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ESTAT/A/1 04/18/23 18:15 Slide: 1ESTAT/A/1 04/18/23 18:15 Slide: 1
European Commission - Eurostat
Leonidas AkritidisUnit C1: National Accounts
Calculating sector allocation of FISIM
Results from the questionnaires
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 2ESTAT/ 04/18/23 18:15 Slide: 2
Overview
• Introduction
• Description of the results
• Data availability
• Calculation of internal and external reference rates
• Sector allocation to user sector, export and import
• Breakdown of HH sector
• FISIM allocation among industries
• FISIM at constant prices
• Conclusions
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 3ESTAT/ 04/18/23 18:15 Slide: 3
The questionnaire
• After a pilot test, MSs reached agreement on the methods to measure and allocate FISIM, and these were legislated for in Commission Regulation 1889/2002
• In May 2004, Eurostat sent a questionnaire to each of the 25 MSs to check on
• Methodologies used to calculate sector allocation of FISIM
• Degree of readiness to implement it from 1 January 2005 - as required by the Regulation
• The questionnaire asked for descriptions of sources and methods used in calculating sector allocation of FISIM - by all elements listed in the FISIM regulation
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 4ESTAT/ 04/18/23 18:15 Slide: 4
For most MSs, S.122 data was more reliable than S.123 data
Data on S.123 were not available in BE FI PL, and whereas in LU interest data were adjusted, for example:
• BE used Interbank data on loans and deposits only between S.122
• FI assumed the interest flows on S.123 to be the same as of S.122
• LU calculated data on Interbank interests by applying interest rates on stocks of loans and deposits between S.122 and S.123 - adjusting them by data from the profit & loss accounts of S.122
Data availability - Interbank
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 5ESTAT/ 04/18/23 18:15 Slide: 5
S.122
In most MSs, data on stocks of loans and deposits came from direct sources- with breakdowns onto user sector (S.11 S.124 S.125 S.13 S.14 S.15) and exports (S.2)
S.123
In most MSs, data sources of S.123 were less reliable than S.122
The importance of this sector in producing FISIM was minor
Some countries assumed that S.123 does not produce FISIM
Data availability - Stocks
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 6ESTAT/ 04/18/23 18:15 Slide: 6
Information on interest flows was less detailed than on stocks.
• Some MSs had direct sources of interest flows of loans and deposits by required institutional units
• CZ and PL
• In some MSs, the breakdown of interest flows among sector was calculated, by applying interest rates obtained from various studies
• BE and LU
• In ES and HU, data were available from direct source - but estimates were needed in some cases.
Data availability - Interest
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 7ESTAT/ 04/18/23 18:15 Slide: 7
It was more difficult to get data sources for calculating import of FISIM than for calculating export of FISIM
• This led the MSs to use less reliable estimates in calculating imports,
• In some MSs, data were available from BoP statistics, but in some MSs the BoP data had to be adjusted or supplemented to derive with the necessary breakdown by institutional units,
• All MSs said it was not currently possible to make further breakdowns of S.2 into Euro non-Euro extra-EU ,
• However, IT, LT, FR, HU, LU, PT and FI mentioned making necessary arrangements to provide the required breakdown.
Data availability - import of FISIM
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 8ESTAT/ 04/18/23 18:15 Slide: 8
Most of the MSs said they made proper calculation of the reference rates in accord with the regulation
The exceptions were:
• CZ CY AT - calculations in progress.
• SI - changes in the accounting standards
All MSs said it was not possible to make further breakdowns of External
Reference Rate onto Euro non-Euros extra EU
Reference rates
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 9ESTAT/ 04/18/23 18:15 Slide: 9
User sectors
Most MSs provided calculations of sector allocation of FISIM
Export and import
Most MSs provided calculations of export and import of FISIM- but some had data availability problems - mainly on import
Sector allocation of FISIM
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 10ESTAT/ 04/18/23 18:15 Slide: 10
• Necessary breakdown of the stocks and interest of HH sector
• Dwelling loans - intermediate consumption
• Loans and deposits to households as owners of unincorporated enterprises - intermediate consumption
• Other loans and deposits to households - final consumption
• Some MSs had problems with recording Dwellings Loans
Household sector Intermediate & final consumption
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 11ESTAT/ 04/18/23 18:15 Slide: 11
Eurostat proposed two methods of allocating FISIM among industries
• Method I - based on stocks of loans and deposits for each industry
• Method II - based on the output for each industry
Only 18 MSs gave information on which method they used
Method I was used by 3 MSs - CZ FI SE- information on stock and interests flows by industry is broadly available
Combination of Methods I and II was used by 5 MSs – BE DK DE EE AT - data for some industries is not available
Method II was used by 6 MSs – IT LT HU NL PL PT
3 MSs - ES UK LU used Method II, but based on GVA for each industry
1 MS - FR used combination of Method I and interests of Loans and deposits
Allocation of FISIM among industries
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 12ESTAT/ 04/18/23 18:15 Slide: 12
FISIM calculations at constant prices
• 12 MSs calculated FISIM at constant prices
• BE DK DE ES FR IT HU NL PT FI SE UK
• In 3 MSs calculations are in progress
• CY LU AT
Use of suitable price deflator varied between MSs – examples are
• BE PT FI SE – domestic final demand deflator
• UK – implied GDP deflator
• AT – CPI services deflator
FISIM at constant prices
European Commission - Eurostat
ESTAT/ 04/18/23 18:15 Slide: 13ESTAT/ 04/18/23 18:15 Slide: 13
Conclusions
Calculating sector allocation of FISIM requires further improvement of the statistical source data in order to enable:
• Direct measure of interest flows with breakdown by institutional units
• Better measures of exports and imports of FISIM.
Some countries had difficulties getting accurate information on breakdown of Households intermediate and final consumption - mainly difficulties with data on Households as owner of dwellings