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Financial Accounts: Practice for Turkey
National Seminar on Developing a Program for the
Implementation of the 2008 SNA and Supporting Statistics in Turkey
Ankara, 10th of September 2013
Burcu ÇAKMAK
Central Bank of Republic of Turkey
Statistics Department
2
CONTENT
• Overview
• Classifications
• Data Sources
• Current Situation
• Future Work
OVERVIEW
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TIMELINE FOR FA COMPILATION
OVERVIEW
• A technical working group for compilation of financial accounts in 2008.
• All stakeholder agencies are members
• Working on the compilation of general government and insurance companies’ financial accounts.
• No written protocol between agencies but OSP.
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5
OVERVIEW
SECTORS AND SUBSECTORSESA CODE
RESPONSIBLE AGENCY DATA SOURCE
Non-financial corporations S11 Turkstat, CBRT
Counterpart information from banking sector and company accounts statistics of CBRT
Central Bank S121 CBRT CBRT Accounting Records
Other monetary financial institutions S122 CBRT
BRSA Supervisory Package and Statistical Reporting Forms of the CBRT and CMB for mutual fund statistcs
Other financial intermediaries except insurance corporations and pension funds S123 CBRT
BRSA Reporting Package compiled from financial leasing, factoring and consumer finance companies
Financial Auxilaries S124 CBRT
Saving Deposit Insurance Fund, Capital Market Intermediary Institutions
Insurance corporations and pension fundsS125 UT UT Insurance Directorate
General Government S13 MOF, UT
MOF's detailed GFS and trial balance sheet data, UT's debt and receivable statistics
Households S14 CBRTCounterpart information from banking sector
Non-profit institutions serving householdsS15 CBRTCounterpart information from banking sector
Rest of the world S2 CBRT CBRT Balance of Payments Statistics
Division of Responsibilities under OSP:
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• IMF Manual on Monetary and Financial Statistics 2000
• European System of National Accounts (ESA 95)
• Institutional Sector List prepared by the CBRT
CLASSIFICATIONS
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Institutional Sectors: •General Government
- Central Government- Local Government- Social Security Institutions
• Non-Financial Corporations (private and public)• Financial Corporations
- CBRT- Banks - Insurance Companies and Pension Funds- Financial Intermediaries- Financial Auxiliaries
• Households and NPISHs• Rest of the World
CLASSIFICATIONS
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CLASSIFICATIONS
S121. Central BankS121. Central Bank
S122. Other MFIS122. Other MFI
S123. Other Fin. Interm.
S123. Other Fin. Interm.
S124. Finan. Auxiliaries
S124. Finan. Auxiliaries
S125. Insurance Comp. & Pensions
S125. Insurance Comp. & Pensions
S121. Central BankS121. Central Bank
S122. Other MFIS122. Other MFI
S123. Money Market FundsS123. Money Market Funds
CBT Classification:CBT Classification: SNA 2008:SNA 2008:
S125. Other Financial Intermediaries
S125. Other Financial Intermediaries
S124. NonMMF Inv. FundsS124. NonMMF Inv. Funds
S124. Finan. AuxiliariesS124. Finan. Auxiliaries
S128. Insurance CompaniesS128. Insurance Companies
S129. Pension FundsS129. Pension Funds
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DATA SOURCES
Monetary Financial Institutions:
•Banks’ Supervisory Reporting Package under Uniform Chart of Accounts of BRSA
•Statistical Reporting Forms of CBT
Central Bank:
•Detailed balance sheet accounts based on UFRS
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DATA SOURCES
Financial Intermediaries:
•Non-bank Financial Institutions’ Supervisory Reporting Package based on Uniform Chart of Accounts of BRSA
•Data on Investment Funds compiled from Capital Market Board
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DATA SOURCES
Financial Auxiliaries:
•Balance Sheet of Savings Deposit Insurance Fund
•Reporting Forms of dealer companies compiled by Capital Market Dealers’ Association
Insurance Companies and Pension Funds:
•Reporting Forms of insurance companies and pension funds compiled by Treasury
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DATA SOURCES
DATA SOURCES FOR FINANCIAL ACCOUNTS
Central Gov.
Local Govt.
Social Sec.Inst.
Monetary Fin.Inst.
Central Bank
Financial Interm.
Financial Auxiliar.
Insurance Comp. & Pension Funds
F1.Monetary Gold NA NA NA NA CBT NA NA NAF2. Currency MoF MoF MoF MBS CBT BRSA SDIF+CMDA TREF22. Deposits MoF MoF MoF MBS CBT BRSA SDIF+CMDA MBSF3. Securities MoF MoF MoF MBS CBT BRSA SDIF+CMDA TREF4. Loans MoF MoF MoF MBS CBT BRSA NA NAF5. Shares MoF MoF MoF MBS CBT BRSA SDIF+CMDA TREF6. Insurance Technical Reserves NA NA NA MBS CBT BRSA NA NAF7. Other A/P, A/R MoF MoF MoF MBS CBT BRSA SDIF+CMDA TRETOTAL MoF MoF MoF MBS CBT BRSA SDIF+CMDA TRE
Central Gov.
Local Govt.
Social Sec.Inst.
Monetary Fin.Inst.
Central Bank
Financial Interm.
Financial Auxiliar.
Insurance Comp. & Pension Funds
F1.Monetary Gold NA NA NA NA NA NA NA NAF2. Currency MoF NA NA NA CBT BRSA NA NAF22. Deposits NA NA NA MBS CBT BRSA NA TRE+ MBS
F3. SecuritiesMoF + TRE MoF NA MBS CBT BRSA NA TRE
F4. Loans MoF MoF MBS MBS CBT BRSA SDIF+CMDA TRE+ MBSF5. Shares NA NA NA MBS CBT BRSA SDIF+CMDA TREF6. Insurance Technical Reserves NA NA NA MBS NA BRSA NA TREF7. Other A/P, A/R MoF MoF MoF MBS CBT BRSA SDIF+CMDA TRETOTAL MoF MoF MoF MBS CBT BRSA SDIF+CMDA TRE
BRSA: Banking Regulation and Supervision AgencyCBT: Central Bank accounting recordsCMDA: Capital Market Dealers' AssociationMBS: Money and Banking Statistics of Central BankSDIF: Saving Deposit Insurance Fund
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DATA SOURCES
COVERAGE OF MFIs
Central Bank 1
Deposit Money Banks 31
Investment and Development Banks 13
Participation Banks 4
Money Market Funds 54
TOTAL 103
Source : CBRT
COVERAGE OF FINANCIAL INTERMEDIARIES
Financial Leasing Companies 31
Factoring Companies 74
Finance Companies 12
TOTAL 117
Source : BRSA
COVERAGE OF FINANCIAL AUXILIARIES
Savings Depoist Insurance Fund 1
Capital Market Dealer Companies 97
TOTAL 98
Source : CBRT
COVERAGE OF INSURANCE COMPANIES AND PENSION FUNDS
Insurance Companies 41
Reinsurance Companies 1
Pension Funds 17
TOTAL 59
Source : UT
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CURRENT SITUATIONCURRENT SITUATION
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CURRENT SITUATIONCURRENT SITUATION
• Non-consolidated Stock Tables for:
• Central Bank
• Other Monetary Financial Institutions
• Financial Intermediaries
• Financial Auxiliaries
• Insurance Companies and Pension Funds
• Central Government
• Local Government
• Non-consolidated Flows for:
• Central Bank
• Other Monetary Financial Institutions
• Consolidated Stock and Flow Tables for:
• Central Bank
• Other Monetary Financial Institutions
CURRENT SITUATIONCURRENT SITUATION
Steps for FA Compilation:
1.Identify accurate data sources
2.Convert into ESA codes
3.Derive stock data
4.Compile counterpart info
5.Consolidation
6.Derive flow data
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CURRENT SITUATIONCURRENT SITUATION
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Compilation Steps by Sectors
Financial Corporations
Non-
Financial
Corp.
Step 3
Households
Step 1
Non-
Profit
Inst.
Serving
HH
Step 1
Rest of
the
World
Step 1
General
Govern.
Step 4
Central
Bank
Step 6
Other
Monetary
Financial
Inst.
Step 6
Financial
Intermed.
Step 4
Financial
Auxiliaries
Step 4
Insurance
Companies
&
Pension
Funds
Step 4
CBRT is in charge. Data are available and regularly reported to OECD and Eurostat.
MoF and Treasury are in charge. Compilation studies are continuing.
CBRT (with Turkstat for Non-Financial Corporations) is in charge. Compilation studies are continuing.
CBRT is in charge. Compilation studies are continuing.
FUTURE WORK FUTURE WORK
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THANK YOU
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Financial Accounts: Practice for Turkey
National Seminar on Developing a Program for the
Implementation of the 2008 SNA and Supporting Statistics in Turkey
Ankara, 10th of September 2013
Central Bank of Republic of Turkey
Statistics Department
