AN
NU
AL
AC
CO
UN
TS
BY
INS
TIT
UT
ION
AL
SE
CT
OR
€m
illio
n
Ch
an
ges
inassets
CA
PIT
AL
AC
CO
UN
TS
Ch
an
ges
inli
ab
ilit
ies
an
dn
et
wo
rth
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
3
Ge
ne
ral
go
ve
rnm
en
t
S.1
4+
S.1
5
Ho
use
ho
lds
inclu
din
g
NP
ISH
1.8
CH
AN
GE
INN
ET
WO
RT
HD
UE
TO
SA
VIN
GA
ND
CA
PIT
AL
TR
AN
SF
ER
SA
CC
OU
NT
1.9
AC
QU
ISIT
ION
OF
NO
N-F
INA
NC
IAL
AS
SE
TS
AC
CO
UN
T
S.1
To
tal
eco
no
my
S.I
N
No
t
se
cto
rize
d
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.I
N
No
t
se
cto
rize
d
S.1
To
tal
eco
no
my
S.2
Re
st
of
Wo
rld
S.1
+S
.2
Su
mo
ve
r
se
cto
rs
S.1
2
Fin
an
cia
l
co
rpo
ratio
ns
S.1
1
No
n-f
ina
ncia
l
co
rpo
ratio
ns
Institutional Sector Accounts
Financial Accounts Tables
2008-2012
24
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.1
2008
10
-10
0-1
0-1
00
00
0
2009
8-9
0-9
-90
00
0
2010
40
-40
0-4
0-4
00
00
0
2011
62
-62
0-6
2-6
20
00
0
2012
-88
08
80
00
0
F.2
2008
118,0
86
152,6
49
-900
131,6
76
123,0
44
5,4
46
3,1
86
18,1
32
3,7
42
2009
-91,3
60
-18,9
72
-1,4
87
-23,5
36
-28,7
57
6,2
84
-1,0
63
789
5,2
61
2010
-71,2
70
54,1
54
-9,6
06
74,2
77
67,9
13
7,4
34
-1,0
70
-11,0
52
535
2011
-85,4
51
-68,4
76
-1,8
74
-64,4
86
-71,3
50
6,6
52
212
-389
-1,7
27
2012
-97,8
39
-101,7
36
6,7
42
-117,5
33
-121,9
08
4,0
24
351
5,4
93
3,5
63
F.2
1&
F.2
22008
5,9
96
3,6
24
-5,0
50
11,4
17
7,8
80
3,0
59
478
0-2
,743
2009
-5,7
30
-33,0
65
496
-36,9
04
-34,3
99
-2,2
68
-237
03,3
42
2010
2,8
19
20,2
06
-1,5
36
21,5
73
19,0
25
2,2
00
349
0168
2011
-11,0
21
12,7
28
-829
16,5
91
16,0
97
531
-36
0-3
,035
2012
-36
-22,8
94
2,9
84
-26,4
51
-19,7
17
-7,0
17
283
0574
F.2
92008
112,0
90
149,0
25
4,1
50
120,2
59
115,1
64
2,3
87
2,7
08
18,1
32
6,4
85
2009
-85,6
30
14,0
94
-1,9
83
13,3
68
5,6
42
8,5
52
-826
789
1,9
19
2010
-74,0
90
33,9
48
-8,0
70
52,7
04
48,8
88
5,2
35
-1,4
19
-11,0
52
367
2011
-74,4
30
-81,2
04
-1,0
45
-81,0
77
-87,4
47
6,1
21
248
-389
1,3
08
2012
-97,8
03
-78,8
42
3,7
58
-91,0
82
-102,1
92
11,0
41
68
5,4
93
2,9
89
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Curr
ency
and
transfe
rable
deposits
Rest
of
the
wo
rld
Fin
an
cia
lA
ssets
Go
ldan
dS
DR
s
Cu
rren
cy
an
dd
ep
osit
s
Oth
er
deposits
25
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.3
2008
13,7
64
20,6
29
-746
21,5
55
12,2
55
8,7
80
520
-252
72
2009
2,4
19
-9,9
58
1,6
78
-15,6
29
-33,4
58
13,3
79
4,4
49
3,8
84
109
2010
-32,9
46
16,5
82
-558
15,0
47
-100,9
12
110,4
26
5,5
32
2,1
76
-83
2011
-4,2
50
99
-153
2,0
01
-36,9
87
37,9
89
1,0
00
-1,6
76
-73
2012
4,6
43
67,9
50
910
66,0
47
4,2
09
64,5
30
-2,6
92
1,0
81
-88
F.3
32008
1,9
32
46,4
07
-969
47,4
30
47,0
34
126
270
-93
39
2009
20,4
67
7,4
19
855
2,5
96
-15,9
97
14,1
40
4,4
54
3,8
69
97
2010
-27,1
05
12,7
00
-601
11,3
24
-103,0
99
108,8
01
5,6
22
1,9
23
54
2011
-3,2
17
2,1
99
180
3,4
36
-33,2
11
36,4
88
158
-1,4
04
-13
2012
22,3
20
73,7
95
228
72,4
85
24,8
08
50,0
78
-2,4
01
1,0
81
1
F.3
31
2008
-31,6
87
-11,5
18
-567
-10,9
61
-8,9
69
-2,3
59
367
10
0
2009
13,5
58
27,5
03
754
26,9
61
29,3
77
-2,6
06
190
-213
0
2010
-26,3
23
36,5
14
-512
36,9
98
12,3
25
23,1
59
1,5
13
29
0
2011
-7,5
83
4,1
89
90
4,2
03
1,1
99
4,4
36
-1,4
32
-105
0
2012
3,1
03
4,2
46
307
2,9
42
9,3
80
-6,5
45
107
997
0
F.3
32
2008
33,6
19
57,9
26
-401
58,3
91
56,0
03
2,4
85
-97
-103
39
2009
6,9
09
-20,0
84
101
-24,3
65
-45,3
75
16,7
46
4,2
63
4,0
82
97
2010
-782
-23,8
14
-88
-25,6
74
-115,4
24
85,6
41
4,1
09
1,8
94
54
2011
4,3
66
-1,9
89
90
-767
-34,4
10
32,0
53
1,5
90
-1,3
00
-13
2012
19,2
17
69,5
49
-80
69,5
43
15,4
28
56,6
23
-2,5
08
84
1
F.3
4D
erivatives
2008
11,8
32
-25,7
78
223
-25,8
74
-34,7
79
8,6
54
250
-160
33
2009
-18,0
49
-17,3
77
823
-18,2
26
-17,4
60
-761
-415
11
2010
-5,8
41
3,8
82
43
3,7
23
2,1
87
1,6
25
-90
253
-137
2011
-1,0
34
-2,1
00
-334
-1,4
34
-3,7
76
1,5
00
841
-272
-60
2012
-17,6
76
-5,8
45
683
-6,4
38
-20,6
00
14,4
52
-291
0-8
9
Rest
of
the
wo
rld
Secu
riti
es
oth
er
than
sh
are
s
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
S.1
Resid
en
t
Insti
tuti
on
al
secto
r(E
SA
95)
To
tal
eco
no
my
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Securities
oth
er
than
share
s
excl.
derivatives
Fin
an
cia
lA
ssets
26
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.4
2008
21,2
01
114,4
12
54,7
50
58,6
88
15,6
19
42,2
36
833
974
0
2009
19,8
80
-9,9
55
16,6
32
-26,8
53
-38,0
38
10,4
99
686
266
0
2010
6,9
62
41,5
28
15,7
91
25,5
56
13,0
93
12,6
93
-230
180
0
2011
98,7
65
-44,3
09
1,9
83
-47,2
47
-72,7
55
25,3
06
203
955
0
2012
13,4
96
-47,7
11
9,0
31
-58,8
07
-61,3
36
3,7
78
-1,2
49
2,0
65
0
F.4
12008
587
26,4
67
15,9
65
10,5
02
107
10,4
05
-10
00
2009
32,5
07
15,7
60
6,9
13
8,8
47
-5,0
64
13,7
38
173
00
2010
2,5
34
-26,5
25
11,1
81
-37,7
06
-11,9
52
-25,3
65
-389
00
2011
52,8
43
40,2
86
27,0
83
12,3
17
-12,5
27
24,9
56
-111
885
0
2012
14,5
75
28,9
20
7,2
48
20,2
64
-4,4
63
24,6
23
104
1,4
09
0
F.4
22008
20,6
14
87,9
45
38,7
85
48,1
86
15,5
12
31,8
31
843
974
0
2009
-12,6
27
-25,7
15
9,7
19
-35,7
00
-32,9
74
-3,2
39
513
266
0
2010
4,4
28
68,0
53
4,6
10
63,2
63
25,0
45
38,0
58
160
180
0
2011
45,9
22
-84,5
95
-25,1
01
-59,5
64
-60,2
28
350
314
70
0
2012
-1,0
79
-76,6
31
1,7
83
-79,0
70
-56,8
74
-20,8
45
-1,3
52
657
0
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Short
-term
loans
Lo
an
s
Rest
of
the
wo
rld
Fin
an
cia
lA
ssets
To
tal
eco
no
my
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Long-t
erm
loans
27
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.5
2008
11,6
33
-12,7
34
-4,5
29
-8,8
76
242
1,8
16
-10,9
34
1,4
02
-730
2009
41,3
94
36,4
64
-8,7
54
48,2
49
-1,7
24
38,4
32
11,5
41
-2,3
56
-675
2010
123,8
60
37,9
23
-2,6
02
41,2
79
771
31,7
72
8,7
37
1,4
32
-2,1
86
2011
26,0
39
-6,8
73
-21,1
93
11,0
74
-6,2
72
23,5
94
-6,2
47
3,5
83
-338
2012
83,2
54
36,6
31
2,5
09
36,8
53
-979
33,7
17
4,1
16
1,8
16
-4,5
47
F.5
12008
20,2
07
-26,8
62
-4,5
29
-22,4
25
1,1
99
-14,8
90
-8,7
35
822
-730
2009
46,3
71
17,8
16
-8,7
54
29,6
12
-503
27,6
70
2,4
46
-2,3
68
-675
2010
20,1
42
27,7
94
-2,6
02
31,8
03
-805
30,4
38
2,1
70
779
-2,1
86
2011
-26,9
74
-9,1
35
-21,1
93
7,4
44
-3,8
15
15,2
93
-4,0
34
4,9
51
-338
2012
9,7
28
31,9
60
2,5
09
32,1
04
-1,0
33
31,7
52
1,3
84
1,8
94
-4,5
47
F.5
11
2008
-1,9
23
-30,8
17
-266
-29,7
43
-349
-20,6
66
-8,7
28
837
-1,6
45
2009
1,7
77
13,4
25
378
15,1
54
509
12,1
98
2,4
47
-2,4
27
320
2010
836
26,5
01
167
26,4
51
815
23,4
66
2,1
70
663
-780
2011
-1,8
26
3,3
52
-49
-303
-111
3,8
41
-4,0
33
3,5
04
200
2012
1,2
19
15,9
71
946
15,1
33
589
13,1
61
1,3
83
82
-190
2008
22,1
31
3,9
55
-4,2
63
7,3
18
1,5
49
5,7
76
-7-1
4915
2009
44,5
94
4,3
90
-9,1
32
14,4
58
-1,0
12
15,4
72
-159
-995
2010
19,3
06
1,2
93
-2,7
69
5,3
52
-1,6
20
6,9
72
0117
-1,4
06
2011
-25,1
49
-12,4
87
-21,1
43
7,7
47
-3,7
03
11,4
52
-11,4
47
-538
2012
8,5
08
15,9
90
1,5
63
16,9
71
-1,6
22
18,5
92
11,8
12
-4,3
57
F.5
2M
utu
alfu
nds
2008
-8,5
74
14,1
28
013,5
49
-957
16,7
05
-2,2
00
579
0
2009
-4,9
77
18,6
48
018,6
36
-1,2
21
10,7
62
9,0
96
12
0
2010
103,7
17
10,1
29
09,4
76
1,5
75
1,3
34
6,5
67
652
0
2011
53,0
13
2,2
62
03,6
30
-2,4
57
8,3
00
-2,2
13
-1,3
67
0
2012
73,5
26
4,6
71
04,7
49
54
1,9
64
2,7
32
-78
0
To
tal
eco
no
my
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Rest
of
the
wo
rld
Sh
are
san
do
ther
eq
uit
y
S.1
Resid
en
t
Insti
tuti
on
al
secto
r(E
SA
95)
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
F.5
12
+F
.513
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
28
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.6
2008
-7,8
34
4,6
35
156
1,5
29
00
1,5
29
02,9
50
2009
12,6
15
7,3
67
-309
4,8
64
00
4,8
64
02,8
12
2010
5,9
88
1,7
11
4-1
,411
00
-1,4
11
03,1
19
2011
-19,7
31
-13,4
47
-196
-16,3
54
00
-16,3
54
03,1
04
2012
-1,4
68
1,5
81
-52
-1,5
57
00
-1,5
57
03,1
89
F.6
12008
-4,6
41
2,2
34
00
00
00
2,2
34
2009
11,1
51
3,0
43
00
00
00
3,0
43
2010
4,9
46
3,1
16
00
00
00
3,1
16
2011
-1,5
25
3,2
51
00
00
00
3,2
51
2012
1,0
66
3,2
28
00
00
00
3,2
28
F.6
11
2008
-4,6
41
1,8
88
00
00
00
1,8
88
2009
11,1
51
2,0
28
00
00
00
2,0
28
2010
4,9
46
2,1
57
00
00
00
2,1
57
2011
-1,5
25
2,3
73
00
00
00
2,3
73
2012
1,0
66
2,3
82
00
00
00
2,3
82
F.6
12
2008
0346
00
00
00
346
2009
01,0
15
00
00
00
1,0
15
2010
0959
00
00
00
959
2011
0878
00
00
00
878
2012
0846
00
00
00
846
F.6
22008
-3,1
93
2,4
01
156
1,5
29
00
1,5
29
0716
2009
1,4
64
4,3
24
-309
4,8
64
00
4,8
64
0-2
32
2010
1,0
42
-1,4
05
4-1
,411
00
-1,4
11
03
2011
-18,2
06
-16,6
98
-196
-16,3
54
00
-16,3
54
0-1
47
2012
-2,5
35
-1,6
47
-52
-1,5
57
00
-1,5
57
0-3
9
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
Rest
of
the
wo
rld
Insu
ran
ce
tech
nic
al
reserv
es
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
No
n-f
inan
cia
l
co
rpo
rati
on
s
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Net
equity
of
household
sin
life
insura
nce
reserv
es
S.1
Re
sid
en
t
To
tal
eco
no
my
Net
equity
of
household
sin
pensio
nfu
nds
29
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.7
2008
10,3
48
2,6
92
5,2
56
-3,5
53
-1,9
99
-208
-1,3
46
-144
1,1
33
2009
-14,5
35
4,2
50
2,0
84
2,4
54
2,1
55
1,6
55
-1,3
56
406
-694
2010
20,0
92
8,7
09
1,2
45
8,1
03
-1,7
00
10,4
86
-683
-427
-212
2011
-682
4,4
32
176
3,1
65
3,1
28
399
-361
489
602
2012
15,6
28
18,8
02
7,9
56
10,8
24
1,4
69
8,4
27
928
-82
104
F.7
12008
9,8
82
-8,0
92
-5,0
31
-2,8
55
0-1
,409
-1,4
46
0-2
05
2009
-13,7
51
-561
-871
618
02,0
55
-1,4
37
0-3
07
2010
6,0
38
3,5
09
3,0
63
105
0259
-153
0341
2011
-1,0
20
2,7
87
2,1
41
497
01,1
47
-650
0150
2012
10,6
81
12,9
19
10,6
81
2,1
52
01,1
34
1,0
18
087
F.7
92008
466
10,7
84
10,2
88
-698
-1,9
99
1,2
01
100
-144
1,3
39
2009
-784
4,8
10
2,9
55
1,8
36
2,1
55
-400
81
406
-386
2010
14,0
53
5,2
00
-1,8
18
7,9
98
-1,7
00
10,2
27
-529
-427
-553
2011
339
1,6
45
-1,9
65
2,6
69
3,1
28
-748
289
489
452
2012
4,9
48
5,8
83
-2,7
25
8,6
72
1,4
69
7,2
93
-90
-82
17
F.A
2008
167,2
08
282,2
73
53,9
87
201,0
08
149,1
51
58,0
70
-6,2
13
20,1
12
7,1
67
2009
-29,5
79
9,1
87
9,8
45
-10,4
61
-99,8
32
70,2
50
19,1
21
2,9
89
6,8
13
2010
52,7
25
160,5
67
4,2
74
162,8
12
-20,8
76
172,8
12
10,8
75
-7,6
92
1,1
73
2011
14,7
51
-128,6
35
-21,2
57
-111,9
08
-184,2
98
93,9
38
-21,5
48
2,9
62
1,5
69
2012
17,7
06
-24,4
75
27,0
96
-64,1
65
-178,5
38
114,4
75
-102
10,3
73
2,2
20
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Insti
tuti
on
al
secto
r(E
SA
95)
To
tal
eco
no
my
Gen
era
lg
ovt.
Rest
of
the
wo
rld
Oth
er
accounts
receiv
able
:
oth
er
To
tal
fin
an
cia
lassets
Tra
de
cre
dits
and
advances
Oth
er
acco
un
tsre
ceiv
ab
le
Fin
an
cia
lA
ssets
No
n-f
inan
cia
l
co
rpo
rati
on
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
S.1
Re
sid
en
t
30
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.2
2008
15,2
13
255,5
21
0254,3
52
254,3
52
00
1,1
69
0
2009
-24,8
37
-85,4
94
0-8
6,9
57
-86,9
57
00
1,4
63
0
2010
-5,2
53
-11,8
64
0-1
5,2
67
-15,2
67
00
3,4
03
0
2011
41,7
23
-195,6
49
0-1
97,1
56
-197,1
56
00
1,5
07
0
2012
-34,6
78
-164,8
98
0-1
67,1
58
-167,1
57
00
2,2
59
0
F.2
1&
F.2
22008
8,2
55
1,3
65
01,3
21
1,3
21
00
44
0
2009
-28,9
18
-9,8
77
0-9
,854
-9,8
54
00
-23
0
2010
22,6
27
397
0415
415
00
-18
0
2011
18,8
86
-17,1
78
0-1
7,1
99
-17,1
99
00
22
0
2012
-25,4
48
2,5
17
02,5
42
2,5
42
00
-24
0
F.2
92008
6,9
59
254,1
56
0253,0
31
253,0
31
00
1,1
25
0
2009
4,0
81
-75,6
17
0-7
7,1
03
-77,1
03
00
1,4
86
0
2010
-27,8
80
-12,2
61
0-1
5,6
82
-15,6
82
00
3,4
21
0
2011
22,8
37
-178,4
71
0-1
79,9
57
-179,9
57
00
1,4
85
0
2012
-9,2
30
-167,4
16
0-1
69,6
99
-169,6
99
00
2,2
84
0
Rest
of
the
wo
rld
No
n-f
inan
cia
l
co
rpo
rati
on
s
Cu
rren
cy
an
dd
ep
osit
s
Oth
er
deposits
Lia
bil
itie
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
sT
ota
leco
no
my
Curr
ency
and
transfe
rable
deposits
31
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.3
2008
54,1
81
-19,7
89
-1,0
25
-48,9
24
-103,6
48
54,7
24
030,1
60
0
2009
-25,7
77
18,2
39
2,2
54
-7,4
02
-21,8
41
14,4
38
023,3
87
0
2010
-21,1
23
4,7
58
737
-2,2
29
-33,5
44
31,3
16
06,2
50
0
2011
6,6
29
-10,7
81
686
-2,0
48
-23,2
09
21,1
61
0-9
,418
0
2012
58,5
51
14,0
43
2,1
56
11,6
85
-29,0
83
40,7
68
0202
0
F.3
32008
41,2
01
7,1
37
-1,0
80
-21,9
43
-73,4
47
51,5
04
030,1
60
0
2009
-10,2
21
38,1
07
2,0
13
12,7
07
-2,0
43
14,7
50
023,3
87
0
2010
-27,8
10
13,4
05
592
6,5
64
-22,9
03
29,4
67
06,2
50
0
2011
8,4
96
-9,5
13
554
-647
-22,3
90
21,7
43
0-9
,421
0
2012
61,6
84
34,4
32
2,7
69
31,4
61
-8,7
12
40,1
73
0202
0
F.3
31
2008
-9,0
57
-34,1
50
0-5
3,6
54
-44,7
06
-8,9
48
019,5
05
0
2009
27,1
09
13,9
52
019,0
98
17,8
93
1,2
05
0-5
,145
0
2010
37,3
82
-27,1
91
0-1
4,1
33
-12,6
04
-1,5
29
0-1
3,0
58
0
2011
8,4
82
-11,8
77
0-8
,438
-5,2
27
-3,2
10
0-3
,438
0
2012
6,5
30
820
02,1
02
2,9
39
-837
0-1
,282
0
F.3
32
2008
50,2
58
41,2
87
-1,0
79
31,7
11
-28,7
41
60,4
52
010,6
56
0
2009
-37,3
30
24,1
55
2,0
13
-6,3
90
-19,9
36
13,5
46
028,5
32
0
2010
-65,1
92
40,5
96
592
20,6
96
-10,2
99
30,9
95
019,3
08
0
2011
13
2,3
64
555
7,7
91
-17,1
63
24,9
54
0-5
,982
0
2012
55,1
54
33,6
12
2,7
69
29,3
59
-11,6
51
41,0
10
01,4
84
0
F.3
4D
erivatives
2008
12,9
80
-26,9
26
55
-26,9
81
-30,2
01
3,2
20
00
0
2009
-15,5
56
-19,8
68
241
-20,1
10
-19,7
98
-312
00
0
2010
6,6
88
-8,6
47
146
-8,7
92
-10,6
41
1,8
49
00
0
2011
-1,8
67
-1,2
67
132
-1,4
01
-819
-583
02
0
2012
-3,1
33
-20,3
88
-612
-19,7
76
-20,3
71
595
00
0
Rest
of
the
wo
rld
To
tal
eco
no
my
Lia
bil
itie
s Secu
riti
es
oth
er
than
sh
are
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Securities
oth
er
than
share
s
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
32
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.4
2008
75,8
48
59,7
65
58,5
81
-8,3
64
0-7
,670
-694
2,0
05
7,5
43
2009
-10,0
91
20,0
15
3,6
16
18,3
20
018,3
57
-38
93
-2,0
14
2010
20,0
61
28,4
29
9,5
00
-2,7
20
0-2
,553
-167
31,4
68
-9,8
18
2011
-24,2
06
78,6
61
33,4
45
21,9
32
021,7
84
147
32,1
87
-8,9
02
2012
-49,5
49
15,3
35
-1,6
51
3,9
74
04,1
05
-132
20,2
66
-7,2
54
F.4
12008
24,5
25
2,5
29
25,9
24
-23,1
35
0-2
3,0
29
-106
38
-299
2009
23,1
45
25,1
22
-1,0
49
25,4
19
025,5
67
-149
238
515
2010
-2,1
13
-21,8
78
-20,0
88
1,0
42
01,5
50
-508
58
-2,8
91
2011
17,3
61
75,7
67
15,6
99
61,4
32
061,3
51
80
-163
-1,2
01
2012
21,5
22
21,9
73
5,0
45
16,1
59
016,0
71
88
1,3
05
-536
F.4
22008
51,3
23
57,2
36
32,6
56
14,7
71
015,3
59
-588
1,9
67
7,8
42
2009
-33,2
36
-5,1
07
4,6
65
-7,0
99
0-7
,210
111
-145
-2,5
29
2010
22,1
74
50,3
07
29,5
88
-3,7
62
0-4
,103
341
31,4
09
-6,9
28
2011
-41,5
67
2,8
95
17,7
46
-39,5
00
0-3
9,5
67
67
32,3
51
-7,7
01
2012
-71,0
71
-6,6
38
-6,6
97
-12,1
85
0-1
1,9
66
-220
18,9
62
-6,7
18
Lo
an
s
Long-t
erm
loans
Rest
of
the
wo
rld
Short
-term
loans
S.1
Resid
en
t
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Gen
era
lg
ovt.
Insti
tuti
on
al
secto
r(E
SA
95)
To
tal
eco
no
my
Lia
bil
itie
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
33
Tab
le2
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.5
2008
13,3
52
-14,4
51
58
-14,4
92
-3,1
19
-12,1
93
821
-18
0
2009
32,5
00
45,3
58
-10,3
37
55,6
10
4,0
38
50,6
53
918
85
0
2010
43,8
70
117,9
13
-11,9
20
129,7
09
24,6
11
105,7
79
-681
124
0
2011
-8,0
03
27,1
70
-54,0
24
81,1
96
40,4
53
42,8
47
-2,1
04
-30
2012
33,2
47
86,6
38
8,7
28
77,8
96
11,0
68
68,0
54
-1,2
26
14
0
F.5
12008
8,2
22
-14,8
76
58
-14,9
16
-4,0
43
-11,6
94
821
-18
0
2009
37,0
13
27,1
74
-10,3
37
37,4
25
18,7
59
17,7
48
918
85
0
2010
39,3
80
8,5
56
-11,9
20
20,3
52
-1,6
07
22,6
40
-681
124
0
2011
-5,6
09
-30,5
00
-54,0
24
23,5
26
16,8
29
8,8
01
-2,1
04
-30
2012
30,7
74
10,9
14
8,7
28
2,1
72
2,2
62
1,1
36
-1,2
26
14
0
F.5
11
2008
-26,1
36
-6,6
04
-2,8
03
-3,8
01
-3,8
01
00
00
2009
12,7
45
2,4
58
2,5
52
-94
-94
00
00
2010
27,5
66
-229
2,0
11
-2,2
40
-2,2
40
00
00
2011
-5,2
76
6,8
03
-5,4
64
12,2
66
12,2
66
00
00
2012
12,0
48
5,1
42
3,4
02
1,7
40
1,7
40
00
00
2008
34,3
58
-8,2
72
2,8
62
-11,1
15
-242
-11,6
94
821
-18
0
2009
24,2
68
24,7
16
-12,8
89
37,5
20
18,8
53
17,7
48
918
85
0
2010
11,8
14
8,7
86
-13,9
31
22,5
92
633
22,6
40
-681
124
0
2011
-333
-37,3
03
-48,5
60
11,2
60
4,5
63
8,8
01
-2,1
04
-30
2012
18,7
26
5,7
72
5,3
26
432
522
1,1
36
-1,2
26
14
0
F.5
2M
utu
alfu
nds
2008
5,1
30
425
0425
924
-499
00
0
2009
-4,5
13
18,1
84
018,1
84
-14,7
21
32,9
05
00
0
2010
4,4
90
109,3
57
0109,3
57
26,2
18
83,1
38
00
0
2011
-2,3
94
57,6
70
057,6
70
23,6
24
34,0
46
00
0
2012
2,4
72
75,7
24
075,7
24
8,8
06
66,9
18
00
0
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
F.5
12
+F
.513
No
n-f
inan
cia
l
co
rpo
rati
on
s
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Gen
era
lg
ovt.
Rest
of
the
wo
rld
Lia
bil
itie
s
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Sh
are
san
do
ther
eq
uit
y
S.1
Resid
en
t
Insti
tuti
on
al
secto
r(E
SA
95)
34
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.6
2008
1,0
34
-4,2
33
0-4
,234
-24
0-4
,210
00
2009
3,9
25
16,0
58
016,0
58
00
16,0
58
00
2010
-886
8,5
85
08,5
85
00
8,5
85
00
2011
-16,4
87
-16,6
91
0-1
6,6
91
00
-16,6
91
00
2012
-1,8
92
2,0
05
02,0
04
00
2,0
04
10
F.6
12008
0-2
,407
0-2
,407
-24
0-2
,383
00
2009
014,1
94
014,1
94
00
14,1
94
00
2010
08,0
62
08,0
62
00
8,0
62
00
2011
01,7
26
01,7
26
00
1,7
26
00
2012
04,2
95
04,2
94
00
4,2
94
10
F.6
11
2008
0-2
,753
0-2
,753
00
-2,7
53
00
2009
013,1
79
013,1
79
00
13,1
79
00
2010
07,1
03
07,1
03
00
7,1
03
00
2011
0848
0848
00
848
00
2012
03,4
48
03,4
48
00
3,4
48
00
F.6
12
2008
0346
0346
-24
0370
00
2009
01,0
15
01,0
15
00
1,0
15
00
2010
0959
0959
00
959
00
2011
0878
0878
00
878
00
2012
0846
0846
00
846
00
F.6
22008
1,0
34
-1,8
26
0-1
,826
00
-1,8
26
00
2009
3,9
25
1,8
63
01,8
63
00
1,8
63
00
2010
-886
523
0523
00
523
00
2011
-16,4
87
-18,4
17
0-1
8,4
17
00
-18,4
17
00
2012
-1,8
92
-2,2
90
0-2
,290
00
-2,2
90
00
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
sR
est
of
the
wo
rld
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
S.1
Re
sid
en
t
Lia
bil
itie
s
Insti
tuti
on
al
secto
r(E
SA
95)
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Insu
ran
ce
tech
nic
al
reserv
es
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Net
equity
of
household
sin
pensio
nfu
nds
35
Tab
le2
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.7
2008
-8,5
54
21,5
93
-2,3
03
22,2
65
5,1
38
15,0
43
2,0
85
616
1,0
14
2009
-4,2
36
-6,0
49
12,0
14
-16,9
70
-6,3
56
-8,9
22
-1,6
92
-591
-502
2010
8,7
78
20,0
22
419,9
65
624
19,3
03
38
-530
583
2011
5,0
20
-1,2
70
-7,1
13
4,4
56
3,7
51
318
388
-176
1,5
62
2012
11,0
40
23,3
91
9,3
04
12,0
27
2,7
89
8,8
32
406
-117
2,1
77
F.7
12008
-968
2,7
57
-4,3
70
7,2
01
06,4
81
720
0-7
4
2009
-5,2
04
-9,1
07
-2,2
63
-6,2
40
0-3
,427
-2,8
12
0-6
04
2010
471
9,0
77
6,9
56
2,6
96
02,6
81
15
0-5
75
2011
2,1
15
-349
-3,3
97
2,9
57
02,9
98
-41
091
2012
12,4
73
11,1
27
8,0
92
2,5
16
01,9
17
599
0519
F.7
92008
-7,5
87
18,8
36
2,0
68
15,0
64
5,1
38
8,5
62
1,3
64
616
1,0
88
2009
968
3,0
58
14,2
77
-10,7
30
-6,3
56
-5,4
94
1,1
21
-591
102
2010
8,3
08
10,9
46
-6,9
52
17,2
69
624
16,6
22
23
-530
1,1
58
2011
2,9
04
-922
-3,7
16
1,4
99
3,7
51
-2,6
81
429
-176
1,4
71
2012
-1,4
33
12,2
64
1,2
12
9,5
11
2,7
89
6,9
15
-192
-117
1,6
58
F.L
2008
151,0
73
298,4
05
55,3
12
200,6
03
152,6
99
49,9
03
-1,9
98
33,9
33
8,5
57
2009
-28,5
17
8,1
27
7,5
49
-21,3
43
-111,1
16
74,5
27
15,2
46
24,4
37
-2,5
16
2010
45,4
48
167,8
43
-1,6
79
138,0
43
-23,5
76
153,8
44
7,7
75
40,7
14
-9,2
35
2011
4,6
75
-118,5
60
-27,0
06
-108,3
11
-176,1
61
86,1
09
-18,2
60
24,0
97
-7,3
40
2012
16,7
19
-23,4
85
18,5
37
-59,5
72
-182,3
83
121,7
58
1,0
53
22,6
26
-5,0
77
B9.F
2008
16,1
34
-16,1
32
-1,3
25
404
-3,5
48
8,1
67
-4,2
15
-13,8
22
-1,3
90
2009
-1,0
61
1,0
60
2,2
97
10,8
82
11,2
84
-4,2
77
3,8
75
-21,4
48
9,3
29
2010
7,2
77
-7,2
76
5,9
52
24,7
69
2,7
00
18,9
68
3,1
01
-48,4
06
10,4
08
2011
10,0
77
-10,0
75
5,7
49
-3,5
97
-8,1
37
7,8
29
-3,2
89
-21,1
35
8,9
08
2012
988
-990
8,5
59
-4,5
93
3,8
45
-7,2
83
-1,1
55
-12,2
53
7,2
97
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Gen
era
lg
ovt.
Net
fin
an
cia
ltr
an
sacti
on
s
Oth
er
accounts
payable
:oth
er
Oth
er
acco
un
tsp
ayab
le
No
n-f
inan
cia
l
co
rpo
rati
on
s
To
tal
eco
no
my
Rest
of
the
wo
rld
Lia
bil
itie
s
S.1
Re
sid
en
t
To
tal
liab
ilit
ies
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Tra
de
cre
dits
and
advances
36
Tab
le3
Fin
an
cia
lB
ala
nc
eS
he
et,
en
d-y
ea
rs2
00
8-2
01
2,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.12008
0197
0197
197
00
00
2009
0967
0967
967
00
00
2010
01,0
34
01,0
34
1,0
34
00
00
2011
0989
0989
989
00
00
2012
0992
0992
992
00
00
AF
.22008
663,1
81
856,1
03
54,8
57
651,7
41
583,5
64
45,8
29
22,3
49
29,0
55
120,4
49
2009
595,9
35
840,8
66
56,0
22
629,2
05
555,8
12
51,1
32
22,2
61
29,9
19
125,7
21
2010
501,4
31
898,7
22
46,1
42
707,2
02
623,7
69
60,5
04
22,9
28
19,1
26
126,2
53
2011
441,8
53
819,0
63
44,0
07
631,8
38
529,2
10
79,0
41
23,5
88
18,7
54
124,4
65
2012
341,7
43
721,1
79
49,7
86
518,7
78
410,7
92
83,5
14
24,4
72
24,2
46
128,3
69
AF
.21
&A
F.2
22008
31,3
90
171,9
69
20,7
43
94,0
16
67,9
72
23,0
25
3,0
19
057,2
09
2009
34,9
22
137,2
45
21,1
96
55,4
87
31,4
30
21,0
90
2,9
68
060,5
62
2010
46,3
40
156,9
03
19,6
85
76,4
77
49,6
45
23,2
40
3,5
92
060,7
42
2011
46,2
66
181,8
86
18,2
90
105,8
89
78,7
77
23,2
97
3,8
15
057,7
07
2012
40,5
01
164,8
92
20,6
28
85,9
72
66,3
12
15,7
31
3,9
29
058,2
92
AF
.29
2008
631,7
91
684,1
34
34,1
14
557,7
26
515,5
92
22,8
05
19,3
29
29,0
55
63,2
40
2009
561,0
13
703,6
21
34,8
25
573,7
17
524,3
82
30,0
42
19,2
93
29,9
19
65,1
59
2010
455,0
91
741,8
19
26,4
57
630,7
25
574,1
24
37,2
64
19,3
36
19,1
26
65,5
11
2011
395,5
87
637,1
77
25,7
17
525,9
49
450,4
33
55,7
44
19,7
72
18,7
54
66,7
58
2012
301,2
42
556,2
87
29,1
57
432,8
07
344,4
81
67,7
83
20,5
43
24,2
46
70,0
77
Rest
of
the
wo
rld
Go
ldan
dS
DR
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Fin
an
cia
lA
ssets
S.1
2F
ina
nc
ial
Co
rpo
rati
on
sT
ota
leco
no
my
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Cu
rren
cy
an
dd
ep
osit
s
Oth
er
deposits
Curr
ency
and
transfe
rable
deposits
37
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.32008
733,3
57
1,1
27,7
22
1,1
67
1,1
20,5
64
747,9
41
306,7
82
65,8
42
5,4
15
575
2009
688,9
07
1,1
49,6
12
2,2
09
1,1
37,4
44
705,3
23
361,3
47
70,7
75
9,3
28
630
2010
649,4
30
1,1
92,0
50
1,3
06
1,1
79,2
48
628,0
83
475,7
70
75,3
95
11,0
03
494
2011
627,8
99
1,2
19,8
83
1,4
40
1,2
09,7
15
516,4
41
610,6
07
82,6
66
8,2
51
477
2012
620,3
68
1,3
03,5
67
1,7
08
1,2
91,4
43
517,3
80
688,9
36
85,1
27
9,9
19
497
AF
.33
2008
678,9
57
1,0
43,5
21
624
1,0
37,6
45
690,2
20
283,3
72
64,0
53
5,0
82
169
2009
651,8
31
1,0
98,1
86
1,5
26
1,0
87,5
29
670,6
03
347,7
44
69,1
82
8,9
18
213
2010
611,0
95
1,1
38,9
98
656
1,1
27,7
32
596,8
21
457,1
67
73,7
45
10,3
97
214
2011
579,1
76
1,1
57,8
41
860
1,1
49,2
36
478,6
91
590,3
12
80,2
33
7,5
49
198
2012
569,4
75
1,2
45,8
47
1,0
00
1,2
35,3
74
489,2
15
663,4
86
82,6
72
9,2
77
197
AF
.331
2008
47,5
08
197,5
21
262
196,7
44
172,4
65
17,5
21
6,7
58
516
0
2009
54,8
50
227,5
03
1,0
10
226,1
90
194,2
13
25,5
19
6,4
58
303
0
2010
25,3
82
293,3
95
380
292,6
83
234,3
63
50,0
71
8,2
49
332
0
2011
22,0
56
324,1
56
498
323,4
31
190,5
95
124,8
51
7,9
85
228
0
2012
23,0
06
349,8
31
702
347,9
04
233,4
04
105,7
63
8,7
36
1,2
26
0
AF
.332
2008
631,4
50
845,9
99
362
840,9
02
517,7
55
265,8
51
57,2
95
4,5
66
169
2009
596,9
80
870,6
83
516
861,3
39
476,3
90
322,2
26
62,7
24
8,6
15
213
2010
585,7
13
845,6
03
275
835,0
49
362,4
58
407,0
96
65,4
95
10,0
65
214
2011
557,1
20
833,6
85
362
825,8
05
288,0
96
465,4
61
72,2
48
7,3
21
198
2012
546,4
69
896,0
16
298
887,4
70
255,8
11
557,7
23
73,9
36
8,0
51
197
AF
.34
Derivatives
2008
54,4
00
84,2
01
544
82,9
19
57,7
21
23,4
09
1,7
89
332
406
2009
37,0
77
51,4
26
684
49,9
15
34,7
20
13,6
02
1,5
93
410
417
2010
38,3
34
53,0
52
651
51,5
15
31,2
62
18,6
03
1,6
50
606
280
2011
48,7
23
62,0
41
580
60,4
79
37,7
50
20,2
96
2,4
33
703
279
2012
50,8
92
57,7
20
708
56,0
70
28,1
65
25,4
50
2,4
55
642
300
Rest
of
the
wo
rld
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
To
tal
eco
no
my
Fin
an
cia
lA
ssets
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
S.1
Resid
en
t
Securities
oth
er
than
share
s
excl.
derivatives
Secu
riti
es
oth
er
than
sh
are
s
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
38
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.42008
333,3
59
1,2
00,8
52
126,2
86
1,0
66,8
00
501,7
81
561,6
07
3,4
12
7,7
66
0
2009
349,5
21
1,1
93,8
30
146,6
83
1,0
39,1
55
456,0
58
578,9
63
4,1
34
7,9
92
0
2010
409,3
05
1,2
07,6
10
164,3
84
1,0
35,0
40
421,5
96
609,0
96
4,3
48
8,1
87
0
2011
518,6
41
1,2
48,1
08
171,8
53
1,0
67,0
74
385,8
83
676,5
94
4,5
97
9,1
81
0
2012
518,5
18
1,1
88,3
03
176,5
44
1,0
00,5
12
340,6
52
656,2
43
3,6
17
11,2
46
0
AF
.41
2008
125,1
49
268,5
65
31,1
41
237,4
24
127,8
05
107,8
94
1,7
25
00
2009
137,5
18
265,8
73
34,5
72
231,3
01
117,1
02
112,5
06
1,6
93
00
2010
153,0
95
208,9
31
48,4
99
160,4
32
62,2
16
96,8
29
1,3
87
00
2011
208,1
56
289,3
03
78,7
07
209,7
11
62,2
90
146,1
05
1,3
16
885
0
2012
214,2
84
311,3
11
85,1
13
223,9
05
60,7
82
161,5
71
1,5
52
2,2
93
0
AF
.42
2008
208,2
10
932,2
86
95,1
45
829,3
75
373,9
76
453,7
13
1,6
86
7,7
66
0
2009
212,0
03
927,9
57
112,1
10
807,8
54
338,9
56
466,4
57
2,4
41
7,9
92
0
2010
256,2
10
998,6
79
115,8
85
874,6
07
359,3
80
512,2
67
2,9
61
8,1
87
0
2011
310,4
85
958,8
06
93,1
46
857,3
63
323,5
93
530,4
88
3,2
81
8,2
96
0
2012
304,2
34
876,9
92
91,4
31
776,6
07
279,8
70
494,6
72
2,0
65
8,9
53
0
Rest
of
the
wo
rld
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Long-t
erm
loans
Short
-term
loans
No
n-f
inan
cia
l
co
rpo
rati
on
s
To
tal
eco
no
my
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Lo
an
s
Fin
an
cia
lA
ssets
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
39
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.52008
826,6
63
631,2
58
184,4
35
380,3
33
19,4
27
261,7
24
99,1
82
20,8
47
45,6
44
2009
1,0
54,3
31
771,3
80
227,5
01
472,0
74
18,5
98
332,9
94
120,4
82
21,7
11
50,0
93
2010
1,2
82,2
85
930,5
82
270,7
88
587,4
31
20,4
10
430,8
28
136,1
93
23,7
50
48,6
13
2011
1,3
79,7
32
936,9
14
260,8
75
606,1
38
19,1
80
459,9
67
126,9
91
22,5
81
47,3
21
2012
1,5
93,3
88
1,0
47,2
57
291,7
40
685,2
58
17,7
44
530,9
10
136,6
04
23,8
95
46,3
64
AF
.51
2008
233,8
69
541,0
60
184,4
35
292,1
48
16,6
08
226,4
50
49,0
90
18,8
34
45,6
44
2009
343,0
98
657,9
28
227,5
01
360,5
43
16,8
01
284,1
32
59,6
11
19,7
90
50,0
93
2010
363,2
62
803,8
07
270,7
88
463,6
53
17,0
43
380,7
04
65,9
07
20,7
52
48,6
13
2011
379,9
79
794,8
90
260,8
75
465,7
37
18,2
91
385,5
04
61,9
41
20,9
57
47,3
21
2012
431,0
57
902,7
12
291,7
40
542,3
59
17,1
64
458,9
88
66,2
07
22,2
49
46,3
64
AF
.511
2008
17,7
28
212,6
92
1,3
98
196,3
50
6,0
72
141,2
06
49,0
73
8,7
67
6,1
76
2009
25,9
18
284,7
07
1,7
77
266,0
58
4,5
54
201,9
14
59,5
89
8,2
08
8,6
64
2010
27,5
43
359,9
67
2,2
51
340,3
93
5,6
33
268,8
67
65,8
93
8,7
96
8,5
27
2011
30,7
66
341,3
27
2,1
13
322,3
10
5,7
88
254,5
98
61,9
24
7,9
91
8,9
13
2012
36,1
61
410,8
35
3,2
66
390,8
97
9,5
26
315,1
86
66,1
85
7,2
69
9,4
04
2008
216,1
41
328,3
68
183,0
36
95,7
98
10,5
36
85,2
45
17
10,0
66
39,4
67
2009
317,1
80
373,2
21
225,7
24
94,4
86
12,2
47
82,2
17
21
11,5
82
41,4
29
2010
335,7
20
443,8
40
268,5
37
123,2
61
11,4
10
111,8
37
14
11,9
56
40,0
86
2011
349,2
13
453,5
63
258,7
62
143,4
26
12,5
03
130,9
06
17
12,9
66
38,4
09
2012
394,8
97
491,8
77
288,4
75
151,4
63
7,6
38
143,8
03
22
14,9
80
36,9
60
AF
.52
Mutu
alfu
nds
2008
592,7
94
90,1
98
088,1
84
2,8
19
35,2
74
50,0
92
2,0
14
0
2009
711,2
33
113,4
52
0111,5
31
1,7
97
48,8
63
60,8
71
1,9
21
0
2010
919,0
23
126,7
76
0123,7
78
3,3
67
50,1
24
70,2
86
2,9
98
0
2011
999,7
53
142,0
24
0140,4
01
889
74,4
62
65,0
50
1,6
23
0
2012
1,1
62,3
31
144,5
45
0142,8
99
580
71,9
22
70,3
97
1,6
46
0
Rest
of
the
wo
rld
Gen
era
lg
ovt.
Insti
tuti
on
al
secto
r(E
SA
95)
To
tal
eco
no
my
S.1
Resid
en
t
Fin
an
cia
lA
ssets
AF
.512
+
AF
.513
Sh
are
san
do
ther
eq
uit
y
Share
sand
oth
er
equity,
exclu
din
g
mutu
alfu
nds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
40
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.62008
98,0
35
150,7
12
4,1
14
38,0
56
00
38,0
56
0108,5
42
2009
109,9
64
168,2
98
3,8
05
41,9
00
00
41,9
00
0122,5
92
2010
122,9
00
179,9
33
3,8
09
44,0
55
00
44,0
55
0132,0
68
2011
105,1
54
166,9
51
3,6
13
29,9
78
00
29,9
78
0133,3
61
2012
106,1
15
175,0
78
3,5
61
28,2
87
00
28,2
87
0143,2
29
AF
.61
2008
52,4
93
105,4
57
00
00
00
105,4
57
2009
68,4
16
119,7
38
00
00
00
119,7
38
2010
75,1
74
129,2
12
00
00
00
129,2
12
2011
80,6
97
130,6
51
00
00
00
130,6
51
2012
85,1
39
140,5
59
00
00
00
140,5
59
AF
.611
2008
52,4
93
43,3
88
00
00
00
43,3
88
2009
68,4
16
49,0
48
00
00
00
49,0
48
2010
75,1
74
54,8
81
00
00
00
54,8
81
2011
80,6
97
60,1
52
00
00
00
60,1
52
2012
85,1
39
62,5
16
00
00
00
62,5
16
AF
.612
2008
062,0
69
00
00
00
62,0
69
2009
070,6
90
00
00
00
70,6
90
2010
074,3
31
00
00
00
74,3
31
2011
070,4
99
00
00
00
70,4
99
2012
078,0
43
00
00
00
78,0
43
AF
.62
2008
45,5
42
45,2
56
4,1
14
38,0
56
00
38,0
56
03,0
85
2009
41,5
48
48,5
59
3,8
05
41,9
00
00
41,9
00
02,8
54
2010
47,7
26
50,7
21
3,8
09
44,0
55
00
44,0
55
02,8
57
2011
24,4
58
36,3
00
3,6
13
29,9
78
00
29,9
78
02,7
09
2012
20,9
77
34,5
19
3,5
61
28,2
87
00
28,2
87
02,6
71
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
pensio
nfu
nds
Rest
of
the
wo
rld
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Insu
ran
ce
tech
nic
al
reserv
es
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
No
n-f
inan
cia
l
co
rpo
rati
on
s
41
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.72008
60,5
70
180,9
58
119,9
64
47,8
97
11,6
18
21,8
40
14,4
39
8,2
29
4,8
68
2009
70,4
27
199,6
07
125,2
00
61,2
57
19,1
97
29,3
09
12,7
50
8,6
80
4,4
70
2010
94,1
23
190,8
31
119,3
04
58,5
72
7,4
50
35,1
98
15,9
24
8,2
38
4,7
16
2011
100,7
33
215,3
44
127,0
67
74,1
54
16,7
50
41,1
10
16,2
94
8,7
13
5,4
09
2012
126,5
56
238,3
51
135,6
77
88,3
55
17,2
14
54,7
01
16,4
40
8,3
96
5,9
22
AF
.71
2008
39,1
94
87,4
30
72,1
99
14,0
12
137
4,5
16
9,3
59
01,2
20
2009
37,0
13
88,6
02
73,0
31
14,5
22
133
6,9
25
7,4
64
01,0
49
2010
42,4
92
91,7
06
73,4
42
16,8
80
133
7,3
16
9,4
31
01,3
84
2011
44,8
00
99,7
63
80,9
98
17,3
74
132
9,1
48
8,0
94
01,3
90
2012
52,4
00
112,1
77
92,9
21
17,2
92
137
8,3
75
8,7
80
01,9
64
AF
.79
2008
21,3
77
93,5
28
47,7
66
33,8
85
11,4
81
17,3
24
5,0
80
8,2
29
3,6
48
2009
33,4
14
111,0
05
52,1
70
46,7
34
19,0
64
22,3
84
5,2
86
8,6
80
3,4
21
2010
51,6
31
99,1
25
45,8
62
41,6
92
7,3
17
27,8
83
6,4
93
8,2
38
3,3
32
2011
55,9
33
115,5
82
46,0
69
56,7
80
16,6
18
31,9
62
8,2
00
8,7
13
4,0
19
2012
74,1
55
126,1
74
42,7
56
71,0
63
17,0
77
46,3
26
7,6
60
8,3
96
3,9
59
AF
.A2008
2,7
15,1
66
4,1
47,8
02
490,8
23
3,3
05,5
89
1,8
64,5
28
1,1
97,7
82
243,2
79
71,3
12
280,0
78
2009
2,8
69,0
86
4,3
24,5
59
561,4
21
3,3
82,0
02
1,7
55,9
55
1,3
53,7
45
272,3
02
77,6
30
303,5
06
2010
3,0
59,4
74
4,6
00,7
63
605,7
34
3,6
12,5
82
1,7
02,3
42
1,6
11,3
96
298,8
43
70,3
03
312,1
44
2011
3,1
74,0
12
4,6
07,2
52
608,8
54
3,6
19,8
85
1,4
68,4
53
1,8
67,3
18
284,1
14
67,4
80
311,0
32
2012
3,3
06,6
88
4,6
74,7
26
659,0
16
3,6
13,6
26
1,3
04,7
75
2,0
14,3
04
294,5
47
77,7
03
324,3
81
Rest
of
the
wo
rld
Insti
tuti
on
al
secto
r(E
SA
95)
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
S.1
Re
sid
en
t
To
tal
fin
an
cia
lassets
Oth
er
accounts
receiv
able
:
oth
er
Tra
de
cre
dits
and
advances
Oth
er
acco
un
tsre
ceiv
ab
le
Fin
an
cia
lA
ssets
42
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.22008
298,5
08
1,2
20,7
76
01,2
11,9
31
1,2
11,9
31
00
8,8
45
0
2009
305,9
04
1,1
30,8
97
01,1
20,5
88
1,1
20,5
88
00
10,3
09
0
2010
303,9
76
1,0
96,1
76
01,0
82,4
64
1,0
82,4
64
00
13,7
12
0
2011
344,6
83
916,2
32
0901,0
14
901,0
14
00
15,2
18
0
2012
314,0
48
748,8
73
0731,3
96
731,3
96
00
17,4
77
0
AF
.21
&A
F.2
22008
58,6
95
144,6
64
0143,9
67
143,9
67
00
698
0
2009
34,6
47
137,5
20
0136,8
45
136,8
45
00
675
0
2010
55,8
59
147,3
82
0146,7
10
146,7
10
00
673
0
2011
91,7
25
136,4
26
0135,7
32
135,7
32
00
694
0
2012
71,4
64
133,9
27
0133,2
57
133,2
57
00
670
0
AF
.29
2008
239,8
13
1,0
76,1
12
01,0
67,9
64
1,0
67,9
64
00
8,1
48
0
2009
271,2
57
993,3
77
0983,7
43
983,7
43
00
9,6
34
0
2010
248,1
17
948,7
93
0935,7
54
935,7
54
00
13,0
39
0
2011
252,9
58
779,8
06
0765,2
82
765,2
82
00
14,5
24
0
2012
242,5
83
614,9
46
0598,1
39
598,1
39
00
16,8
07
0
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Lia
bil
itie
s Cu
rren
cy
an
dd
ep
osit
s
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Rest
of
the
wo
rld
Oth
er
deposits
Curr
ency
and
transfe
rable
deposits
43
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.32008
1,0
49,8
47
811,2
32
4,4
07
735,6
02
249,4
36
486,1
66
071,2
23
0
2009
1,0
15,6
16
822,9
02
6,4
98
721,5
26
225,7
84
495,7
42
094,8
78
0
2010
1,0
39,4
85
801,9
97
9,8
56
707,8
01
166,1
53
541,6
48
084,3
39
0
2011
1,0
55,4
20
792,3
62
10,0
11
701,6
66
152,3
82
549,2
84
080,6
85
0
2012
1,1
47,1
72
776,7
63
11,4
50
667,0
37
124,5
69
542,4
68
098,2
77
0
AF
.33
2008
980,0
53
742,4
25
4,3
38
667,0
08
188,8
43
478,1
65
071,0
79
0
2009
978,0
58
771,9
58
6,1
76
670,9
20
184,9
45
485,9
75
094,8
62
0
2010
998,4
60
751,6
34
9,2
61
658,0
72
130,6
75
527,3
97
084,3
01
0
2011
1,0
03,4
91
733,5
26
9,3
83
644,2
72
107,8
19
536,4
53
079,8
71
0
2012
1,0
96,5
12
718,8
10
11,3
15
610,7
90
89,6
99
521,0
91
096,7
05
0
AF
.331
2008
201,0
10
44,0
20
017,7
49
8,4
45
9,3
04
026,2
71
0
2009
215,7
93
66,5
60
045,9
01
35,4
31
10,4
70
020,6
58
0
2010
284,4
47
34,3
31
026,8
47
17,5
28
9,3
19
07,4
83
0
2011
313,5
84
32,6
28
028,6
35
14,4
88
14,1
47
03,9
93
0
2012
320,7
44
52,0
94
049,3
73
15,8
43
33,5
30
02,7
21
0
AF
.332
2008
779,0
44
698,4
05
4,3
38
649,2
59
180,3
98
468,8
61
044,8
09
0
2009
762,2
65
705,3
99
6,1
75
625,0
19
149,5
14
475,5
05
074,2
04
0
2010
714,0
13
717,3
03
9,2
61
631,2
26
113,1
47
518,0
79
076,8
17
0
2011
689,9
07
700,8
98
9,3
83
615,6
37
93,3
31
522,3
06
075,8
78
0
2012
775,7
69
666,7
16
11,3
16
561,4
16
73,8
56
487,5
60
093,9
84
0
AF
.34
2008
69,7
94
68,8
07
69
68,5
94
60,5
93
8,0
01
0144
0
2009
37,5
58
50,9
45
322
50,6
07
40,8
39
9,7
68
016
0
2010
41,0
26
50,3
63
595
49,7
29
35,4
78
14,2
51
038
0
2011
51,9
29
58,8
36
628
57,3
94
44,5
63
12,8
31
0813
0
2012
50,6
59
57,9
53
134
56,2
47
34,8
70
21,3
77
01,5
72
0
Rest
of
the
wo
rld
Secu
riti
es
oth
er
than
sh
are
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
To
tal
eco
no
my
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Derivatives
Lia
bil
itie
s
Insti
tuti
on
al
secto
r(E
SA
95)
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
S.1
Resid
en
t
Securities
oth
er
than
share
s
excl.
derivatives
44
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.42008
697,9
55
836,2
54
291,9
66
334,2
10
0331,2
52
2,9
58
7,3
59
202,7
19
2009
689,1
98
854,1
51
297,9
47
350,9
70
0348,0
27
2,9
43
7,5
27
197,7
08
2010
725,4
09
891,5
07
301,1
59
366,0
37
0362,9
95
3,0
42
39,4
29
184,8
82
2011
764,4
77
1,0
02,2
73
348,4
54
404,4
68
0400,6
12
3,8
55
70,6
43
178,7
09
2012
709,0
12
997,8
09
360,3
26
373,5
50
0369,7
22
3,8
28
91,6
02
172,3
31
AF
.41
2008
138,7
01
255,0
12
90,1
69
152,1
74
0151,3
34
840
456
12,2
13
2009
148,0
52
255,3
37
78,0
66
164,4
62
0163,7
28
733
706
12,1
04
2010
119,3
17
242,7
11
54,4
18
179,2
68
0178,8
85
382
732
8,2
93
2011
163,8
71
333,5
89
74,8
63
251,3
01
0250,6
14
686
571
6,8
54
2012
188,1
86
337,4
10
84,1
77
245,9
03
0245,1
28
775
1,9
01
5,4
29
AF
.42
2008
559,2
55
581,2
42
201,7
97
182,0
36
0179,9
18
2,1
18
6,9
03
190,5
06
2009
541,1
46
598,8
13
219,8
81
186,5
08
0184,2
99
2,2
10
6,8
20
185,6
04
2010
606,0
92
648,7
97
246,7
41
186,7
70
0184,1
09
2,6
60
38,6
98
176,5
89
2011
600,6
07
668,6
84
273,5
90
153,1
67
0149,9
98
3,1
69
70,0
72
171,8
55
2012
520,8
27
660,3
99
276,1
50
127,6
47
0124,5
94
3,0
53
89,7
01
166,9
02
Rest
of
the
wo
rld
To
tal
eco
no
my
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
S.1
Re
sid
en
t
Short
-term
loans
Insti
tuti
on
al
secto
r(E
SA
95)
Lia
bil
itie
s Lo
an
s
Long-t
erm
loans
45
Tab
le3
Fin
an
cia
lB
ala
nc
eS
he
et,
en
d-y
ea
rs2
00
8-2
01
2,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.52008
423,4
47
1,0
34,4
74
256,5
69
776,5
04
383,8
92
371,4
75
21,1
37
1,4
02
0
2009
582,6
81
1,2
43,0
31
311,9
19
929,5
13
395,8
11
509,4
82
24,2
20
1,5
99
0
2010
711,6
30
1,5
01,2
38
349,6
75
1,1
49,7
79
451,0
74
670,7
85
27,9
20
1,7
84
0
2011
684,9
60
1,6
31,6
86
351,0
90
1,2
78,7
71
395,1
57
856,5
25
27,0
88
1,8
25
0
2012
786,6
71
1,8
53,9
74
389,1
42
1,4
62,9
93
433,0
41
1,0
04,9
05
25,0
46
1,8
39
0
AF
.51
2008
363,2
60
411,6
70
256,5
69
153,6
99
66,9
74
65,5
89
21,1
37
1,4
02
0
2009
506,3
30
494,6
97
311,9
19
181,1
80
88,6
18
68,3
41
24,2
20
1,5
99
0
2010
626,6
67
540,4
02
349,6
75
188,9
43
93,5
79
67,4
44
27,9
20
1,7
84
0
2011
596,7
00
578,1
70
351,0
90
225,2
54
109,8
44
88,3
22
27,0
88
1,8
25
0
2012
689,5
91
644,1
79
389,1
42
253,1
98
137,0
70
91,0
81
25,0
46
1,8
39
0
AF
.511
2008
197,9
23
32,4
96
29,4
19
3,0
77
3,0
77
00
00
2009
262,8
45
47,7
80
43,9
44
3,8
36
3,8
36
00
00
2010
340,1
00
47,4
09
45,0
20
2,3
89
2,3
89
00
00
2011
316,1
95
55,8
98
47,7
03
8,1
95
8,1
95
00
00
2012
379,1
24
67,8
72
55,6
99
12,1
73
12,1
73
00
00
2008
165,3
36
379,1
74
227,1
50
150,6
22
63,8
97
65,5
89
21,1
37
1,4
02
0
2009
243,4
85
446,9
17
267,9
75
177,3
44
84,7
82
68,3
41
24,2
20
1,5
99
0
2010
286,5
67
492,9
93
304,6
55
186,5
54
91,1
90
67,4
44
27,9
20
1,7
84
0
2011
280,5
05
522,2
71
303,3
87
217,0
59
101,6
49
88,3
22
27,0
88
1,8
25
0
2012
310,4
67
576,3
07
333,4
43
241,0
25
124,8
97
91,0
81
25,0
46
1,8
39
0
AF
.52
Mutu
alfu
nds
2008
60,1
87
622,8
04
0622,8
04
316,9
18
305,8
86
00
0
2009
76,3
51
748,3
34
0748,3
34
307,1
93
441,1
41
00
0
2010
84,9
62
960,8
36
0960,8
36
357,4
95
603,3
41
00
0
2011
88,2
60
1,0
53,5
17
01,0
53,5
17
285,3
13
768,2
04
00
0
2012
97,0
80
1,2
09,7
95
01,2
09,7
95
295,9
71
913,8
24
00
0
Rest
of
the
wo
rld
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
To
tal
eco
no
my
AF
.512
+
AF
.513
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Sh
are
san
do
ther
eq
uit
y
46
Tab
le3
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,n
on
-co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.62008
36,2
09
212,5
39
0212,5
39
404
0212,1
35
00
2009
39,1
13
239,1
49
0239,1
49
00
239,1
49
00
2010
41,7
93
261,0
40
0261,0
39
00
261,0
39
00
2011
27,5
84
244,5
22
0244,5
22
00
244,5
22
00
2012
25,5
57
255,6
35
0255,6
35
00
255,6
35
00
AF
.61
2008
0157,9
50
0157,9
50
404
0157,5
46
00
2009
0188,1
55
0188,1
54
00
188,1
54
00
2010
0204,3
86
0204,3
86
00
204,3
86
00
2011
0211,3
48
0211,3
48
00
211,3
48
00
2012
0225,6
97
0225,6
97
00
225,6
97
00
AF
.611
2008
095,8
81
095,8
81
00
95,8
81
00
2009
0117,4
64
0117,4
64
00
117,4
64
00
2010
0130,0
55
0130,0
55
00
130,0
55
00
2011
0140,8
49
0140,8
49
00
140,8
49
00
2012
0147,6
54
0147,6
54
00
147,6
54
00
AF
.612
2008
062,0
69
062,0
69
404
061,6
65
00
2009
070,6
90
070,6
90
00
70,6
90
00
2010
074,3
31
074,3
31
00
74,3
31
00
2011
070,4
99
070,4
99
00
70,4
99
00
2012
078,0
43
078,0
43
00
78,0
43
00
AF
.62
2008
36,2
09
54,5
89
054,5
89
00
54,5
89
00
2009
39,1
13
50,9
94
050,9
94
00
50,9
94
00
2010
41,7
93
56,6
54
056,6
54
00
56,6
54
00
2011
27,5
84
33,1
74
033,1
74
00
33,1
74
00
2012
25,5
57
29,9
38
029,9
38
00
29,9
38
00
Rest
of
the
wo
rld
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
To
tal
eco
no
my
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Gen
era
lg
ovt.
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Net
equity
of
household
sin
pensio
nfu
nds
Net
equity
of
household
sin
life
insura
nce
reserv
es
Insu
ran
ce
tech
nic
al
reserv
es
Lia
bil
itie
s
47
Tab
le3
Fin
an
cia
lB
ala
nc
eS
he
et,
en
d-y
ea
rs2
00
8-2
01
2,n
on
-co
ns
oli
da
ted
€m
illi
on
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.72008
58,3
52
183,1
76
110,5
86
55,9
99
24,6
35
20,4
95
10,8
70
6,4
97
10,0
94
2009
71,8
98
198,1
37
122,2
82
60,2
70
18,9
88
31,6
15
9,6
68
6,0
21
9,5
64
2010
82,0
89
202,8
65
120,6
29
67,3
76
14,4
74
42,3
29
10,5
73
5,4
92
9,3
68
2011
98,0
75
218,0
02
121,3
91
79,9
47
23,2
72
43,0
40
13,6
35
5,3
17
11,3
47
2012
123,7
18
241,1
88
129,2
11
94,6
80
21,3
40
59,1
45
14,1
94
5,1
61
12,1
36
AF
.71
2008
41,1
10
85,5
13
62,6
71
19,2
55
011,2
91
7,9
64
03,5
87
2009
46,7
85
78,8
30
63,0
76
12,7
07
07,1
94
5,5
12
03,0
47
2010
48,4
04
85,7
94
67,8
04
15,4
85
09,3
21
6,1
64
02,5
06
2011
54,3
93
90,1
70
67,7
73
20,5
84
012,8
81
7,7
03
01,8
14
2012
69,4
51
95,1
27
75,2
17
17,9
67
09,6
83
8,2
84
01,9
43
AF
.79
2008
17,2
42
97,6
63
47,9
15
36,7
44
24,6
35
9,2
04
2,9
05
6,4
97
6,5
07
2009
25,1
13
119,3
07
59,2
06
47,5
63
18,9
88
24,4
20
4,1
55
6,0
21
6,5
17
2010
33,6
85
117,0
71
52,8
25
51,8
91
14,4
74
33,0
08
4,4
10
5,4
92
6,8
63
2011
43,6
82
127,8
32
53,6
18
59,3
64
23,2
72
30,1
59
5,9
33
5,3
17
9,5
33
2012
54,2
67
146,0
62
53,9
94
76,7
13
21,3
40
49,4
62
5,9
11
5,1
61
10,1
93
AF
.LT
ota
lL
iab
ilit
ies
2008
2,5
64,3
17
4,2
98,4
52
663,5
27
3,3
26,7
84
1,8
70,2
97
1,2
09,3
87
247,1
00
95,3
26
212,8
14
2009
2,7
04,4
10
4,4
88,2
66
738,6
46
3,4
22,0
16
1,7
61,1
71
1,3
84,8
66
275,9
80
120,3
33
207,2
72
2010
2,9
04,3
82
4,7
54,8
23
781,3
19
3,6
34,4
97
1,7
14,1
65
1,6
17,7
57
302,5
75
144,7
57
194,2
50
2011
2,9
75,2
00
4,8
05,0
77
830,9
45
3,6
10,3
88
1,4
71,8
25
1,8
49,4
62
289,1
01
173,6
88
190,0
56
2012
3,1
06,1
78
4,8
74,2
42
890,1
29
3,5
85,2
90
1,3
10,3
46
1,9
76,2
40
298,7
04
214,3
56
184,4
67
BF
.90
Net
fin
an
cia
lassets
2008
150,8
48
-150,6
50
-172,7
04
-21,1
96
-5,7
70
-11,6
06
-3,8
21
-24,0
14
67,2
64
2009
164,6
76
-163,7
07
-177,2
24
-40,0
14
-5,2
16
-31,1
20
-3,6
78
-42,7
03
96,2
34
2010
155,0
92
-154,0
60
-175,5
85
-21,9
15
-11,8
23
-6,3
61
-3,7
31
-74,4
54
117,8
94
2011
198,8
12
-197,8
24
-222,0
91
9,4
98
-3,3
73
17,8
57
-4,9
86
-106,2
08
120,9
76
2012
200,5
10
-199,5
16
-231,1
14
28,3
37
-5,5
71
38,0
65
-4,1
56
-136,6
54
139,9
14
Ho
us
eh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Lia
bil
itie
s
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
Oth
er
accounts
payable
:oth
er
Tra
de
cre
dits
and
advances
Oth
er
acco
un
tsp
ayab
le
Rest
of
the
wo
rld
S.1
Re
sid
en
t
Insti
tuti
on
al
secto
r(E
SA
95)
48
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.1
2008
10
-10
0-1
0-1
00
00
0
2009
8-9
0-9
-90
00
0
2010
40
-40
0-4
0-4
00
00
0
2011
62
-62
0-6
2-6
20
00
0
2012
-88
08
80
00
0
F.2
2008
118,0
86
33,4
64
-900
12,4
90
5,4
97
5,4
46
3,1
86
18,1
32
3,7
42
2009
-91,3
60
-19,8
83
-1,4
87
-24,4
47
-22,3
39
6,2
84
-1,0
63
789
5,2
61
2010
-71,2
70
-22,2
41
-9,6
06
-2,1
19
-8,7
06
7,4
34
-1,0
70
-11,0
52
535
2011
-85,4
51
36,7
19
-1,8
74
40,7
08
30,2
78
6,6
52
212
-389
-1,7
27
2012
-97,8
39
-16,8
92
6,7
42
-32,6
90
-32,7
71
4,0
24
351
5,4
93
3,5
63
F.2
1&
F.2
22008
5,9
96
-1,0
72
-5,0
50
6,7
21
1,9
88
3,0
59
478
0-2
,743
2009
-5,7
30
-25,3
20
496
-29,1
59
-27,5
12
-2,2
68
-237
03,3
42
2010
2,8
19
21,3
10
-1,5
36
22,6
77
19,5
18
2,2
00
349
0168
2011
-11,0
21
15,4
54
-829
19,3
17
16,3
78
531
-36
0-3
,035
2012
-36
-21,8
77
2,9
84
-25,4
35
-19,8
30
-7,0
17
283
0574
F.2
92008
112,0
90
34,5
36
4,1
50
5,7
69
3,5
09
2,3
87
2,7
08
18,1
32
6,4
85
2009
-85,6
30
5,4
37
-1,9
83
4,7
12
5,1
73
8,5
52
-826
789
1,9
19
2010
-74,0
90
-43,5
51
-8,0
70
-24,7
96
-28,2
24
5,2
35
-1,4
19
-11,0
52
367
2011
-74,4
30
21,2
65
-1,0
45
21,3
91
13,9
00
6,1
21
248
-389
1,3
08
2012
-97,8
03
4,9
85
3,7
58
-7,2
55
-12,9
41
11,0
41
68
5,4
93
2,9
89
Oth
er
deposits
Curr
ency
and
transfe
rable
deposits
Fin
an
cia
lA
ssets
Go
ldan
dS
DR
s
Cu
rren
cy
an
dd
ep
osit
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
49
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.3
2008
13,7
64
46,5
84
-817
47,5
57
33,5
76
6,7
48
520
-227
72
2009
2,4
19
-29,4
65
1,7
04
-35,4
18
-38,6
32
15,4
79
4,4
49
4,1
40
109
2010
-32,9
46
-18,2
32
-538
-19,7
22
-99,4
55
108,5
28
5,5
32
2,1
11
-83
2011
-4,2
50
4,7
09
-189
6,5
78
-35,8
82
37,0
59
1,0
00
-1,6
07
-73
2012
4,6
43
48,2
54
854
46,3
71
5,2
78
63,8
86
-2,6
92
1,1
17
-88
F.3
32008
1,9
32
35,2
54
-970
36,2
52
35,0
08
348
270
-68
39
2009
20,4
67
-14,7
97
846
-19,8
65
-21,4
08
14,0
52
4,4
54
4,1
24
97
2010
-27,1
05
-24,1
04
-503
-25,5
13
-104,7
24
107,8
93
5,6
22
1,8
58
54
2011
-3,2
17
6,8
31
176
8,0
04
-33,0
04
36,4
38
158
-1,3
36
-13
2012
22,3
20
52,5
72
188
51,2
66
25,2
88
48,9
43
-2,4
01
1,1
17
1
F.3
31
2008
-31,6
87
-10,1
81
-567
-9,6
49
-8,2
35
-2,1
37
367
35
0
2009
13,5
58
27,3
69
754
26,5
72
29,4
24
-2,6
94
190
43
0
2010
-26,3
23
34,4
34
-512
34,9
82
12,3
63
22,2
52
1,5
13
-37
0
2011
-7,5
83
8,1
87
90
8,1
32
1,4
03
4,3
85
-1,4
32
-36
0
2012
3,1
03
2,8
90
308
1,5
49
9,4
59
-7,6
80
107
1,0
33
0
F.3
32
2008
33,6
19
45,4
35
-402
45,9
01
43,2
43
2,4
85
-97
-103
39
2009
6,9
09
-42,1
66
93
-46,4
38
-50,8
32
16,7
46
4,2
63
4,0
81
97
2010
-782
-58,5
38
8-6
0,4
95
-117,0
87
85,6
41
4,1
09
1,8
94
54
2011
4,3
66
-1,3
56
86
-129
-34,4
07
32,0
52
1,5
90
-1,3
01
-13
2012
19,2
17
49,6
83
-120
49,7
17
15,8
29
56,6
23
-2,5
08
84
1
F.3
4D
erivatives
2008
11,8
32
11,3
31
153
11,3
05
-1,4
32
6,4
00
250
-160
33
2009
-18,0
49
-14,6
68
857
-15,5
52
-17,2
25
1,4
27
-416
11
2010
-5,8
41
5,8
72
-35
5,7
91
5,2
69
635
-90
253
-137
2011
-1,0
34
-2,1
22
-365
-1,4
26
-2,8
78
621
841
-270
-60
2012
-17,6
76
-4,3
18
666
-4,8
95
-20,0
10
14,9
43
-291
0-8
9
Securities
oth
er
than
share
s
excl.
derivatives
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
Secu
riti
es
oth
er
than
sh
are
s
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
50
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.4
2008
21,2
01
101,5
34
25,5
32
75,7
01
15,6
19
43,2
19
790
301
0
2009
19,8
80
-17,2
99
6,8
53
-24,2
82
-38,0
38
9,7
17
570
131
0
2010
6,9
62
44,9
04
12,9
89
31,5
91
13,0
93
11,7
10
-246
323
0
2011
98,7
65
-35,6
19
1,9
11
-38,5
74
-72,7
55
26,7
49
159
1,0
44
0
2012
13,4
96
-43,1
13
12,6
23
-57,7
30
-61,3
36
1,3
46
-993
1,9
94
0
F.4
12008
587
23,3
71
8,5
12
14,8
59
107
11,2
69
10
00
2009
32,5
07
16,2
06
4,8
57
11,3
48
-5,0
64
13,1
91
239
00
2010
2,5
34
-23,7
51
8,8
53
-32,6
04
-11,9
52
-25,7
57
-263
00
2011
52,8
43
47,4
19
27,3
48
19,1
87
-12,5
27
25,9
55
-295
885
0
2012
14,5
75
28,9
71
7,4
32
20,1
30
-4,4
63
22,0
82
160
1,4
09
0
F.4
22008
20,6
14
78,1
63
17,0
20
60,8
42
15,5
12
31,9
50
780
301
0
2009
-12,6
27
-33,5
04
1,9
95
-35,6
31
-32,9
74
-3,4
73
331
131
0
2010
4,4
28
68,6
55
4,1
36
64,1
96
25,0
45
37,4
67
17
323
0
2011
45,9
22
-83,0
38
-25,4
37
-57,7
61
-60,2
28
794
454
159
0
2012
-1,0
79
-72,0
84
5,1
91
-77,8
60
-56,8
74
-20,7
37
-1,1
53
586
0
Fin
an
cia
lA
ssets
Lo
an
s
Short
-term
loans
Long-t
erm
loans
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Insti
tuti
on
al
secto
r(E
SA
95)
51
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.5
2008
11,6
33
-104
2,8
60
-3,6
36
-997
1,0
25
-10,9
34
1,4
02
-730
2009
41,3
94
43,6
01
12,9
44
33,6
89
-1,7
61
38,1
12
11,5
41
-2,3
57
-675
2010
123,8
60
44,1
15
15,1
77
29,6
93
796
28,5
06
8,7
37
1,4
31
-2,1
86
2011
26,0
39
-4,6
88
-17,4
88
9,5
54
-6,4
28
22,9
56
-6,2
47
3,5
84
-338
2012
83,2
54
32,1
41
1,7
43
33,1
31
-1,1
35
30,9
61
4,1
16
1,8
15
-4,5
47
F.5
12008
20,2
07
-15,3
73
2,8
60
-18,3
26
-168
-15,8
91
-8,7
35
823
-730
2009
46,3
71
27,7
95
12,9
44
17,8
95
-540
27,9
71
2,4
46
-2,3
69
-675
2010
20,1
42
38,3
49
15,1
77
24,5
79
-809
27,1
72
2,1
70
779
-2,1
86
2011
-26,9
74
-3,1
35
-17,4
88
9,7
39
-3,8
15
15,2
82
-4,0
34
4,9
51
-338
2012
9,7
28
30,2
13
1,7
43
31,1
24
-1,0
33
29,1
24
1,3
84
1,8
93
-4,5
47
F.5
11
2008
-1,9
23
-30,6
97
4-2
9,8
93
-1,0
25
-20,6
66
-8,7
28
838
-1,6
45
2009
1,7
77
13,4
43
294
15,2
55
483
12,1
98
2,4
47
-2,4
26
320
2010
836
26,0
31
026,1
49
811
23,4
66
2,1
70
662
-780
2011
-1,8
26
6,3
94
02,6
90
-111
3,8
41
-4,0
33
3,5
04
200
2012
1,2
19
14,9
23
015,0
31
589
13,1
61
1,3
83
82
-190
2008
22,1
31
15,3
24
2,8
56
11,5
67
857
4,7
75
-7-1
5915
2009
44,5
94
14,3
52
12,6
50
2,6
40
-1,0
23
15,7
73
-158
-995
2010
19,3
06
12,3
18
15,1
77
-1,5
69
-1,6
20
3,7
06
0116
-1,4
06
2011
-25,1
49
-9,5
30
-17,4
88
7,0
48
-3,7
03
11,4
41
-11,4
47
-538
2012
8,5
08
15,2
90
1,7
43
16,0
93
-1,6
22
15,9
63
11,8
11
-4,3
57
F.5
2M
utu
alfu
nds
2008
-8,5
74
15,2
69
014,6
90
-829
16,9
15
-2,2
00
579
0
2009
-4,9
77
15,8
06
015,7
95
-1,2
21
10,1
41
9,0
96
11
0
2010
103,7
17
5,7
66
05,1
14
1,6
05
1,3
34
6,5
67
652
0
2011
53,0
13
-1,5
52
0-1
85
-2,6
13
7,6
73
-2,2
13
-1,3
67
0
2012
73,5
26
1,9
29
02,0
07
-102
1,8
37
2,7
32
-78
0
F.5
12
+F
.513
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
Fin
an
cia
lA
ssets
Sh
are
san
do
ther
eq
uit
y
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
52
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.6
2008
-7,8
34
4,1
39
156
1,0
34
00
1,0
34
02,9
50
2009
12,6
15
6,4
28
-309
3,9
25
00
3,9
25
02,8
12
2010
5,9
88
2,2
36
4-8
86
00
-886
03,1
19
2011
-19,7
31
-13,5
80
-196
-16,4
87
00
-16,4
87
03,1
04
2012
-1,4
68
1,2
45
-52
-1,8
92
00
-1,8
92
03,1
89
F.6
12008
-4,6
41
2,2
34
00
00
00
2,2
34
2009
11,1
51
3,0
43
00
00
00
3,0
43
2010
4,9
46
3,1
16
00
00
00
3,1
16
2011
-1,5
25
3,2
51
00
00
00
3,2
51
2012
1,0
66
3,2
28
00
00
00
3,2
28
F.6
11
2008
-4,6
41
1,8
88
00
00
00
1,8
88
2009
11,1
51
2,0
28
00
00
00
2,0
28
2010
4,9
46
2,1
57
00
00
00
2,1
57
2011
-1,5
25
2,3
73
00
00
00
2,3
73
2012
1,0
66
2,3
82
00
00
00
2,3
82
F.6
12
2008
0346
00
00
00
346
2009
01,0
15
00
00
00
1,0
15
2010
0959
00
00
00
959
2011
0878
00
00
00
878
2012
0846
00
00
00
846
F.6
22008
-3,1
93
1,9
06
156
1,0
34
00
1,0
34
0716
2009
1,4
64
3,3
84
-309
3,9
25
00
3,9
25
0-2
32
2010
1,0
42
-880
4-8
86
00
-886
03
2011
-18,2
06
-16,8
31
-196
-16,4
87
00
-16,4
87
0-1
47
2012
-2,5
35
-1,9
82
-52
-1,8
92
00
-1,8
92
0-3
9
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
Insu
ran
ce
tech
nic
al
reserv
es
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
53
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.7
2008
10,3
48
5,9
59
11,5
50
-6,5
79
-571
-1,4
26
-1,4
69
-145
1,1
33
2009
-14,5
35
-5,0
58
-5,8
84
1,1
14
3,0
95
1,0
67
-1,3
80
405
-694
2010
20,0
92
1,1
07
3,1
51
-1,4
06
-1,7
25
8,5
03
-690
-426
-212
2011
-682
8,1
83
9,3
32
-2,2
42
3,0
51
-1,4
46
-394
490
602
2012
15,6
28
10,5
09
6,2
94
4,1
94
1,4
69
8,1
76
915
-83
104
F.7
12008
9,8
82
-2,6
85
574
-3,0
53
0-1
,500
-1,4
46
0-2
05
2009
-13,7
51
-1,1
85
-612
-265
01,1
72
-1,4
37
0-3
07
2010
6,0
38
-1,8
60
652
-2,8
53
0-2
,699
-153
0341
2011
-1,0
20
1,2
99
1,6
70
-521
0536
-650
0150
2012
10,6
81
10,7
69
9,3
80
1,3
03
01,0
85
1,0
18
087
F.7
92008
466
8,6
44
10,9
77
-3,5
26
-571
74
-23
-145
1,3
39
2009
-784
-3,8
73
-5,2
71
1,3
79
3,0
95
-106
58
405
-386
2010
14,0
53
2,9
67
2,4
98
1,4
47
-1,7
25
11,2
02
-537
-426
-553
2011
339
6,8
83
7,6
62
-1,7
21
3,0
51
-1,9
82
256
490
452
2012
4,9
48
-260
-3,0
85
2,8
91
1,4
69
7,0
91
-103
-83
17
F.A
2008
167,2
08
191,5
67
38,3
81
126,5
57
53,1
16
55,0
11
-6,8
74
19,4
63
7,1
67
2009
-29,5
79
-21,6
85
13,8
21
-45,4
28
-97,6
84
70,6
59
18,0
43
3,1
08
6,8
13
2010
52,7
25
51,8
48
21,1
76
37,1
12
-96,0
38
164,6
81
11,3
77
-7,6
13
1,1
73
2011
14,7
51
-4,3
40
-8,5
03
-525
-81,7
98
91,9
68
-21,7
59
3,1
20
1,5
69
2012
17,7
06
32,1
54
28,2
04
-8,6
08
-88,4
87
108,3
92
-195
10,3
37
2,2
20
To
tal
fin
an
cia
lassets
Fin
an
cia
lA
ssets
Oth
er
acco
un
tsre
ceiv
ab
le
Tra
de
cre
dits
and
advances
Oth
er
accounts
receiv
able
:
oth
er
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
54
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.2
2008
15,2
13
151,9
20
0150,7
51
136,8
04
00
1,1
69
0
2009
-24,8
37
-73,5
61
0-7
5,0
25
-80,5
38
00
1,4
63
0
2010
-5,2
53
-86,5
18
0-8
9,9
21
-91,8
86
00
3,4
03
0
2011
41,7
23
-89,1
64
0-9
0,6
71
-95,7
65
00
1,5
07
0
2012
-34,6
78
-85,0
00
0-8
7,2
59
-83,1
10
00
2,2
59
0
F.2
1&
F.2
22008
8,2
55
-731
0-7
74
-4,5
71
00
44
0
2009
-28,9
18
-2,1
90
0-2
,167
-2,9
67
00
-23
0
2010
22,6
27
1,4
34
01,4
51
908
00
-18
0
2011
18,8
86
-15,0
10
0-1
5,0
31
-16,9
18
00
22
0
2012
-25,4
48
2,8
29
02,8
53
2,4
29
00
-24
0
F.2
92008
6,9
59
152,6
51
0151,5
26
141,3
75
00
1,1
25
0
2009
4,0
81
-71,3
72
0-7
2,8
58
-77,5
72
00
1,4
86
0
2010
-27,8
80
-87,9
52
0-9
1,3
73
-92,7
94
00
3,4
21
0
2011
22,8
37
-74,1
54
0-7
5,6
40
-78,8
47
00
1,4
85
0
2012
-9,2
30
-87,8
29
0-9
0,1
13
-85,5
39
00
2,2
84
0
Curr
ency
and
transfe
rable
deposits
Lia
bil
itie
s Cu
rren
cy
an
dd
ep
osit
s
Oth
er
deposits
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
55
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.3
2008
54,1
81
1,1
99
-1,0
96
-27,8
91
-82,3
27
52,6
91
030,1
85
0
2009
-25,7
77
-882
2,2
80
-26,8
06
-27,0
15
16,5
38
023,6
43
0
2010
-21,1
23
-31,7
91
756
-38,7
32
-32,0
88
29,4
18
06,1
85
0
2011
6,6
29
-6,5
69
650
2,1
31
-22,1
04
20,2
31
0-9
,350
0
2012
58,5
51
5,0
75
2,0
99
2,7
38
-28,4
29
40,1
24
0238
0
F.3
32008
41,2
01
-8,8
21
-1,0
81
-37,9
26
-85,4
73
51,7
25
030,1
85
0
2009
-10,2
21
16,3
52
2,0
05
-9,2
96
-7,4
53
14,6
62
023,6
43
0
2010
-27,8
10
-25,7
88
689
-32,6
61
-24,5
28
28,5
59
06,1
85
0
2011
8,4
96
-5,6
18
550
3,1
84
-22,1
83
21,6
92
0-9
,352
0
2012
61,6
84
23,4
77
2,7
29
20,5
11
-8,6
48
39,0
38
0238
0
F.3
31
2008
-9,0
57
-31,4
68
0-5
0,9
98
-43,9
71
-8,7
26
019,5
30
0
2009
27,1
09
14,0
44
018,9
34
17,9
40
1,1
17
0-4
,889
0
2010
37,3
82
-28,8
17
0-1
5,6
94
-12,5
67
-2,4
36
0-1
3,1
23
0
2011
8,4
82
-7,4
46
0-4
,076
-5,0
24
-3,2
61
0-3
,370
0
2012
6,5
30
-165
01,0
82
3,0
18
-1,9
72
0-1
,246
0
F.3
32
2008
50,2
58
22,6
48
-1,0
80
13,0
72
-41,5
02
60,4
52
010,6
56
0
2009
-37,3
30
2,3
07
2,0
05
-28,2
30
-25,3
93
13,5
46
028,5
32
0
2010
-65,1
92
3,0
30
689
-16,9
67
-11,9
62
30,9
95
019,3
08
0
2011
13
1,8
29
551
7,2
60
-17,1
59
24,9
54
0-5
,982
0
2012
55,1
54
23,6
42
2,7
29
19,4
29
-11,6
66
41,0
10
01,4
84
0
F.3
4D
erivatives
2008
12,9
80
10,0
20
-15
10,0
35
3,1
46
966
00
0
2009
-15,5
56
-17,2
34
275
-17,5
09
-19,5
62
1,8
76
00
0
2010
6,6
88
-6,0
03
68
-6,0
71
-7,5
59
859
00
0
2011
-1,8
67
-951
100
-1,0
53
79
-1,4
62
02
0
2012
-3,1
33
-18,4
02
-629
-17,7
72
-19,7
82
1,0
86
00
0
Secu
riti
es
oth
er
than
sh
are
s
Securities
oth
er
than
share
s
excl.
derivatives
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s
Insti
tuti
on
al
secto
r(E
SA
95)
56
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.4
2008
75,8
48
37,3
72
29,3
63
-867
0-6
,688
-737
1,3
32
7,5
43
2009
-10,0
91
12,4
40
-6,1
61
20,6
56
017,5
75
-152
-41
-2,0
14
2010
20,0
61
30,7
37
6,6
98
2,2
47
0-3
,536
-183
31,6
10
-9,8
18
2011
-24,2
06
79,3
41
33,3
73
22,5
93
023,2
27
103
32,2
76
-8,9
02
2012
-49,5
49
20,6
43
1,9
41
5,7
61
01,6
73
124
20,1
96
-7,2
54
F.4
12008
24,5
25
1,7
87
18,4
71
-16,4
24
0-2
2,1
66
-86
38
-299
2009
23,1
45
24,8
78
-3,1
04
27,2
30
025,0
20
-83
238
515
2010
-2,1
13
-20,0
62
-22,4
16
5,1
86
01,1
57
-381
58
-2,8
91
2011
17,3
61
76,5
00
15,9
64
61,9
01
062,3
50
-104
-163
-1,2
01
2012
21,5
22
22,5
32
5,2
29
16,5
34
013,5
31
144
1,3
05
-536
F.4
22008
51,3
23
35,5
85
10,8
92
15,5
57
015,4
78
-651
1,2
94
7,8
42
2009
-33,2
36
-12,4
39
-3,0
57
-6,5
74
0-7
,445
-69
-279
-2,5
29
2010
22,1
74
50,7
99
29,1
14
-2,9
40
0-4
,694
198
31,5
52
-6,9
28
2011
-41,5
67
2,8
40
17,4
10
-39,3
08
0-3
9,1
23
206
32,4
40
-7,7
01
2012
-71,0
71
-1,8
89
-3,2
89
-10,7
74
0-1
1,8
57
-20
18,8
91
-6,7
18
Lia
bil
itie
s Lo
an
s
Short
-term
loans
Long-t
erm
loans
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
57
Tab
le4
Fin
an
cia
lT
ran
sacti
on
sA
cco
un
t2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.5
2008
13,3
52
-6,1
45
7,4
47
-13,5
74
-4,3
58
-12,9
84
821
-18
0
2009
32,5
00
50,7
24
11,3
62
39,2
77
4,0
01
50,3
34
918
85
0
2010
43,8
70
127,6
08
5,8
60
121,6
25
24,6
36
102,5
13
-681
124
0
2011
-8,0
03
25,6
63
-50,3
19
75,9
84
39,9
52
42,2
09
-2,1
04
-30
2012
33,2
47
92,2
12
7,9
62
84,2
36
10,9
12
65,2
96
-1,2
26
14
0
F.5
12008
8,2
22
-8,4
92
7,4
47
-15,9
21
-5,4
10
-12,6
95
821
-18
0
2009
37,0
13
35,6
88
11,3
62
24,2
41
18,7
22
18,0
49
918
85
0
2010
39,3
80
23,5
15
5,8
60
17,5
32
-1,6
11
19,3
75
-681
124
0
2011
-5,6
09
-29,3
23
-50,3
19
20,9
99
16,4
84
8,7
90
-2,1
04
-30
2012
30,7
74
17,0
71
7,9
62
9,0
95
2,2
62
-1,4
94
-1,2
26
14
0
F.5
11
2008
-26,1
36
-5,7
67
-2,5
34
-3,2
33
-4,4
76
00
00
2009
12,7
45
2,5
48
2,4
69
80
-120
00
00
2010
27,5
66
643
1,8
44
-1,2
01
-2,2
44
00
00
2011
-5,2
76
5,5
43
-5,4
15
10,9
58
12,2
66
00
00
2012
12,0
48
3,4
96
2,4
56
1,0
40
1,7
40
00
00
2008
34,3
58
-2,7
25
9,9
82
-12,6
89
-934
-12,6
95
821
-18
0
2009
24,2
68
33,1
40
8,8
93
24,1
62
18,8
43
18,0
49
918
85
0
2010
11,8
14
22,8
72
4,0
16
18,7
32
633
19,3
75
-681
124
0
2011
-333
-34,8
66
-44,9
04
10,0
41
4,5
63
8,7
90
-2,1
04
-30
2012
18,7
26
13,5
75
5,5
06
8,0
54
522
-1,4
94
-1,2
26
14
0
F.5
2M
utu
alfu
nds
2008
5,1
30
2,3
47
02,3
47
1,0
52
-289
00
0
2009
-4,5
13
15,0
36
015,0
36
-14,7
21
32,2
85
00
0
2010
4,4
90
104,0
93
0104,0
93
26,2
47
83,1
39
00
0
2011
-2,3
94
54,9
86
054,9
86
23,4
68
33,4
19
00
0
2012
2,4
72
75,1
41
075,1
41
8,6
50
66,7
91
00
0
F.5
12
+F
.513
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
Lia
bil
itie
s Sh
are
san
do
ther
eq
uit
y
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
58
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.6
2008
1,0
34
-4,7
29
0-4
,729
-24
0-4
,705
00
2009
3,9
25
15,1
18
015,1
18
00
15,1
18
00
2010
-886
9,1
10
09,1
10
00
9,1
10
00
2011
-16,4
87
-16,8
24
0-1
6,8
24
00
-16,8
24
00
2012
-1,8
92
1,6
69
01,6
69
00
1,6
69
00
F.6
12008
0-2
,407
0-2
,407
-24
0-2
,383
00
2009
014,1
94
014,1
94
00
14,1
94
00
2010
08,0
62
08,0
62
00
8,0
62
00
2011
01,7
26
01,7
26
00
1,7
26
00
2012
04,2
94
04,2
94
00
4,2
94
00
F.6
11
2008
0-2
,753
0-2
,753
00
-2,7
53
00
2009
013,1
79
013,1
79
00
13,1
79
00
2010
07,1
03
07,1
03
00
7,1
03
00
2011
0848
0848
00
848
00
2012
03,4
48
03,4
48
00
3,4
48
00
F.6
12
2008
0346
0346
-24
0370
00
2009
01,0
15
01,0
15
00
1,0
15
00
2010
0959
0959
00
959
00
2011
0878
0878
00
878
00
2012
0846
0846
00
846
00
F.6
22008
1,0
34
-2,3
21
0-2
,321
00
-2,3
21
00
2009
3,9
25
924
0924
00
924
00
2010
-886
1,0
49
01,0
49
00
1,0
49
00
2011
-16,4
87
-18,5
49
0-1
8,5
49
00
-18,5
49
00
2012
-1,8
92
-2,6
25
0-2
,625
00
-2,6
25
00
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s Insu
ran
ce
tech
nic
al
reserv
es
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
59
Tab
le4
Fin
an
cia
lT
ran
sa
cti
on
sA
cc
ou
nt
20
08
-20
12
,c
on
so
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
F.7
2008
-8,5
54
23,8
84
3,9
91
18,2
63
6,5
66
13,8
25
1,9
62
616
1,0
14
2009
-4,2
36
-14,7
39
4,0
46
-17,6
91
-5,4
15
-9,5
10
-1,7
16
-591
-502
2010
8,7
78
17,4
22
1,9
10
15,4
57
600
17,3
20
31
-529
583
2011
5,0
20
3,8
26
2,0
43
397
3,2
53
-1,5
27
355
-176
1,5
62
2012
11,0
40
16,9
18
7,6
42
7,2
15
2,7
89
8,5
81
393
-116
2,1
77
F.7
12008
-968
8,2
44
1,2
35
7,0
82
06,3
90
720
0-7
4
2009
-5,2
04
-9,7
31
-2,0
04
-7,1
22
0-4
,310
-2,8
12
0-6
04
2010
471
3,7
09
4,5
46
-262
0-2
77
15
0-5
75
2011
2,1
15
-1,7
74
-3,8
68
2,0
02
02,3
88
-41
091
2012
12,4
73
8,9
77
6,7
91
1,6
67
01,8
68
599
0519
F.7
92008
-7,5
87
15,6
40
2,7
56
11,1
81
6,5
66
7,4
34
1,2
41
616
1,0
88
2009
968
-5,0
09
6,0
50
-10,5
69
-5,4
15
-5,2
00
1,0
97
-591
102
2010
8,3
08
13,7
13
-2,6
36
15,7
19
600
17,5
97
16
-529
1,1
58
2011
2,9
04
5,6
00
5,9
11
-1,6
06
3,2
53
-3,9
16
396
-176
1,4
71
2012
-1,4
33
7,9
41
852
5,5
48
2,7
89
6,7
13
-206
-116
1,6
58
F.L
2008
151,0
73
203,5
02
39,7
07
121,9
54
56,6
62
46,8
44
-2,6
59
33,2
85
8,5
57
2009
-28,5
17
-10,9
01
11,5
27
-44,4
71
-108,9
68
74,9
37
14,1
68
24,5
59
-2,5
16
2010
45,4
48
66,5
68
15,2
24
19,7
86
-98,7
38
145,7
14
8,2
77
40,7
93
-9,2
35
2011
4,6
75
-3,7
27
-14,2
53
-6,3
89
-74,6
64
84,1
39
-18,4
70
24,2
55
-7,3
40
2012
16,7
19
51,5
17
19,6
44
14,3
59
-97,8
39
115,6
74
960
22,5
90
-5,0
77
B9.F
2008
16,1
34
-16,1
32
-1,3
25
404
-3,5
48
8,1
67
-4,2
15
-13,8
22
-1,3
90
2009
-1,0
61
1,0
60
2,2
97
10,8
82
11,2
84
-4,2
77
3,8
75
-21,4
48
9,3
29
2010
7,2
77
-7,2
76
5,9
52
24,7
69
2,7
00
18,9
68
3,1
01
-48,4
06
10,4
08
2011
10,0
77
-10,0
75
5,7
49
-3,5
97
-8,1
37
7,8
29
-3,2
89
-21,1
35
8,9
08
2012
988
-990
8,5
59
-4,5
93
3,8
45
-7,2
83
-1,1
55
-12,2
53
7,2
97
To
tal
liab
ilit
ies
Net
fin
an
cia
ltr
an
sacti
on
s
Lia
bil
itie
s Oth
er
acco
un
tsp
ayab
le
Tra
de
cre
dits
and
advances
Oth
er
accounts
payable
:oth
er
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
60
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.12008
0197
0197
197
00
00
2009
0967
0967
967
00
00
2010
01,0
34
01,0
34
1,0
34
00
00
2011
0989
0989
989
00
00
2012
0992
0992
992
00
00
AF
.22008
663,1
81
511,5
22
54,8
57
307,1
61
282,1
19
45,8
29
22,3
49
29,0
55
120,4
49
2009
595,9
35
498,7
47
56,0
22
287,0
86
259,1
14
51,1
32
22,2
61
29,9
19
125,7
21
2010
501,4
31
486,3
53
46,1
42
294,8
32
251,6
36
60,5
04
22,9
28
19,1
26
126,2
53
2011
441,8
53
512,8
30
44,0
07
325,6
06
256,9
12
79,0
41
23,5
88
18,7
54
124,4
65
2012
341,7
43
493,1
51
49,7
86
290,7
51
221,9
77
83,5
14
24,4
72
24,2
46
128,3
69
AF
.21
&A
F.2
22008
31,3
90
147,7
13
20,7
43
69,7
60
55,6
19
23,0
25
3,0
19
057,2
09
2009
34,9
22
117,4
41
21,1
96
35,6
83
28,2
92
21,0
90
2,9
68
060,5
62
2010
46,3
40
138,0
53
19,6
85
57,6
27
47,0
42
23,2
40
3,5
92
060,7
42
2011
46,2
66
166,4
60
18,2
90
90,4
63
76,8
32
23,2
97
3,8
15
057,7
07
2012
40,5
01
150,5
68
20,6
28
71,6
48
64,2
56
15,7
31
3,9
29
058,2
92
AF
.29
2008
631,7
91
363,8
09
34,1
14
237,4
00
226,5
01
22,8
05
19,3
29
29,0
55
63,2
40
2009
561,0
13
381,3
07
34,8
25
251,4
03
230,8
22
30,0
42
19,2
93
29,9
19
65,1
59
2010
455,0
91
348,3
00
26,4
57
237,2
05
204,5
94
37,2
64
19,3
36
19,1
26
65,5
11
2011
395,5
87
346,3
70
25,7
17
235,1
42
180,0
80
55,7
44
19,7
72
18,7
54
66,7
58
2012
301,2
42
342,5
83
29,1
57
219,1
02
157,7
21
67,7
83
20,5
43
24,2
46
70,0
77
Curr
ency
and
transfe
rable
deposits
Oth
er
deposits
Fin
an
cia
lA
ssets
Go
ldan
dS
DR
s
Cu
rren
cy
an
dd
ep
osit
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
61
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.32008
733,3
57
1,0
40,2
03
1,1
58
1,0
33,5
29
715,8
64
302,8
44
65,8
42
4,9
41
575
2009
688,9
07
1,0
49,3
15
2,1
22
1,0
37,4
54
671,7
52
360,4
49
70,7
75
9,1
10
630
2010
649,4
30
1,0
78,7
64
1,1
23
1,0
66,4
27
607,7
02
473,6
55
75,3
95
10,7
20
494
2011
627,8
99
1,0
88,4
59
1,3
73
1,0
78,5
72
499,6
91
607,6
85
82,6
66
8,0
37
477
2012
620,3
68
1,1
85,1
05
1,6
05
1,1
73,2
65
499,9
28
686,0
21
85,1
27
9,7
39
497
AF
.33
2008
678,9
57
976,0
23
615
970,6
30
669,6
10
283,2
55
64,0
53
4,6
09
169
2009
651,8
31
1,0
09,0
50
1,5
13
998,6
24
645,6
60
347,5
43
69,1
82
8,7
00
213
2010
611,0
95
1,0
37,4
90
643
1,0
26,5
20
586,4
79
456,3
23
73,7
45
10,1
14
214
2011
579,1
76
1,0
33,4
26
843
1,0
25,0
51
466,0
86
589,3
51
80,2
33
7,3
33
198
2012
569,4
75
1,1
32,2
45
941
1,1
22,0
11
474,6
74
661,6
03
82,6
72
9,0
97
197
AF
.331
2008
47,5
08
192,9
70
262
192,6
67
171,2
90
17,4
03
6,7
58
42
0
2009
54,8
50
222,6
93
1,0
09
221,5
98
192,9
18
25,3
18
6,4
58
85
0
2010
25,3
82
286,3
52
380
285,9
23
233,3
14
49,2
27
8,2
49
49
0
2011
22,0
56
314,0
35
498
313,5
24
189,5
68
123,8
91
7,9
85
13
0
2012
23,0
06
317,7
25
702
315,9
77
231,7
25
103,8
81
8,7
36
1,0
46
0
AF
.332
2008
631,4
50
783,0
52
353
777,9
63
498,3
20
265,8
52
57,2
95
4,5
66
169
2009
596,9
80
786,3
57
504
777,0
26
452,7
42
322,2
25
62,7
24
8,6
15
213
2010
585,7
13
751,1
38
263
740,5
97
353,1
65
407,0
95
65,4
95
10,0
65
214
2011
557,1
20
719,3
90
345
711,5
27
276,5
18
465,4
61
72,2
48
7,3
21
198
2012
546,4
69
814,5
21
239
806,0
33
242,9
49
557,7
22
73,9
36
8,0
51
197
AF
.34
Derivatives
2008
54,4
00
64,1
80
544
62,8
99
46,2
54
19,5
89
1,7
89
332
406
2009
37,0
77
40,2
65
609
38,8
29
26,0
92
12,9
06
1,5
93
410
417
2010
38,3
34
41,2
74
480
39,9
08
21,2
23
17,3
33
1,6
50
606
280
2011
48,7
23
55,0
33
529
53,5
21
33,6
05
18,3
34
2,4
33
704
279
2012
50,8
92
52,8
60
664
51,2
54
25,2
54
24,4
18
2,4
55
642
300
Securities
oth
er
than
share
s
excl.
derivatives
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
Secu
riti
es
oth
er
than
sh
are
s
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
62
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.42008
333,3
59
1,1
03,2
75
89,6
99
1,0
10,3
37
501,7
81
558,3
34
2,7
20
3,2
38
0
2009
349,5
21
1,0
95,9
43
100,3
18
992,2
95
456,0
58
575,9
89
3,3
31
3,3
31
0
2010
409,3
05
1,1
10,2
42
116,8
51
989,7
23
421,5
96
605,2
56
3,5
04
3,6
68
0
2011
518,6
41
1,1
48,4
22
124,3
04
1,0
19,3
68
385,8
83
674,0
66
3,6
78
4,7
51
0
2012
518,5
18
1,0
95,8
67
134,9
57
954,1
64
340,6
52
651,7
91
2,7
44
6,7
46
0
AF
.41
2008
125,1
49
215,8
05
21,7
78
194,0
27
127,8
05
104,7
30
1,2
23
00
2009
137,5
18
217,2
54
23,1
55
194,0
99
117,1
02
109,7
80
1,2
70
00
2010
153,0
95
163,8
41
35,0
68
128,7
73
62,2
16
93,7
79
1,0
91
00
2011
208,1
56
241,3
10
63,9
64
176,4
61
62,2
90
143,8
91
792
885
0
2012
214,2
84
264,6
40
71,1
21
191,2
26
60,7
82
157,3
12
1,0
84
2,2
93
0
AF
.42
2008
208,2
10
887,4
69
67,9
21
816,3
10
373,9
76
453,6
05
1,4
97
3,2
38
0
2009
212,0
03
878,6
90
77,1
63
798,1
96
338,9
56
466,2
09
2,0
62
3,3
31
0
2010
256,2
10
946,4
01
81,7
83
860,9
50
359,3
80
511,4
77
2,4
13
3,6
68
0
2011
310,4
85
907,1
12
60,3
39
842,9
07
323,5
93
530,1
75
2,8
86
3,8
67
0
2012
304,2
34
831,2
27
63,8
36
762,9
38
279,8
70
494,4
79
1,6
61
4,4
52
0
Fin
an
cia
lA
ssets
Lo
an
s
Short
-term
loans
Long-t
erm
loans
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Insti
tuti
on
al
secto
r(E
SA
95)
63
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.52008
826,6
63
473,1
67
89,5
20
317,1
55
17,6
86
239,5
80
99,1
82
20,8
48
45,6
44
2009
1,0
54,3
31
629,5
41
153,8
10
403,9
26
16,9
98
312,8
54
120,4
82
21,7
12
50,0
93
2010
1,2
82,2
85
760,9
01
197,2
31
491,3
07
19,6
78
411,8
13
136,1
93
23,7
50
48,6
13
2011
1,3
79,7
32
750,8
07
193,5
85
487,3
20
18,2
91
440,3
16
126,9
91
22,5
81
47,3
21
2012
1,5
93,3
88
850,5
46
223,3
61
556,9
26
17,1
64
504,1
61
136,6
04
23,8
95
46,3
64
AF
.51
2008
233,8
69
414,3
16
89,5
20
260,3
18
15,6
84
217,7
01
49,0
90
18,8
34
45,6
44
2009
343,0
98
554,2
91
153,8
10
330,5
98
16,0
18
280,0
94
59,6
11
19,7
91
50,0
93
2010
363,2
62
674,2
18
197,2
31
407,6
22
17,0
41
374,8
66
65,9
07
20,7
52
48,6
13
2011
379,9
79
647,3
35
193,5
85
385,4
71
18,2
91
380,2
85
61,9
41
20,9
57
47,3
21
2012
431,0
57
751,5
91
223,3
61
459,6
18
17,1
64
451,3
07
66,2
07
22,2
49
46,3
64
AF
.511
2008
17,7
28
201,7
47
0186,8
04
5,9
62
141,2
06
49,0
73
8,7
67
6,1
76
2009
25,9
18
280,6
63
0263,7
91
4,5
30
201,9
14
59,5
89
8,2
08
8,6
64
2010
27,5
43
356,4
93
0339,1
70
5,6
31
268,8
67
65,8
93
8,7
95
8,5
27
2011
30,7
66
338,3
29
0321,4
25
5,7
88
254,5
98
61,9
24
7,9
92
8,9
13
2012
36,1
61
406,3
28
0389,6
57
9,5
26
315,1
86
66,1
85
7,2
68
9,4
04
2008
216,1
41
212,5
69
89,5
20
73,5
14
9,7
22
76,4
95
17
10,0
68
39,4
67
2009
317,1
80
273,6
28
153,8
10
66,8
07
11,4
88
78,1
79
21
11,5
83
41,4
29
2010
335,7
20
317,7
26
197,2
31
68,4
52
11,4
10
105,9
99
14
11,9
57
40,0
86
2011
349,2
13
309,0
06
193,5
85
64,0
46
12,5
03
125,6
87
17
12,9
66
38,4
09
2012
394,8
97
345,2
63
223,3
61
69,9
61
7,6
38
136,1
21
22
14,9
81
36,9
60
AF
.52
Mutu
alfu
nds
2008
592,7
94
58,8
51
056,8
37
2,0
02
21,8
80
50,0
92
2,0
14
0
2009
711,2
33
75,2
49
073,3
28
980
32,7
60
60,8
71
1,9
21
0
2010
919,0
23
86,6
83
083,6
85
2,6
37
36,9
47
70,2
86
2,9
98
0
2011
999,7
53
103,4
72
0101,8
49
060,0
30
65,0
50
1,6
23
0
2012
1,1
62,3
31
98,9
55
097,3
08
052,8
55
70,3
97
1,6
46
0
AF
.512
+
AF
.513
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
Fin
an
cia
lA
ssets
Sh
are
san
do
ther
eq
uit
y
Share
sand
oth
er
equity,
exclu
din
g
mutu
alfu
nds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
64
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.62008
98,0
35
148,8
65
4,1
14
36,2
09
00
36,2
09
0108,5
42
2009
109,9
64
165,5
11
3,8
05
39,1
13
00
39,1
13
0122,5
92
2010
122,9
00
177,6
71
3,8
09
41,7
93
00
41,7
93
0132,0
68
2011
105,1
54
164,5
57
3,6
13
27,5
84
00
27,5
84
0133,3
61
2012
106,1
15
172,3
48
3,5
61
25,5
57
00
25,5
57
0143,2
29
AF
.61
2008
52,4
93
105,4
57
00
00
00
105,4
57
2009
68,4
16
119,7
38
00
00
00
119,7
38
2010
75,1
74
129,2
12
00
00
00
129,2
12
2011
80,6
97
130,6
51
00
00
00
130,6
51
2012
85,1
39
140,5
59
00
00
00
140,5
59
AF
.611
2008
52,4
93
43,3
88
00
00
00
43,3
88
2009
68,4
16
49,0
48
00
00
00
49,0
48
2010
75,1
74
54,8
81
00
00
00
54,8
81
2011
80,6
97
60,1
52
00
00
00
60,1
52
2012
85,1
39
62,5
16
00
00
00
62,5
16
AF
.612
2008
062,0
69
00
00
00
62,0
69
2009
070,6
90
00
00
00
70,6
90
2010
074,3
31
00
00
00
74,3
31
2011
070,4
99
00
00
00
70,4
99
2012
078,0
43
00
00
00
78,0
43
AF
.62
2008
45,5
42
43,4
08
4,1
14
36,2
09
00
36,2
09
03,0
85
2009
41,5
48
45,7
72
3,8
05
39,1
13
00
39,1
13
02,8
54
2010
47,7
26
48,4
59
3,8
09
41,7
93
00
41,7
93
02,8
57
2011
24,4
58
33,9
06
3,6
13
27,5
84
00
27,5
84
02,7
09
2012
20,9
77
31,7
89
3,5
61
25,5
57
00
25,5
57
02,6
71
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Fin
an
cia
lA
ssets
Insu
ran
ce
tech
nic
al
reserv
es
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
65
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.72008
60,5
70
98,1
91
55,4
70
29,7
19
9,1
19
19,1
31
14,1
80
8,1
34
4,8
68
2009
70,4
27
109,3
12
57,4
44
38,8
13
17,5
19
27,2
94
12,3
95
8,5
85
4,4
70
2010
94,1
23
117,0
47
57,5
99
46,5
88
7,1
62
31,0
27
15,3
93
8,1
43
4,7
16
2011
100,7
33
139,1
04
72,7
88
52,2
88
16,2
81
35,6
12
15,7
39
8,6
19
5,4
09
2012
126,5
56
164,3
62
83,8
82
66,2
57
17,2
14
49,8
53
15,8
10
8,3
01
5,9
22
AF
.71
2008
39,1
94
48,0
48
34,5
82
12,2
46
137
3,3
03
9,3
59
01,2
20
2009
37,0
13
54,3
62
39,2
98
14,0
14
133
6,4
17
7,4
64
01,0
49
2010
42,4
92
54,0
72
39,0
04
13,6
83
133
4,1
19
9,4
31
01,3
84
2011
44,8
00
60,7
94
47,1
75
12,2
29
132
5,0
03
8,0
94
01,3
90
2012
52,4
00
74,9
87
60,7
15
12,3
09
137
4,8
92
8,7
80
01,9
64
AF
.79
2008
21,3
77
50,1
44
20,8
89
17,4
73
8,9
82
15,8
28
4,8
22
8,1
34
3,6
48
2009
33,4
14
54,9
51
18,1
46
24,7
99
17,3
86
20,8
78
4,9
31
8,5
85
3,4
21
2010
51,6
31
62,9
75
18,5
96
32,9
04
7,0
29
26,9
08
5,9
62
8,1
43
3,3
32
2011
55,9
33
78,3
11
25,6
14
40,0
60
16,1
49
30,6
09
7,6
45
8,6
19
4,0
19
2012
74,1
55
89,3
75
23,1
67
53,9
48
17,0
77
44,9
61
7,0
30
8,3
01
3,9
59
AF
.A2008
2,7
15,1
66
3,3
75,4
19
294,8
19
2,7
34,3
06
1,5
26,7
66
1,1
65,7
19
240,4
82
66,2
16
280,0
78
2009
2,8
69,0
86
3,5
49,3
37
373,5
21
2,7
99,6
54
1,4
22,4
08
1,3
27,7
18
268,3
57
72,6
57
303,5
06
2010
3,0
59,4
74
3,7
32,0
12
422,7
56
2,9
31,7
05
1,3
08,8
08
1,5
82,2
56
295,2
07
65,4
08
312,1
44
2011
3,1
74,0
12
3,8
05,1
69
439,6
68
2,9
91,7
27
1,1
78,0
47
1,8
36,7
19
280,2
46
62,7
41
311,0
32
2012
3,3
06,6
88
3,9
62,3
71
497,1
52
3,0
67,9
11
1,0
97,9
27
1,9
75,3
40
290,3
15
72,9
26
324,3
81
To
tal
fin
an
cia
lassets
Fin
an
cia
lA
ssets
Oth
er
acco
un
tsre
ceiv
ab
le
Tra
de
cre
dits
and
advances
Oth
er
accounts
receiv
able
:
oth
er
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
66
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.22008
298,5
08
871,5
28
0862,6
83
910,4
86
00
8,8
45
0
2009
305,9
04
790,1
99
0779,8
90
823,8
90
00
10,3
09
0
2010
303,9
76
683,6
58
0669,9
46
710,3
31
00
13,7
12
0
2011
344,6
83
603,2
93
0588,0
75
628,7
16
00
15,2
18
0
2012
314,0
48
518,1
82
0500,7
04
544,2
13
00
17,4
77
0
AF
.21
&A
F.2
22008
58,6
95
120,5
29
0119,8
32
131,6
13
00
698
0
2009
34,6
47
117,4
72
0116,7
97
133,7
07
00
675
0
2010
55,8
59
128,7
19
0128,0
46
144,1
07
00
673
0
2011
91,7
25
121,1
32
0120,4
38
133,7
87
00
694
0
2012
71,4
64
119,1
63
0118,4
92
131,2
01
00
670
0
AF
.29
2008
239,8
13
750,9
99
0742,8
51
778,8
73
00
8,1
48
0
2009
271,2
57
672,7
27
0663,0
93
690,1
83
00
9,6
34
0
2010
248,1
17
554,9
39
0541,9
00
566,2
24
00
13,0
39
0
2011
252,9
58
482,1
61
0467,6
37
494,9
29
00
14,5
24
0
2012
242,5
83
399,0
19
0382,2
12
413,0
12
00
16,8
07
0
Curr
ency
and
transfe
rable
deposits
Oth
er
deposits
Lia
bil
itie
s Cu
rren
cy
an
dd
ep
osit
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
67
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.32008
1,0
49,8
47
734,3
57
4,3
98
659,2
10
217,3
59
482,2
29
070,7
49
0
2009
1,0
15,6
16
724,1
59
6,4
11
623,0
89
192,2
13
494,8
46
094,6
60
0
2010
1,0
39,4
85
690,4
64
9,6
73
596,7
35
145,7
72
539,5
34
084,0
56
0
2011
1,0
55,4
20
669,7
84
9,9
44
579,3
70
135,6
32
546,3
61
080,4
70
0
2012
1,1
47,1
72
661,2
01
11,3
47
551,7
56
108,3
87
539,5
53
098,0
98
0
AF
.33
2008
980,0
53
682,8
21
4,3
29
607,8
87
168,2
33
478,0
48
070,6
05
0
2009
978,0
58
684,1
35
6,1
64
583,3
28
160,0
02
485,7
75
094,6
44
0
2010
998,4
60
651,6
72
9,2
49
558,4
06
120,3
33
526,5
54
084,0
18
0
2011
1,0
03,4
91
617,4
76
9,3
67
528,4
52
95,2
14
535,4
92
079,6
57
0
2012
1,0
96,5
12
607,6
23
11,2
56
499,8
40
76,4
28
519,2
08
096,5
27
0
AF
.331
2008
201,0
10
41,7
92
015,9
95
7,2
70
9,1
87
025,7
97
0
2009
215,7
93
62,2
14
041,7
74
34,1
36
10,2
70
020,4
39
0
2010
284,4
47
30,2
37
023,0
36
16,4
79
8,4
75
07,2
00
0
2011
313,5
84
25,2
03
021,4
25
13,4
61
13,1
86
03,7
78
0
2012
320,7
44
23,3
13
020,7
71
14,8
60
31,6
47
02,5
42
0
AF
.332
2008
779,0
44
641,0
29
4,3
29
591,8
92
160,9
63
468,8
61
044,8
09
0
2009
762,2
65
621,9
21
6,1
63
541,5
54
125,8
66
475,5
05
074,2
04
0
2010
714,0
13
621,4
36
9,2
49
535,3
70
103,8
54
518,0
79
076,8
17
0
2011
689,9
07
592,2
73
9,3
67
507,0
27
81,7
53
522,3
06
075,8
79
0
2012
775,7
69
584,3
10
11,2
57
479,0
68
61,5
68
487,5
60
093,9
85
0
AF
.34
2008
69,7
94
51,5
36
69
51,3
23
49,1
26
4,1
81
0144
0
2009
37,5
58
40,0
24
247
39,7
61
32,2
11
9,0
71
016
0
2010
41,0
26
38,7
92
424
38,3
29
25,4
39
12,9
80
038
0
2011
51,9
29
52,3
08
577
50,9
18
40,4
18
10,8
70
0813
0
2012
50,6
59
53,5
78
90
51,9
16
31,9
59
20,3
45
01,5
72
0
Derivatives
Secu
riti
es
oth
er
than
sh
are
s
Securities
oth
er
than
share
s
excl.
derivatives
Short
-term
securities
oth
er
than
share
s,
excl.
derivatives
Long-t
erm
securities
oth
er
than
share
s,
excl.
derivatives
S.1
Resid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s
Insti
tuti
on
al
secto
r(E
SA
95)
68
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.42008
697,9
55
741,2
70
255,3
79
280,3
40
0327,9
78
2,2
66
2,8
32
202,7
19
2009
689,1
98
757,5
05
251,5
82
305,3
50
0345,0
53
2,1
40
2,8
65
197,7
08
2010
725,4
09
797,7
39
253,6
27
324,3
19
0359,1
55
2,1
99
34,9
11
184,8
82
2011
764,4
77
905,8
50
300,9
04
360,0
23
0398,0
84
2,9
37
66,2
14
178,7
09
2012
709,0
12
908,7
44
318,7
39
330,5
72
0365,2
69
2,9
55
87,1
01
172,3
31
AF
.41
2008
138,7
01
203,3
38
80,8
07
109,8
62
0148,1
69
337
456
12,2
13
2009
148,0
52
207,1
52
66,6
49
127,6
93
0161,0
03
310
706
12,1
04
2010
119,3
17
198,2
03
40,9
87
148,1
91
0175,8
35
86
732
8,2
93
2011
163,8
71
286,1
77
60,1
21
218,6
31
0248,4
00
162
571
6,8
54
2012
188,1
86
291,3
19
70,1
85
213,8
04
0240,8
69
307
1,9
01
5,4
29
AF
.42
2008
559,2
55
537,9
32
174,5
72
170,4
78
0179,8
09
1,9
29
2,3
76
190,5
06
2009
541,1
46
550,3
53
184,9
34
177,6
56
0184,0
50
1,8
30
2,1
59
185,6
04
2010
606,0
92
599,5
36
212,6
39
176,1
28
0183,3
20
2,1
13
34,1
79
176,5
89
2011
600,6
07
619,6
73
240,7
83
141,3
92
0149,6
84
2,7
74
65,6
43
171,8
55
2012
520,8
27
617,4
25
248,5
54
116,7
69
0124,4
00
2,6
48
85,2
00
166,9
02
Lo
an
s
Short
-term
loans
Long-t
erm
loans
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s
69
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.52008
423,4
47
871,9
01
161,6
55
708,8
43
382,1
51
349,3
32
21,1
37
1,4
03
0
2009
582,6
81
1,1
02,8
44
238,2
28
863,0
18
394,2
11
489,3
41
24,2
20
1,5
98
0
2010
711,6
30
1,3
31,4
59
276,1
17
1,0
53,5
57
450,3
42
651,7
71
27,9
20
1,7
85
0
2011
684,9
60
1,4
44,7
83
283,8
01
1,1
59,1
57
399,4
19
836,8
74
27,0
88
1,8
25
0
2012
786,6
71
1,6
57,0
09
320,7
63
1,3
34,4
07
432,4
61
978,1
57
25,0
46
1,8
39
0
AF
.51
2008
363,2
60
287,9
95
161,6
55
124,9
37
66,0
50
56,8
39
21,1
37
1,4
03
0
2009
506,3
30
391,4
86
238,2
28
151,6
60
87,8
35
64,3
03
24,2
20
1,5
98
0
2010
626,6
67
410,3
27
276,1
17
132,4
25
93,5
77
61,6
07
27,9
20
1,7
85
0
2011
596,7
00
444,3
97
283,8
01
158,7
72
114,9
95
83,1
02
27,0
88
1,8
25
0
2012
689,5
91
492,1
34
320,7
63
169,5
32
137,0
70
83,4
00
25,0
46
1,8
39
0
AF
.511
2008
197,9
23
30,0
83
28,0
21
2,0
62
2,9
67
00
00
2009
262,8
45
44,7
37
42,1
67
2,5
70
3,8
12
00
00
2010
340,1
00
44,3
70
42,7
69
1,6
01
2,3
87
00
00
2011
316,1
95
52,8
82
45,5
90
7,2
92
8,1
95
00
00
2012
379,1
24
61,2
74
52,4
33
8,8
41
12,1
73
00
00
2008
165,3
36
257,9
12
133,6
34
122,8
76
63,0
83
56,8
39
21,1
37
1,4
03
0
2009
243,4
85
346,7
48
196,0
61
149,0
90
84,0
23
64,3
03
24,2
20
1,5
98
0
2010
286,5
67
365,9
57
233,3
48
130,8
24
91,1
90
61,6
07
27,9
20
1,7
85
0
2011
280,5
05
391,5
16
238,2
11
151,4
80
101,6
49
83,1
02
27,0
88
1,8
25
0
2012
310,4
67
430,8
60
268,3
29
160,6
92
124,8
97
83,4
00
25,0
46
1,8
39
0
AF
.52
Mutu
alfu
nds
2008
60,1
87
583,9
06
0583,9
06
316,1
01
292,4
93
00
0
2009
76,3
51
711,3
58
0711,3
58
306,3
76
425,0
38
00
0
2010
84,9
62
921,1
32
0921,1
32
356,7
65
590,1
64
00
0
2011
88,2
60
1,0
00,3
85
01,0
00,3
85
284,4
24
753,7
71
00
0
2012
97,0
80
1,1
64,8
75
01,1
64,8
75
295,3
91
894,7
57
00
0
AF
.512
+
AF
.513
Unquote
d
share
sand
Oth
er
equity,
exclu
din
g
mutu
alfu
nds
share
s
Lia
bil
itie
s Sh
are
san
do
ther
eq
uit
y
Share
sand
oth
er
equity,
excl.
mutu
al
funds
Quote
d
Share
s,
exclu
din
g
mutu
alfu
nds
share
s
S.1
Re
sid
en
t
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Insti
tuti
on
al
secto
r(E
SA
95)
70
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.62008
36,2
09
210,6
92
0210,6
92
404
0210,2
88
00
2009
39,1
13
236,3
62
0236,3
62
00
236,3
62
00
2010
41,7
93
258,7
78
0258,7
78
00
258,7
78
00
2011
27,5
84
242,1
28
0242,1
27
00
242,1
27
00
2012
25,5
57
252,9
05
0252,9
06
00
252,9
06
00
AF
.61
2008
0157,9
50
0157,9
50
404
0157,5
46
00
2009
0188,1
55
0188,1
54
00
188,1
54
00
2010
0204,3
86
0204,3
86
00
204,3
86
00
2011
0211,3
48
0211,3
48
00
211,3
48
00
2012
0225,6
97
0225,6
97
00
225,6
97
00
AF
.611
2008
095,8
81
095,8
81
00
95,8
81
00
2009
0117,4
64
0117,4
64
00
117,4
64
00
2010
0130,0
55
0130,0
55
00
130,0
55
00
2011
0140,8
49
0140,8
49
00
140,8
49
00
2012
0147,6
54
0147,6
54
00
147,6
54
00
AF
.612
2008
062,0
69
062,0
69
404
061,6
65
00
2009
070,6
90
070,6
90
00
70,6
90
00
2010
074,3
31
074,3
31
00
74,3
31
00
2011
070,4
99
070,4
99
00
70,4
99
00
2012
078,0
43
078,0
43
00
78,0
43
00
AF
.62
2008
36,2
09
52,7
42
052,7
42
00
52,7
42
00
2009
39,1
13
48,2
07
048,2
07
00
48,2
07
00
2010
41,7
93
54,3
92
054,3
92
00
54,3
92
00
2011
27,5
84
30,7
80
030,7
80
00
30,7
80
00
2012
25,5
57
27,2
08
027,2
08
00
27,2
08
00
Net
equity
of
household
sin
life
insura
nce
reserv
es
&
pensio
nfu
nds
Net
equity
of
household
sin
life
insura
nce
reserv
es
Net
equity
of
household
sin
pensio
nfu
nds
Pre
paym
ents
of
pre
miu
ms
and
reserv
es
again
st
outs
tandin
g
cla
ims
Gen
era
lg
ovt.
Ho
useh
old
s&
no
n-p
rofi
t
insti
tuti
on
s
serv
ing
ho
us
eh
old
s
Lia
bil
itie
s Insu
ran
ce
tech
nic
al
reserv
es
Rest
of
the
wo
rld
To
tal
eco
no
my
S.1
2F
ina
nc
ial
Co
rpo
rati
on
s
No
n-f
inan
cia
l
co
rpo
rati
on
s
Insti
tuti
on
al
secto
r(E
SA
95)
S.1
Resid
en
t
71
Tab
le5
Fin
an
cia
lB
ala
nce
Sh
eet,
en
d-y
ears
2008-2
012,co
nso
lid
ate
d€
mil
lio
n
S.2
S.1
1S
.13
S.1
4+
S.1
5
To
tal
S.1
21+
S.1
22
S.1
23
+S
.124
S.1
25
Mo
neta
ry
fin
an
cia
l
insti
tuti
on
s
Oth
er
fin
an
cia
l
inte
rmed
iari
es
&
Fin
an
cia
l
au
xil
iari
es
Insu
ran
ce
co
rpo
rati
on
s&
pe
ns
ion
fun
ds
AF
.72008
58,3
52
102,9
41
46,0
92
40,3
53
22,1
36
17,7
86
10,6
11
6,4
02
10,0
94
2009
71,8
98
107,0
19
54,5
26
37,0
04
17,3
10
29,5
99
9,3
13
5,9
26
9,5
64
2010
82,0
89
129,0
80
58,9
24
55,3
90
14,1
86
38,1
57
10,0
43
5,3
97
9,3
68
2011
98,0
75
141,7
61
67,1
13
58,0
81
22,8
03
37,5
42
13,0
80
5,2
21
11,3
47
2012
123,7
18
166,6
90
77,4
16
72,0
71
21,3
40
54,2
96
13,5
64
5,0
66
12,1
36
AF
.71
2008
41,1
10
46,0
43
25,0
54
17,4
01
010,0
78
7,9
64
03,5
87
2009
46,7
85
44,5
89
29,3
44
12,1
98
06,6
86
5,5
12
03,0
47
2010
48,4
04
48,1
60
33,3
66
12,2
89
06,1
25
6,1
64
02,5
06
2011
54,3
93
51,2
01
33,9
49
15,4
38
08,7
35
7,7
03
01,8
14
2012
69,4
51
57,9
37
43,0
11
12,9
83
06,1
99
8,2
84
01,9
43
AF
.79
2008
17,2
42
56,8
98
21,0
38
22,9
52
22,1
36
7,7
08
2,6
47
6,4
02
6,5
07
2009
25,1
13
62,4
31
25,1
82
24,8
06
17,3
10
22,9
13
3,8
00
5,9
26
6,5
17
2010
33,6
85
80,9
19
25,5
58
43,1
02
14,1
86
32,0
32
3,8
79
5,3
97
6,8
63
2011
43,6
82
90,5
60
33,1
63
42,6
43
22,8
03
28,8
06
5,3
77
5,2
21
9,5
33
2012
54,2
67
108,7
53
34,4
05
59,0
88
21,3
40
48,0
97
5,2
80
5,0
66
10,1
93
AF
.LT
ota
lL
iab
ilit
ies
2008
2,5
64,3
17
3,5
32,6
88
467,5
24
2,7
62,1
20
1,5
32,5
35
1,1
77,3
25
244,3
02
90,2
31
212,8
14
2009
2,7
04,4
10
3,7
18,0
88
550,7
47
2,8
44,7
12
1,4
27,6
24
1,3
58,8
39
272,0
35
115,3
58
207,2
72
2010
2,9
04,3
82
3,8
91,1
76
598,3
42
2,9
58,7
24
1,3
20,6
31
1,5
88,6
17
298,9
39
139,8
60
194,2
50
2011
2,9
75,2
00
4,0
07,6
00
661,7
61
2,9
86,8
34
1,1
86,5
70
1,8
18,8
61
285,2
32
168,9
49
190,0
56
2012
3,1
06,1
78
4,1
64,7
31
728,2
65
3,0
42,4
17
1,1
06,4
01
1,9
37,2
75
294,4
71
209,5
82
184,4
67
BF
.90
Net
fin
an
cia
lassets
2008
150,8
48
-157,2
69
-172,7
04
-27,8
14
-5,7
69
-11,6
06
-3,8
21
-24,0
15
67,2
64
2009
164,6
76
-168,7
51
-177,2
26
-45,0
58
-5,2
16
-31,1
21
-3,6
78
-42,7
01
96,2
34
2010
155,0
92
-159,1
64
-175,5
86
-27,0
20
-11,8
23
-6,3
61
-3,7
32
-74,4
52
117,8
94
2011
198,8
12
-202,4
31
-222,0
93
4,8
93
-8,5
23
17,8
59
-4,9
86
-106,2
08
120,9
76
2012
200,5
10
-202,3
60
-231,1
13
25,4
95
-8,4
74
38,0
65
-4,1
56
-136,6
56
139,9
14
Lia
bil
itie
s Oth
er
acco
un
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Appendix 1
Institutional sectors in the accounts
Institutional sectors in the accounts
Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and ofengaging in economic activities and transactions with other units in their own right.
For the purposes of the system, the institutional units are grouped together into four mutually exclusive institutionalsectors composed of the following types of units: non-financial corporations, financial corporations, generalgovernment, households and non-profit institutions serving households. These four sectors together make up thetotal economy and each sector can be divided into subsectors.
Thus companies, whether engaged in commercial non-financial or financial business, are grouped in a differentsector from households, even though the latter are in many cases also engaged in commercial production, and fromgovernment or other non-market producers such as voluntary agencies.
The classification system is that of the European System of Accounts 1995 (ESA95). The sectors and sub-sectorsdistinguished in the present publication are as follows:
S.1 Resident Economy is the sum of all the sectors of the domestic economy
S.11 Non-Financial Corporations are corporate bodies producing goods and non-financial services on acommercial basis. They include public limited companies, private companies and other corporate forms of business,whether owned by residents (including the government) or non-residents or both. In particular, therefore, Irishsubsidiaries of foreign companies and the Irish branches of foreign companies operating in Ireland on a branch basisare included; while the foreign subsidiaries of Irish companies and the foreign branches of Irish companies operatingabroad are excluded (they form part of the rest of the world sector S.2). The business activities of self-employedpersons (quasi-corporations) are in principle to be included here if separate accounts are available for statisticalpurposes.
S.12 Financial Corporations are corporate bodies producing financial services on a commercial basis. As withS.11, they can take various legal forms, with a range of ownership arrangements. In the financial transactionsaccount and in the financial balance sheets, the following sub-sectors are distinguished:
S.121 + S.122 Monetary Financial Institutions consists of the Central Bank of Ireland (S.121) and othermonetary financial institutions (S.122). The latter sub-sector consists of credit institutions (banks and buildingsocieties), money market funds and credit unions.
S.123 + S.124 Other Financial Intermediaries (S.123) and Financial Auxiliaries (S.124). S.123 includescollective investment schemes (unit trusts, UCITSs etc, other than money market funds), companies engagedin leasing and consumer and other lending, securitisation vehicles, treasury companies and a range of othercompanies engaged in financial intermediation. S.124 covers companies which provide auxiliary financialservices, including management and administration of pension funds and mutual funds, custody and relatedservices, insurance and other broking services, and other financial advisory and consultancy services.
S.125 Insurance Corporations and Pension Funds consists of life and non-life insurance companies(including reinsurers) and pension funds.
S.13 General Government consists of central and local government and the social security fund. Centralgovernment includes the National Pension Reserve Fund, and non-commercial agencies owned and funded bygovernment, but does not include commercial state-owned companies (which are proper to S.11 or S.12 asappropriate).
S.14 + S.15 Households (S.14) and Non-Profit Institutions Serving Households (S.15). S.14 consists of personsin their capacity as holders of financial assets or as borrowers. The business assets and liabilities of unincorporatedself-employed persons are also mainly reflected in this sector. Large autonomous unincorporated enterprises(quasi-corporations) are in principle included in the non-financial corporations sector. S.15 consists of non-profitinstitutions such as charities and non-commercial agencies not owned by the government, such as some schools andhospitals.
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S.2 Rest of the World. The figures represent the economy’s transactions and financial claims on and liabilities tonon-residents. The conceptual definition is the same as in the balance of payments (BOP) and internationalinvestment position (IIP) statistics. In particular, non-residents include foreign subsidiaries of Irish companies, theforeign branches of Irish companies that operate abroad on a branch basis, and the head offices of foreign companiesthat operate in Ireland on a branch basis. In the financial balance sheets, the figures therefore also correspond tothose in the IIP statistics, but with the opposite convention for labelling assets and liabilities: what are shown in the IIPas assets (of Ireland) appear in these tables as liabilities of the S.2 sector, and vice versa1. Because of differences ininstrument classifications and in some valuations, the relationships with individual items in the BOP and IIP, and withthe aggregate IIP assets and liabilities positions, are not explicit. The net IIP position is in principle the same as thenet financial assets of the total economy (S.1) in the financial balance sheets table, although it differs purely as aresult of the inclusion of a single item – “Liabilities related to the allocation of euro banknotes within the Eurosystem”,which appears as a liability of the Central Bank and an asset of the Rest of the World sector in the financial accounts.This item is not included for IIP purposes and can be explicitly identified in the balance sheet of the Central Bank aspublished in its annual report.
S.1N Not Sectorised. In the non-financial accounts an additional residual sector is used to report the amounts thatappear as the statistical discrepancy in the National Income and Expenditure GDP accounts, arising from the use oftwo independent estimates of GDP (from the Income and Expenditure approaches). In each of NIE tables 3 and 5, theofficial estimate of GDP is reported as the average of the two measures, and the discrepancy is therefore displayed ashalf the difference between the two independent estimates (and thus with different signs in the two tables). In thesector accounts it appears as the first balancing item in the sequence (in the gross value added item in the productionaccount), and is then carried through successive accounts via the balancing item. In the final non-financial account,the full amount of the discrepancy then emerges as the unallocated net lending or borrowing in the economy. In thefinancial transactions account and in the financial balance sheets, no use is made of the “not sectorised” convention.The amount of the discrepancy therefore contributes to the discrepancies for each sector between the netlending/borrowing from the capital account and the net financial transactions from the financial transactions account.
1Holdings (by the Central Bank, S.121, as part of Reserve Assets) of Monetary Gold and Special Drawing Rights (asset class AF.1) are not considered to be the liability
of any sector, and in particular they are not a liability of the Rest of the World sector (S.2). Accordingly, the Net Financial Asset position of S.2, which would otherwise beequal to the Net Financial Asset position of the Total Domestic Economy (S.1), with sign reversed, in fact exceeds that amount by the amount of the holdings of AF.1.
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Appendix 2
Description of detailed non-financial and financial accounts
Description of detailed non-financial and financial accounts
Introduction
Sector accounts present a coherent overview of all economic processes and the roles played by the various sectors.Each economic process is described in a separate account. The accounts describe successively production,generation of income, primary and secondary income distribution, final consumption, redistribution by means ofcapital transfers, capital formation and financing and end with the financial balance sheets of each sector.
The accounts record economic transactions, distinguishing between uses and resources, (e.g. the resources side ofthe transaction category D.41 interest records the amounts of interest receivable by the different sectors of the
economy and the uses side shows interest payable) with a special item to balance the two sides of each account. Bypassing on the balancing item from one account to the next a connection is created between successive accounts.
These accounts are compiled for the total economy and include accounts for separate domestic sectors and the restof the world sector. In this way the sector accounts describe:
• for each economic process the role of each sector, for instance general government in income andredistribution and credit institutions in financing.
• for each sector all economic transactions and their relation with other domestic sectors and the rest of theworld.
The successive accounts are explained in more detail below.
Non-financial Accounts
Current Accounts:1.1 Production account
The production account shows the transactions that are related to the production process. The output is recordedas a resource, the intermediate consumption as a use. The balance of these two items for the individual sectors is
B.1g gross value added at basic prices. The production account of the total economy is the total of the productionaccounts of the sectors together with the transactions for which there is no sectoral distribution available (taxes and
subsidies on products). The balancing item of the production account for the total economy is B.1*g gross domestic
product at market prices.
1.2 Generation of Income Account
This account displays the transactions through which gross domestic product at market prices is distributed to labour(compensation of employees), capital (operating surplus) and government (the balance of taxes and subsidies onproduction). The balancing item for the household and NPISH sector in this account is called mixed income because,apart from operating surplus, it also contains compensation for work by self-employed persons and their family
members. B.2g/B.3g gross operating surplus/gross mixed income is the balancing item for the entire account.
1.3 Allocation of Primary Income Account
This account records, as resources, the income from direct participation in the production process as well as propertyincome received in exchange for the use of land, financial resources and other intangible assets. In addition, thisaccount records the taxes on production and imports received by the government. On the uses side property incomepaid is recorded as well as the subsidies paid by the government.
On this account the interest paid and received are recorded excluding imputed bank services (FinancialIntermediation Services Indirectly Measured - FISIM1). In the National Accounts insurance technical reserves areseen as a liability of insurance enterprises and pension funds to policyholders. Therefore, the receipts from investingthese reserves are recorded as payments from insurance enterprises and pension funds to households, in the form ofproperty income attributed to insurance policy holders and pension scheme members. The balancing item of this
account for each sector is B.5g gross national income; the primary income for the total economy is the nationalincome.
1See pages 38 and 42 of Appendix 1 of National Income and Expenditure 2012
http://www.cso.ie/en/media/csoie/releasespublications/documents/economy/2012/nie_2012.pdf
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1.4 Memorandum - Entrepreneurial Income Account
This memorandum account is included for the financial corporations and non-financial corporations sectors. Inaddition to gross operating surplus the account records all the property income transactions involving these two
sectors. B.4g entrepreneurial income presents a more comprehensive measure of corporate profitability.
1.5 Secondary Distribution of Income Account
The secondary distribution of income account shows how primary income is redistributed by means of currenttaxes on income and wealth, social contributions (including contributions to pension schemes), social benefits
(including pension benefits) and other current transfers. The balancing item of this account is B.6g gross
disposable income. For the consuming sectors (households, NPISH and general government) this item is passedon to 1.6 use of disposable income account. For the other sectors the disposable income is generally equal to saving.This is then passed on to the capital account.
1.6 Use of Disposable Income Account
This account shows the element of disposable income that is spent on final consumption and also the element whichis saved. As mentioned above, final consumption only exists for households, NPISH and general government. Thenet equity of households in pension funds and life insurance reserves is seen as a financial asset that belongs tohouseholds. Changes in these reserves need to be included in the saving of households. However, contributions topension schemes and pension benefits have already been recorded on 1.5 secondary distribution of income account(as social contributions and social benefits). Therefore, an adjustment is needed to include in the saving ofhouseholds the change in pension funds reserves on which they have a definite claim. This adjustment is called‘adjustment for the change in net equity in pension funds reserves’. There is no need for a similar adjustmentconcerning life insurance because life insurance premiums and benefits are not recorded as current transactions.
The balancing item is B.8g gross saving.
1.7 External account
This account records the summarised transactions of S.2 the rest of the world sector, including, on the uses side,exports of goods and services, primary incomes and current transfers receivable. The resources side of this accountincludes imports of goods and services together with primary incomes and transfers payable. The balancing item is
B.12 current external balance which records the net position with the rest of the world.
Capital accounts:1.8 Change in Net Worth due to Saving and Capital Transfers
On this account the capital transfers are recorded and combined with gross saving and the current external balance.
The resulting balancing item is B.10.1 changes in net worth due to saving and capital transfers.
1.9 Acquisition of Non-financial Assets Account
On this account gross fixed capital formation, changes in inventories, acquisitions less disposals of valuables andnon-produced non-financial assets are recorded among the uses. The decline in the value of fixed capital goods
caused by consumption of fixed capital goods is recorded among the resources. The balancing item is B.9 net
lending (+) or borrowing (-). It shows the amount a sector can lend / invest or has to borrow as a result of its currentand capital transactions. It is consistent with the current and capital account balance in the Balance of InternationalPayments.
Financial Accounts:Table 2 Financial Transactions Account (non-consolidated)
The financial transactions account of a sector provides a detailed review of the change in the financial relations withother sectors of the economy and with the rest of the world. It is therefore a logical extension of the current and capitaltransactions in the non-financial accounts. This account shows the transactions in assets and liabilities of each sectorbroken down by type of financial instrument. In the context of the preceding non-financial accounts, the amount asector can either lend/invest or has to borrow (see balancing item B.9 in 1.9) can be tracked in the financialtransactions account. For example, a sector which has a negative B.9 is a net borrower and such borrowings may befinanced by reducing financial assets or increasing liabilities, or by some combination of both. Similarly, a sector witha positive B.9, a net lender, may decide to increase financial assets or reduce liabilities, or some combination of both.
The B.9F is the difference between a sector’s transactions in financial assets and liabilities. This is conceptuallyequivalent to the B.9 shown in the capital account but, due to the statistical discrepancy, referred to as the ‘net errorsand omissions’ in the Balance of Payments statistics, these indicators will differ for certain sectors.
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Table 3 Financial Balance Sheet (non-consolidated)
This account shows the stock at the end of each year of the financial assets and liabilities of the sector. A change inbalance sheet position from year to year can be explained in part by the net transactions during that year. In addition,valuation changes, exchange rate changes and reclassifications can impact on the balance sheet position. Notehowever that estimates are not available of the stock of non-financial assets (property, equipment, valuables,intangible non-financial assets) and it is not therefore possible to estimate the net worth of each sector or of the totaleconomy.
Table 4 Financial Transactions Account (consolidated)
The consolidated financial transactions for each sector appear in Table 4. Consolidation refers to the elimination oftransactions which occur between units within the same sector of the economy.
Table 5 Financial Balance Sheet (consolidated)
Table 5 shows the consolidated balance sheet positions for each sector. The end of year stock of financial assets andliabilities is shown excluding stocks which exist between units within the same sector. This view of the accounts canbe very useful when analysing financial instruments such as loan liabilities as the consolidated view removesinter-sectoral balances.
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Appendix 3
Explanation of the variables in the non-financial accounts
Explanation of the variables in the non-financial accounts
Output (basic prices)
Output covers the value of all goods produced for sale, including unsold goods, and all receipts for services rendered.Output furthermore covers the market equivalent of goods and services produced for own use, such as own accountcapital formation, services of owner-occupied dwellings and agricultural products produced by farmers for ownconsumption. The output of such goods is estimated by valuing the quantities produced against the price that theproducer would have received if these goods had been sold.
Output is valued at basic prices, defined as the price received by the producer excluding trade and transport marginsand the balance of taxes and subsidies on products. This is the price the producer is ultimately left with.
Some special cases:
• Distributive trade i.e. retail /wholesale trade in goods where no physical transformation occurs. The value ofthese services is the difference between the sales value and the purchase value of traded goods.
• Real estate activities not only include services of non-residential buildings and rented dwellings, but also ofowner-occupied dwellings. The latter are valued on the basis of rents of comparable rented dwellings.
• Banking mainly deals with financial intermediation, i.e. the acquisition, transformation and issuing of financialassets. The compensation for these services is implicitly included in the interest paid to and received frombanks. The value of these imputed bank services is calculated as the margin paid by banks on deposits andreceived by banks on loans.
• Insurance and pension funding mainly transforms individual risk into collective risk. The value of theseservices is set as the difference between contributions and benefits. In the case of pension funds and lifeinsurance companies, corrections are made for changes in actuarial reserves.
• Market output of Government includes local authority rents valued at full unsubsidised prices. However, mostGovernment output is non-market and is valued as the sum of production costs namely, intermediateconsumption, compensation of employees, consumption of fixed capital and other taxes on production paid byGovernment itself.
Intermediate Consumption (purchasers’ prices)
Intermediate consumption includes all goods and services used up in the production process in the accountingperiod, regardless of the date of purchase. This includes for example fuel, raw materials, semi manufactured goods,communication services, cleansing services and audits by accountants. Intermediate consumption is valued atpurchasers’ prices, excluding deductible VAT. For companies, which do not need to charge VAT on their sales, theVAT paid on their purchases is non-deductible. It is therefore recorded as a component of intermediate consumption.
Not included in Intermediate Consumption are:
• Purchases of goods by retail / wholesale enterprises, which are resold without undergoing any processing.
• Purchases of goods used in the production process with a life span of more than one year. These purchasesare recorded as fixed capital formation. The use of these goods is spread over their economic life span andrecorded as consumption of fixed capital.
Value Added (basic prices)
Value added at basic prices by industry is equal to the difference between output (basic prices) and intermediateconsumption (purchasers’ prices).
Gross Domestic Product/Value Added (market prices)
Value added at market prices of the total economy (GDP) is calculated as follows:
Total value added at basic prices of industriesplus Balance of taxes and subsidies on products
= GDP (value added) at market prices
VAT, taxes on imports, and subsidies on re-exports, cannot be attributed to individual industries. Therefore, GDP atmarket prices cannot be broken down completely by sector. Value added can be valued gross (including consumptionof fixed capital) or net (excluding consumption of fixed capital).
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Consumption of Fixed Capital1
Consumption of fixed capital represents the depreciation of the stock of produced fixed assets, as a result of normaltechnical and economical ageing and insurable accidental damage. The consumption of fixed capital is thedepreciation of the net stock of produced fixed assets during the year not caused by revaluations because of pricechanges, new fixed capital formation or discarding of fixed assets.
Compensation of Employees
Compensation of employees is the total remuneration paid by employers to their employees in return for work done.Employees are all residents and non-residents working in a paid job. Managing directors of limited companies areconsidered to be employees; therefore, their salaries are also included in the compensation of employees. The sameholds for people working in sheltered workshops. Compensation of employees includes both wages and salaries andemployers’ social contributions.
Taxes on Production and Imports
Taxes on production and imports are compulsory payments to the Government and the European Union (EU), whichare related to production, imports, and to the use of production factors. Taxes on production and imports are classifiedinto taxes on products and other taxes on production.
Taxes on Products
Taxes on products are related to the value or the volume of products. They are levied on domestically produced ortransacted products and on imported products. Taxes on products are classified into taxes on domestic products,taxes on imports, and VAT.
Other Taxes on Production
Other taxes on production include all taxes on production paid by producers not related to the value or volume ofproducts produced or transacted. Examples are rates and refuse charges paid by producers.
Subsidies
Subsidies are current payments from the Government or the EU to producers, with the objective to influence outputprices, employment, or the remuneration of production factors. Subsidies are distinguished between subsidies onproducts and other subsidies on production.
Subsidies on Products
Subsidies on products are related to the value or the volume of products. They can be distinguished betweensubsidies on domestic products and subsidies on imports.
Subsidies on Domestic Products
Subsidies on domestic products are related to the value or the volume of domestically produced or transactedproducts. Examples are EU-subsidies on food products and public transport subsidies.
Subsidies on Imports
Subsidies on imports are related to the value, or the volume, of imported products that are re-exported withoutundergoing any processing. These are mainly subsidies on the re-exports of dairy products. Subsidies on importscannot be broken down by industry.
Other Subsidies on Production
Other subsidies on production include all subsidies on production paid to producers, not related to the value or volumeof products domestically produced or transacted. These are mainly wage subsidies.
1Consumption of fixed capital automatically becomes available as a by-product of the calculation of the stock of fixed assets, which are computed using Perpetual
Inventory Method, see http://cso.ie/shorturl.aspx/136.
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Operating Surplus/Mixed Income
Gross operating surplus by industry is the balance that remains after deducting from the value added (basic prices)the compensation of employees and the balance of other taxes and subsidies on production. The Operating surplusof the self-employed is called mixed income, because it also contains compensation for work by the owners and theirfamily members. Net operating surplus / mixed income remains after deducting consumption of fixed capital fromgross operating surplus / mixed income.
Property Income
Incomes that accrue from lending or renting financial or tangible non-produced assets, including land, are defined asproperty income.
Interest
Interest is accrued for the accounting period (i.e. the calendar year in these accounts) for which the underlying claimor liability has been in place. Actual interest payments are corrected for imputed bank services. There is a shift fromthe actual interest payments to the production, or the consumption, of bank services, i.e. Financial IntermediationServices Indirectly Measured (FISIM). For producers of imputed bank services this results in a decrease of thereceived interest and an increase in paid interest relative to the actual interest flows. For the consumers of imputedbank services this means an increase in received interest and a decrease in paid interest, compared with the actualinterest flows.
FISIM2
FISIM represents the margin which banks withhold for themselves in paying interest on deposits or charging intereston loans. In the case of household deposits with financial corporations, it is calculated as the difference between areference rate (calculated as the effective FISIM-free interest rate on inter-bank business) and the average interestrate, multiplied by the stock of deposits held by households. In the case of loans to households it is calculated as thedifference between the reference rate and the average loan rate, multiplied by the stock of loans held by households.
Dividends
Dividends are a form of property income received by owners of shares to which they become entitled as a result ofplacing funds at the disposal of corporations. Dividends are recorded gross, before deduction of dividend tax. Thisapplies also for the taxes on dividends to and from the rest of the world. Dividends are recorded at the moment theyare made payable.
Reinvested Earnings on Foreign Direct Investment
Reinvested earnings on foreign direct investment are calculated as follows:
Operating surplus of the foreign direct investment enterpriseplus Property income and current transfers receivable.minus Property income and current transfers payable, including dividends (actual remittances)
to foreign direct investors and any current taxes payable on income and wealth of theforeign direct investment enterprise
= Reinvested earnings on foreign direct investment
Property Income Attributed to Insurance Policy Holders
In the National Accounts, pension and life insurance provisions are seen as a liability of insurance enterprises topolicyholders. Therefore, the investment revenues on these provisions are booked as payments from insuranceenterprises to households. Subsequently, households reinvest these revenues as imputed contributions to pensionfunds and life insurance companies. In the Financial Accounts the latter transaction is recorded as a component of netequity in life insurance and pension funds reserves.
Rents
Rents on land refers to the rent received by a landowner from a tenant and does not include the rentals of buildingsand of dwellings situated on it.
2See pages 38 and 42 of Appendix 1 of National Income and Expenditure 2012
(http://www.cso.ie/en/media/csoie/releasespublications/documents/economy/2012/nie_2012.pdf)
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National Income/Primary Income
This includes factor income flows to the rest of the world, i.e. wages and salaries to non-resident employees, interestand dividends to non-resident investors, retained profits of foreign owned subsidiaries, and branch profits. Incomeearned abroad is attributed to Ireland. National income is the sum of GDP and net primary income from the rest of theworld.
Current Taxes on Income and Wealth
Current taxes on income and wealth of corporations consist of corporation tax and dividend tax. These taxes arebased on the profits of corporations. Current taxes on income and wealth of households include all taxes, which areperiodically imposed on income and wealth, such as the income tax, capital gains taxes, and other taxes on the netwealth of individuals. Non-periodical levies, such as inheritance tax are defined as capital transfers.
Several types of taxes are simultaneously seen as taxes on production and imports when imposed on producers, andas taxes on income and wealth when imposed on consumers. For instance, motor vehicle tax is a tax on productionwhen it is imposed on company cars and it is a tax on income and wealth when it is imposed on cars for private use.The treatment of dividend tax results from the recording of dividends, because dividends are recorded gross, i.e.before deduction of dividend tax, dividend tax is in all cases recorded at the receiving sector. The same applies for thedividend tax to and from the rest of the world.
Social Contributions
Social contributions include social security contributions, private social contributions (i.e. contributions to pensionschemes) and imputed social contributions. Employers, employees, self employed persons and non-active personspay these contributions. Actually, the employers’ part is paid directly to the insurers. However, in the NationalAccounts, the employers’ contributions are considered to be part of primary income of households (i.e. the incomefrom direct participation in the production process). Therefore, in the first instance, these contributions are treated aspayments by employers to households, as compensation of employees, who are deemed to pay them to the insurersin the income account.
• Contributions to pension schemes are based on collective contracts with pension funds and life insurancecompanies. The contributions are calculated as follows:
Actual contributions to pension schemes (gross)minus Compensation of insurance services (part of consumption of households)plus Supplement from investment income= Contributions to pension schemes
The supplement from investment income is part of the property income attributed to insurance policyholders thatrelates to pensions.
• Other private social contributions: These are contributions paid to private social schemes excluding pensionschemes. The contributions to these schemes can be derived in the same way as the contributions to pensionschemes.
• Imputed social contributions: Imputed social contributions represent the counterpart to the “unfundedemployee social benefits” (less any employees’ social contributions) paid directly by employers to their(former) employees. It is necessary to introduce this imputation because the direct payments are recordedtwice. Firstly they are recorded as employers’ social contributions (part of the compensation of employees).Secondly they are recorded as social benefits.
Social Benefits
Social benefits are transfers to households, intended to relieve them from the financial burden of a number of risks orneeds, such as sickness, invalidity, disability, old age, dependants, and unemployment. Social benefits are classifiedin social security benefits, social assistance benefits, private social benefits (i.e. pension benefits) and unfundedemployee social benefits.
Social security benefits: Social security benefits are paid by social security funds in the field of unemployment,disability, sickness, old age, etc.
Social assistance benefits: Social assistance benefits are payments of the central and local Government tohouseholds, for which no quid pro quo by the beneficiary is expected.
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Pension benefits: Pension benefits are private social benefits in the field of old age, survivors, or disability, paid bypension funds and life insurance companies.
Unfunded employee social benefits: These social benefits are directly paid by employers to their (former) employees,without involving any social security fund. Examples are some civil service pension provisions.
Non-Life Insurance Premiums
Non-life insurance premiums comprise both the actual premiums payable by policyholders to obtain insurance coverduring the accounting period, and the premium supplements payable out of the property income attributed toinsurance policy holders, after deducting the compensation of insurance services. These premiums provide coveragainst damage as a result of fires, floods, crashes, collisions, theft, violence, accidents, sickness, etc.
As the compensation of insurance services of non-life insurance enterprises is calculated by subtracting the claimsfrom the premiums (actual premiums and premium supplements), it follows that the total non-life insurance premiumsmust equal the total non-life insurance claims of the insurance enterprises.
Non-Life Insurance Claims
Non-life insurance claims represent the amounts which insurance enterprises are obliged to pay in settlement ofinjuries or damage as a result of fires, floods, crashes, collisions, theft, violence, accidents, sickness, etc.
Other Current Transfers
This transaction includes all transactions not mentioned before, which do not have the character of a capital transfer.This concerns particularly the current transfers within general Government.
Disposable Income
Disposable income is the balancing item of the secondary distribution of income account. It shows for each sector its’disposable income, which remains after the redistribution of primary income by current transfers (compulsory ornon-compulsory) between the sectors. Total disposable income of all resident units is called disposable nationalincome, which is equal to national income plus net current transfers received from the rest of the world.
Final Consumption Expenditure
Final consumption expenditure consists of expenditure incurred by resident institutional units on goods and servicesthat are used for the direct satisfaction of individual needs or wants, or the collective needs of members of thecommunity. Final consumption expenditure may take place on the domestic territory or abroad. Final consumptionexpenditure exists only for households (incl. NPISH) and general Government.
Final Consumption Expenditure by Households
Final consumption expenditure by households includes the following borderline cases:
� Non cash expenditure arising from
• Income in kind, such as accommodation, food, clothing etc.
• Services of dwellings, which are occupied by the owners themselves and without any actual rent payments.These services are valued by applying the rents of similar dwellings.
� Goods and services produced for own use, as in agriculture. The value of these products is calculated byapplying the market prices for similar products.
It also includes durable consumption goods such as private cars, household appliances, furniture, and clothing.However, the purchases of dwellings by households are not seen as final consumption, but as fixed capital formationby households.
Final Consumption Expenditure by NPISH
Final consumption expenditure by NPISH consists of all the non-market output of this sector, excluding the ownaccount capital formation.
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Final Consumption Expenditure by General Government
Final consumption expenditure by general Government results from the specific recording of Government output.Only a small part of Government output is actually sold (market output). The larger part of Government output is paidout of public funds and provided free of charge to all sectors (non-market output).
The Government is, by convention, considered to be the consumer of its own output, because the allocation ofGovernment output to different users is problematic. In the absence of market prices, output and final consumptionexpenditure by general Government is calculated from the production costs as follows:
Intermediate consumptionplus Compensation of employeesplus Consumption of fixed capitalplus Other taxes on production (paid by the Government)minus Other subsidies on production (received by the Government)= Output (basic prices)
Output (basic prices)minus Sales (=market output)minus Own-account capital formationplus Social benefits in kind via market producers= Final consumption expenditure by the Government
Actual Individual Consumption
Final consumption expenditure by households refers to expenditure on consumption goods and services byhouseholds. In contrast, actual individual consumption refers to the acquisition of consumption goods and services byindividuals. The difference between these concepts lies in the treatment of certain goods and services financed by theGovernment, or NPISH, but supplied to households as social transfers in kind. By convention, all final consumptionexpenditure by NPISH, households, and most of the final consumption expenditure by the Government in the field ofeducation, health, social security and welfare, sport and recreation and culture, are treated as individualconsumption. So actual individual consumption is:
Final consumption expenditure by householdsplus Final consumption expenditure by NPISHplus Individual consumption by the Government= Actual individual consumption
Actual Collective Consumption
Services for collective consumption (collective services) are provided simultaneously to all members of thecommunity or all members of a particular section of the community. Actual collective consumption consists, inparticular, of Government expenditures on services in the field of:
• Management and regulation of society
• Security and defence
• Law and order, legislation and regulation
• Public health
• Environment
• Research and development
• Management of infrastructure and economic development
Adjustment for Net Equity in Pension Funds Reserves
Since households are treated in the Financial Accounts as owners of the pension funds reserves, an adjustment itemis necessary to ensure that any excess of contributions to pension schemes over pension benefits does not affecthousehold saving:
Contributions to pension schemesminus Pension benefits= Adjustment for net equity in pension funds reserves
This adjustment is also made for the claims of non-residents on the reserves of Irish insurance companies.
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Saving
Saving is the difference between disposable income and final consumption expenditure. In the National Accountshouseholds are treated as owners of life insurance and pension funds reserves. Since contributions to pensionschemes and pension benefits are recorded in the secondary distribution of income account, an adjustment item(adjustment for net equity in pension funds reserves) on the use of income account is necessary to ensure that anyexcess of contributions to pension schemes over pension benefits does not affect household saving.
Saving Ratio
The household saving ratio is gross household saving expressed as a percentage of total resources i.e. the sum ofgross household disposable income and the adjustment for the change in net equity of households in pension fundreserves. Household saving represent that part of disposable income that is not spent on final consumption of goodsand services. The use of these savings either for financial investment or debt reduction is recorded in the financialaccounts.
Exports and Imports (merchandise)
Exports and imports are valued f.o.b. (free on board) for National Accounts purposes. While imports are valued c.i.f.(cost, insurance and freight) in the official external trade statistics, adjustments are made to reflect an estimated f.o.b.valuation. These adjustments result from the application of different c.i.f./f.o.b. conversion ratios to the values ofImports from within the European Union and from outside the European Union.
In addition, and in line with EU and ECB requirements, merchandise imports from within European Union memberstates are compiled on the basis of country of consignment rather than country of ultimate origin (as was the caseformerly). Some adjustments are also made to the official merchandise trade statistics to conform to the Balance ofPayments (BOP) change of ownership and market valuation principles.
In addition, certain exports sales of software licences are included in National Accounts and BOP service exports andnot in National Accounts and BOP merchandise exports. The BOP merchandise figures now include the estimated
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Reconciliation between Personal Savings in NIE Table 9 and Gross Saving in Non-financial Institutional
Sector Accounts Table 1.6
The personal savings figure published recently in NIE2012 (Table 9 Item 129) and the household saving figure inthis publication (Table 1.6 B.8g Gross Saving) provide different estimates for household saving. This is due todifferences both methodological and presentational in the calculation of the two figures as set out below:
Items included in the Sector Accounts and not in the NIE savings estimates include the following:
• D.51 Capital Gains Tax
• D.7 Net non-life insurance premiums and claims
• K.1 Consumption of Fixed Capital
The inclusion of explicit estimates for non-life insurance premiums and claims reflects the greater consistencybetween the Sector Accounts and ESA95. Similarly the inclusion of capital gains taxes in item D.5 taxes on incomeand wealth in the Sector Accounts computations is in line with ESA95 standards (taxes on personal income andwealth recorded in Table 9 item 127 of the NIE excludes capital gains tax).
A reconciliation between the personal savings figure recorded in NIE 2012 for the year 2012 of €6,493 and the grosssaving figure for the household and NPISH sectors in this publication of €8,847 is set out below:
NIE Table 9/129 Personal savings for 2012
Current Taxes
Current and Social Transfers
K.1 Consumption of fixed capital
Other household income adjustments relating to agriculture and quasicorporations
Statistical discrepancy
Reconciled B.8g Gross Saving for Households and NPISH sectors 2012
€6,493
-335
173
4,546
-685
-1,347
€8,846
values of (unrecorded) retail exports of fuel to Northern Ireland and of unrecorded imports of goods for personalconsumption from Northern Ireland and elsewhere.
Exports and Imports of Services
Exports and imports include various categories of service types: transport, tourism and travel, communications,insurance services, financial services, computer services, royalties and licences, business services etc. Somespecific points of note are:
• Because of the presentation of merchandise imports on a f.o.b. (rather than c.i.f.) basis, the freight element ofthe c.i.f. to f.o.b. adjustment is included in transport.
• The value of insurance services provided to non-residents by resident insurers (credit) is estimated as thevalue of direct and supplementary premiums earned, less the value of claims payable less increases in theactuarial element of insurance technical reserves.
• Exports and Imports of computer software which is embedded in hardware or carried on other physical mediaare not included in computer services but under merchandise. Sales and purchases of software transmittedelectronically, as well as exports of certain software licences, are recorded under computer services.
Current External Balance
The surplus/deficit on the current account of the Balance of Payments is equivalent to this item. It consists of:
• Net exports, the difference between exports and imports of goods and services.
• Net primary income from the rest of the world: compensation of employees, taxes on production and imports,subsidies and property income, such as interest and dividends.
• Net current transfers from the rest of the world, such as dividend tax, social security benefits, and other currenttransfers.
Capital Transfers
Capital transfers are payments for which no quid pro quo by the beneficiary is expected. They burden the wealth of thepayer, or are meant to finance fixed capital formation or other long-term expenditures of the receiver. Capital transferscan be classified into investment grants, capital taxes, other capital transfers and imputed capital transfers.
Investment Grants
Investment grants are capital transfers which are intended to finance fixed capital formation of other units.
Capital Taxes
Capital taxes are compulsory, non-periodical payments to the Government. They are based on the wealth of taxablepersons. In practise, they only cover the inheritance tax. Taxes on net wealth of individuals are imposed periodicallyand are therefore recorded as taxes on income and wealth.
Other Capital Transfers
Other capital transfers are capital transfers that cannot be characterised as investment grants or as capital taxes.
Fixed Capital Formation
Fixed assets are produced tangible or intangible assets that are used in the production process for more than oneyear. Gross fixed capital formation consists of producers’ acquisitions less disposals of fixed assets:
� Tangible fixed assets include the following:
• Dwellings and non-residential buildings
• Civil engineering works
• Transport equipment
• Machinery, equipment and computers
• Cultivated assets (trees and livestock).
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� Intangible fixed assets include the following:
• Mineral exploration
• Computer software
• Entertainment, literary or artistic originals
• Other intangible fixed assets.
� Major improvements to land (reclamation, land consolidation and land preparing for building)
Fixed Capital Formation also includes:
• Work in progress of construction, such as unfinished dwellings, non-residential buildings, and civil engineeringworks, are recorded as fixed capital formation of the client.
• Military structures and equipment, similar to those used by civilian producers, such as airfields and hospitals.
• Improvements to existing fixed assets that go well beyond the requirements of ordinary maintenance andrepairs.
• Transfer costs of fixed assets, such as conveyance fees and costs made by real estate agents, architects andnotaries.
Changes in Inventories
Inventories consist of all raw materials, semi-manufactured goods, work in progress and final products that producershave in stock at a certain moment. Changes in work in progress are in general considered to be changes ininventories. However, work in progress in construction is seen as fixed capital formation of the client and not aschanges in inventories of the construction industry. This concerns unfinished buildings and civil engineering works.
Increases in inventories occur when goods are produced (or purchased) but not yet sold (or used) in the year underreview. Decreases in inventories occur when goods are withdrawn from existing inventories in order to be sold orused in the production process.
The assessment of the changes in inventories is done in such way that gains or losses on inventories caused by pricechanges are avoided. With this objective, the initial and final stock of each good is valued at the same price – namely,raw materials at the average purchase price in the period, final products at average sales price and work in progressat the average cost price. This valuation method prevents output, and subsequently value added, from beinginfluenced by changes in prices of stocks during the period under review.
Acquisitions less Disposals of Valuables
This transaction consists of the acquisitions less disposals of precious stones, non-monetary gold, antiques, artobjects, and jewellery that are acquired and held primarily as stores of value. In the National Accounts this transactionis mostly combined with changes in inventories.
Acquisitions less Disposals of Non-Produced Non-Financial Assets
Acquisitions less disposals of non-produced non-financial assets mainly consist of sales of land by landowners suchas farmers to investors in dwellings and non-residential buildings. The valuation of sales and purchases of land isexclusive of VAT and transfer costs. These are included in fixed capital formation.
Net Lending (+) or Net Borrowing (-)
Net lending (+) or net borrowing (-) shows the amount a sector can lend / invest, or has to borrow, given the currentand capital transactions in the Sector Accounts.
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Appendix 4
Explanation of the variables in the financial accounts
Explanation of the variables in the financial accounts
Financial instrument classes
The scope of the tables is restricted to financial assets and liabilities: in other words, fixed assets and intangibles arenot included, except when they are held by residents abroad or by non-residents in Ireland (see AF.5 below). Thefinancial instrument classes distinguished are as follows:
AF.1 Monetary Gold and Special Drawing Rights (SDRs). Monetary gold (AF.11) includes all gold which is notintended for industrial purposes and not held in the form of valuables. Special drawing rights (SDRs) (AF.12) consistof the international reserve assets created by the IMF. Together these instruments form part of the official externalreserves held by the Central Bank of Ireland. In the financial accounts statistics they are recorded only on the assetsside of the table, as they are not considered to be the liabilities of any sector.
AF.2 Currency and Deposits. This category includes currency (AF.21), consisting of notes and coins in circulationwhich are commonly used to make payments. As a liability, this item only exists for general government (issuing ofcoins), monetary financial institutions (Central Bank of Ireland issuing of bank notes) and the rest of the world (foreigncurrency). The asset is shown in the sector which is the holder of the currency.
The category also includes transferable deposits (AF.22), i.e. deposits that are immediately convertible into currencyor transferable without restriction; and all other deposits (AF.29). Both are shown as an asset of the holder and theliability only exists for the deposit-taking sectors - mainly monetary financial institutions, but also the rest of the worldand general government in respect of small savings schemes.
AF.3 Securities Other Than Shares. This category covers Debt Securities other than Equities (AF.33), bothShort-Term (AF.331) and Long-Term (AF.332), together with Derivatives (AF.34). Short-term are all securities with amaximum term of one year.
AF.4 Loans. This category covers all credits which do not have the characteristics of deposits. Loans granted tomonetary financial institutions are, by definition, included in the deposit category (AF.2). Short-Term Loans (AF.41)have an original maturity of up to one year or are repayable on demand. Long-Term Loans (AF.42), i.e. loans with anoriginal maturity of more than one year, mainly include mortgage loans and long-term consumer credit.
AF.5 Shares and Other Equity. These are claims which are fully or partly entitled to a share in profits of a corporationor to a share in net assets in the event of liquidation. The category includes shares (AF.51), both quoted (AF.511) andunquoted (AF.512), and other forms of equity (AF.513). Other forms of equity include cross-border investments inunincorporated businesses (branch operations) or fixed assets (such as property). Shares and Other Equity alsoinclude shares in mutual funds and similar types of collective investment scheme (AF.52).
AF.6 Insurance Technical Reserves covers the net equity of households (AF.61) in both life insurance (AF.611) andpension fund reserves (AF.612), together with prepayments of insurance premiums and reserves for outstandingclaims (AF.62).
AF.7 Other Accounts Receivable/Payable. This covers trade receivables and payables (AF.71) and all otherfinancial assets and liabilities (AF.79).
BF.90 Net Financial Assets. This is calculated as total financial assets less total liabilities. Since it excludesnon-financial assets (property, equipment, durable goods, intangible non-financial assets etc), it is not a measure ofnet worth.
B9.F Net Financial Transactions. This is calculated as the total net transactions in financial assets less the total nettransactions in liabilities. In principle it should equal the net lending/borrowing(B.9) item from the non-financialaccounts. However, as a consequence of using various sources, statistical discrepancies between B.9 and B9.F willgenerally occur.
Interpreting the balance sheets of sectors
The significant involvement of Irish companies, such as banks and other financial companies, in internationalfinancial transactions (sector S.123 in particular) tends to result in those entities having very large foreign assets andliabilities relative to other measures of the economy, such as GDP (This is in contrast to other economies whichengage less heavily in international financial transactions). In most cases the foreign liabilities of a given sector are, toa large extent, offset by foreign assets, so that the net foreign position of that sector is not out of line withcorresponding sectors in a similar economy.
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Valuation principles in the financial accounts
In general, balance sheet positions are reported at end-year market value where they are available or can beestimated, and transactions are reported at the actual value of the transaction. This applies in particular tomarketable securities (AF.3 and part of AF.5) on both the assets and liabilities sides. However, unquoted equityassets and liabilities (part of AF.5) are in general reported at book value. Foreign assets and liabilities are reported ingeneral on the same basis as in the CSO’s International Investment Position statistics. The liabilities under InsuranceTechnical Reserves of life insurance companies and, especially, pension funds (and the corresponding assets ofpolicy holders and fund members) are estimated primarily from the values of the assets of the companies and thefunds, and are not based on the actuarial liabilities to policy holders and fund members.
The values reported for the net financial assets of each sector must be assessed in the light of these differences invaluation practice. Firstly, the absence of estimates of the non-financial assets, such as property, means that the netfinancial assets can not be taken as an estimate of the net worth of the sector. For the household sector, for example,the net worth will clearly be much larger than the (positive) net financial assets, as much of the wealth of households isinvested in property and durable goods. This is also true, but to a proportionately lesser extent, for the corporatesectors, especially for the non-financial corporate sector. In general, for these corporate sectors, the net financialassets are typically negative, partly for this reason, but an additional factor must also be taken into account. The netfinancial assets of a company as reported in these results will be negative to the extent that the market value of itsshares, if this is what is used in the account, exceeds the net asset value as reported in its balance sheet. For themajority of indigenous non-quoted companies the equity liability is captured essentially on the basis of their net assetvalue as reported in their balance sheet.
Consolidation
Tables 2 and 3 are given on a non-consolidated basis for both sectors and sub-sectors. In other words, a liability of aunit in a sector to another unit in the same sector or sub-sector (such as a deposit received by a bank from anotherbank) is reported in the liabilities table for the sector of the reporting unit and in the assets table for the lendingsub-sector and sector (in this example, in the tables for S.121+S.122 and S.12). A consequence of this is that theaggregate sector S.12 (financial corporations) and the groupings of sub-sectors within S.12 (S.121 + S.122, andS.123 + S.124) are also not consolidated. The results for S.1 (total economy) are by definition not consolidated; inother words, the entry for any instrument for S.1 is the arithmetic total of the sectors S.11, S.12, S.13 and S.14/15.
Tables 4 and 5 give the accounts on a consolidated basis which means the transactions or positions which occurbetween units within the same sector of the economy are eliminated. In the example used in the previous paragraph,the deposit received by a bank from another bank will be excluded from sector S.121+S.122 in both the assets andliabilities table. Each sector/sub-sector (S.11, S.121+S.122, S.123+S.124, S.125, S.13 and S.14/15) is given on aconsolidated basis but it is important to note that the overall S.12 total is not fully consolidated and therefore theaggregate S.12 is not the arithmetic sum of its consolidated sub-sectors.
Data sources and compilation of the financial accounts statistics
Financial Accounts statistics are in general compiled by assembling and combining statistics drawn from otherprimary published and unpublished sources. The main sources currently used are the CSO Balance of Payments andInternational Investment Position statistics including the underlying surveys, and published Central Bank statistics,primarily money and banking statistics. Other sources used include government administrative and statisticalrecords, including those of state-owned companies and accounts filed with the Companies Registration Office andthe statistical reports of representative bodies.
The first phase of compilation involves assembling from these sources the asset and liability positions of each sectorfor each instrument class at the end of each year, and as far as possible, the net transactions in the year. Wheretransactions estimates are not available in the primary source, estimates are made by removing from the change inposition the estimated effect of revaluations, due for example to price movements in securities, or to exchange ratemovements in the case of items denominated in foreign currencies. In the early stages of the work, the positions andtransactions are then further allocated to the extent possible to counterpart sectors, based on original information oron preliminary allocation proportions. For many cells in the tables this process yields two estimates, one from eachside for example, deposits of government with resident banks, reported as claims on banks in the governmentstatistics and as liabilities to government in the banking statistics. Almost invariably the two estimates differ to someextent, because of differences in such factors as coverage, valuation and timing. Furthermore, for many other cells,only a single-sided estimate is available. This is the case in particular for the Household Sector, for which no direct orprimary data are available, and which must be compiled entirely on the basis of counterpart data and estimations.
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In the second phase, discrepancies are identified and the tables are balanced. This is done by a mixture ofmechanical and judgemental processes to bring about compliance with several accounting identities andconventions. A key requirement is that the sum of all holdings by residents and non-residents of financial assets of agiven class should be equal to the sum of all liabilities of that class (also by residents and non-residents). In thisoperation, priority is given to retaining, as far as possible, consistency with other well-based statistics such as officialbanking and International Investment Position and Balance of Payments statistics, and government financialstatistics. Some of the imbalances that come to the surface inevitably therefore get allocated to sectors orinstruments for which the primary statistics are less well based, particularly S.123 (other financial intermediaries) dueto its relatively large size.
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