An Phríomh-Oifig Staidrimh Central Statistics Office · profitshare relates more toa decline in payroll costs for these corporations rather than to an increase in overall value added

An Phríomh-Oifig Staidrimh

Central Statistics Office

Published by the Stationery Office, Dublin, Ireland.

Available from:

Central Statistics Office, Information Section, Skehard Road, Cork.

October 2011

© Government of Ireland 2011

Material compiled and presented by theCentral Statistics Office.

Reproduction is authorised, except for commercialpurposes, provided the source is acknowledged.

ISSN 2009-4353

Table of Contents

Page

Introduction 5

Commentary 6

Summary Table 2006 - 2010 12

Non-Financial Accounts Tables

2010

1.1 Production Account 16

1.2 Generation of Income Account 16

1.3 Allocation of Primary Income Account 17

1.4 Entrepreneurial Income Account 17

1.5 Secondary Distribution of Income Account 18

1.6 Use of Disposable Income Account 19

1.7 External Account 19

1.8 Change in Net Worth due to Saving and Capital Transfers Account 20

1.9 Acquisition of Non-Financial Assets Account 20

Financial Accounts Tables

Table 2 Financial Transactions Account 2006-2010 non-consolidated

Assets 22

Liabilities 28

Table 3 Financial Balance Sheet 2006-2010 non-consolidated

Assets 34

Liabilities 40

Appendices

1. Description of institutional sectors 48

2. Description of detailed non-financial and financial accounts 52

3. Explanation of the variables in the non-financial accounts 56

4. Explanation of the variables in the financial accounts 66

Introduction

The institutional sector accounts presented in this publication provide an alternative to the set of accounts published inthe annual National Income and Expenditure reports. 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 accounts linkfinancial and non-financial statistics, thereby allowing for an integrated analysis of non-financial economic activities(such as gross fixed capital formation) and financial transactions (such as the issuance of debt). Important economicindicators can be derived from institutional accounts. These include measures such as the household saving rate, theprofit 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 National Incomeand Expenditure (NIE) and Balance of Payments (BoP) for 2010. However, there are some methodologicaldifferences between the data contained in the NIE and BoP reports and those published in the present report.The sector accounts fully comply with the European System of Accounts (ESA95) methodology in order toensure 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 2002-2010.This difference is due solely to the inclusion of the item “Liabilities related to the allocation of euro banknoteswithin the Eurosystem” which appears explicitly on the balance sheet of the Central Bank.

Contents of the publication

The Commentary part of the report refers to a number of key economic indicators for 2010 and earlier years. Thesummary table contains information on key variables for the 2006 to 2010 period while Table 1 provides detailednon-financial accounts for 2010 only. Financial transaction accounts for 2006 to 2010 are set out in Table 2 whileTable 3 contains financial balance sheet data for the same period. The report also contains four appendicescontaining background notes on concepts and definitions.

It is planned to produce an annual report along the same lines as the present report from 2012 onwards.

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 or Claire Hanley at 01 498 4369

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 2010 and in previous years, are highlightedfor each of the institutional sectors.

Household and Non-profit institutions serving households (S.14 & S.15)

Household savings

Actual gross disposable income of householdscomprises gross disposable income of households(B.6g) and the adjustment for the change in netequity of households in pension funds reserves(D.8). Household actual gross disposable incomedeclined from €96bn in 2009 to €92bn in 2010.During the same period household final expenditureon goods and services fell from €81.8bn to €79.3bn.As a result the gross savings of households (B.8g)fell from €14.1bn in 2009 to €12.2bn in 2010.Expressed as a percentage of actual grossdisposable income the corresponding grosssavings ratio was 14.7 per cent in 2009 and 13.4 percent in 2010.

In the period 2002-2008 household actual grossdisposable income increased annually from €65bnin 2002 to €104bn in 2008 – an overall increase of60 per cent. Over the same period household finalexpenditure on goods and services (P.3) increased by 48 per cent – from €62bn to €92bn. The resultant savings ratioincreased by 6.4 percentage points from 4.7 per cent in 2002 to 11.1 per cent in 2008. The evolution of actual grossdisposable income, final expenditure on goods and services and the savings ratio is given for the household sector inFigure 1.

Household debt

The balance sheet position in relation to householddebt (Table 3 Liabilities – AF.4 Loans) declined from€198bn in 2009 to €185bn in 2010. However, asreported above the actual gross disposable incomeof households also fell during the same period –from €96bn to €92bn. The resulting household debtto income ratio, which measures the sustainabilityof household debt, decreased marginally from 206per cent in 2009 to 201 per cent in 2010.

The period 2002-2008 saw household debt almosttrebling from €72bn in 2002 to €203bn in 2008. Asalready remarked household actual grossdisposable income increased by 60 per cent from€65bn to €104bn during these same years. Theassociated debt to income ratio increased markedlyfrom 111 per cent in 2002 to 196 per cent in 2008.Figure 2 charts the movement in these series for theentire period 2002 to 2010.

6

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

-

20

40

60

80

100

120

2002 2003 2004 2005 2006 2007 2008 2009 2010

Ratio€billions

GDI PCE Savings Ratio

Figure 1 Trend in gross household savings

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

Ratio€billionsFigure 2 Household Debt to Income

Debt GDI Debt to Income Ratio

Use of household savings

It is of interest to examine the uses whichhouseholds have been making of their savings.These savings which peaked at €14.1bn in 2009have since fallen back to €12.2bn in 2010. Figure 3sheds some light on the situation. The line graph isthe trend in actual household gross savings whilethe bar chart illustrates transactions in investmentand borrowing by households1.

During the entire period there is a clear link betweentransactions in loans (Liabilities F.4) andtransactions in gross capital formation (GFCF) ofhouseholds (P.5). The transactions in loans relatepredominantly to borrowing to fund investment inproperty while the capital formation relates to theactual property investments.

During 2009 and 2010 households were no longerborrowing (in net terms) as investment in propertyfell to levels that could now be financed by the savings of this sector without having recourse to borrowing. In fact thegross capital formation of households fell from a high of €23bn in 2007 to €5bn in 2010. A major use of householdsavings in 2010 was the repayment of loans or deleveraging, amounting to almost €10bn. The use of householdsavings to fund transactions in assets e.g. deposits (Table 2 – Assets F.2) and insurance and pension investments(Table 2 – Assets F.6) is also apparent in the graph.

Non-Financial Corporations (S.11)

Profits share of non-financial corporations

The operating surplus (B.2g/B.3g) or profits ofnon-financial corporations (NFCs) increased from€35.2bn in 2009 to €37.8bn in 2010 (see SummaryTable). The other main component of value added(B.1g) is compensation of employees (D.1 Uses) orwages and salaries which declined from €37.3bn in2009 to €34.9bn in 2010. Therefore the improvedprofit share relates more to a decline in payroll costsfor these corporations rather than to an increase inoverall value added.

Over the period 2002 to 2007 the value added ofNFCs increased steadily from €69bn in 2002 to€92bn in 2007. However, the profit share declinedover these years due to larger increases incompensation of employees relative to gross value added. The single largest decline in profit share occurred in 2008when a fall in value added was exceeded by a greater fall in profits. In 2009 a positive trend emerged in the profit shareand continued into 2010.

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 inloans i.e. increases (+) or decreases (-) included in Figure 3

7

0%

10%

20%

30%

40%

50%

60%

70%

-

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007 2008 2009 2010

Ratio€billions

Gross Value Added Profits Profit Share

Figure 4 Profit share of non-financialcorporations

-40

-30

-20

-10

0

10

20

30

40

50

2002 2003 2004 2005 2006 2007 2008 2009 2010

€billions

GFCF Net Capital Transfers

Shares Deposits

Loans Insurance&Pensions

Gross Savings

Figure 3 Savings, Investment and net

lending/borrowing of households

Investment

Expressing gross fixed capital formation as apercentage of gross value added gives theinvestment rate. This is graphed for non-financialcorporations in Figure 5. Gross value added islargely unchanged between 2009 and 2010 whileinvestment fell from €7.5bn to €5.8bn in the sameperiod resulting in a fall in the investment ratebetween 2009 and 2010.

Gross value added increased from €69bn in 2002 toreach a high point of €92bn in 2007 before decliningto €84bn in 2008. Investment followed a similartrend with gross fixed capital formation increasinggradually until 2007. In the period since 2007 sharpannual declines have occurred. The ratio fell from ahigh of 19 per cent in 2006 to almost 8 per cent in2010. This decline in the investment rate isreflective of the more difficult trading environmentfacing these corporations since the economic crisisbegan in 2008.

Return on equity

The net return on equity is the ratio ofentrepreneurial income (B.4g) less taxes on incomeand wealth (D.5) as a proportion of total equityliabilities (Table 3 – Balance Sheets AF.5). Thevarious components are graphed in Figure 6.

High rates of return on equity investment wereexperienced by non-financial corporations in the2002 to 2007 period. However, a sharp declineoccurred from 2007 to 2009 reflecting the moredifficult trading conditions associated with theinternational economic crisis. Nevertheless the rateof return bottomed out at a relatively high level ofaround 10 per cent. This is largely explained by thehigh concentration of multi-national corporationswhich have continued to trade profitably since 2007.

Financial Sector (S.12)

The assets side of the balance sheet of financialcorporations increased from €3,376bn in 2009 to€3,601bn in 2010 i.e. an increase of 6.6 per cent.During the same period liabilities increased by 5.9per cent – from €3,403bn to €3,605bn. The netliabilities of financial corporations therefore fell from€27bn to €3.6bn between 2009 and 2010. Thisimprovement was mainly driven by a turnaround inthe net asset position of the other financialintermediaries sector (S.123+S.124) from netliabilities of €16.5bn in 2009 to net assets of €6.5bnin 2010. Figure 7 shows the evolution of the threemain components of the financial sector from 2006to 2010.

Significant changes have taken place in the balancesheets of financial corporations in the wake of theglobal financial crisis. This is particularly notable inrelation to monetary financial institutions (i.e. mainly banks). The assets and liabilities of the banking sector peaked in2008 at €1,864.5bn and €1,870.3bn, respectively. These have since declined to €1,701.4bn and €1,706.8bn.

On the other hand the other financial intermediaries sector has continued to grow both in terms of assets and liabilitiesthroughout the period under review. Assets increased from €1,065.8bn in 2006 to €1612.3bn in 2010 while liabilities

8

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007 2008 2009 2010

Ratio€billions

Gross Value Added GFCF Investment Rate

Figure 5 Investment rate of non-financialcorporations

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

50

100

150

200

250

300

350

400

2002 2003 2004 2005 2006 2007 2008 2009 2010

Ratio€billions

Entrepreneurial Income Financial Liabilities Return on Equity

Figure 6 Net return on equity fornon-financial corporations

0

500

1000

1500

2000

2500

3000

3500

4000

Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities

2006 2007 2008 2009 2010

€billions

S121 & S122 Monetary Financial Institutions

S123 & S124 Other Financial Intermediaries

S125 Insurance Corporations and Pension Funds

Figure 7 Assets and liabilities of financial corporations

increased from €1,029.4bn to €1,605.8bn over the same period. The resultant net asset position showed a declinefrom €36.4bn in 2006 to €6.5bn in 2010.

Some of the changes to the balance sheets of the financial sector, arising out of the financial crisis, are apparent in theaccounts but some are less evident due to offsetting shifts within the sector. The following outlines the effect on theaccounts of some significant events during 2010:

• NAMA issued debt securities: The National Asset Management Agency (NAMA) was established to purchaseland and development loans from participating credit institutions. By virtue of its legal structure it is treated as aSpecial Purpose Vehicle (SPV) and is therefore in the other financial intermediaries sector (S.123). Hence theissuing of debt securities, in return for loans that are transferred from these credit institutions, is included in thefinancial accounts as an increase in debt security assets (AF.33) of credit institutions (S.122) and an increase inliabilities of other financial intermediaries (S.123).

• Loans assets of credit institutions resident in Ireland: Loans assets of credit institutions to resident sectorsdecreased substantially due to the transfer of loan portfolios to NAMA, the writedown of loans to thenon-financial and household sectors and the overall downward trend in lending to resident sectors. However,offsetting this, was a substantial increase in loans to the rest of the world sector (S.2). Hence in 2010 the overallloan assets (AF.4) of credit institutions decreased by just 4.7% and 5.5% for the sector as a whole.

• Government transfers to credit institutions: Promissory notes were issued by the Irish government to injectcapital into credit institutions. These transfers appear in item D.99 Other capital transfers in the capital accountof the non-financial accounts while in the financial accounts they are included as a loan asset (AF.42) of creditinstitutions (S.122) and a loan liability of general government (S.13).

• Eurosystem monetary policy operations: Advances to Irish Banks, as part of the Eurosystem monetary policyoperations, increased in 2010. 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, the CentralBank deposit liability to the ECB increased.

General Government (S.13)

Government finances continued to deteriorate in2010 following the trend seen in the previous twoyears. Gross disposable income (B.6g) fell to€16.5bn – a drop of €2.9bn from its 2009 level. Thiswas mainly due to a decrease in tax revenues andan increase in interest payments. Governmentconsumption expenditure fell by €2.4bn during thesame period. As a consequence governmentsavings declined by €0.5bn.

The most significant year on year change was theincrease of €27.5bn in capital transfers paid bygovernment to financial corporations (S.12). As aresult the net borrowing of government increasedfrom €22.8bn in 2009 to €49.8bn in 2010.

Government debt2, expressed as a percentage ofGDP, which declined between 2002 and 2007, hassince risen sharply. This is shown in Figure 8.

The sharp increase in the debt/GDP ratio since 2007 is due to the combined effect of an increase in the numerator(Government debt) and a decline in the denominator (GDP) although the rate of decline in the latter is slowing.

2The stock of government debt, as defined for the purposes of the Excessive Deficit Procedure, is equal to the sum of liabilities of S.13 in the categories AF.2 (Currency& Deposits), AF.33 (Securities other than shares, excluding derivatives) and AF.4 (Loans) valued at book value as opposed to the market valuation used in thispublication.

9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

180

200

2002 2003 2004 2005 2006 2007 2008 2009 2010

Ratio€billions

Govt Debt GDP Debt/GDP

Figure 8 Government Debt/GDP ratio(at market prices)

Composition of government debt

The composition of general government debt, whichis shown in Figure 9, indicates that the growth inliabilities was dominated by a €31.8bn increase inloans. The significant change in loan liabilitiesduring 2010 relates almost entirely to thepromissory notes issued by government. Thesetransactions appear in Table 2 of the financialaccounts as a flow of €31.3bn under the categorylong-term loans (AF.42) as a liability of generalgovernment. In the non-financial accounts therecapitalisation of banks appears under the heading‘Other capital transfers’ (D.99) from S.13(government) to S.12 (financial corporations).

General government liabilities rose to €149.5bn in2010 from €120.9bn in 2009. This was largelyexplained by the issuance of promissory notes.

On the assets side of the government balance sheetdeposits (AF.2) fell from €28.6bn in 2009 to €21.6bnin 2010 – a drop of 24.5 per cent. These assetswere mainly used to finance the budget deficit.Total financial assets decreased during this periodby €4.3bn with the fall in the value of deposit assetsbeing partly offset by lesser increases in both AF.33(securities) and AF.5 (shares and other equity) of€1.5bn and €1.9bn, respectively.

In addition to these financial transactions in 2010,gross savings decreased by 3.9 per cent resulting ina deficit of €13bn for the year. As a consequence,overall net borrowing of government (B.9) increasedby €27bn to €49.8bn as shown in Figure 10.

Rest of the World Sector (S.2)

The trends in the rest of the world accounts havealready been commented on in the IIP and annualcurrent, capital and financial accounts of theBalance of Payments (BoP). The most notabletrend is in the current account balance. In thepresentation of the sector accounts it is important tonote that the rest of the world has the opposite signto that contained in the BoP statements. The sectoraccounts are compiled from the perspective of therest of the world i.e. a current account deficit in theBoP is a surplus from the rest of the world.

The current account deficit with the rest of the worldin 2010 should be matched in accounting terms by afinancial account surplus. However, the errors andomissions term in the statistics for the rest of theworld sector arises because of discrepanciesbetween the financial and current accounts. This isreported in the summary tables as the differencebetween B.9 and B.9F. This same discrepancy isalso reported for S.1 (i.e. the total domesticeconomy) with an opposite sign.

10

0

20

40

60

80

100

120

140

160

2002 2003 2004 2005 2006 2007 2008 2009 2010

€billions

AF.2 Deposits AF.33 Securities AF.4 Loans

Figure 9 Composition of general government debt

-60

-50

-40

-30

-20

-10

0

10

20

2002 2003 2004 2005 2006 2007 2008 2009 2010

€billions

Figure 10 Government savings and netlendings/borrowing

Savings Net Borrowing/Lending

-2

0

2

4

6

8

10

12

2002 2003 2004 2005 2006 2007 2008 2009 2010

€billions

Figure 11 Current Account Balance - Rest of theWorld Sector

Institutional Sector Accounts

Summary Table

2010

12

Su

mm

ary

Tab

le-

An

nu

alA

cc

ou

nts

by

Ins

titu

tio

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lS

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tor,

20

06

-2

01

0€

mil

lio

n

(a)

B.1

*gG

ross

dom

estic

pro

duct

2006

178,2

97

22,6

01

86,8

12

15,6

49

20,4

30

32,8

05

2007

189,9

33

22,0

36

92,1

09

17,3

16

22,2

68

36,2

03

2008

179,9

90

20,4

83

83,6

13

16,0

99

23,6

19

36,1

77

2009

160,5

96

16,6

25

73,5

57

17,1

36

22,6

84

30,5

92

2010

155,9

92

14,8

52

73,7

43

16,5

24

21,2

64

29,6

08

(b)

B.2

g/B

.3g

Gro

ss

opera

ting

surp

lus

/M

ixed

incom

e2006

82,9

45

33

46,9

84

10,0

42

3,1

59

22,7

27

2007

87,6

75

-970

49,1

76

11,0

42

3,3

35

25,0

92

2008

78,0

57

774

39,3

00

9,7

21

3,3

76

24,8

86

2009

70,4

13

1,0

15

35,2

26

10,8

54

3,0

98

20,2

19

2010

71,0

28

-184

37,7

63

10,5

48

3,0

43

19,8

59

(c)

D.1

_D

.4N

et

Prim

ary

Incom

e2006

73,3

90

-23196

-948

23,3

00

74,2

34

2007

76,9

52

-26982

-247

23,9

89

80,1

92

2008

77,9

28

-25479

-58

21,3

39

82,1

25

2009

63,1

84

-24169

-2,9

44

15,9

78

74,3

18

2010

58,2

70

-22862

-2,0

14

13,8

38

69,3

08

(d)

B.5

gG

ross

nationalin

com

e=

(b+

c)

2006

156,3

34

33

23,7

88

9,0

93

26,4

59

96,9

61

2007

164,6

26

-970

22,1

93

10,7

95

27,3

24

105,2

84

2008

155,9

85

774

13,8

21

9,6

63

24,7

15

107,0

11

2009

133,5

97

1,0

15

11,0

58

7,9

10

19,0

77

94,5

37

2010

129,2

99

-184

14,9

01

8,5

34

16,8

81

89,1

67

(e)

D.5

_D

.7N

et

Curr

ent

Tra

nsfe

rs2006

-1,8

16

-5,2

45

220

13,0

71

-9,8

61

2007

-2,2

00

-5,1

87

1,2

05

12,2

59

-10,4

77

2008

-2,4

65

-3,8

28

1,3

80

6,5

50

-6,5

67

2009

-2,5

66

-3,0

94

1,2

27

328

-1,0

28

2010

-2,3

16

-3,0

93

1,1

45

-384

15

(f)

B.6

gG

ross

dis

posable

incom

e=

(d+

e)

2006

154,5

19

33

18,5

43

9,3

13

39,5

29

87,0

99

2007

162,4

27

-970

17,0

06

12,0

01

39,5

83

94,8

07

2008

153,5

20

774

9,9

93

11,0

43

31,2

65

100,4

44

2009

131,0

30

1,0

15

7,9

64

9,1

37

19,4

05

93,5

09

2010

126,9

83

-184

11,8

08

9,6

79

16,4

97

89,1

82

(g)

P.3

+D

.8U

se

of

dis

posable

incom

e2006

-111,2

15

-2,7

87

-28,6

32

-79,7

97

2007

-122,4

01

-3,2

86

-31,7

54

-87,3

61

2008

-125,6

26

-3,1

26

-33,5

29

-88,9

72

2009

-113,7

17

-2,4

06

-31,9

39

-79,3

73

2010

-108,8

14

-2,3

40

-29,5

22

-76,9

52

(h)

B.8

gG

ross

savin

g=

(f+

g)

2006

43,3

04

33

18,5

43

6,5

27

10,8

98

7,3

03

2007

40,0

26

-970

17,0

06

8,7

15

7,8

30

7,4

45

2008

27,8

94

774

9,9

93

7,9

17

-2,2

64

11,4

72

2009

17,3

13

1,0

15

7,9

64

6,7

31

-12,5

33

14,1

36

2010

18,1

69

-184

11,8

08

7,3

39

-13,0

25

12,2

30

S.1

4+

S.1

5

Household

s

inclu

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NP

ISH

S.I

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S.1

1

Non-f

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corp

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S.1

2

Fin

ancia

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corp

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S.1

3

Genera

l

govern

ment

Key

Vari

ab

les

S.2

Rest

of

World

S.1

Tota

l

econom

y

13

Su

mm

ary

Tab

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20

06

-2

01

0€

mil

lio

n

(i)

Changes

inC

apitalA

ccounts

2006

-30,7

00

33

-9,9

72

-706

-2,8

72

-17,1

84

2007

-30,9

41

-970

-9,6

59

-764

-4,7

89

-14,7

59

2008

-19,5

19

774

-2,7

99

-492

-7,7

35

-9,2

67

2009

-5,9

78

1,0

15

-198

3,2

58

-7,4

72

-2,5

80

2010

-1,8

60

-184

1,6

51

31,0

57

-34,0

33

-351

(j)

K.1

Consum

ption

of

fixed

capital

2006

19,0

26

7,6

43

451

2,8

68

8,0

65

2007

19,4

91

8,3

82

513

3,0

22

7,5

74

2008

18,4

94

8,9

04

543

2,9

28

6,1

19

2009

17,2

88

8,9

14

588

2,7

88

4,9

98

2010

16,2

20

8,3

82

631

2,7

11

4,4

96

(k)

B.9

Net

lendin

g(+

)/

Net

borr

ow

ing

(-)

=(h

+i)

-j

2006

6,4

20

-6,4

23

67

928

5,3

70

5,1

58

-17,9

46

2007

10,4

07

-10,4

06

-1,9

40

-1,0

35

7,4

38

19

-14,8

88

2008

10,1

21

-10,1

19

1,5

49

-1,7

10

6,8

82

-12,9

26

-3,9

14

2009

5,9

49

-5,9

53

2,0

30

-1,1

48

9,4

01

-22,7

94

6,5

58

2010

-88

89

-367

5,0

77

37,7

64

-49,7

69

7,3

83

(l)

Tra

nsactions

infinancia

lassets

2006

373,7

94

560,9

53

43,4

63

499,5

60

5,0

73

12,8

58

2007

366,9

75

484,9

84

40,0

19

431,0

47

4,9

21

8,9

97

2008

167,2

08

315,4

13

59,8

60

225,9

27

20,6

19

9,0

08

2009

-29,4

33

23,8

32

26,7

17

-12,3

86

2,6

29

6,8

71

2010

25,4

95

124,9

60

11,2

38

118,4

44

-4,5

40

-181

(m)

Tra

nsactions

infinancia

llia

bili

ties

2006

369,0

24

565,7

24

38,4

25

498,6

03

-46

28,7

41

2007

354,9

25

497,0

35

37,6

61

429,5

49

4,8

76

24,9

48

2008

151,0

73

331,5

46

57,9

59

228,6

17

33,9

75

10,9

95

2009

-28,5

47

22,9

48

24,5

67

-24,9

65

25,3

43

-1,9

97

2010

13,1

06

137,3

49

9,0

88

94,0

42

44,0

91

-9,8

71

(n)

B.9

FN

et

financia

ltr

ansactions

2006

4,7

70

-4,7

71

5,0

38

956

5,1

19

-15,8

84

2007

12,0

50

-12,0

51

2,3

58

1,4

98

44

-15,9

52

2008

16,1

34

-16,1

33

1,9

01

-2,6

90

-13,3

57

-1,9

87

2009

-886

884

2,1

50

12,5

79

-22,7

14

8,8

68

2010

12,3

89

-12,3

89

2,1

49

24,4

02

-48,6

31

9,6

90

(o)

B.9

-B

.9F

Sta

tisticaldis

cre

pancy*

=(k

-n)

2006

1,6

49

-1,6

52

67

-4,1

10

4,4

14

40

-2,0

62

2007

-1,6

43

1,6

45

-1,9

40

-3,3

93

5,9

40

-25

1,0

64

2008

-6,0

14

6,0

14

1,5

49

-3,6

10

9,5

73

430

-1,9

28

2009

6,8

36

-6,8

37

2,0

30

-3,2

98

-3,1

79

-80

-2,3

10

2010

-12,4

77

12,4

77

-367

2,9

28

13,3

62

-1,1

38

-2,3

07

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

*T

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.

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


Non-Financial Tables

2010

16

P.1

Outp

ut

340,5

95

340,5

95

-184

222,1

06

29,6

55

30,8

04

58,2

14

28,6

05

9,5

40

13,1

30

148,3

63

199,6

38

199,6

38

P.2

Inte

rmedia

teconsum

ption

29,6

08

21,2

64

16,5

25

73,7

43

-184

140,9

56

B.1

gG

ross

valu

ead

ded

D.2

1-D

.31

Taxes

less

subsid

ies

on

pro

ducts

15,0

36

15,0

36

15,0

36

29,6

08

21,2

64

16,5

25

73,7

43

14,8

52

155,9

93

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

155,9

93

14,8

52

73,7

43

16,5

25

21,2

64

29,6

08

10,3

09

18,2

21

5,8

79

34,9

46

69,3

56

441

69,7

97

D.1

Com

pensation

ofem

plo

yees

15,7

74

15,7

74

15,7

74

D.2

1T

axes

on

pro

ducts

474

97

1,6

01

2,1

73

2,1

73

D.2

9O

ther

taxes

on

pro

duction

D.3

1S

ubsid

ies

on

pro

ducts

738

738

738

D.3

9O

ther

subsid

ies

on

pro

duction

1,6

01

1,6

01

567

00

1,0

34

19,8

59

3,0

43

10,5

48

37,7

63

-184

71,0

29

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

Tab

le1

-A

nn

ua

lA

cc

ou

nts

by

Ins

titu

tio

na

lS

ec

tor,

20

10

€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

2

Fin

an

cia

l

co

rpo

ratio

ns

S.1

1

No

n-f

ina

ncia

l

co

rpo

ratio

ns

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

17

B.2

g/B

.3g

Gro

ss

op

era

tin

gsu

rplu

s/

Mix

ed

inco

me

71,0

29

-184

37,7

63

10,5

48

3,0

43

19,8

59

D.1

Com

pensation

ofem

plo

yees

69,7

97

739

69,0

58

69,0

58

D.2

Taxes

on

pro

duction

and

import

s17,9

46

400

17,5

46

17,5

46

D.2

1T

axes

on

pro

ducts

15,7

74

400

15,3

74

15,3

74

D.2

9O

ther

taxes

on

pro

duction

2,1

73

02,1

73

2,1

73

845

845

1,4

93

2,3

38

D.3

Subsid

ies

559

559

178

738

D.3

1S

ubsid

ies

on

pro

ducts

286

286

1,3

16

1,6

01

D.3

9O

ther

subsid

ies

on

pro

duction

4,3

89

4,8

94

54,8

22

33,3

66

97,4

72

56,6

95

154,1

67

D.4

Pro

pert

yin

com

e154,1

67

84,1

85

69,9

82

10,5

04

52,8

08

2,0

31

4,6

39

4,2

38

4,8

94

29,2

04

712

39,0

49

39,4

24

78,4

73

D.4

1In

tere

st

78,4

73

30,2

36

48,2

37

441

45,6

97

750

1,3

49

00

15,3

10

18,0

44

33,3

54

6,6

98

40,0

52

D.4

2D

istr

ibute

din

com

eof

corp

ora

tions

40,0

53

30,5

04

9,5

48

1,3

28

5,2

75

1,2

81

1,6

65

00

6,6

38

14,6

10

21,2

48

10,5

72

31,8

20

D.4

3R

ein

veste

dearn

ings

on

direct

fore

ign

investm

ent

31,8

20

21,2

48

10,5

72

8,7

36

1,8

36

00

00

3,6

70

03,6

70

03,6

70

D.4

4P

ropert

yin

com

eattribute

dto

insura

nce

polic

yhold

ers

3,6

70

2,1

96

1,4

74

00

01,4

74

151

00

0151

151

D.4

5R

ent

151

151

00

0151

89,1

67

16,8

81

8,5

34

14,9

01

-184

129,2

99

B.5

gG

ross

nati

on

alin

co

me

B.2

gG

ross

op

era

tin

gsu

rplu

s37,7

63

10,5

48

29,2

04

712

D.4

1In

tere

st

441

45,6

97

D.4

2D

istr

ibute

din

com

eof

corp

ora

tions

1,3

28

5,2

75

D.4

3R

ein

veste

dearn

ings

on

direct

fore

ign

investm

ent

8,7

36

1,8

36

3,6

70

0D

.44

Pro

pert

yin

com

eattribute

dto

insura

nce

polic

yhold

ers

00

00

D.4

5R

ent

00

30,4

82

47,5

55

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

Tab

le1

-A

nn

ua

lA

cc

ou

nts

by

Ins

titu

tio

na

lS

ec

tor,

20

10

€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

2

Fin

an

cia

l

co

rpo

ratio

ns

S.1

1

No

n-f

ina

ncia

l

co

rpo

ratio

ns

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

B.5

gG

ross

nati

on

alin

co

me

129,2

99

-184

14,9

01

8,5

34

16,8

81

89,1

67

12,3

63

-11,1

83

2,8

32

16,3

78

105

16,4

83

D.5

Curr

entta

xes

on

incom

e,w

ealth,

etc

.16,4

83

74

16,4

09

16,4

09

15,7

47

15,7

47

015,7

47

D.6

1S

ocia

lcontr

ibutions

15,7

47

015,7

47

03,9

31

11,4

18

398

489

24,7

59

1,5

90

026,8

39

287

27,1

26

D.6

2S

ocia

lbenefits

oth

er

than

socia

ltr

ansfe

rsin

kin

d27,1

26

599

26,5

27

26,5

27

3,2

34

3,5

67

5,8

55

826

13,4

82

3,0

72

16,5

54

D.7

Oth

er

curr

enttr

ansfe

rs16,5

54

5,1

07

11,4

47

566

5,8

43

115

4,9

23

1,5

29

62

221

826

2,6

38

2,9

96

5,6

34

D.7

1N

etnon-life

insura

nce

pre

miu

ms

5,6

34

05,6

34

5,6

34

0

05,6

34

5,6

34

05,6

34

D.7

2N

on-life

insura

nce

cla

ims

5,6

34

2,9

96

2,6

38

566

208

17

1,8

47

529

529

85

614

D.7

4C

urr

entin

tern

ational

coopera

tion

614

529

85

85

1,7

06

2,9

75

00

4,6

81

-94,6

72

D.7

5M

iscella

neous

curr

ent

transfe

rs4,6

72

1,5

82

3,0

90

00

13

3,0

77

89,1

82

16,4

97

9,6

79

11,8

08

-184

126,9

83

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

Re

st

of

Wo

rld

(S.2

)

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

Tab

le1

-A

nn

ualA

cco

un

tsb

yIn

sti

tuti

on

alS

ecto

r,2010

€m

illi

on

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

S.1

+S

.2

Su

mo

ve

r

se

cto

rs

S.1

+S

.2

Su

mo

ve

r

se

cto

rs

S.I

N

No

t

se

cto

rize

d

S.1

To

tal

eco

no

my

19

B.6

gG

ross

dis

po

sab

lein

co

me

126,9

83

-184

11,8

08

9,6

79

16,4

97

89,1

82

79,2

92

29,5

22

108,8

14

P.3

Fin

alconsum

ption

expenditure

79,2

92

19,9

31

99,2

23

P.3

1In

div

idualconsum

ption

expenditure

9,5

91

9,5

91

P.3

2C

olle

ctive

consum

ption

expenditure

2,3

40

2,3

40

02,3

40

D.8

Adju

stm

entfo

rth

echange

innet

equity

ofhousehold

sin

pensio

n

funds

reserv

es

2,3

40

02,3

40

2,3

40

12,2

30

-13,0

25

7,3

39

11,8

08

-184

18,1

69

B.8

gG

ross

savin

g

157,6

73

P.6

Export

sofgoods

and

serv

ices

82,9

44

P.6

1E

xport

sofgoods

74,7

29

P.6

2E

xport

sofserv

ices

P.7

Import

sofgoods

and

serv

ices

127,9

01

P.7

1Im

port

sofgoods

46,4

49

P.7

2Im

port

sofserv

ices

81,4

52

-29,7

72

B.1

1

Exte

rnalb

ala

nce

of

go

od

s&

serv

ices

260,4

06

62,0

93

322,4

98

D.1

toD

.8

Prim

ary

incom

es

and

curr

ent

transfe

rs322,5

00

91,1

04

231,3

96

-761

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

Tab

le1

-A

nn

ualA

cco

un

tsb

yIn

sti

tuti

on

alS

ecto

r,2010

€m

illi

on

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.1

+S

.2

Su

mo

ve

r

se

cto

rs

S.2

Re

st

of

Wo

rld

S.I

N

No

t

se

cto

rize

d

S.1

To

tal

eco

no

my

Uses

Reso

urc

es

Re

st

of

Wo

rld

(S.2

)

S.1

+S

.2

Su

mo

ve

r

se

cto

rs

20

B.8

gG

ross

savin

g18,1

69

-184

11,8

08

7,3

39

-13,0

25

12,2

30

B.1

2C

urr

en

texte

rnalb

ala

nce

-761

928

33,0

89

578

623

35,2

17

82

35,2

99

D.9

Capitaltr

ansfe

rs35,2

99

66

35,2

33

333

31,5

75

2,1

63

1,1

62

237

00

237

0237

D.9

1C

apitalta

xes

237

0237

237

1,4

59

1,4

59

57

1,5

16

D.9

2In

vestm

entgra

nts

1,5

16

01,5

16

333

048

1,1

35

691

31,6

29

578

623

33,5

21

25

33,5

46

D.9

9O

ther

capitaltr

ansfe

rs33,5

46

66

33,4

80

031,5

75

1,8

78

27

4,4

96

2,7

11

631

8,3

82

16,2

20

16,2

20

K.1

Consum

ption

offixed

capital

7,9

69

-46,6

62

37,7

05

3,1

36

-184

1,9

64

-777

1,1

87

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

rs1,1

87

-777

1,9

64

-184

3,1

36

37,7

05

-46,6

62

7,9

69

5,0

81

5,8

18

572

5,7

52

184

17,4

06

17,4

06

P.5

Gro

ss

capitalfo

rmation

5,2

38

5,8

98

572

6,3

07

18,0

15

18,0

15

P.5

1G

ross

fixed

capitalfo

rmation

-161

-80

0-5

56

184

-614

-614

P.5

2C

hanges

inin

vento

ries

40

01

55

P.5

3A

cquis

itio

ns

less

dis

posals

of

valu

able

s

K.1

Consum

ption

offixed

capital

16,2

20

16,2

20

8,3

82

631

2,7

11

4,4

96

00

0689

689

-689

0K

.2

Acquis

itio

ns

less

dis

posals

of

non-p

roduced

non-f

inancia

l

assets

7,3

83

-49,7

69

37,7

65

5,0

77

-367

89

-88

1B

.9N

et

len

din

g(+

)/

net

bo

rro

win

g(-

)

1.9

AC

QU

ISIT

ION

OF

NO

N-F

INA

NC

IAL

AS

SE

TS

AC

CO

UN

T

Tab

le1

-A

nn

ua

lA

cc

ou

nts

by

Ins

titu

tio

na

lS

ec

tor,

20

10

€m

illi

on

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

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

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.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

Re

st

of

Wo

rld

(S.2

)

S.1

+S

.2

Su

mo

ve

r

se

cto

rs

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.1

+S

.2

Su

mo

ve

r

se

cto

rs

S.2

Re

st

of

Wo

rld


Financial Accounts Tables

22

Tab

le2

Fin

an

cia

lT

ran

sa

cti

on

sA

cc

ou

nt

20

06

-20

10

,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.1

2006

-99

09

90

00

0

2007

-44

04

40

00

0

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

F.2

2006

102,1

41

144,4

60

4,0

92

127,5

47

124,3

27

1,0

11

2,2

09

1,2

08

11,6

14

2007

124,6

39

78,3

99

10,1

34

61,0

96

46,9

29

12,5

29

1,6

37

714

6,4

56

2008

118,0

86

152,0

11

2,0

98

127,5

75

123,0

44

1,3

77

3,1

54

18,4

74

3,8

65

2009

-76,3

26

-25,9

09

-142

-32,6

72

-30,7

57

-876

-1,0

38

910

5,9

94

2010

-83,8

53

54,7

29

-9,8

63

72,3

58

65,9

40

7,0

65

-647

-7,0

06

-759

F.2

1C

urr

ency

2006

0767

70

97

97

00

0600

2007

01,3

87

-237

376

376

00

01,2

48

2008

0215

53

15

15

00

0147

2009

03,2

49

166

-372

-372

00

03,4

55

2010

056

2-6

2-6

20

00

116

F.2

22006

10,6

23

19,1

88

3,7

87

9,3

45

9,2

00

-139

284

06,0

56

2007

-1,6

92

44,3

62

3,7

89

36,6

82

29,2

35

6,9

18

529

03,8

91

2008

5,9

96

2,7

85

-1,8

46

7,3

99

7,8

65

-941

475

0-2

,767

2009

-5,7

27

-35,2

34

328

-36,3

24

-35,0

27

-1,0

63

-235

0763

2010

3,7

46

16,8

17

-2,0

05

19,7

70

18,0

56

1,8

30

-116

0-9

48

F.2

92006

91,5

18

124,5

05

235

118,1

04

115,0

30

1,1

50

1,9

25

1,2

08

4,9

57

2007

126,3

31

32,6

50

6,5

81

24,0

38

17,3

18

5,6

11

1,1

08

715

1,3

17

2008

112,0

90

149,0

11

3,8

91

120,1

61

115,1

64

2,3

18

2,6

79

18,4

74

6,4

85

2009

-70,5

99

6,0

75

-635

4,0

25

4,6

42

187

-804

910

1,7

76

2010

-87,5

99

37,8

56

-7,8

60

52,6

50

47,9

46

5,2

35

-531

-7,0

06

73

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

Oth

er

deposits

Tra

nsfe

rable

deposits

No

n-f

inan

cia

l

co

rpo

rati

on

s

Gen

era

lg

ovt.

Rest

of

the

wo

rld

Fin

an

cia

lA

ssets

Go

ldan

dS

DR

s

Cu

rre

nc

yan

dd

ep

os

its

23

Tab

le2

Fin

an

cia

lT

ran

sa

cti

on

sA

cc

ou

nt

20

06

-20

10

,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

2006

106,3

90

149,1

98

387

146,9

36

127,5

59

11,7

16

7,6

61

1,9

16

-42

2007

74,5

96

193,5

87

103

192,1

20

129,2

08

56,5

76

6,3

37

1,3

98

-34

2008

13,7

64

20,3

86

-746

21,2

47

12,2

55

8,7

80

212

-187

72

2009

-6,8

03

17,2

35

1,0

31

12,1

08

-33,4

58

42,0

75

3,4

90

3,9

90

107

2010

-34,9

68

-20,1

58

-1,0

81

-21,0

30

-104,0

34

79,3

36

3,6

68

2,0

35

-82

F.3

32006

102,3

38

136,0

25

417

133,6

09

115,9

02

10,1

68

7,5

39

2,0

00

-1

2007

66,9

96

152,7

96

85

151,4

00

90,1

93

54,5

69

6,6

38

1,3

11

0

2008

1,9

32

46,0

53

-969

47,1

21

47,0

34

126

-39

-139

39

2009

6,4

21

25,3

98

855

20,5

23

-15,9

97

33,0

28

3,4

93

3,9

24

95

2010

-34,6

01

-35,3

45

-841

-36,4

61

-106,2

21

65,8

80

3,8

79

1,9

09

49

F.3

31

2006

13,0

62

67,2

95

511

66,7

90

63,2

64

3,4

00

126

-70

2007

-18,8

61

30,7

22

-166

30,8

44

5,8

93

24,9

11

39

44

0

2008

-31,6

87

-11,4

69

-567

-10,8

66

-8,9

69

-2,3

75

478

-36

0

2009

14,3

51

28,3

78

754

27,7

81

29,3

77

-1,5

44

-52

-157

0

2010

-31,6

95

38,6

04

-559

39,1

49

28,3

77

10,1

34

638

14

0

F.3

32

2006

89,2

76

68,7

31

-94

66,8

18

52,6

37

6,7

68

7,4

13

2,0

07

-1

2007

85,8

57

122,0

74

251

120,5

56

84,3

00

29,6

58

6,5

98

1,2

67

0

2008

33,6

19

57,5

22

-401

57,9

87

56,0

03

2,5

01

-517

-103

39

2009

-7,9

30

-2,9

80

101

-7,2

58

-45,3

75

34,5

72

3,5

45

4,0

81

95

2010

-2,9

06

-73,9

49

-282

-75,6

11

-134,5

98

55,7

46

3,2

41

1,8

95

49

F.3

4D

erivatives

2006

4,0

52

13,1

72

-30

13,3

27

11,6

57

1,5

48

122

-84

-41

2007

7,6

00

40,7

91

17

40,7

20

39,0

15

2,0

07

-301

87

-34

2008

11,8

32

-25,6

67

223

-25,8

74

-34,7

79

8,6

54

250

-48

33

2009

-13,2

25

-8,1

63

176

-8,4

15

-17,4

60

9,0

48

-265

11

2010

-366

15,1

87

-240

15,4

31

2,1

87

13,4

55

-211

127

-131

S.1

2F

ina

nc

ial

Co

rpo

rati

on

s

Short

-term

securities

oth

er

than

share

s,

excl.

derivatives

Long-t

erm

securities

oth

er

than

share

s,

excl.

derivatives

Insti

tuti

on

al

secto

r(E

SA

95)

No

n-f

inan

cia

l

co

rpo

rati

on

s

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

Rest

of

the

wo

rld

S.1

Resid

en

t

Securities

oth

er

than

share

s

excl.

derivatives

Secu

riti

es

oth

er

than

sh

are

s

Fin

an

cia

lA

ssets

24

Tab

le2

Fin

an

cia

lT

ran

sa

cti

on

sA

cc

ou

nt

20

06

-20

10

,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.4

2006

-2,4

39

144,1

32

15,0

15

129,0

94

76,3

37

52,0

59

697

24

0

2007

46,3

43

133,1

87

2,2

35

129,8

48

82,0

50

48,2

89

-492

1,1

03

0

2008

21,2

01

138,4

51

35,6

55

101,8

44

15,7

11

85,2

33

900

952

0

2009

15,4

64

-20,3

69

15,3

01

-35,9

26

-46,0

74

10,1

39

10

256

0

2010

10,0

77

45,5

89

12,9

06

32,6

54

13,1

52

19,5

65

-63

29

0

F.4

12006

-4,1

32

24,7

16

-378

25,2

12

23,3

79

1,4

70

363

-117

0

2007

36,6

28

17,3

51

-2,3

49

19,6

99

27,1

16

-7,2

91

-125

00

2008

587

26,2

81

15,5

08

10,7

73

149

10,4

05

219

00

2009

7,5

07

18,7

00

6,1

30

12,5

70

-1,0

89

13,4

98

161

00

2010

12,1

45

-5,8

86

22,6

75

-28,5

62

-11,9

16

-16,4

22

-223

00

F.4

22006

1,6

94

119,4

16

15,3

93

103,8

82

52,9

58

50,5

89

334

141

0

2007

9,7

15

115,8

36

4,5

84

110,1

48

54,9

34

55,5

81

-366

1,1

03

0

2008

20,6

14

112,1

70

20,1

47

91,0

71

15,5

62

74,8

28

681

952

0

2009

7,9

57

-39,0

69

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F.5

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35

105,1

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21,8

23

84,8

77

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67,1

76

17,9

68

1,0

96

-2,6

86

2007

110,3

85

48,1

97

2,5

92

45,9

72

550

39,5

24

5,8

97

1,1

55

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22

2008

11,6

33

-3,8

82

15,0

08

-20,6

75

242

-10,2

02

-10,7

15

1,3

87

398

2009

25,1

00

39,0

84

11,0

39

30,4

11

-1,7

24

20,6

06

11,5

29

-2,4

41

76

2010

114,0

29

41,1

21

5,3

59

36,3

37

-1,6

16

30,3

49

7,6

04

1,3

04

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79

F.5

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7,4

86

88,4

19

21,8

23

68,3

05

177

64,2

47

3,8

81

976

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86

2007

12,5

42

33,8

99

2,5

92

32,4

74

-1,0

71

32,7

83

763

354

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22

2008

20,2

07

-17,9

92

15,0

08

-34,2

06

1,1

99

-26,8

90

-8,5

15

807

398

2009

10,0

76

25,7

64

11,0

39

17,1

02

-503

15,1

72

2,4

33

-2,4

53

76

2010

5,3

11

36,6

05

5,3

59

32,4

74

-1,1

98

32,5

18

1,1

53

651

-1,8

79

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11

2006

10,1

91

60,1

79

2,8

53

55,6

66

1,1

78

50,6

14

3,8

74

790

871

2007

-9,0

00

15,0

36

-9,8

96

25,6

86

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25,4

15

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414

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67

2008

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23

-28,1

13

220

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24

1,6

51

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66

-8,5

09

837

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45

2009

1,5

27

-3,3

45

23

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90

-1,9

91

-1,6

34

2,4

35

-2,4

27

250

2010

115

33,5

02

109

32,3

91

422

30,8

15

1,1

53

660

343

2006

-2,7

05

28,2

39

18,9

70

12,6

39

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01

13,6

34

7186

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56

2007

21,5

42

18,8

63

12,4

88

6,7

88

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7,3

68

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9-3

54

2008

22,1

31

10,1

20

14,7

89

-6,6

82

-451

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24

-6-2

92,0

43

2009

8,5

49

29,1

09

11,0

16

18,2

92

1,4

88

16,8

06

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74

2010

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96

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03

5,2

50

83

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20

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03

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2006

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48

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92

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2007

97,8

43

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97

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1,6

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42

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800

0

2008

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74

14,1

11

013,5

31

-957

16,6

87

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99

579

0

2009

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23

13,3

20

013,3

09

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21

5,4

34

9,0

96

12

0

2010

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2006

16,8

61

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17

361

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49

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49

03,7

08

2007

18,5

02

11,5

68

10

7,5

16

00

7,5

16

04,0

42

2008

-7,8

34

3,2

11

333

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00

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03,2

40

2009

12,6

15

5,4

19

-58

3,9

25

00

3,9

25

01,5

52

2010

4,1

49

673

-681

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76

00

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76

02,6

30

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12006

13,4

02

3,6

00

00

00

00

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00

2007

8,5

27

3,5

89

00

00

00

3,5

89

2008

-4,6

41

2,2

18

00

00

00

2,2

18

2009

11,1

51

2,9

71

00

00

00

2,9

71

2010

3,3

13

2,9

66

00

00

00

2,9

66

F.6

11

2006

13,4

02

5,2

47

00

00

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5,2

47

2007

8,5

27

2,5

62

00

00

00

2,5

62

2008

-4,6

41

1,8

98

00

00

00

1,8

98

2009

11,1

51

2,0

31

00

00

00

2,0

31

2010

3,3

13

2,0

66

00

00

00

2,0

66

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12

2006

0-1

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00

00

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48

2007

01,0

27

00

00

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27

2008

0321

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00

00

321

2009

0939

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939

2010

0900

00

00

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900

F.6

22006

3,4

59

5,8

18

361

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49

00

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0108

2007

9,9

75

7,9

78

10

7,5

16

00

7,5

16

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2008

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93

993

333

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00

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01,0

22

2009

1,4

64

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48

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3,9

25

00

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25

0-1

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F.7

2006

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16

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26

1,7

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49

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03

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264

2007

-7,4

86

20,0

43

24,9

46

-5,5

08

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94

299

551

55

2008

10,3

48

5,2

46

7,5

12

-3,6

92

-1,9

99

-281

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12

-81,4

34

2009

510

8,3

80

-454

9,7

77

2,1

55

8,1

50

-528

-85

-858

2010

16,0

20

3,0

46

4,5

98

-559

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10

1,5

21

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12006

3,9

14

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50

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10

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2007

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01

17,3

45

22,6

20

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92

0-6

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017

2008

9,8

82

-2,0

73

957

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55

0-1

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46

0-1

75

2009

-8,8

75

-1,2

94

-93

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04

0234

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37

02

2010

3,9

28

1,6

07

1,3

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76

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447

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2007

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98

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2008

466

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2009

9,3

84

9,6

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2010

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F.A

2006

373,7

94

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53

43,4

63

499,5

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327,6

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34,6

52

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2007

366,9

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40,0

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431,0

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258,6

29

151,2

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21,1

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97

2008

167,2

08

315,4

13

59,8

60

225,9

27

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43

84,9

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23

20,6

19

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2009

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33

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32

26,7

17

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86

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68

80,0

95

17,3

88

2,6

29

6,8

71

2010

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2006

55,8

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53

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2007

75,0

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127,9

96

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128,3

92

00

-396

0

2008

14,4

52

255,6

44

0254,4

75

254,4

75

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1,1

69

0

2009

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74

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62

0-8

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25

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25

00

1,4

64

0

2010

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48

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78

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F.2

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2006

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0

2007

11,3

87

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22

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65

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2008

0215

0171

171

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2009

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72

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2010

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2007

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82

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017,2

88

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88

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2008

7,5

08

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73

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73

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2009

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50

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50

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2010

17,2

69

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94

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2007

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2008

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254,1

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2009

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37

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47

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47

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2010

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17

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46

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46

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ns

ion

fun

ds

F.3

2006

147,1

39

108,4

48

-131

108,7

65

80,4

75

28,2

90

0-1

87

0

2007

156,0

54

112,1

30

996

107,3

88

61,2

34

46,1

54

03,7

45

0

2008

53,9

12

-19,7

64

-1,0

07

-48,9

24

-103,6

48

54,7

24

030,1

67

0

2009

-12,7

66

23,1

98

2,3

98

-3,3

74

-21,8

41

18,4

67

024,1

74

0

2010

-25,5

49

-29,5

78

801

-39,2

95

-41,6

03

2,3

08

08,9

16

0

F.3

32006

147,1

17

91,2

46

-113

91,6

08

62,5

22

29,0

85

0-2

49

0

2007

146,2

75

73,5

18

981

68,8

71

25,0

45

43,8

26

03,6

66

0

2008

40,8

46

7,1

37

-1,0

62

-21,9

43

-73,4

47

51,5

04

030,1

42

0

2009

-10,5

70

42,3

90

2,1

57

15,9

31

-2,0

43

17,9

74

024,3

02

0

2010

-44,1

21

-25,8

27

655

-35,3

79

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42

-4,5

37

08,8

97

0

F.3

31

2006

56,2

94

24,0

61

023,9

31

24,1

21

-190

0130

0

2007

33,6

02

-21,7

41

0-2

5,6

69

-20,5

87

-5,0

82

03,9

28

0

2008

-8,9

90

-34,1

68

0-5

3,6

54

-44,7

06

-8,9

48

019,4

87

0

2009

28,2

95

14,4

34

019,5

80

17,8

93

1,6

87

0-5

,145

0

2010

13,5

44

-6,6

35

02,8

42

-11,9

81

14,8

23

0-9

,476

0

F.3

32

2006

90,8

22

67,1

85

-114

67,6

77

38,4

01

29,2

76

0-3

79

0

2007

112,6

73

95,2

59

981

94,5

41

45,6

33

48,9

08

0-2

62

0

2008

49,8

36

41,3

05

-1,0

61

31,7

11

-28,7

41

60,4

52

010,6

56

0

2009

-38,8

65

27,9

56

2,1

57

-3,6

49

-19,9

36

16,2

87

029,4

47

0

2010

-57,6

64

-19,1

92

655

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21

-18,8

61

-19,3

60

018,3

74

0

F.3

4D

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2006

22

17,2

02

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17,1

57

17,9

53

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0

2007

9,7

79

38,6

11

16

38,5

17

36,1

89

2,3

28

079

0

2008

13,0

66

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01

55

-26,9

81

-30,2

01

3,2

20

025

0

2009

-2,1

96

-19,1

92

241

-19,3

05

-19,7

98

492

0-1

28

0

2010

18,5

72

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52

146

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16

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62

6,8

45

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F.4

2006

43,0

82

98,6

12

33,3

04

36,9

13

035,6

78

1,2

36

200

28,1

95

2007

84,4

97

95,0

33

14,1

12

55,4

18

055,4

87

-70

840

24,6

63

2008

76,3

89

83,2

64

66,1

20

6,7

12

07,4

01

-689

1,9

70

8,4

62

2009

-25,2

18

20,3

13

5,2

90

16,6

52

016,7

03

-51

99

-1,7

28

2010

19,5

35

36,1

31

1,6

58

12,5

95

012,6

39

-43

31,3

91

-9,5

13

F.4

12006

-6,0

24

26,6

08

6,5

86

16,4

08

016,3

43

64

141

3,4

73

2007

16,9

87

36,9

92

6,7

92

29,6

52

029,6

44

88

540

2008

25,0

98

1,7

70

10,1

81

-8,1

30

0-8

,029

-101

41

-321

2009

7,8

21

18,3

88

6,3

01

11,3

49

011,5

11

-163

240

499

2010

4,2

47

2,0

11

1,2

57

3,1

84

03,6

90

-506

97

-2,5

27

F.4

22006

49,1

06

72,0

04

26,7

18

20,5

06

019,3

35

1,1

71

59

24,7

22

2007

67,5

10

58,0

41

7,3

21

25,7

66

025,8

43

-78

832

24,1

23

2008

51,2

91

81,4

94

55,9

39

14,8

42

015,4

30

-588

1,9

29

8,7

83

2009

-33,0

38

1,9

25

-1,0

11

5,3

03

05,1

92

111

-141

-2,2

27

2010

15,2

88

34,1

20

401

9,4

11

08,9

49

463

31,2

94

-6,9

86

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F.5

2006

120,3

66

118,6

79

-12,9

36

131,6

14

60,7

11

69,2

35

1,6

67

20

2007

27,7

43

130,8

39

15,7

88

115,0

63

69,6

34

44,7

82

647

-12

0

2008

13,5

05

-5,7

53

-6,2

45

510

-3,1

19

2,8

07

822

-18

0

2009

13,9

37

50,2

46

11,6

14

38,6

13

4,0

38

33,6

31

944

19

0

2010

25,5

45

129,6

05

1,8

60

127,7

21

37,4

27

90,4

63

-168

24

0

F.5

12006

104,1

59

-8,2

54

-12,9

36

4,6

80

7,0

45

-4,0

32

1,6

67

20

2007

28,6

49

17,7

93

15,7

88

2,0

16

8,5

12

-7,1

42

647

-12

0

2008

8,3

93

-6,1

78

-6,2

45

86

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43

3,3

06

822

-18

0

2009

3,7

77

32,0

62

11,6

14

20,4

29

18,7

59

726

944

19

0

2010

26,3

93

15,5

23

1,8

60

13,6

40

2,6

36

11,1

72

-168

24

0

F.5

11

2006

65,8

66

4,5

04

3,3

55

1,1

49

1,1

49

00

00

2007

7,8

37

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00

1,0

30

-2,8

30

-2,8

30

00

00

2008

-25,4

31

-4,6

04

-2,8

03

-1,8

01

-1,8

01

00

00

2009

-3,8

69

2,0

52

2,1

46

-94

-94

00

00

2010

33,3

24

293

1,6

26

-1,3

33

-1,3

33

00

00

2006

38,2

93

-12,7

59

-16,2

92

3,5

31

5,8

96

-4,0

32

1,6

67

20

2007

20,8

12

19,5

93

14,7

59

4,8

46

11,3

42

-7,1

42

647

-12

0

2008

33,8

24

-1,5

73

-3,4

42

1,8

87

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42

3,3

06

822

-18

0

2009

7,6

46

30,0

11

9,4

68

20,5

23

18,8

53

726

944

19

0

2010

-6,9

31

15,2

30

233

14,9

73

3,9

69

11,1

72

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24

0

F.5

2M

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2006

16,2

07

126,9

34

0126,9

34

53,6

66

73,2

68

00

0

2007

-905

113,0

46

0113,0

46

61,1

22

51,9

24

00

0

2008

5,1

12

425

0425

924

-499

00

0

2009

10,1

60

18,1

84

018,1

84

-14,7

21

32,9

05

00

0

2010

-848

114,0

82

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82

34,7

91

79,2

90

00

0

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2006

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2008

1,5

59

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82

0-6

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2009

3,9

25

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2010

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76

6,0

98

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F.6

12006

017,0

02

017,0

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41

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2007

012,1

16

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16

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2008

0-2

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0-2

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00

2009

014,1

22

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21

00

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00

2010

06,2

79

06,2

79

00

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79

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F.6

11

2006

018,6

49

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49

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18,6

49

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2007

011,0

88

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00

11,0

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2008

0-2

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44

00

2009

013,1

82

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82

00

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82

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2010

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79

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12

2006

0-1

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41

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00

2007

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27

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27

00

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2008

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2009

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2010

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9,9

46

09,9

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2007

7,1

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08

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2008

1,5

59

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59

0-3

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00

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59

00

2009

3,9

25

-13

0-1

30

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30

0

2010

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76

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81

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00

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F.7

2006

3,2

12

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31

18,1

88

3,4

11

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3,6

58

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547

2007

4,4

42

8,1

14

6,7

64

365

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10

700

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2008

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43

24,3

37

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26

5,1

38

15,0

43

1,8

46

687

2,5

32

2009

9,0

48

-158

5,2

65

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40

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56

3,1

29

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2010

6,8

98

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70

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9,3

88

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357

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F.7

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6,6

20

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2007

4,6

91

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52

3,5

38

3,6

32

02,8

02

830

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18

2008

-559

8,3

67

1,0

83

7,2

01

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81

720

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2009

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46

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23

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47

-7,2

80

0-4

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12

0-2

95

2010

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36

6,0

09

521

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1,6

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13,6

70

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72

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2007

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1,0

62

3,2

25

-3,2

67

-817

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30

381

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2008

-8,1

85

15,9

70

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93

14,8

25

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38

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62

1,1

25

687

2,4

50

2009

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6,8

12

2,5

40

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56

7,5

96

1,3

00

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26

2010

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00

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32

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39

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79

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46

8,7

29

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-64

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2006

369,0

24

565,7

24

38,4

25

498,6

03

330,9

09

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61

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34

-46

28,7

41

2007

354,9

25

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37,6

61

429,5

49

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43

146,3

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24,7

11

4,8

76

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48

2008

151,0

73

331,5

46

57,9

59

228,6

17

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22

79,9

74

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79

33,9

75

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95

2009

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47

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48

24,5

67

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65

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84

71,9

30

13,4

89

25,3

43

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97

2010

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06

137,3

49

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00

114,7

97

5,7

44

44,0

91

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2006

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70

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71

5,0

38

956

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18

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84

2007

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50

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51

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98

185

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29

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17

44

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52

2008

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01

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90

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79

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33

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45

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57

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87

2009

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50

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79

516

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65

3,8

99

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14

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68

2010

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49

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02

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09

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39

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2008

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AF

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498,5

88

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76

42,0

24

469,9

56

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81

31,4

43

16,7

32

9,4

86

110,1

11

2007

580,3

49

702,6

86

54,0

75

521,7

36

461,8

49

41,9

97

17,8

89

10,1

68

116,7

08

2008

663,1

81

855,3

03

54,9

00

651,6

54

583,5

64

45,8

29

22,2

62

28,2

99

120,4

49

2009

599,4

24

835,3

58

57,1

44

622,9

06

555,8

12

44,9

14

22,1

80

28,5

88

126,7

21

2010

512,3

51

890,1

31

44,8

59

697,4

37

622,8

07

51,9

82

22,6

47

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82

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53

AF

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Curr

ency

2006

08,0

67

749

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71

1,2

71

00

06,0

48

2007

09,4

52

504

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52

1,6

52

00

07,2

96

2008

09,6

70

517

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11

1,7

11

00

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42

2009

012,9

07

678

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21

1,3

21

00

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08

2010

012,9

67

682

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49

1,2

49

00

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2006

23,1

03

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85

24,0

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45

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11

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33

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02

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25

2007

28,4

26

159,4

23

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21

81,5

45

58,4

14

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20

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57

2008

31,3

90

162,4

81

22,4

18

90,2

96

66,2

61

21,0

25

3,0

10

049,7

67

2009

34,0

13

125,3

55

21,5

99

53,1

02

30,1

09

20,0

34

2,9

60

050,6

54

2010

48,9

17

141,2

13

18,2

97

73,2

11

48,5

38

21,7

26

2,9

47

049,7

06

AF

.29

2006

475,4

85

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23

17,2

61

420,2

39

388,8

00

16,6

09

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30

9,4

86

55,4

38

2007

551,9

23

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11

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50

438,5

39

401,7

84

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78

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68

56,7

55

2008

631,7

91

683,1

51

31,9

65

559,6

47

515,5

92

24,8

05

19,2

51

28,2

99

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40

2009

565,4

11

697,0

96

34,8

67

568,4

83

524,3

82

24,8

80

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28,5

88

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59

2010

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34

735,9

51

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81

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77

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20

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56

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81

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71

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541

2007

615,6

17

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71

1,8

36

1,0

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726,3

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235,1

57

59,3

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484

2008

735,2

07

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95

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17

1,1

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49

747,9

41

306,7

82

59,5

26

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53

575

2009

699,2

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40

2,8

40

1,1

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48

705,3

23

357,8

50

63,6

75

9,2

22

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2010

646,6

62

1,1

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57

628,0

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461,5

45

67,4

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AF

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2006

508,9

31

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1,7

48

814,5

00

581,9

56

180,1

33

52,4

11

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81

134

2007

576,3

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933,3

89

1,7

80

926,4

96

643,8

31

224,1

33

58,5

32

5,0

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111

2008

680,8

04

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37,0

45

626

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31,3

30

690,2

20

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72

57,7

37

4,9

21

169

2009

660,9

50

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59

1,5

26

1,0

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09

670,6

03

344,3

24

62,0

82

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12

213

2010

609,0

31

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41

665

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88

596,8

21

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62

65,9

05

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214

AF

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2006

101,8

41

318,6

27

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04

317,2

82

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11

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341

0

2007

72,2

27

228,4

46

813

227,2

42

201,8

24

21,5

88

3,8

30

391

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2008

49,3

55

195,0

04

264

194,3

86

172,4

65

17,5

21

4,4

00

354

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2009

56,6

02

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52

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219,6

45

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13

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3,9

22

197

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2010

24,5

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301,0

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404

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05

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52

211

0

AF

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2006

407,0

90

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744

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19

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45

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57

49,7

16

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40

134

2007

504,0

83

704,9

43

967

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54

442,0

07

202,5

45

54,7

02

4,6

12

111

2008

631,4

50

842,0

42

362

836,9

44

517,7

55

265,8

51

53,3

37

4,5

67

169

2009

604,3

48

866,7

08

516

857,3

64

476,3

90

322,8

14

58,1

60

8,6

15

213

2010

584,4

58

817,7

06

260

807,1

68

336,4

58

409,6

57

61,0

52

10,0

65

214

AF

.34

Derivatives

2006

44,1

28

61,8

78

33

61,5

52

49,3

14

11,3

38

900

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407

2007

39,3

07

95,1

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56

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00

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24

771

458

373

2008

54,4

03

84,2

49

592

82,9

19

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21

23,4

09

1,7

89

332

406

2009

38,2

58

51,9

81

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39

34,7

20

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26

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93

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2010

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31

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100,0

25

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08

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70

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5,8

82

0

2007

234,9

11

1,0

60,0

86

103,9

62

949,1

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492,5

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453,1

49

3,3

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6,9

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331,3

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1,2

34,3

68

153,5

10

1,0

72,9

02

501,7

81

566,6

07

4,5

14

7,9

57

0

2009

347,7

61

1,2

18,2

43

168,0

32

1,0

42,0

41

446,0

58

591,4

32

4,5

51

8,1

69

0

2010

399,1

05

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54,1

17

197,0

49

1,0

48,8

61

421,5

96

622,4

23

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AF

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2006

92,4

74

224,8

33

29,0

13

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20

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11

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20

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2007

99,4

37

245,5

70

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217,9

51

123,4

56

92,9

62

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00

2008

125,1

47

285,6

68

46,0

07

239,6

60

127,8

05

109,8

94

1,9

61

00

2009

137,5

17

294,7

42

51,8

13

242,9

29

117,1

02

123,7

82

2,0

45

00

2010

162,4

01

263,7

71

78,1

23

185,6

48

62,2

16

121,5

51

1,8

81

00

AF

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2006

67,6

61

767,2

82

71,0

12

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88

316,6

59

371,1

99

2,5

30

5,8

82

0

2007

135,4

74

814,5

17

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43

731,1

79

369,1

33

360,1

87

1,8

59

6,9

95

0

2008

206,2

10

948,7

01

107,5

03

833,2

41

373,9

76

456,7

13

2,5

52

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57

0

2009

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44

923,5

01

116,2

19

799,1

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328,9

56

467,6

50

2,5

06

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2010

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26

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2008

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597,2

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144,6

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380,4

38

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261,7

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99,2

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61

763,1

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204,7

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480,8

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94

2010

1,2

88,6

54

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36

249,3

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182,7

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294,5

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2009

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366,5

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104,8

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2007

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2009

68,7

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97

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AF

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2006

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2009

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2009

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64

793,3

92

10,3

09

695,0

71

166,1

53

528,9

18

088,0

12

0

AF

.33

2006

769,8

30

560,0

65

7,5

07

516,6

01

246,8

01

269,8

00

035,9

57

0

2007

900,9

72

608,7

27

6,1

49

563,6

43

257,9

85

305,6

58

038,9

36

0

2008

978,8

75

738,9

75

4,3

40

663,5

21

188,8

43

474,6

78

071,1

15

0

2009

972,7

75

775,7

34

6,5

19

674,1

96

184,9

45

489,2

51

095,0

19

0

2010

983,1

05

744,6

68

9,7

14

646,9

77

130,6

75

516,3

02

087,9

76

0

AF

.331

2006

298,1

17

122,3

53

0120,1

73

95,8

58

24,3

15

02,1

80

0

2007

218,8

83

81,7

91

075,7

01

54,0

87

21,6

14

06,0

90

0

2008

200,3

09

44,0

50

017,7

49

8,4

45

9,3

04

026,3

01

0

2009

212,7

55

64,6

98

044,0

10

35,4

31

8,5

79

020,6

88

0

2010

258,8

93

66,7

15

055,6

21

17,5

28

38,0

93

011,0

95

0

AF

.332

2006

471,7

13

437,7

13

7,5

07

396,4

28

150,9

43

245,4

85

033,7

78

0

2007

682,0

89

526,9

37

6,1

49

487,9

42

203,8

98

284,0

44

032,8

47

0

2008

778,5

67

694,9

25

4,3

40

645,7

72

180,3

98

465,3

74

044,8

13

0

2009

760,0

19

711,0

36

6,5

18

630,1

86

149,5

14

480,6

72

074,3

32

0

2010

724,2

12

677,9

52

9,7

14

591,3

57

113,1

47

478,2

10

076,8

81

0

AF

.34

2006

48,5

89

57,4

17

557,3

72

54,7

77

2,5

95

040

0

2007

41,0

11

93,4

78

22

93,3

37

90,9

70

2,3

67

0119

0

2008

69,8

45

68,8

07

69

68,5

94

60,5

93

8,0

01

0144

0

2009

40,1

99

50,0

40

322

49,7

02

40,8

39

8,8

63

016

0

2010

40,2

59

48,7

24

595

48,0

94

35,4

78

12,6

16

035

0

Rest

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wo

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S.1

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5

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22

S.1

23

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.42006

525,8

66

626,3

85

190,1

47

262,7

21

0259,8

73

2,8

48

5,1

80

168,3

37

2007

599,3

41

695,6

57

207,6

47

288,8

39

0285,6

00

3,2

39

6,0

12

193,1

59

2008

704,1

04

861,6

21

304,2

18

347,4

52

0344,4

96

2,9

56

7,3

82

202,5

70

2009

683,7

85

882,2

18

329,9

54

346,6

97

0343,7

56

2,9

42

7,5

84

197,9

83

2010

731,5

75

921,6

47

336,6

93

360,0

89

0356,8

28

3,2

62

39,4

10

185,4

55

AF

.41

2006

113,9

58

203,3

49

54,4

82

135,5

36

0134,7

54

782

381

12,9

50

2007

120,9

31

224,0

77

72,8

43

137,3

55

0136,4

07

948

390

13,4

90

2008

139,0

95

271,7

20

91,8

31

167,1

72

0166,3

34

839

460

12,2

58

2009

148,0

02

284,2

57

107,9

53

163,4

60

0162,7

28

732

711

12,1

33

2010

131,9

86

294,1

86

103,5

77

181,5

20

0181,1

38

382

776

8,3

13

AF

.42

2006

411,9

08

423,0

36

135,6

65

127,1

85

0125,1

19

2,0

66

4,7

99

155,3

86

2007

478,4

10

471,5

80

134,8

05

151,4

84

0149,1

94

2,2

91

5,6

22

179,6

69

2008

565,0

10

589,9

01

212,3

87

180,2

80

0178,1

62

2,1

18

6,9

22

190,3

12

2009

535,7

84

597,9

61

222,0

01

183,2

37

0181,0

28

2,2

10

6,8

72

185,8

50

2010

599,5

89

627,4

61

233,1

15

178,5

70

0175,6

90

2,8

80

38,6

34

177,1

42

Rest

of

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wo

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Lo

an

s

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bil

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s

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AF

.52006

565,1

55

1,0

63,2

64

181,0

25

881,2

10

371,7

05

484,5

07

24,9

98

1,0

29

0

2007

572,2

27

1,1

33,6

00

195,6

08

936,7

89

414,4

04

498,6

00

23,7

85

1,2

03

0

2008

425,7

61

998,1

47

220,2

69

776,4

77

383,8

92

371,4

75

21,1

10

1,4

02

0

2009

581,1

66

1,2

27,8

61

306,7

50

919,5

12

385,8

11

509,4

82

24,2

19

1,5

99

0

2010

712,6

10

1,4

94,7

80

343,3

37

1,1

49,8

20

441,5

68

679,9

49

28,3

03

1,6

23

0

AF

.51

2006

505,1

88

387,1

09

181,0

25

205,0

55

97,5

49

82,5

08

24,9

98

1,0

29

0

2007

512,4

61

380,1

43

195,6

08

183,3

32

91,1

97

68,3

50

23,7

85

1,2

03

0

2008

365,5

72

375,3

43

220,2

69

153,6

72

66,9

74

65,5

89

21,1

10

1,4

02

0

2009

504,1

62

479,5

28

306,7

50

171,1

78

78,6

18

68,3

41

24,2

19

1,5

99

0

2010

624,8

21

533,1

83

343,3

37

188,2

23

84,0

73

75,8

47

28,3

03

1,6

23

0

AF

.511

2006

354,1

59

112,7

00

58,9

76

53,7

24

53,7

24

00

00

2007

354,8

23

92,6

52

56,9

98

35,6

54

35,6

54

00

00

2008

199,1

50

32,4

96

29,4

19

3,0

77

3,0

77

00

00

2009

264,9

13

45,4

81

41,6

44

3,8

36

3,8

36

00

00

2010

337,4

28

47,6

31

45,0

20

2,6

10

2,6

10

00

00

2006

151,0

29

274,4

09

122,0

49

151,3

31

43,8

25

82,5

08

24,9

98

1,0

29

0

2007

157,6

38

287,4

91

138,6

10

147,6

78

55,5

43

68,3

50

23,7

85

1,2

03

0

2008

166,4

22

342,8

47

190,8

50

150,5

95

63,8

97

65,5

89

21,1

10

1,4

02

0

2009

239,2

49

434,0

47

265,1

06

167,3

42

74,7

82

68,3

41

24,2

19

1,5

99

0

2010

287,3

93

485,5

53

298,3

17

185,6

13

81,4

63

75,8

47

28,3

03

1,6

23

0

AF

.52

Mutu

alfu

nds

2006

59,9

67

676,1

55

0676,1

55

274,1

56

401,9

99

00

0

2007

59,7

66

753,4

58

0753,4

58

323,2

07

430,2

51

00

0

2008

60,1

89

622,8

04

0622,8

04

316,9

18

305,8

86

00

0

2009

77,0

04

748,3

34

0748,3

34

307,1

93

441,1

41

00

0

2010

87,7

89

961,5

97

0961,5

97

357,4

95

604,1

02

00

0

Rest

of

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wo

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AF

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d

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44

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AF

.62006

27,2

81

223,3

67

0223,3

67

428

0222,9

39

00

2007

34,7

24

236,6

24

0236,6

24

428

0236,1

96

00

2008

38,0

56

207,9

85

0207,9

85

404

0207,5

81

00

2009

39,1

13

232,5

75

0232,5

74

00

232,5

74

00

2010

41,8

09

250,2

83

0250,2

82

00

250,2

82

00

AF

.61

2006

0179,8

64

0179,8

64

428

0179,4

35

00

2007

0181,9

14

0181,9

14

428

0181,4

86

00

2008

0154,9

89

0154,9

89

404

0154,5

85

00

2009

0185,0

50

0185,0

50

00

185,0

50

00

2010

0197,7

04

0197,7

04

00

197,7

04

00

AF

.611

2006

0105,9

87

0105,9

87

00

105,9

87

00

2007

0110,1

60

0110,1

60

00

110,1

60

00

2008

098,0

48

098,0

48

00

98,0

48

00

2009

0121,1

45

0121,1

45

00

121,1

45

00

2010

0130,4

09

0130,4

09

00

130,4

09

00

AF

.612

2006

073,8

77

073,8

77

428

073,4

48

00

2007

071,7

53

071,7

53

428

071,3

25

00

2008

056,9

41

056,9

41

404

056,5

37

00

2009

063,9

04

063,9

04

00

63,9

04

00

2010

067,2

95

067,2

95

00

67,2

95

00

AF

.62

2006

27,2

81

43,5

03

043,5

03

00

43,5

03

00

2007

34,7

24

54,7

11

054,7

11

00

54,7

11

00

2008

38,0

56

52,9

96

052,9

96

00

52,9

96

00

2009

39,1

13

47,5

25

047,5

25

00

47,5

25

00

2010

41,8

09

52,5

78

052,5

78

00

52,5

78

00

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66,6

12

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84

100,4

96

38,0

48

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40

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7,6

73

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25

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15

2007

64,5

54

149,4

44

102,4

80

34,9

62

16,8

57

9,3

36

8,7

68

6,1

25

5,8

77

2008

51,7

75

179,0

01

109,0

00

55,9

85

24,6

35

20,4

95

10,8

56

6,8

12

7,2

05

2009

70,7

25

191,1

22

117,1

63

58,9

22

18,9

88

30,1

55

9,7

79

6,4

00

8,6

38

2010

85,1

86

199,2

58

118,7

98

64,9

41

14,4

74

40,0

80

10,3

87

6,7

55

8,7

64

AF

.71

2006

49,9

78

75,7

48

64,7

91

10,5

42

04,3

86

6,1

56

0414

2007

44,3

88

77,9

57

65,1

97

12,3

14

05,0

67

7,2

47

0446

2008

41,7

89

96,6

25

76,8

53

19,2

55

011,2

91

7,9

64

0517

2009

48,0

07

94,0

78

79,3

88

12,6

59

07,1

46

5,5

12

02,0

31

2010

45,5

89

99,8

81

83,7

07

14,4

02

08,3

47

6,0

55

01,7

72

AF

.79

2006

16,6

33

71,9

36

35,7

05

27,5

06

17,7

40

8,2

49

1,5

17

5,4

25

3,3

01

2007

20,1

66

71,4

88

37,2

83

22,6

47

16,8

57

4,2

69

1,5

21

6,1

25

5,4

32

2008

9,9

86

82,3

77

32,1

47

36,7

30

24,6

35

9,2

04

2,8

91

6,8

12

6,6

88

2009

22,7

18

97,0

43

37,7

74

46,2

63

18,9

88

23,0

08

4,2

67

6,4

00

6,6

06

2010

39,5

96

99,3

77

35,0

90

50,5

40

14,4

74

31,7

34

4,3

32

6,7

55

6,9

92

AF

.LT

ota

lL

iab

ilit

ies

2006

2,2

70,9

82

3,5

40,6

97

479,1

80

2,8

33,7

60

1,5

45,8

91

1,0

29,4

10

258,4

59

55,7

05

172,0

52

2007

2,5

20,3

07

3,8

93,0

87

511,9

06

3,1

22,0

75

1,7

48,5

25

1,1

01,5

62

271,9

89

60,0

70

199,0

36

2008

2,5

66,1

21

4,2

75,3

14

637,8

95

3,3

31,9

45

1,8

70,2

97

1,2

19,1

44

242,5

03

95,7

00

209,7

74

2009

2,6

90,6

48

4,4

91,4

46

760,7

08

3,4

03,1

91

1,7

52,1

71

1,3

81,5

06

269,5

14

120,9

26

206,6

20

2010

2,8

98,7

22

4,7

57,6

63

809,1

36

3,6

04,7

96

1,7

06,7

86

1,6

05,7

75

292,2

35

149,5

11

194,2

19

BF

.90

Net

fin

an

cia

lassets

2006

19,0

04

-18,8

40

-130,9

46

-22,7

22

-51,1

78

36,3

93

-7,9

37

-4,0

20

138,8

48

2007

49,4

17

-49,2

29

-142,6

75

-17,0

06

-36,5

80

31,2

42

-11,6

68

-1,2

23

111,6

75

2008

150,8

48

-150,6

51

-163,1

97

-35,0

93

-5,7

70

-24,7

63

-4,5

61

-24,2

37

71,8

76

2009

180,3

02

-179,3

33

-206,0

01

-26,9

51

-6,2

16

-16,4

58

-4,2

77

-44,6

47

98,2

64

2010

157,8

42

-156,8

07

-192,7

69

-3,6

24

-5,4

06

6,4

99

-4,7

16

-77,5

68

117,1

53

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and

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SA

95)

To

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Appendix 1

Description of institutional sectors

48

Description of institutional sectors

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, theinstitutional units are grouped together into five mutually exclusive institutional sectors composed of the followingtypes of units: Non-Financial Corporations, Financial Corporations, General Government, Households and Non-ProfitInstitutions Serving Households. These five sectors together make up the total economy and each sector can bedivided into subsectors. Thus companies, whether engaged in commercial non-financial or financial business, aregrouped in a different sector from households, even though the latter are in many cases also engaged in commercialproduction, and from government 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 a commercialbasis. They include public limited companies, private companies and other corporate forms of business, whetherowned by residents (including the government) or non-residents or both. In particular, therefore, Irish subsidiaries offoreign companies and the Irish branches of foreign companies operating in Ireland on a branch basis are included;while the foreign subsidiaries of Irish companies and the foreign branches of Irish companies operating abroad areexcluded (they form part of the Rest of the World sector S.2). The business activities of self-employed persons(quasi-corporations) are in principle to be included here if separate accounts are available for statistical purposes.

S.12 Financial Corporations are corporate bodies producing financial services on a commercial basis. As with S.11,they can take various legal forms, with a range of ownership arrangements. In the financial transactions account andin 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 (includingreinsurers) and pension funds.

S.13 General Government consists of central and local government and the social security fund. Central governmentincludes the National Pension Reserve Fund, and non-commercial agencies owned and funded by government, butdoes not include commercial state-owned companies (which are proper to S.11 or S.12 as appropriate).

S.14 + S.15 Households (S.14) and Non-Profit Institutions Serving Households (S.15). S.14 consists of persons intheir 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. S.15 consists of non-profit institutions such as charitiesand non-commercial agencies not owned by the government, such as some schools and hospitals.

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 versa. 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 the netfinancial assets of the Total Economy (S.1) in the financial balance sheets table, although it differs purely as a result ofthe inclusion of a single item – “Liabilities related to the allocation of euro banknotes within the Eurosystem”, which isclearly identifiable in the balance sheet of the Central Bank.

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 1 and 5, theofficial estimate of GDP is reported as the average of the two measures, and the discrepancy is therefore displayed as

half 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.

1There is one exception. Holdings (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 ofS.2, which would otherwise be equal 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.

49

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. Theaccounts record economic transactions, distinguishing between uses and resources, (e.g. the resources side of thetransaction 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. By passingon 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 recorded asa resource, the Intermediate Consumption as a use. The balance of these two items for the individual sectors is B.1gGross 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 andSubsidies on Products). The balancing item of the Production Account for the Total Economy is B.1*g Gross DomesticProduct 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 (Consumption of Fixed Capital) and government (the Balance of Taxes andSubsidies on Production). The balancing item for the Household and NPISH sector in this account is called MixedIncome because, apart from Operating Surplus, it also contains compensation for work by self-employed persons andtheir family members. B.2g/B.3g Gross Operating Surplus / Gross Mixed Income is the balancing item for the entireaccount.

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 PropertyIncome 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 thisaccount for each sector is B.5g Gross National Income; the Primary Income for the Total Economy is the NationalIncome.

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 twosectors. B.4g Entrepreneurial Income presents a more comprehensive measure of corporate profitability.

1See Appendix 3 for a comprehensive explanation of FISIM

52

1.5 Secondary Distribution of Income Account

The Secondary Distribution of Income Account shows how Primary Income is redistributed by means of Current Taxeson Income and Wealth, Social Contributions (including contributions to pension schemes), Social Benefits (includingpension 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 passed on to 1.6 Use ofDisposable Income Account. For the other sectors the Disposable Income is generally equal to Savings This is thenpassed 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 Savings 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 Savings 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. Thebalancing item is B.8g Gross Savings.

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 thisaccount includes Imports of Goods and Services together with Primary Incomes and Transfers payable. Thebalancing item is B.12 Current Account 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 Savings and the Current ExternalBalance. The resulting balancing item is B.10.1 Changes in Net Worth due to Savings 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 goodscaused by consumption of fixed capital goods is recorded among the resources. The balancing item is B.9 NetLending (+) 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 1 Financial Transactions Account

This account shows the transactions in assets and liabilities of each sector broken down by type of financialinstrument. In the context of the preceding Non-Financial Accounts, the amount a sector can either lend/invest or hasto borrow (see balancing item B.9) can be tracked in the Financial Transactions Account. For example, a sector whichhas a negative B.9 is a net borrower and such borrowings may be financed by reducing financial assets or increasingliabilities, or by some combination of both. Similarly, a sector with a positive B.9, a net lender, may decide to increasefinancial 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 - namely sector S12Financial Corporations.

Table 2 Financial balance sheet

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.

53

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 these servicesis set as the difference between contributions and benefits. In the case of pension funds and life insurancecompanies, 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 Productionpaid by Government itself.

Intermediate Consumption (purchasers’ prices)

Intermediate Consumption includes all goods and services used up in the production process in the accounting period,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).

56

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 price

changes, 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 orvolume of products domestically produced or transacted. These are mainly wage subsidies.

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.

1For the agricultural sector the figure is based on the perpetual inventory method, carried forward using data on capital formation, and covers machinery, vehicles andequipment and farm buildings. In the case of business concerns included in the other sectors, Consumption of Fixed Capital is based on the estimates derived from theCSO’s Capital Stock of fixed assets. For central and local Government an estimate of the depreciation on Government buildings is included. An estimate of thedepreciation on dwellings is also included.

57

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 claim orliability has been in place. Actual interest payments are corrected for imputed bank services. There is a shift from theactual 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.

FISIM

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 the

difference 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.

Rent

Rents on land refers to the rent received by a landowner from a tenant and does not include the rentals of buildings andof dwellings situated on it.

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 ofthe World.

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.

58

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 recorded twice. Firstlythey are recorded as employers’ social contributions (part of the compensation of employees). Secondly theyare 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.

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.

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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 itsDisposable 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 CapitalFormation by 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.

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

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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 servicesby individuals. The difference between these concepts lies in the treatment of certain goods and services financed bythe Government, or NPISH, but supplied to Households as Social Transfers in Kind. By convention, all FinalConsumption Expenditure by NPISH, Households, and most of the Final Consumption Expenditure by theGovernment in the field of education, health, social security and welfare, sport and recreation and culture, are treatedas Individual Consumption. 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 Savings:

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.

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.

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 estimatedvalues of (unrecorded) retail exports of fuel to Northern Ireland and of unrecorded imports of goods for personal

consumption from Northern Ireland and elsewhere.

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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 the valueof direct and supplementary premiums earned, less the value of claims payable less increases in the actuarialelement 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 andImports, 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 othercurrent transfers.

Capital Transfers

Capital Transfers are payments for which no quid pro quo by the beneficiary is expected. They burden the wealth ofthe payer, or are meant to finance Fixed Capital Formation or other long-term expenditures of the receiver. CapitalTransfers can be classified into Investment Grants, Capital Taxes, Other Capital Transfers and Imputed CapitalTransfers.

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).

� 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)

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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 or usedin 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 progress atthe 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 transaction

is 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 landownerssuch as farmers to investors in dwellings and non-residential buildings. The valuation of sales and purchases of landis exclusive 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

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) and Special Drawing Rights(SDRs) (AF.12) together form part of the Official External Reserves held by the Central Bank and Financial ServicesAuthority of Ireland. In the Financial Accounts statistics they are recorded only on the assets side of the table, as theyare 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 (assets of theholders, liabilities of S.12 and S.13 respectively). It also includes: Transferable Deposits (AF.22), i.e. deposits that areimmediately convertible into currency or transferable without restriction; and All Other Deposits (AF.29). Both areassets of the holders, liabilities of the deposit-taking sectors - mainly S.12, but also S.2 and, in respect of governmentsmall savings schemes, S.13.

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).

AF.4 Loans. This category covers Short-Term Loans (AF.41), i.e. loans with an original maturity of up to one year orrepayable on demand, and Long-Term Loans (AF.42), i.e. loans with an original maturity of more than one year.

AF.5 Shares and Other Equity. This category includes Shares (AF.51), both Quoted (AF.511) and Unquoted(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)and Pension Fund Reserves (AF.612), together with Prepayments of Insurance Premiums and Reserves forOutstanding Claims (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.

Interpreting the balance sheets of sectors

The significant involvement of Irish companies, such as banks and other financial companies, in international financialtransactions (sector S.123 in particular) tends to result in those entities having very large foreign assets and liabilitiesrelative to other measures of the economy, such as GDP (This is in contrast to other economies which engage lessheavily in international financial transactions). In most cases the foreign liabilities of a given sector are, to a largeextent, offset by foreign assets, so that the net foreign position of that sector is not out of line with correspondingsectors in a similar economy.

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 to marketablesecurities (AF.3 and part of AF.5) on both the assets and liabilities sides. However, unquoted equity assets andliabilities (part of AF.5) are in general reported at book value. Foreign assets and liabilities are reported in general onthe same basis as in the CSO’s International Investment Position statistics. The liabilities under Insurance TechnicalReserves of life insurance companies and, especially, pension funds (and the corresponding assets of policy holdersand fund members) are estimated primarily from the values of the assets of the companies and the funds, and are not,in general, 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 means that the Net Financial Assetscan not be taken as an estimate of the net north of the sector. For the Household Sector, for example, the net north willclearly be much larger than the (positive) Net Financial Assets, as much of the wealth of households is invested inproperty and durable goods. This is also true, but to a proportionately lesser extent, for the corporate sectors,especially for the Non-Financial Corporate Sector. In general, for these sectors, the Net Financial Assets are typically

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negative, partly for this reason, but an additional factor must also be taken into account. The Net Financial Assets of acompany as reported in these results will be negative to the extent that the market value of its shares, if this is what isused in the account, exceeds the Net Asset Value as reported in its balance sheet. For the majority of indigenousnon-quoted companies the equity liability is captured essentially on the basis of their Net Asset Value as reported intheir balance sheet.

Consolidation

In general the results are given on a non-consolidated basis for both sectors and sub-sectors. In other words, a liabilityof a unit 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.

Data sources and compilation of the financial accounts statistics

Financial Accounts statistics are in general compiled by assembling and combining statistics drawn from other primarypublished and unpublished sources such as statistical surveys, administrative records of government agencies and ofrepresentative bodies, and academic or other research work. The main sources currently used are the CSO Balanceof Payments and International Investment Position statistics including the underlying surveys, and published CentralBank statistics, primarily banking and insurance. Other sources used include government administrative andstatistical records, including state-owned companies and accounts and accounts filed with the CompaniesRegistration Office and the 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 or onpreliminary allocation proportions. For many cells in the tables this process yields two estimates, one from each sidefor example, deposits of government with resident banks, reported as claims on banks in the government statistics andas liabilities to government in the banking statistics). Almost invariably the two estimates differ to some extent,because of differences in such factors as coverage, valuation and timing. Furthermore, for many other cells, only asingle-sided estimate is available. This is the case in particular for the Household Sector, for which no direct or primarydata are available, and which must be compiled entirely on the basis of counterpart data and estimations.

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 and conventions.A key requirement is that the sum of all holdings by residents and non-residents of financial assets of a given classshould be equal to the sum of all liabilities of that class (also by residents and non-residents). In this operation, priorityis given to retaining, as far as possible, consistency with other well-based statistics such as official banking andInternational Investment Position and Balance of Payments statistics, and government financial statistics. Some ofthe imbalances that come to the surface inevitably therefore get allocated by default to sectors or instruments forwhich the primary statistics are less well based. These tend to be S.123 (Other Financial Intermediaries), due to itsrelatively large size and to a lesser extent, S.11 (Non-Financial Corporations).

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