2013-III - nbb.be · 1.1.3 Expenditure of the national product, estimates at current prices 20...

Quarterly

2013-III

Statistical bulletin

© National Bank of Belgium, Brussels All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISSN 1373-6868(print) ISSN 1780-7107(online)

Closing date 1 20130 October

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Table of contents

Quarterly financial statement of the National Bank of Belgium 9

Quarterly financial accounts: 2nd quarter 2013 11

Tables

1. National accounts1.1 Yearly national accounts 18

1.1.1 Gross value added by industry (A38), estimates at current prices 181.1.2 Gross value added by industry (A38), estimates in volume 191.1.3 Expenditure of the national product, estimates at current prices 201.1.4 Expenditure of the national product, estimates in volume 211.1.5 Distribution of the national product, estimates at current prices 22

1.2 Quarterly national accounts 231.2.1 Gross value added by industry, estimates at current prices 231.2.2 Gross value added by industry, estimates in chained 2010 euros 231.2.3 Main categories of expenditure, estimates at current prices 241.2.4 Main categories of expenditure, estimates in chained 2010 euros 251.2.5 Main categories of income, estimates at current prices 26

2. Business and consumer surveys2.1 Monthly business survey: national results 28

2.1.1 Overall synthetic curve and comment 282.1.2 Numerical value of the global synthetic curve and

underlying sectors 292.1.3 Manufacturing industry 312.1.4 Building industry 342.1.5 Business-related services 362.1.6 Trade 38

2.2 Monthly business surveys: regional results 402.2.1 Overall synthetic curve by region 40

2.3 Monthly consumer survey: national results 422.3.1 Consumer confidence indicator and comment 422.3.2 Consumer confidence indicator and components 43

2.4 Monthly consumer survey: regional results 452.4.1 Consumer confidence indicator by region 45

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2.5 Quarterly survey 462.5.1 Degree of utilisation of installed production capacity by sector:

national results 462.5.2 Degree of utilisation of installed production capacity by region 46

2.6 Bi-annual survey 472.6.1 Fixed capital investment in manufacturing industry 47

3. Employment, unemployment3.1 Labour market 503.2 Unemployment 51

4. Industry4.1 Industrial production (Nace Rev.2) 544.2 Manufactured production: Breakdown by industrial sector

(Nace Rev.2) 554.3 Energy 564.4 Building 574.5 Industrial production of the European Union 58

5. Services5.1 SNCB/NMBS activity 605.3 Payment systems and instruments 61

5.3.1 Payment systems between banks 615.3.5 Payment cards - Number of transactions by type of card 625.3.6 Payment cards - Amount of transactions by type of card 635.3.7 Payment cards - Number of cards and terminals 64

6. Incomes6.1 Incomes 66

7. Index prices7.1 Price indices for raw materials 687.2 Price indices for production and import and their components 697.3 Producer price indices - Total market 707.4 Consumer price in Belgium 71

8. Foreign trade of Belgium according to the national concept8.1 Belgian foreign trade according to the national concept:

monthly development 748.2 Belgian foreign trade according to the national concept:

cumulative development 758.3 Belgian foreign trade according to the national concept:

monthly indices 768.4 Belgian foreign trade according to the national concept:

percentage changes, cumulative data 778.5 Belgian foreign trade according to the national concept subdivided

into trading nation: monthly figures 788.6 Belgian foreign trade according to the national concept subdivided

into the divisions of the Harmonized System: monthly figures 80

9. Balance of payments9.1 Balance of payments of Belgium 82

9.1.1 Balance of payments of Belgium: synthetic presentation - net 829.1.2 Current account of Belgium: detailed presentation 849.1.3 Capital and financial account of Belgium: detailed presentation 102

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10. Exchange rate10.1 Reference exchange rates of the euro 10810.2 Exchange rate mechanism - II 111

10.2.1 Euro central rates and compulsory intervention rates 11110.2.2 Premium or discount compared with the euro 112

10.3 Nominal effective exchange rate 11310.4 Irrevocably fixed conversion rates to the euro 114

11. Public finances11.1 Overall balance of general government 11611.2 Receipts, expenditure and overall balance 117

11.2.1 Receipts, expenditure and overall balance of general government 11711.2.2 Receipts, expenditure and overall balance of federal government 11811.2.3 Receipts, expenditure and overall balance of communities and

regions 11911.2.4 Receipts, expenditure and overall balance of local government 12011.2.5 Receipts, expenditure and overall balance of social security funds 12111.2.6 Quarterly receipts, expenditure and overall balance of general

government 12211.2.7 Breakdown of the overall balance of communities and regions 123

11.3 Financial accounts and financial wealth accounts 12411.3.1 Consolidated financial account of general government (S.13) 12411.3.2 Consolidated financial balance sheet of general government (S.13) 12511.3.3 Consolidated financial balance sheet of federal government

(S.1311) 12611.3.4 Consolidated financial balance sheet of communities and regions

(S.1312) 12711.3.5 Consolidated financial balance sheet of local government (S.1313) 12811.3.6 Consolidated financial balance sheet of social security funds

(S.1314) 12911.4 Consolidated Gross Debt 130

11.4.1 Debt of general government 13011.4.2 Consolidated gross debt of general government per instrument 13111.4.3 Consolidated gross debt of general government: holders,

currencies, original and residual maturities 13311.4.4 Consolidated gross debt of general government:

consolidating elements 13411.4.5 Breakdown of consolidated gross debt of communities

and regions (S.1312) 13511.5 Official debt and net financial balance 136

11.5.1 Details of revenue collected by the Treasury 13611.5.2 Official debt and net balance to be financed of the Treasury 137

12. National financial accounts of Belgium12.1 Flow of funds by sector 14012.2 Claims and liabilities by sector 14212.3 Financial account 14412.4 Financial balance sheets 148

13. Monetary financial institutions13.1 Eurosystem 154

13.1.1 Consolidated weekly financial statement of the Eurosystem 15413.2 National Bank of Belgium 156

13.2.1 Monthly financial statement of the National Bank of Belgium 156

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13.2.2 Balance sheet of the National Bank of Belgium before distribution of profit (from 1999 onwards) 158

13.3 Credit institutions - social data 16013.3.1 Structure 16013.3.2 Balance sheets of the credit institutions as a whole,

data on corporate basis 16113.3.3 Off-balance-sheet items of credit institutions as a whole,

data on corporate basis 16313.3.4 Profit and loss account of credit institutions as a whole,

data on corporate basis 16513.4 Credit institutions, data on territorial basis 167

13.4.1 Credit institutions’ main balance sheet items 16713.4.2 Claims originally granted by credit institutions 16913.4.3 Deposits and other receivables held with credit institutions 175

13.5 Credit institutions, consolidated data 17913.5.1 Global activity by accounting category/portfolio 17913.5.2 Global activity by product 18413.5.3 Off-balance-sheet commitments 18513.5.4 Securities portfolio 18613.5.5 Loans and advances 18713.5.6 Funding structure 18813.5.7 Derivatives 18913.5.8 Income statement 19013.5.9 Country risks of external claims of the credit institutions

governed by Belgian law 19113.6 Monetary collective investment institutions 193

13.6.1 Number, net inventory value and net contributions 193

14. Other financial intermediaries and financial auxiliairies14.1 Collective investment undertakings 196

14.1.1 Developments of the collective investment undertakings operating in Belgium as a whole 196

14.1.2 Outstanding amount of financial assets and liabilities of non-monetary collective investment undertakings governed by Belgian law 197

14.1.3 Financial transactions of non-monetary collective investment undertakings governed by Belgian law 198

14.2 Management companies of UCI 19914.2.1 Balance sheet of management companies of UCI (as from early 2011) 19914.2.2 Profit and loss account of management companies of UCI

(as from early 2011) 20114.2.3 Movement in assets managed by management companies of UCI

(as from June 2012) 20214.2.4 Distribution of management companies of UCI (as from June 2012) 202

14.3 Investment firms 20314.3.1 Distribution of investment firms 20314.3.2 Balance sheet of stockbroking firms (as from early 2011) 20414.3.3 Profit and loss account of stockbroking firms (as from early 2011) 20614.3.4 Balance of financial instruments of stockbroking firms

(as from early 2008) 20814.3.5 Movement in assets managed by stockbroking firms (as from June 2012) 20814.3.6 Balance sheet of portfolio management and investment advice

companies (as from early 2011) 20914.3.7 Profit and loss account of portfolio management and investment

advice companies (as from early 2011) 211

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14.3.8 Movement in assets managed by portfolio management and investment advice companies 212

14.4 Financial vehicle corporations 21314.4.1 Outstanding amounts of assets and liabilities of

belgian financial vehicle corporations 21314.4.2 Financial transactions of assets and liabilities of

belgian financial vehicle corporations 214

15. Financial assets held by non-financial companies and households15.1 Monetary aggregates of the euro area 21615.2 Belgian contribution to the monetary aggregates of the eurozone 217

15.2.2 Belgian contribution to the monetary aggregates of the eurozone (from January 2002 onwards) 217

15.3 Formation of financial assets by individuals 21815.4 Financial assets held by individuals 21915.5 Formation of financial assets by non-financial corporations 22015.6 Financial assets held by non-financial corporations 221

16. Liabilities of households and non-financial companies16.1 Non-financial corporations 224

16.1.1 New financial liabilities of non-financial corporations 22416.1.2 Financial liabilities of non-financial corporations 22516.1.3 Credits registered at the Central Office for Credits to Companies 226

16.2 Households and individuals 23216.2.1 New financial liabilities of individuals 23216.2.2 Financial liabilities of individuals 23316.2.3 Consumer and mortgage credit according to the

Central individual credit register 23416.2.4 Results of the survey on the purpose of mortgage credits 23616.2.5 Results of the survey of the GDSEI on consumer credit 238

17. Capital market17.1 Fixed interest securities 240

17.1.1 Fixed interest securities of more than one year per creditor sector 24017.1.2 Fixed-interest securities of more than one year: breakdown by issuer

sector and by holder sector 24217.1.3 Fixed-interest securities of more than one year held by individuals 24417.1.4 Public call on primary market of fixed-income securities 24617.1.5 Public issues of bonds in national currency at over one year

by the public sector 24717.1.6 Outstanding amount of linear bonds 24917.1.7 Holdership of dematerialised linear bonds 250

17.2 Shares and other equity 25117.2.1 Issues of shares 25117.2.2 Public call on primary market of shares and other equity 25217.2.3 Stock exchange activity 253

18. Money market18.6 Issuing of three-month treasury certificates 25618.7 Issuing of six-month treasury certificates 25718.8 Issuing of twelve-month treasury certificates 25818.10 Transactions on the secondary market in dematerialised securities 25918.11 Holdership of dematerialised treasury certificates 260

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19. Interest rates19.1 Main interest rates of the monetary policy of the Eurosystem 26219.2 Reference interest rates on the secondary market for treasury certificates

issued by the Belgian Government 26319.3 Eonia and Euribor 26419.4 MFI interest rates (MIR) 265

19.4.1 Interest rates on new business in EUR 26519.4.2 Interest rates on outstanding amounts in EUR 267

19.5 Long-term yield rates on the Belgian secondary market for bonds issued by the Belgian public sector 268

19.6 Interest rates on three-month Euro-currency deposits 26919.7 Gross yield rates of 10 year Benchmark bond on the secondary market:

international comparison 27019.8 Official interest rates or intervention rates of foreign central banks 271

General remarks 273

Conventional signs 275

List of abbreviations 277

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Quarterly financial statement of the National Bank of Belgium as at 30 September 2013

1. Items not related to monetary policy operations

In the quarter ending 30 September 2013, the balance sheet position in foreign currency (asset items 2 and 3 minus liability items 6, 7 and 8) increased by € 627 million to € 8,821 million. The position in gold (asset item 1) increased by € 505 million to € 7,232 million, due to the quarterly revaluation.

The holdings by the Bank in euro (asset items 4, 6 and 7.2 minus liability item 3) decreased by € 875 million to € 14,266 million.

Banknotes in circulation (liability item 1) increased by € 308 million to € 29,372 million.

Liabilities to general government (liability item 4.1) remained unchanged.

The liability within the Eurosystem (liability item 9.3) decreased by € 474 million to € 11,693 million.

2. Items related to monetary policy operations

The Eurosystem’s net lending to its counterparties in the Belgian financial sector through open market operations (asset items 5.1 to 5.4 minus liability items 2.3 and 2.4) decreased by € 3,460 million to € 7,334 million.

Only the deposit facility (liability item 2.2) was used as at 30 September 2013.

The holdings by the Bank of securities held for monetary policy purposes (asset item 7.1) decreased by € 401 million to € 7,848 million.

3. Current accounts of the euro area financial sector

The current account position of counterparties with the Bank (liability item 2.1) decreased by € 2,254 million to € 7,156 million.

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4. Quarterly revaluation of balance sheet items

According to the harmonised accounting rules for the Eurosystem, gold, foreign exchange, security holdings (other than statutory investment, held-to-maturity portfolios and securities held for monetary purposes) and financial instruments are revalued at market rates and prices at the end of each quarter. The net impact of the revaluation as at 30 September 2013 on the balance sheet items is entered in the items «Other assets» (asset item 9), «Other liabilities» (liability item 10) and «Revaluation accounts» (liability item 11).

TABLE 1 FINANCIAL STATEMENT AS AT 30 SEpTEMBER 2013

Source: NBB

Situation at Situation at30-06-2013 30-09-2013 Differences

(in million euro) after reval. after reval. (in million euro)

A S S E T S A S S E T S

1 Gold and gold receivables 6.727 7.232 +505 1 Gold and gold receivables

2 Claims on non-euro area residents 2 Claims on non-euro area residents denominated in foreign currency denominated in foreign currency

2.1 Receivables from the IMF 7.552 7.405 -147 2.1 Receivables from the IMF 2.2 Balances with banks and security investments, external 6.218 5.999 -219 2.2 Balances with banks and security investments, external

loans and other external assets loans and other external assets

3 Claims on euro area residents denominated 291 330 +39 3 Claims on euro area residents denominated in foreign currency in foreign currency

4 Claims on non-euro area residents 646 788 +142 4 Claims on non-euro area residents denominated in euro denominated in euro

5 Lending to euro area credit institutions related 5 Lending to euro area credit institutions related to monetary policy operations to monetary policy operations

denominated in euro denominated in euro 5.1 Main refinancing operations 50 - -50 5.1 Main refinancing operations 5.2 Longer-term refinancing operations 14.485 14.395 -90 5.2 Longer-term refinancing operations 5.3 Fine-tuning reverse operations - - 5.3 Fine-tuning reverse operations 5.4 Structural reverse operations - - 5.4 Structural reverse operations 5.5 Marginal lending facility - - 5.5 Marginal lending facility 5.6 Credits related to margin calls - - 5.6 Credits related to margin calls

6 Other claims on euro area credit institutions 876 - -876 6 Other claims on euro area credit institutions denominated in euro denominated in euro

7 Securities of euro area residents 7 Securities of euro area residents denominated in euro denominated in euro

7.1 Securities held for monetary policy purposes 8.249 7.848 -401 7.1 Securities held for monetary policy purposes7.2 Other securities 13.619 13.478 -141 7.2 Other securities

8 Intra-Eurosystem claims 8 Intra-Eurosystem claims 8.1 participating interest in ECB 261 264 +3 8.1 participating interest in ECB 8.2 Claims equivalent to the transfer 1.397 1.401 +4 8.2 Claims equivalent to the transfer

of foreign reserves of foreign reserves 8.3 Net claims related to the allocation of euro 12.666 12.483 -183 8.3 Net claims related to the allocation of euro

banknotes within the Eurosystem (1) banknotes within the Eurosystem (1) 8.4 Other claims within the Eurosystem (net) - - - 8.4 Other claims within the Eurosystem (net)

9 Other assets 5.484 5.472 -12 9 Other assets

78.521 77.095 -1.426

L I A B I L I T I E S L I A B I L I T I E S

1 Banknotes in circulation (1) 29.064 29.372 +308 1 Banknotes in circulation (1)

2 Liabilities to euro area credit institutions related 2 Liabilities to euro area credit institutions related to monetary policy operations to monetary policy operations

denominated in euro denominated in euro 2.1 Current accounts (covering the minimum reserve system) 9.410 7.156 -2.254 2.1 Current accounts (covering the minimum reserve system) 2.2 Deposit facility 5.267 3.397 -1.870 2.2 Deposit facility 2.3 Fixed-term deposits 3.741 7.061 +3.320 2.3 Fixed-term deposits 2.4 Fine-tuning reverse operations - - 2.4 Fine-tuning reverse operations 2.5 Deposits related to margin calls - - 2.5 Deposits related to margin calls

3 Other liabilities to euro area credit institutions - - - 3 Other liabilities to euro area credit institutions denominated in euro denominated in euro

4 Liabilities to other euro area residents 4 Liabilities to other euro area residents denominated in euro denominated in euro

4.1 General government 139 139 - 4.1 General government 4.2 Other liabilities 599 283 -316 4.2 Other liabilities

5 Liabilities to non-euro area residents 181 270 +89 5 Liabilities to non-euro area residents denominated in euro denominated in euro

6 Liabilities to euro area residents denominated 466 - -466 6 Liabilities to euro area residents denominated in foreign currency in foreign currency

7 Liabilities to non-euro area residents denominated 427 - -427 7 Liabilities to non-euro area residents denominated in foreign currency in foreign currency

8 Counterpart of special drawing rights 4.974 4.913 -61 8 Counterpart of special drawing rights allocated by the IMF allocated by the IMF

9 Intra-Eurosystem liabilities 9 Intra-Eurosystem liabilities 9.1 Liabilities related to - - 9.1 Liabilities related to

the issuance of the issuance of ECB debt certificates ECB debt certificates

9.2 Net liabilities related to the allocation of euro - - 9.2 Net liabilities related to the allocation of euro banknotes within the Eurosystem (1) banknotes within the Eurosystem (1)

9.3 Other liabilities within the Eurosystem (net) 12.167 11.693 -474 9.3 Other liabilities within the Eurosystem (net)

10 Other liabilities 988 1.275 +287 10 Other liabilities

11 Revaluation accounts 6.794 7.232 +438 11 Revaluation accounts

12 Capital and reserves 4.304 4.304 - 12 Capital and reserves

78.521 77.095 -1.426

Quarterly financial accounts: 2nd quarter 2013

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Over the second quarter of the year 2013, the net financial wealth of individuals dropped by € 5.7 billion to reach € 829.2 billion by 30 June 2013, despite a € 3.5 billion rise in the balance of financial transactions. This contraction is attributable to the unfavourable movement in share prices as well as a rise in interest rates during this quarter. Net formation of financial assets by individuals masks a divergent trend between asset categories. Deposits, and to a certain extent insurance products too, continued to find favour among investors. Likewise, the IPO of "Bpost" in June seems to have steered households into buying on the stock market. Their interest in mutual funds shares, on the other hand, came to a standstill after rising for two consecutive quarters. Moreover, investors continued the downsizing of their fixed-interest securities holdings started in the first three months of 2012.

TABLE 1 CHANGE IN THE NET FINANCIAL WEALTH OF INDIVIDUALS IN THE 2nd QUARTER OF 2013 (Billions of euro)

Net financial wealth as at

31 March 2013

Financial

transactions in the 2nd quarter of

2013

Other flows1


30 June 2013

Financial assets 1050.3 4.8 -9.5 1045.6

Notes and coins 24.2 0.4 0.0 24.6

Sight and time deposits 86.2 3.4 -0.3 89.3

Regulated savings deposits 221.9 3.2 0.0 225.1

Fixed-interest securities 94.3 -3.3 -1.1 89.8

Shares and other equity 236.9 1.6 -5.7 232.8

Mutual funds shares 117.4 0.1 -1.6 116.0

Insurance products 259.4 1.2 -0.7 260.0

Miscellaneous2 9.9 -1.9 0.0 8.0

Financial liabilities 215.4 1.3 -0.3 216.4

Mortgage loans 174.2 0.3 -0.3 174.2

Other loans 37.1 0.6 0.0 37.7

Other accounts payable3 4.1 0.4 0.0 4.6

Net financial wealth 834.9 3.5 -9.2 829.2

Source: NBB 1. Other flows include price and exchange rate variations. They may also include selective elements such as the reclassification of operations with regard to other

sectors and/or instruments. 2. Mainly other accounts receivable within the meaning of the ESA 1995, notably including interest accrued but not due and general government assessments. 3. Mainly taxes due but not yet paid.

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Outstanding financial liabilities of individuals rose by € 1.0 billion. This increase can be explained by the rise in outstanding amounts of other types of credit (+€ 0.6 billion) and other accounts payable (+€ 0.4 billion). Rather unusually, outstanding mortgage loans remained stable over the period.

TABLE 2 CHANGE IN THE NET FINANCIAL WEALTH OF THE MAJOR ECONOMIC SECTORS IN THE 2nd QUARTER OF 20131

(Billions of euro)


31 March 2013

Financial

balances for the 2nd quarter of

2013

Other flows2


30 June 2013

Individuals 834.9 3.5 -9.2 829.2

Corporations3 -353.1 -3.1 37.3 -318.9

General government -316.7 2.6 -1.0 -315.0

Rest of the world -165.1 -2.9 -27.2 -195.3

Source: NBB 1 Excluding monetary gold and special drawing rights (SDR). 2 Other flows include price and exchange rate variations. They may also include selective elements such as the reclassification of units or operations from one sector

to another. 3 Financial and non-financial corporations.

The corporate financial transactions balance was € 3.1 billion in the red in the second quarter of 2013. The net financial wealth of corporations neverthelesss grew by € 34.2 billion. Price and exchange rate movements, which have not worked in favour of individuals because they affect their financial assets, actually had the opposite impact on corporations, since their liabilities are more affected by price effects than their financial assets. Corporations' financial liabilities consequently dropped from € 353.1 billion at the beginning of the quarter to € 318.9 billion by the end of June 2013. Reflecting the seasonal pattern of the general government account balance, this sector posted a financial surplus of € 2.6 billion. Its net financial liabilities came to € 315.0 billion at the end of the second quarter of 2013. Overall, the domestic sectors recorded a financial surplus of € 2.9 billion with the rest of the world. However, the increase in Belgium's net claim on the rest of the world, up by € 30.2 billion in total, mainly comes from price and exchange rate fluctuations.

Methodological change There has been a major change in methodology in comparison to the previous edition of the financial accounts. Non-financial corporations' claims on and debts with the rest of the world have been revised from 2008 onwards. They have been aligned on the new version of the IIP (International Investment Position) data which, in the case of these instruments, are largely based on the annual survey on direct investment. This has resulted in an increase in Belgium's net financial wealth vis-à-vis the rest of the world. It is mainly non-financial corporations' claims on the rest of the world that have been revised upwards, while their debt has only been modified very slightly.

Statistical data: Belgostat.online

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Methodological note The financial balance sheets provide a summary of the financial assets and liabilities of national institutional sectors (individuals, financial and non-financial corporations, general government). These assets and liabilities are broken down by financial instrument (currency and deposits, loans, fixed-interest securities, shares, mutual funds shares, insurance products). The net financial wealth of the different sectors is the result of the difference between the total of their respective financial assets and liabilities. When the net financial wealth of a sector is negative, the term net financial liabilities is used. Since each financial asset held by a sector corresponds to a financial liability for another sector, the result is that the total net financial wealth of the domestic sectors is equal to the net financial liabilities of the rest of the world in respect of Belgium or, and this amounts to the same thing, to Belgium’s net claim on the rest of the world. The change in net financial wealth between the beginning and the end of a quarter is the result, on the one hand, of financial transactions carried out in the course of the period, and on the other, of other flows consisting mainly of price and exchange rate variations.

Financial transactions are recorded in the financial accounts, which highlight the manner in which the different institutional sectors allocate their financial savings or find the financial resources which they need. In the European system of national accounts, the financial accounts are linked together with the non-financial accounts of the different institutional sectors. Thus, while the non-financial accounts show the financing positions from receipt and payment items, the financial accounts explain how the different sectors invest their surplus or finance their deficits. However, in practice, there are differences between real and financial balances associated mainly with the use of different sources.

http://www.nbb.be/belgostat/DataAccesLinker?Lang=E&Code=publfin

Tables

1. National accounts

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1.1 YEARLY NATIONAL ACCOUNTS1.1.1 GROSS VALUE ADDED BY INDUSTRY (A38), ESTIMATES AT CURRENT PRICES

(millions of euro)

2006 2007 2008 2009 2010 2011 2012

Agriculture, forestry and fishing (AA) 2,417.5 2,488.1 2,077.4 2,050.2 2,457.8 2,061.2 2,487.9Mining and quarrying (BB) 363.3 327.9 339.2 312.4 308.9 324.6 309.3Manufacture of food products, beverages and tobacco products (CA) 6,189.7 6,433.0 6,548.4 6,928.3 6,623.1 6,656.1 6,772.5Manufacture of textiles, wearing apparel and leather products (CB) 1,943.0 1,967.2 1,700.7 1,483.5 1,500.5 1,473.0 1,539.3Manufacture of wood and paper products, and printing (CC) 3,320.5 3,438.9 3,273.9 2,972.2 2,885.1 2,962.3 2,971.2Manufacture of coke and refined petroleum products (CD) 1,796.6 1,913.4 1,696.9 669.2 1,355.2 911.1 823.6Manufacture of chemicals and chemical products (CE) 6,614.2 6,675.7 6,242.2 5,680.1 6,248.7 6,536.0 6,697.5Manufacture of basic pharmaceutical products and pharmaceutical preparations (CF) 2,684.5 2,574.0 3,005.2 3,185.1 4,090.4 3,038.9 2,625.6Manufacture of rubber and plastics products, and other non-metallic mineral products (CG) 4,297.3 4,441.5 4,419.6 3,991.1 3,923.5 4,053.6 3,944.2Manufacture of basic metals and fabricated metal products, except machinery and equipment(CH) 7,553.8 8,506.0 7,808.0 5,947.7 6,483.8 6,592.1 6,005.4Manufacture of computer, electronic and optical products (CI) 1,429.4 1,428.7 1,294.8 1,088.1 1,256.0 1,290.6 1,250.6Manufacture of electrical equipment (CJ) 1,591.9 1,340.8 1,491.9 1,424.5 1,384.8 1,447.0 1,442.7Manufacture of machinery and equipment n.e.c. (CK) 3,043.0 3,375.9 3,485.8 2,723.6 2,932.5 3,414.6 3,523.9Manufacture of transport equipment (CL) 3,756.7 3,566.4 3,511.3 2,797.7 3,080.6 3,127.5 3,071.2Manufacture of furniture; other manufacturing; repair and installation of machinery and equip-ment (CM) 1,748.6 1,787.9 1,836.1 1,965.5 1,968.5 2,097.4 2,166.6Electricity, gas, steam and air-conditioning supply (DD) 5,408.0 5,596.5 6,220.0 6,702.7 6,836.9 7,430.9 7,549.8Water supply; sewerage, waste management and remediation activities (EE) 2,309.2 2,501.3 2,495.6 2,311.1 2,667.8 2,737.9 2,751.6Construction (FF) 15,323.3 16,636.4 17,996.2 17,749.9 17,956.7 19,513.8 19,747.5Wholesale and retail trade, repair of motor vehicles and motorcycles (GG) 36,113.1 38,571.2 39,326.2 37,864.2 39,422.6 41,056.3 41,607.9Transportation and storage (HH) 17,835.4 18,697.1 19,580.5 18,527.3 18,766.3 19,212.9 19,193.7Accommodation and food service activities (II) 4,556.2 4,824.9 5,077.2 4,988.0 5,375.2 5,774.0 5,826.0Publishing, audiovisual and broadcasting activities (JA) 2,195.9 2,347.7 2,457.8 2,559.4 2,693.2 2,712.0 2,747.3Telecommunications (JB) 5,408.7 5,359.0 5,366.0 5,384.3 5,527.6 5,558.4 5,630.7Computer programming, consultancy and related activities; information service activities (JC) 4,093.4 4,673.5 5,050.9 5,117.2 5,000.4 5,374.5 5,551.6Financial and insurance activities (KK) 16,545.6 16,756.8 16,388.9 18,634.4 21,021.7 21,711.7 21,700.4Real estate activities (LL) 26,677.9 28,366.6 29,466.4 28,340.4 28,830.7 29,692.8 30,057.0Legal and accounting activities; activities of head offices; management consultancy activities;architecture and engineering activities; technical testing and analysis (MA) 19,657.5 21,072.5 22,996.4 23,547.2 23,767.3 25,065.8 25,643.1Scientific research and development (MB) 759.2 755.4 828.4 840.7 747.9 768.2 819.6Advertising and market research; other professional, scientific and technical activities; veterinaryactivities (MC) 2,288.0 2,480.0 2,600.5 2,293.2 2,388.8 2,538.5 2,513.1Administrative and support service activities (NN) 11,807.4 13,006.3 13,565.0 12,488.0 13,504.2 14,738.9 14,915.8Public administration and defence; compulsory social security (OO) 20,932.4 21,715.8 22,743.7 23,514.3 24,033.7 25,008.4 26,121.4Education (PP) 18,372.3 19,241.1 20,578.1 21,235.4 22,080.5 23,156.5 24,013.3Human health activities (QA) 12,999.4 13,650.6 14,668.7 15,492.2 15,936.9 16,783.5 17,584.8Social work activities (QB) 6,298.7 6,753.0 7,244.9 7,675.4 7,960.6 8,477.9 8,887.2Arts, entertainment and recreation (RR) 1,920.4 2,037.1 2,116.4 1,971.5 2,021.1 2,167.2 2,269.1Other service activities (SS) 3,305.0 3,471.2 3,652.0 3,766.5 3,985.9 4,137.2 4,207.6Activities of households as employers of domestic personnel and undifferentiated goods andservices production of households for own use (TT) 580.9 529.7 518.6 495.8 448.0 444.7 411.5Gross added value, at basic prices (B.1g) 284,137.9 299,309.1 309,669.8 304,718.3 317,473.4 330,048.0 335,381.5Taxes on products (D.21) 37,102.3 39,000.7 39,143.3 37,955.2 40,715.3 41,798.9 42,847.1Subsidies on products (D.31) -2,410.9 -2,495.3 -2,438.6 -2,004.7 -2,449.1 -2,588.2 -2,347.5Gross domestic product 318,829.3 335,814.5 346,374.5 340,668.8 355,739.6 369,258.7 375,881.1Balance of primary incomes receivable from / payable to the rest of the world 2,724.4 3,366.0 4,967.9 -2,130.9 6,212.9 3,439.0 1,022.4Gross national income 321,553.7 339,180.5 351,342.4 338,537.9 361,952.5 372,697.7 376,903.5

Source: NAI

19

1.1.2 GROSS VALUE ADDED BY INDUSTRY (A38), ESTIMATES IN VOLUME

(millions of euro, chained 2010 euros)

2006 2007 2008 2009 2010 2011 2012

Agriculture, forestry and fishing (AA) 1,963.1 1,939.5 2,016.0 2,014.4 2,100.8 2,061.2 2,108.6Mining and quarrying (BB) 228.0 238.8 292.7 276.8 283.6 324.6 322.3Manufacture of food products, beverages and tobacco products (CA) 5,573.3 5,954.3 6,285.5 6,152.5 6,140.7 6,656.1 6,726.2Manufacture of textiles, wearing apparel and leather products (CB) 1,761.4 1,876.5 1,802.8 1,461.7 1,437.7 1,473.0 1,471.5Manufacture of wood and paper products, and printing (CC) 3,033.1 3,193.7 3,125.2 2,871.3 2,781.8 2,962.3 2,994.9Manufacture of coke and refined petroleum products (CD) 1,018.4 1,061.5 1,250.0 572.3 1,076.8 911.1 848.2Manufacture of chemicals and chemical products (CE) 8,387.9 8,366.5 8,213.2 6,387.4 6,753.2 6,536.0 6,354.5Manufacture of basic pharmaceutical products and pharmaceutical preparations (CF) 3,671.3 3,528.2 3,770.0 3,877.0 4,557.1 3,038.9 2,640.8Manufacture of rubber and plastics products, and other non-metallic mineral products (CG) 3,793.0 4,009.3 4,122.5 3,719.1 3,722.2 4,053.6 4,049.6Manufacture of basic metals and fabricated metal products, except machinery and equipment(CH) 6,717.0 7,349.1 6,902.0 6,058.6 6,720.8 6,592.1 6,532.8Manufacture of computer, electronic and optical products (CI) 1,712.1 1,689.6 1,437.5 1,119.4 1,277.4 1,290.6 1,254.5Manufacture of electrical equipment (CJ) 1,977.6 1,707.1 1,864.8 1,646.6 1,473.2 1,447.0 1,441.3Manufacture of machinery and equipment n.e.c. (CK) 3,611.3 3,963.8 3,822.7 2,981.6 3,019.5 3,414.6 3,295.1Manufacture of transport equipment (CL) 5,059.0 5,036.9 4,897.5 3,189.7 3,392.6 3,127.5 2,814.7Manufacture of furniture; other manufacturing; repair and installation of machinery and equip-ment (CM) 1,946.3 1,881.1 1,906.2 1,951.3 1,914.3 2,097.4 2,151.9Electricity, gas, steam and air-conditioning supply (DD) 5,972.3 6,094.4 6,172.3 7,564.3 7,756.3 7,430.9 7,140.3Water supply; sewerage, waste management and remediation activities (EE) 2,550.4 2,581.0 2,463.7 2,459.7 2,679.8 2,737.9 2,754.3Construction (FF) 17,832.3 18,117.1 18,272.7 17,932.5 18,055.7 19,513.8 19,708.5Wholesale and retail trade, repair of motor vehicles and motorcycles (GG) 38,147.2 40,704.6 40,800.5 39,720.7 40,557.4 41,056.3 40,552.8Transportation and storage (HH) 18,074.5 18,456.7 19,003.6 17,951.0 18,379.4 19,212.9 19,040.0Accommodation and food service activities (II) 6,312.0 6,378.7 6,417.7 5,778.8 5,741.2 5,774.0 5,762.5Publishing, audiovisual and broadcasting activities (JA) 2,442.6 2,443.9 2,572.0 2,613.0 2,678.3 2,712.0 2,636.1Telecommunications (JB) 5,324.7 5,231.4 5,252.3 5,422.0 5,459.1 5,558.4 5,525.1Computer programming, consultancy and related activities; information service activities (JC) 4,447.2 4,968.0 5,257.0 5,285.7 5,040.1 5,374.5 5,518.3Financial and insurance activities (KK) 20,914.9 20,535.7 20,649.2 20,508.3 21,480.0 21,711.7 21,634.0Real estate activities (LL) 27,925.7 28,082.6 28,698.6 28,510.5 29,020.9 29,692.8 29,579.5Legal and accounting activities; activities of head offices; management consultancy activities;architecture and engineering activities; technical testing and analysis (MA) 21,370.3 22,879.0 24,171.3 24,649.1 24,283.1 25,065.8 25,148.1Scientific research and development (MB) 789.4 764.4 828.9 818.4 733.9 768.2 800.0Advertising and market research; other professional, scientific and technical activities; veterinaryactivities (MC) 2,333.2 2,489.7 2,587.0 2,271.2 2,405.2 2,538.5 2,464.9Administrative and support service activities (NN) 13,316.8 14,003.3 14,369.7 12,797.8 13,731.8 14,738.9 14,644.0Public administration and defence; compulsory social security (OO) 23,806.0 24,140.6 24,479.0 24,492.9 24,779.2 25,008.4 25,399.9Education (PP) 22,419.4 22,482.7 22,554.8 22,702.7 22,923.8 23,156.5 23,341.8Human health activities (QA) 15,697.0 15,604.3 15,856.7 16,556.9 16,379.1 16,783.5 17,186.3Social work activities (QB) 6,943.6 7,603.4 7,804.4 8,082.7 8,251.5 8,477.9 8,723.7Arts, entertainment and recreation (RR) 2,191.9 2,203.3 2,332.8 2,061.4 2,056.6 2,167.2 2,234.4Other service activities (SS) 3,605.7 3,739.3 3,872.7 3,872.1 4,043.7 4,137.2 4,153.8Activities of households as employers of domestic personnel and undifferentiated goods andservices production of households for own use (TT) 670.3 587.4 549.0 510.7 451.9 444.7 404.0Gross added value, at basic prices (B.1g) 312,100.3 321,029.8 326,036.6 316,579.3 323,251.7 330,048.0 329,359.2Taxes on products (D.21) 41,751.1 42,984.7 41,363.2 40,147.9 42,140.3 41,798.9 41,680.1Subsidies on products (D.31) -2,661.0 -2,697.5 -2,576.9 -2,120.5 -2,534.8 -2,588.2 -2,283.6Gross domestic product 351,135.8 361,259.9 364,819.0 354,601.7 362,839.8 369,258.7 368,755.7

Source: NAI

20

1.1.3 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

2006 2007 2008 2009 2010 2011 2012

Final consumption expenditure of households in Belgium (inland) 158,140.7 165,382.3 174,150.1 173,790.3 181,811.2 187,710.7 191,539.4Food and non-alcoholic beverages 20,345.4 21,241.8 23,173.7 24,085.1 24,882.5 25,150.2 26,135.7Alcoholic beverages and tobacco 5,999.1 6,076.3 6,110.5 6,390.7 6,691.9 6,535.2 6,776.8Clothing and footwear 7,717.5 8,263.8 8,620.6 8,764.0 9,165.6 9,376.4 9,880.4Housing, water, electricity, gas and other fuels 37,453.7 38,035.6 41,517.3 41,176.6 43,130.7 44,701.5 46,544.7Furnishing, household equipment and routine maintenance of the dwelling 9,102.7 9,623.4 10,081.8 10,224.0 10,469.1 10,673.5 10,717.9Health 8,663.2 9,269.4 9,519.7 9,562.3 10,292.6 10,487.3 11,053.6Transport 19,360.6 19,947.4 20,961.9 20,030.1 21,830.4 23,135.7 22,939.9Communication 4,139.6 4,174.3 4,066.5 4,081.5 4,038.5 4,006.5 4,211.7Recreation and culture 14,720.6 15,747.0 16,530.1 16,355.9 16,390.2 16,959.6 17,078.7Education 799.8 829.6 851.1 904.5 930.2 972.3 1,002.1Restaurants, pubs and hotels 9,177.3 9,719.8 10,352.9 10,343.8 10,919.7 11,518.2 11,484.0Miscellaneous goods and services 20,661.1 22,453.9 22,364.0 21,871.7 23,069.8 24,194.4 23,713.9

Final consumption expenditure of Belgian households abroad 8,485.9 8,572.7 9,226.0 9,035.5 9,973.7 10,247.0 11,023.7

Final consumption expenditure of the non resident households in Belgium 6,433.5 6,375.3 6,929.5 6,675.7 7,262.3 7,313.8 7,815.8

Final consumption expenditure of households (national) 160,193.1 167,579.7 176,446.6 176,150.1 184,522.6 190,643.9 194,747.3

Final consumption expenditure of NPIs 3,396.7 3,500.0 3,726.9 3,659.9 3,932.3 4,023.0 4,150.7

Final consumption expenditure of the general government 71,510.1 74,668.1 80,094.6 84,167.3 86,212.4 90,277.8 93,788.0Individual consumption expenditure 44,549.9 46,722.9 50,518.4 53,199.9 54,842.2 57,716.8 60,000.7Collective consumption expenditure 26,960.2 27,945.2 29,576.2 30,967.4 31,370.2 32,561.0 33,787.3

Gross capital formation 66,710.2 72,880.8 77,286.0 70,894.8 71,509.5 76,502.4 76,535.5

Changes in inventories 4,867.1 4,281.1 5,857.3 -3,423.6 2,058.4 4,748.3 2,512.6

Net exports of goods and services 12,152.1 12,904.8 2,963.1 9,220.3 7,504.4 3,063.3 4,147.0Exports of goods and services 257,497.6 277,203.2 292,445.8 251,034.5 283,965.4 313,811.0 323,734.0Imports of goods and services 245,345.5 264,298.4 289,482.7 241,814.2 276,461.0 310,747.7 319,587.0

Gross domestic product 318,829.3 335,814.5 346,374.5 340,668.8 355,739.6 369,258.7 375,881.1

Balance of primary incomes receivable from / payable to the rest of the world 2,724.4 3,366.0 4,967.9 -2,130.9 6,212.9 3,439.0 1,022.4

Gross national income 321,553.7 339,180.5 351,342.4 338,537.9 361,952.5 372,697.7 376,903.5

Source: NAI

21

1.1.4 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES IN VOLUME

(millions of euro, chained 2010 euros)

2006 2007 2008 2009 2010 2011 2012

Final consumption expenditure of households in Belgium (inland) 167,999.9 170,531.3 172,195.1 175,213.1 178,088.5 181,628.8 182,746.3Food and non-alcoholic beverages 23,463.5 23,522.6 24,219.1 25,096.2 25,552.0 25,150.2 25,302.0Alcoholic beverages and tobacco 6,990.4 6,670.3 6,456.5 6,561.9 6,727.1 6,535.2 6,595.2Clothing and footwear 8,067.1 8,593.8 8,881.4 8,924.4 9,267.7 9,376.4 9,763.4Housing, water, electricity, gas and other fuels 42,971.6 42,941.0 43,869.1 44,041.3 45,110.5 44,701.5 45,336.0Furnishing, household equipment and routine maintenance of the dwelling 10,025.1 10,401.0 10,619.9 10,495.1 10,593.7 10,673.5 10,542.5Health 9,622.0 9,911.5 10,055.8 10,428.2 10,555.3 10,487.3 10,761.2Transport 21,941.8 22,495.4 22,665.9 22,512.4 23,275.9 23,135.7 22,343.5Communication 3,802.7 3,957.0 3,969.3 4,009.3 4,055.3 4,006.5 4,128.7Recreation and culture 15,346.1 16,386.5 17,051.6 16,575.3 16,486.6 16,959.6 16,675.7Education 884.0 896.6 902.8 937.1 933.7 972.3 978.8Restaurants, pubs and hotels 10,459.2 10,525.3 10,524.0 10,641.2 10,987.7 11,240.4 10,844.5Miscellaneous goods and services 20,434.3 20,248.0 20,933.6 21,630.2 21,394.7 21,761.4 22,334.2

Final consumption expenditure of Belgian households abroad 9,016.3 9,158.3 9,482.2 9,360.4 9,338.6 9,602.1 9,376.8

Final consumption expenditure of the non resident households in Belgium 6,833.1 6,796.1 7,059.1 7,129.0 6,976.6 7,245.0 6,959.5

Final consumption expenditure of the households (national) 170,181.3 172,891.3 174,617.3 177,439.8 180,444.8 183,981.4 185,157.6

Final consumption expenditure of NPIs 3,755.5 3,797.7 3,937.7 3,796.4 4,043.5 4,023.0 4,076.7

Final consumption expenditure of the general government 83,624.6 85,185.3 87,493.5 89,185.8 89,682.2 90,277.8 91,534.1Individual consumption expenditure 53,377.8 54,309.8 55,667.5 56,732.0 57,280.7 57,716.8 58,814.3Collective consumption expenditure 30,252.1 30,876.8 31,821.7 32,449.2 32,400.8 32,561.0 32,719.8

Gross capital formation 74,824.4 79,520.5 81,071.9 74,298.8 73,471.2 76,502.4 74,952.7

Changes in inventories 3,579.5 4,748.4 4,584.8 579.0 1,785.9 4,748.3 3,421.3

Net exports of goods and services 11,252.3 11,121.6 8,193.0 2,706.8 3,310.0 3,063.3 4,675.5Exports of goods and services 282,498.4 297,080.6 301,167.5 272,964.1 294,980.9 313,811.0 319,528.3Imports of goods and services 273,870.2 288,864.8 296,746.8 270,706.9 291,073.7 310,747.7 314,852.8


Source: NAI

22

1.1.5 DISTRIBUTION OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

2006 2007 2008 2009 2010 2011 2012

Compensation of employees (D.1) 159,651.6 168,043.4 177,276.7 178,683.1 182,291.2 190,595.7 197,726.8Wages and salaries (D.11) 118,375.3 123,879.1 130,529.7 130,802.8 133,243.1 139,402.6 144,495.1Employers’ social contributions (D.12) 41,276.3 44,164.3 46,747.0 47,880.3 49,048.1 51,193.1 53,231.7

Gross operating surplus (B.2g) + mixed income (B.3g) 122,126.5 130,359.5 131,715.1 125,952.5 136,139.3 141,148.9 138,686.7Corporations (S.11+S.12) 73,501.7 79,346.7 79,392.1 75,148.4 84,549.7 88,934.6 85,650.0General government (S.13) 5,470.3 5,768.3 6,058.0 5,735.3 6,033.4 6,380.7 6,672.3Households (S.14) and non profit institutions serving households (S.15) 43,154.5 45,244.5 46,265.0 45,068.8 45,556.2 45,833.6 46,364.4

Taxes on production and imports (D.2) 43,367.6 44,575.0 45,290.7 44,204.5 47,202.6 48,310.3 50,238.6Taxes on production (D.21) 37,102.3 39,000.7 39,143.3 37,955.2 40,715.3 41,798.9 42,847.1Other taxes on production (D.29) 6,265.3 5,574.3 6,147.4 6,249.3 6,487.3 6,511.4 7,391.5

Subsidies (D.3) -6,316.4 -7,163.4 -7,908.0 -8,171.3 -9,893.5 -10,796.2 -10,771.0Subsidies on products (D.31) -2,410.9 -2,495.3 -2,438.6 -2,004.7 -2,449.1 -2,588.2 -2,347.5Other subsidies on products (D.39) -3,905.5 -4,668.1 -5,469.4 -6,166.6 -7,444.4 -8,208.0 -8,423.5


Balance of primary incomes receivable from / payable to the rest of the world 2,724.4 3,366.0 4,967.9 -2,130.9 6,212.9 3,439.0 1,022.4

Gross national income 321,553.7 339,180.5 351,342.4 338,537.9 361,952.5 372,697.7 376,903.5

Source: NAI

23

1.2 QUARTERLY NATIONAL ACCOUNTS1.2.1 GROSS VALUE ADDED BY INDUSTRY, ESTIMATES AT CURRENT PRICES

(milllions of euro, data adjusted for seasonal and calendar effects)

2011 2012 2011 2012 20132011 2012

III IV I II III IV I II

Agriculture, forestry and fishing 2,319 2,798 567 583 628 652 726 792 823 826

Industry (except construction) 56,273 55,524 14,101 13,960 13,912 13,814 13,876 13,923 13,797 13,829

Construction 18,945 19,160 4,746 4,819 4,786 4,802 4,807 4,765 4,717 4,705

ServicesWholesale and retail trade, transport, accomodation and food serviceactivities 66,569 67,430 16,733 16,739 16,789 16,769 16,926 16,946 16,993 17,118Information and communication 13,609 14,033 3,400 3,399 3,422 3,493 3,561 3,557 3,588 3,567Financial and insurance activities 20,800 19,756 5,165 5,039 4,985 4,934 4,884 4,952 4,946 4,961Real estate activities 29,804 30,376 7,465 7,522 7,558 7,564 7,601 7,653 7,669 7,679Professional, scientific and technical activities; administrative and sup-port service activities 42,394 43,480 10,624 10,583 10,813 10,886 10,913 10,868 11,009 11,087Public administration, defence and education 48,180 49,935 12,145 12,200 12,304 12,403 12,596 12,633 12,688 12,764Human health and social work activities 25,244 26,371 6,373 6,439 6,500 6,557 6,626 6,688 6,740 6,787Arts, entertainment and recreation; other service activities; activities ofhousehold and extra-territorial organizations and bodies 6,721 6,903 1,692 1,679 1,706 1,717 1,734 1,746 1,758 1,775

Taxes on products less subsidies 39,212 40,488 9,804 10,091 10,309 10,064 9,889 10,227 10,279 10,079

Gross domestic product at market prices 370,068 376,254 92,815 93,053 93,712 93,654 94,138 94,751 95,006 95,176

Source: NAI

1.2.2 GROSS VALUE ADDED BY INDUSTRY, ESTIMATES IN CHAINED 2010 EUROS

(milllions of euro, data adjusted for seasonal and calendar effects)

2011 2012 2011 2012 20132011 2012


Agriculture, forestry and fishing 2,649 2,711 668 672 675 677 679 681 682 684

Industry (except construction) 54,880 53,526 13,707 13,649 13,566 13,343 13,346 13,271 13,114 13,170

Construction 18,838 19,017 4,716 4,766 4,768 4,776 4,768 4,705 4,675 4,656

ServicesWholesale and retail trade, transport, accomodation and food service activities 65,470 64,866 16,417 16,406 16,311 16,192 16,201 16,162 16,163 16,243Information and communication 13,648 13,735 3,414 3,415 3,418 3,425 3,452 3,439 3,464 3,450Financial and insurance activities 20,358 19,629 5,047 4,920 4,916 4,911 4,867 4,935 4,931 4,950Real estate activities 29,610 29,677 7,419 7,437 7,428 7,413 7,415 7,421 7,432 7,450Professional, scientific and technical activities; administrative and support serviceactivities 41,645 41,556 10,414 10,341 10,470 10,419 10,383 10,284 10,361 10,378Public administration, defence and education 46,607 46,950 11,686 11,712 11,694 11,722 11,759 11,775 11,775 11,755Human health and social work activities 24,493 25,130 6,161 6,194 6,232 6,265 6,299 6,334 6,358 6,373Arts, entertainment and recreation; other service activities; activities of householdand extra-territorial organizations and bodies 6,624 6,709 1,663 1,649 1,668 1,676 1,679 1,685 1,696 1,704

Taxes on products less subsidies 37,886 38,175 9,421 9,533 9,598 9,551 9,480 9,546 9,559 9,560


Source: NAI

24

1.2.3 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES AT CURRENT PRICES

(millions of euro, estimates at current prices, data adjusted for seasonal and calendar effects)

2011 2012 2011 2012 20132011 2012


Private final consumption expenditure 1 194,691 199,159 48,754 49,096 49,709 49,632 49,841 49,976 50,279 50,528

Final consumption expenditure of general government 90,272 93,571 22,739 22,941 23,085 23,261 23,491 23,735 23,790 23,726

Gross domestic capital formationGross fixed capital formation 76,575 77,995 19,349 19,228 19,518 19,492 19,577 19,408 19,208 19,215

Gross fixed capital formation by enterprises, self-employed workersand non-profit institutions 49,128 50,517 12,478 12,358 12,672 12,678 12,686 12,481 12,642 12,800Gross fixed capital formation in dwellings 20,939 20,905 5,189 5,212 5,216 5,208 5,255 5,226 5,116 5,067Gross fixed capital formation by public administrations 6,508 6,573 1,682 1,658 1,630 1,605 1,636 1,702 1,450 1,348

Changes in stocks 4,229 1,180 1,674 895 249 439 -45 536 478 470

Net exports of goods and services (exports - imports) 4,301 4,350 300 893 1,150 831 1,273 1,095 1,250 1,237Total exports 311,931 319,034 78,685 77,105 80,055 79,595 80,161 79,222 78,681 79,229Total imports 307,630 314,684 78,386 76,213 78,905 78,764 78,888 78,127 77,430 77,992


Source: NAI

1 Final consumption expenditure of households and non-profit institutions (NPIs).

25

1.2.4 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES IN CHAINED 2010 EUROS


2011 2012 2011 2012 20132011 2012


Private final consumption expenditure 1 188,843 188,224 47,156 47,168 47,222 47,010 47,023 46,968 47,127 47,230

Final consumption expenditure of general government 87,214 87,538 21,854 21,881 21,876 21,854 21,882 21,925 21,923 21,949

Gross domestic capital formationGross fixed capital formation 74,226 73,762 18,674 18,499 18,593 18,432 18,466 18,270 17,983 17,934

Gross fixed capital formation by enterprises, self-employed workersand non-profit institutions 47,793 47,833 12,093 11,933 12,049 11,950 11,994 11,840 11,844 11,923Gross fixed capital formation in dwellings 20,192 19,635 4,978 4,958 4,966 4,929 4,901 4,839 4,748 4,707Gross fixed capital formation by public administrations 6,239 6,295 1,603 1,608 1,579 1,553 1,571 1,592 1,391 1,304

Changes in stocks - - - - - - - - - -

Net exports of goods and services (exports - imports) - - - - - - - - - -Total exports 300,176 302,366 75,820 74,272 75,706 75,558 75,979 75,123 74,457 75,488Total imports 292,209 293,804 74,195 72,599 73,809 73,425 73,784 72,787 72,053 72,903


Source: NAI

1 Final consumption expenditure of households and non-profit institutions (NPIs).

26

1.2.5 MAIN CATEGORIES OF INCOME, ESTIMATES AT CURRENT PRICES


2011 2012 2011 2012 20132011 2012


Compensation of employees 190,630 197,089 47,951 48,359 48,786 49,269 49,435 49,599 49,528 50,026Wages and salaries 139,629 144,178 35,141 35,437 35,658 35,999 36,189 36,332 36,122 36,560Employers’ social contributions 51,001 52,911 12,810 12,922 13,128 13,270 13,246 13,267 13,406 13,466

Gross operating surplus and gross mixed income 141,893 139,665 35,477 35,143 34,817 34,754 35,276 34,818 35,452 35,397

Taxes less subsidies on products and imports 37,545 39,501 9,388 9,551 10,109 9,631 9,427 10,334 10,027 9,753

Gross domestic income at market prices 370,068 376,254 92,815 93,053 93,712 93,654 94,138 94,751 95,006 95,176

Source: NAI

2. Business and consumer surveys

28

2.1 MONTHLY BUSINESS SURVEYS: NATIONAL RESULTS

2.1.1 OVERALL SYNTHETIC CURVE AND COMMENT

CHART 1 OVERALL SYNTHETIC CURVE(manufacturing industry, building industry, business-related services and trade)

Source: NBB

Business confidence improves further in September

In September, the National Bank of Belgium’s business barometer built further on the progress made in the last twomonths and is now at its highest level since July 2011 and slightly above the long-term average.

The business climate improved markedly in business-related services and trade and, to a lesser extent, in themanufacturing industry. Business confidence in the building industry has stayed just about at the same level as forthe last few months.

A sharp rise was observed in the business-related services sector for the second month in a row, thanks to a morepositive assessment of current developments in activity and a significantly brighter outlook for business and generalmarket demand. In trade, the business climate firmed up for the fourth consecutive month, especially as a result ofclearly more optimistic demand expectations, and also of further improved prospects for suppliers’ orders andemployment. The pace of the recovery slackened a little in the manufacturing industry. Assessment of total orderbooks and demand expectations are still showing a slight upward tendency.In the building industry, more positive developments on the demand side and higher use of equipment this monthwere offset by a sharp downward revision of demand prospects.

The smoothed overall synthetic curve, which reflects the underlying economic trend, remains on an upward path.

29

2.1.2 NUMERICAL VALUE OF THE GLOBAL SYNTHETIC CURVE AND UNDERLYING SECTORS

(balances)

Global synthetic curve 1 Curves by sector of activity

Seasonally adjustedseries

Seasonally adjustedand smoothed

Manufacturing industry Building industry (structural building work) Business-related services TradeSeasonally adjustedseries


series 2 Seasonally adjustedseries


series 2



series 2



series 2



series 2

2011 September -9.4 -9.3 -13.1 -11.7 -4.5 -5.1 0.5 1.8 -6.1 -4.4October -10.4 -10.2 -11.8 -12.9 -8.0 -5.8 -7.1 -0.1 -8.2 -7.8November -12.2 -10.5 -14.6 -13.3 -11.1 -6.8 -0.9 -0.7 -19.1 -10.8December -10.6 -10.3 -13.8 -13.4 -6.2 -7.7 -0.9 -0.8 -10.8 -12.8

2012 January -9.5 -9.8 -13.6 -13.2 -5.6 -8.5 5.9 -0.7 -13.4 -14.0February -7.7 -9.5 -8.4 -12.9 -9.0 -9.5 -0.6 -0.9 -15.8 -14.6March -9.6 -9.8 -10.7 -12.6 -12.1 -10.4 1.2 -1.4 -20.6 -14.3April -10.7 -10.5 -12.4 -12.5 -9.8 -11.2 -2.7 -1.9 -14.4 -13.5May -11.2 -11.1 -12.4 -12.8 -14.1 -11.8 -2.7 -2.4 -12.0 -12.9June -13.2 -11.4 -15.8 -13.3 -12.1 -12.0 -3.0 -2.7 -11.7 -12.5July -11.3 -11.6 -14.9 -13.9 -9.4 -11.8 1.6 -2.7 -8.9 -12.7August -11.8 -11.7 -13.2 -14.4 -13.9 -11.6 -2.3 -2.7 -15.2 -13.2September -11.6 -12.1 -13.7 -14.8 -8.8 -11.1 -4.4 -2.7 -13.9 -13.6October -13.5 -13.0 -15.6 -15.1 -11.3 -10.6 -6.0 -2.5 -15.6 -13.7November -13.4 -13.4 -16.4 -15.4 -12.4 -10.4 -1.4 -2.2 -13.4 -13.6December -11.8 -12.9 -14.7 -15.8 -8.0 -9.9 -2.7 -2.1 -13.3 -13.4

2013 January -13.2 -12.5 -17.3 -16.3 -8.9 -9.8 -0.4 -2.0 -10.3 -13.6February -11.0 -13.2 -14.5 -16.5 -10.7 -9.8 4.2 -2.1 -11.5 -14.6March -15.0 -14.3 -18.4 -16.4 -9.7 -9.6 -5.4 -2.8 -15.7 -15.9April -14.7 -14.2 -16.9 -16.1 -11.7 -9.4 -5.9 -3.3 -19.8 -17.3May -12.4 -13.1 -15.2 -15.4 -7.7 -9.1 -1.9 -3.3 -21.0 -18.1June -12.8 -12.4 -15.6 -8.0 -3.1 -18.7July -12.0 -11.2 -13.8 -8.9 -5.1 -17.1August -8.6 -9.8 -8.6 -1.1 -14.1September -6.7 -8.9 -8.7 5.5 -9.9

Source: NBB

1 Weighted average of the synthetic curve of manufacturing industry, building industry, business-related services and trade.2 The smoothed series are based on the seasonally adjusted series.

30

2.1.2.1 MANUFACTURING INDUSTRY, BUILDING INDUSTRY, BUSINESS-RELATED SERVICES AND TRADE

CHART 2 MANUFACTURING INDUSTRY

Source: NBB

CHART 4 BUSINESS-RELATED SERVICES

Source: NBB

CHART 3 BUILDING INDUSTRY

Source: NBB

CHART 5 TRADE

Source: NBB

31

2.1.3 MANUFACTURING INDUSTRY2.1.3.1 MANUFACTURING INDUSTRY: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the manufacturingindustry

Components



Appraisal ForecastSeasonally adjustedseries


series 1 Total order book Stocks 2 Employment Demandseries



series 1



series 1



series 1



series 1

2011 September -13.1 -11.7 -22.8 -25.4 6.5 5.7 -8.6 -5.8 -14.5 -9.7October -11.8 -12.9 -27.6 -27.8 2.2 5.7 -7.9 -7.0 -9.6 -11.1November -14.6 -13.3 -31.6 -29.1 5.6 5.6 -3.6 -6.8 -17.5 -11.8December -13.8 -13.4 -30.1 -29.2 5.6 5.1 -8.4 -6.3 -11.2 -12.0

2012 January -13.6 -13.2 -30.4 -28.5 5.5 4.3 -4.1 -5.7 -14.5 -11.5February -8.4 -12.9 -25.0 -27.4 -3.2 3.3 -5.6 -5.4 -6.1 -11.0March -10.7 -12.6 -25.8 -27.1 2.5 2.4 -5.1 -5.8 -9.3 -10.8April -12.4 -12.5 -25.6 -28.2 1.3 1.8 -8.4 -6.9 -14.4 -10.9May -12.4 -12.8 -32.2 -29.8 1.8 1.6 -5.2 -8.3 -10.6 -11.1June -15.8 -13.3 -34.2 -31.7 2.9 1.1 -11.0 -9.7 -15.2 -11.4July -14.9 -13.9 -37.2 -32.8 1.2 0.3 -11.3 -11.2 -9.8 -11.7August -13.2 -14.4 -30.8 -32.6 -1.4 -0.4 -11.0 -12.5 -12.2 -11.8September -13.7 -14.8 -32.4 -32.4 -3.2 -0.6 -14.1 -13.9 -11.6 -11.7October -15.6 -15.1 -36.2 -32.4 -3.0 0.0 -17.3 -15.6 -11.8 -11.7November -16.4 -15.4 -30.6 -32.5 2.3 1.1 -18.9 -17.1 -13.9 -11.6December -14.7 -15.8 -29.4 -32.9 4.4 2.5 -15.9 -18.1 -8.9 -11.2

2013 January -17.3 -16.3 -34.5 -33.6 4.0 3.5 -19.4 -18.6 -11.4 -10.6February -14.5 -16.5 -34.0 -33.9 -3.8 4.0 -18.8 -18.4 -9.2 -10.0March -18.4 -16.4 -33.0 -33.9 5.0 4.5 -19.7 -17.6 -15.8 -9.5April -16.9 -16.1 -36.9 -33.7 6.7 4.3 -16.0 -16.5 -8.3 -9.3May -15.2 -15.4 -37.8 -32.7 2.0 3.7 -12.0 -15.1 -8.9 -9.3June -15.6 -32.3 5.4 -14.7 -10.0July -13.8 -28.4 1.8 -14.5 -10.7August -9.8 -25.0 1.0 -10.3 -3.0September -8.9 -23.3 0.6 -9.9 -1.6

Source: NBB

1 The smoothed series are based on the seasonally adjusted gross series.2 When synthetic curves are calculated, the sign of this indicator is reversed.

32

2.1.3.2 MANUFACTORING INDUSTRY: SECTORAL CURVES

2012 2013

September October November December January February March April May June July August September

Textile industrySeasonally adjusted series -22.3 -24.9 -23.7 -20.0 -15.7 -11.2 -19.3 -20.3 -18.7 -16.8 -20.6 -15.4 -10.6Seasonally adjusted and smoothed series 1 -22.0 -22.0 -21.4 -20.6 -19.8 -19.1 -19.0 -18.9 -18.6

Food industrySeasonally adjusted series 1.5 -6.9 0.3 0.6 -8.0 -7.0 -3.2 -5.0 -5.9 -2.2 -2.1 5.8 2.4Seasonally adjusted and smoothed series 1 -1.5 -1.3 -1.9 -3.0 -4.5 -5.0 -4.8 -4.4 -3.6

Iron and steelSeasonally adjusted series -6.6 -15.2 -29.0 -14.0 -10.2 -19.7 -39.2 -8.5 -15.5 -41.9 -34.1 -23.4 -3.7Seasonally adjusted and smoothed series 1 -25.1 -20.5 -17.2 -15.9 -15.9 -16.7 -19.0 -22.0 -24.1

Non-ferrous industrySeasonally adjusted series -28.9 -38.3 -53.8 -54.2 -38.4 -32.4 -69.8 -50.3 -43.2 -56.7 -47.4 -38.8 -23.0Seasonally adjusted and smoothed series 1 -33.1 -35.5 -39.5 -43.7 -45.8 -47.9 -49.0 -48.2 -47.8

Metal and electrotechnical industrySeasonally adjusted series -17.4 -18.0 -17.8 -13.7 -16.5 -13.2 -14.2 -15.9 -12.7 -15.0 -13.3 -10.9 -8.0Seasonally adjusted and smoothed series 1 -15.2 -16.6 -16.8 -16.0 -15.2 -14.5 -14.2 -14.1 -13.8

Manufacture of paper and paperboardSeasonally adjusted series -21.6 -21.4 -30.2 -25.5 -24.9 -26.7 -28.5 -33.2 -26.0 -33.2 -18.9 -29.0 -36.2Seasonally adjusted and smoothed series 1 -22.3 -23.3 -24.4 -25.5 -26.2 -26.7 -27.3 -27.9 -28.4

Graphics industrySeasonally adjusted series -37.3 -30.2 -30.2 -31.0 -31.4 -32.8 -29.6 -37.4 -41.4 -37.6 -42.6 -34.6 -31.8Seasonally adjusted and smoothed series 1 -30.1 -30.7 -30.9 -31.0 -31.3 -32.3 -34.0 -35.6 -37.0

Wood-processing industrySeasonally adjusted series -13.4 -18.3 -23.6 -23.4 -32.5 -15.1 -14.4 -16.6 -19.6 -15.4 -18.8 -13.2 -19.7Seasonally adjusted and smoothed series 1 -16.9 -19.6 -21.5 -21.9 -20.8 -19.0 -17.1 -16.3 -16.5

Building materialsSeasonally adjusted series -30.9 -30.5 -26.9 -33.4 -38.2 -28.1 -24.6 -28.8 -12.9 -26.9 -11.9 -9.9 -18.6Seasonally adjusted and smoothed series 1 -33.5 -31.6 -30.4 -29.8 -29.2 -28.4 -27.5 -25.1 -21.2

Plastics-processing and rubber industrySeasonally adjusted series -11.4 -14.1 -14.1 -15.4 -18.6 -18.4 -23.2 -19.5 -11.8 -12.8 -9.2 -7.2 -8.1Seasonally adjusted and smoothed series 1 -13.4 -13.9 -14.8 -16.1 -17.2 -18.1 -17.8 -16.3 -14.2

Chemical industrySeasonally adjusted series -6.4 -2.0 -4.9 0.9 -9.2 -6.6 -12.3 -11.9 -13.4 -4.1 -4.7 -1.5 -2.1Seasonally adjusted and smoothed series 1 -6.2 -5.6 -5.3 -5.8 -7.3 -9.0 -10.6 -10.7 -9.1

33

2.1.3.2 MANUFACTORING INDUSTRY: SECTORAL CURVES (CONTINUED)

20132012

SeptemberAugustJulyJuneMayAprilMarchFebruaryJanuaryDecemberNovemberOctoberSeptember

General curve of the manufacturing industrySeasonally adjusted series -13.7 -15.6 -16.4 -14.7 -17.3 -14.5 -18.4 -16.9 -15.2 -15.6 -13.8 -9.8 -8.9Seasonally adjusted and smoothed series 1 -14.8 -15.1 -15.4 -15.8 -16.3 -16.5 -16.4 -16.1 -15.4of which

Consumer goodsSeasonally adjusted series -9.3 -14.6 -10.7 -9.3 -14.2 -10.4 -8.8 -12.1 -10.9 -7.5 -12.7 -4.6 -7.4Seasonally adjusted and smoothed series 1 -9.1 -9.7 -10.2 -10.4 -10.6 -10.6 -10.6 -10.7 -10.4

Capital goodsSeasonally adjusted series -16.0 -18.1 -15.6 -12.2 -13.4 -11.3 -10.7 -12.0 -8.7 -16.2 -11.9 -5.5 -4.5Seasonally adjusted and smoothed series 1 -12.6 -14.3 -14.6 -13.8 -12.8 -12.0 -11.7 -11.6 -11.3

Intermediate goodsSeasonally adjusted series -17.2 -15.8 -22.3 -18.4 -20.4 -19.5 -26.3 -22.8 -19.9 -20.9 -16.6 -14.9 -12.0Seasonally adjusted and smoothed series 1 -20.1 -19.5 -19.3 -19.4 -19.9 -20.3 -20.6 -20.6 -20.0

Source: NBB

1 The smoothed series are based on the seasonally adjusted series.

34

2.1.4 BUILDING INDUSTRY2.1.4.1 STRUCTURAL BUILDING WORK: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the structural buildingwork

Components



Trend Appraisal ForecastSeasonally adjustedseries


series 1 Order book Equipment Order book appraisal Demandseries



series 1



series 1



series 1



series 1

2011 September -4.5 -5.1 4.9 2.3 -3.6 -3.3 -11.0 -11.9 -8.2 -7.5October -8.0 -5.8 -5.7 1.0 -3.6 -3.3 -12.4 -12.3 -10.2 -9.0November -11.1 -6.8 -10.8 -0.2 -3.2 -2.9 -19.4 -12.8 -11.1 -10.1December -6.2 -7.7 -0.2 -0.7 -0.3 -2.4 -15.3 -13.5 -9.0 -11.1

2012 January -5.6 -8.5 0.0 -1.5 0.3 -2.2 -10.7 -14.2 -12.1 -12.3February -9.0 -9.5 -1.0 -2.8 -1.9 -3.0 -12.3 -15.1 -20.9 -13.6March -12.1 -10.4 -6.3 -4.1 -8.6 -4.5 -15.2 -15.9 -18.3 -14.7April -9.8 -11.2 -5.6 -5.4 -3.3 -5.5 -17.5 -16.5 -13.0 -15.4May -14.1 -11.8 -13.4 -6.2 -10.4 -5.6 -16.7 -17.7 -16.0 -15.5June -12.1 -12.0 -6.2 -5.7 -8.0 -4.9 -18.3 -19.1 -15.9 -15.2July -9.4 -11.8 -1.7 -4.6 -2.9 -3.6 -21.4 -20.8 -11.6 -15.0August -13.9 -11.6 -7.5 -3.5 -2.7 -2.8 -30.7 -23.0 -14.8 -14.9September -8.8 -11.1 3.1 -2.2 -2.2 -2.9 -21.4 -24.1 -14.9 -14.9October -11.3 -10.6 -1.8 -1.4 -1.2 -3.2 -27.0 -24.2 -15.2 -14.2November -12.4 -10.4 -3.8 -1.7 -3.8 -3.6 -26.8 -23.5 -15.2 -12.8December -8.0 -9.9 0.8 -2.5 -4.0 -4.1 -21.7 -22.1 -7.0 -11.4

2013 January -8.9 -9.8 -0.1 -3.8 -4.9 -4.5 -21.1 -21.1 -9.3 -10.0February -10.7 -9.8 -8.1 -5.2 -7.5 -4.8 -18.9 -20.4 -8.4 -9.4March -9.7 -9.6 -6.4 -5.8 -4.9 -4.8 -17.8 -19.9 -9.5 -9.6April -11.7 -9.4 -9.7 -5.3 -5.2 -4.6 -22.1 -19.6 -9.9 -9.7May -7.7 -9.1 -4.1 -4.1 0.0 -4.2 -16.7 -19.8 -9.9 -10.0June -8.0 -0.5 1.6 -22.1 -11.0July -8.9 -0.9 -4.1 -19.7 -11.0August -8.6 -2.1 -6.1 -20.7 -5.6September -8.7 0.2 -2.3 -21.4 -11.4

Source: NBB

1 The smoothed series are based on the seasonally adjusted gross series.

35

2.1.4.2 BUILDING INDUSTRY: SECTORAL CURVES

Structural building work Construction installation Building completion and finishing Roofing activities Civil engineering and roadworks

with Seasonally ad-j sted series

Seasonally ad-j sted and

Seasonally ad-j sted series






Construction of residential buildings Construction of non-residential buil-dings

Seasonally adjusted series

Seasonally adjusted and

smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1

Seasonally ad-justed series

Seasonally ad-justed and

smoothed series 1



smoothed series 1

2011 September -9.6 -10.4 -0.2 -0.2 -1.7 -3.6 -1.7 -4.0 1.9 1.4 0 -0.2October -12.4 -11.3 -3.6 -0.8 -7.8 -4.2 -8.1 -5.8 4.1 -0.8 3 -0.6November -12.5 -12.1 -9.5 -1.5 -9.4 -4.5 -8.8 -7.9 -11.2 -2.8 -3 -1.1December -12.4 -12.5 0.3 -2.0 -4.4 -4.5 -11.2 -9.5 -5.8 -4.7 -2 -1.3

2012 January -12.3 -13.2 -0.9 -2.4 -3.7 -4.7 -6.9 -10.7 -5.5 -5.6 5 -2.5February -12.9 -14.5 -3.0 -3.1 -4.6 -5.0 -12.0 -12.0 -6.4 -5.1 0 -5.0March -17.4 -15.7 -6.6 -4.0 -5.7 -5.3 -13.5 -12.9 -5.2 -4.2 -10 -7.2April -19.2 -16.9 -1.4 -5.3 -6.0 -6.1 -16.4 -13.5 -2.3 -3.2 -14 -8.7May -17.8 -17.3 -11.3 -6.8 -5.7 -7.3 -13.5 -14.0 -0.7 -2.1 -10 -8.7June -15.9 -16.7 -8.4 -7.7 -9.9 -8.4 -13.7 -14.3 -1.7 -1.0 -4 -7.0July -12.7 -15.7 -6.1 -8.2 -9.9 -9.8 -14.7 -14.6 -1.3 0.0 -7 -5.1August -18.6 -14.7 -9.4 -8.6 -9.7 -11.1 -14.8 -15.1 7.1 0.8 -1 -3.5September -11.5 -13.9 -6.2 -8.4 -13.6 -12.0 -15.2 -15.8 1.9 1.1 -2 -3.0October -13.5 -13.6 -8.9 -7.9 -14.6 -12.9 -16.6 -16.7 1.8 -0.1 -2 -3.6November -14.1 -13.7 -11.2 -7.3 -13.2 -13.3 -19.1 -17.6 -6.5 -2.3 -5 -5.0December -14.2 -13.6 -2.5 -6.6 -10.8 -13.5 -18.3 -18.3 -1.5 -4.9 -8 -6.5

2013 January -12.0 -13.4 -6.1 -6.3 -15.2 -14.1 -18.7 -18.6 -14.8 -7.2 -7 -7.7February -12.6 -13.2 -6.8 -6.2 -10.7 -15.1 -20.6 -18.4 -8.1 -8.4 -9 -8.4March -15.3 -12.9 -4.0 -6.2 -16.1 -16.6 -17.2 -17.8 -15.9 -8.6 -9 -8.8April -12.9 -12.4 -9.4 -6.2 -23.9 -17.9 -15.2 -17.0 -9.1 -7.8 -15 -8.9May -7.4 -11.8 -6.1 -6.2 -21.8 -18.7 -19.2 -16.1 -0.8 -6.1 -3 -9.1June -9.7 -6.3 -19.1 -15.5 -8.0 -9July -13.6 -3.7 -18.6 -14.7 -2.6 -9August -10.2 -8.0 -13.9 -12.5 -1.7 -6September -11.2 -6.4 -16.2 -14.3 -10.5 -15

Source: NBB


36

2.1.5 BUSINESS-RELATED SERVICES2.1.5.1 BUSINESS-RELATED SERVICES: SYNTHETIC CURVE AND ITS COMPONENTS

(balances)

Synthetic curve of the business-related services Components


Seasonally adjusted andsmoothed series 1

Appraisal ForecastsSeasonally adjustedseries


Activity’s development Activity for the company General market demand







2011 September 0.5 1.8 -6.6 -6.3 11.8 13.1 -3.8 -1.1October -7.1 -0.1 -7.6 -7.6 3.6 12.3 -17.4 -3.1November -0.9 -0.7 -10.6 -8.1 12.3 12.0 -4.4 -3.0December -0.9 -0.8 -7.9 -9.0 7.4 12.0 -2.3 -1.9

2012 January 5.9 -0.7 -5.3 -10.1 20.0 12.1 2.9 -0.4February -0.6 -0.9 -12.8 -12.0 11.9 12.1 -1.0 0.9March 1.2 -1.4 -11.8 -14.1 13.1 11.9 2.3 2.0April -2.7 -1.9 -17.7 -15.7 6.5 11.5 2.9 2.5May -2.7 -2.4 -18.8 -16.9 12.4 10.9 -1.7 2.2June -3.0 -2.7 -22.7 -17.1 8.4 10.1 5.3 1.5July 1.6 -2.7 -13.6 -16.7 10.6 9.6 7.9 0.4August -2.3 -2.7 -16.1 -16.3 9.9 9.5 -0.8 -1.0September -4.4 -2.7 -16.1 -15.6 6.1 9.6 -3.2 -2.2October -6.0 -2.5 -21.5 -14.7 8.5 9.9 -4.9 -2.9November -1.4 -2.2 -12.4 -13.7 10.4 10.6 -2.3 -3.5December -2.7 -2.1 -11.8 -12.9 10.6 11.2 -7.0 -3.8

2013 January -0.4 -2.0 -10.0 -13.2 12.7 12.1 -3.8 -3.8February 4.2 -2.1 -12.8 -15.1 17.8 13.0 7.7 -3.5March -5.4 -2.8 -23.5 -17.5 15.3 13.4 -8.1 -3.0April -5.9 -3.3 -22.6 -19.8 8.3 12.9 -3.4 -2.2May -1.9 -3.3 -18.2 -20.9 14.2 12.2 -1.8 -0.8June -3.1 -21.4 12.1 -0.1July -5.1 -28.8 9.3 4.1August -1.1 -18.0 8.0 6.7September 5.5 -12.8 16.5 12.7

Source: NBB


37

2.1.5.2 BUSINESS-RELATED SERVICES: SECTORAL CURVES

Business-related services

Transport and support activities Rental activities Computer activities Other business-related services









2011 September -1.2 -5.9 14.3 15.9 5.2 7.6 -3.4 1.7October -12.6 -7.6 13.9 14.5 -12.8 6.7 -1.3 -1.6November -18.4 -8.7 19.8 15.3 6.2 6.2 -4.8 -2.6December -9.6 -8.8 31.3 16.1 9.1 6.1 -3.1 -2.2

2012 January -1.1 -7.5 8.9 15.9 16.9 4.7 1.7 -0.9February -8.2 -5.5 16.3 15.4 5.1 1.6 -2.4 0.2March -1.6 -3.7 18.3 15.4 -3.5 -2.2 1.8 1.3April -6.4 -2.5 10.6 15.4 -8.9 -5.8 3.0 1.6May -1.8 -2.2 10.7 16.4 -17.0 -7.7 2.5 1.0June 1.0 -2.7 30.8 17.7 -10.4 -7.0 -2.4 0.0July -5.0 -4.3 32.5 18.0 5.2 -5.0 0.1 -1.0August -2.8 -6.6 16.4 18.3 0.2 -3.0 -2.3 -2.0September -13.5 -8.7 18.7 18.6 -5.2 -1.4 -1.6 -2.6October -11.4 -10.5 18.5 18.2 -1.2 -0.1 -5.8 -3.0November -13.5 -10.8 12.4 17.1 -0.8 1.6 -3.4 -3.3December -10.6 -9.3 21.8 15.7 5.5 3.1 -5.4 -3.7

2013 January -8.2 -7.0 16.1 14.5 6.7 4.7 -2.8 -4.4February -2.4 -4.9 12.5 13.5 14.4 5.2 0.4 -5.3March -2.3 -3.8 10.8 13.6 -8.8 3.6 -7.2 -6.3April 2.3 -4.2 13.4 14.4 -9.8 1.5 -9.1 -6.7May -7.3 -5.4 18.7 15.2 5.7 0.3 -7.4 -6.5June -13.4 16.0 3.2 -5.0July -10.9 16.5 -5.0 -5.3August -3.7 16.5 -1.6 -0.6September -1.4 25.7 12.2 0.5

Source: NBB


38

2.1.6 TRADE2.1.6.1 TRADE: SYNTHETIC CURVE AND ITS COMPONENTS

Synthetic curve for the trade Components



ForecastSeasonally adjustedseries


Employment Demand Orders







2011 September -6.1 -4.4 9.8 6.9 -20.7 -8.9 -7.6 -10.2October -8.2 -7.8 4.9 5.7 -10.0 -13.7 -19.6 -15.7November -19.1 -10.8 -3.6 4.2 -27.3 -17.9 -26.2 -20.6December -10.8 -12.8 4.8 2.7 -12.5 -20.8 -24.7 -23.3

2012 January -13.4 -14.0 4.6 1.3 -21.6 -22.0 -23.3 -24.0February -15.8 -14.6 -0.7 -0.2 -23.9 -22.1 -22.6 -24.0March -20.6 -14.3 -3.5 -1.2 -27.7 -20.9 -30.6 -23.7April -14.4 -13.5 -2.0 -1.5 -14.6 -18.8 -26.7 -23.0May -12.0 -12.9 0.4 -1.9 -21.1 -17.7 -15.3 -22.0June -11.7 -12.5 -2.9 -2.1 -9.0 -17.4 -23.1 -21.2July -8.9 -12.7 -1.2 -2.2 -13.8 -17.9 -11.5 -20.4August -15.2 -13.2 -2.3 -2.3 -22.9 -19.3 -20.6 -20.0September -13.9 -13.6 -2.4 -2.3 -20.0 -19.7 -19.3 -20.2October -15.6 -13.7 -2.3 -2.2 -24.5 -19.1 -20.1 -20.4November -13.4 -13.6 0.0 -2.1 -17.5 -18.4 -22.8 -20.8December -13.3 -13.4 -1.9 -2.0 -17.6 -17.8 -20.5 -21.4

2013 January -10.3 -13.6 -2.1 -2.0 -5.8 -17.9 -22.9 -22.1February -11.5 -14.6 -0.3 -2.1 -16.8 -19.0 -17.4 -23.4March -15.7 -15.9 -2.1 -2.6 -20.9 -20.3 -24.0 -24.7April -19.8 -17.3 -3.0 -3.2 -29.3 -21.6 -27.0 -25.8May -21.0 -18.1 -6.9 -3.8 -28.2 -22.0 -28.0 -26.3June -18.7 -4.5 -22.7 -28.9July -17.1 -7.3 -19.2 -24.7August -14.1 -3.8 -14.9 -23.5September -9.9 -1.7 -8.6 -19.3

Source: NBB


39

2.1.6.2 TRADE: SECTORAL CURVES

Trade

Sale of motor vehicles Sale of food Sale of footwear Sale of furniture Sale of textiles Sale of electrical and electronical ap-pliances



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1



smoothed series 1

2011 September 13.7 7.0 8.5 9.2 1.7 -0.6 -2.4 -3.2 -15.8 -12.4 -29.9 -26.6October 8.7 5.4 -0.1 5.5 -5.3 -3.9 1.7 -5.8 -18.4 -16.6 -32.5 -30.4November -33.0 1.6 0.2 3.1 -8.1 -7.5 -28.8 -11.5 -19.5 -19.5 -37.6 -33.7December 5.1 -3.0 6.3 1.0 -11.6 -11.0 -27.6 -17.2 -21.6 -20.7 -26.3 -36.1

2012 January -1.4 -7.3 1.5 -0.5 -21.8 -14.1 -5.9 -21.1 -23.0 -21.1 -39.7 -38.2February -12.1 -12.5 -1.9 -1.2 -21.4 -16.2 -22.7 -21.7 -22.2 -20.7 -41.9 -39.2March -34.9 -18.0 -7.3 -1.8 -12.1 -17.1 -45.5 -18.6 -19.4 -19.7 -39.5 -38.9April -25.6 -23.1 -2.2 -2.2 -19.0 -16.7 -8.9 -14.2 -17.2 -18.6 -38.9 -37.3May -11.2 -29.0 -6.2 -1.6 -12.6 -15.4 -16.8 -9.4 -18.5 -17.4 -3.6 -35.0June -40.0 -34.0 6.1 -0.4 -17.7 -14.1 6.5 -4.2 -11.1 -16.3 -35.7 -33.5July -32.4 -36.5 2.7 0.3 -13.2 -13.6 4.2 -1.1 -13.6 -15.5 -21.7 -32.4August -39.1 -37.9 -4.5 0.2 -14.7 -12.4 -5.6 -1.7 -17.4 -14.8 -30.4 -32.6September -48.4 -38.5 5.4 -0.5 -13.2 -9.9 7.9 -4.8 -14.5 -13.7 -37.1 -35.0October -37.9 -36.9 -1.4 -1.5 -0.3 -7.5 -18.3 -9.4 -15.2 -12.1 -45.2 -37.8November -38.2 -34.2 -3.8 -2.3 -5.2 -5.2 -15.3 -13.0 -8.1 -10.5 -21.7 -40.6December -27.1 -31.5 -6.4 -2.9 -2.8 -4.3 -13.1 -14.6 -3.9 -9.1 -44.9 -43.0

2013 January -27.8 -28.4 4.8 -4.2 -3.3 -5.0 -12.5 -15.4 -5.2 -9.4 -43.4 -43.8February -23.0 -26.1 4.7 -6.1 -5.9 -6.8 -24.5 -15.9 -9.7 -11.2 -49.3 -44.3March -30.1 -25.1 -9.0 -7.7 -7.8 -9.3 -16.2 -16.1 -15.7 -13.2 -38.1 -45.6April -17.5 -23.3 -14.7 -8.3 -22.8 -11.7 -22.8 -16.3 -20.2 -15.2 -40.4 -47.0May -23.7 -21.0 -10.0 -7.3 -13.5 -13.5 -14.6 -16.2 -15.0 -16.1 -68.7 -48.4June -39.5 -0.8 -19.9 -6.6 -16.9 -58.1July -7.9 -1.6 -15.0 -26.6 -21.6 -49.0August -14.8 -5.6 -12.3 -16.9 -10.8 -48.2September 2.2 -0.3 -6.2 -6.2 -12.1 -32.8

Source: NBB


40

2.2 MONTHLY BUSINESS SURVEYS: REGIONAL RESULTS2.2.1 OVERALL SYNTHETIC CURVE BY REGION

Regional curves

Flemish region Walloon region Brussels-Capital region

Seasonallyadjusted series

Seasonallyadjusted and

smoothed series 1



smoothed series 1



smoothed series 1

2012 September -15.5 -15.0 -16.3 -16.9 -19.6 -18.0October -16.7 -15.4 -19.5 -17.2 -18.4 -18.0November -17.7 -15.5 -20.1 -17.4 -17.8 -17.4December -15.4 -15.4 -16.3 -17.6 -15.8 -16.9

2013 January -15.2 -15.2 -17.2 -17.8 -14.7 -16.4February -13.3 -14.9 -17.9 -17.9 -16.2 -16.2March -14.6 -14.7 -19.4 -18.0 -18.5 -16.0April -16.8 -14.5 -20.3 -18.0 -16.8 -15.5May -14.1 -14.2 -17.7 -17.9 -13.0 -15.0June -13.2 -18.2 -14.1July -15.0 -16.5 -14.4August -11.5 -13.7 -16.9September -10.1 -16.9 -12.2

Source: NBB

N.B.: For the Brussels-Capital region only the overall synthetic curve is published at present.


CHART 6 OVERALL SYNTHETIC CURVE BY REGION(manufacturing industry, building industry, business-related services and trade)

Source: NBB

41

2.2.1.1 GLOBAL SYNTHETIC CURVE AND UNDERLYING CURVES: FLEMISH REGION

Global curve Curves by sector of activity







series 1



series 1



series 1



series 1

2012 Sep. -15.5 -15.0 -17.0 -15.7 -12.4 -16.3 -7.5 -8.1 -29.9 -27.5Oct. -16.7 -15.4 -16.6 -16.2 -18.7 -15.9 -10.9 -9.7 -28.7 -28.0Nov. -17.7 -15.5 -18.4 -16.2 -16.6 -15.4 -12.3 -11.1 -28.2 -28.0Dec. -15.4 -15.4 -15.4 -15.9 -14.8 -14.9 -11.9 -11.3 -27.9 -27.6

2013 Jan. -15.2 -15.2 -15.5 -15.6 -13.7 -14.6 -11.9 -10.4 -26.1 -27.3Feb. -13.3 -14.9 -13.9 -15.6 -14.3 -14.4 -5.9 -9.1 -24.3 -27.0March -14.6 -14.7 -15.7 -15.7 -14.5 -14.2 -6.0 -7.8 -26.9 -27.2April -16.8 -14.5 -17.5 -15.8 -17.2 -13.7 -8.1 -7.2 -31.3 -27.8May -14.1 -14.2 -16.1 -15.7 -7.5 -13.0 -7.4 -6.9 -27.0 -28.0June -13.2 -14.3 -11.8 -4.3 -29.5July -15.0 -16.0 -12.9 -7.7 -29.1Aug. -11.5 -11.9 -10.9 -6.0 -25.6Sep. -10.1 -10.7 -11.4 -1.7 -22.9

Source: NBB



2.2.1.2 GLOBAL SYNTHETIC CURVE AND UNDERLYING CURVES: WALLOON REGION

Global curve Curves by sector of activity







series 1



series 1



series 1



series 1

2012 Sep. -16.3 -16.9 -18.1 -18.7 -8.8 -9.5 -14.1 -13.9 -21.8 -21.6Oct. -19.5 -17.2 -23.2 -19.1 -8.8 -9.8 -14.4 -14.1 -18.9 -22.0Nov. -20.1 -17.4 -22.2 -19.4 -14.1 -10.5 -14.6 -13.7 -26.7 -22.8Dec. -16.3 -17.6 -18.9 -19.8 -10.1 -11.0 -9.1 -13.4 -23.0 -24.0

2013 Jan. -17.2 -17.8 -19.2 -20.0 -12.4 -11.4 -10.1 -13.1 -25.9 -24.9Feb. -17.9 -17.9 -20.2 -20.2 -11.6 -11.4 -12.8 -13.2 -22.8 -25.9March -19.4 -18.0 -22.5 -20.4 -9.4 -10.9 -13.7 -13.5 -26.8 -26.5April -20.3 -18.0 -22.6 -20.3 -13.2 -10.5 -14.1 -13.8 -29.7 -26.6May -17.7 -17.9 -19.4 -20.1 -9.8 -10.0 -15.2 -14.0 -27.7 -26.4June -18.2 -20.7 -9.3 -14.0 -24.3July -16.5 -17.9 -9.8 -14.1 -26.5Aug. -13.7 -14.0 -11.1 -12.1 -21.6Sep. -16.9 -18.8 -14.1 -10.8 -18.1

Source: NBB



42

2.3 MONTHLY CONSUMER SURVEY: NATIONAL RESULTS

2.3.1 CONSUMER CONFIDENCE INDICATOR SURVEY AND COMMENT

CHART 7 CONSUMER CONFIDENCE INDICATOR

Source: NBB

Consumer confidence continues to rise sharply in September

In September, the consumer confidence indicator visibly extended its upward trend of the last five months. Theindicator, which has climbed to a new two-year high, has now reached the level of the long-term average for theperiod 1990-2013.

The solid improvement in confidence among consumers in September is grounded in further increased optimismregarding the general economic outlook in Belgium and in considerably brighter expectations of households abouttheir financial situation and their capacity to save.

On the other hand, for the first time since March 2013, there was an increase in concern about a rise inunemployment in this country in the next twelve months, albeit to a limited extent.

43

2.3.2 CONSUMER CONFIDENCE INDICATOR AND COMPONENTS

Consumer confidence indicator ComponentsConsumer confidence indicator

Forecasts economic situation in Belgium Forecasts unemployment in Belgium Forecasts financial situation ofhouseholds

Forecasts of saving capacity ofhouseholds

2011 September -9 -15 22 -1 4October -7 -8 24 1 5November -14 -20 36 -2 3December -12 -10 31 -5 -1

2012 January -16 -22 34 -5 -4February -20 -25 47 -6 0March -12 -10 33 -4 -1April -12 -8 35 -3 -1May -10 -9 31 -3 3June -10 -5 35 -1 2July -13 -7 39 -2 -4August -16 -11 46 -3 -3September -14 -11 40 -3 -1October -17 -16 50 -3 3November -24 -28 62 -5 -2December -25 -27 57 -5 -10

2013 January -23 -23 59 -3 -7February -17 -10 52 -3 -4March -24 -22 63 -3 -7April -20 -15 56 -4 -4May -19 -14 55 -2 -3June -18 -12 54 -4 -1July -16 -10 48 -5 -2August -12 1 39 -4 -7September -7 9 40 1 3

Source: NBB

44

2.3.2.1 COMPONENTS OF CONSUMER CONFIDENCE

CHART 8 GENERAL ECONOMIC SITUATION IN BELGIUM(expectations for the next twelve months)

Source: NBB

CHART 10 FINANCIAL SITUATION OF HOUSEHOLDS(expectations for the next twelve months)

Source: NBB

CHART 9 UNEMPLOYMENT IN BELGIUM(expectations for the next twelve months)

Source: NBB

CHART 11 SAVING CAPACITY OF HOUSEHOLDS(expectations for the next twelve months)

Source: NBB

45

2.4 MONTHLY CONSUMER SURVEY: REGIONAL RESULTS2.4.1 CONSUMER CONFIDENCE INDICATOR BY REGION

Flemish region Walloon region Brussels-Capital region

2011 November -8 -22 -20December -8 -16 -14

2012 January -13 -22 -19February -18 -23 -22March -8 -18 -16April -8 -19 -18May -6 -17 -15June -5 -18 -14July -11 -15 -12August -14 -20 -16September -12 -19 -16October -13 -22 -22November -19 -29 -26December -21 -26 -24

2013 January -22 -23 -19February -13 -23 -18March -21 -27 -24April -17 -27 -20May -15 -27 -19June -14 -26 -22July -11 -23 -22August -8 -21 -16September -3 -15 -11

Source: NBB

CHART 12 CONSUMER CONFIDENCE INDICATOR BY REGION

Source: NBB

46

2.5 QUARTERLY SURVEY2.5.1 DEGREE OF UTILISATION OF INSTALLED PRODUCTION CAPACITY BY SECTOR: NATIONAL RESULTS

2011 2012 2013

July October January April July October January April July

Textile industry 71.9 68.0 71.1 66.8 66.9 69.3 68.5 69.1 67.7Food industry 77.2 74.1 74.4 73.0 72.8 74.9 75.0 72.7 74.8Iron and steel industry 77.9 75.5 68.1 81.2 77.9 68.6 72.8 79.9 80.7Non-ferrous industry 80.2 77.3 83.4 73.5 81.9 80.4 77.6 84.3 80.1Metal and electrotechnical industry 80.3 80.2 81.0 79.9 79.0 77.3 75.2 75.1 76.3Paper and paperboard industry 87.3 86.8 84.4 84.4 82.9 82.4 82.9 82.9 83.7Graphics industry 82.2 80.1 80.0 82.2 80.4 79.9 72.0 82.9 80.8Wood-processing industry 75.9 75.2 72.3 73.2 73.6 71.3 70.6 71.2 75.7Production of building materials 87.2 86.3 80.3 81.0 82.7 81.0 80.3 72.3 78.3Plastic and rubber industry 81.2 81.2 80.3 81.6 80.4 80.6 78.6 76.4 74.0Chemical industry 83.4 80.4 81.1 81.9 78.8 77.2 79.5 77.3 77.2Total of all industries 79.8 78.4 78.4 78.1 77.3 75.9 75.6 75.2 76.1of which:

Production of consumer goods 78.4 77.5 76.9 75.9 74.1 75.5 71.9 74.6 76.1Production of capital goods 77.5 76.3 78.3 78.4 78.2 76.0 77.3 75.5 76.7Production of intermediate goods 81.2 79.7 79.1 80.0 79.3 76.0 77.5 76.0 75.8

Source: NBB

N.B.: As percentages of total production capacities. Seasonally adjusted series.

2.5.2 DEGREE OF UTILISATION OF INSTALLED PRODUCTION CAPACITY BY REGION

2011 2012 2013

July October January April July October January April July

Flemish regionTotal of all industries (excluding food industry) 79.3 78.9 78.7 79.3 76.4 75.9 73.7 74.5 74.7of which:


Walloon regionTotal of all industries (excluding food industry) 79.7 77.4 74.6 78.3 78.3 72.9 75.8 74.5 74.7of which:


Source: NBB

N.B.: As percentages of total production capacities. Seasonally adjusted series.

47

2.6 BI-ANNUAL SURVEY2.6.1 FIXED CAPITAL INVESTMENT IN MANUFACTURING INDUSTRY

Fixed capital investment in manufacturing industry

Successive forecasts in the NBB’s ”investment” survey Realizations

In the autumn of theprevious year

In the spring of thecurrent year

In the autumn of thecurrent year

NBB’s ”investments”survey 1

Investments according toVAT statistics.

2001 22.2 7.5 1.2 -1.0 -4.72002 0.5 -3.8 -14.0 -13.0 -6.52003 6.5 5.1 -7.3 -4.2 -5.02004 -4.6 1.5 -13.1 -9.9 -5.82005 21.9 7.8 -6.7 -1.7 2.22006 21.6 16.1 3.2 3.3 5.32007 19.6 18.4 13.1 12.1 16.62008 7.2 12.0 -3.1 1.1 -3.82009 3.0 -11.8 -22.4 -20.4 -22.62010 11.2 11.2 6.4 0.8 -6.02011 17.2 20.1 7.5 10.1 14.22012 24.6 16.8 1.2 3.72013 19.2 15.1

Source: NBB

N.B.: Percentage changes in the data at current prices compared with the previous year.

1 Results of the following year’s spring survey.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIst year, tome I, number 6, June 1986: ”Formation brute de capital fixe dans l’industriemanufacturière en Belgique: tour d’horizon des sources statistiques disponibles et apport spécifique de l’enquête semestrielle de la Banque Nationale de Belgique”.

CHART 13 PRODUCTION CAPACITY AND INVESTMENT IN MANUFACTURING INDUSTRY

Source: NBB

3. Employment, unemployment

50

3.1 LABOUR MARKET

(thousands of units, annual averages)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Population of working age 1 6,805 6,835 6,879 6,942 7,012 7,074 7,124 7,180 7,225 7,254e

Labour force 2 4,769 4,852 4,933 4,975 4,992 5,044 5,086 5,129 5,168 5,190

EmploymentNational employment 3 4,231 4,275 4,337 4,387 4,460 4,539 4,531 4,562 4,622 4,630Frontier workers (balance) 70 71 73 76 77 78 78 79 77 77Domestic employment 4,161 4,204 4,264 4,311 4,383 4,461 4,453 4,483 4,545 4,553

Self-employed persons 689 692 695 699 706 716 720 726 736 742Employees 3,472 3,512 3,569 3,612 3,677 3,746 3,732 3,757 3,809 3,812

Breakdown by branches of activityAgriculture, forestry and fishing 18 18 18 17 17 18 19 20 20 20Industry and energy 633 621 616 612 611 611 585 566 564 557Construction 189 189 192 201 208 213 215 216 219 219Services 2,632 2,685 2,744 2,783 2,842 2,904 2,914 2,956 3,006 3,015

Wholesale and retail trade, transport, accomodation and food service acti-vities 800 808 821 825 841 853 847 849 856 854Information and communication 88 88 90 92 95 97 97 95 95 96Financial and insurance activities 133 132 132 133 134 131 130 129 129 129Real estate activities 18 18 19 17 17 18 19 19 20 20Professional, scientific and technical activities; administrative and supportservice activities 343 357 373 394 419 446 437 459 483 485Public administration, defence and education 730 745 759 764 771 781 795 802 803 799Human health and social work activities 369 379 391 402 413 425 439 458 473 485Arts, entertainment and recreation; other service activities 152 158 159 156 152 153 150 145 147 148

Total 3,472 3,512 3,569 3,612 3,677 3,746 3,732 3,757 3,809 3,812

Unemployment 4 5 538 577 596 588 532 505 555 567 546 560

Sources: FPS ELSD, NAI, NEO, NBB

1 Men and women aged 15 to 64.2 Sum of national employment and unemployment.3 Domestic employment plus balance of incoming and outgoing frontier-zone workers.4 Unemployed job-seekers, consisting of wholly unemployed persons receiving benefit excluding older unemployed persons and other compulsorily or voluntarily registered job-seekers.5 Official unemployment statistic taking account of the changes made by FOREM, from November 2001 onwards, in the method of recording job-seekers, in order to bring it into line with that followed by the VDAB.

51

3.2 UNEMPLOYMENT

Unemployed job-seekers 1 2 Adjusted harmonised unemployment rate (Eurostat definition), seasonally ad-justed data

of which: Total 1 2 Men Women Total

men women young workers during theprofessional insertion pe-

riod

aged under 25 inactivity duration of 2years and more

Total Men Women Total

2003 253,089 285,052 49,224 132,549 538,141 7.7 8.9 8.22004 271,250 305,363 52,022 136,956 576,612 7.5 9.5 8.42005 279,551 316,846 51,527 133,350 596,397 7.6 9.5 8.52006 278,778 309,483 43,584 126,375 225,847 588,261 7.4 9.3 8.32007 253,214 279,245 39,100 110,476 215,506 532,459 6.7 8.5 7.52008 242,542 262,323 36,924 103,222 197,350 504,865 6.5 7.6 7.02009 281,133 273,396 40,766 116,832 192,794 554,529 7.8 8.1 7.92010 290,200 276,992 41,644 116,752 196,080 567,192 8.1 8.5 8.32011 277,630 268,843 39,217 108,332 196,890 546,473 7.1 7.2 7.22012 289,492 270,875 45,430 113,808 197,004 560,367 7.7 7.4 7.62011 III 284,996 287,289 48,687 123,631 198,712 572,285 7.2 7.5 7.3

IV 276,508 265,845 42,001 109,288 195,789 542,353 6.9 7.5 7.22012 I 288,343 267,013 40,624 108,414 198,158 555,355 7.2 7.3 7.2

II 275,274 256,220 36,475 97,918 194,802 531,494 7.4 7.9 7.7III 297,945 290,132 56,844 129,628 198,857 588,078 7.7 7.5 7.6IV 296,407 270,136 47,777 119,272 196,199 566,542 8.4 7.5 8.0

2013 I 303,411 268,378 42,238 114,990 195,604 571,789 8.6 8.0 8.3II 293,698 261,383 37,394 104,090 194,597 555,081 8.7 8.2 8.5III 316,474 298,762 58,541 133,895 201,674 615,236

2012 September 298,982 284,793 58,611 133,111 198,688 583,775 7.9 7.4 7.7October 296,917 274,560 52,097 124,527 196,729 571,477 8.2 7.4 7.9November 295,008 268,270 46,238 117,589 195,932 563,278 8.4 7.5 8.0December 297,295 267,577 44,995 115,699 195,935 564,872 8.5 7.6 8.1

2013 January 305,671 271,866 43,627 117,830 196,436 577,537 8.6 7.9 8.2February 303,853 268,546 42,854 115,874 195,348 572,399 8.6 8.0 8.3March 300,708 264,722 40,232 111,267 195,027 565,430 8.7 8.1 8.4April 298,194 262,425 38,758 107,985 194,638 560,619 8.7 8.2 8.5May 292,254 258,973 35,896 102,185 194,288 551,227 8.7 8.2 8.5June 290,646 262,751 37,528 102,101 194,865 553,397 8.8 8.2 8.5July 314,707 296,186 56,075 128,932 200,371 610,893 8.9 8.4 8.7August 317,009 304,659 59,248 135,782 202,206 621,668 9.0 8.4 8.7September 317,706 295,442 60,301 136,971 202,446 613,148

Sources: EUROSTAT, NEO Calculations: NBB

1 Annual or quarterly data: average of end-of-month data; monthly data: end-of-month data.2 The supression of the unemployment control at the end of 2005 makes difficult the comparison of the series before and after 2006.

4. Industry

54

4.1 INDUSTRIAL PRODUCTION (NACE REV.2)

(gross indices year 2010 = 100)

Total industry Industrial groupings by destination of goods

Total Total industry excluding construction Construction Intermediary goods Energy Investment goods Consumer goodsTotal

Total Mining and quar-rying

Manufacturing in-dustry

Electricity, gas andwater supply

Construction Intermediary goods Energy Investment goods

Total Durable consumergoods

Non-durable con-sumer goods

2011 July 91.6 90.8 72.8 91.6 86.0 54.0 90.0 87.2 84.4 97.6 91.9 98.1Aug. 101.0 99.6 118.7 101.0 89.3 108.1 97.1 91.2 91.2 112.2 100.1 113.2Sep. 115.1 111.6 112.9 115.1 88.0 125.0 111.7 89.8 123.9 115.8 129.9 114.7Oct. 106.8 104.7 107.3 106.8 90.6 114.1 103.7 89.5 118.2 105.9 108.9 105.6Nov. 104.1 103.1 105.2 104.1 96.4 112.4 102.2 92.4 116.3 102.1 110.4 101.5Dec. 101.4 101.7 85.7 101.4 104.3 87.3 92.1 100.7 122.5 101.2 108.5 100.7

2012 Jan. 97.4 98.8 88.2 97.4 106.9 95.4 98.6 103.5 99.4 94.8 98.7 94.5Feb. 100.7 101.4 78.8 100.7 105.0 96.9 100.7 102.2 105.2 98.4 114.7 97.2March 118.2 114.2 111.5 118.2 89.3 125.8 111.6 90.8 128.7 122.4 124.0 122.3April 98.4 96.9 99.4 98.4 85.7 102.0 99.2 89.2 104.7 93.5 103.1 92.7May 101.3 98.3 108.7 101.3 77.2 112.5 102.9 83.8 108.7 94.7 108.1 93.7June 109.5 104.8 112.4 109.5 74.7 118.9 106.8 81.4 124.3 104.8 131.5 102.7July 96.9 94.4 79.1 96.9 78.4 62.7 95.0 83.7 86.5 103.9 92.4 104.8Aug. 97.3 94.5 94.7 97.3 74.7 110.0 92.2 80.7 95.0 104.6 95.3 105.3Sep. 106.7 102.4 99.3 106.7 74.5 114.7 100.2 79.6 113.1 112.0 122.9 111.1Oct. 110.8 105.4 111.6 110.8 70.7 124.4 107.2 77.2 115.4 114.0 119.1 113.7Nov. 104.2 101.2 96.2 104.2 82.0 111.8 98.2 85.8 109.0 108.8 116.9 108.2Dec. 100.5 99.5 67.4 100.5 93.4 77.0 81.2 94.7 122.4 110.5 106.0 110.9

2013 Jan. 96.6 96.6 66.8 96.6 94.8 84.1 94.2 94.7 95.1 100.3 93.7 100.8Feb. 95.0 94.2 78.8 95.0 87.5 96.5 92.8 89.5 96.0 96.5 103.9 96.0March 107.2 105.3 86.3 107.2 92.4 106.7 97.7 94.7 111.5 116.7 111.2 117.0April 106.4 102.0 95.3 106.4 75.0 107.9 100.7 81.6 106.2 113.1 110.8 113.2May 104.6 99.1 101.6 104.6 64.4 107.5 99.2 74.7 109.8 107.2 106.9 107.2June 110.0 105.2 100.9 110.0 75.6 114.3 101.7 83.0 115.4 116.7 108.2 117.3July 110.3 104.9 88.9 110.3 71.9 66.9 93.8 80.5 100.9 135.5 85.5 139.1

Source: GDSEI

N.B.: Provisional data for the last six months.

55

4.2 MANUFACTURED PRODUCTION: BREAKDOWN BY INDUSTRIAL SECTOR (NACE REV.2)

(gross indices year 2010 = 100)

Manufacture of

foodpro-

ducts

Manufacture ofbever-ages

Manufacture oftobacco

pro-ducts

Manufacture oftextiles

Manufacture ofwearingapparel

Manufacture ofleatherand re-latedpro-

ducts

Manufacture ofwoodand ofprod-

ucts ofwoodandcork,

exceptfurni-ture;

manufacture ofarticlesof straw

andplaitingmate-rials

Manufacture ofpaper

and pa-per pro-ducts

Printingand re-produc-tion of

re-cordedmedia

Manufacture of

cokeand re-finedpetro-leumpro-

ducts

Manufacture ofchemi-

calsand

chemi-cal pro-ducts

Manufacture ofbasicphar-

maceu-ticalprod-uctsand

phar-maceu-

ticalprepa-rations

Manufacture ofrubber

andplastic

pro-ducts

Manufacture of

othernon-

metallicmineral

pro-ducts

Manufacture ofbasic

metals

Manufacture of

fabri-catedmetalprod-ucts,

exceptmachin-ery andequip-ment

Manufacture ofcomput-er, elec-

tronicand op-

ticalpro-

ducts

Manufacture ofelectri-

calequip-ment

Manufacture ofmachin-ery andequip-mentn.e.c.

Manufacture ofmotor

ve-hicles,trailersand se-mi-trai-

lers

Manufacture of

othertrans-port

equip-ment

Manufacture offurniture

Othermanu-factu-ring

Repairand

installa-tion of

machin-ery andequip-ment

2011 July 94.2 105.2 108.7 89.8 91.1 120.9 84.5 88.3 69.5 88.9 101.9 105.4 85.8 81.8 85.2 80.3 72.7 80.6 99.5 81.0 84.7 70.9 116.2 88.3Aug. 105.5 107.5 100.7 73.9 118.1 113.7 85.4 96.8 87.3 97.3 103.9 130.4 93.2 102.1 84.2 96.8 88.0 87.8 100.2 82.9 98.0 95.9 107.3 98.9Sep. 110.6 113.8 124.0 108.0 103.6 102.3 106.2 107.7 107.9 93.0 104.0 120.6 112.2 124.0 107.6 124.3 108.8 118.6 123.0 142.7 118.6 118.6 133.5 104.8Oct. 111.0 100.5 103.1 102.2 92.6 70.8 99.8 98.5 98.9 80.0 100.3 103.9 102.2 113.3 98.3 123.6 98.3 109.6 113.3 128.0 105.2 104.8 125.8 106.2Nov. 109.8 104.7 115.0 100.3 70.2 81.5 102.0 100.7 96.7 70.3 100.1 95.6 103.1 112.7 101.4 111.9 97.1 94.9 114.7 130.7 100.1 97.4 119.5 116.1Dec. 108.4 103.8 112.7 83.3 70.2 81.7 83.8 92.2 106.9 83.2 91.5 95.7 89.6 83.0 78.3 128.9 104.7 97.7 118.2 122.9 135.9 101.9 109.2 159.1

2012 Jan. 100.9 93.1 101.7 87.9 114.3 98.0 96.5 99.3 80.8 92.2 101.9 92.5 96.7 86.4 102.5 96.5 75.3 89.5 108.3 111.3 110.2 93.1 115.9 86.7Feb. 98.5 106.2 111.5 93.3 125.3 81.4 94.2 99.2 89.2 88.7 104.4 93.9 103.1 83.1 106.3 97.8 81.6 100.0 116.1 120.1 121.7 108.0 123.1 84.5March 106.1 117.5 114.4 98.4 98.9 97.7 109.7 107.8 98.2 91.6 106.4 147.6 111.6 114.5 113.9 115.9 111.0 113.7 138.7 142.8 134.5 110.5 145.9 109.0April 97.2 109.2 112.5 84.3 65.4 76.3 98.0 95.3 84.3 96.4 97.7 89.6 99.8 100.6 96.9 106.2 79.3 100.2 111.7 109.3 131.2 91.0 118.2 88.1May 103.1 123.0 107.2 89.2 65.9 98.6 101.6 100.2 85.2 102.9 101.9 82.9 102.9 110.2 100.5 107.8 89.8 90.6 119.1 112.6 120.9 99.7 112.0 96.7June 102.9 140.1 136.7 94.4 70.8 124.3 109.6 104.8 90.9 100.8 97.0 99.2 112.1 116.5 104.3 120.6 110.9 113.9 129.2 128.2 146.8 111.4 133.1 112.1July 99.5 117.4 107.8 84.4 84.2 147.3 86.4 97.9 66.3 100.8 104.7 118.9 94.2 82.1 89.1 81.8 77.4 89.2 110.8 71.8 108.1 72.5 105.6 94.4Aug. 104.3 129.5 94.6 67.4 102.4 111.3 85.6 99.3 83.0 94.6 98.6 111.5 92.4 99.4 79.7 88.8 74.8 83.7 97.8 102.3 119.5 87.8 100.0 105.2Sep. 102.4 115.4 110.7 90.3 91.4 94.5 101.2 102.4 99.1 91.8 94.8 125.0 103.8 110.2 98.3 109.8 85.9 99.9 116.0 124.3 129.4 111.6 115.2 109.2Oct. 116.7 114.6 126.6 103.5 97.0 91.2 112.0 109.5 100.3 91.1 98.8 116.5 108.3 119.4 107.8 120.5 103.8 104.4 108.2 120.1 141.5 101.8 117.8 109.5Nov. 109.5 110.2 127.9 92.8 63.7 94.0 98.5 101.0 90.3 96.1 95.5 115.0 100.2 104.2 95.7 118.5 86.7 93.8 105.9 104.1 127.4 95.2 125.1 112.1Dec. 101.1 115.7 109.2 66.1 62.2 86.3 74.6 84.6 95.5 99.2 84.2 131.4 79.7 74.4 74.5 155.5 107.1 80.7 109.0 72.1 154.7 83.6 103.7 125.6

2013 Jan. 104.2 97.2 87.0 85.9 95.7 122.5 89.6 102.4 80.9 87.6 100.4 105.7 100.4 70.4 102.1 94.3 78.5 83.8 97.8 92.5 127.5 80.2 108.3 98.3Feb. 96.9 85.1 90.8 87.5 104.2 88.7 86.0 94.8 82.6 95.0 94.5 100.7 97.0 82.2 100.8 91.9 83.4 85.8 103.4 91.4 138.7 89.1 109.4 92.1March 103.8 110.7 94.5 92.3 89.9 100.9 93.8 99.2 90.6 98.0 97.0 140.4 101.4 95.4 102.3 99.5 93.4 88.8 125.3 109.1 168.9 93.3 119.9 103.7April 103.5 108.7 103.3 88.9 62.2 92.8 99.8 97.7 81.4 103.2 98.1 135.6 104.2 106.9 102.5 104.9 84.0 87.7 114.3 107.9 160.4 89.2 131.5 101.7May 105.0 124.7 103.2 89.5 56.5 127.5 96.9 95.1 81.7 110.2 97.5 116.1 102.9 107.5 98.7 114.6 81.9 86.4 115.2 108.7 146.5 93.0 118.6 93.9June 99.0 125.0 105.4 90.2 71.6 128.6 102.4 95.4 80.0 109.5 95.2 145.8 108.0 114.1 105.3 111.6 96.9 89.0 122.8 115.9 167.7 95.2 113.6 103.5July 106.0 136.8 103.9 88.7 94.0 156.5 88.7 96.9 64.4 107.9 99.8 195.3 98.3 88.5 88.1 98.6 81.5 80.1 112.3 93.4 148.2 69.8 101.6 99.8

Source: GDSEI

N.B.: Provisional data for the last six months.

56

4.3 ENERGY

Monthly averages or months Petroleum (thousands of tonnes) Electricity (millions of kWh)Monthly averages or months

Processing of crude petroleum Domestic consumption 1 Net productionProcessing of crude petroleum

Total 1 of which:

Net production

Total

Petrol for motor vehicles Gas oil and light fuel oil Residual fuel oil

1998 2,888 1,539 209 917 163 6,6241999 2,679 1,492 200 896 161 6,7372000 2,829 1,433 187 884 131 6,5972001 2,671 1,458 182 930 146 6,3412002 2,795 1,501 174 894 78 6,5092003 3,018 1,502 176 945 176 6,7212004 2,867 1,447 161 984 106 6,7952005 2,668 1,537 147 982 1202006 2,629 1,464 122 937 1002007 2,747 2,492 116 881 852005 IV 2,779 1,586 134 1,124 1222006 I 2,704 1,575 125 1,114 142

II 2,918 1,214 133 782 82III 2,723 1,269 125 844 75IV 2,170 1,798 105 1,009 101

2007 I 2,589 2,747 122 1,008 81II 2,371 2,255 135 725 93III 2,927 2,160 120 727 56IV 3,101 2,807 88 1,065 108

2006 December 2,336 2,378 98 859 922007 January 2,688 2,919 99 1,121 85

February 2,589 2,452 104 881 76March 2,489 2,871 162 1,022 82April 2,125 2,405 155 831 66May 2,401 2,396 134 710 154June 2,586 1,965 117 633 59July 2,758 1,964 113 627 46August 3,095 2,142 126 701 61September 2,928 2,373 121 852 61October 3,050 2,742 105 993 123November 3,197 2,924 103 1,076 103December 3,057 2,754 55 1,125 99

Source: GDSEI Calculations: NBB

1 Petrol for motor vehicles, gas oil, light fuel oil, aviation petrol and jet fuel (petrol type), special petrol and white spirit, petroleum and jet fuel (petroleum type), lubricating oil and other lubricants, residual fuel oil, asphaltic bitumens, petroleum gas for energy purposes and chemical purposes.

57

4.4 BUILDING

Monthly averages or months Dwellings Other buildingsMonthly averages or months

Building permits 1 2 Actual building starts 1 Building permits 1 2 Actual building starts 1

Number 3 Volume 4 Number 3 Volume 4 Number 3 Volume 4 Number 3 Volume 4

2003 3.8 2,266 3.6 2,169 0.3 2,448 0.3 2,3522004 4.4 2,524 4.0 2,361 0.4 3,165 0.4 2,9792005 5.0 2,869 4.5 2,652 0.4 3,428 0.3 2,9772006 5.1 2,986 4.8 2,822 0.4 3,272 0.4 3,2232007 4.5 2,676 4.5 2,709 0.4 4,213 0.3 3,6472008 4.4 2,633 4.2 2,523 0.4 3,913 0.4 3,5842009 3.8 2,307 3.7 2,310 0.4 3,633 0.4 3,5662010 4.2 2,516 4.0 2,403 0.4 3,551 0.4 3,1892011 3.7 2,257 3.3 1,980 0.4 3,420 0.3 3,0322012 3.9 2,452 3.6 2,265 0.4 3,502 0.3 2,8982011 II 3.6 2,208 3.6 2,157 0.4 3,897 0.4 3,058

III 3.7 2,288 3.1 1,878 0.4 3,380 0.4 3,746IV 4.1 2,457 3.5 1,942 0.3 3,452 0.3 2,981

2012 I 4.5 2,722 3.9 2,439 0.4 3,232 0.3 2,927II 4.1 2,459 4.2 2,495 0.4 3,783 0.3 2,888III 3.6 2,278 3.4 2,096 0.4 3,135 0.3 2,766IV 3.5 2,351 3.1 2,032 0.4 3,858 0.3 3,010

2013 I 4.1 2,573 2.9 1,860 0.4 3,386 0.3 2,742II 4.2 2,457 0.4 3,548

2012 June 3.5 2,287 3.9 2,399 0.5 3,318 0.3 3,302July 3.8 2,333 3.1 1,901 0.4 3,148 0.3 2,527August 3.3 2,315 3.6 2,275 0.4 2,588 0.4 3,229September 3.6 2,187 3.6 2,112 0.4 3,668 0.3 2,543October 3.9 2,796 3.3 2,209 0.5 4,898 0.4 3,182November 3.5 2,148 3.3 2,158 0.3 2,990 0.3 2,863December 3.1 2,109 2.6 1,728 0.3 3,687 0.3 2,984

2013 January 3.8 2,335 3.2 2,009 0.4 2,550 0.3 2,893February 3.7 2,353 2.5 1,527 0.3 3,605 0.3 2,303March 4.9 3,030 3.1 2,044 0.4 4,002 0.3 3,029April 4.2 2,413 3.2 2,195 0.4 3,623 0.3 3,240May 4.0 2,450 3.1 1,898 0.4 4,192 0.3 2,931June 4.5 2,508 0.4 2,830

Source: GDSEI Calculations: NBB

1 New series, drafted by the GDSEI : provisional figures for the last two calender years. Annual and quarterly data : averages of the monthly data.2 Concerning the month of concession.3 Thousands.4 Thousand cubic metres.

58

4.5 INDUSTRIAL PRODUCTION OF THE EUROPEAN UNION

(indices year 2005 = 100, seasonally adjusted)

Total EUcountries

Belgium Germany France United King-dom

Netherlands Italy Ireland Grand Duchyof Luxem-

bourg

Greece Spain Portugal Austria Sweden Finland Denmark

2003 96.4 89.9 93.5 98.2 100.1 95.6 100.8 95.0 92.8 99.8 97.8 108.1 90.3 92.4 94.5 99.02004 98.6 96.6 96.3 100.1 100.8 99.7 100.6 96.2 98.7 100.8 99.3 103.6 95.9 97.6 99.9 97.62005 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02006 104.1 106.1 106.1 100.6 100.2 102.1 103.7 103.1 102.1 100.6 103.9 103.1 107.8 103.1 109.6 104.12007 108.0 113.0 113.5 101.7 100.6 106.2 105.6 108.5 101.9 102.6 106.0 103.0 113.8 106.6 114.6 102.12008 106.1 117.4 113.7 98.7 97.7 107.0 101.7 106.1 96.7 99.6 98.4 98.8 116.0 103.8 115.5 101.02009 91.1 105.5 94.0 84.8 88.4 99.2 82.7 101.4 81.2 89.9 82.8 90.6 103.1 85.1 94.6 85.82010 97.3 117.2 105.0 88.9 90.9 106.7 88.5 109.0 88.8 84.7 83.5 92.1 110.2 93.2 100.0 87.32011 100.2 122.3 113.5 90.8 89.8 106.2 89.6 109.0 86.7 78.1 82.3 90.3 116.8 98.6 101.7 88.92012 98.2 118.3 112.8 88.5 87.6 105.7 83.9 107.6 82.1 75.5 77.3 85.8 119.0 96.6 99.6 88.32012 Aug. 99.4 118.5 114.2 90.0 88.7 105.9 84.4 111.3 80.8 78.1 78.6 92.7 121.0 98.7 99.6 90.0

Sep. 97.3 117.0 112.4 88.1 86.3 105.7 83.5 97.4 81.6 75.9 76.6 81.6 118.2 94.2 98.2 87.6Oct. 96.9 116.8 110.7 87.2 85.5 103.6 82.7 101.0 81.5 74.6 77.0 86.2 120.2 96.2 99.8 88.7Nov. 96.4 117.2 110.6 86.9 86.2 104.8 81.8 101.1 79.9 74.0 75.5 83.4 117.8 95.0 99.0 88.5Dec. 96.9 118.5 111.8 87.7 86.7 105.7 81.7 108.8 83.6 74.0 75.9 81.9 119.5 96.4 99.7 86.7

2013 Jan. 96.6 116.8 110.8 87.0 85.9 105.1 82.5 104.6 75.8 71.7 76.0 85.2 118.3 94.0 96.5 90.5Feb. 96.8 115.1 111.6 87.8 86.6 108.9 81.8 105.5 76.4 72.5 75.6 85.5 116.7 94.3 95.5 88.2March 97.5 117.3 112.3 87.1 86.6 111.3 81.2 104.3 80.8 73.1 76.9 88.1 116.8 95.6 97.6 90.6April 97.6 116.5 112.9 89.1 86.5 107.8 80.9 106.7 95.0 76.2 75.9 85.7 122.5 93.9 93.7 90.8May 97.0 118.1 111.5 88.8 86.6 109.2 81.0 104.4 77.9 71.7 76.1 90.4 118.4 89.7 95.5 89.1June 97.8 118.4 113.6 87.5 87.8 104.7 81.2 114.1 78.9 76.0 76.0 88.1 118.5 92.7 94.6 89.8July 96.8 111.2 87.0 87.8 103.8 80.3 104.2 79.9 71.0 75.6 86.2 119.1 93.3 96.5 91.9Aug. 93.3

Sources: OECD

5. Services

60

5.1 SNCB/NMBS ACTIVITY

SNCB/NMBS

Passenger traffic Goods traffic (complete wagons)

Passenger-km (millions) Productive tonnes-km (millions) Total tonnage (thousands of tonnes)Passenger km (millions) Productive tonnes km (millions)

Total of which:Total

Fuels and mineral oils Ores

2000 640 640 5,106 419 5562001 672 577 4,638 382 4322002 682 593 4,649 323 3492003 684 608 4,645 377 4142004 723 640 4,865 407 4092005 761 670 5,032 386 3622006 806 716 5,213 414 3852007 829 643 4,726 364 2862008 865 645 4,740 - -2009 866 453 3,044 - -2008 III 829 714 5,261 372 325

IV 910 562 3,906 - -2009 I 864 438 2,951 - -

II 894 425 2,910 - -III 817 464 3,085 - -IV 886 485 3,228 - -

2010 I 867 495 3,338 - -II 907 506 3,439 - -III 828 465 3,172 - -

2009 October 886 542 3,622 - -November 878 483 3,192 - -December 895 429 2,870 - -

2010 January 861 459 3,109 - -February 834 476 3,214 - -March 905 549 3,691 - -April 906 511 3,469 - -May 902 494 3,380 - -June 912 512 3,468 - -July 813 499 3,353 - -August 790 424 2,891 - -September 882 472 3,271 - -October 915 456 3,118 - -

Source: GDSEI

61

5.3 PAYMENT SYSTEMS AND INSTRUMENTS5.3.1 PAYMENT SYSTEMS BETWEEN BANKS

(monthly averages)

Number of transactions (thousands) Value of transactions (millions of euro)

TARGET2 ELLIPS 1 CEC Clearing House 2 Total TARGET2 ELLIPS 1 CEC Clearing House 2 Total

2003 215.5 84,858.8 131.8 85,206.1 1,846,650 46,024 5,448 1,898,1222004 230.9 84,078.5 109.8 84,419.1 2,090,126 48,731 4,935 2,143,7922005 231.9 79,302.0 48.3 79,582.2 2,471,581 52,707 4,059 2,528,3462006 237.7 80,501.6 42.5 80,781.8 2,823,246 55,751 4,100 2,883,0972007 273.2 84,278.9 39.8 84,591.9 3,868,629 62,232 4,102 3,934,9632008 88,588.8 36.4 89,005.3 66,917 3,688 4,824,3342009 345.5 93,552.4 93,918.3 3,836,485 67,071 3,905,3582010 364.5 97,497.9 97,862.4 3,494,050 70,577 3,564,6262011 370.1 102,062.9 102,433.0 3,945,055 73,889 4,018,9442012 362.0 107,926.4 108,288.4 3,456,731 75,761 3,532,4922010 IV 403.4 101,437.5 101,840.9 3,720,714 74,040 3,794,7532011 I 382.8 98,742.7 99,125.5 3,731,543 70,552 3,802,095

II 383.4 102,818.3 103,201.7 3,660,700 75,033 3,735,733III 355.7 101,186.0 101,541.7 4,139,133 72,358 4,211,491IV 358.4 105,504.7 105,863.2 4,248,843 77,612 4,326,455

2012 I 344.0 103,686.8 104,030.8 3,842,527 73,321 3,915,848II 366.4 107,689.6 108,056.0 3,426,469 76,359 3,502,828III 364.6 106,126.0 106,490.6 3,356,959 74,016 3,430,975IV 373.0 114,203.3 114,576.3 3,200,969 79,346 3,280,315

2011 December 369.7 112,726.9 113,096.6 4,279,847 85,069 4,364,9162012 January 339.0 107,399.2 107,738.2 4,033,226 76,668 4,109,894

February 327.5 98,371.1 98,698.6 3,800,926 70,010 3,870,936March 365.4 105,290.2 105,655.6 3,693,430 73,285 3,766,715April 348.2 107,861.7 108,209.9 3,276,792 76,328 3,353,120May 384.7 108,272.0 108,656.7 3,572,433 75,951 3,648,384June 366.3 106,935.1 107,301.4 3,430,181 76,798 3,506,979July 399.3 115,349.3 115,748.6 3,619,008 80,031 3,699,039August 351.8 104,290.1 104,641.9 3,238,396 72,081 3,310,477September 342.6 98,738.6 99,081.2 3,213,473 69,937 3,283,410October 405.8 117,494.0 117,899.8 3,497,822 81,724 3,579,546November 362.0 106,438.6 106,800.6 3,061,921 73,394 3,135,315December 351.1 118,677.3 119,028.4 3,043,165 82,919 3,126,084

Source: NBB Calculations: NBB

1 From Februari 18th 2008 onwards the ELLIPS-system has been replaced by the TARGET2-system.2 The activities of the Clearing House ended on September 21th 2009 and have been transferred to the CEC.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p. 13-15

62

5.3.5 PAYMENT CARDS - NUMBER OF TRANSACTIONS BY TYPE OF CARD

(millions)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

1999 II 174.3 89.5 25.6 3.0 13.8 23.5

2000 I 179.8 93.6 26.1 2.8 14.1 25.5II 199.9 103.0 27.7 3.0 14.4 25.7

2001 I 205.3 106.4 29.8 3.6 15.2 27.8II 226.8 106.7 31.0 4.4 15.3 32.7

2002 I 244.5 114.7 27.4 3.8 16.3 64.9II 260.8 114.3 29.7 4.4 16.4 55.9

2003 I 261.8 119.2 30.9 4.1 n. 53.8II 280.9 120.0 37.8 4.2 n. 53.2

2004 I 284.4 121.3 30.6 3.8 n. 54.5II 311.0 121.8 31.7 4.3 n. 52.4

2005 I 315.9 123.8 32.4 4.0 n. 52.4II 339.9 125.0 32.4 4.5 n. 49.6

2006 I 340.2 128.1 33.5 4.3 n. 49.8II 365.8 133.9 36.0 4.9 n. 46.2

2007 I 370.4 153.2 36.6 4.3 n. 46.1II 387.6 155.0 39.1 5.1 n. 43.7

2008 I 398.5 172.6 38.1 5.0 n. 42.6II 421.2 174.6 40.2 5.5 n. 38.6

2009 I 422.7 186.3 39.0 4.9 n. 37.1II 452.4 188.1 41.4 5.3 n. 33.4

2010 I 450.5 188.8 40.5 5.9 n. 31.9II 484.4 191.3 43.0 6.5 n. 28.7

2011 I 484.3 199.6 51.8 6.3 n. 27.6II 511.7 202.1 56.7 6.7 n. 22.9


1 Proton cards

63

5.3.6 PAYMENT CARDS - AMOUNT OF TRANSACTIONS BY TYPE OF CARD

(millions of euro)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

1999 II 8,864 9,199 2,591 521 708 90

2000 I 9,058 9,666 2,676 494 751 96II 10,201 10,729 2,857 526 817 99

2001 I 10,316 10,781 3,272 606 817 113II 11,350 10,834 3,338 708 813 154

2002 I 11,981 11,478 2,951 713 881 366II 13,027 11,550 3,115 842 916 303

2003 I 13,051 13,455 3,381 792 n. 280II 14,056 13,570 3,938 783 n. 271

2004 I 14,286 13,427 3,143 712 n. 272II 15,477 13,527 3,327 786 n. 257

2005 I 15,691 13,393 3,705 798 n. 250II 17,125 13,573 3,593 896 n. 236

2006 I 17,076 14,218 3,779 824 n. 231II 18,385 14,739 3,978 927 n. 213

2007 I 18,504 16,739 4,118 767 n. 206II 19,643 16,925 4,322 887 n. 189

2008 I 20,017 19,052 4,374 833 n. 184II 21,050 19,313 4,415 921 n. 169

2009 I 20,745 21,351 4,127 812 n. 164II 22,298 21,651 4,333 892 n. 150

2010 I 22,162 22,068 4,377 1,050 n. 138II 23,953 22,392 4,648 1,143 n. 126

2011 I 23,638 23,975 5,232 1,121 n. 123II 25,131 24,324 5,501 1,218 n. 109


1 Proton cards

64

5.3.7 PAYMENT CARDS - NUMBER OF CARDS AND TERMINALS

Cards issued (thousands) Terminals (in units) for

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1 POS operations ATM operations operations with prepaid cards 1

1999 II 10,492 2,883 1,591 7,898 99,624 6,199 63,993

2000 I 10,568 2,919 1,481 7,977 111,768 6,740 69,970II 10,960 2,970 1,507 8,396 116,436 6,732 67,837

2001 I 11,159 3,025 1,518 8,835 144,309 7,543 74,877II 10,942 3,045 1,565 8,543 144,421 7,435 88,847

2002 I 11,456 3,074 1,569 n. 137,746 6,990 111,060II 11,863 3,039 1,633 8,271 135,743 6,985 113,298

2003 I 12,100 3,064 1,157 n. 111,736 6,871 114,387II 12,522 3,097 1,202 8,803 113,081 6,853 108,215

2004 I 12,831 3,152 n. n. 97,963 7,253 92,428II 12,551 3,176 n. 8,979 108,284 7,267 97,206

2005 I 12,894 3,238 n. n. 103,907 7,276 77,384II 12,672 3,259 n. 9,617 101,094 7,290 76,190

2006 I 12,887 3,356 n. n. n. n. n.II 13,181 3,424 n. 10,792 115,231 7,268 88,908

2007 I 13,475 3,458 n. n. n. n. n.II 13,722 3,770 n. 10,904 121,868 7,684 80,140

2008 I 14,205 3,939 n. n. n. n. n.II 14,699 4,025 n. 11,440 124,901 8,292 77,111

2009 I 14,885 4,122 n. n. n. n. n.II 14,992 4,266 n. 11,316 135,077 8,151 n.

2010 I 15,337 4,322 n. n. n. n. n.II 15,132 4,316 n. 11,660 138,256 8,286 n.

2011 I 15,409 4,355 n. n. n. n. n.II 15,707 4,298 n. 12,447 140,929 8,599 n.


1 Proton cards

6. Incomes

66

6.1 INCOMES

Collectively agreed wages (indices year 1997 = 100) 1

Manual workers Non-manual workers

Overall index of wich: Overall index of wich:Overall index

Manufacturing indu-stries

Overall index

Manufacturing indu-stries

2003 118.1 118.0 114.5 116.4

2004 121.0 121.0 116.9 119.2

2005 124.3 124.4 119.4 121.8

2006 127.4 127.5 122.1 124.7

2007 130.0 130.1 124.4 127.2

2008 133.8 134.1 128.3 131.3

2009 138.0 138.6 132.2 135.5

2010 139.0 140.1 133.0 136.9

2011 142.3 143.5 136.2 140.2

2012 146.8 148.5 140.1 144.5

2012 June 147.1 148.6 140.6 144.9September 148.1 150.1 140.9 146.0December 148.7 150.8 141.4 146.3

2013 March 150.1 151.4 143.0 147.4June 150.2 151.5 143.2 147.4

Source: FPS ELSD Calculations: NBB

1 Quarterly data: end of period; annual data: average of the twelve months, calculated as follows: for Januari and Februari, we takethe index of December of the previous year, the indices of March, June and September count respectively also for the two followingmonths, for December, the index is known. The collectively agreed wage of manual workers is hourly and that of non-manualworkers is monthly.

7. Index prices

68

7.1 PRICE INDICES FOR RAW MATERIALS

(indices year 2010 = 100)

Daily averages Price indices for raw materials ,General index figure

Food Industrial raw materials Energy raw materials

Including ener-gy

Excluding ener-gy

Total Cereals Oilseeds, oils Tropical bever-ages, sugar

Total Agricultural rawmaterials

Non-ferrousmetals

Iron ore, scrapiron

Total Coal Crude oil

Weighting 100.0 20.8 5.4 1.4 1.9 2.1 15.4 4.3 7.9 3.2 79.2 4.5 74.6

2003 38.4 47.5 50.5 53.6 59.8 40.1 46.5 62.7 46.3 25.0 36.0 29.0 36.42004 50.2 57.8 56.8 57.9 70.9 43.5 58.1 69.8 60.7 36.0 48.1 55.1 47.72005 65.9 62.8 55.9 53.1 58.9 55.3 65.2 71.1 69.4 46.9 66.8 48.1 67.92006 79.8 81.2 61.8 66.6 57.4 62.4 88.1 78.9 106.7 54.1 79.5 50.6 81.22007 89.6 94.2 78.0 90.9 82.3 65.6 99.9 93.8 118.8 61.1 88.4 66.4 89.72008 118.9 100.6 104.6 129.7 115.2 78.5 99.1 89.9 105.1 96.9 123.8 130.7 123.32009 77.6 76.8 90.0 91.7 96.7 82.8 72.2 74.5 72.8 67.4 77.9 72.4 78.22010 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02011 128.6 118.1 129.0 142.1 122.7 125.8 114.3 110.5 111.8 125.5 131.3 123.4 131.82012 125.1 103.1 122.5 143.4 135.0 97.4 96.3 92.1 95.7 103.3 130.9 98.6 132.82011 III 128.4 120.5 130.5 142.8 123.9 128.0 117.0 112.5 112.2 134.9 130.5 123.9 130.9

IV 124.7 104.5 116.3 130.8 108.5 113.5 100.3 98.9 95.5 114.1 130.0 116.2 130.92012 I 133.6 106.6 117.4 131.2 118.0 107.7 102.8 96.0 102.0 113.8 140.7 114.7 142.3

II 122.8 102.7 116.7 127.5 132.8 95.3 97.7 94.7 94.1 111.0 128.1 98.1 129.9III 122.5 101.9 132.6 159.7 153.2 96.3 91.0 87.9 91.6 93.6 127.9 91.9 130.1IV 121.4 101.2 123.1 155.4 136.0 90.1 93.5 89.7 95.0 94.7 126.7 89.5 128.9

2013 I 125.1 103.6 117.2 146.7 130.8 85.3 98.7 93.5 95.9 112.8 130.8 93.7 133.0II 117.8 97.2 113.3 136.5 132.1 81.2 91.5 92.5 86.7 102.1 123.2 87.1 125.4III 124.8 94.7 104.5 112.3 127.8 78.7 91.2 93.0 84.8 104.8 132.8 79.0 136.0

2012 September 126.0 102.7 132.5 159.8 153.4 95.6 92.2 88.1 97.0 85.7 132.1 91.2 134.6October 122.8 101.9 126.9 157.4 141.1 93.8 93.0 89.6 94.9 92.9 128.3 85.4 130.9November 120.2 99.6 122.2 156.2 133.6 89.5 91.6 88.6 92.3 93.7 125.6 88.1 127.9December 121.2 102.2 120.2 152.5 133.2 87.1 95.8 90.9 97.8 97.5 126.2 95.0 128.0

2013 January 125.4 103.9 117.9 149.4 129.0 87.1 98.9 93.1 97.4 110.3 131.0 94.4 133.3February 127.9 105.0 117.2 145.9 132.2 84.5 100.7 94.5 98.2 115.3 133.9 94.8 136.3March 122.0 101.8 116.4 144.8 131.2 84.2 96.6 92.8 92.1 112.7 127.3 91.8 129.5April 117.5 98.7 112.3 135.9 126.7 83.7 93.8 92.2 87.8 110.9 122.5 88.5 124.6May 117.9 97.2 113.6 137.6 130.8 82.2 91.4 92.5 86.8 101.1 123.4 88.7 125.5June 117.9 95.8 114.2 136.0 138.7 77.7 89.2 92.7 85.3 94.2 123.8 84.1 126.2July 122.7 94.3 108.0 117.7 134.0 78.5 89.5 91.7 83.3 101.9 130.1 78.3 133.3August 125.7 95.3 102.8 111.5 123.0 79.1 92.7 93.2 86.4 107.7 133.7 79.3 137.0September 126.1 94.5 102.8 107.8 126.4 78.6 91.5 94.1 84.8 104.9 134.4 79.3 137.8

Source: HWWI Recalculated: NBB

69

7.2 PRICE INDICES FOR PRODUCTION AND IMPORT AND THEIR COMPONENTS


Monthly averages or months Production and import index prices and their components (2005=100)Monthly averages or months

Prices of agricul-tural and horticul-

tural products

Industrial produc-tion prices, do-mestic market

Unit value of im-ported products

Production andimport prices

2003 105.8 88.5 92.1 91.32004 97.2 94.6 94.0 94.42005 100.0 100.0 100.0 100.02006 107.0 105.8 105.3 105.62007 112.4 107.9 108.2 108.32008 111.9 118.0 113.4 115.22009 99.8 109.6 103.0 105.42010 108.5 115.5 113.1 113.82011 111.4 124.9 122.5 122.92012 124.0 129.2 127.3 127.92011 II 116.2 126.2 122.6 123.7

III 105.9 125.1 122.7 122.8IV 109.2 124.6 124.3 123.7

2012 I 118.3 127.6 126.5 126.5II 120.2 129.2 126.1 127.1III 122.4 128.9 127.9 128.0IV 135.2 131.3 128.7 130.1

2013 I 134.6 132.6 128.9 130.7II 135.7 130.5 127.4 129.0

2012 August 121.4 128.7 128.7 128.3September 134.0 129.2 129.6 129.7October 121.4 130.3 126.6 127.8November 141.6 131.0 129.9 131.0December 142.5 132.6 129.6 131.5

2013 January 133.0 132.7 127.6 129.9February 132.8 132.7 129.2 130.7March 138.1 132.5 130.0 131.4April 132.5 130.9 128.4 129.6May 133.9 130.3 126.5 128.4June 140.8 130.2 127.2 129.1July 130.8August 129.0

Sources: GDSEI, NBB Recalculated: NBB

70

7.3 PRODUCER PRICE INDICES - TOTAL MARKET: SUMMARY TABLE

Monthly averages ormonths

Producer price indices - total market : summary table (2010 = 100)Monthly averages ormonths

General indexfig re

General indexfig re e cept

Indices according to type of industry Indices according to the utilisation of the productsGeneral indexfigure

General indexfigure, except

energy Mining andq arr ing

Manufacturing(10 33)

Production ands ppl of elec

Manufacture ofmetal prod cts

Intermediateprod cts and

Intermediateprod cts e cept

Consumer goods Investmentgoods

Energyenergy Mining andquarrying(05-09)

Manufacturing(10-33)

Production andsupply of elec-

tricity, gas,steam and air-conditioned

Manufacture ofmetal products,machinery and

equipment(25-30)

Intermediateproducts and

energy

Intermediateproducts except

energy Durable con-sumer goods

Non-durableconsumer

goods

Total

Investmentgoods

Energy

2010 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.02011 108.9 106.0 101.5 108.4 113.5 103.0 112.6 109.3 103.5 103.2 103.3 102.5 117.72012 113.0 108.2 108.1 112.1 120.1 105.5 117.3 110.7 105.5 106.5 106.4 105.7 127.32011 II 110.0 106.6 101.5 109.1 117.0 102.9 114.3 110.7 103.6 103.6 103.6 102.2 119.4

III 109.3 106.3 101.7 108.8 113.5 103.2 113.0 109.7 103.7 103.4 103.4 102.9 118.2IV 109.1 105.7 101.8 108.8 112.0 103.1 112.8 108.7 104.0 103.2 103.3 102.8 119.8

2012 I 112.0 107.1 107.9 111.4 116.7 104.1 116.4 109.5 105.1 105.6 105.6 104.2 128.0II 113.0 108.6 108.1 112.1 120.3 105.7 117.1 111.0 105.6 107.0 106.9 106.0 126.2III 113.0 108.4 108.2 112.5 117.5 106.1 117.3 110.8 105.7 106.3 106.3 106.4 127.7IV 113.8 108.9 108.1 112.3 125.7 106.0 118.3 111.5 105.7 107.1 107.0 106.3 127.3

2013 I 114.2 109.4 110.4 112.2 131.1 105.7 118.7 112.1 106.9 107.9 107.9 106.0 126.3II 112.4 108.6 110.8 110.4 129.1 104.7 116.0 110.6 107.3 108.8 108.7 104.9 121.8

2012 August 113.2 108.4 108.2 112.8 116.4 106.2 117.4 110.8 105.7 106.2 106.2 106.5 128.5September 113.8 109.0 108.2 113.5 116.0 106.1 118.4 112.1 105.7 106.5 106.4 106.4 129.5October 113.8 109.0 108.2 113.0 120.2 106.1 118.3 111.7 105.7 106.9 106.8 106.4 128.5November 113.7 108.9 108.1 112.3 124.6 105.9 118.2 111.5 105.7 107.1 107.0 106.2 127.2December 113.9 108.8 108.0 111.6 132.5 105.9 118.4 111.2 105.7 107.3 107.2 106.2 126.2

2013 January 114.0 109.1 110.3 111.8 132.1 106.0 118.4 111.4 106.6 107.9 107.8 106.3 125.9February 114.3 109.2 110.3 112.5 130.6 105.7 118.8 111.7 107.0 108.0 107.9 106.0 127.3March 114.3 109.8 110.8 112.4 130.5 105.4 118.8 113.0 107.2 107.9 107.9 105.8 125.7April 112.7 108.9 110.8 110.8 129.1 105.0 116.6 111.2 107.3 108.2 108.2 105.3 122.5May 112.3 108.7 110.8 110.3 129.2 104.4 115.8 110.7 107.3 109.0 108.9 104.8 121.3June 112.2 108.3 110.8 110.1 129.1 104.6 115.6 109.8 107.3 109.2 109.1 104.8 121.5July 112.6 108.3 110.8 110.7 128.8 104.5 116.2 109.7 107.4 109.4 109.3 104.8 123.4August 111.8 108.4 110.8 110.7 121.8 104.4 114.9 109.7 107.4 110.0 109.8 104.6 121.6

Source: GDSEI Recalculated: NBB

71

7.4 CONSUMER PRICE IN BELGIUM


Monthly averagesor months

Health in-dex

Overall in-dex 1

Functional classification Classification by product groupMonthly averagesor months

Health index

Overall index 1

Food pro-ducts

Non-foodproducts

Services Rents Food prod-ucts and

beverages

Tobacco Clothingand foot-

wear

Housing,water, elec-tricity, gasand other

fuels

Furnishing,house

equipment,currentmainte-nance of

house

Health ex-penses

Transport Communi-cations

Culture andleisure

Education Hotels,café and

restaurant

Othergoods andservices

Weighting 100,000 19,234 44,328 30,205 6,233 19,234 1,049 6,237 15,696 7,284 4,249 15,615 3,662 12,353 0,576 7,026 7,019

2005 102.15 102.79 101.93 103.60 102.34 101.99 101.93 102.84 100.33 105.32 100.94 102.40 105.85 101.01 100.83 102.16 102.89 102.072006 103.95 104.63 104.19 105.21 103.85 105.56 104.19 105.88 100.61 110.36 101.38 104.78 107.40 95.18 100.34 105.47 105.83 104.702007 105.79 106.53 107.96 106.28 105.82 107.44 107.96 116.82 101.20 111.90 103.51 104.62 108.36 92.35 101.28 107.88 108.67 108.472008 110.25 111.32 114.25 112.60 107.94 109.48 114.25 121.89 102.23 125.08 105.99 103.51 112.57 89.63 102.73 109.93 112.99 111.342009 110.90 111.26 115.46 109.54 111.01 111.68 115.46 124.98 103.48 119.99 108.58 104.22 108.90 89.20 104.79 112.54 116.94 114.452010 112.76 113.69 117.23 113.01 112.60 112.92 117.23 129.41 104.26 124.08 110.22 103.18 114.34 87.19 106.27 116.15 119.51 116.172011 116.21 117.71 120.08 118.95 115.11 114.13 120.08 131.16 105.40 134.23 111.66 103.30 120.86 87.49 107.62 116.60 122.67 119.802012 119.29 121.05 123.67 122.21 118.75 115.86 123.67 135.87 106.67 139.30 113.85 103.60 123.97 89.37 110.80 119.38 125.96 124.962011 III 116.61 118.13 120.23 119.52 115.54 114.26 120.23 131.74 105.46 135.62 111.80 103.33 121.33 87.24 107.38 115.72 124.21 120.02

IV 117.29 118.82 121.21 120.51 115.70 114.53 121.21 131.95 106.42 136.97 112.75 103.31 121.75 86.75 108.10 119.24 123.36 120.952012 I 118.74 120.44 122.54 122.10 117.74 115.26 122.54 132.06 106.16 139.27 113.35 104.11 123.52 90.39 110.38 119.24 123.83 123.99

II 119.05 120.81 123.20 122.08 118.45 115.80 123.20 134.97 106.29 139.28 113.67 103.72 123.72 89.21 110.72 119.24 125.61 124.58III 119.40 121.25 123.65 122.17 119.44 116.09 123.65 137.56 106.74 139.16 113.95 103.26 124.48 88.81 110.88 119.24 127.67 125.31IV 119.96 121.70 125.28 122.49 119.37 116.29 125.28 138.91 107.48 139.49 114.43 103.30 124.14 89.08 111.22 119.79 126.73 125.94

2013 I 120.26 121.95 127.07 121.64 120.21 116.73 127.07 139.14 102.94 138.98 114.70 104.37 123.75 88.68 112.69 119.79 126.98 127.03II 120.77 122.33 129.06 121.04 121.00 117.25 129.06 140.43 103.22 138.46 115.27 104.23 122.93 89.37 112.40 119.79 128.35 127.90III 120.92 122.63 128.30 121.16 122.24 117.51 128.30 143.09 103.84 137.94 115.67 104.18 124.00 90.54 112.59 119.79 130.62 128.48

2012 September 119.52 121.57 123.99 122.93 119.13 116.22 123.99 138.32 106.99 139.66 114.08 103.26 125.75 88.72 110.79 119.24 126.69 125.67October 119.87 121.79 125.10 122.81 119.31 116.27 125.10 138.82 107.35 139.63 114.29 103.40 125.16 89.25 110.87 119.79 126.75 125.84November 119.95 121.65 125.40 122.38 119.29 116.29 125.40 138.96 107.53 139.43 114.52 103.25 123.84 89.18 111.19 119.79 126.37 125.98December 120.06 121.66 125.35 122.29 119.50 116.31 125.35 138.94 107.56 139.42 114.48 103.24 123.42 88.82 111.61 119.79 127.08 126.01

2013 January 120.00 121.63 126.37 121.68 119.56 116.60 126.37 139.00 103.25 139.78 114.29 104.17 123.32 88.99 111.40 119.79 126.38 126.58February 120.27 122.02 127.17 121.74 120.24 116.71 127.17 139.19 102.75 138.60 114.84 104.47 124.11 88.52 113.01 119.79 127.22 127.05March 120.50 122.19 127.66 121.50 120.82 116.87 127.66 139.22 102.81 138.56 114.96 104.48 123.83 88.54 113.66 119.79 127.35 127.47April 120.49 122.14 128.48 121.39 120.22 117.20 128.48 139.37 103.04 138.93 115.09 104.41 123.55 87.08 111.48 119.79 128.16 127.77May 120.81 122.32 129.21 120.87 121.13 117.20 129.21 140.74 103.28 138.19 115.28 104.12 122.57 90.52 112.51 119.79 128.35 127.94June 121.01 122.53 129.48 120.85 121.64 117.36 129.48 141.17 103.34 138.26 115.44 104.16 122.68 90.52 113.22 119.79 128.54 127.99July 121.06 122.66 128.63 121.10 122.25 117.37 128.63 141.51 103.49 138.30 115.48 104.15 123.45 90.59 112.80 119.79 131.07 128.36August 120.89 122.58 128.16 120.98 122.40 117.57 128.16 142.94 103.86 137.79 115.70 104.16 123.79 90.59 112.50 119.79 131.19 128.49September 120.81 122.65 128.10 121.39 122.06 117.58 128.10 144.81 104.17 137.73 115.84 104.23 124.75 90.45 112.48 119.79 129.61 128.59

Source: GDSEI Recalculated: NBB

1 To convert to indices in base 1996=100, we must use the next coefficients: 1,1609 for general index and 1,1377 for health index. For functional classification: 1,1493 for the food products, 1,1246 for the non-food products, 1,1788 for services and 1,1510 voor rents. For the classificationby groups of products: 1,1609 for the food products, 1,4190 for tobacco, 1,0746 for clothes and shoes, 1,1823 for housing, water, electricity, 1,1052 for furniture, household equipment, 1,1418 for health expenditure, 1,2045 for transport, 0,9400 for communication, 1,0629 for leisureand culture, 1,1670 for education, 1,2228 for hotels, cafés and restaurant, 1,1719 for other goods and services.

8. Foreign trade of Belgiumaccording to the national concept

74

8.1 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: MONTHLY DEVELOPMENT

(millions of euro)

Export Import Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2010 August 15,838.7 11,228.8 4,609.8 16,502.8 11,769.2 4,733.6 -664.1 -540.4 -123.7September 19,304.8 13,706.9 5,597.9 18,616.6 13,646.5 4,970.0 688.2 60.4 627.8October 18,915.9 13,515.3 5,400.6 19,136.4 14,106.6 5,029.8 -220.5 -591.3 370.8November 18,607.9 13,392.3 5,215.6 19,523.9 14,169.8 5,354.1 -916.0 -777.5 -138.5December 17,368.6 12,517.8 4,850.8 18,970.2 14,486.5 4,483.7 -1,601.6 -1,968.7 367.1

2011 January 18,520.8 13,072.8 5,448.0 20,118.2 14,147.4 5,970.8 -1,597.4 -1,074.6 -522.8February 19,560.9 13,426.6 6,134.2 20,125.4 14,893.8 5,231.6 -564.5 -1,467.2 902.6March 22,495.0 15,731.5 6,763.5 23,117.8 16,856.9 6,260.9 -622.8 -1,125.4 502.6April 19,644.2 13,606.1 6,038.2 20,014.6 14,514.9 5,499.7 -370.4 -908.8 538.4May 21,431.6 14,892.6 6,539.0 22,228.5 15,932.1 6,296.4 -796.9 -1,039.5 242.6June 20,439.9 14,432.4 6,007.5 20,819.1 15,265.0 5,554.0 -379.2 -832.6 453.4July 19,309.9 12,979.3 6,330.6 19,208.9 13,858.8 5,350.1 101.0 -879.5 980.5August 17,637.0 12,645.1 4,992.0 19,953.3 14,196.5 5,756.8 -2,316.3 -1,551.4 -764.9September 20,053.1 14,468.6 5,584.5 21,041.3 15,744.0 5,297.2 -988.2 -1,275.4 287.3October 19,783.6 13,681.0 6,102.6 20,006.8 14,624.2 5,382.6 -223.2 -943.2 720.0November 19,843.3 13,862.7 5,980.6 21,045.1 15,417.0 5,628.1 -1,201.8 -1,554.3 352.5December 18,248.7 12,411.2 5,837.5 20,496.3 15,220.2 5,276.1 -2,247.6 -2,809.0 561.4

2012 January 19,177.0 13,526.8 5,650.2 20,873.5 15,187.9 5,685.5 -1,696.5 -1,661.1 -35.3February 20,713.2 14,148.7 6,564.5 21,304.2 15,688.3 5,615.9 -591.0 -1,539.6 948.6March 22,678.8 15,580.4 7,098.4 23,137.8 17,043.5 6,094.3 -459.0 -1,463.1 1,004.1April 20,100.0 13,680.5 6,419.5 20,514.2 15,106.7 5,407.5 -414.2 -1,426.3 1,012.1May 20,349.5 14,149.6 6,199.9 21,343.5 15,341.6 6,001.8 -994.0 -1,192.1 198.1June 20,651.1 14,203.7 6,447.4 20,967.2 15,420.4 5,546.8 -316.1 -1,216.7 900.6July 19,814.7 13,262.8 6,551.9 20,024.4 14,331.5 5,692.9 -209.7 -1,068.7 859.0August 18,242.0 12,865.8 5,376.3 19,602.7 14,015.2 5,587.5 -1,360.7 -1,149.4 -211.3September 19,415.7 13,746.6 5,669.1 19,804.1 14,635.1 5,169.0 -388.4 -888.5 500.1October 21,157.5 15,043.2 6,114.4 22,173.9 16,533.8 5,640.1 -1,016.4 -1,490.6 474.3November 19,837.9 13,835.0 6,002.9 21,802.6 16,182.1 5,620.5 -1,964.7 -2,347.1 382.5December 17,708.9 11,632.3 6,076.6 19,452.2 14,346.5 5,105.7 -1,743.3 -2,714.2 970.8

2013 January p 19,509.2 13,987.9 5,521.3 21,422.5 15,299.1 6,123.4 -1,913.3 -1,311.2 -602.1February p 19,511.1 13,656.9 5,854.2 20,927.5 15,338.0 5,589.5 -1,416.4 -1,681.1 264.7March p 21,717.2 15,290.4 6,426.8 22,976.4 16,877.0 6,099.3 -1,259.2 -1,586.6 327.5April p 20,919.9 14,518.1 6,401.7 21,367.0 15,442.7 5,924.3 -447.1 -924.6 477.5May p 20,978.1 14,175.7 6,802.4 20,911.6 14,904.6 6,007.0 66.5 -728.9 795.4June p 20,261.9 14,134.4 6,127.5 20,240.8 14,680.0 5,560.8 21.1 -545.6 566.7July p 21,812.8 14,576.9 7,236.0 20,299.5 14,627.3 5,672.2 1,513.3 -50.5 1,563.8

Sources: NAI, NBB Calculations: NBB

1 Adjusted results - see point 6.2 of the methodological note (http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method).

http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method

75

8.2 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: CUMULATIVE DEVELOPMENT

(millions of euro)

Export Import Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2010 Jan.-Aug. 134,512.4 96,329.3 38,182.9 136,749.2 100,562.4 36,186.9 -2,236.8 -4,233.0 1,996.2Jan.-Sep. 153,817.2 110,036.2 43,780.8 155,365.8 114,208.9 41,156.9 -1,548.6 -4,172.6 2,624.0Jan.-Oct. 172,733.1 123,551.5 49,181.4 174,502.2 128,315.5 46,186.7 -1,769.1 -4,763.9 2,994.8Jan.-Nov. 191,341.0 136,943.8 54,397.0 194,026.1 142,485.3 51,540.8 -2,685.1 -5,541.4 2,856.3Jan.-Dec. 208,709.6 149,461.6 59,247.8 212,996.3 156,971.8 56,024.5 -4,286.7 -7,510.1 3,223.4

2011 Jan. 18,520.8 13,072.8 5,448.0 20,118.2 14,147.4 5,970.8 -1,597.4 -1,074.6 -522.8Jan.-Feb. 38,081.7 26,499.4 11,582.2 40,243.6 29,041.2 11,202.4 -2,161.9 -2,541.8 379.8Jan.-March 60,576.7 42,230.9 18,345.7 63,361.4 45,898.1 17,463.3 -2,784.7 -3,667.2 882.4Jan.-April 80,220.9 55,837.0 24,383.9 83,376.0 60,413.0 22,963.0 -3,155.1 -4,576.0 1,420.8Jan.-May 101,652.5 70,729.6 30,922.9 105,604.5 76,345.1 29,259.4 -3,952.0 -5,615.5 1,663.4Jan.-June 122,092.4 85,162.0 36,930.4 126,423.6 91,610.1 34,813.4 -4,331.2 -6,448.1 2,116.8Jan.-July 141,402.3 98,141.3 43,261.0 145,632.5 105,468.9 40,163.5 -4,230.2 -7,327.6 3,097.3Jan.-Aug. 159,039.3 110,786.4 48,253.0 165,585.8 119,665.4 45,920.3 -6,546.5 -8,879.0 2,332.4Jan.-Sep. 179,092.4 125,255.0 53,837.5 186,627.1 135,409.4 51,217.5 -7,534.7 -10,154.4 2,619.7Jan.-Oct. 198,876.0 138,936.0 59,940.1 206,633.9 150,033.6 56,600.1 -7,757.9 -11,097.6 3,339.7Jan.-Nov. 218,719.3 152,798.7 65,920.7 227,679.0 165,450.6 62,228.2 -8,959.7 -12,651.9 3,692.2Jan.-Dec. 236,968.0 165,209.9 71,758.2 248,175.3 180,670.8 67,504.3 -11,207.3 -15,460.9 4,253.6

2012 Jan. 19,177.0 13,526.8 5,650.2 20,873.5 15,187.9 5,685.5 -1,696.5 -1,661.1 -35.3Jan.-Feb. 39,890.2 27,675.5 12,214.7 42,177.7 30,876.2 11,301.4 -2,287.5 -3,200.7 913.3Jan.-March 62,569.0 43,255.9 19,313.1 65,315.5 47,919.7 17,395.7 -2,746.5 -4,663.8 1,917.4Jan.-April 82,669.0 56,936.4 25,732.6 85,829.7 63,026.4 22,803.2 -3,160.7 -6,090.1 2,929.5Jan.-May 103,018.5 71,086.0 31,932.5 107,173.2 78,368.0 28,805.0 -4,154.7 -7,282.2 3,127.6Jan.-June 123,669.6 85,289.7 38,379.9 128,140.4 93,788.4 34,351.8 -4,470.8 -8,498.9 4,028.2Jan.-July 143,484.3 98,552.5 44,931.8 148,164.8 108,119.9 40,044.7 -4,680.5 -9,567.6 4,887.2Jan.-Aug. 161,726.3 111,418.3 50,308.1 167,767.5 122,135.1 45,632.2 -6,041.2 -10,717.0 4,675.9Jan.-Sep. 181,142.0 125,164.9 55,977.2 187,571.6 136,770.2 50,801.2 -6,429.6 -11,605.5 5,176.0Jan.-Oct. 202,299.5 140,208.1 62,091.6 209,745.5 153,304.0 56,441.3 -7,446.0 -13,096.1 5,650.3Jan.-Nov. 222,137.4 154,043.1 68,094.5 231,548.1 169,486.1 62,061.8 -9,410.7 -15,443.2 6,032.8Jan.-Dec. 239,846.3 165,675.4 74,171.1 251,000.3 183,832.6 67,167.5 -11,154.0 -18,157.4 7,003.6

2013 Jan. p 19,509.2 13,987.9 5,521.3 21,422.5 15,299.1 6,123.4 -1,913.3 -1,311.2 -602.1Jan.-Feb. p 39,020.3 27,644.8 11,375.5 42,350.0 30,637.1 11,712.9 -3,329.7 -2,992.3 -337.4Jan.-March p 60,737.5 42,935.2 17,802.3 65,326.4 47,514.1 17,812.2 -4,588.9 -4,578.9 -9.9Jan.-April p 81,657.4 57,453.3 24,204.0 86,693.4 62,956.8 23,736.5 -5,036.0 -5,503.5 467.6Jan.-May p 102,635.5 71,629.0 31,006.4 107,605.0 77,861.4 29,743.5 -4,969.5 -6,232.4 1,263.0Jan.-June p 122,897.4 85,763.4 37,133.9 127,845.8 92,541.4 35,304.3 -4,948.4 -6,778.0 1,829.7Jan.-July p 144,710.2 100,340.3 44,369.9 148,145.3 107,168.7 40,976.5 -3,435.1 -6,828.5 3,393.5


1 Adjusted results - see point 6.2 of the methodological note (http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method).


76

8.3 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: MONTHLY INDICES


Values 1 Volume 2 Unit value Terms of trade 3

Export Import Export Import Export Import

Terms of trade

2010 August 120.2 129.5 97.7 103.7 123.1 124.8 98.6September 146.6 146.1 117.5 115.7 124.7 126.2 98.8October 143.6 150.1 114.8 118.4 125.1 126.7 98.7November 141.3 153.2 111.8 118.8 126.3 128.9 98.0December 131.9 148.8 102.3 112.5 128.9 132.2 97.5

2011 January 140.6 157.8 106.8 117.1 131.6 134.7 97.7February 148.5 157.9 111.2 116.9 133.5 135.1 98.8March 170.8 181.4 126.2 132.3 135.3 137.1 98.7April 149.2 157.0 110.1 113.5 135.5 138.4 97.9May 162.7 174.4 119.8 125.4 135.8 139.0 97.7June 155.2 163.3 114.5 117.3 135.6 139.3 97.3July 146.6 150.7 107.8 107.4 136.0 140.3 96.9August 133.9 156.5 98.0 111.2 136.6 140.7 97.1September 152.3 165.1 111.6 117.2 136.4 140.8 96.9October 150.2 157.0 109.5 111.3 137.2 141.0 97.3November 150.7 165.1 108.3 116.1 139.1 142.2 97.8December 138.6 160.8 101.5 112.9 136.4 142.4 95.8

2012 January 146.4 165.2 105.8 114.6 138.4 144.1 96.0February 158.2 168.7 112.0 115.0 141.3 146.7 96.3March 173.2 183.2 123.4 123.9 140.4 147.8 95.0April 153.5 162.4 108.5 110.2 141.5 147.3 96.1May 155.4 169.0 111.8 115.5 139.0 146.3 95.0June 157.7 166.0 113.4 115.8 139.1 143.3 97.0July 151.3 158.5 108.4 108.7 139.6 145.8 95.7August 139.3 155.2 100.6 105.0 138.5 147.8 93.7September 148.3 156.8 105.8 107.5 140.1 145.8 96.1October 161.6 175.5 115.1 120.6 140.4 145.5 96.5November 151.5 172.6 109.1 118.3 138.8 145.9 95.2December 135.2 154.0 96.4 105.1 140.3 146.4 95.8

2013 January p 149.8 170.6 106.4 115.2 140.7 148.0 95.0February p 149.8 166.6 106.8 112.9 140.2 147.6 95.0March p 166.7 182.9 117.8 123.0 141.5 148.7 95.2April p 160.6 170.1 115.4 115.5 139.1 147.2 94.5May p 161.0 166.5 117.5 115.7 137.0 143.9 95.2June p 155.5 161.2 112.2 110.3 138.6 146.1 94.9July p 167.4 161.6 120.5 112.7 138.9 143.3 96.9


1 Adjusted results - see point 6.2 of the methodological note (http://www.nbb.be/pub/stats/foreign/foreign.htm?l=en&tab=Method).2 Quantity index QI = (value index VI/unit value indices UVI) x 100.3 Indices of the terms of trade = (unit value indices at export/unit value indices at import ) x 100.


77

8.4 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT: PERCENTAGE CHANGES, CUMULATIVE DATA

(percentage changes in relation to the corresponding period of the preceding year)

Values Volume Unit price

Export Import Export Import Export Import

2010 Jan.-Aug. 18.6 17.2 11.7 8.8 6.1 7.7Jan.-Sep. 18.6 16.9 11.5 8.1 6.3 8.1Jan.-Oct. 18.5 16.5 11.3 7.3 6.5 8.6Jan.-Nov. 18.2 17.1 10.7 7.3 6.8 9.1Jan.-Dec. 17.4 16.7 9.5 6.5 7.3 9.6

2011 Jan. 25.4 26.6 15.4 11.9 8.7 13.1Jan.-Feb. 26.7 27.0 14.7 12.3 10.5 13.1Jan.-March 24.9 26.1 11.7 11.1 11.8 13.5Jan.-April 22.5 23.2 9.9 8.7 11.5 13.3Jan.-May 23.8 24.7 11.3 10.3 11.3 13.0Jan.-June 20.4 22.1 8.6 8.5 10.9 12.6Jan.-July 19.1 21.1 7.5 7.7 10.8 12.5Jan.-Aug. 18.2 21.1 6.7 7.6 10.8 12.5Jan.-Sep. 16.4 20.1 5.2 6.9 10.7 12.4Jan.-Oct. 15.1 18.4 4.2 5.5 10.5 12.3Jan.-Nov. 14.3 17.3 3.4 4.7 10.5 12.1Jan.-Dec. 13.5 16.5 3.1 4.4 10.1 11.7

2012 Jan. 4.2 4.7 -1.0 -2.1 5.2 7.0Jan.-Feb. 5.4 5.8 -0.1 -1.9 5.5 7.8Jan.-March 3.9 4.0 -0.9 -3.5 4.9 7.8Jan.-April 3.7 3.9 -1.1 -3.3 4.8 7.4Jan.-May 1.9 2.4 -2.3 -4.3 4.3 7.0Jan.-June 1.9 2.3 -2.0 -3.8 4.0 6.3Jan.-July 2.1 2.7 -1.7 -3.1 3.8 6.0Jan.-Aug. 2.3 2.2 -1.2 -3.4 3.5 5.9Jan.-Sep. 1.7 1.4 -1.6 -4.0 3.4 5.6Jan.-Oct. 2.3 2.4 -1.0 -2.8 3.3 5.4Jan.-Nov. 2.2 2.6 -0.8 -2.4 3.0 5.1Jan.-Dec. 1.8 2.1 -1.1 -2.7 3.0 4.9

2013 Jan. p 2.3 3.2 0.6 0.5 1.6 2.7Jan.-Feb. p -1.7 1.0 -2.1 -0.6 0.4 1.7Jan.-March p -2.4 0.6 -3.0 -0.7 0.6 1.3Jan.-April p -0.7 1.6 -0.7 0.6 0.0 1.0Jan.-May p 0.1 1.0 0.5 0.5 -0.3 0.5Jan.-June p -0.1 0.4 0.2 -0.3 -0.3 0.7Jan.-July p 1.4 0.6 1.7 0.2 -0.3 0.4


78

8.5 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO TRADING NATION: MONTHLY FIGURES

(millions of euro)

2011 2012 2013


Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports p Imports p Exports p Imports p

Grand total 57,000.00 60,203.50 57,875.60 61,548.20 62,569.00 65,315.50 61,100.60 62,824.90 57,472.40 59,431.20 58,704.30 63,428.70 60,737.50 65,326.40 62,159.90 62,519.40Europa 43,602.00 47,809.60 43,376.60 49,560.80 46,731.00 52,168.40 45,988.30 50,412.80 43,157.00 46,820.20 43,735.80 51,646.60 46,282.00 52,783.20 46,559.90 49,825.70

European Union 40,135.50 43,812.30 39,993.90 45,273.60 43,290.40 47,931.50 42,075.60 45,881.90 39,910.20 42,995.30 40,546.00 47,081.10 42,968.80 47,532.00 42,854.20 45,040.70Economic and MonetaryUnion 33,077.20 36,034.70 32,866.60 37,580.80 35,705.30 40,564.60 34,709.60 38,775.30 32,575.90 36,242.00 33,006.10 40,160.30 34,805.20 40,538.20 35,172.60 37,774.00

France 8,763.00 6,765.90 9,251.40 7,249.30 9,911.70 7,548.30 9,304.20 7,436.00 8,747.70 6,798.60 9,292.40 7,708.50 9,945.50 7,371.40 9,742.40 7,862.80Luxembourg 1,344.90 474.50 1,380.00 463.40 1,403.80 513.20 1,385.00 582.10 1,254.50 495.50 1,336.50 619.60 1,352.80 541.30 1,363.50 544.10Netherlands 7,705.50 14,870.20 7,441.80 15,235.10 8,189.00 16,763.90 8,114.90 15,752.90 7,894.90 14,879.60 7,931.20 16,631.80 8,130.80 17,300.60 8,171.30 14,813.20Germany 9,787.80 9,049.40 9,314.20 9,301.30 10,176.30 10,096.90 10,105.60 9,616.50 9,434.90 8,986.30 8,976.10 9,820.60 9,511.30 9,737.00 10,001.40 9,185.00Italy 2,077.00 1,665.90 2,031.50 1,793.50 2,469.80 1,856.00 2,300.60 1,883.80 1,992.00 1,753.70 2,124.90 2,076.70 2,299.40 2,045.50 2,317.00 1,957.10Ireland 303.50 597.00 346.60 645.60 285.60 659.70 286.00 648.50 251.10 582.70 284.70 627.70 307.70 600.30 296.70 584.20Greece 281.40 53.00 213.40 103.20 239.80 94.70 190.20 65.10 198.90 63.90 213.50 67.40 201.80 69.20 199.80 59.00Portugal 249.70 327.80 267.90 398.90 256.60 388.20 245.60 365.60 258.60 353.20 256.30 348.00 256.20 354.90 263.70 362.10Spain 1,344.90 1,226.60 1,370.10 1,345.40 1,442.10 1,478.10 1,453.30 1,379.50 1,337.00 1,330.40 1,385.10 1,246.70 1,475.20 1,423.00 1,463.20 1,346.00Finland 293.10 306.20 306.60 292.90 339.00 310.30 345.10 284.30 297.40 280.40 304.50 298.60 326.00 282.30 320.40 273.80Austria 570.20 438.40 588.80 462.70 592.30 526.00 586.60 417.40 532.50 406.70 527.80 411.00 613.50 472.30 606.50 442.00Slovenia 86.90 41.10 85.80 43.60 96.60 38.90 85.70 44.80 84.70 41.00 81.70 42.70 90.40 44.00 112.30 41.50Malta 15.20 17.30 16.70 18.90 21.40 28.20 16.60 16.20 16.40 19.90 15.90 17.30 27.60 11.20 18.30 6.50Cyprus 41.00 19.90 38.00 20.10 42.30 22.80 38.70 35.80 49.10 24.10 39.10 22.60 35.60 42.90 26.60 49.80Slovakia 155.70 154.90 156.70 177.40 169.90 201.70 188.70 215.20 167.90 182.90 168.00 178.40 175.70 195.50 196.90 210.60

Other countries of the Eu-ropean Union 7,058.30 7,777.60 7,127.30 7,692.70 7,585.10 7,366.90 7,365.90 7,106.50 7,334.30 6,753.30 7,539.90 6,920.90 8,163.50 6,993.80 7,681.50 7,266.70

United Kingdom 3,714.80 4,444.90 3,698.20 4,158.40 3,971.10 3,812.70 3,757.20 3,570.90 3,920.10 3,558.30 4,025.70 3,395.00 4,562.60 3,609.90 3,874.20 3,678.70Denmark 426.30 273.40 421.30 225.30 431.70 249.60 425.70 220.70 406.90 234.10 426.40 232.50 424.90 220.00 417.80 233.50Sweden 762.20 1,056.60 860.70 1,243.10 879.80 1,256.40 880.00 1,289.40 792.90 1,059.40 896.70 1,194.80 818.50 1,129.10 916.60 1,277.60Estonia 57.30 26.50 57.10 29.60 69.00 37.70 62.90 31.70 58.30 43.00 68.40 42.90 55.60 46.80 72.40 36.80Latvia 35.70 18.50 45.60 27.00 47.50 29.00 54.30 22.30 48.40 21.40 55.40 47.90 53.70 28.20 56.00 20.90Lithuania 129.50 56.80 112.00 63.40 157.50 61.40 149.20 53.90 153.00 72.80 138.80 85.30 142.30 73.40 165.90 67.80Poland 966.20 634.90 969.30 667.80 1,068.20 701.70 1,022.50 645.10 986.20 619.40 974.30 657.40 1,051.70 692.70 1,083.60 711.10Czech Republic 467.60 604.50 474.40 677.90 493.50 687.30 488.70 643.10 471.30 615.40 462.40 668.40 489.80 703.40 494.10 656.10Hungary 254.50 262.00 236.40 260.90 246.30 284.20 257.10 282.40 247.20 271.30 255.50 264.10 286.30 268.00 312.90 269.00Bulgaria 72.80 247.30 79.10 204.10 73.40 138.80 91.40 221.30 81.90 161.60 83.10 225.50 86.70 103.60 102.80 180.50Romania 186.00 165.90 191.40 152.60 181.60 133.80 197.70 144.40 191.50 125.80 186.10 131.20 213.30 147.60 219.90 153.30

Other European countries 3,466.40 3,997.20 3,382.70 4,287.10 3,440.60 4,237.00 3,912.70 4,531.00 3,246.80 3,824.90 3,189.80 4,565.60 3,313.30 5,251.10 3,705.70 4,785.10Norway 428.70 849.20 306.50 1,128.90 248.60 1,251.70 295.00 1,072.00 273.50 878.90 274.50 1,210.60 256.60 1,453.40 327.60 1,332.30Switzerland 985.50 665.80 1,076.00 653.00 1,248.90 571.70 1,290.30 698.60 941.10 577.60 936.10 716.30 919.60 635.20 1,042.30 639.80Turkey 790.20 428.70 775.00 468.20 814.60 498.30 850.30 492.40 783.50 427.80 793.30 390.80 856.40 452.60 825.60 465.70Russian Federation 976.40 1,925.90 925.70 1,837.70 809.80 1,768.70 933.70 2,046.00 837.00 1,819.00 839.50 1,999.40 841.30 2,513.30 825.40 2,151.80Other European countries 285.60 127.70 299.60 199.10 318.80 146.60 543.30 222.10 411.70 121.50 346.60 248.50 439.50 196.70 685.00 195.50

Africa 1,590.90 1,138.60 1,675.90 1,053.70 1,828.50 1,236.00 1,859.40 1,353.90 1,789.90 1,284.10 1,666.80 1,415.50 1,740.10 1,173.10 1,964.80 1,162.40Algeria 125.50 65.10 137.20 79.80 121.10 118.20 201.80 108.20 148.60 122.00 162.90 193.10 164.60 54.90 179.90 54.80Tunisia 68.70 63.30 87.30 57.20 88.90 59.00 88.20 61.30 65.30 46.80 67.90 72.50 78.60 57.60 72.90 49.50Congo (Dem.Rep.) 64.40 60.70 63.50 60.80 73.20 73.80 74.30 58.30 65.10 65.70 66.80 58.50 57.50 46.90 66.80 47.80Rwanda 8.10 1.90 6.80 3.80 9.20 4.10 9.90 1.60 11.80 2.30 9.10 2.30 7.80 2.00 7.60 1.60Angola 44.10 69.00 41.90 37.40 38.40 92.10 48.50 115.40 39.90 155.30 77.30 97.80 51.20 87.70 41.60 116.80South Africa 242.70 293.30 311.40 305.30 281.00 346.10 281.80 354.80 285.00 344.10 219.20 354.30 227.30 326.90 220.40 298.90Other African countries 1,037.30 585.50 1,027.70 509.40 1,216.70 542.80 1,155.00 654.30 1,174.10 547.90 1,063.60 637.10 1,153.20 597.00 1,375.30 593.00

79

8.5 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO TRADING NATION: MONTHLY FIGURES (CONTINUED)

(millions of euro)

201320122011

IIIIVIIIIIIIVIII

Imports pExports pImports pExports pImportsExportsImportsExportsImportsExportsImportsExportsImportsExportsImportsExports

America 3,635.00 3,923.50 3,843.50 4,073.40 4,826.70 4,412.80 4,537.90 4,196.00 4,440.90 4,265.10 4,287.80 4,004.30 4,176.40 3,996.50 4,627.60 4,559.50United States of America 2,422.10 2,328.10 2,486.60 2,443.60 3,361.20 2,864.30 3,191.10 2,647.10 3,120.80 2,595.80 2,958.20 2,542.30 2,725.20 2,611.60 3,004.00 3,044.20Canada 275.50 326.00 343.60 308.40 387.70 284.40 292.80 251.70 379.40 291.80 360.40 235.20 321.90 347.50 365.00 366.20Mexico 165.50 152.60 184.00 164.80 251.70 152.70 187.60 160.50 144.60 158.90 168.60 174.20 197.00 168.70 179.50 166.00Colombia 52.60 40.80 62.60 47.10 56.90 96.40 55.00 117.80 46.10 94.40 56.50 125.10 44.00 75.00 55.40 92.70Brazil 386.30 365.30 414.30 354.10 418.50 328.70 421.50 344.40 351.70 412.80 424.30 332.90 469.80 283.80 535.10 268.60Argentina 92.70 51.90 92.90 68.10 81.60 71.00 88.80 73.40 82.40 42.10 65.30 63.00 131.00 22.20 221.70 53.20Other American countries 240.30 659.10 259.50 687.40 269.10 615.20 301.20 601.20 315.80 669.20 254.60 531.60 287.40 487.60 266.80 568.40

Asia 6,826.30 6,986.20 7,466.60 6,557.60 7,648.70 7,040.80 7,379.20 6,414.00 6,769.60 6,672.40 7,507.40 6,165.20 7,023.20 7,000.80 7,448.00 6,540.70Iran 83.50 14.00 80.00 8.90 49.90 9.50 32.50 2.00 72.30 5.20 44.60 6.10 35.90 1.60 26.70 2.60Israel 318.40 287.30 491.90 213.90 508.10 372.20 451.20 245.50 356.40 219.10 518.60 252.30 427.80 337.00 487.10 325.60Saudi Arabia 321.30 130.80 338.30 198.70 270.10 159.30 303.40 137.10 222.20 245.60 231.10 203.10 295.90 216.80 261.90 213.00United Arab Emirates 482.50 600.40 522.00 534.60 534.80 709.80 445.00 553.70 423.00 601.80 577.40 495.90 525.80 628.70 634.20 639.50India 1,698.60 1,081.50 1,606.40 801.50 2,034.00 1,018.30 1,838.00 755.10 1,724.10 707.10 2,013.50 694.90 1,917.80 885.90 2,157.40 739.50Thailand 210.70 213.00 167.90 188.10 189.20 183.00 187.40 223.50 179.20 200.70 203.40 226.20 189.70 234.30 207.80 231.20Singapore 156.90 62.90 208.40 63.80 313.00 84.80 226.60 67.10 186.90 59.80 169.80 68.30 193.20 74.50 228.10 76.10China 1,460.50 1,792.70 1,737.00 1,610.50 1,505.90 1,568.40 1,539.10 1,611.50 1,396.30 1,641.10 1,438.80 1,399.50 1,274.80 1,625.40 1,294.30 1,537.10Republic of Korea 253.70 233.60 277.50 316.70 328.10 219.50 315.30 253.90 301.30 213.70 344.00 264.00 239.40 300.40 243.30 348.00Japan 478.30 1,314.30 586.10 1,238.20 484.90 1,378.90 489.70 1,265.10 421.10 1,333.70 481.00 1,278.80 419.40 1,504.40 445.40 1,136.20Taiwan 146.10 106.90 173.40 96.20 173.10 107.30 177.60 115.40 120.50 98.60 123.30 92.90 126.70 110.60 126.10 120.90Hong Kong 498.80 247.30 465.80 246.70 479.70 185.60 559.50 242.50 525.80 249.80 584.50 273.40 563.10 287.40 511.50 235.00Other Asian countries 717.00 901.30 811.70 1,039.90 777.80 1,044.20 814.00 941.60 840.20 1,096.00 777.30 909.70 814.10 793.90 824.40 936.00

Australia and Oceania 290.50 341.60 365.70 296.10 339.70 450.90 281.80 441.90 309.80 381.20 286.10 192.00 312.20 368.50 315.70 422.50Australia 251.10 245.30 304.60 237.70 283.80 400.00 243.30 333.50 260.60 278.60 241.10 137.90 270.10 320.40 261.10 305.40New Zealand 27.70 75.00 50.00 37.00 29.00 22.20 27.20 85.50 37.70 79.30 33.80 34.60 31.10 27.50 44.10 88.30Other Oceanian countries 11.70 21.40 11.00 21.40 26.80 28.80 11.30 22.90 11.70 23.20 11.20 19.50 11.10 20.60 10.50 28.80

Other 1,055.30 3.80 1,147.50 6.70 1,194.50 6.30 1,054.00 6.00 1,005.40 8.30 1,220.40 5.10 1,203.60 4.30 1,243.90 8.50


80

8.6 BELGIAN FOREIGN TRADE ACCORDING TO THE NATIONAL CONCEPT SUBDIVIDED INTO THE DIVISIONS OF THE HARMONIZED SYSTEM: MONTHLY FIGURES

(millions of euro)

2011 2012 2013


Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports p Imports p Exports p Imports p

Grand total 57,000.0 60,203.5 57,875.6 61,548.2 62,569.0 65,315.5 61,100.6 62,824.9 57,472.4 59,431.2 58,704.3 63,428.7 60,737.5 65,326.4 62,159.9 62,519.4I Live animals, animal products 1,533.9 1,332.0 1,604.9 1,440.0 1,532.0 1,330.9 1,574.6 1,344.7 1,562.8 1,349.4 1,663.1 1,487.8 1,545.2 1,384.6 1,622.5 1,423.5II Vegetable products 1,261.0 1,792.0 1,334.6 1,752.7 1,417.7 1,890.2 1,502.8 2,193.0 1,341.8 2,026.8 1,495.4 2,170.9 1,447.1 2,126.3 1,513.7 2,240.5III Animal or vegetable fats and oils

and their cleavage products 385.0 499.5 393.9 486.9 387.6 410.2 384.4 426.6 371.6 451.8 444.2 422.8 391.3 390.6 381.4 443.5IV Prepared foodstuffs; beverages,

spirits and vinegar; tobacco andmanufactured tobacco substitutes 3,013.7 2,405.4 3,192.5 2,557.1 3,038.7 2,368.0 3,181.7 2,473.4 3,171.8 2,507.5 3,403.1 2,677.4 3,134.5 2,377.0 3,198.1 2,486.8

V Mineral products 7,805.0 12,858.7 7,622.1 13,449.5 8,360.1 14,556.5 8,074.5 12,967.8 8,448.4 13,094.0 8,617.5 14,166.3 9,323.0 15,771.6 9,403.2 13,559.3VI Products of the chemical or allied

industries 9,383.4 7,268.7 9,069.6 6,667.1 10,689.6 7,942.4 10,181.6 8,119.5 9,454.5 7,847.5 9,698.9 8,439.9 10,229.6 8,653.8 10,283.6 8,603.4VII Plastics and articles thereof;

rubber and articles thereof 5,161.2 3,062.7 4,766.7 3,008.9 5,402.6 3,163.5 5,455.0 3,256.1 5,185.4 3,056.9 4,893.9 3,032.0 5,367.4 3,125.5 5,487.9 3,182.2VIII Raw hides and skins, leather,

furskins and articles thereof 177.5 187.4 175.7 152.7 154.4 157.5 171.2 158.2 177.0 181.1 180.4 158.7 158.8 173.1 173.0 155.4IX Wood and articles of wood; wood

charcoal; cork and articles of cork 385.5 481.5 387.4 481.4 432.0 530.9 427.1 557.7 376.1 473.5 376.4 470.7 395.1 496.5 428.5 506.4X Pulp of wood; paper and

paperboard and articles thereof 1,111.3 1,192.3 1,108.6 1,223.3 984.1 1,085.5 974.9 1,052.3 936.5 997.3 945.0 1,043.3 917.6 1,009.5 894.0 985.2XI Textiles and textile articles 1,747.6 1,876.0 1,709.2 1,569.6 1,811.4 1,797.6 1,635.4 1,443.9 1,749.9 1,759.1 1,665.4 1,538.4 1,753.1 1,756.3 1,644.2 1,461.4XII Footwear, headgear, umbrellas,

articles of human hair 138.6 325.9 97.4 195.2 142.5 338.0 87.9 201.9 146.6 329.3 85.5 205.8 145.6 344.7 95.7 199.8XIII Articles of stone, plaster, cement;

ceramic products; glass andglassware 738.1 585.3 724.4 585.2 739.5 610.1 749.7 630.1 690.3 577.9 668.5 582.3 675.3 556.1 769.9 617.9

XIV Natural or cultured pearls, preciousor semi-precious stones, preciousmetal; coins 4,441.4 4,592.5 4,362.0 3,745.5 4,746.7 4,722.7 4,561.1 4,072.5 4,097.9 3,788.4 4,690.1 4,099.5 3,866.1 4,344.2 4,656.8 4,303.2

XV Base metals and articles of basemetal 5,636.1 5,007.0 5,303.6 4,970.8 6,034.3 5,207.1 5,855.2 5,383.9 5,112.2 4,522.5 4,914.6 4,676.3 5,324.4 4,649.0 5,155.1 4,495.6

XVI Machinery and mechanicalappliances; electrical equipment;sound and image equipment 5,937.8 7,780.4 6,425.3 8,425.2 6,690.2 8,363.0 6,598.3 8,305.9 6,251.1 7,540.2 6,294.9 8,152.4 6,095.3 7,783.9 6,293.1 7,737.3

XVII Vehicles, aircraft, vessels andassociated transport equipment 5,648.0 5,719.1 6,693.9 7,386.3 7,115.3 7,287.4 6,841.5 6,865.7 5,831.1 5,762.9 5,862.5 6,724.6 6,491.8 7,080.0 6,799.0 6,932.8

XVIII Optical, photographic, précision,medical or surgical instruments;clocks and watches; musicalinstruments 1,098.3 1,346.2 1,226.7 1,581.4 1,418.9 1,548.5 1,338.7 1,596.5 1,183.7 1,440.5 1,327.9 1,586.4 1,383.5 1,571.0 1,341.2 1,554.2

XIX Arms and ammunition 46.1 18.9 79.6 25.3 80.8 26.2 93.7 30.0 78.4 24.3 94.2 40.5 106.1 20.2 91.2 31.9XX Miscellaneous manufactured

articles 620.3 928.2 701.4 1,015.6 743.1 1,041.6 746.7 993.1 690.7 1,007.4 813.3 1,064.1 750.1 1,036.4 744.5 1,023.5XXI Works of art, collectors’ pieces and

antiques 730.0 943.9 896.2 828.3 647.5 937.7 664.2 752.0 614.7 692.9 569.5 688.6 1,236.7 676.0 1,183.1 575.4


9. Balance of payments

82

9.1 BALANCE OF PAYMENTS OF BELGIUM9.1.1 BALANCE OF PAYMENTS OF BELGIUM: SYNTHETIC PRESENTATION - NET (UNTIL 2006)

(millions of euro)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Current account 12,260 11,911 12,129 10,165 8,816 12,009 9,437 9,256 5,997 5,934Goods and services 9,933 9,565 10,198 7,523 8,224 11,891 9,364 9,847 6,855 7,193

Goods 8,795 8,843 8,896 5,273 6,222 9,755 7,761 6,930 2,855 2,197Services 1,138 722 1,302 2,250 2,002 2,136 1,603 2,917 4,000 4,996

Income 5,582 6,171 6,237 6,834 5,161 4,740 5,740 4,639 4,233 3,967Compensation of employees 2,666 2,680 2,960 3,046 3,087 3,309 3,522 3,652 3,903 4,063Investment income 2,916 3,491 3,277 3,788 2,074 1,431 2,218 987 330 -96

Current transfers -3,255 -3,825 -4,306 -4,192 -4,569 -4,622 -5,667 -5,230 -5,091 -5,226

Capital and financial account -13,006 -10,585 -8,408 -8,043 -6,329Capital account -634 -943 -394 -722 -336Financial account -12,372 -9,642 -8,014 -7,321 -5,993

Direct investment 4,234 -4,294 7,683 1,377 6,543Portfolio investment 15,415 735 -24,344 -35,577 -7,501Financial derivatives -2,135 -3,187 -4,529 -4,352 2,621Other investment -29,963 -4,459 12,509 29,462 -7,518Reserve assets of the NBB 77 1,563 667 1,769 -138

Errors and omissions 997 1,148 -848 2,046 395

Source: NBB

N.B.: 2006 being a year of transition towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover.

83

9.1.1 BALANCE OF PAYMENTS OF BELGIUM: SYNTHETIC PRESENTATION - NET (FROM 2007 ONWARDS)

(millions of euro)

2007 2008 2009 2010 2011 2012

Current account 6,355 -4,554 -2,179 6,849 -4,119 -7,572Goods and services 5,812 -6,314 4,284 4,347 -3,673 -2,874

Goods 1,338 -11,012 -4,530 -3,799 -10,367 -10,654Services 4,475 4,695 8,812 8,148 6,698 7,779

Income 5,189 8,016 -172 8,467 6,199 3,148Compensation of employees 4,484 4,620 4,790 4,979 4,993 4,966Investment income 705 3,397 -4,961 3,488 1,206 -1,820

Current transfers -4,645 -6,255 -6,292 -5,968 -6,646 -7,842

Capital and financial account -7,180 6,743 4,545 -7,733 4,980 9,479Capital account -1,352 -1,755 -1,447 -1,008 -722 -442Financial account -5,829 8,495 5,993 -6,724 5,703 9,920

Direct investment 9,721 -18,482 38,464 39,621 15,995 -2,167Portfolio investment -29,839 34,591 31,007 -26,119 -15,916 47,286Financial derivatives 982 3,872 610 1,303 -1,965 2,031Other investment 14,176 -12,333 -63,376 -20,922 8,685 -36,724Reserve assets of the NBB -865 847 -713 -608 -1,096 -509

Errors and omissions 825 -2,189 -2,367 885 -861 -1,906

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears., Temporary differences may appear between the figures given in the BOP and the data used in the NBB’s annuel report owing to a different revision scheduled

84

9.1.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.2.1 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006

II III IV I II III IV I II III IV

Goods and services 238,182 254,825 54,935 53,721 57,818 57,733 60,220 57,426 62,803 64,099 64,101 61,409 65,216Goods 193,025 207,443 44,648 42,626 46,584 47,165 49,062 46,265 50,533 52,509 52,440 49,493 53,001

General merchandise 179,961 193,026 41,183 39,582 43,202 43,879 45,520 43,270 47,292 49,009 48,736 46,039 49,242Goods for processing 10,931 11,829 2,998 2,547 2,915 2,838 2,995 2,456 2,642 2,844 3,002 2,804 3,179Repairs on goods 311 320 57 53 60 73 84 72 82 79 88 76 77Goods procured in ports by carriers 1,427 1,604 343 374 333 328 390 393 316 393 424 424 363Nonmonetary gold 395 664 67 70 74 47 73 74 201 184 190 150 140

Services 45,157 47,382 10,287 11,095 11,234 10,568 11,158 11,161 12,270 11,590 11,661 11,916 12,215Transportation 11,149 12,467 2,603 2,687 2,912 2,670 2,784 2,790 2,905 2,996 3,132 3,065 3,274Travel 7,932 8,199 1,867 2,161 1,719 1,668 1,911 2,302 2,051 1,800 2,030 2,422 1,947Communications services 1,769 1,623 406 430 519 495 377 394 503 486 430 371 336Construction services 1,533 1,771 418 355 398 356 388 345 444 392 431 428 520Insurance services 671 737 187 152 156 144 175 159 193 162 198 193 184Financial services 2,727 2,877 640 529 631 676 695 654 702 711 715 703 748Information services 2,075 2,288 460 524 529 481 510 505 579 601 563 569 555Royalties and license fees 1,095 1,228 209 178 231 253 319 191 332 244 392 351 241Other business services 14,133 13,913 3,048 3,545 3,517 3,389 3,503 3,263 3,978 3,681 3,187 3,235 3,810

of which: Merchanting 1,468 1,408 43 641 272 464 258 114 632 577 5 292 534Personal, cultural and recreational services 417 444 86 94 97 92 95 107 123 102 105 112 125Government services n.i.e. 1,656 1,835 363 440 525 344 401 451 460 415 478 467 475Services not allocated

Income 47,366 59,128 12,255 8,995 9,150 10,900 14,635 10,844 10,987 13,499 16,682 14,865 14,082Compensation of employees 5,522 5,761 1,374 1,231 1,437 1,342 1,393 1,298 1,489 1,378 1,456 1,385 1,542Investment income 41,844 53,367 10,881 7,764 7,713 9,558 13,242 9,546 9,498 12,121 15,226 13,480 12,540

Current transfers 7,530 7,012 1,477 1,418 1,899 1,768 1,842 1,701 2,219 1,690 1,775 1,482 2,065General government 2,657 2,388 482 350 751 624 588 564 881 507 577 362 942Other sectors 4,873 4,624 995 1,068 1,148 1,144 1,254 1,137 1,338 1,183 1,198 1,120 1,123

Total of the current account 293,078 320,965 68,667 64,134 68,867 70,401 76,697 69,971 76,009 79,288 82,558 77,756 81,363

Source: NBB

N.B.: 2006 being a year of transaction towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover.

85

9.1.2.1 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2011 2012 2010 2011 2012 20132011 2012

IV I II III IV I II III IV I II


General merchandise 226,052 227,289 52,095 57,968 58,724 54,304 55,058 58,935 57,559 54,541 56,255 58,358 59,175Goods for processing 9,468 10,772 2,635 2,554 2,318 2,289 2,308 3,262 3,108 2,440 1,962 2,054 2,487Repairs on goods 513 649 121 107 116 125 166 134 155 169 191 130 172Goods procured in ports by carriers 2,043 2,346 313 467 541 533 504 539 597 602 608 516 544Nonmonetary gold 1,476 1,733 244 235 398 419 425 484 436 413 399 384 505

Services 70,652 79,025 18,756 16,319 16,789 18,446 19,098 18,720 19,571 19,702 21,030 19,464 19,003Transportation 18,939 20,315 5,177 4,534 4,736 4,903 4,767 4,934 5,249 5,128 5,002 4,620 4,528Travel 9,421 10,130 2,274 1,999 2,394 2,524 2,504 2,094 2,542 2,831 2,661 1,881 2,297Communications services 3,614 3,668 798 956 833 916 909 982 881 867 939 1,029 879Construction services 2,054 1,877 512 473 560 490 531 386 449 497 546 368 485Insurance services 877 901 200 204 206 260 208 202 204 246 249 213 212Financial services 2,560 2,980 953 506 531 638 886 615 629 615 1,121 687 674Information services 3,522 4,138 820 727 918 936 943 940 990 1,037 1,170 1,139 1,049Royalties and license fees 1,829 2,069 310 423 342 502 562 448 576 604 439 506 515Other business services 25,047 29,941 7,023 5,791 5,577 6,569 7,110 7,332 7,306 7,218 8,086 8,240 7,583

of which: Merchanting 2,442 3,315 701 667 526 588 662 908 820 807 780 895 814Personal, cultural and recreational services 567 604 126 101 126 173 167 146 151 140 166 146 176Government services n.i.e. 1,506 1,604 288 442 395 343 325 460 411 352 379 425 401Services not allocated 714 801 276 165 171 191 186 181 181 167 272 209 205

Income 48,807 45,521 11,955 9,437 17,881 10,304 11,185 9,703 16,741 9,654 9,422 8,498 16,155Compensation of employees 7,771 7,775 2,095 1,878 1,998 1,819 2,076 1,849 1,993 1,850 2,081 1,821 2,010Investment income 41,035 37,745 9,859 7,559 15,883 8,485 9,109 7,853 14,748 7,804 7,341 6,677 14,146

Current transfers 8,818 8,588 2,801 2,064 2,092 2,111 2,551 2,250 1,914 1,971 2,453 1,990 1,784General government 1,906 2,032 912 279 354 309 962 325 387 336 982 399 400Other sectors 6,913 6,557 1,889 1,785 1,738 1,802 1,588 1,924 1,527 1,634 1,471 1,591 1,384


Source: NBB


86

9.1.2.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006



General merchandise 179,478 193,442 39,711 38,593 42,181 43,054 44,713 43,145 48,566 50,687 48,386 45,482 48,887Goods for processing 9,717 10,501 2,682 2,290 2,658 2,633 2,687 2,176 2,221 2,563 2,658 2,526 2,754Repairs on goods 208 242 52 37 42 49 56 48 55 52 59 60 71Goods procured in ports by carriers 505 611 102 130 101 108 117 150 130 133 152 201 125Nonmonetary gold 262 450 35 48 64 49 50 76 87 96 197 95 62

Services 41,157 42,386 9,841 10,747 9,905 9,330 10,250 11,355 10,222 9,968 10,883 11,433 10,102Transportation 9,868 10,386 2,219 2,290 2,414 2,313 2,352 2,624 2,579 2,550 2,637 2,676 2,523Travel 12,049 12,370 2,903 3,771 2,349 2,291 3,064 4,035 2,659 2,402 3,222 4,060 2,686Communications services 1,065 1,270 297 308 366 235 240 270 320 337 327 301 305Construction services 682 748 223 221 185 160 161 175 186 190 172 204 182Insurance services 409 436 120 129 102 108 101 102 98 112 112 103 109Financial services 2,810 2,751 670 578 677 744 731 644 691 713 672 650 716Information services 1,500 1,581 419 374 425 331 430 328 411 397 403 359 422Royalties and license fees 844 859 192 230 202 239 169 189 247 244 205 175 235Other business services 10,940 10,902 2,590 2,615 2,876 2,667 2,746 2,764 2,763 2,748 2,815 2,702 2,637

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 375 396 96 104 86 96 92 89 98 107 89 84 116Government services n.i.e. 615 687 112 127 223 146 164 135 170 168 229 119 171Services not allocated

Income 43,133 55,161 8,031 9,319 9,037 10,841 8,584 12,015 11,693 13,256 12,427 15,463 14,015Compensation of employees 1,619 1,698 450 351 454 354 452 355 458 377 482 368 471Investment income 41,514 53,463 7,581 8,968 8,583 10,487 8,132 11,660 11,235 12,879 11,945 15,095 13,544

Current transfers 12,621 12,238 2,852 2,855 2,906 3,337 3,022 2,950 3,312 3,238 2,975 2,918 3,107General government 6,428 6,641 1,450 1,450 1,397 1,822 1,457 1,478 1,671 1,843 1,536 1,643 1,619Other sectors 6,193 5,597 1,402 1,405 1,509 1,515 1,565 1,472 1,641 1,395 1,439 1,275 1,488


Source: NBB


87

9.1.2.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2011 2012 2010 2011 2012 20132011 2012



General merchandise 240,529 242,878 55,666 61,390 61,111 58,363 59,666 63,208 60,692 57,543 61,436 63,532 60,660Goods for processing 7,112 7,699 1,851 1,837 1,879 1,682 1,715 1,984 2,093 1,803 1,819 1,706 1,818Repairs on goods 365 415 62 121 69 78 97 97 96 85 137 100 129Goods procured in ports by carriers 982 1,089 222 148 301 329 204 258 293 320 219 242 219Nonmonetary gold 937 1,362 196 184 189 267 298 352 327 338 343 334 247

Services 63,954 71,244 16,436 14,307 15,099 17,928 16,621 16,345 17,261 19,188 18,449 17,637 18,185Transportation 15,542 16,676 4,192 3,639 3,891 4,087 3,924 4,103 4,232 4,218 4,124 4,273 4,037Travel 14,752 15,713 3,120 2,830 3,378 5,138 3,406 2,976 3,639 5,567 3,531 3,692 4,519Communications services 2,745 2,876 712 705 631 722 687 778 673 680 747 735 709Construction services 1,827 1,582 473 396 453 461 517 351 420 361 450 379 443Insurance services 1,050 1,163 240 234 254 292 268 257 306 300 301 227 254Financial services 1,576 1,700 453 319 380 420 455 426 364 423 486 412 350Information services 2,675 3,197 593 602 705 677 691 774 758 795 870 890 952Royalties and license fees 1,733 2,057 410 415 329 454 535 516 447 543 550 596 521Other business services 19,689 24,031 5,567 4,621 4,467 5,131 5,471 5,618 5,843 5,812 6,759 5,895 5,801

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 802 663 169 184 204 177 236 159 153 157 195 174 183Government services n.i.e. 223 222 46 43 85 38 57 60 89 33 41 51 54Services not allocated 1,342 1,358 460 318 321 330 373 325 337 299 395 312 360

Income 42,609 42,375 11,023 9,084 11,819 10,929 10,777 9,095 12,803 10,569 9,906 8,586 12,930Compensation of employees 2,779 2,807 758 627 760 604 787 630 772 611 795 619 762Investment income 39,830 39,566 10,264 8,457 11,059 10,324 9,990 8,465 12,032 9,958 9,111 7,968 12,168

Current transfers 15,465 16,431 3,793 4,156 3,692 3,687 3,931 4,428 4,032 3,873 4,098 4,829 4,272General government 6,983 7,157 1,793 2,140 1,457 1,606 1,779 2,321 1,598 1,618 1,619 2,850 2,049Other sectors 8,484 9,276 1,999 2,015 2,235 2,081 2,152 2,107 2,434 2,255 2,479 1,980 2,224


Source: NBB


88

9.1.2.3 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (QUARTERLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006 2004 2005 20062005 2006


Goods and services 6,855 7,193 2,512 1,876 2,867 2,510 2,347 476 1,522 600 1,766 1,612 3,215Goods 2,855 2,197 2,066 1,528 1,538 1,272 1,439 670 -526 -1,022 988 1,129 1,102

General merchandise 483 -416 1,472 989 1,021 825 807 125 -1,274 -1,678 350 557 355Goods for processing 1,214 1,328 316 257 257 205 308 280 421 281 344 278 425Repairs on goods 103 78 5 16 18 24 28 24 27 27 29 16 6Goods procured in ports by carriers 922 993 241 244 232 220 273 243 186 260 272 223 238Nonmonetary gold 133 214 32 22 10 -2 23 -2 114 88 -7 55 78

Services 4,000 4,996 446 348 1,329 1,238 908 -194 2,048 1,622 778 483 2,113Transportation 1,281 2,081 384 397 498 357 432 166 326 446 495 389 751Travel -4,117 -4,171 -1,036 -1,610 -630 -623 -1,153 -1,733 -608 -602 -1,192 -1,638 -739Communications services 704 353 109 122 153 260 137 124 183 149 103 70 31Construction services 851 1,023 195 134 213 196 227 170 258 202 259 224 338Insurance services 262 301 67 23 54 36 74 57 95 50 86 90 75Financial services -83 126 -30 -49 -46 -68 -36 10 11 -2 43 53 32Information services 575 707 41 150 104 150 80 177 168 204 160 210 133Royalties and license fees 251 369 17 -52 29 14 150 2 85 0 187 176 6Othes business services 3,193 3,011 458 930 641 722 757 499 1,215 933 372 533 1,173

of which: Merchanting 1,468 1,408 43 641 272 464 258 114 632 577 5 292 534Personal, cultural and recreational services 42 48 -10 -10 11 -4 3 18 25 -5 16 28 9Government services n.i.e. 1,041 1,148 251 313 302 198 237 316 290 247 249 348 304Services not allocated

Income 4,233 3,967 4,224 -324 113 59 6,051 -1,171 -706 243 4,255 -598 67Compensation of employees 3,903 4,063 924 880 983 988 941 943 1,031 1,001 974 1,017 1,071Investment income 330 -96 3,300 -1,204 -870 -929 5,110 -2,114 -1,737 -758 3,281 -1,615 -1,004

Current transfers -5,091 -5,226 -1,375 -1,437 -1,007 -1,569 -1,180 -1,249 -1,093 -1,548 -1,200 -1,436 -1,042General government -3,771 -4,253 -968 -1,100 -646 -1,198 -869 -914 -790 -1,336 -959 -1,281 -677Other sectors -1,320 -973 -407 -337 -361 -371 -311 -335 -303 -212 -241 -155 -365

Total of the current account 5,997 5,934 5,361 115 1,973 1,000 7,218 -1,944 -277 -705 4,821 -422 2,240

Source: NBB


89

9.1.2.3 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (QUARTERLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2011 2012 2010 2011 2012 20132011 2012


Goods and services -3,673 -2,874 -268 -335 238 -2,531 -1,042 -171 664 -1,410 -1,958 -2,645 628Goods -10,367 -10,654 -2,589 -2,347 -1,452 -3,050 -3,519 -2,546 -1,646 -1,923 -4,539 -4,472 -189

General merchandise -14,477 -15,589 -3,571 -3,422 -2,388 -4,059 -4,608 -4,273 -3,133 -3,002 -5,181 -5,174 -1,485Goods for processing 2,358 3,073 784 717 439 607 593 1,278 1,015 637 142 348 669Repairs on goods 151 234 59 -13 47 47 69 37 59 84 55 30 43Goods procured in ports by carriers 1,062 1,258 91 320 239 204 300 281 304 282 390 273 325Nonmonetary gold 541 371 49 51 210 152 127 132 109 76 56 50 259

Services 6,698 7,779 2,321 2,012 1,690 519 2,477 2,375 2,309 514 2,582 1,828 818Transportation 3,399 3,634 985 895 845 816 843 831 1,017 910 879 347 490Travel -5,331 -5,583 -847 -831 -984 -2,615 -901 -881 -1,096 -2,736 -870 -1,811 -2,222Communications services 871 790 86 251 202 195 222 203 208 187 191 294 170Construction services 228 295 38 78 107 29 14 34 29 136 96 -11 42Insurance services -172 -262 -40 -31 -48 -32 -60 -55 -102 -54 -52 -14 -42Financial services 986 1,282 500 186 150 218 431 189 265 191 635 274 324Information services 848 939 227 124 214 258 251 165 231 242 300 250 97Royalties and license fees 95 12 -99 8 13 47 27 -68 130 61 -111 -90 -6Othes business services 5,357 5,909 1,456 1,169 1,110 1,439 1,639 1,714 1,463 1,406 1,327 2,345 1,782

of which: Merchanting 2,442 3,315 701 667 526 588 662 908 820 807 780 895 814Personal, cultural and recreational services -233 -60 -43 -83 -78 -3 -70 -13 -2 -17 -28 -28 -8Government services n.i.e. 1,283 1,379 242 398 310 305 268 400 322 319 339 375 348Services not allocated -627 -554 -184 -152 -150 -139 -187 -143 -156 -132 -123 -103 -155

Income 6,199 3,148 932 353 6,062 -625 408 608 3,937 -914 -484 -89 3,225Compensation of employees 4,993 4,966 1,337 1,251 1,238 1,214 1,289 1,219 1,222 1,239 1,286 1,202 1,248Investment income 1,206 -1,820 -405 -898 4,824 -1,839 -881 -612 2,716 -2,154 -1,770 -1,290 1,978

Current transfers -6,646 -7,842 -992 -2,092 -1,600 -1,576 -1,380 -2,178 -2,118 -1,903 -1,645 -2,839 -2,488General government -5,080 -5,125 -881 -1,862 -1,103 -1,297 -817 -1,996 -1,211 -1,282 -636 -2,451 -1,649Other sectors -1,570 -2,719 -111 -230 -497 -279 -563 -182 -906 -621 -1,008 -389 -839

Total of the current account -4,119 -7,572 -328 -2,073 4,700 -4,731 -2,014 -1,741 2,484 -4,227 -4,086 -5,573 1,366

Source: NBB


90

9.1.2.4 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006

Dec. Jan. Feb. March April May June July Aug. Sep. Oct. Nov. Dec.


General merchandise 15,589 15,177 15,495 18,337 15,018 16,703 17,015 15,192 13,987 16,860 17,098 17,233 14,911Goods for processing 861 882 914 1,048 729 1,116 1,157 916 719 1,169 1,131 1,075 973Repairs on goods 30 25 25 29 30 29 29 25 25 26 27 27 23Goods procured in ports by carriers 113 126 120 147 127 153 144 145 149 130 132 119 112Nonmonetary gold 124 55 91 38 48 106 36 38 50 62 54 45 41

Services 4,259 3,895 3,750 3,945 3,937 3,703 4,021 4,441 3,968 3,507 4,434 3,478 4,303Transportation 1,040 1,003 919 1,074 1,014 1,055 1,063 1,055 1,039 971 1,060 1,066 1,148Travel 704 606 589 605 696 553 781 823 844 755 728 577 642Communications services 176 209 108 169 155 158 117 124 127 120 116 102 118Construction services 198 127 122 143 137 141 153 120 169 139 183 139 198Insurance services 75 44 60 58 55 66 77 77 69 47 59 62 63Financial services 255 245 221 245 246 230 239 269 224 210 266 245 237Information services 201 217 190 194 195 182 186 206 173 190 195 185 175Royalties and license fees 92 122 65 57 177 95 120 137 58 156 151 51 39Other business services 1,295 1,151 1,309 1,221 1,090 1,019 1,078 1,434 1,063 738 1,464 878 1,468

of which: Merchanting 118 -9 351 235 -18 -53 76 282 59 -49 371 -201 364Personal, cultural and recreational services 48 36 30 36 26 41 38 35 43 34 39 42 44Government services n.i.e. 175 135 137 143 146 163 169 161 159 147 173 131 171Services not allocated

Income 3,931 4,458 4,407 4,634 5,529 5,486 5,667 4,882 4,812 5,171 4,578 4,525 4,979Compensation of employees 581 456 457 465 450 540 466 454 461 470 458 480 604Investment income 3,350 4,002 3,950 4,169 5,079 4,946 5,201 4,428 4,351 4,701 4,120 4,045 4,375

Current transfers 1,014 471 624 595 572 599 604 555 483 444 543 550 972General government 465 126 215 166 165 179 233 152 97 113 213 170 559Other sectors 549 345 409 429 407 420 371 403 386 331 330 380 413


Source: NBB


91

9.1.2.4 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013

June July Aug. Sep. Oct. Nov. Dec. Jan. Feb. March April May June


General merchandise 19,388 18,771 17,329 18,441 20,224 19,067 16,964 18,756 18,729 20,873 19,944 19,898 19,333Goods for processing 1,065 876 738 826 758 629 575 644 700 711 793 907 787Repairs on goods 57 57 54 57 60 65 66 37 40 53 50 74 49Goods procured in ports by carriers 212 193 205 204 214 194 200 169 165 182 194 185 165Nonmonetary gold 179 160 141 113 142 122 135 124 101 159 170 151 184

Services 7,166 6,729 6,351 6,622 6,437 6,448 8,146 6,503 5,831 7,131 6,224 6,179 6,600Transportation 1,859 1,732 1,740 1,656 1,719 1,624 1,659 1,554 1,383 1,683 1,531 1,489 1,507Travel 820 989 993 849 913 831 918 624 563 695 723 805 769Communications services 301 287 286 294 295 309 335 432 311 286 290 287 301Construction services 171 160 143 194 173 229 144 97 114 156 152 173 161Insurance services 79 87 69 90 70 63 116 66 58 89 61 61 90Financial services 211 254 211 150 155 236 730 299 174 214 236 218 220Information services 312 428 288 321 426 343 401 478 307 354 445 300 304Royalties and license fees 284 318 113 173 122 142 176 211 114 181 142 121 252Other business services 2,878 2,248 2,302 2,668 2,313 2,409 3,363 2,497 2,552 3,191 2,367 2,490 2,727

of which: Merchanting 303 273 241 293 279 226 275 296 291 307 285 279 251Personal, cultural and recreational services 50 50 41 49 51 54 61 42 48 56 67 48 60Government services n.i.e. 140 116 115 121 130 122 128 139 139 147 133 132 137Services not allocated 61 62 49 56 71 86 115 64 67 78 76 55 73


Current transfers 628 661 664 646 562 913 978 620 619 751 544 631 610General government 104 106 122 109 125 436 421 126 134 140 113 168 119Other sectors 524 555 543 537 438 476 557 494 485 611 430 463 491


Source: NBB


92

9.1.2.5 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 17,243 16,122 15,829 18,736 15,353 16,378 16,655 14,350 15,031 16,101 16,614 16,931 15,342Goods for processing 720 761 859 943 568 1,055 1,035 831 630 1,065 1,035 918 801Repairs on goods 21 19 15 18 16 22 21 23 19 18 28 21 22Goods procured in ports by carriers 52 39 45 49 49 47 56 80 73 48 39 47 39Nonmonetary gold 51 41 27 28 20 154 23 21 43 31 21 18 23

Services 3,537 3,485 3,053 3,430 3,573 3,653 3,657 4,105 3,803 3,525 3,570 3,150 3,382Transportation 931 844 786 920 858 913 866 839 948 889 831 829 863Travel 784 782 766 854 1,057 1,085 1,080 1,541 1,385 1,134 1,098 786 802Communications services 108 109 100 128 137 111 79 94 112 95 106 78 121Construction services 62 61 57 72 60 60 52 59 75 70 60 52 70Insurance services 36 31 36 45 26 36 50 31 31 41 35 30 44Financial services 256 288 196 229 220 226 226 253 201 196 249 237 230Information services 177 135 144 118 129 142 132 150 102 107 116 175 131Royalties and license fees 113 67 101 76 47 56 102 42 86 47 52 64 119Other business services 970 1,064 809 875 945 950 920 1,042 799 861 936 807 894



Current transfers 1,241 844 1,401 993 932 1,074 969 986 975 957 1,053 1,011 1,043General government 633 407 944 492 490 568 478 537 547 559 621 518 480Other sectors 608 437 457 501 442 506 491 449 428 398 432 493 563


Source: NBB


93

9.1.2.5 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 20,257 19,437 18,936 19,169 21,418 21,118 18,900 20,818 20,362 22,352 20,702 20,292 19,667Goods for processing 716 559 657 587 679 632 508 576 558 572 602 601 615Repairs on goods 36 28 29 28 44 51 41 38 31 31 70 28 31Goods procured in ports by carriers 102 116 108 96 84 64 71 88 79 75 77 68 73Nonmonetary gold 92 115 103 119 123 124 97 114 103 117 95 85 66

Services 6,292 7,094 6,076 6,018 5,979 5,416 7,054 5,554 5,514 6,568 6,240 5,908 6,037Transportation 1,498 1,461 1,395 1,362 1,412 1,338 1,374 1,434 1,288 1,551 1,325 1,437 1,275Travel 1,155 2,530 1,746 1,292 1,217 1,102 1,211 1,190 1,131 1,371 1,677 1,400 1,442Communications services 230 225 235 219 259 234 254 285 231 219 253 226 230Construction services 135 102 139 120 154 127 169 121 123 135 127 164 152Insurance services 108 106 93 101 94 99 107 68 73 87 71 87 95Financial services 102 189 117 118 183 113 190 183 122 107 105 131 114Information services 295 260 264 271 290 274 307 299 286 305 313 296 343Royalties and license fees 205 152 242 149 155 202 194 145 272 178 154 197 171Other business services 2,353 1,901 1,688 2,223 2,023 1,730 3,005 1,659 1,840 2,396 2,028 1,773 2,000

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 52 58 45 53 55 63 77 52 50 72 57 63 63Government services n.i.e. 48 11 8 13 19 5 17 3 4 44 12 31 11Services not allocated 111 100 104 96 118 129 148 116 94 103 117 102 141


Current transfers 1,283 1,193 1,278 1,402 1,269 1,239 1,590 1,532 1,832 1,466 1,318 1,507 1,447General government 446 463 559 596 549 478 592 922 1,203 724 670 704 674Other sectors 836 730 719 807 720 761 999 609 628 742 648 803 773


Source: NBB


94

9.1.2.6 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006


Goods and services -648 -307 567 340 310 501 955 1,347 -701 966 1,569 892 754Goods -1,370 -717 -130 -175 -54 451 591 1,011 -866 984 705 564 -167

General merchandise -1,654 -945 -334 -399 -335 325 360 842 -1,044 759 484 302 -431Goods for processing 141 121 55 105 161 61 122 85 89 104 96 157 172Repairs on goods 9 6 10 11 14 7 8 2 6 8 -1 6 1Goods procured in ports by carriers 61 87 75 98 78 106 88 65 76 82 93 72 73Nonmonetary gold 73 14 64 10 28 -48 13 17 7 31 33 27 18

Services 722 410 697 515 364 50 364 336 165 -18 864 328 921Transportation 109 159 133 154 156 142 197 216 91 82 229 237 285Travel -80 -176 -177 -249 -361 -532 -299 -718 -541 -379 -370 -209 -160Communications services 68 100 8 41 18 47 38 30 15 25 10 24 -3Construction services 136 66 65 71 77 81 101 61 94 69 123 87 128Insurance services 39 13 24 13 29 30 27 46 38 6 24 32 19Financial services -1 -43 25 16 26 4 13 16 23 14 17 8 7Information services 24 82 46 76 66 40 54 56 71 83 79 10 44Royalties and license fees -21 55 -36 -19 130 39 18 95 -28 109 99 -13 -80Othes business services 325 87 500 346 145 69 158 392 264 -123 528 71 574

of which: Merchanting 118 -9 351 235 -18 -53 76 282 59 -49 371 -201 364Personal, cultural and recreational services 14 0 0 -5 2 12 2 14 16 -2 4 0 5Government services n.i.e. 109 67 109 71 76 118 55 128 122 98 121 81 102Services not allocated

Income -214 68 80 95 1,420 1,399 1,436 -208 -188 -202 5 22 40Compensation of employees 359 332 333 336 328 310 336 329 336 352 338 360 373Investment income -573 -264 -253 -241 1,092 1,089 1,100 -537 -524 -554 -333 -338 -333

Current transfers -227 -373 -777 -398 -360 -475 -365 -431 -492 -513 -510 -461 -71General government -168 -281 -729 -326 -325 -389 -245 -385 -450 -446 -408 -348 79Other sectors -59 -92 -48 -72 -35 -86 -120 -46 -42 -67 -102 -113 -150

Total of the current account -1,089 -612 -130 37 1,370 1,425 2,026 708 -1,381 251 1,064 453 723

Source: NBB


95

9.1.2.6 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Goods and services 573 -563 -1,091 244 -491 -881 -585 -955 -1,082 -608 -412 411 629Goods -301 -199 -1,365 -359 -949 -1,913 -1,677 -1,904 -1,399 -1,170 -396 140 66

General merchandise -869 -666 -1,607 -728 -1,194 -2,051 -1,936 -2,062 -1,633 -1,479 -759 -393 -333Goods for processing 349 317 81 239 79 -3 67 68 142 138 191 305 173Repairs on goods 21 29 25 29 16 14 25 -1 9 22 -20 45 18Goods procured in ports by carriers 110 77 98 108 131 129 130 81 86 106 116 117 92Nonmonetary gold 87 44 38 -7 20 -2 38 10 -2 42 76 66 117

Services 874 -364 275 603 458 1,031 1,092 949 316 562 -16 271 563Transportation 360 271 345 294 307 286 285 120 95 132 206 53 231Travel -335 -1,540 -753 -443 -305 -272 -293 -566 -568 -677 -954 -595 -673Communications services 71 62 50 75 36 75 80 147 80 67 37 61 71Construction services 36 58 4 74 18 103 -25 -23 -10 22 24 9 9Insurance services -29 -19 -23 -12 -24 -36 9 -2 -14 2 -11 -26 -5Financial services 110 65 95 32 -28 123 540 116 52 107 132 87 105Information services 16 168 24 50 137 69 94 179 21 49 132 4 -39Royalties and license fees 79 167 -130 24 -34 -60 -17 65 -158 3 -11 -76 81Othes business services 526 347 614 445 290 679 358 838 712 795 338 717 727

of which: Merchanting 303 273 241 293 279 226 275 296 291 307 285 279 251Personal, cultural and recreational services -2 -8 -4 -4 -4 -8 -16 -10 -1 -16 11 -15 -3Government services n.i.e. 92 105 107 108 111 117 111 136 135 104 121 100 126Services not allocated -50 -39 -54 -39 -47 -44 -33 -52 -27 -25 -41 -47 -68

Income 2,135 -30 -360 -524 -134 -404 54 -47 -30 -12 860 1,877 488Compensation of employees 422 415 409 415 415 417 455 387 401 414 413 400 435Investment income 1,713 -445 -770 -939 -549 -820 -401 -434 -431 -426 447 1,477 53

Current transfers -655 -532 -614 -757 -706 -326 -612 -912 -1,213 -715 -774 -876 -838General government -343 -358 -437 -487 -424 -42 -170 -797 -1,070 -584 -557 -537 -555Other sectors -313 -175 -176 -270 -282 -285 -442 -115 -143 -130 -217 -340 -283

Total of the current account 2,053 -1,126 -2,065 -1,037 -1,332 -1,611 -1,143 -1,914 -2,325 -1,334 -326 1,412 280

Source: NBB


96

9.1.2.7 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 179,961 15,177 30,672 49,009 64,027 80,730 97,745 112,937 126,924 143,784 160,882 178,115 193,026Goods for processing 10,931 882 1,796 2,844 3,573 4,689 5,846 6,762 7,481 8,650 9,781 10,856 11,829Repairs on goods 311 25 50 79 109 138 167 192 217 243 270 297 320Goods procured in ports by carriers 1,427 126 246 393 520 673 817 962 1,111 1,241 1,373 1,492 1,604Nonmonetary gold 395 55 146 184 232 338 374 412 462 524 578 623 664

Services 45,157 3,895 7,645 11,590 15,527 19,230 23,251 27,692 31,660 35,167 39,601 43,079 47,382Transportation 11,149 1,003 1,922 2,996 4,010 5,065 6,128 7,183 8,222 9,193 10,253 11,319 12,467Travel 7,932 606 1,195 1,800 2,496 3,049 3,830 4,653 5,497 6,252 6,980 7,557 8,199Communications services 1,769 209 317 486 641 799 916 1,040 1,167 1,287 1,403 1,505 1,623Construction services 1,533 127 249 392 529 670 823 943 1,112 1,251 1,434 1,573 1,771Insurance services 671 44 104 162 217 283 360 437 506 553 612 674 737Financial services 2,727 245 466 711 957 1,187 1,426 1,695 1,919 2,129 2,395 2,640 2,877Information services 2,075 217 407 601 796 978 1,164 1,370 1,543 1,733 1,928 2,113 2,288Royalties and license fees 1,095 122 187 244 421 516 636 773 831 987 1,138 1,189 1,228Other business services 14,133 1,151 2,460 3,681 4,771 5,790 6,868 8,302 9,365 10,103 11,567 12,445 13,913

of which: Merchanting 1,468 -9 342 577 559 506 582 864 923 874 1,245 1,044 1,408Personal, cultural and recreational services 417 36 66 102 128 169 207 242 285 319 358 400 444Government services n.i.e. 1,656 135 272 415 561 724 893 1,054 1,213 1,360 1,533 1,664 1,835Services not allocated

Income 47,366 4,458 8,865 13,499 19,028 24,514 30,181 35,063 39,875 45,046 49,624 54,149 59,128Compensation of employees 5,522 456 913 1,378 1,828 2,368 2,834 3,288 3,749 4,219 4,677 5,157 5,761Investment income 41,844 4,002 7,952 12,121 17,200 22,146 27,347 31,775 36,126 40,827 44,947 48,992 53,367

Current transfers 7,530 471 1,095 1,690 2,262 2,861 3,465 4,020 4,503 4,947 5,490 6,040 7,012General government 2,657 126 341 507 672 851 1,084 1,236 1,333 1,446 1,659 1,829 2,388Other sectors 4,873 345 754 1,183 1,590 2,010 2,381 2,784 3,170 3,501 3,831 4,211 4,624


Source: NBB


97

9.1.2.7 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 116,493 135,264 152,593 171,034 191,258 210,325 227,289 18,756 37,485 58,358 78,302 98,200 117,533Goods for processing 6,370 7,246 7,984 8,810 9,568 10,197 10,772 644 1,344 2,055 2,848 3,755 4,542Repairs on goods 290 347 401 458 518 583 649 37 77 130 180 254 303Goods procured in ports by carriers 1,136 1,329 1,534 1,738 1,952 2,146 2,346 169 334 516 710 895 1,060Nonmonetary gold 920 1,080 1,221 1,334 1,476 1,598 1,733 124 225 384 554 705 889

Services 38,292 45,021 51,372 57,994 64,431 70,879 79,025 6,503 12,334 19,465 25,689 31,868 38,468Transportation 10,185 11,917 13,657 15,313 17,032 18,656 20,315 1,554 2,937 4,620 6,151 7,640 9,147Travel 4,637 5,626 6,619 7,468 8,381 9,212 10,130 624 1,187 1,882 2,605 3,410 4,179Communications services 1,862 2,149 2,435 2,729 3,024 3,333 3,668 432 743 1,029 1,319 1,606 1,907Construction services 834 994 1,137 1,331 1,504 1,733 1,877 97 211 367 519 692 853Insurance services 406 493 562 652 722 785 901 66 124 213 274 335 425Financial services 1,244 1,498 1,709 1,859 2,014 2,250 2,980 299 473 687 923 1,141 1,361Information services 1,931 2,359 2,647 2,968 3,394 3,737 4,138 478 785 1,139 1,584 1,884 2,188Royalties and license fees 1,025 1,343 1,456 1,629 1,751 1,893 2,069 211 325 506 648 769 1,021Other business services 14,638 16,886 19,188 21,856 24,169 26,578 29,941 2,497 5,049 8,240 10,607 13,097 15,824

of which: Merchanting 1,728 2,001 2,242 2,535 2,814 3,040 3,315 296 587 894 1,179 1,458 1,709Personal, cultural and recreational services 298 348 389 438 489 543 604 42 90 146 213 261 321Government services n.i.e. 872 988 1,103 1,224 1,354 1,476 1,604 139 278 425 558 690 827Services not allocated 362 424 473 529 600 686 801 64 131 209 285 340 413

Income 26,444 29,755 32,900 36,099 39,109 42,259 45,521 2,819 5,644 8,498 13,295 19,095 24,653Compensation of employees 3,842 4,457 5,066 5,693 6,314 6,945 7,775 599 1,199 1,820 2,443 3,191 3,830Investment income 22,601 25,297 27,833 30,405 32,794 35,313 37,745 2,220 4,444 6,677 10,851 15,903 20,823

Current transfers 4,164 4,825 5,489 6,135 6,697 7,610 8,588 620 1,239 1,990 2,534 3,165 3,775General government 713 819 941 1,050 1,175 1,611 2,032 126 260 400 513 681 800Other sectors 3,451 4,006 4,549 5,086 5,524 6,000 6,557 494 979 1,590 2,020 2,483 2,974


Source: NBB


98

9.1.2.8 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006



General merchandise 179,478 16,122 31,951 50,687 66,040 82,418 99,073 113,423 128,454 144,555 161,169 178,100 193,442Goods for processing 9,717 761 1,620 2,563 3,131 4,186 5,221 6,052 6,682 7,747 8,782 9,700 10,501Repairs on goods 208 19 34 52 68 90 111 134 153 171 199 220 242Goods procured in ports by carriers 505 39 84 133 182 229 285 365 438 486 525 572 611Nonmonetary gold 262 41 68 96 116 270 293 314 357 388 409 427 450

Services 41,157 3,485 6,538 9,968 13,541 17,194 20,851 24,956 28,759 32,284 35,854 39,004 42,386Transportation 9,868 844 1,630 2,550 3,408 4,321 5,187 6,026 6,974 7,863 8,694 9,523 10,386Travel 12,049 782 1,548 2,402 3,459 4,544 5,624 7,165 8,550 9,684 10,782 11,568 12,370Communications services 1,065 109 209 337 474 585 664 758 870 965 1,071 1,149 1,270Construction services 682 61 118 190 250 310 362 421 496 566 626 678 748Insurance services 409 31 67 112 138 174 224 255 286 327 362 392 436Financial services 2,810 288 484 713 933 1,159 1,385 1,638 1,839 2,035 2,284 2,521 2,751Information services 1,500 135 279 397 526 668 800 950 1,052 1,159 1,275 1,450 1,581Royalties and license fees 844 67 168 244 291 347 449 491 577 624 676 740 859Other business services 10,940 1,064 1,873 2,748 3,693 4,643 5,563 6,605 7,404 8,265 9,201 10,008 10,902


Income 43,133 4,390 8,717 13,256 17,365 21,452 25,683 30,773 35,773 41,146 45,719 50,222 55,161Compensation of employees 1,619 124 248 377 499 729 859 984 1,109 1,227 1,347 1,467 1,698Investment income 41,514 4,266 8,469 12,879 16,866 20,723 24,824 29,789 34,664 39,919 44,372 48,755 53,463

Current transfers 12,621 844 2,245 3,238 4,170 5,244 6,213 7,199 8,174 9,131 10,184 11,195 12,238General government 6,428 407 1,351 1,843 2,333 2,901 3,379 3,916 4,463 5,022 5,643 6,161 6,641Other sectors 6,193 437 894 1,395 1,837 2,343 2,834 3,283 3,711 4,109 4,541 5,034 5,597


Source: NBB


99

9.1.2.8 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013



General merchandise 123,900 143,337 162,273 181,442 202,860 223,978 242,878 20,818 41,180 63,532 84,234 104,526 124,193Goods for processing 4,077 4,636 5,293 5,880 6,559 7,191 7,699 576 1,134 1,706 2,308 2,909 3,524Repairs on goods 194 222 251 279 323 374 415 38 69 100 170 198 229Goods procured in ports by carriers 550 666 774 870 954 1,018 1,089 88 167 242 319 387 460Nonmonetary gold 681 796 899 1,018 1,141 1,265 1,362 114 217 334 429 514 580

Services 33,607 40,701 46,777 52,795 58,774 64,190 71,244 5,554 11,068 17,636 23,876 29,784 35,821Transportation 8,334 9,795 11,190 12,552 13,964 15,302 16,676 1,434 2,722 4,273 5,598 7,035 8,310Travel 6,615 9,145 10,891 12,183 13,400 14,502 15,713 1,190 2,321 3,692 5,369 6,769 8,211Communications services 1,450 1,675 1,910 2,129 2,388 2,622 2,876 285 516 735 988 1,214 1,444Construction services 771 873 1,012 1,132 1,286 1,413 1,582 121 244 379 506 670 822Insurance services 563 669 762 863 957 1,056 1,163 68 141 228 299 386 481Financial services 790 979 1,096 1,214 1,397 1,510 1,700 183 305 412 517 648 762Information services 1,531 1,791 2,055 2,326 2,616 2,890 3,197 299 585 890 1,203 1,499 1,842Royalties and license fees 963 1,115 1,357 1,506 1,661 1,863 2,057 145 417 595 749 946 1,117Other business services 11,461 13,362 15,050 17,273 19,296 21,026 24,031 1,659 3,499 5,895 7,923 9,696 11,696

of which: Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0Personal, cultural and recreational services 312 370 415 468 523 586 663 52 102 174 231 294 357Government services n.i.e. 149 160 168 181 200 205 222 3 7 51 63 94 105Services not allocated 663 763 867 963 1,081 1,210 1,358 116 210 313 430 532 673

Income 21,900 25,241 28,746 32,469 35,613 39,167 42,375 2,867 5,721 8,587 12,523 16,446 21,517Compensation of employees 1,401 1,601 1,800 2,012 2,218 2,432 2,807 212 411 618 827 1,176 1,380Investment income 20,497 23,638 26,944 30,455 33,394 36,733 39,566 2,655 5,310 7,968 11,695 15,269 20,136

Current transfers 8,460 9,653 10,931 12,333 13,602 14,841 16,431 1,532 3,364 4,830 6,148 7,655 9,102General government 3,920 4,383 4,942 5,538 6,087 6,565 7,157 922 2,125 2,849 3,519 4,223 4,897Other sectors 4,540 5,270 5,989 6,796 7,516 8,277 9,276 609 1,237 1,979 2,627 3,430 4,203


Source: NBB

N.B.: Temporary differences may appear between the figures given in the BOP and the data used in the NBB’s annuel report owing to a different revision scheduled, Due to modifications in the sources between 2006 and 2007 a methodological rupture appears.

100

9.1.2.9 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (CUMULATIVE MONTHLY FREQUENCY - UNTIL 2006)

(millions of euro)

2005 2006


Goods and services 6,855 -307 260 600 910 1,411 2,366 3,713 3,012 3,978 5,547 6,439 7,193Goods 2,855 -717 -847 -1,022 -1,076 -625 -34 977 111 1,095 1,800 2,364 2,197

General merchandise 483 -945 -1,279 -1,678 -2,013 -1,688 -1,328 -486 -1,530 -771 -287 15 -416Goods for processing 1,214 121 176 281 442 503 625 710 799 903 999 1,156 1,328Repairs on goods 103 6 16 27 41 48 56 58 64 72 71 77 78Goods procured in ports by carriers 922 87 162 260 338 444 532 597 673 755 848 920 993Nonmonetary gold 133 14 78 88 116 68 81 98 105 136 169 196 214

Services 4,000 410 1,107 1,622 1,986 2,036 2,400 2,736 2,901 2,883 3,747 4,075 4,996Transportation 1,281 159 292 446 602 744 941 1,157 1,248 1,330 1,559 1,796 2,081Travel -4,117 -176 -353 -602 -963 -1,495 -1,794 -2,512 -3,053 -3,432 -3,802 -4,011 -4,171Communications services 704 100 108 149 167 214 252 282 297 322 332 356 353Construction services 851 66 131 202 279 360 461 522 616 685 808 895 1,023Insurance services 262 13 37 50 79 109 136 182 220 226 250 282 301Financial services -83 -43 -18 -2 24 28 41 57 80 94 111 119 126Information services 575 82 128 204 270 310 364 420 491 574 653 663 707Royalties and license fees 251 55 19 0 130 169 187 282 254 363 462 449 369Other business services 3,193 87 587 933 1,078 1,147 1,305 1,697 1,961 1,838 2,366 2,437 3,011

of which: Merchanting 1,468 -9 342 577 559 506 582 864 923 874 1,245 1,044 1,408Personal, cultural and recreational services 42 0 0 -5 -3 9 11 25 41 39 43 43 48Government services n.i.e. 1,041 67 176 247 323 441 496 624 746 844 965 1,046 1,148Services not allocated

Income 4,233 68 148 243 1,663 3,062 4,498 4,290 4,102 3,900 3,905 3,927 3,967Compensation of employees 3,903 332 665 1,001 1,329 1,639 1,975 2,304 2,640 2,992 3,330 3,690 4,063Investment income 330 -264 -517 -758 334 1,423 2,523 1,986 1,462 908 575 237 -96

Current transfers -5,091 -373 -1,150 -1,548 -1,908 -2,383 -2,748 -3,179 -3,671 -4,184 -4,694 -5,155 -5,226General government -3,771 -281 -1,010 -1,336 -1,661 -2,050 -2,295 -2,680 -3,130 -3,576 -3,984 -4,332 -4,253Other sectors -1,320 -92 -140 -212 -247 -333 -453 -499 -541 -608 -710 -823 -973

Total of the current account 5,997 -612 -742 -705 665 2,090 4,116 4,824 3,443 3,694 4,758 5,211 5,934

Source: NBB


101

9.1.2.9 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (CUMULATIVE MONTHLY FREQUENCY - FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Goods and services 493 -70 -1,161 -917 -1,408 -2,289 -2,874 -955 -2,037 -2,645 -3,057 -2,646 -2,017Goods -4,192 -4,391 -5,756 -6,115 -7,064 -8,977 -10,654 -1,904 -3,303 -4,473 -4,869 -4,729 -4,663

General merchandise -7,407 -8,073 -9,680 -10,408 -11,602 -13,653 -15,589 -2,062 -3,695 -5,174 -5,933 -6,326 -6,659Goods for processing 2,293 2,610 2,691 2,930 3,009 3,006 3,073 68 210 348 539 844 1,017Repairs on goods 96 125 150 179 195 209 234 -1 8 30 10 55 73Goods procured in ports by carriers 585 662 760 868 999 1,128 1,258 81 167 273 389 506 598Nonmonetary gold 240 284 322 315 335 333 371 10 8 50 126 192 309

Services 4,684 4,320 4,595 5,198 5,656 6,687 7,779 949 1,265 1,827 1,811 2,082 2,645Transportation 1,846 2,117 2,462 2,756 3,063 3,349 3,634 120 215 347 553 606 837Travel -1,977 -3,517 -4,270 -4,713 -5,018 -5,290 -5,583 -566 -1,134 -1,811 -2,765 -3,360 -4,033Communications services 412 474 524 599 635 710 790 147 227 294 331 392 463Construction services 63 121 125 199 217 320 295 -23 -33 -11 13 22 31Insurance services -157 -176 -199 -211 -235 -271 -262 -2 -16 -14 -25 -51 -56Financial services 455 520 615 647 619 742 1,282 116 168 275 407 494 599Information services 397 565 589 639 776 845 939 179 200 249 381 385 346Royalties and license fees 62 229 99 123 89 29 12 65 -93 -90 -101 -177 -96Other business services 3,176 3,523 4,137 4,582 4,872 5,551 5,909 838 1,550 2,345 2,683 3,400 4,127

of which: Merchanting 1,728 2,001 2,242 2,535 2,814 3,040 3,315 296 587 894 1,179 1,458 1,709Personal, cultural and recreational services -16 -24 -28 -32 -36 -44 -60 -10 -11 -27 -16 -31 -34Government services n.i.e. 720 825 932 1,040 1,151 1,268 1,379 136 271 375 496 596 722Services not allocated -298 -337 -391 -430 -477 -521 -554 -52 -79 -104 -145 -192 -260

Income 4,546 4,516 4,156 3,632 3,498 3,094 3,148 -47 -77 -89 771 2,648 3,136Compensation of employees 2,440 2,855 3,264 3,679 4,094 4,511 4,966 387 788 1,202 1,615 2,015 2,450Investment income 2,104 1,659 889 -50 -599 -1,419 -1,820 -434 -865 -1,291 -844 633 686

Current transfers -4,295 -4,827 -5,441 -6,198 -6,904 -7,230 -7,842 -912 -2,125 -2,840 -3,614 -4,490 -5,328General government -3,207 -3,565 -4,002 -4,489 -4,913 -4,955 -5,125 -797 -1,867 -2,451 -3,008 -3,545 -4,100Other sectors -1,089 -1,264 -1,440 -1,710 -1,992 -2,277 -2,719 -115 -258 -388 -605 -945 -1,228

Total of the current account 742 -384 -2,449 -3,486 -4,818 -6,429 -7,572 -1,914 -4,239 -5,573 -5,899 -4,487 -4,207

Source: NBB


102

9.1.3 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.3.1 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (UNTIL 2006)

(millions of euro)

2005 2006


Capital account -106 -103 -51 -88 -31 -47 -44 -62 -50 -61 -38 -57 296Capital transfers -32 -28 -34 -28 -35 -38 -32 -39 -30 -30 -29 -35 -35Acquisition and disposal of non-produced nonfi-nancial assets -74 -75 -17 -60 4 -9 -12 -23 -20 -31 -9 -22 331

Financial account -104 308 108 932 -869 -1,632 -3,252 62 1,592 174 -1,770 267 -1,913Direct investment 111 2,034 449 -7,361 3,860 -2,452 123 6,875 1,084 121 -2,894 582 4,122

Abroad 1 -3,218 -9,043 -1,100 -11,946 -2,310 -2,047 6,532 -1,643 -3,057 -1,818 -5,364 -1,931 -6,676Equity capital -3,893 -7,288 -749 -1,493 -1,314 -1,173 -385 3,143 110 -1,316 -1,926 -496 -821Reinvested earnings -360 -840 -840 -840 -72 -72 -72 -713 -713 -713 -660 -660 -660Other transactions 1,035 -915 489 -9,613 -924 -802 6,989 -4,073 -2,454 211 -2,778 -775 -5,195

In reporting economy 2 3,329 11,077 1,549 4,585 6,170 -405 -6,409 8,518 4,141 1,939 2,470 2,513 10,798Equity capital 6,162 16,050 893 5,775 4,322 2,096 -5,798 5,497 3,386 993 811 1,874 7,491Reinvested earnings 1,122 1,554 1,554 1,554 -1,176 -1,176 -1,176 1,374 1,374 1,374 1,247 1,247 1,247Other transactions -3,955 -6,527 -898 -2,744 3,024 -1,325 565 1,647 -619 -428 412 -608 2,060

Portfolio investment -2,595 2,556 -3,678 1,199 -5,971 -954 -10,017 3,563 4,824 -2,723 -1,360 4,462 598Assets 3 -1,509 -4,063 -3,785 -1,447 -2,199 -3,074 -8,124 4,268 -1,172 -2,591 1,241 -1,443 839Liabilities 4 -1,086 6,619 107 2,646 -3,772 2,120 -1,893 -705 5,996 -132 -2,601 5,905 -241

Financial derivatives -354 53 39 -404 -474 425 -59 -50 575 2,286 57 561 -388Other investment 1,946 -3,779 3,252 7,504 1,740 952 6,775 -10,356 -4,449 25 2,030 -5,043 -6,169

Assets -6,009 -5,304 5,658 -4,100 -4,750 -5,700 14,833 -11,932 3,781 176 -15,997 -19,518 -28,660Trade credits 489 -107 -672 -721 68 514 -162 364 973 -1,259 -837 -67 432Other -6,498 -5,197 6,330 -3,379 -4,818 -6,214 14,995 -12,296 2,808 1,435 -15,160 -19,451 -29,092

Liabilities 7,955 1,525 -2,406 11,604 6,490 6,652 -8,058 1,576 -8,230 -151 18,027 14,475 22,491Trade credits 275 -736 543 659 -660 -105 442 -302 -598 1,008 319 137 132Other 7,680 2,261 -2,949 10,945 7,150 6,757 -8,500 1,878 -7,632 -1,159 17,708 14,338 22,359

Reserve assets of the NBB 788 -556 46 -6 -24 397 -74 30 -442 465 397 -295 -76

Total of the capital and financial account -210 205 57 844 -900 -1,679 -3,296 0 1,542 113 -1,808 210 -1,617

Source: NBB

N.B.: 2006 being a year of transition towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover. The publication of statistics regarding the components of the financial account, with the exception of thereserve assets of the National Bank of Belgium, is temporarily suspended for the year 2007. This is the result of a fundamental change in the data collection procedures henceforth based exclusively on surveys organised at different frequencies on the one hand, of methodologicalchanges in the production of some components on the other hand.

1 Direct investment abroad: any change in an asset on the rest of the world held by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction abroad.2 Direct investment in Belgium: any change in a liability to the rest of the world contracted by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction in the BLEU.3 Assets: transactions in securities other than Belgian securities.Minus sign: increase in assets of residents.4 Liabilities: transactions in Belgian securities.

Minus sign: decrease in assets of non-residents.

103

9.1.3.1 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Capital account -58 -70 -43 -57 -85 -37 -127 -64 -46 -34 -2 -13 38Capital transfers -47 -47 -47 -47 -45 -45 -45 -17 -17 -17 -14 -14 -14Acquisition and disposal of non-produced nonfi-nancial assets -11 -22 4 -10 -40 8 -82 -47 -29 -17 12 1 52

Financial account 229 2,201 1,391 -770 2,084 1,839 1,642 2,069 3,565 429 1,276 -1,285 -1,174Direct investment 2,362 5,800 -4,407 -2,699 -10,409 5,380 -4,190 3,778 4,352 -183 -383 -1,516 762

Abroad -5,201 5,102 769 -1,314 31,857 -1,857 -8,858 4,154 -2,605 1,337 -2,333 1,773 -3,509Equity capital -7,490 311 -4,330 2,938 669 -6,565 -1,451 -2,088 -905 816 -174 -2,144 343Reinvested earnings -76 169 169 169 335 335 -199 200 200 200 17 17 17Other capital 2,364 4,622 4,930 -4,422 30,854 4,373 -7,208 6,042 -1,900 321 -2,176 3,899 -3,869

In reporting economy 7,564 698 -5,176 -1,385 -42,266 7,237 4,668 -376 6,957 -1,520 1,951 -3,289 4,271Equity capital 8,203 4,586 2,223 -135 -40,439 5,852 3,527 -1,428 623 18 292 2,890 -994Reinvested earnings -1,409 938 938 938 817 817 1,159 796 796 796 -1,125 -1,125 -1,125Other capital 770 -4,826 -8,337 -2,188 -2,644 569 -18 256 5,538 -2,334 2,784 -5,053 6,391

Portfolio investment 1,006 2,511 7,540 6,086 11,407 4,748 -11,823 7,304 4,090 2,431 3,823 17,734 -3,129Assets 2,765 633 2,321 5,656 8,175 -2,957 -2,030 -2,510 10 -2,022 1,212 10,368 -2,160Liabilities -1,759 1,878 5,219 430 3,233 7,705 -9,793 9,814 4,080 4,454 2,611 7,366 -969

Financial derivatives -1,344 46 519 -5,394 5,443 51 253 916 698 -1,217 481 -925 939Other investment -1,812 -6,202 -2,269 1,356 -4,156 -8,452 17,430 -9,900 -5,754 -810 -2,531 -16,675 284

Assets 20,454 -1,516 7,610 -5,394 177 3,071 24,930 843 -7,252 -3,607 -6,912 9,846 6,285Trade credits 182 970 2,305 -2,400 878 -12 887 1,226 -1,203 -1,272 1,514 -982 -50Other 20,272 -2,486 5,305 -2,994 -701 3,083 24,044 -383 -6,049 -2,335 -8,426 10,828 6,336

Liabilities -22,266 -4,686 -9,878 6,750 -4,333 -11,523 -7,500 -10,743 1,498 2,796 4,381 -26,521 -6,002Trade credits 1,952 -2,203 -1,441 1,487 311 142 -1,764 169 -427 1,659 -38 -440 449Other -24,219 -2,483 -8,437 5,262 -4,644 -11,666 -5,736 -10,912 1,924 1,137 4,420 -26,083 -6,450

Reserve assets of the NBB 17 45 8 -119 -202 113 -29 -29 179 208 -114 97 -30

Total of the capital and financial account 171 2,132 1,348 -827 1,998 1,802 1,515 2,005 3,519 396 1,274 -1,298 -1,136

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears.

104

9.1.3.2 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET CUMUL (UNTIL 2006)

(millions of euro)

2005 2006


Capital account -722 -103 -154 -242 -273 -320 -364 -426 -476 -537 -575 -632 -336Capital transfers -508 -28 -62 -90 -125 -163 -195 -234 -264 -294 -323 -358 -393Acquisition and disposal of non-produced nonfi-nancial assets -214 -75 -92 -152 -148 -157 -169 -192 -212 -243 -252 -274 57

Financial account -7,321 308 416 1,348 479 -1,153 -4,405 -4,343 -2,751 -2,577 -4,347 -4,080 -5,993Direct investment 1,377 2,034 2,483 -4,878 -1,018 -3,470 -3,347 3,528 4,612 4,733 1,839 2,421 6,543

Abroad 1 -26,262 -9,043 -10,143 -22,089 -24,399 -26,446 -19,914 -21,557 -24,614 -26,432 -31,796 -33,727 -40,403Equity capital -16,879 -7,288 -8,037 -9,530 -10,844 -12,017 -12,402 -9,259 -9,149 -10,465 -12,391 -12,887 -13,708Reinvested earnings -3,738 -840 -1,680 -2,520 -2,592 -2,664 -2,736 -3,449 -4,162 -4,875 -5,535 -6,195 -6,855Other transactions -5,645 -915 -426 -10,039 -10,963 -11,765 -4,776 -8,849 -11,303 -11,092 -13,870 -14,645 -19,840

In reporting economy 2 27,639 11,077 12,626 17,211 23,381 22,976 16,567 25,085 29,226 31,165 33,635 36,148 46,946Equity capital 24,737 16,050 16,943 22,718 27,040 29,136 23,338 28,835 32,221 33,214 34,025 35,899 43,390Reinvested earnings 4,188 1,554 3,108 4,662 3,486 2,310 1,134 2,508 3,882 5,256 6,503 7,750 8,997Other transactions -1,286 -6,527 -7,425 -10,169 -7,145 -8,470 -7,905 -6,258 -6,877 -7,305 -6,893 -7,501 -5,441

Portfolio investment -35,577 2,556 -1,122 77 -5,894 -6,848 -16,865 -13,302 -8,478 -11,201 -12,561 -8,099 -7,501Assets 3 -34,109 -4,063 -7,848 -9,295 -11,494 -14,568 -22,692 -18,424 -19,596 -22,187 -20,946 -22,389 -21,550Liabilities 4 -1,468 6,619 6,726 9,372 5,600 7,720 5,827 5,122 11,118 10,986 8,385 14,290 14,049

Financial derivatives -4,352 53 92 -312 -786 -361 -420 -470 105 2,391 2,448 3,009 2,621Other investment 29,462 -3,779 -527 6,977 8,717 9,669 16,444 6,088 1,639 1,664 3,694 -1,349 -7,518

Assets -69,139 -5,304 354 -3,746 -8,496 -14,196 637 -11,295 -7,514 -7,338 -23,335 -42,853 -71,513Trade credits -1,493 -107 -779 -1,500 -1,432 -918 -1,080 -716 257 -1,002 -1,839 -1,906 -1,474Other -67,646 -5,197 1,133 -2,246 -7,064 -13,278 1,717 -10,579 -7,771 -6,336 -21,496 -40,947 -70,039

Liabilities 98,601 1,525 -881 10,723 17,213 23,865 15,807 17,383 9,153 9,002 27,029 41,504 63,995Trade credits 935 -736 -193 466 -194 -299 143 -159 -757 251 570 707 839Other 97,666 2,261 -688 10,257 17,407 24,164 15,664 17,542 9,910 8,751 26,459 40,797 63,156

Reserve assets of the NBB 1,769 -556 -510 -516 -540 -143 -217 -187 -629 -164 233 -62 -138

Total of the capital and financial account -8,043 205 262 1,106 206 -1,473 -4,769 -4,769 -3,227 -3,114 -4,922 -4,712 -6,329

Source: NBB

N.B.: 2006 being a year of transition towards a new system for collecting and producing data, the quality of the latter may temporarily be affected by the changeover. The publication of statistics regarding the components of the financial account, with the exception of thereserve assets of the National Bank of Belgium, is temporarily suspended for the year 2007. This is the result of a fundamental change in the data collection procedures henceforth based exclusively on surveys organised at different frequencies on the one hand, of methodologicalchanges in the production of some components on the other hand.

1 Direct investment abroad: any change in an asset on the rest of the world held by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction abroad.2 Direct investment in Belgium: any change in a liability to the rest of the world contracted by a resident of Belgium within the framework of a direct investment relationship is regarded as a direct investment transaction in Belgium.3 Assets: transactions in securities other than Belgian securities. Minus sign: increase in assets of residents.4 Liabilities: transactions in Belgian securities. Minus sign: decrease in assets of non-residents.

105

9.1.3.2 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET CUMUL (FROM 2007 ONWARDS)

(millions of euro)

2012 2013


Capital account -23 -93 -136 -193 -278 -315 -442 -64 -110 -144 -146 -159 -121Capital transfers -270 -317 -364 -411 -456 -501 -546 -17 -34 -51 -65 -79 -93Acquisition and disposal of non-produced nonfi-nancial assets 247 225 229 219 179 187 105 -47 -76 -93 -81 -80 -28

Financial account 1,533 3,734 5,125 4,355 6,439 8,278 9,920 2,069 5,634 6,063 7,339 6,054 4,880Direct investment 8,358 14,158 9,751 7,052 -3,357 2,023 -2,167 3,778 8,130 7,947 7,564 6,048 6,810

Abroad 612 5,714 6,483 5,169 37,026 35,169 26,311 4,154 1,549 2,886 553 2,326 -1,183Equity capital -3,528 -3,217 -7,547 -4,609 -3,940 -10,505 -11,956 -2,088 -2,993 -2,177 -2,351 -4,495 -4,152Reinvested earnings 650 819 988 1,157 1,492 1,827 1,628 200 400 600 617 634 651Other capital 3,486 8,108 13,038 8,616 39,470 43,843 36,635 6,042 4,142 4,463 2,287 6,186 2,317

In reporting economy 7,747 8,445 3,269 1,884 -40,382 -33,145 -28,477 -376 6,581 5,061 7,012 3,723 7,994Equity capital 17,173 21,759 23,982 23,847 -16,592 -10,740 -7,213 -1,428 -805 -787 -495 2,395 1,401Reinvested earnings -988 -50 888 1,826 2,643 3,460 4,619 796 1,592 2,388 1,263 138 -987Other capital -8,437 -13,263 -21,600 -23,788 -26,432 -25,863 -25,881 256 5,794 3,460 6,244 1,191 7,582

Portfolio investment 26,817 29,328 36,868 42,954 54,361 59,109 47,286 7,304 11,394 13,825 17,648 35,382 32,253Assets 18,734 19,367 21,688 27,344 35,519 32,562 30,532 -2,510 -2,500 -4,522 -3,310 7,058 4,898Liabilities 8,082 9,960 15,179 15,609 18,842 26,547 16,754 9,814 13,894 18,348 20,959 28,325 27,356

Financial derivatives 1,113 1,159 1,678 -3,716 1,727 1,778 2,031 916 1,614 397 878 -47 892Other investment -34,431 -40,633 -42,902 -41,546 -45,702 -54,154 -36,724 -9,900 -15,654 -16,464 -18,995 -35,670 -35,386

Assets 2,966 1,450 9,060 3,666 3,843 6,914 31,844 843 -6,409 -10,016 -16,928 -7,082 -797Trade credits -5,253 -4,283 -1,978 -4,378 -3,500 -3,512 -2,625 1,226 23 -1,249 265 -717 -767Other 8,219 5,733 11,038 8,044 7,343 10,426 34,470 -383 -6,432 -8,767 -17,193 -6,365 -29

Liabilities -37,396 -42,082 -51,960 -45,210 -49,543 -61,066 -68,566 -10,743 -9,245 -6,449 -2,068 -28,589 -34,591Trade credits 4,098 1,895 454 1,941 2,252 2,394 630 169 -258 1,401 1,363 923 1,372Other -41,496 -43,979 -52,416 -47,154 -51,798 -63,464 -69,200 -10,912 -8,988 -7,851 -3,431 -29,514 -35,964

Reserve assets of the NBB -325 -280 -272 -391 -593 -480 -509 -29 150 358 244 341 311

Total of the capital and financial account 1,511 3,643 4,991 4,164 6,162 7,964 9,479 2,005 5,524 5,920 7,194 5,896 4,760

Source: NBB

N.B.: Due to modifications in the sources between 2006 and 2007 a methodological rupture appears.

10. Exchange rate

108

10.1 REFERENCE EXCHANGE RATES OF THE EURO

(national currency units, daily averages)

US dollar Japanese yen Danish krone Swedish krona Pound sterling Norwegian krone Czech koruna Hungarian forint Polish zloty Swiss franc Canadian dollar Australian dollar

2003 1.1312 130.97 7.4307 9.1242 0.6920 8.0033 31.846 253.62 4.3996 1.5212 1.5817 1.73792004 1.2439 134.44 7.4399 9.1243 0.6787 8.3697 31.891 251.66 4.5268 1.5438 1.6167 1.69052005 1.2441 136.85 7.4518 9.2822 0.6838 8.0092 29.782 248.05 4.0230 1.5483 1.5087 1.63202006 1.2556 146.02 7.4591 9.2544 0.6817 8.0472 28.342 264.26 3.8959 1.5729 1.4237 1.66682007 1.3705 161.25 7.4506 9.2501 0.6843 8.0165 27.766 251.35 3.7837 1.6427 1.4678 1.63482008 1.4708 152.45 7.4560 9.6152 0.7963 8.2237 24.946 251.51 3.5121 1.5874 1.5594 1.74162009 1.3948 130.34 7.4462 10.6191 0.8909 8.7278 26.435 280.33 4.3276 1.5100 1.5850 1.77272010 1.3257 116.24 7.4473 9.5373 0.8578 8.0043 25.284 275.48 3.9947 1.3803 1.3651 1.44232011 1.3920 110.96 7.4506 9.0298 0.8679 7.7934 24.590 279.37 4.1206 1.2326 1.3761 1.34842012 1.2848 102.49 7.4437 8.7041 0.8109 7.4751 25.149 289.25 4.1847 1.2053 1.2842 1.24072011 III 1.4127 109.77 7.4506 9.1451 0.8776 7.7652 24.387 275.10 4.1527 1.1649 1.3841 1.3459

IV 1.3482 104.22 7.4398 9.0910 0.8573 7.7602 25.276 303.47 4.4207 1.2293 1.3788 1.33162012 I 1.3108 103.99 7.4350 8.8529 0.8345 7.5868 25.084 296.85 4.2329 1.2080 1.3128 1.2425

II 1.2814 102.59 7.4349 8.9133 0.8100 7.5582 25.269 293.98 4.2595 1.2015 1.2948 1.2699III 1.2502 98.30 7.4457 8.4354 0.7915 7.3910 25.082 283.05 4.1366 1.2035 1.2447 1.2035IV 1.2967 105.12 7.4590 8.6230 0.8074 7.3664 25.167 283.25 4.1123 1.2080 1.2850 1.2484

2013 I 1.3206 121.80 7.4589 8.4965 0.8511 7.4290 25.565 296.50 4.1558 1.2284 1.3313 1.2714II 1.3062 129.07 7.4555 8.5652 0.8506 7.6114 25.831 295.53 4.1982 1.2315 1.3368 1.3203III 1.3242 131.02 7.4580 8.6798 0.8545 7.9303 25.853 297.96 4.2477 1.2348 1.3760 1.4465

2012 September 1.2856 100.49 7.4539 8.4929 0.7982 7.3944 24.752 284.22 4.1345 1.2089 1.2583 1.2372October 1.2974 102.47 7.4582 8.6145 0.8067 7.4076 24.939 282.09 4.1071 1.2098 1.2801 1.2596November 1.2828 103.93 7.4587 8.6076 0.8039 7.3371 25.365 282.26 4.1321 1.2052 1.2787 1.2331December 1.3119 109.71 7.4604 8.6512 0.8124 7.3503 25.214 285.79 4.0956 1.2091 1.2984 1.2527

2013 January 1.3288 118.34 7.4614 8.6217 0.8327 7.3821 25.562 294.01 4.1424 1.2288 1.3189 1.2658February 1.3359 124.40 7.4598 8.5083 0.8625 7.4232 25.475 292.73 4.1700 1.2298 1.3477 1.2951March 1.2964 122.99 7.4553 8.3470 0.8600 7.4863 25.659 303.01 4.1565 1.2266 1.3285 1.2537April 1.3026 127.54 7.4553 8.4449 0.8508 7.5444 25.841 298.67 4.1359 1.2199 1.3268 1.2539May 1.2982 131.13 7.4536 8.5725 0.8491 7.5589 25.888 292.38 4.1799 1.2418 1.3257 1.3133June 1.3189 128.39 7.4576 8.6836 0.8519 7.7394 25.759 295.70 4.2839 1.2322 1.3596 1.3978July 1.3080 130.39 7.4579 8.6609 0.8619 7.8837 25.944 294.90 4.2745 1.2366 1.3619 1.4279August 1.3310 130.34 7.4580 8.7034 0.8590 7.9386 25.818 299.46 4.2299 1.2338 1.3853 1.4742September 1.3348 132.41 7.4579 8.6758 0.8417 7.9725 25.789 299.75 4.2371 1.2338 1.3817 1.4379

Source: ECB Calculations: NBB

109

10.1 REFERENCE EXCHANGE RATES OF THE EURO (CONTINUED)


New Zealand dol-lar

South Africanrand

Bulgarian lev Hong Kong dollar Icelandic krona South Koreanwon

Lithuanian litas Latvian lats New Romanianleu

Singapore dollar New Turkish lira Croatian kuna

2003 1.9438 8.5317 1.9490 8.8079 86.65 1,346.90 3.4527 0.6407 1.97032004 1.8731 8.0092 1.9533 9.6881 87.14 1,422.62 3.4529 0.6652 2.10162005 1.7660 7.9183 1.9558 9.6768 78.23 1,273.61 3.4528 0.6962 3.6209 2.0702 1.67712006 1.9373 8.5312 1.9558 9.7545 87.76 1,198.58 3.4528 0.6962 3.5258 1.9941 1.8090 7.32472007 1.8627 9.6596 1.9558 10.6912 87.63 1,272.99 3.4528 0.7001 3.3353 2.0636 1.7865 7.33762008 2.0770 12.0590 1.9558 11.4541 146.25 1,606.09 3.4528 0.7027 3.6826 2.0762 1.9064 7.22392009 2.2121 11.6737 1.9558 10.8114 - 1,772.90 3.4528 0.7057 4.2399 2.0241 2.1631 7.34002010 1.8377 9.6985 1.9558 10.2994 - 1,531.82 3.4528 0.7087 4.2122 1.8055 1.9965 7.28912011 1.7600 10.0970 1.9558 10.8362 - 1,541.23 3.4528 0.7063 4.2391 1.7489 2.3378 7.43902012 1.5867 10.5511 1.9558 9.9663 1,447.69 3.4528 0.6973 4.4593 1.6055 2.3135 7.52172011 III 1.6976 10.0898 1.9558 11.0105 - 1,532.60 3.4528 0.7093 4.2587 1.7309 2.4535 7.4629

IV 1.7353 10.9209 1.9558 10.4879 - 1,542.87 3.4528 0.7017 4.3365 1.7348 2.4759 7.49682012 I 1.6030 10.1730 1.9558 10.1725 - 1,482.75 3.4528 0.6985 4.3533 1.6573 2.3556 7.5568

II 1.6241 10.4214 1.9558 9.9460 - 1,477.96 3.4528 0.6981 4.4293 1.6200 2.3157 7.5280III 1.5462 10.3385 1.9558 9.6962 1,416.52 3.4528 0.6963 4.5255 1.5594 2.2560 7.4732IV 1.5751 11.2766 1.9558 10.0506 1,414.42 3.4528 0.6963 4.5288 1.5855 2.3272 7.5290

2013 I 1.5823 11.8264 1.9558 10.2428 1,433.09 3.4528 0.6996 4.3865 1.6345 2.3577 7.5838II 1.5920 12.3996 1.9558 10.1383 1,467.08 3.4528 0.7009 4.3958 1.6311 2.4037 7.5566III 1.6612 13.2329 1.9558 10.2696 1,469.03 3.4528 0.7025 4.4410 1.6795 2.6092 7.5459

2012 September 1.5721 10.6512 1.9558 9.9686 1,444.65 3.4528 0.6962 4.5022 1.5837 2.3177 7.4291October 1.5817 11.2215 1.9558 10.0574 1,435.37 3.4528 0.6962 4.5624 1.5879 2.3384 7.5140November 1.5660 11.2986 1.9558 9.9423 1,395.13 3.4528 0.6962 4.5273 1.5695 2.3010 7.5410December 1.5777 11.3179 1.9558 10.1679 1,411.41 3.4528 0.6965 4.4899 1.6009 2.3439 7.5334

2013 January 1.5877 11.6957 1.9558 10.3027 1,417.69 3.4528 0.6978 4.3835 1.6326 2.3543 7.5746February 1.5929 11.8796 1.9558 10.3608 1,452.82 3.4528 0.6999 4.3839 1.6546 2.3738 7.5868March 1.5657 11.9169 1.9558 10.0588 1,430.31 3.4528 0.7013 4.3923 1.6164 2.3453 7.5909April 1.5348 11.8592 1.9558 10.1110 1,460.89 3.4528 0.7006 4.3780 1.6120 2.3406 7.6076May 1.5774 12.1798 1.9558 10.0766 1,444.56 3.4528 0.7002 4.3360 1.6219 2.3739 7.5684June 1.6682 13.2088 1.9558 10.2349 1,498.33 3.4528 0.7019 4.4803 1.6613 2.5028 7.4901July 1.6590 12.9674 1.9558 10.1455 1,473.35 3.4528 0.7024 4.4244 1.6595 2.5274 7.5061August 1.6829 13.4190 1.9558 10.3222 1,485.93 3.4528 0.7027 4.4371 1.6941 2.6125 7.5372September 1.6406 13.3287 1.9558 10.3504 1,446.60 3.4528 0.7026 4.4633 1.6860 2.6952 7.5985


110

10.1 REFERENCE EXCHANGE RATES OF THE EURO (CONTINUED)


Russian rouble Chinese yuan ren-minbi

Indonesian rupiah Malaysian ringgit Philippine peso Thai baht Mexican peso Brazilian real Indian rupee Israeli shekel

2006 34.112 10.0096 11,512.37 4.6044 64.379 47.5942007 35.018 10.4178 12,528.33 4.7076 63.026 44.2142008 36.421 10.2236 14,165.16 4.8893 65.172 48.475 16.2911 2.67372009 44.138 9.5277 14,443.74 4.9079 66.338 47.804 18.7989 2.7674 67.36112010 40.263 8.9712 12,041.70 4.2668 59.739 42.014 16.7373 2.3314 60.58782011 40.885 8.9960 12,206.51 4.2558 60.260 42.429 17.2877 2.3265 64.8859 4.97752012 39.926 8.1052 12,045.73 3.9672 54.246 39.928 16.9029 2.5084 68.5973 4.95362011 III 41.173 9.0653 12,181.09 4.2666 60.371 42.574 17.3908 2.3063 64.7000 5.0174

IV 42.074 8.5682 12,111.94 4.2458 58.566 41.791 18.3742 2.4240 68.5352 5.01722012 I 39.550 8.2692 11,901.67 4.0121 56.421 40.630 17.0195 2.3169 65.8991 4.9431

II 39.877 8.1071 11,932.86 3.9918 54.813 40.101 17.3620 2.5167 69.3757 4.9021III 39.975 7.9410 11,876.24 3.9029 52.377 39.207 16.4690 2.5359 68.9706 4.9818IV 40.306 8.1036 12,473.53 3.9632 53.387 39.778 16.7805 2.6671 70.2047 4.9853

2013 I 40.152 8.2209 12,789.08 4.0699 53.769 39.361 16.7042 2.6368 71.5390 4.8969II 41.346 8.0376 12,784.60 4.0088 54.620 39.031 16.2956 2.6994 73.0046 4.7407III 43.439 8.1111 14,115.14 4.2904 57.813 41.675 17.1005 3.0304 82.3565 4.7459

2012 September 40.401 8.1272 12,287.93 3.9599 53.629 39.842 16.6413 2.6066 70.0452 5.0717October 40.356 8.1390 12,457.30 3.9649 53.691 39.811 16.7207 2.6333 68.8589 4.9976November 40.250 7.9998 12,343.83 3.9230 52.716 39.391 16.7689 2.6512 70.3250 4.9970December 40.311 8.1809 12,643.37 4.0075 53.796 40.187 16.8664 2.7264 71.6946 4.9570

2013 January 40.185 8.2698 12,837.99 4.0413 54.105 39.924 16.8760 2.6993 72.0716 4.9706February 40.334 8.3282 12,933.75 4.1403 54.355 39.839 16.9872 2.6354 71.9342 4.9359March 39.933 8.0599 12,590.61 4.0309 52.813 38.264 16.2322 2.5694 70.5579 4.7769April 40.799 8.0564 12,664.51 3.9686 53.649 37.857 15.8895 2.6060 70.7738 4.7164May 40.684 7.9715 12,673.13 3.9200 53.693 38.667 15.9776 2.6414 71.4760 4.7223June 42.649 8.0905 13,033.31 4.1488 56.658 40.664 17.0716 2.8613 77.0284 4.7865July 42.859 8.0234 13,189.17 4.1746 56.698 40.714 16.6893 2.9438 78.1762 4.7153August 43.975 8.1477 14,168.72 4.3631 58.471 42.072 17.1996 3.1170 83.9480 4.7610September 43.514 8.1690 15,073.16 4.3410 58.346 42.312 17.4471 3.0345 85.2678 4.7636


111

10.2 EXCHANGE RATE MECHANISM - II10.2.1 EURO CENTRAL RATES AND COMPULSORY INTERVENTION RATES

(national currency units, date of change)

1999 2004 2005

1 Jan. 28 June 2 May

DenmarkMaximum 7.62824 7.62824 7.62824Central rate 7.46038 7.46038 7.46038Minimum 7.29252 7.29252 7.29252

LithuaniaMaximum - 3.97072 3.97072Central rate - 3.45280 3.45280Minimum - 2.93488 2.93488

LatviaMaximum - - 0.808225Central rate - - 0.702804Minimum - - 0.597383

Source: ECB

N.B.: The upper and the lower intervention rates for the Danish krone are fixed to 2.25 pc of the centralrate and for the other currencies to 15 pc.

112

10.2.2 PREMIUM OR DISCOUNT COMPARED WITH THE EURO

(daily averages)

Danish krone Lithuanian litas Latvian lats

2003 -0.402004 -0.272005 -0.11 0.002006 -0.02 0.00 -0.932007 -0.13 0.00 -0.392008 -0.06 0.00 -0.022009 -0.19 0.00 0.412010 -0.18 0.00 0.842011 -0.13 0.00 0.492012 -0.22 0.00 -0.792011 III -0.13 0.00 0.92

IV -0.28 0.00 -0.162012 I -0.34 0.00 -0.61

II -0.34 0.00 -0.68III -0.20 0.00 -0.93IV -0.02 0.00 -0.93

2013 I -0.02 0.00 -0.46II -0.07 0.00 -0.28III -0.03 0.00 -0.04

2012 September -0.09 0.00 -0.94October -0.03 0.00 -0.94November -0.02 0.00 -0.94December 0.00 0.00 -0.90

2013 January 0.01 0.00 -0.70February -0.01 0.00 -0.42March -0.07 0.00 -0.22April -0.07 0.00 -0.32May -0.09 0.00 -0.37June -0.04 0.00 -0.13July -0.03 0.00 -0.06August -0.03 0.00 -0.02September -0.03 0.00 -0.03


N.B.: Formula = {[(Rate - Central Rate) x 100] / Central Rate} where -Rate = exchange rate for the foreign currency vis-à-vis the euro (2.15 p.m. concertation). -Central Rate = pivot rate for that currency vis-à-vis the euro.

113

10.3 NOMINAL EFFECTIVE EXCHANGE RATE


Euro Australian dollar Canadian dollar Swiss franc Danish krone Pound sterling Japanese yen Norwegian krone New Zealand dol-lar

Swedish krona US dollar

2003 93.12 80.59 76.23 88.34 97.29 122.16 82.45 96.93 97.51 101.40 121.612004 96.39 85.71 80.49 88.26 98.23 127.12 84.30 93.47 103.08 102.96 112.542005 96.02 87.91 86.31 87.87 97.98 125.71 81.37 97.78 107.84 100.93 109.832006 96.60 87.26 92.20 86.69 98.00 126.47 75.88 97.54 99.89 101.43 108.112007 101.43 93.21 96.49 84.62 99.45 128.97 72.15 99.41 107.24 103.08 102.662008 107.88 91.38 96.29 89.53 102.01 112.73 82.20 100.11 100.45 101.76 98.932009 107.72 87.41 90.74 93.64 103.73 99.33 95.08 95.80 92.64 92.36 103.452010 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.002011 99.23 106.55 102.45 112.36 99.16 98.75 105.70 101.80 102.27 105.54 94.212012 93.15 109.60 102.42 112.12 96.84 103.12 108.43 103.22 106.56 106.98 97.332011 III 99.25 106.58 102.85 119.19 99.37 97.65 107.12 102.47 105.97 104.15 92.66

IV 97.32 105.72 99.44 111.56 98.84 99.16 111.03 101.65 101.75 104.04 96.172012 I 94.89 110.92 101.92 112.53 97.76 100.83 108.59 102.66 106.54 105.82 96.70

II 93.44 107.41 101.46 112.47 97.34 103.32 108.55 102.57 105.05 104.56 97.99III 90.92 110.62 103.08 111.14 95.75 104.66 110.99 102.99 106.71 109.44 98.07IV 93.43 109.29 103.05 111.98 96.56 103.74 105.49 104.67 107.86 107.94 96.65

2013 I 96.99 111.41 101.87 111.74 97.47 99.76 92.68 104.99 111.12 111.03 98.74II 97.67 108.62 101.01 111.73 97.84 99.99 87.50 102.95 112.64 110.56 101.07III 98.92 99.99 99.29 111.94 98.49 100.13 87.08 99.36 111.66 109.75 101.08

2012 August 90.27 111.83 103.49 111.18 95.32 104.69 111.22 103.39 106.88 111.25 98.30September 92.36 109.20 104.39 111.47 96.15 104.51 110.29 103.65 106.94 109.31 96.30October 93.18 108.01 103.46 111.76 96.51 103.75 108.62 103.99 107.40 108.07 96.22November 92.65 109.92 102.65 111.97 96.29 103.86 106.05 104.74 107.55 107.89 97.19December 94.36 110.22 103.19 112.44 96.83 103.57 101.79 105.32 108.78 107.99 96.54

2013 January 96.37 111.32 103.09 111.52 97.37 101.80 95.22 105.61 110.10 109.14 97.23February 98.08 110.46 101.71 112.17 97.79 98.74 91.46 105.54 111.81 111.34 98.55March 96.62 112.56 100.73 111.77 97.24 98.29 90.97 103.80 111.57 113.01 100.61April 97.10 113.36 101.44 112.64 97.50 99.67 88.06 103.42 114.55 111.90 100.78May 97.58 108.88 101.41 110.79 97.80 100.07 85.59 103.57 113.41 110.36 101.62June 98.40 103.07 100.12 112.02 98.25 100.18 88.76 101.68 109.64 109.42 100.84July 98.56 100.88 99.41 111.66 98.34 98.96 87.05 99.80 111.00 109.89 101.95August 99.27 98.40 99.07 112.27 98.63 99.71 88.02 99.43 111.01 109.66 100.84

Source: BIS Calculations: NBB

114

10.4 IRREVOCABLY FIXED CONVERSION RATES TO THE EURO

1999 2001 2007 2008 2009 2011

1 January 1 January 1 January 1 January 1 January 1 January

Belgian franc 40.3399German mark 1.95583Spanish peseta 166.386French franc 6.55957Irish punt 0.787564Italian lira 1,936.27Luxemburg franc 40.3399Dutch guilder 2.20371Austrian shilling 13.7603Portuguese escudo 200.482Finnish mark 5.94573Greek drachma - 340.750Slovenian tolar - - 239.640Maltese lira - - - 0.429300Cyprus pound - - - 0.585274Slovak koruna - - - - 30.1260Estonian kroon - - - - - 15.6466

Source: EC

N.B.: Conversion rates fixed by the European Commission in accordance with article 109.L4 of the Treaty .

11. Public finances

116

11.1 OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro and percentages of GDP)

Federal government Communities and re-gions

Local government Social security funds General government Deficit (Maastricht definition)Federal government Communities and regions

Local government Social security funds

Total As p.c. of GDP Total As p.c. of GDPTotal

of which: Total

Total As p.c. of GDP

Entity I Entity II

Total

2003 767 26 -424 -870 -501 0.0 -0.1 -0.2 -291 -0.1

2004 -675 -9 -54 37 -702 -0.2 0.0 -0.2 -379 -0.1

2005 -7,985 377 -49 -296 -7,954 -2.7 0.1 -2.6 -7,550 -2.5

2006 -163 539 -229 845 992 0.2 0.1 0.3 1,214 0.4

2007 -3,836 1,255 567 1,692 -323 -0.6 0.5 -0.1 -173 -0.1

2008 -5,851 -94 700 1,586 -3,658 -1.2 0.2 -1.1 -3,490 -1.0

2009 -14,523 -2,527 236 -2,410 -19,224 -5.0 -0.7 -5.6 -18,946 -5.6

2010 -11,204 -2,324 -106 -131 -13,765 -3.2 -0.7 -3.9 -13,317 -3.7

2011 -13,042 -793 -521 68 -14,289 -3.5 -0.4 -3.9 -13,715 -3.7

2012 -13,264 -177 -1,636 -199 -15,276 -3.6 -0.5 -4.1 -14,959 -4.0

Sources: NAI, NBB

N.B.: According to the European Regulation No 2223/96, the accounts of the general government are established following the ESA 1995 methodology. More information on the conceptual modifications can be found in the NAI publication ”Comptes nationaux 1998 - Partie 2 - Comptesdes administrations publiques”. The tables 11.2.1 tot 11.2.5 are developed starting from this source. Following Regulation (EC) No 2558/2001, the deficit of the general government according to the excessive deficit procedure (Treaty of Maastricht) is no longer equivalent to the netborrowing/net lending of general government according to ESA 1995, because the interest rate payments resulting from the swap agreements and forward rate agreements are dealt with differently.

117

11.2 RECEIPTS, EXPENDITURE AND OVERALL BALANCE11.2.1 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ReceiptsFiscal and parafiscal receipts 121,325 128,539 133,818 139,396 145,011 150,638 145,640 153,569 160,991 168,250

Direct taxes 45,798 48,421 51,248 52,637 54,595 56,980 51,742 55,393 59,109 61,899Individuals 37,238 38,822 40,595 40,675 42,186 44,748 42,800 45,334 47,693 49,083Companies 8,215 9,373 10,447 11,786 12,194 12,093 8,773 9,891 11,274 12,678

Indirect taxes 34,888 37,507 39,330 41,622 42,666 43,210 42,576 45,494 46,539 48,465Actual social security contributions 39,249 40,433 41,367 42,984 45,534 48,077 49,088 50,193 52,676 54,746Capital taxes 1,390 2,177 1,873 2,153 2,216 2,370 2,235 2,490 2,667 3,139

Non-fiscal and non-parafiscal receipts 19,127 13,988 15,627 16,149 16,665 18,188 18,207 19,691 22,142 23,326Total Receipts 140,452 142,527 149,445 155,545 161,676 168,826 163,847 173,261 183,133 191,576Expenditure

Current expenditure excluding interest charges 117,490 121,939 128,488 133,705 139,656 149,770 159,017 164,835 173,018 179,897Compensation of employees 33,833 34,664 36,422 38,093 39,624 41,858 43,485 44,667 46,554 48,382Intermediate consumption and paid taxes 10,430 10,666 10,959 11,418 11,744 12,506 13,122 13,246 13,675 13,961Social benefits 63,276 66,344 69,007 71,097 74,559 80,128 85,989 88,407 92,877 97,596

Health care 16,745 18,053 18,896 19,256 20,286 22,262 23,778 24,488 25,908 26,883Sickness and disability benefits 3,366 3,485 3,636 3,839 4,144 4,554 4,922 5,335 5,802 6,294Unemployment 5,747 6,024 6,121 6,097 5,746 5,774 6,903 6,817 6,605 6,811Early retirement pensions and career termination 1,616 1,727 1,813 1,890 2,006 2,143 2,251 2,374 2,452 2,458Pensions 24,076 25,062 26,197 27,290 29,235 31,381 33,121 34,302 36,310 38,582Family allowances 4,637 4,731 4,850 5,023 5,154 5,421 5,663 5,761 6,019 6,184Other 7,091 7,261 7,495 7,702 7,988 8,593 9,351 9,329 9,782 10,384

Subsidies to enterprises 3,680 3,397 4,826 5,524 6,487 7,236 7,540 9,201 10,175 10,128Current transfers tot the rest of the world 2,787 3,099 3,249 3,307 3,303 3,610 4,065 4,043 4,108 4,239Other current transfers 3,484 3,771 4,025 4,267 3,940 4,431 4,817 5,271 5,630 5,592

Interest charges 14,713 13,916 13,083 12,821 13,117 13,387 12,640 12,470 12,743 13,071Capital expenditure 8,750 7,374 15,828 8,027 9,226 9,327 11,414 9,721 11,662 13,884

Gross capital formation 4,549 4,607 5,068 5,002 5,237 5,401 5,794 5,829 6,510 6,756Other capital expenditure 4,202 2,767 10,760 3,025 3,990 3,926 5,620 3,892 5,151 7,129

Total Expenditure 140,954 143,228 157,399 154,554 162,000 172,484 183,071 187,026 197,422 206,852Net lending (+) or net borrowing (-) -501 -702 -7,954 992 -323 -3,658 -19,224 -13,765 -14,289 -15,276Primary balance 14,212 13,214 5,130 13,813 12,794 9,729 -6,585 -1,295 -1,547 -2,206p.m. Net lending (+) or net borrowing (-) according to theExcessive deficit procedure -291 -379 -7,550 1,214 -173 -3,490 -18,946 -13,317 -13,715 -14,959

Sources: NAI, NBB

118

11.2.2 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF FEDERAL GOVERNMENT

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Direct taxes 41,462 43,928 46,616 47,704 49,108 52,237 46,272 49,784 53,083 56,167Individuals 33,101 34,559 36,192 35,996 36,947 40,282 37,598 40,020 41,947 43,667Companies 8,016 9,142 10,217 11,532 11,945 11,816 8,505 9,597 10,993 12,363

Indirect taxes 26,415 28,554 29,855 31,674 32,384 32,826 32,492 34,735 35,226 37,121Actual social security contributions 1,769 1,826 1,904 1,972 2,256 2,294 2,402 2,468 2,467 2,353Capital taxes 98 614 123 204 163 172 185 194 203 400

Non-fiscal and non-parafiscal receipts 9,316 4,081 5,380 5,069 5,105 5,853 5,773 6,774 8,069 8,825Transfers from other public authorities 0 0 0 0 0 0 0 0 0 0Other current transfers and capital transfers from other publicauthorities 331 195 163 226 149 156 170 186 171 169

Total Receipts 79,391 79,198 84,042 86,848 89,163 93,537 87,294 94,141 99,219 105,034Expenditure

Current expenditure excluding interest charges 62,125 65,259 70,261 73,490 77,773 84,238 85,582 90,937 97,142 100,176Compensation of employees 7,205 7,154 7,547 7,803 8,061 8,523 8,675 8,709 8,979 9,149Intermediate consumption and paid taxes 2,324 2,344 2,394 2,329 2,590 3,009 2,810 3,072 3,099 3,003Social benefits 6,565 5,817 6,032 6,185 7,234 7,687 8,228 8,422 8,870 9,016Subsidies to enterprises 1,638 1,268 2,031 2,357 2,960 3,401 3,684 4,564 4,977 4,693Current transferts tot the rest of the world 2,711 2,999 3,148 3,202 3,163 3,461 3,952 3,918 3,985 4,104Other current transfers 970 939 1,101 1,080 484 474 631 602 761 782Fiscal receipt transfers to other public authorities 28,437 32,253 35,084 37,004 39,437 42,613 42,235 43,392 48,923 48,369Other current transfers tot other public authorities 12,275 12,486 12,925 13,531 13,846 15,071 15,367 18,259 17,547 21,059


Gross capital formation 439 430 510 53 623 737 813 594 590 726Other capital expenditure 2,176 467 8,654 1,081 2,152 1,838 3,452 2,081 2,553 4,927Capital transfers to other public authorities 146 676 162 56 58 82 125 159 142 118

Total Expenditure 78,624 79,873 92,027 87,012 92,999 99,388 101,817 105,345 112,261 118,298Net lending (+) or net borrowing (-) 767 -675 -7,985 -163 -3,836 -5,851 -14,523 -11,204 -13,042 -13,264

Sources: NAI, NBB

119

11.2.3 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF COMMUNITIES AND REGIONS

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Direct taxes 1,000 1,021 1,049 1,040 1,015 949 563 988 1,176 1,193Individuals 1,000 1,021 1,049 1,040 1,015 949 563 988 1,176 1,193Companies 0 0 0 0 0 0 0 0 0 0

Indirect taxes 3,641 3,775 4,146 4,408 4,668 4,604 4,247 4,683 5,018 4,954Actual social security contributions 29 38 38 42 38 45 40 41 41 41Capital taxes 1,292 1,562 1,749 1,950 2,053 2,199 2,050 2,296 2,463 2,739

Non-fiscal and non-parafiscal receipts 5,765 6,050 6,353 6,807 7,051 7,468 7,654 8,124 8,929 9,321Fiscal receipt transfers from other public authorities 23,639 24,231 25,712 26,600 28,080 29,930 29,360 29,143 31,912 33,052Other current transfers and capital transfers from other publicauthorities 3,688 4,245 4,091 4,211 4,551 4,830 5,226 5,477 5,773 6,133


Current expenditure excluding interest charges 34,541 35,876 37,827 39,743 41,497 44,277 46,342 47,655 49,667 51,846Compensation of employees 15,381 15,982 16,651 17,322 18,070 19,150 20,046 20,626 21,562 22,574Intermediate consumption and paid taxes 4,593 4,752 4,771 5,164 5,269 5,463 5,949 5,705 5,956 6,178Social benefits 5,280 5,746 6,118 6,457 6,829 7,305 7,877 7,919 8,477 8,992Subsidies to enterprises 972 899 1,313 1,299 1,407 1,428 1,290 1,575 1,533 1,774Current transfers from the rest of the world 76 78 81 85 87 88 93 87 92 95Other current transfers 1,764 2,009 2,068 2,199 2,404 2,807 2,942 3,347 3,485 3,374Fiscal receipt transfers to other public authorities 0 0 0 0 0 0 0 0 0 0Other current transfers to other public authorities 6,475 6,410 6,825 7,217 7,431 8,036 8,146 8,396 8,563 8,859

Interest charges 666 594 457 365 461 521 602 687 689 698Capital expenditure 3,821 4,462 4,476 4,411 4,243 5,321 4,723 4,734 5,750 5,067

Gross capital formation 2,008 2,068 2,043 2,075 2,082 2,216 2,286 2,601 2,851 2,597Other capital expenditure 1,351 1,891 1,778 1,748 1,611 1,756 1,925 1,610 2,277 1,816Capital transfers to other public authorities 462 503 656 588 550 1,349 512 522 622 654

Total Expenditure 39,028 40,931 42,760 44,519 46,201 50,119 51,667 53,076 56,106 57,610Net lending (+) or net borrowing (-) 26 -9 377 539 1,255 -94 -2,527 -2,324 -793 -177

Sources: NAI, NBB

120

11.2.4 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF LOCAL GOVERNMENT

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Direct taxes 2,392 2,421 2,529 2,789 3,267 2,547 3,590 3,295 3,501 3,143Individuals 2,392 2,421 2,529 2,789 3,267 2,547 3,590 3,295 3,501 3,143Companies 0 0 0 0 0 0 0 0 0 0

Indirect taxes 3,842 3,949 4,087 4,242 4,392 4,461 4,546 4,731 4,940 4,967Actual social security contributions 20 22 23 19 21 21 22 22 22 22Capital taxes 0 0 0 0 0 0 0 0 0 0

Non-fiscal and non-parafiscal receipts 3,831 3,644 3,715 4,184 4,383 4,649 4,537 4,571 4,876 4,942Fiscal receipts transfers from other public authorities 145 142 149 146 126 111 139 149 152 151Other current transfers and capital transfers from other publicauthorities 8,799 9,095 9,837 10,154 10,554 12,039 11,556 11,920 12,328 12,709


Current expenditure exlcuding interest charges 16,132 16,202 17,052 18,254 18,841 19,679 20,703 21,453 22,453 23,446Compensation of employees 10,131 10,379 11,033 11,728 12,211 12,852 13,363 13,894 14,531 15,158Intermediate consumption and paid taxes 2,733 2,765 2,957 3,062 2,991 3,105 3,379 3,472 3,598 3,732Social benefits 2,221 1,956 1,936 2,159 2,241 2,434 2,548 2,629 2,786 3,010Subsidies to enterprises 321 327 332 397 384 283 265 325 344 337Current transfers to the rest of the world 0 0 0 0 0 0 0 0 0 0Other current transfers 588 590 624 740 776 832 917 929 979 977Fiscal receipts transfers to other public authorities 0 0 0 0 0 0 0 0 0 0Other current transfers to other public authorities 138 185 171 169 238 173 232 203 217 232

Interest charges 646 649 549 498 645 724 563 553 554 462Capital expenditure 2,675 2,476 2,789 3,010 2,689 2,726 2,887 2,787 3,333 3,661

Gross capital formation 2,013 2,067 2,465 2,826 2,473 2,399 2,647 2,585 3,017 3,380Other capital expenditure 660 403 318 179 211 315 225 186 293 271Capital transfers to other public authorities 2 6 7 5 6 11 15 16 23 10

Total Expenditure 19,453 19,327 20,389 21,762 22,175 23,128 24,153 24,793 26,340 27,569Net lending (+) or net borrowing (-) -424 -54 -49 -229 567 700 236 -106 -521 -1,636

Sources: NAI, NBB

121

11.2.5 RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF SOCIAL SECURITY FUNDS

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Direct taxes 944 1,052 1,054 1,104 1,206 1,247 1,316 1,326 1,350 1,397Individuals 744 820 825 850 957 970 1,048 1,032 1,069 1,081Companies 199 231 229 255 249 277 269 294 281 316

Indirect taxes 990 1,229 1,242 1,298 1,222 1,320 1,292 1,346 1,356 1,424Actual social security contributions 37,432 38,548 39,403 40,952 43,221 45,717 46,625 47,662 50,146 52,330Capital taxes 0 0 0 0 0 0 0 0 0 0

Non-fiscal and non-parafiscal receipts 557 588 541 464 511 571 616 574 611 671Fiscal receipt transfers from other public authorities 4,654 7,880 9,223 10,258 11,231 12,572 12,735 14,101 16,859 15,166Other current transfers and capital transfers from other publicauthorities 6,826 6,937 6,865 7,205 7,056 7,881 7,657 10,184 9,045 12,109


Current expenditure excluding interest charges 52,163 56,143 58,563 60,275 62,678 67,654 72,582 75,252 79,208 83,136Compensation of employees 1,116 1,149 1,192 1,240 1,282 1,334 1,402 1,437 1,482 1,501Intermediate consumption and paid taxes 780 805 837 864 895 929 983 997 1,022 1,047Social benefits 49,210 52,825 54,921 56,296 58,256 62,702 67,336 69,436 72,745 76,577

Health care 15,485 17,997 18,844 19,212 20,245 22,228 23,742 24,463 25,877 26,857Sickness and disability benefits 3,366 3,485 3,636 3,839 4,144 4,554 4,922 5,335 5,802 6,294Unemployment 5,747 6,024 6,121 6,097 5,746 5,774 6,903 6,817 6,605 6,811Early retirement pensions and career termination 1,616 1,727 1,813 1,890 2,006 2,143 2,251 2,374 2,452 2,458Pensions 16,820 17,250 18,099 18,660 19,306 20,807 22,060 22,824 24,130 26,034Family allowances 4,009 4,085 4,201 4,358 4,474 4,703 4,936 5,023 5,260 5,428Other 2,169 2,257 2,207 2,241 2,335 2,494 2,522 2,600 2,619 2,695

Subsidies to enterprises 750 904 1,151 1,470 1,736 2,125 2,301 2,738 3,321 3,325Current transfers to the rest of the world 0 22 19 20 53 61 20 38 31 39Other current transfers 162 233 233 249 276 319 328 394 405 459Fiscal receipt transfers to other public authorities 0 0 0 0 0 0 0 0 0 0Other current transfers from other public authorities 146 206 211 136 181 184 212 212 203 188

Interest charges 6 8 1 1 1 1 3 7 9 -8Capital expenditure 102 47 61 160 75 66 68 64 81 167

Gross capital formation 88 41 50 48 59 50 48 49 53 52Other capital expenditure 14 6 11 17 16 17 19 15 28 115Capital transfers to other public authorities 0 0 0 94 0 0 0 0 0 0

Total Expenditure 52,272 56,197 58,624 60,435 62,754 67,720 72,652 75,323 79,299 83,294Net lending (+) or net borrowing (-) -870 37 -296 845 1,692 1,586 -2,410 -131 68 -199

Sources: NAI, NBB

122

11.2.6 QUARTERLY RECEIPTS, EXPENDITURE AND OVERALL BALANCE OF GENERAL GOVERNMENT

(millions of euro)

2011 2012 2011 2012 20132011 2012

II III IV I II III IV I


Direct taxes 59,113 61,810 18,626 11,772 17,275 11,997 19,358 12,356 18,100 11,926of which households 47,698 49,004 15,060 9,801 12,546 10,786 15,511 9,686 13,020 10,647of which corporations 11,273 12,677 3,505 1,945 4,699 1,183 3,795 2,637 5,062 1,274

Indirect taxes 46,547 48,491 11,635 11,137 12,930 11,683 11,938 11,115 13,754 11,543Actual social contributions 52,608 54,655 12,931 11,771 15,321 13,166 13,570 12,214 15,705 13,580Taxes on capital 2,667 3,139 692 647 717 724 750 813 854 842

Non-fiscal and non-parafiscal receipts 22,107 23,227 6,830 4,878 5,127 5,926 7,026 5,020 5,255 5,951

Total Receipts 183,041 191,322 50,714 40,204 51,370 43,496 52,641 41,518 53,666 43,842

ExpenditureCurrent expenses excluding interest charges 172,951 179,574 43,365 42,209 44,409 44,695 45,597 43,461 45,821 46,457

Compensation of employees 46,562 48,192 11,697 11,156 12,348 11,792 12,118 11,538 12,744 12,084Intermediate consumption and paid taxes 13,661 13,809 3,402 3,368 3,613 3,366 3,408 3,363 3,671 3,318Social benefits 92,860 97,345 23,664 22,883 23,373 24,043 25,086 23,817 24,400 25,215Subsidies to companies 10,151 10,121 2,536 2,558 2,560 2,544 2,532 2,524 2,520 2,477Current transfers to the rest of the world (ROW) 4,108 4,238 759 950 1,172 1,341 928 868 1,101 1,508Other current transfers 5,610 5,870 1,307 1,294 1,342 1,609 1,524 1,351 1,385 1,855


Gross fixed capital formation 6,508 6,573 1,581 1,669 1,739 1,588 1,574 1,623 1,788 1,373Other capital expenditure 5,168 7,042 1,236 1,073 1,706 1,136 995 1,005 3,906 1,105

Total Expenditure 197,392 206,490 49,352 48,207 51,129 50,715 51,500 49,461 54,815 52,074

Net lending (+) or net borrowing (-) -14,351 -15,169 1,363 -8,003 242 -7,218 1,141 -7,943 -1,149 -8,232

Primary balance -1,586 -1,867 4,531 -4,747 3,517 -3,923 4,475 -4,570 2,152 -5,094

p.m. Net lending (+) or net borrowing (-) according to theExcessive deficit procedure -13,777 -14,851 1,535 -7,865 303 -7,159 1,205 -7,842 -1,055 -8,122

Source: NAI, NBB

Bibliographical reference: Publication ”National accounts, Quarterly accounts 2006-IV ” of the National accounts institute.

123

11.2.7 BREAKDOWN OF THE OVERALL BALANCE OF COMMUNITIES AND REGIONS

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Flemish Community 86 149 294 571 1,027 -60 -1,113 -981 196 312

French Community -32 -10 8 16 -33 60 -265 -726 -229 -174

Walloon Region -72 -100 -46 16 242 -57 -813 -368 -485 -191

Brussels-Capital Region 64 -93 65 -55 38 -49 -306 -262 -295 -84

German Community -4 3 1 0 2 4 -12 -7 -5 -1

Commission of the French-speaking Community -5 -7 2 -9 6 0 -7 0 1 -9

Commission of the Flemish Community 23 15 21 1 -5 20 5 4 -3 -3

Joint Community Commission 9 -8 -4 6 10 3 5 0 2 3

Statistical discrepancy 1 -43 43 38 -7 -33 -14 -21 16 24 -28

Total 26 -9 377 539 1,255 -94 -2,527 -2,324 -793 -178

Source: NAI

1 The ”statistical discrepancy” can be explained by shortcomings in the data collection. In particular, the estimation of transfers between the Federal government and the Communities and regions is based on the data from the Federal government.

Bibliographical reference: Publication ”National accounts, General government accounts 2005” of the National accounts institute.

124

11.3 FINANCIAL ACCOUNTS AND FINANCIAL WEALTH ACCOUNTS11.3.1 CONSOLIDATED FINANCIAL ACCOUNT OF GENERAL GOVERNMENT (S.13)

(millions of euro)

2011 2012 2011 2012 20132011 2012

II III IV I II III IV I II

Net acquisition of financial assets 7,411 1,195 638 -1,523 4,432 3,367 6,429 -6,408 -2,194 3,276 7,345Currency and deposits (F.2) 955 -790 -1,546 1,830 -1,971 1,481 3,025 -3,220 -2,076 2,646 5,160Securities other than shares, excluding financial derivatives (F.33) 6 226 123 23 -153 80 1 16 129 -12 0

Short-term securities other than shares, excluding financial deriv-atives (F.331) 0 20 120 1 -121 0 0 0 20 -20 0Long-term securities other than shares, excluding financial deriv-atives (F.332) 6 206 3 22 -32 80 1 16 109 8 0

Financial derivatives (F.34) -359 -109 -119 -84 -7 -6 -10 -47 -45 -240 -550Loans (F.4) 1,695 4,746 143 217 435 1,584 1,695 250 1,216 205 775

Short-term loans (F.41) 0 0 0 0 0 0 0 115 -115 0 9Long-term loans (F.42) 1,695 4,746 143 217 435 1,584 1,695 135 1,331 205 767

Shares and other equity (F.5) 4,043 -2,956 122 -59 4,197 -535 -8 42 -2,455 474 -347Insurance technical reserves (F.6) - - - - - - - - - - -

Net equity of households in life insurance and pension fund re-serves (F.61) - - - - - - - - - - -Prepayments of insurance premiums and reserves for outstand-ing claims (F.62) - - - - - - - - - - -

Other accounts receivable (F.7) 1,071 78 1,916 -3,448 1,931 762 1,727 -3,449 1,037 204 2,307

Net increase in financial liabilities 21,814 17,009 -931 7,252 2,862 11,133 5,354 -117 640 12,494 4,739Currency and deposits (F.2) 84 -29 33 13 21 -14 5 -4 -16 -29 -11Securities other than shares, excluding financial derivatives (F.33) 16,600 12,600 -155 3,461 -743 9,309 6,603 786 -4,097 12,968 5,264

Short-term securities other than shares, excluding financial deriv-atives (F.331) -3,486 -5,584 -7,460 4,224 -5,896 1,736 -1,888 -41 -5,391 10,652 -9,691Long-term securities other than shares, excluding financial deriv-atives (F.332) 20,085 18,184 7,305 -763 5,153 7,573 8,491 827 1,293 2,316 14,955

Financial derivatives (F.34) 0 0 0 0 0 0 0 0 0 0 0Loans (F.4) 3,943 3,640 -1,657 1,911 730 7,541 -1,925 -1,459 -518 6,022 -398

Short-term loans (F.41) 1,943 -2,909 -1,639 1,885 -606 5,326 -3,715 -2,091 -2,429 5,365 -1,862Long-term loans (F.42) 2,000 6,549 -18 26 1,336 2,216 1,790 633 1,911 657 1,465

Shares and other equity (F.5) 0 0 0 0 0 0 0 0 0 0 0Insurance technical reserves (F.6) 34 54 9 9 8 13 14 14 13 13 14

Net equity of households in life insurance and pension fund re-serves (F.61) 34 54 9 9 8 13 14 14 13 13 14Prepayments of insurance premiums and reserves for outstand-ing claims (F.62) - - - - - - - - - - -

Other accounts payable (F.7) 1,153 744 839 1,858 2,845 -5,717 657 547 5,258 -6,481 -131

Net lending (+) or net borrowing (-) (B.9F) 1 -14,403 -15,814 1,569 -8,775 1,571 -7,765 1,075 -6,291 -2,833 -9,217 2,606

Source: NBB

N.B.: The consolidated financial accounts of the general government sub-sectors and the non-consolidated financial account of general government are available on Belgostat Online via the Bank’s website www.nbb.be.Unlike the data given in the tables in Chapter 12 on the general national financial accounts for Belgium as a whole, the data in this table are consolidated. The consolidated financial account of a sector corresponds to total net acquisitions of financial assets and net increases in financialliabilities, with the exception of net acquisitions of financial assets and net increases in financial liabilities of which the counterpart is a unit within this sector. Since the consolidated figures on both the assets and liabilities sides are identical by definition, the consolidation has no impacton net lending/net borrowing.

1 The balance of the financial account is not equal in value to net lending/net borrowing as recorded in the non-financial account, owing to differences between the dates on which transactions are reorded in the two accounts, differences in the sources of information and statisticaladjustments.

http://www.nbb.be

125

11.3.2 CONSOLIDATED FINANCIAL BALANCE SHEET OF GENERAL GOVERNMENT (S.13)

(outstanding amount at the end of the period, millions of euro)

2011 2012 2011 2012 20132011 2012


Financial assets 77,109 83,685 76,942 73,505 77,109 82,741 88,480 85,257 83,685 87,016 92,348Currency and deposits (AF.2) 11,805 11,015 11,946 13,776 11,805 13,286 16,311 13,091 11,015 13,661 18,821Securities other than shares, excluding financial deriva-tives (AF.33) 799 1,025 930 952 799 879 880 896 1,025 1,013 1,012

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 0 20 120 121 0 0 0 0 20 0 0Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 799 1,005 810 831 799 879 880 896 1,005 1,013 1,012

Financial derivatives (AF.34) 0 0 0 0 0 0 0 0 0 0 0Loans (AF.4) 3,962 8,516 3,367 3,566 3,962 5,502 7,153 7,360 8,516 8,721 9,496

Short-term loans (AF.41) 0 0 0 0 0 0 0 115 0 0 9Long-term loans (AF.42) 3,962 8,516 3,367 3,566 3,962 5,502 7,153 7,245 8,516 8,721 9,488

Shares and other equity (AF.5) 43,316 45,824 41,955 39,916 43,316 45,084 44,419 47,642 45,824 46,112 43,202Insurance technical reserves (AF.6) - - - - - - - - - - -

Net equity of households in life insurance and pensionfund reserves (AF.61) - - - - - - - - - - -Prepayments of insurance premiums and reserves foroutstanding claims (AF.62) - - - - - - - - - - -

Other accounts receivable (AF.7) 17,227 17,305 18,744 15,296 17,227 17,990 19,717 16,268 17,305 17,509 19,816

Financial liabilities 377,000 391,219 366,375 373,604 377,000 388,069 393,064 391,669 391,219 403,690 407,368Currency and deposits (AF.2) 1,477 1,447 1,442 1,455 1,477 1,463 1,468 1,463 1,447 1,419 1,408Securities other than shares, excluding financial deriva-tives (AF.33) 320,428 330,238 317,198 320,635 320,428 329,674 335,918 335,425 330,238 343,184 347,387

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 39,474 33,891 41,166 45,380 39,474 41,215 39,329 39,281 33,891 44,533 34,834Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 280,954 296,348 276,032 275,255 280,954 288,459 296,589 296,144 296,348 298,651 312,554


Short-term loans (AF.41) 8,004 5,094 6,725 8,610 8,004 13,330 9,615 7,523 5,094 10,459 8,597Long-term loans (AF.42) 31,787 38,337 30,426 30,452 31,787 34,003 35,793 36,426 38,337 38,994 40,459

Shares and other equity (AF.5) 0 0 0 0 0 0 0 0 0 0 0Insurance technical reserves (AF.6) 612 666 594 603 612 625 639 653 666 679 693

Net equity of households in life insurance and pensionfund reserves (AF.61) 612 666 594 603 612 625 639 653 666 679 693Prepayments of insurance premiums and reserves foroutstanding claims (AF.62) - - - - - - - - - - -

Other accounts payable (AF.7) 14,693 15,437 9,990 11,848 14,693 8,975 9,632 10,179 15,437 8,956 8,824

Net financial assets (BF.90) -299,891 -307,534 -289,433 -300,098 -299,891 -305,329 -304,584 -306,412 -307,534 -316,674 -315,020

Source: NBB

N.B.: The non-consolidated financial balance sheet of general government is available on Belgostat Online via the Bank’s website ”www.nbb.be”.Unlike the figures given in the tables in Chapter 12 on the general national financial accounts for Belgium as a whole, the data shown in this table are consolidated. The consolidated financial wealth account of a sector corresponds to total financial assets and liabilities, with the exceptionof financial assets and liabilities of which the counterparty is a unit within this sector. Since the consolidated figures on both the assets and liabilities sides are identical by definition, the consolidation has no impact on the net financial wealth.

http://www.nbb.be%E2%80%9D

126

11.3.3 CONSOLIDATED FINANCIAL BALANCE SHEET OF FEDERAL GOVERNMENT (S.1311)


2011 2012 2011 2012 20132011 2012


Financial assets 53,481 58,188 50,508 49,126 53,481 56,811 62,514 60,116 58,188 59,553 64,863Currency and deposits (AF.2) 3,104 1,826 3,268 4,981 3,104 3,618 7,105 3,151 1,826 2,975 8,463Securities other than shares, excluding financial deriva-tives (AF.33) 1,178 799 524 434 1,178 583 555 454 799 502 432

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 1,160 717 510 418 1,160 488 465 368 717 420 351Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 18 82 14 16 18 95 91 86 82 82 82


Short-term loans (AF.41) 697 440 96 290 697 847 944 1,199 440 925 1,340Long-term loans (AF.42) 5,951 10,443 5,381 5,575 5,951 7,496 9,148 9,249 10,443 10,648 11,458




Financial liabilities 344,198 354,650 331,444 340,529 344,198 351,272 355,137 354,080 354,650 363,692 365,351Currency and deposits (AF.2) 1,477 1,447 1,442 1,455 1,477 1,463 1,468 1,463 1,447 1,419 1,408Securities other than shares, excluding financial deriva-tives (AF.33) 315,552 323,929 311,626 315,526 315,552 324,035 329,673 329,085 323,929 337,054 341,063








Source: NBB

N.B.: The consolidated financial balance sheet of a sector corresponds to total financial assets and liabilities, with the exception of financial assets and liabilities of which the counterparty is a unit within this sector. Since the consolidated figures on both the assets and liabilities sidesare identical by definition, the consolidation has no impact on the net financial wealth.

127

11.3.4 CONSOLIDATED FINANCIAL BALANCE SHEET OF COMMUNITIES AND REGIONS (S.1312)


2011 2012 2011 2012 20132011 2012


Financial assets 12,191 12,848 12,885 12,554 12,191 12,580 12,686 12,732 12,848 13,094 13,397Currency and deposits (AF.2) 1,848 2,082 1,858 1,859 1,848 2,003 1,893 1,902 2,082 1,977 1,986Securities other than shares, excluding financial deriva-tives (AF.33) 376 511 729 706 376 505 721 652 511 560 783

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 127 124 483 460 127 214 419 350 124 179 403Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 249 387 246 245 249 291 301 302 387 381 380

Financial derivatives (AF.34) 0 0 0 0 0 0 0 0 0 0 0Loans (AF.4) 44 44 19 24 44 39 39 29 44 44 0

Short-term loans (AF.41) 0 0 0 0 0 0 0 0 0 0 0Long-term loans (AF.42) 44 44 19 24 44 39 39 29 44 44 0




Financial liabilities 26,219 27,558 25,502 24,914 26,219 25,780 26,107 26,113 27,558 27,348 27,626Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 13,446 13,832 13,532 12,942 13,446 13,525 13,810 13,689 13,832 13,076 13,450






Other accounts payable (AF.7) 1,619 1,822 449 1,015 1,619 401 360 997 1,822 601 597


Source: NBB


128

11.3.5 CONSOLIDATED FINANCIAL BALANCE SHEET OF LOCAL GOVERNMENT (S.1313)


2011 2012 2011 2012 20132011 2012


Financial assets 8,697 8,571 8,306 8,299 8,697 8,371 7,963 8,629 8,571 8,357 8,337Currency and deposits (AF.2) 6,778 7,038 5,566 5,779 6,778 6,217 5,478 5,952 7,038 6,176 5,684Securities other than shares, excluding financial deriva-tives (AF.33) 366 224 278 306 366 356 257 267 224 172 417


Financial derivatives (AF.34) 0 0 0 0 0 0 0 0 0 0 0Loans (AF.4) 2 1 2 2 2 1 1 1 1 1 1

Short-term loans (AF.41) 2 1 2 2 2 1 1 1 1 1 1Long-term loans (AF.42) 0 0 0 0 0 0 0 0 0 0 0

Shares and other equity (AF.5) 189 123 293 311 189 169 146 135 123 125 126Insurance technical reserves (AF.6) - - - - - - - - - - -



Financial liabilities 18,661 20,032 17,997 18,161 18,661 18,641 19,376 19,552 20,032 19,996 20,454Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 413 693 524 545 413 458 802 809 693 853 1,085

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 413 693 524 545 413 458 802 809 693 853 1,085Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 0 0 0 0 0 0 0 0 0 0 0


Short-term loans (AF.41) 756 827 612 696 756 727 884 847 827 744 867Long-term loans (AF.42) 17,048 18,044 16,751 16,810 17,048 17,344 17,576 17,777 18,044 18,276 18,377



Other accounts payable (AF.7) 335 347 0 0 335 0 0 0 347 0 0


Source: NBB


129

11.3.6 CONSOLIDATED FINANCIAL BALANCE SHEET OF SOCIAL SECURITY FUNDS (S.1314)


2011 2012 2011 2012 20132011 2012


Financial assets 18,736 19,258 17,962 17,532 18,736 18,133 18,883 18,257 19,258 18,892 19,261Currency and deposits (AF.2) 76 69 1,255 1,156 76 1,449 1,835 2,086 69 2,533 2,688Securities other than shares, excluding financial deriva-tives (AF.33) 8,087 8,321 7,980 8,068 8,087 8,182 8,222 8,229 8,321 8,193 8,206

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 99 128 157 59 99 53 35 21 128 15 37Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 7,988 8,194 7,823 8,009 7,988 8,129 8,187 8,209 8,194 8,178 8,169

Financial derivatives (AF.34) 0 0 0 0 0 0 0 0 0 0 0Loans (AF.4) 2,543 2,651 1,068 1,053 2,543 705 864 483 2,651 412 507

Short-term loans (AF.41) 2,543 2,651 1,068 1,053 2,543 705 864 483 2,651 412 507Long-term loans (AF.42) 0 0 0 0 0 0 0 0 0 0 0

Shares and other equity (AF.5) 146 176 164 135 146 160 160 164 176 187 187Insurance technical reserves (AF.6) - - - - - - - - - - -



Financial liabilities 3,919 4,160 4,151 4,005 3,919 5,531 6,010 6,402 4,160 5,535 7,448Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 225 615 99 185 225 403 508 547 615 615 615



Short-term loans (AF.41) 697 440 1,296 1,109 697 2,347 2,713 3,184 440 2,225 4,133Long-term loans (AF.42) 1,243 1,181 1,243 1,243 1,243 1,243 1,243 1,243 1,181 1,181 1,181




Net financial assets (BF.90) 14,817 15,098 13,811 13,526 14,817 12,602 12,874 11,855 15,098 13,357 11,814

Source: NBB


130

11.4 CONSOLIDATED GROSS DEBT11.4.1 DEBT OF GENERAL GOVERNMENT

(situation at end of period, millions of euros)

Gross debt Financial assets Net debt Consolidated gross debt (Maastricht definition) 1 Total asp c of GDP

In foreigncurrencies

In national currency of which fi-nancial in-struments

t i l d d

Total Placed withgeneral gov-

ernment 3

Other Total

Net debt

Total 1 by sub-sector:

Total asp.c. of GDP

At over oneyear 4

At up to oneyear 4

Total

strumentsnot includedin the Con-solidated

gross debt(Maastrichtdefinition) 2

ernment

Federalgovern-ment 5

Communi-ties and re-

gions 5

Local gov-ernment 5

Social secu-rity funds 5

Intersectoralconsolida-

tion 6

(1) (2) (3) (4) = (2) + (3) (5) (6) = (1) + (4) (7) (8) (9) = (7) + (8) (10) = (6) - (9) (11) = (6) - (5)- (7)

(12) (13) (14) (15) (16) (17)

2003 3,727 260,650 49,595 310,246 14,644 313,972 27,692 37,346 65,038 248,935 271,637 251,519 15,305 14,860 90 -10,138 98.42004 2,508 268,104 47,583 315,688 13,008 318,196 31,307 43,354 74,661 243,535 273,881 252,827 15,079 15,677 52 -9,754 94.02005 1,752 275,029 48,215 323,243 12,854 324,995 33,127 43,163 76,290 248,705 279,014 259,779 13,259 15,747 428 -10,199 92.02006 1,490 274,928 49,347 324,275 12,768 325,765 32,595 47,589 80,184 245,580 280,402 262,018 12,832 16,410 0 -10,858 87.92007 937 281,705 56,810 338,515 14,165 339,453 43,182 50,899 94,081 245,372 282,106 264,978 12,346 16,861 0 -12,080 84.02008 4,429 286,338 74,735 361,073 14,640 365,502 41,991 69,658 111,649 253,853 308,872 290,708 13,670 16,445 0 -11,951 89.22009 563 310,115 69,948 380,062 15,426 380,626 39,128 71,072 110,200 270,426 326,072 299,347 20,906 16,217 1,047 -11,445 95.72010 118 331,491 72,784 404,275 15,638 404,393 48,441 72,434 120,874 283,519 340,314 310,920 22,920 17,627 1,579 -12,730 95.72011 0 354,271 77,157 431,428 16,954 431,428 52,778 78,758 131,537 299,891 361,696 331,699 24,096 18,218 2,165 -14,482 98.02012 0 375,429 64,512 439,942 17,535 439,942 47,290 85,118 132,408 307,534 375,117 342,019 25,191 19,564 2,236 -13,893 99.82011 II 1,220 344,761 63,604 408,364 11,661 409,585 42,133 78,019 120,152 289,433 355,791 322,477 24,570 17,887 2,638 -11,780

III 1,177 341,553 73,124 414,677 14,654 415,854 40,048 75,708 115,756 300,098 361,152 329,100 23,405 18,051 2,536 -11,940IV 0 354,271 77,157 431,428 16,954 431,428 52,778 78,758 131,537 299,891 361,696 331,699 24,096 18,218 2,165 -14,482

2012 I 1,190 362,445 71,473 433,918 10,487 435,108 46,152 83,627 129,779 305,329 378,469 343,415 24,865 18,529 3,992 -12,333II 1,192 374,594 65,784 440,378 11,246 441,570 47,531 89,455 136,986 304,584 382,793 346,561 25,223 19,261 4,464 -12,717III 1,184 373,228 64,493 437,722 13,098 438,906 44,971 87,523 132,494 306,412 380,837 344,156 24,581 19,433 4,974 -12,307IV 0 375,429 64,512 439,942 17,535 439,942 47,290 85,118 132,408 307,534 375,117 342,019 25,191 19,564 2,236 -13,893

2013 I 1,172 373,910 69,382 443,292 10,858 444,464 39,551 88,239 127,789 316,674 394,055 355,695 26,191 19,873 4,021 -11,723II 1,160 391,282 58,343 449,625 10,513 450,785 42,421 93,344 135,764 315,020 397,851 357,769 26,461 20,328 5,929 -12,636

Source: NBB

1 The consolidated gross debt is the debt as defined in European Regulation EC 479/2009 concerning the implementation of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7th February 1992.2 Net equity of households in non-autonomous pension fund reserves created by the general government and other accounts payable, namely mainly the accrued interests on the public debt, accruals and deferrals in respect of the payment of compensation and pensions to certain

public sector staff, the time-lags relating to the annual holiday payments made by the National Office for the Annual Holiday (ONVA) to households and the invoices payable by the INAMI to hospitals.3 Currency and deposits, securities other than shares (excluding financial derivatives) and loans.4 Original maturity.5 The consolidated gross debt of a sub-sector is obtained by subtracting debts which counterpart are financial assets of other units ot this sub-sector (intersectoral consolidation).6 Corresponds to the financial assets of the different sub-sectors which counterpart are debts of another sub-sector of general government.

131

11.4.2 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT PER INSTRUMENT


2011 2012 2011 2012 20132011 2012


Federal government (S.1311) 1 331,699 342,019 322,477 329,100 331,699 343,415 346,561 344,156 342,019 355,695 357,769Currency and deposits (AF.2) 1,477 1,447 1,442 1,455 1,477 1,463 1,468 1,463 1,447 1,419 1,408Securities other than shares, excluding financial deriva-tives (AF.33) 315,552 323,929 311,626 315,526 315,552 324,035 329,673 329,085 323,929 337,054 341,063


Loans (AF.4) 14,671 16,643 9,410 12,119 14,671 17,918 15,421 13,608 16,643 17,222 15,297Short-term loans (AF.41) 8,360 5,253 3,496 6,250 8,360 9,740 5,676 3,625 5,253 5,412 2,041Long-term loans (AF.42) 6,311 11,391 5,913 5,868 6,311 8,177 9,745 9,983 11,391 11,810 13,256

Communities and regions (S.1312) 1 24,096 25,191 24,570 23,405 24,096 24,865 25,223 24,581 25,191 26,191 26,461Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 13,446 13,832 13,532 12,942 13,446 13,525 13,810 13,689 13,832 13,076 13,450



Local government (S.1313) 1 18,218 19,564 17,887 18,051 18,218 18,529 19,261 19,433 19,564 19,873 20,328Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 413 693 524 545 413 458 802 809 693 853 1,085

Short-term securities other than shares, excluding fi-nancial derivatives (AF.331) 413 693 524 545 413 458 802 809 693 853 1,085Long-term securities other than shares, excluding fi-nancial derivatives (AF.332) 0 0 0 0 0 0 0 0 0 0 0

Loans (AF.4) 17,804 18,871 17,363 17,506 17,804 18,071 18,459 18,624 18,871 19,020 19,243Short-term loans (AF.41) 756 827 612 696 756 727 884 847 827 744 867Long-term loans (AF.42) 17,048 18,044 16,751 16,810 17,048 17,344 17,576 17,777 18,044 18,276 18,377

Social security funds (S.1314) 1 2,165 2,236 2,638 2,536 2,165 3,992 4,464 4,974 2,236 4,021 5,929Currency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0 0Securities other than shares, excluding financial deriva-tives (AF.33) 225 615 99 185 225 403 508 547 615 615 615


Loans (AF.4) 1,940 1,621 2,539 2,351 1,940 3,590 3,956 4,427 1,621 3,406 5,314Short-term loans (AF.41) 697 440 1,296 1,109 697 2,347 2,713 3,184 440 2,225 4,133Long-term loans (AF.42) 1,243 1,181 1,243 1,243 1,243 1,243 1,243 1,243 1,181 1,181 1,181

132

11.4.2 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT PER INSTRUMENT (CONTINUED)


20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Intersectoral consolidation (-) 2 -14,481 -13,894 -11,780 -11,940 -14,481 -12,332 -12,717 -12,308 -13,894 -11,723 -12,636Federal government -3,890 -3,128 -2,639 -2,741 -3,890 -3,368 -3,442 -3,485 -3,128 -3,316 -3,653Communities and regions -235 -204 -474 -444 -235 -343 -553 -477 -204 -276 -499Local government -328 -187 -236 -264 -328 -317 -219 -230 -187 -138 -383Social security funds -10,028 -10,375 -8,431 -8,491 -10,028 -8,304 -8,503 -8,116 -10,375 -7,993 -8,101

General government (S.13) 361,696 375,117 355,791 361,152 361,696 378,469 382,793 380,837 375,117 394,055 397,851Currency and deposits (AF.2) 1,477 1,447 1,442 1,455 1,477 1,463 1,468 1,463 1,447 1,419 1,408Securities other than shares, excluding financial deriva-tives (AF.33) 320,428 330,238 317,198 320,635 320,428 329,674 335,918 335,425 330,238 343,184 347,387



Source: NBB

N.B.: The consolidated gross debt is the debt as defined in Regulation (EC) No 479/2009 of the Council of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (Maastricht Treaty) of 7 February1992.

1 The consolidated gross debt of a sub-sector is obtained by subtracting debts the counterparts of which are financial assets of units from this sub-sector (intrasectoral consolidation).2 Corresponds to the financial assets of the various sub-sectors of which the counterpart is the debt of another sub-sector of general government. The consolidated gross debt of a sub-sector after deducting the financial assets held in the other sub-sectors determines the contribution

of this sub-sector to the consolidated gross debt of general government as a whole.

133

11.4.3 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT: HOLDERS, CURRENCIES, ORIGINAL AND RESIDUAL MATURITIES

(outstanding amount at the end of the period, millions of euro, unless otherwise mentioned)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Breakdown by holderDebt held by residents 135,406 134,544 133,538 129,907 113,552 122,084 137,551 147,733 186,043 200,499

Central bank 2,185 2,082 2,336 2,460 3,476 3,722 3,889 4,939 5,971 6,928Other monetary financial institutions 90,153 86,989 85,366 83,289 67,394 69,562 72,453 78,231 88,569 91,862Other financial institutions 26,920 28,456 29,302 29,167 28,438 33,308 44,879 50,330 71,015 85,301Other residents 16,147 17,018 16,534 14,990 14,243 15,491 16,331 14,233 20,488 16,408

Debt held by non-residents 136,231 139,337 145,476 150,495 168,555 186,788 188,521 192,581 175,653 174,618Euro area 69,194 77,815 75,365 78,987 80,364 89,404 101,970 99,679 89,399 97,491Non-euro area 67,038 61,522 70,111 71,508 88,191 97,384 86,552 92,902 86,255 77,128

Total 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117

Breakdown by currencyDebt in national currency 267,910 271,373 277,262 278,912 281,169 304,443 325,509 340,196 361,696 375,117Debt in foreign currency of countries participating in the euro area 0 0 0 0 0 0 0 0 0 0Debt in foreign currency of countries not participating in the euro area 3,727 2,508 1,752 1,490 937 4,429 563 118 0 0Total 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117

Breakdown by maturityShort-term debt 1 23,271 27,460 28,002 30,501 31,853 54,705 48,340 50,392 48,955 40,433Long-term debt 2 248,366 246,421 251,012 249,901 250,253 254,166 277,732 289,922 312,741 334,684

of which debt at variable interest rate 4,585 3,779 4,058 1,705 4,516 3,774 3,887 3,607 3,772 5,030Total 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117Debt with residual maturity up to 1 year 46,247 48,557 48,846 52,562 61,865 75,438 77,545 81,161 83,053 73,706Debt with residual maturity over 1 year and up to 5 years 108,560 100,558 107,904 98,216 91,277 106,757 118,875 120,968 124,094 133,018

of which debt at variable interest rate 3,118 2,644 1,564 1,334 3,670 3,570 3,345 382 3,432 4,515Debt with residual maturity over 5 years 116,830 124,766 122,263 129,624 128,965 126,677 129,652 138,186 154,549 168,392

of which debt at variable interest rate 908 652 219 219 104 104 87 225 225 515Total 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117

Memorandum itemsAverage maturity of debt (years) 5.3 6.1 6.2 6.3 6.1 5.6 5.5 5.8 6.2 6.7Zero-coupon debt (redemption value) 3 0 0 0 0 0 0 0 0 0 0Debt with residual maturity over 1 year 225,390 225,324 230,168 227,840 220,241 233,434 248,526 259,154 278,643 301,411

Source: NBB

N.B.: Consolidated gross debt is the debt as defined in Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992.

1 Maturity upon issue up to or equal to 1 year.2 Maturity upon issue over 1 year.3 Securities such as bonds and notes. Does not include short-term instruments issued with a discount and paying no coupon.

134

11.4.4 CONSOLIDATED GROSS DEBT OF GENERAL GOVERNMENT: CONSOLIDATING ELEMENTS


2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Gross debt (debt non-consolidated between the sub-sectors) 281,774 283,634 289,213 291,260 294,186 320,822 337,516 353,045 376,177 389,010Consolidated gross debt of the federal government (S.1311) 251,519 252,827 259,779 262,018 264,978 290,708 299,347 310,920 331,699 342,019Consolidated gross debt of the Communities and Regions (S.1312) 15,305 15,079 13,259 12,832 12,346 13,670 20,906 22,920 24,096 25,191Consolidated gross debt of local government (S.1313) 14,860 15,677 15,747 16,410 16,861 16,445 16,217 17,627 18,218 19,564Consolidated gross debt of social security funds (S.1314) 90 52 428 0 0 0 1,047 1,579 2,165 2,236

Intersectoral consolidation (-) -10,138 -9,754 -10,199 -10,858 -12,080 -11,951 -11,445 -12,730 -14,482 -13,894

Consolidated gross debt of general government (S.13) 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117

Consolidating elements: breakdown by instrumentCurrency and deposits (AF.2) 0 0 0 0 0 0 0 0 0 0Short-term securities (AF.31) 2,287 2,024 2,656 2,813 2,293 1,028 1,036 1,340 1,621 1,047Long-term securities (AF.32) 5,438 5,381 5,208 5,446 5,870 6,511 6,668 6,956 7,586 7,784Loans (AF.4) 2,413 2,349 2,335 2,599 3,917 4,412 3,740 4,434 5,275 5,063Total 10,138 9,754 10,199 10,858 12,080 11,951 11,445 12,730 14,482 13,894

Consolidating elements: breakdown by debtor sectorConsolidated gross debt of the federal government held by other sub-sectors 7,716 7,737 8,062 9,202 10,248 10,077 8,512 8,763 9,801 9,996Consolidated gross debt of Communities and Regions held by other sub-sectors 2,262 1,957 1,705 1,615 1,798 1,858 1,835 2,325 2,615 2,067Consolidated gross debt of local government held by other sub-sectors 69 8 4 41 34 16 54 113 126 210Consolidated gross debt of social security funds held by other sub-sectors 90 52 428 0 0 0 1,044 1,529 1,940 1,621Total 10,138 9,754 10,199 10,858 12,080 11,951 11,445 12,730 14,482 13,894

Memorandum itemsHoldings by general government sub-sectors of consolidatable assets

Holdings by the federal government of debt issued by the other sub-sectors 872 842 1,218 790 790 859 2,239 3,183 3,890 3,128Holdings by the Communities and Regions of debt issued by the other sub-sectors 591 183 340 500 1,042 414 316 260 235 204Holdings by local government of debt issued by the other sub-sectors 1,710 1,559 2,044 2,037 1,173 735 232 215 329 187Holdings by social security funds of debt issued by the other sub-sectors 6,964 7,169 6,597 7,531 9,074 9,943 8,657 9,073 10,028 10,375Total consolidable assets 10,138 9,754 10,199 10,858 12,080 11,951 11,445 12,730 14,482 13,894

Contribution of the general government sub-sectors to consolidated gross debt 1

Contribution of the federal government (S.1311) 250,647 251,985 258,561 261,228 264,188 289,849 297,108 307,737 327,809 338,892Contribution of the Communities and Regions (S.1312) 14,714 14,896 12,920 12,332 11,304 13,255 20,590 22,660 23,861 24,987Contribution of local government (S.1313) 13,150 14,118 13,703 14,374 15,688 15,710 15,985 17,412 17,889 19,378Contribution of social security funds (S.1314) -6,875 -7,118 -6,170 -7,531 -9,074 -9,943 -7,611 -7,494 -7,863 -8,139Consolidated gross debt of general government (S.13) 271,637 273,881 279,014 280,402 282,106 308,872 326,072 340,314 361,696 375,117

Source: NBB

N.B.: Consolidated gross debt is the debt as defined in Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht) of 7 February 1992.

1 Corresponds to the consolidated gross debt of a sub-sector after deducting the financial assets that it holds in the other general government sub-sectors.

135

11.4.5 BREAKDOWN OF CONSOLIDATED GROSS DEBT OF COMMUNITIES AND REGIONS (S.1312)


2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Consolidated gross debt 1 2 15,310 15,109 13,346 12,914 12,435 13,774 21,115 23,076 24,253 25,295Flemish Community 4,252 3,537 1,888 1,464 1,216 1,201 6,974 7,497 7,449 7,159French Community 3,679 3,696 3,682 3,700 3,774 3,828 4,265 5,034 5,302 5,535Walloon Region 5,473 5,700 5,734 5,605 5,382 6,320 6,994 7,343 7,930 8,512Brussels-Capital Region 1,689 1,949 1,816 1,919 1,838 2,180 2,643 2,940 3,309 3,824German Community 36 47 45 45 43 43 39 62 63 67Commission of the French-speaking Community 181 181 181 181 181 201 201 200 199 198Joint Community Commission 0 0 0 0 0 0 0 0 0 0

Consolidation between federated entities (-) 3 -4 -30 -87 -82 -88 -104 -210 -156 -157 -105

Consolidated gross debt of the Communities and Regions (S.1312) 15,305 15,079 13,259 12,832 12,346 13,670 20,906 22,920 24,096 25,191

Memorandum itemsHoldings by the federated entities of consolidatable assets 596 213 426 582 1,130 519 526 416 392 309

Holdings by the Flemish Community of debt issued by other general government 591 190 355 509 1,054 178 257 231 234 203Holdings by the French Community of debt issued by other general government 4 23 71 73 76 79 81 82 83 84Holdings by the Walloon Region of debt issued by other general government 0 0 0 0 0 0 0 0 0 0Holdings by the Brussels-Capital Region of debt issued by other general government 0 0 0 0 0 0 0 0 0 15Holdings by the German Community of debt issued by other general government 0 0 0 0 0 0 0 0 0 0Holdings by the Commission of the French-speaking Community of debt issued by other general government 0 0 0 0 0 261 167 83 55 6Holdings by the Joint Community Commission of debt issued by other general government 0 0 0 0 0 0 20 20 20 0

Contribution of the federated entities to the consolidated gross debt of general government 4 14,714 14,896 12,920 12,332 11,304 13,255 20,590 22,660 23,861 24,987Flemish Community 3,661 3,347 1,533 955 161 1,022 6,716 7,266 7,215 6,956French Community 3,675 3,673 3,611 3,627 3,698 3,749 4,184 4,952 5,219 5,451Walloon Region 5,473 5,700 5,734 5,605 5,382 6,320 6,994 7,343 7,930 8,512Brussels-Capital Region 1,689 1,949 1,816 1,919 1,838 2,180 2,643 2,940 3,309 3,809German Community 36 47 45 45 43 43 39 62 63 67Commission of the French-speaking Community 181 181 181 181 181 -60 33 117 144 192Joint Community Commission 0 0 0 0 0 0 -20 -20 -20 0

Source: NBB

1 The consolidated gross debt is the debt as defined in Regulation (EC) No 479/2009 of the Council of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (Maastricht Treaty) of 7 February 1992.2 The debt of the Flemish Community Commission is not currently recorded. However, only marginal amounts are involved.3 Corresponds to the financial assets of an entity of which the counterpart is the debt of another Community or Region.4 Corresponds to the consolidated gross debt of an entity after deducting the financial assets that it holds in the other entities of the sub-sector (intrasectoral consolidation) and in the other general government sub-sectors (intersectoral consolidation).

136

11.5 OFFICIAL DEBT AND NET FINANCIAL BALANCE11.5.1 DETAILS OF REVENUE COLLECTED BY THE TREASURY

(cumulative data , millions of euros)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011

year Jan.-Aug. Jan.-Aug.

Current revenue 77,035 82,019 86,890 87,887 91,483 94,197 87,888 93,392 96,685 107,872 70,433 70,166Fiscal revenue 73,511 78,449 82,591 85,120 89,388 91,798 84,217 89,242 91,736 96,874 65,197 65,706

Direct taxes 1 42,889 45,348 47,528 48,205 50,394 52,759 46,752 48,596 49,943 53,656 37,249 38,033Advance levy on professional income 30,368 31,374 32,880 34,130 35,331 37,593 37,367 37,497 39,633 41,095 27,979 28,961Advance payments 8,548 9,724 10,277 10,845 11,547 11,354 8,394 9,319 9,380 9,337 5,901 6,000Assessment of companies 754 726 827 945 1,301 1,503 782 1,205 1,436 3,788 2,283 1,903Assessment of natural persons -1,261 -1,245 -1,523 -3,320 -3,595 -3,733 -5,495 -5,103 -5,411 -5,521 -2,439 -2,779Financial assets 2,160 2,219 2,797 2,745 2,982 3,295 2,651 2,518 3,217 3,548 2,384 2,807Road taxes 1,465 1,501 1,643 1,687 1,723 1,863 1,923 1,956 769 795 534 536Other 855 1,049 627 1,173 1,105 884 1,130 1,204 919 614 607 605

Customs and excise duties 7,766 8,472 8,705 8,847 9,247 9,119 8,583 9,579 9,290 9,590 6,451 6,341Customs duties 1,562 1,713 1,807 2,035 2,236 2,233 1,836 1,974 2,098 2,088 1,413 1,281Excise duties 5,909 6,145 6,152 6,069 6,311 6,168 6,049 6,808 6,460 6,776 4,548 4,556

Excise duties on mineral oils 3,527 3,803 3,852 3,744 3,808 3,675 3,560 4,160 4,112 4,068 2,717 2,585Excise duties on tobacco 1,587 1,651 1,655 1,671 1,845 1,832 1,820 1,960 1,654 2,005 1,374 1,476Other excise duties 795 691 645 654 659 661 669 689 695 703 457 495

Other 295 613 745 742 701 718 698 797 731 726 491 504VAT, registration fees and royalties 22,856 24,630 26,358 28,068 29,747 29,920 28,882 31,067 32,504 33,629 21,497 21,333

Registration fees 2,265 2,560 3,126 3,457 3,676 3,588 3,090 3,540 3,866 3,903 2,521 2,525VAT 20,042 21,487 22,524 23,915 25,318 25,499 24,998 26,661 27,737 28,762 18,341 18,068Other 549 583 707 697 753 833 794 867 901 964 636 739

Non-fiscal revenue 3,524 3,571 4,299 2,767 2,094 2,399 3,671 4,150 4,948 10,998 5,236 4,460Capital revenue 9,170 6,347 2,485 1,911 2,634 2,146 6,711 4,368 2,492 2,252 1,407 1,712

Fiscal revenue 1,226 1,385 1,455 1,584 1,678 1,916 1,788 1,925 2,058 2,252 1,407 1,712Non-fiscal revenue 7,944 4,961 1,031 327 956 230 4,923 2,443 434 0 0 0

Total revenue 86,205 88,366 89,375 89,797 94,117 96,343 94,599 97,760 99,177 110,124 71,840 71,878

Sources: FPS fin, NBB

N.B.: Data concerning the ”Central government operations” are, as required by the SDDS of the IMF, disseminated on the website of the Bank ”www.nbb.be”. Excluding the additional centimes accruing to the provinces, municipalities and the Brussels conglomerate.

1 Including, the change, compared with the end of the proceding year, in the outstanding amount of the direct taxes which have already been collected but not yet broken down among the various tax categories.

http://www.nbb.be%E2%80%9D

137

11.5.2 OFFICIAL DEBT AND NET BALANCE TO BE FINANCED OF THE TREASURY

(millions of euro)

Debt in euro Debt in foreign currencies 1 Grossdebt 2

Financialassets 2

Net debt 2 Net balanceto be fi

Debt at over one year 4 5 Debt at up to one year 4 5 Total Debt at overone year 4

Debt at up to one year 4 Total 1

Grossdebt 2

Financialassets 2

Net debt Net balanceto be fi-nanced (-) 3

of which: Total 4 5 of which: Total 4 5

Total Debt at overone year 4

of which: Total 4

Total nanced ( )

Linearbonds

Classicloans 6

State notes

Total

Treasurycertificates 7

TreasuryBills

Assets of in-dividualswith thePCO 8

Total

BelgianTreasury

Bills

Total

(1) (2) (3) (4) (5) (6) (7) (8) (9) = (4) + (8) (10) (11) (12) (13) = (10) +(12)

(14) = (9) +(13)

(15) (16) = (14) -(15)

(17)

2003 205,146 5,746 8,513 229,073 26,164 854 268 30,222 259,295 2,789 935 935 3,724 263,018 5,148 257,870 -7282004 210,113 64 8,187 232,719 26,020 777 433 30,355 263,074 1,502 943 943 2,444 265,518 4,426 261,092 -6,1742005 214,239 61 7,159 236,384 26,874 750 524 31,036 267,420 1,128 612 612 1,740 269,160 5,027 264,133 -2,2752006 214,225 57 6,843 236,902 26,972 782 291 32,243 269,145 975 481 481 1,456 270,601 1,937 268,663 -4,0532007 220,904 54 6,275 246,397 30,394 1,480 232 37,891 284,288 937 0 0 937 285,226 10,094 275,131 -3,7822008 225,415 50 5,433 251,539 41,522 4,643 324 54,162 305,700 595 3,920 3,920 4,515 310,215 7,982 302,233 -27,4482009 241,643 48 4,734 273,593 40,137 458 1,229 47,232 320,826 563 0 0 563 321,389 6,308 315,081 -7,7702010 257,804 45 3,947 291,278 40,405 1,692 21 49,797 341,075 0 118 118 118 341,193 14,869 326,324 -11,1522011 272,350 42 8,454 310,704 35,096 7,381 103 52,758 363,462 0 0 0 0 363,462 17,879 345,583 -18,8682012 286,551 40 7,176 325,491 31,704 361 62 39,324 364,815 0 0 0 0 364,815 10,410 354,405 -7,9762012 September 286,769 40 7,300 325,069 35,415 359 32 41,016 366,085 0 1,185 1,185 1,185 367,270 12,494 354,776 -9,178

October 287,045 40 7,300 324,933 35,449 359 212 42,020 366,953 0 1,175 1,188 1,188 368,140 13,386 354,754 -9,140November 294,830 40 7,300 332,718 35,281 359 122 39,835 372,553 0 1,189 1,189 1,189 373,742 15,828 357,914 -12,298December 286,551 40 7,176 325,491 31,704 361 62 39,324 364,815 0 0 0 0 364,815 10,410 354,405 -7,976

2013 January 290,551 40 7,176 329,661 31,688 1,475 313 37,738 367,400 0 1,159 1,159 1,159 368,558 11,742 9 356,816 -1,920February 295,551 40 5,432 332,917 32,899 838 64 37,415 370,332 0 1,171 1,171 1,171 371,503 12,152 359,352 -4,446March 286,515 40 5,256 323,837 35,371 5,211 49 47,602 371,439 0 1,173 1,173 1,173 372,611 5,503 367,108 -12,202April 286,515 40 5,199 323,797 35,009 2,696 28 45,231 369,028 0 1,168 1,168 1,168 370,197 5,641 364,556 -9,635May 297,810 40 5,150 335,424 32,976 2,046 122 38,864 374,288 0 1,153 1,153 1,153 375,441 11,289 364,152 -9,247June 301,193 39 5,021 340,000 30,588 281 86 34,728 374,728 0 1,160 1,160 1,160 375,888 13,843 362,045 -7,162July 301,532 39 4,994 340,874 28,797 281 95 33,096 373,971 0 1,161 1,161 1,161 375,132 15,120 360,012 -5,139August 308,645 0 4,970 347,670 28,563 297 79 32,311 379,980 0 1,162 1,162 1,162 381,142 21,249 359,893 -5,007

Sources: FPS fin, NBB

1 The breakdown euro/non-euro, on a monthly basis (since 1990), is available on the website of the Bank: www.nbb.be.2 Situation at end of period.3 Cumulative monthly data.4 Original maturity.5 Since 2002, the Treasury certificates transferred to international organisations are included in the debt at over one year rather than in the debt at up to one year. Since January 2004, the Treasury certificates transfered to IMF are no more included in the official debt of the Treasury.6 Public loans issued by the Treasury and the Road Fund.7 Except the Treasury certificates transferred to international organisations.8 Including the shareholder’s equity on the Post.9 Break in time series due to a change in the definition of the operations of the Treasury Management.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p 11 and 1999-I, p 14.

http://www.nbb.be

12. National financial accounts of Belgium

140

12.1 FLOW OF FUNDS BY SECTOR

(millions of euro)

2010 2011 2012 2011 2012 20132010 2011 2012

I II III IV I II III IV I II

Individuals: 1

Formation of financial assets with:Non-financial corporations 2,763 4,406 -279 1,363 1,506 2,880 -1,343 -1,143 1,490 -48 -578 -269 1,225

Securities other than shares -22 622 701 -9 342 151 137 110 48 421 121 -17 -50Quoted shares 1,962 2,403 -2,091 459 417 2,061 -534 -1,980 1,329 -923 -518 96 733Unquoted shares and other equity 776 825 1,169 896 730 651 -1,451 742 125 467 -166 -332 560Technical reserves of non-autonomous pension funds 47 556 -58 17 17 17 505 -15 -12 -13 -15 -16 -18

General government -705 5,562 -2,849 -2,470 -1,458 1,314 8,177 -3,052 -2,634 468 2,369 -3,521 -2,516Currency 105 87 -29 19 33 13 21 -14 4 -4 -16 -30 -10Securities other than shares -908 5,158 -3,183 -263 246 -584 5,759 -582 -951 -1,032 -618 -556 -770Loans 0 0 -49 0 0 0 0 -49 0 0 0 0 0Other assets 98 317 413 -2,226 -1,738 1,885 2,396 -2,406 -1,688 1,504 3,003 -2,935 -1,735

Financial corporations 21,699 13,173 18,423 7,827 8,637 308 -3,600 8,580 7,953 -456 2,347 6,640 9,755Currency 256 1,218 672 -494 629 278 805 -519 662 -63 592 -449 435Deposits 17,929 11,088 20,572 5,618 4,857 -1,066 1,679 7,430 7,013 1,006 5,122 6,701 6,684Securities other than shares -4,092 -202 -5,593 -545 1,216 -28 -845 -1,012 -1,345 -1,506 -1,729 -1,619 -475Quoted shares 184 83 772 -3 100 0 -14 -1 76 585 112 0 0Unquoted shares and other equity 24 -475 -23 -205 -149 -78 -44 -89 106 -43 3 1 220Mutual fund shares -4,551 -4,754 -6,174 -734 -1,576 -1,562 -881 -1,884 -936 -2,528 -826 -604 2,056Insurance technical reserves 12,087 6,438 8,230 2,688 1,808 1,074 868 3,327 2,194 1,092 1,617 1,475 971Other assets and adjustments -137 -224 -32 1,502 1,751 1,690 -5,168 1,328 183 1,000 -2,544 1,134 -135

Rest of the world 4,378 9,709 6,137 2,610 2,920 1,042 3,137 914 1,833 1,709 1,681 2,874 -3,677Total 28,135 32,850 21,433 9,330 11,604 5,545 6,371 5,299 8,641 1,673 5,819 5,724 4,787

Non-financial corporations:Formation of financial assets with:

Individuals 1 - - - - - - - - - - - - -Non-financial corporations 62,827 32,831 -8,810 23,720 16,477 -8,367 1,000 19,254 -12,071 1,459 -17,452 728 -9,859

Securities other than shares -754 490 928 189 236 64 1 807 568 -493 45 -129 99Loans 2 43,174 13,526 31,807 9,042 12,504 15,737 -23,757 14,779 -7,605 17,448 7,185 -805 -8,601Quoted shares 2,971 751 303 -77 851 481 -503 -154 466 578 -587 -959 1,335Unquoted shares and other equity 17,435 18,063 -41,848 14,567 2,887 -24,649 25,259 3,822 -5,500 -16,074 -24,096 2,620 -2,691

General government -1,455 1,368 -522 738 -1,214 1,528 315 623 -345 -1,194 394 -82 -1,332Securities other than shares -616 1,390 -764 -223 -53 1,527 139 152 131 -865 -182 57 -834Other assets -839 -22 242 961 -1,160 2 176 471 -476 -330 576 -140 -498

Financial corporations 7,874 4,208 995 3,182 -742 -1,097 2,865 3,652 -1,748 -1,634 725 2,825 2,571Currency and deposits 8,712 1,132 -1,481 488 -29 -648 1,320 2,365 -1,892 -1,169 -785 1,552 2,620Securities other than shares -168 -150 331 -32 -78 -73 32 337 89 -56 -39 9 -75Quoted shares 450 889 1,476 -72 301 140 519 -113 237 220 1,133 14 177Unquoted shares and other equity -97 -419 1,105 2 -320 -276 175 410 48 254 393 229 351Mutual fund shares 53 289 -12 19 19 17 238 -5 -4 -2 -2 -10 -9Other assets and adjustments -1,076 2,467 -424 2,777 -635 -257 581 658 -226 -881 25 1,031 -493

Rest of the world 47,892 94,247 -13,947 21,760 14,217 32,450 25,820 -4,989 15,928 -1,738 -23,148 6,023 -2,117Total 117,138 132,653 -22,284 49,401 28,739 24,513 30,000 18,540 1,766 -3,107 -39,482 9,493 -10,737

141

12.1 FLOW OF FUNDS BY SECTOR (CONTINUED)

(millions of euro)

201320122011201220112010

IIIIVIIIIIIIVIIIIII

201220112010

General government:Formation of financial assets with:

Individuals 1 152 -127 230 397 395 -1,047 128 472 345 -729 142 259 524Non-financial corporations 356 1,497 91 -105 1,604 -2,492 2,491 24 1,494 -2,776 1,348 -452 1,707General government 9,385 4,466 -5,706 -8,217 1,465 -959 12,177 -7,389 1,467 -1,269 1,486 -7,949 2,643

Securities other than shares 8,017 2,754 -6,140 -6,244 1,530 -2,351 9,820 -4,574 1,251 -2,581 -235 -5,604 2,125Loans 1,295 1,583 651 -1,552 -42 267 2,911 -2,052 128 21 2,554 -2,135 745Other assets 72 128 -217 -421 -23 1,125 -553 -763 88 1,291 -833 -210 -227

Financial corporations -1,442 3,298 -3,542 1,504 -870 248 2,417 1,825 1,076 -832 -5,611 2,290 3,124Rest of the world 559 2,742 4,416 2,067 -490 1,769 -604 1,046 3,514 -2,072 1,928 1,180 1,989Total 9,011 11,877 -4,511 -4,354 2,103 -2,482 16,610 -4,022 7,896 -7,677 -708 -4,672 9,987

Financial corporations:Formation of financial assets with:

Individuals 1 11,260 13,903 9,085 2,443 4,705 2,722 4,033 2,249 3,638 1,717 1,481 1,339 798Loans 11,572 13,790 9,142 2,432 4,698 2,664 3,996 2,182 3,660 1,579 1,721 1,386 877Other assets and adjustments -311 113 -56 11 7 58 36 67 -22 138 -239 -47 -79

Non-financial corporations 3,694 4,476 3,409 1,188 3,960 -1,574 902 -436 4,993 -3,633 2,486 3,602 3,597Securities other than shares 200 -268 1,171 326 44 -327 -311 109 1,005 -26 84 179 542Loans 6,068 1,488 2,661 -332 4,388 -1,875 -692 1,322 1,449 -1,262 1,152 2,159 2,041Quoted shares -1,368 -435 -33 -126 -124 -367 182 13 -30 -344 329 291 -365Unquoted shares and other equity -1,957 3,115 1,469 1,377 -500 1,030 1,207 -1,867 3,419 -1,708 1,624 686 1,269Other assets and adjustments 751 576 -1,859 -58 152 -34 516 -13 -850 -293 -703 288 110

General government 13,278 32,520 14,225 10,391 4,972 7,964 9,194 5,312 7,214 699 1,000 -671 807Securities other than shares 11,726 27,808 15,692 8,490 4,685 8,499 6,134 6,509 5,578 2,347 1,258 -2,586 -2,120Loans 1,565 4,604 -1,690 3,041 -1,008 -512 3,084 208 426 -1,054 -1,269 3,530 1,820Other assets -13 108 223 -1,140 1,295 -23 -24 -1,405 1,210 -594 1,012 -1,615 1,107

Financial corporations -42,530 74,505 -64,683 -23,119 -5,560 49,717 53,467 -13,071 11,873 6,490 -69,975 -24,296 -14,280Rest of the world -28,949 -14,865 -83,372 -23,823 -3,413 36,741 -24,370 -29,571 -7,921 -6,107 -39,773 4,028 -13,912Total -43,247 110,539 -121,335 -32,920 4,664 95,569 43,226 -35,517 19,797 -834 -104,781 -15,997 -22,990

Rest of the world:Formation of financial assets with:

Non-financial corporations 44,765 86,575 -18,953 21,068 3,635 21,739 40,133 -817 7,416 2,809 -28,361 3,436 6,037General government 3,334 -17,636 6,155 3,973 -3,231 -3,554 -14,824 8,250 1,119 -90 -3,124 16,768 7,779Financial corporations -34,129 20,896 -73,148 -22,778 7,545 56,610 -20,481 -39,302 1,190 -8,831 -26,205 -4,252 -34,333Total 13,970 89,834 -85,946 2,262 7,950 74,795 4,828 -31,869 9,725 -6,112 -57,690 15,952 -20,518

New financial liabilities of:Individuals 1 11,413 13,776 9,315 2,841 5,100 1,675 4,161 2,721 3,983 988 1,623 1,598 1,323Non-financial corporations 114,405 129,785 -24,542 47,234 27,183 12,186 43,182 16,882 3,322 -2,188 -42,557 7,045 2,707General government 23,837 26,280 11,304 4,414 533 6,293 15,039 3,743 6,821 -1,386 2,125 4,545 7,381Financial corporations -47,675 117,051 -121,717 -32,738 8,894 105,986 34,909 -38,239 20,450 -5,220 -98,708 -16,913 -33,228Rest of the world 23,027 90,861 -87,002 1,969 13,348 71,800 3,743 -32,676 13,249 -8,251 -59,325 14,225 -17,652Total 125,007 377,753 -212,642 23,720 55,059 197,940 101,034 -47,569 47,826 -16,057 -196,842 10,500 -39,469


1 This sector encompasses the households and non-profit institutions serving households.2 For lack of indicator, the data related to the last year are estimated on the basis of the evolution observed the preceeding year.

142

12.2 CLAIMS AND LIABILITIES BY SECTOR

(end of period outstanding amounts, millions of euro)

2009 2010 2011 2012 20132009 2010

I II III IV I II III IV I II

Individuals: 1

Financial assets with:Non-financial corporations 152,625 155,221 160,936 167,544 165,519 170,599 183,089 187,663 194,866 196,657 203,687 199,185

Securities other than shares 1,805 1,784 1,775 2,117 2,268 2,405 2,515 2,564 2,985 3,106 3,090 3,039Quoted shares 15,345 20,258 20,797 19,889 18,331 17,851 17,998 20,236 20,105 18,982 20,814 19,350Unquoted shares and other equity 135,241 132,898 138,067 145,223 144,588 149,505 161,753 164,054 170,980 173,788 179,019 176,049Technical reserves of non-autonomous pension funds 234 281 297 315 332 838 823 809 796 781 764 747

General government 13,766 13,056 10,586 9,131 10,445 18,643 15,588 12,943 13,375 15,716 12,195 9,658Currency 1,274 1,380 1,399 1,432 1,445 1,467 1,453 1,457 1,453 1,437 1,408 1,398Securities other than shares 6,693 5,780 5,517 5,767 5,183 10,963 10,378 9,416 8,348 7,702 7,146 6,354Loans 50 49 49 49 49 49 0 0 0 0 0 0Other assets 5,749 5,846 3,620 1,883 3,767 6,164 3,757 2,070 3,574 6,577 3,641 1,906

Financial corporations 588,621 612,255 621,242 629,273 624,645 621,907 634,222 641,028 644,009 650,775 660,392 668,843Currency 21,087 21,343 20,848 21,477 21,755 22,560 22,041 22,703 22,640 23,232 22,784 23,218Deposits 241,250 259,375 264,858 269,079 268,151 269,957 277,326 284,793 285,748 290,811 297,646 304,230Securities other than shares 48,219 44,126 44,969 46,185 46,157 45,313 44,300 42,956 41,449 39,720 38,101 37,626Quoted shares 5,106 4,760 5,064 5,564 5,275 4,508 5,251 5,169 5,987 7,447 7,981 8,153Unquoted shares and other equity 4,430 4,234 4,032 4,074 3,450 2,912 2,162 1,787 1,902 2,908 3,269 3,317Mutual fund shares 65,237 62,119 60,879 58,811 53,908 54,888 56,043 54,378 54,079 54,942 55,791 56,886Insurance technical reserves 197,346 210,490 213,022 214,760 214,941 215,930 219,931 221,892 223,852 225,908 227,879 228,606Other assets and adjustments 5,945 5,808 7,570 9,322 11,008 5,840 7,168 7,351 8,351 5,807 6,942 6,807

Rest of the world 142,160 148,981 150,773 152,820 146,704 151,057 157,304 157,880 163,495 167,037 174,020 167,934Total 897,172 929,512 943,537 958,768 947,314 962,206 990,204 999,514 1,015,746 1,030,185 1,050,293 1,045,620

Non-financial corporations:Financial assets with:

Individuals 1 - - - - - - - - - - - -Non-financial corporations 634,895 683,148 721,445 766,135 753,808 786,253 805,112 824,901 867,523 839,097 871,674 831,133

Securities other than shares 5,712 4,960 5,146 5,382 5,446 5,447 6,254 6,822 6,330 6,375 6,246 6,345Loans 2 286,006 329,180 338,222 350,726 366,463 342,706 357,485 349,881 367,328 374,514 373,709 365,108Quoted shares 42,671 50,135 50,926 48,052 41,599 43,616 47,573 48,060 53,321 55,442 58,355 57,600Unquoted shares and other equity 300,505 298,873 327,151 361,975 340,300 394,483 393,800 420,137 440,543 402,766 433,363 402,079

General government 11,355 9,812 10,550 9,336 10,864 11,179 11,802 11,458 10,263 10,657 10,575 9,243Securities other than shares 4,067 3,451 3,229 3,175 4,702 4,841 4,993 5,123 4,259 4,077 4,134 3,300Other assets 7,288 6,360 7,321 6,161 6,163 6,338 6,810 6,334 6,005 6,581 6,441 5,943

Financial corporations 96,477 104,444 105,649 104,358 104,039 104,153 109,523 106,659 105,493 106,567 109,873 112,242Currency and deposits 74,849 83,937 84,247 84,803 84,215 84,503 87,188 85,293 84,253 83,305 84,872 87,463Securities other than shares 632 464 433 355 279 310 647 735 680 640 648 574Quoted shares 4,045 3,525 3,700 2,464 2,490 1,447 2,268 2,032 2,583 3,754 4,004 4,154Unquoted shares and other equity 2,687 3,275 2,880 2,964 3,525 3,508 4,382 3,792 4,053 4,922 5,381 5,586Mutual fund shares 125 179 197 215 231 468 463 460 458 455 447 438Other assets and adjustments 14,139 13,064 14,192 13,557 13,299 13,917 14,575 14,347 13,466 13,491 14,521 14,027

Rest of the world 670,843 764,426 799,743 815,092 799,802 854,819 869,727 863,060 876,289 863,241 881,260 873,945Total 1,413,570 1,561,830 1,637,387 1,694,921 1,668,514 1,756,405 1,796,164 1,806,077 1,859,568 1,819,562 1,873,382 1,826,563

143

12.2 CLAIMS AND LIABILITIES BY SECTOR (CONTINUED)


20132012201120102009

IIIIVIIIIIIIVIIIIII

20102009

General government:Financial assets with:

Individuals 1 1,396 1,548 1,945 2,340 1,293 1,421 1,893 2,238 1,509 1,651 1,909 2,434Non-financial corporations 21,791 21,872 22,139 23,219 20,338 22,863 22,800 23,934 21,330 22,413 21,453 22,767General government 40,577 49,962 41,745 43,210 42,251 54,428 47,039 48,506 47,237 48,722 40,774 43,416

Securities other than shares 16,269 24,286 18,043 19,572 17,221 27,041 22,466 23,717 21,136 20,901 15,297 17,422Loans 22,859 24,154 22,602 22,560 22,827 25,738 23,686 23,814 23,835 26,389 24,254 24,999Other assets 1,449 1,521 1,100 1,077 2,203 1,649 886 975 2,266 1,433 1,223 996

Financial corporations 37,309 38,844 40,574 40,440 42,124 43,640 47,151 48,571 49,906 44,469 47,646 48,903Rest of the world 9,127 8,648 11,226 10,943 9,751 9,185 10,896 13,738 12,512 15,153 16,008 18,244Total 110,200 120,874 117,630 120,152 115,756 131,537 129,779 136,986 132,494 132,408 127,789 135,764

Financial corporations:Financial assets with:

Individuals 1 178,181 189,618 192,059 196,765 199,489 203,328 205,632 209,274 210,666 212,145 213,485 213,978Loans 175,590 187,339 189,768 194,467 197,134 200,936 203,172 206,835 208,089 209,808 211,194 211,766Other assets and adjustments 2,590 2,279 2,290 2,298 2,356 2,392 2,460 2,438 2,577 2,337 2,290 2,212

Non-financial corporations 152,891 157,287 157,818 161,069 157,221 158,704 159,919 164,965 161,420 164,534 169,124 171,500Securities other than shares 4,273 4,448 4,745 4,789 4,474 4,220 4,382 5,397 5,425 5,557 5,644 6,151Loans 125,308 131,698 131,156 135,481 133,916 133,331 134,254 136,010 133,797 135,106 137,263 139,749Quoted shares 8,062 6,796 6,717 6,490 5,203 5,405 6,063 5,817 6,027 6,638 7,389 6,743Unquoted shares and other equity 9,594 7,939 8,852 7,807 7,162 8,849 8,330 11,701 10,419 12,184 13,492 13,409Other assets and adjustments 5,654 6,407 6,348 6,501 6,466 6,898 6,890 6,038 5,752 5,049 5,337 5,447

General government 123,854 136,112 146,040 151,316 159,939 168,278 175,444 182,644 184,981 187,058 185,496 184,952Securities other than shares 94,528 105,130 113,162 118,151 127,309 132,590 140,953 146,516 150,502 152,836 149,359 145,888Loans 26,687 28,357 31,393 30,385 29,873 32,955 33,164 33,589 32,535 31,266 34,796 36,616Other assets 2,639 2,626 1,486 2,781 2,757 2,733 1,328 2,538 1,944 2,956 1,341 2,448

Financial corporations 442,447 400,629 376,355 369,610 412,481 455,100 446,472 457,923 469,639 405,602 381,213 365,004Rest of the world 912,852 899,140 864,962 859,578 897,739 865,985 842,587 840,933 841,361 804,959 811,200 787,701Total 1,810,224 1,782,786 1,737,234 1,738,337 1,826,870 1,851,396 1,830,055 1,855,738 1,868,068 1,774,299 1,760,518 1,723,134

Rest of the world:Financial assets with:

Non-financial corporations 779,334 880,206 893,451 879,956 829,605 888,862 935,698 923,045 941,730 935,574 948,821 914,118General government 191,074 195,451 199,878 196,592 192,355 178,900 185,235 186,021 183,049 177,788 195,424 203,515Financial corporations 623,679 595,794 568,051 573,506 630,293 610,180 574,823 580,748 576,311 555,498 556,248 520,650Total 1,594,087 1,671,452 1,661,380 1,650,054 1,652,253 1,677,942 1,695,755 1,689,814 1,701,091 1,668,859 1,700,493 1,638,284

Financial liabilities of:Individuals 1 179,577 191,166 194,004 199,105 200,782 204,750 207,525 211,511 212,175 213,796 215,394 216,411Non-financial corporations 1,741,535 1,897,735 1,955,789 1,997,922 1,926,491 2,027,280 2,106,619 2,124,507 2,186,869 2,158,274 2,214,758 2,138,703General government 380,626 404,393 408,799 409,585 415,854 431,428 435,108 441,570 438,906 439,942 444,464 450,785Financial corporations 1,788,534 1,751,965 1,711,871 1,717,187 1,813,582 1,834,980 1,812,191 1,834,930 1,845,358 1,762,912 1,755,371 1,715,642Rest of the world 1,723,606 1,806,853 1,812,337 1,823,948 1,837,799 1,864,334 1,863,706 1,858,407 1,875,630 1,833,336 1,865,595 1,833,546Total 5,813,877 6,052,111 6,082,799 6,147,746 6,194,509 6,362,772 6,425,149 6,470,925 6,558,938 6,408,259 6,495,583 6,355,087


1 This sector encompasses the households and non-profit institutions serving households.2 For lack of indicator, the data related to the last year are estimated on the basis of the evolution observed the preceeding year.

144

12.3 FINANCIAL ACCOUNT

(millions of euro)

Individuals Non-finan-cial corpo

GeneralGo ern

Financial corporations Total eco-nom

Rest of theorld

Individuals Non financial corpo-

rations

GeneralGovern-

ment Monetaryfinancialinstitu-tions 1

Insurancecorpora-tions andpensionfunds 2

Other finan-cial institu-

tions 3

Total

Total economy

Rest of theworld

2010Formation of financial assets

Monetary gold and Special Drawing Rights - - - 853 - - 853 853 -853Currency and deposits 14,680 -3,408 966 -42,407 -1,068 -4,468 -47,944 -35,706 -31,462

Currency 361 126 - -113 - - -113 373 805Sight deposits 2,253 3,269 -809 -4,671 -2,171 -1,603 -8,445 -3,732 -25,200Other deposits 12,067 -6,803 1,775 -37,623 1,103 -2,866 -39,386 -32,348 -7,066

Securities other than shares -4,548 -355 5,498 -3,109 15,967 -5,292 7,566 8,161 -3,517Short-term securities -471 2,826 1,016 -4,553 -175 -678 -5,406 -2,035 -978Long-term securities -4,076 -3,229 7,027 1,418 16,158 -4,324 13,252 12,973 -3,932Financial derivatives - 47 -2,545 26 -16 -290 -280 -2,778 1,393

Loans 0 32,365 2,123 -11,712 421 11,018 -273 34,214 -3,343Short-term loans 0 -3,600 -287 -11,274 21 3,211 -8,043 -11,930 -947Long-term loans 0 35,965 2,410 -438 401 7,807 7,769 46,144 -2,396

Shares and other equity -917 31,696 42 -6,838 -1,824 -442 -9,104 21,717 47,819Quoted shares 3,152 6,341 -16 -2,117 754 -1,649 -3,012 6,464 -2,966Unquoted shares 310 21,327 92 -384 -1,500 -1,110 -2,995 18,734 55,969Other equity 490 3,976 5 -4 6 -88 -85 4,386 -4,244Mutual fund shares -4,870 52 -39 -4,332 -1,084 2,405 -3,011 -7,868 -940

Insurance technical reserves 18,997 346 - - -285 - -285 19,058 -199Net equity of households in life insurance and inpension fund reserves 18,326 - - - - - - 18,326 -159Prepayments of insurance premiums and reservesfor outstanding claims 671 346 - - -285 - -285 731 -41

Other accounts receivable and adjustments -78 56,494 383 4,616 1,436 -111 5,941 62,741 5,525Total Formation of financial assets 28,135 117,138 9,011 -58,598 14,646 705 -43,247 111,037 13,970New financial liabilities

Currency and deposits 0 0 114 -44,340 0 - -44,340 -44,226 -22,941Currency 0 0 114 1,064 - - 1,064 1,178 0Sight deposits 0 0 - -25,780 - - -25,780 -25,780 -3,152Other deposits 0 0 - -19,625 0 - -19,625 -19,625 -19,789

Securities other than shares 0 2,549 20,067 -22,152 -380 10,959 -11,573 11,043 -6,399Short-term securities - -1,159 2,027 -5,539 - 57 -5,481 -4,613 1,600Long-term securities 0 2,266 18,041 -14,070 -380 10,864 -3,586 16,721 -7,680Financial derivatives - 1,441 - -2,543 - 37 -2,506 -1,065 -320

Loans 11,576 42,690 3,443 35 693 -3,801 -3,074 54,636 -23,765Short-term loans -47 3,559 504 0 451 -61 391 4,407 -17,284Long-term loans 11,623 39,131 2,939 35 241 -3,740 -3,464 50,230 -6,481

Shares and other equity - 68,214 - 325 62 -4,443 -4,056 64,158 5,377Quoted shares - 555 - 0 0 336 336 891 2,607Unquoted shares - 71,005 - 384 62 -980 -534 70,471 4,233Other equity - -3,346 - 5 0 0 5 -3,341 3,483Mutual fund shares - 0 - -64 - -3,798 -3,862 -3,862 -4,945

Insurance technical reserves - 47 38 - 13,154 - 13,154 13,239 5,619Net equity of households in life insurance and inpension fund reserves - 47 38 - 11,257 - 11,257 11,342 6,825Prepayments of insurance premiums and reservesfor outstanding claims - - - - 1,897 - 1,897 1,897 -1,206

Other accounts payable and adjustments -163 905 174 2,946 -505 -227 2,214 3,130 65,137Total New financial liabilities 11,413 114,405 23,837 -63,186 13,024 2,487 -47,675 101,979 23,027Financing requirement (-) or capacity (+) 16,722 2,733 -14,826 4,588 1,622 -1,782 4,428 9,057 -9,057


1 National Bank of Belgium, credit institutions and monetary undertakings for collective investment.2 Including the Fund for the Protection of Deposits and Financial instruments.3 Non-monetary undertakings for collective investment, financing companies, financial vehicle corporations, investment funds with fixed capital investing in real estate (Sicafi), private closed-end equity

funds which invest in unquoted companies and growth stocks (Pricaf), financial holding corporations, corporations specialised in consumer credit, mortgage companies, regional social housingcompanies, stockbroking firms, portfolio management companies, financial instruments broking companies, companies for the placing of orders in financial instruments.

145

12.3 FINANCIAL ACCOUNT (CONTINUED)

(millions of euro)


GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld


Monetary gold and Special Drawing Rights - - - 971 - - 971 971 -971Currency and deposits 12,939 4,226 955 43,056 2,668 -1,380 44,344 62,463 -3,271

Currency 1,305 -1 - 127 - - 127 1,430 150Sight deposits 614 13,982 -1,110 15,395 1,855 -517 16,733 30,219 43,263Other deposits 11,020 -9,755 2,065 27,534 813 -863 27,485 30,814 -46,684

Securities other than shares 10,859 2,403 2,402 26,374 6,543 -6,608 26,309 41,974 -21,123Short-term securities -56 -2,181 3,974 21,121 -329 358 21,149 22,887 -8,722Long-term securities 10,915 4,557 -1,214 5,256 6,876 -6,802 5,330 19,588 -14,820Financial derivatives - 27 -359 -2 -4 -163 -170 -502 2,418

Loans -61 39,603 3,278 -17,428 483 6,684 -10,261 32,559 46,129Short-term loans -60 12,776 436 -22,720 -16 877 -21,860 -8,708 7,073Long-term loans 0 26,827 2,842 5,292 499 5,808 11,599 41,267 39,057

Shares and other equity 1,598 68,337 4,043 -650 -2,503 -5,267 -8,420 65,559 32,341Quoted shares 1,821 12,780 1 -764 -2,439 -5,211 -8,414 6,189 -1,930Unquoted shares -2,339 35,397 4,450 217 3,180 278 3,676 41,184 15,545Other equity 2,688 19,870 -114 -1 45 0 45 22,489 21,229Mutual fund shares -573 290 -294 -103 -3,289 -334 -3,726 -4,303 -2,503

Insurance technical reserves 7,396 -164 - - 619 - 619 7,851 647Net equity of households in life insurance and inpension fund reserves 7,641 - - - - - - 7,641 28Prepayments of insurance premiums and reservesfor outstanding claims -245 -164 - - 619 - 619 210 619

Other accounts receivable and adjustments 119 18,248 1,199 55,244 1,639 93 56,976 76,541 36,083Total Formation of financial assets 32,850 132,653 11,877 107,568 9,449 -6,477 110,539 287,919 89,834New financial liabilities

Currency and deposits 0 0 84 63,513 0 - 63,513 63,596 -4,404Currency 0 0 84 1,493 - - 1,493 1,577 3Sight deposits 0 0 - 69,175 - - 69,175 69,175 4,308Other deposits 0 0 - -7,155 0 - -7,155 -7,155 -8,715

Securities other than shares 0 6,022 19,354 -10,459 184 11,885 1,610 26,986 -6,136Short-term securities - 1,306 489 -7,456 - 2,117 -5,340 -3,545 17,711Long-term securities 0 2,308 18,866 -2,643 184 9,702 7,243 28,416 -23,648Financial derivatives - 2,409 - -360 - 66 -293 2,115 -199

Loans 13,817 62,978 5,526 -1,067 2,465 -7,619 -6,221 76,100 2,588Short-term loans 54 10,257 2,380 0 1,262 -6,888 -5,626 7,065 -8,700Long-term loans 13,763 52,721 3,147 -1,067 1,202 -731 -595 69,035 11,289

Shares and other equity - 58,687 - 3,175 7 -10,363 -7,182 51,505 46,394Quoted shares - 771 - 0 0 539 539 1,310 2,948Unquoted shares - 12,607 - 652 7 782 1,440 14,047 42,682Other equity - 45,308 - -125 0 0 -125 45,183 -1,465Mutual fund shares - 0 - 2,649 - -11,684 -9,035 -9,035 2,229

Insurance technical reserves - 557 34 - 7,214 - 7,214 7,806 692Net equity of households in life insurance and inpension fund reserves - 557 34 - 6,712 - 6,712 7,303 366Prepayments of insurance premiums and reservesfor outstanding claims - - - - 503 - 503 503 326

Other accounts payable and adjustments -41 1,541 1,281 57,453 492 171 58,116 60,898 51,726Total New financial liabilities 13,776 129,785 26,280 112,615 10,362 -5,926 117,051 286,892 90,861Financing requirement (-) or capacity (+) 19,074 2,868 -14,403 -5,048 -913 -551 -6,511 1,027 -1,027




146


(millions of euro)


GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld


Monetary gold and Special Drawing Rights - - - 237 - - 237 237 -237Currency and deposits 20,063 -8,545 -790 -62,525 -1,629 3,400 -60,753 -50,025 -89,023

Currency 643 57 - 111 - - 111 811 -81Sight deposits 5,253 -14,050 436 -4,151 -51 2,172 -2,029 -10,390 -2,738Other deposits 14,168 5,448 -1,226 -58,486 -1,578 1,228 -58,836 -40,446 -86,203

Securities other than shares -9,605 1,059 -6,023 -23,826 5,354 -5,384 -23,856 -38,425 12,828Short-term securities -27 -148 -4,558 -18,819 173 -648 -19,294 -24,026 3,976Long-term securities -9,578 1,191 -1,356 -5,447 5,108 -4,006 -4,345 -14,088 5,860Financial derivatives - 15 -109 440 73 -730 -217 -311 2,993

Loans 143 -7,592 5,397 3,100 4,350 1,025 8,475 6,423 -18,059Short-term loans 192 -28,768 -72 -7,397 1,180 -1,050 -7,268 -35,916 -19,081Long-term loans -49 21,176 5,469 10,497 3,171 2,076 15,743 42,338 1,022

Shares and other equity 1,210 -24,667 -2,956 -669 299 1,612 1,242 -25,172 -504Quoted shares 1,166 7,488 35 343 -986 3,893 3,250 11,939 2,837Unquoted shares 754 6,958 1,106 -1,035 1,163 -3,357 -3,229 5,590 -22,598Other equity 392 -39,101 -3,991 -1 -29 0 -30 -42,729 19,133Mutual fund shares -1,102 -13 -106 23 150 1,076 1,250 28 124

Insurance technical reserves 9,487 49 - - 545 - 545 10,081 204Net equity of households in life insurance and inpension fund reserves 9,141 - - - - - - 9,141 167Prepayments of insurance premiums and reservesfor outstanding claims 346 49 - - 545 - 545 940 37

Other accounts receivable and adjustments 135 17,413 -139 -44,509 -1,161 -1,553 -47,224 -29,814 8,844Total Formation of financial assets 21,433 -22,284 -4,511 -128,193 7,757 -900 -121,335 -126,696 -85,946New financial liabilities

Currency and deposits 0 0 -29 -86,619 0 - -86,619 -86,648 -52,400Currency 0 0 -29 764 - - 764 735 -5Sight deposits 0 0 - -11,884 - - -11,884 -11,884 -1,245Other deposits 0 0 - -75,499 0 - -75,499 -75,499 -51,150

Securities other than shares 0 8,687 6,460 4,775 91 -986 3,880 19,027 -44,624Short-term securities - -2,393 -10,162 11,876 - -2,089 9,788 -2,767 -17,282Long-term securities 0 8,063 16,622 -7,344 91 1,139 -6,113 18,572 -26,801Financial derivatives - 3,017 - 242 - -37 206 3,222 -541

Loans 9,144 12,262 4,291 -2,011 -1,610 3,204 -418 25,280 -36,916Short-term loans 483 -43,704 -2,982 0 -1,271 1,015 -255 -46,458 -8,538Long-term loans 8,661 55,966 7,273 -2,011 -340 2,188 -163 71,737 -28,377

Shares and other equity - -43,553 - -3,433 313 -1,279 -4,399 -47,952 22,276Quoted shares - -175 - 0 0 3,731 3,731 3,555 11,221Unquoted shares - -25,305 - -52 313 537 798 -24,507 7,498Other equity - -18,073 - 4 0 -4,025 -4,021 -22,094 -1,502Mutual fund shares - 0 - -3,385 - -1,523 -4,907 -4,907 5,060

Insurance technical reserves - -57 54 - 8,527 - 8,527 8,523 1,762Net equity of households in life insurance and inpension fund reserves - -57 54 - 8,050 - 8,050 8,047 1,261Prepayments of insurance premiums and reservesfor outstanding claims - - - - 477 - 477 477 500

Other accounts payable and adjustments 171 -1,880 528 -41,423 176 -1,441 -42,688 -43,869 22,899Total New financial liabilities 9,315 -24,542 11,304 -128,711 7,496 -502 -121,717 -125,640 -87,002Financing requirement (-) or capacity (+) 12,118 2,258 -15,814 519 261 -398 382 -1,056 1,056




147


(millions of euro, first six months)


GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld

2013 IIFormation of financial assets

Monetary gold and Special Drawing Rights - - - -184 - - -184 -184 184Currency and deposits 12,866 5,253 7,806 -34,617 -78 -1,726 -36,422 -10,497 -15,349

Currency -54 14 - -292 - - -292 -332 252Sight deposits 6,967 168 1,403 -1,696 -540 2,117 -119 8,419 -24,113Other deposits 5,952 5,070 6,403 -32,629 461 -3,843 -36,010 -18,585 8,512

Securities other than shares -7,087 -1,648 -4,281 -6,649 -289 -6,804 -13,742 -26,758 30,517Short-term securities 5 65 -977 552 -398 125 279 -628 1,786Long-term securities -7,092 -1,714 -2,514 -7,295 149 -6,500 -13,646 -24,966 26,241Financial derivatives - 1 -790 94 -39 -430 -375 -1,164 2,491

Loans 343 -12,447 -409 32,721 2,144 -1,264 33,602 21,088 -655Short-term loans 343 -13,898 -1,400 20,356 1,969 2,399 24,725 9,770 -482Long-term loans 0 1,451 991 12,365 175 -3,663 8,877 11,319 -174

Shares and other equity 4,842 4,595 127 -2,011 3,822 640 2,451 12,014 -1,018Quoted shares 1,024 3,190 1 -908 1,563 -944 -289 3,927 -193Unquoted shares 378 2,068 80 -1,119 1,845 -844 -118 2,407 -3,081Other equity 72 -645 8 -2 2 0 0 -566 3,447Mutual fund shares 3,368 -18 38 19 412 2,427 2,858 6,246 -1,191

Insurance technical reserves 3,590 269 - - 359 - 359 4,217 100Net equity of households in life insurance and inpension fund reserves 3,048 - - - - - - 3,048 34Prepayments of insurance premiums and reservesfor outstanding claims 542 269 - - 359 - 359 1,169 66

Other accounts receivable and adjustments -4,041 2,734 2,074 -26,121 -701 1,771 -25,051 -24,284 -18,344Total Formation of financial assets 10,512 -1,243 5,315 -36,861 5,257 -7,383 -38,987 -24,404 -4,566New financial liabilities

Currency and deposits 0 0 -39 -17,493 0 - -17,493 -17,532 -8,315Currency 0 0 -39 -43 - - -43 -82 3Sight deposits 0 0 - -11,988 - - -11,988 -11,988 -3,706Other deposits 0 0 - -5,462 0 - -5,462 -5,462 -4,611

Securities other than shares 0 4,410 14,753 -703 57 -3,508 -4,154 15,009 -11,249Short-term securities - 937 4 143 - -803 -660 281 877Long-term securities 0 993 14,749 -56 57 -2,715 -2,713 13,028 -11,753Financial derivatives - 2,481 - -790 - 9 -780 1,700 -373

Loans 2,263 140 4,235 582 3,157 -5,084 -1,345 5,293 15,140Short-term loans 1,129 -4,445 2,094 0 2,164 -4,690 -2,526 -3,749 13,037Long-term loans 1,134 4,586 2,141 582 993 -394 1,181 9,042 2,103

Shares and other equity - 3,525 - 1,381 116 -1,702 -205 3,320 7,676Quoted shares - 936 - 0 0 238 238 1,173 2,560Unquoted shares - -894 - 110 116 -2,203 -1,977 -2,871 2,198Other equity - 3,484 - 0 0 0 0 3,484 -603Mutual fund shares - 0 - 1,271 - 263 1,534 1,534 3,521

Insurance technical reserves - -34 28 - 2,850 - 2,850 2,844 1,472Net equity of households in life insurance and inpension fund reserves - -34 28 - 1,938 - 1,938 1,932 1,150Prepayments of insurance premiums and reservesfor outstanding claims - - - - 912 - 912 912 323

Other accounts payable and adjustments 657 1,711 -7,050 -31,643 299 1,549 -29,795 -34,476 -8,152Total New financial liabilities 2,920 9,752 11,926 -47,875 6,480 -8,745 -50,141 -25,542 -3,427Financing requirement (-) or capacity (+) 7,591 -10,996 -6,611 11,014 -1,222 1,362 11,154 1,138 -1,138




148

12.4 FINANCIAL BALANCE SHEETS



GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld

2010Financial assets

Monetary gold and Special Drawing Rights - - - 14,343 - - 14,343 14,343 -Currency and deposits 293,056 122,520 10,851 366,152 8,490 22,578 397,220 823,646 416,107

Currency 22,722 1,564 - 1,804 - - 1,804 26,090 2,176Sight deposits 40,329 44,761 6,251 62,193 2,632 9,914 74,739 166,081 86,643Other deposits 230,004 76,195 4,600 302,155 5,858 12,664 320,677 631,475 327,288

Securities other than shares 94,510 25,713 25,079 269,975 171,074 64,414 505,462 650,765 255,217Short-term securities 218 12,651 2,570 6,245 958 1,464 8,668 24,107 58,608Long-term securities 94,292 12,967 22,510 263,671 169,943 60,644 494,259 624,027 196,596Financial derivatives - 95 - 58 173 2,305 2,536 2,631 13

Loans 49 708,568 26,514 375,807 13,185 130,361 519,352 1,254,484 186,273Short-term loans 0 383,377 4,880 128,273 3,750 6,489 138,511 526,768 130,286Long-term loans 49 325,191 21,634 247,534 9,435 123,872 380,841 727,716 55,987

Shares and other equity 293,122 612,000 40,753 26,221 55,499 89,789 171,509 1,117,383 765,199Quoted shares 47,488 153,655 11,894 2,372 11,141 35,153 48,666 261,703 89,176Unquoted shares 87,094 355,177 10,683 23,487 8,894 35,988 68,369 521,323 498,126Other equity 50,038 102,989 17,210 32 70 0 102 170,339 162,219Mutual fund shares 108,501 178 966 330 35,394 18,648 54,372 164,018 15,678

Insurance technical reserves 237,698 7,694 - - 6,204 - 6,204 251,596 2,543Net equity of households in life insurance and inpension fund reserves 218,837 - - - - - - 218,837 1,703Prepayments of insurance premiums and reservesfor outstanding claims 18,861 7,694 - - 6,204 - 6,204 32,759 840

Other accounts receivable and adjustments 11,077 85,336 17,678 155,674 7,762 5,260 168,695 282,786 46,113Total Financial assets 929,512 1,561,830 120,874 1,208,171 262,214 312,402 1,782,786 4,395,003 1,671,452Financial liabilities

Currency and deposits 0 0 1,393 883,863 0 - 883,863 885,256 354,497Currency 0 0 1,393 26,849 - - 26,849 28,242 24Sight deposits 0 0 - 222,711 - - 222,711 222,711 30,013Other deposits 0 0 - 634,303 0 - 634,303 634,303 324,460

Securities other than shares 0 28,859 327,354 75,272 1,971 87,874 165,118 521,330 384,651Short-term securities - 8,048 45,503 13,560 - 1,706 15,266 68,817 13,898Long-term securities 0 20,752 281,851 61,711 1,971 86,061 149,743 452,346 368,277Financial derivatives - 59 - 1 - 108 109 168 2,476

Loans 187,400 614,648 60,008 14,297 12,645 57,016 83,958 946,014 494,742Short-term loans 6,116 284,570 10,946 0 7,235 27,114 34,349 335,981 321,073Long-term loans 181,285 330,078 49,062 14,297 5,410 29,902 49,609 610,033 173,669

Shares and other equity - 1,234,010 - 46,642 18,010 163,260 227,912 1,461,923 420,660Quoted shares - 164,099 - 1,394 0 22,496 23,890 187,988 162,891Unquoted shares - 765,980 - 33,134 18,010 41,408 92,551 858,531 160,918Other equity - 303,932 - 10,210 0 7,000 17,210 321,141 11,417Mutual fund shares - 0 - 1,905 - 92,357 94,261 94,261 85,434

Insurance technical reserves - 280 577 - 223,445 - 223,445 224,303 29,835Net equity of households in life insurance and inpension fund reserves - 280 577 - 193,332 - 193,332 194,190 26,350Prepayments of insurance premiums and reservesfor outstanding claims - - - - 30,114 - 30,114 30,114 3,486

Other accounts payable and adjustments 3,765 19,938 15,061 155,098 4,520 8,050 167,668 206,432 122,468Total Financial liabilities 191,166 1,897,735 404,393 1,175,173 260,591 316,200 1,751,965 4,245,259 1,806,853Net financial wealth 738,346 -335,905 -283,519 32,998 1,622 -3,799 30,822 149,744 -135,401




149

12.4 FINANCIAL BALANCE SHEETS (CONTINUED)



GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld





Loans 889 773,339 29,699 356,477 13,665 136,087 506,230 1,310,156 216,131Short-term loans 840 413,167 5,316 102,867 3,734 7,478 114,080 533,403 132,206Long-term loans 49 360,171 24,383 253,609 9,931 128,609 392,150 776,753 83,926


Insurance technical reserves 243,273 7,530 - - 6,823 - 6,823 257,627 3,276Net equity of households in life insurance and inpension fund reserves 224,658 - - - - - - 224,658 1,817Prepayments of insurance premiums and reservesfor outstanding claims 18,616 7,530 - - 6,823 - 6,823 32,969 1,459

Other accounts receivable and adjustments 10,552 103,359 18,877 210,946 9,401 5,317 225,664 358,451 82,196Total Financial assets 962,206 1,756,405 131,537 1,306,597 268,987 275,812 1,851,396 4,701,543 1,677,942Financial liabilities



Loans 201,025 667,106 65,529 6,078 15,109 47,609 68,797 1,002,456 523,831Short-term loans 6,172 289,889 13,320 0 8,497 18,306 26,803 336,184 329,425Long-term loans 194,853 377,217 52,209 6,078 6,612 29,304 41,994 666,272 194,407

Shares and other equity - 1,305,237 - 41,798 15,596 128,836 186,230 1,491,467 414,816Quoted shares - 152,958 - 904 0 11,359 12,263 165,220 143,914Unquoted shares - 782,454 - 24,338 15,596 32,963 72,897 855,351 174,773Other equity - 369,826 - 12,188 0 7,000 19,188 389,013 11,572Mutual fund shares - 0 - 4,369 - 77,513 81,882 81,882 84,557






150




GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld




Securities other than shares 98,016 29,165 21,925 271,808 198,992 46,739 517,539 666,645 230,981Short-term securities 136 10,316 1,986 8,973 1,024 1,254 11,251 23,689 53,802Long-term securities 97,880 18,712 19,940 262,340 197,726 43,368 503,433 639,965 177,179Financial derivatives - 137 - 495 242 2,117 2,855 2,991 0

Loans 1,031 754,151 34,905 358,238 18,025 137,113 513,375 1,303,463 205,613Short-term loans 1,031 357,822 5,244 95,714 4,914 6,428 107,056 471,153 121,491Long-term loans 0 396,330 29,660 262,524 13,111 130,685 406,319 832,309 84,123



Other accounts receivable and adjustments 10,687 120,770 18,738 166,426 8,251 3,937 178,614 328,809 91,040Total Financial assets 1,030,185 1,819,562 132,408 1,173,131 299,041 302,127 1,774,299 4,756,454 1,668,859Financial liabilities




Shares and other equity - 1,416,533 - 62,645 17,345 152,717 232,707 1,649,240 491,227Quoted shares - 193,695 - 966 0 23,661 24,627 218,322 175,339Unquoted shares - 874,749 - 47,938 17,345 38,751 104,034 978,784 208,892Other equity - 348,089 - 12,747 0 5,526 18,273 366,362 11,452Mutual fund shares - 0 - 994 - 84,779 85,772 85,772 95,545


Other accounts payable and adjustments 3,897 19,513 16,870 171,352 5,188 5,936 182,476 222,755 197,094Total Financial liabilities 213,796 2,158,274 439,942 1,176,042 278,369 308,501 1,762,912 4,574,923 1,833,336Net financial wealth 816,390 -338,712 -307,534 -2,912 20,672 -6,374 11,387 181,531 -164,476




151




GeneralGo ern


Rest of theorld


rations

GeneralGovern-




tions 3

Total

Total economy

Rest of theworld

2013 IIFinancial assets




Loans 1,374 741,705 34,495 389,908 20,170 135,849 545,927 1,323,502 204,815Short-term loans 1,374 343,924 3,844 116,388 6,883 8,827 132,098 481,241 119,602Long-term loans 0 397,781 30,651 273,520 13,287 127,022 413,829 842,261 85,213



Other accounts receivable and adjustments 6,646 123,504 20,812 140,297 7,551 5,729 153,577 304,538 72,696Total Financial assets 1,045,620 1,826,563 135,764 1,130,424 298,825 293,886 1,723,134 4,731,082 1,638,284Financial liabilities




Shares and other equity - 1,393,130 - 67,015 16,213 153,305 236,533 1,629,663 510,626Quoted shares - 197,363 - 1,047 0 25,889 26,937 224,299 184,130Unquoted shares - 845,552 - 53,299 16,213 36,898 106,410 951,962 214,156Other equity - 350,216 - 10,817 0 4,044 14,861 365,077 11,359Mutual fund shares - 0 - 1,852 - 86,474 88,325 88,325 100,981






13. Monetary financial institutions

154

13.1 EUROSYSTEM13.1.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM

(millions of euro)

2013

5 July 12 July 19 July 26 July 2 Aug. 9 Aug. 16 Aug. 23 Aug. 30 Aug. 6 Sep. 13 Sep. 20 Sep. 27 Sep. 4 Oct. 11 Oct.

AssetsGold and gold receivables 319,967 319,968 319,968 319,968 319,968 319,968 319,968 319,968 319,969 319,969 319,969 319,969 319,969 343,919 343,919Claims on non-euro area residents denominated inforeign currency 248,016 248,288 247,212 247,668 247,320 250,097 250,113 250,429 249,648 251,420 251,016 250,695 249,991 245,370 245,653

Receivables from the IMF 85,333 85,309 85,091 85,061 85,333 85,637 84,665 84,655 84,569 84,655 84,645 84,659 84,553 83,492 83,479Balances with banks and security investments,external loans and other external assets 162,683 162,979 162,121 162,607 161,988 164,460 165,447 165,774 165,079 166,765 166,372 166,037 165,439 161,878 162,174

Claims on euro area residents denominated in for-eign currency 26,422 26,584 26,181 25,890 25,825 24,230 22,691 22,806 23,960 23,151 23,735 22,654 22,701 21,474 20,883Claims on non-euro area residents denominated ineuro 20,424 21,623 20,742 20,790 21,660 20,846 21,876 22,275 22,304 22,273 22,308 23,136 23,256 23,572 22,760

Balances with banks, security investments andloans 20,424 21,623 20,742 20,790 21,660 20,846 21,876 22,275 22,304 22,273 22,308 23,136 23,256 23,572 22,760Claims arising from the credit facility under theERM-II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Lending to euro area credit institutions related tomonetary policy operations denominated in euro 811,424 803,340 804,371 800,574 804,920 793,600 790,931 790,349 790,549 786,512 779,495 775,417 767,304 761,567 753,023

Main refinancing operations 107,696 102,064 104,427 102,302 109,163 99,413 97,561 97,729 97,126 95,621 97,170 96,249 97,027 94,466 93,366Longer-term refinancing operations 703,290 701,141 699,926 697,544 695,734 693,974 693,258 692,604 693,292 688,642 682,257 678,922 670,156 666,999 659,342Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Marginal lending facility 438 135 18 729 19 212 111 15 131 2,249 67 246 120 101 314Credits related to margin calls 0 0 0 0 3 0 0 0 0 0 0 0 0 1 0

Other claims on euro area credit institutions denom-inated in euro 91,841 87,689 88,336 86,040 86,813 84,322 82,123 80,848 79,674 75,181 77,097 76,116 81,277 74,121 76,035Securities of euro area residents denominated ineuro 1 608,407 606,940 606,564 607,637 600,712 602,661 603,863 602,535 603,118 604,244 604,275 604,043 600,114 599,900 599,711

Securities held for monetary policy purposes 256,433 256,115 255,709 255,384 252,499 252,499 252,499 250,597 250,139 250,139 250,087 249,768 246,703 246,994 246,574Other securities 351,974 350,825 350,855 352,253 348,213 350,162 351,364 351,938 352,979 354,104 354,188 354,275 353,410 352,907 353,137

General government debt denominated in euro 28,356 28,356 28,356 28,356 28,356 28,356 28,356 28,356 28,356 28,361 28,361 28,361 28,361 28,328 28,328Other assets 265,489 260,547 257,230 259,258 255,517 255,242 248,601 243,266 243,062 245,564 243,870 246,198 245,072 252,329 250,110

Total Assets 2,420,347 2,403,333 2,398,959 2,396,181 2,391,090 2,379,322 2,368,521 2,360,832 2,360,639 2,356,675 2,350,127 2,346,591 2,338,044 2,350,580 2,340,421

155

13.1.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM (CONTINUED)

(millions of euro)

2013

11 Oct.4 Oct.27 Sep.20 Sep.13 Sep.6 Sep.30 Aug.23 Aug.16 Aug.9 Aug.2 Aug.26 July19 July12 July5 July

LiabilitiesBanknotes in circulation 915,769 916,981 916,769 916,657 922,288 922,944 924,226 918,346 919,379 920,395 919,259 916,731 917,734 921,733 920,120Liabilities to euro area credit institutions related tomonetary policy operations denominated in euro 570,126 565,472 536,641 530,590 555,384 553,550 555,261 535,929 533,479 539,639 537,798 515,072 502,175 508,222 508,620

Current accounts 271,264 275,347 264,662 255,821 272,329 284,035 281,539 256,148 272,260 269,181 275,819 274,478 258,760 265,366 268,047Deposit facility 103,862 94,619 76,431 79,242 87,348 76,997 81,202 87,224 70,569 79,934 71,425 50,060 52,870 55,336 52,553Fixed term deposits 195,000 195,500 195,500 195,500 195,500 192,500 192,500 192,500 190,500 190,500 190,500 190,500 190,500 187,500 188,000Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Deposits related to margin calls 1 6 48 27 208 17 20 56 149 24 53 34 45 20 20

Other liabilities to euro area credit institutions de-nominated in euro 2 6,195 6,402 6,426 6,693 6,519 6,431 6,476 6,139 5,565 6,303 6,292 6,053 6,187 6,045 5,927Debt certificates issued 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Liabilities to other euro area residents denominatedin euro 109,644 105,468 135,414 137,115 99,748 91,206 81,443 109,457 108,765 94,559 94,492 112,793 119,620 103,774 94,146

General government 89,255 84,282 111,022 114,372 75,598 68,584 57,696 86,653 86,445 70,394 67,370 84,880 94,886 76,582 73,395Other liabilities 2 20,390 21,187 24,392 22,743 24,150 22,622 23,747 22,804 22,320 24,164 27,121 27,913 24,734 27,192 20,751

Liabilities to non-euro area residents denominatedin euro 145,033 140,875 136,375 136,388 135,923 135,755 136,797 131,783 135,006 136,406 131,977 134,766 134,871 129,158 131,122Liabilities to euro area residents denominated inforeign currency 2,595 2,949 1,746 1,640 1,387 1,895 1,422 1,590 1,840 1,662 2,999 2,578 2,502 2,117 2,365Liabilities to non-euro area residents denominatedin foreign currency 5,622 5,535 5,267 5,420 4,761 5,156 5,797 5,870 5,762 6,554 5,521 4,437 3,801 4,021 3,321

Deposits, balances and other liabilities 5,622 5,535 5,267 5,420 4,761 5,156 5,797 5,870 5,762 6,554 5,521 4,437 3,801 4,021 3,321Liabilities arising from the credit facility under theERM II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Counterpart of special drawing rights allocated bythe IMF 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 54,240 53,565 53,565Other liabilities 236,048 230,337 231,006 232,632 235,742 233,047 227,759 222,378 221,504 221,819 222,451 224,822 221,815 226,992 226,281Revaluation accounts 284,680 284,680 284,680 284,690 284,680 284,680 284,680 284,680 284,680 284,680 284,680 284,680 284,680 304,534 304,534Capital and reserves 90,395 90,395 90,396 90,395 90,418 90,419 90,419 90,419 90,419 90,419 90,419 90,420 90,419 90,419 90,420

Total Liabilities 2,420,347 2,403,333 2,398,959 2,396,181 2,391,090 2,379,322 2,368,521 2,360,832 2,360,639 2,356,675 2,350,127 2,346,591 2,338,044 2,350,580 2,340,421

Sources: ECB, NBB

1 From July 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From 2001 onwards : Split of the old serie ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area credit institutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.

156

13.2 NATIONAL BANK OF BELGIUM13.2.1 MONTHLY FINANCIAL STATEMENT OF THE NATIONAL BANK OF BELGIUM

(millions of euro)

2012 2013

Sep. Oct. Nov. Dec. Jan. Feb. March April May June July Aug. Sep.

AssetsGold and gold receivables 10,073 10,073 10,073 9,223 9,223 9,223 9,151 9,151 9,151 6,727 6,727 6,727 7,232Claims on non-euro area residents denominated in foreign currency 14,356 14,442 14,297 14,021 13,982 13,738 13,925 14,008 14,113 13,770 13,743 13,583 13,404

Receivables from the IMF 7,955 8,221 8,092 7,832 7,895 7,685 7,741 7,741 7,643 7,552 7,576 7,495 7,405Balances with banks and security investments, external loans and other exter-nal assets 6,401 6,221 6,205 6,189 6,087 6,053 6,184 6,267 6,470 6,218 6,167 6,088 5,999

Claims on euro area residents denominated in foreign currency 258 341 344 242 288 272 470 422 275 291 322 384 330Claims on non-euro area residents denominated in euro 668 620 618 663 687 656 672 669 639 646 721 704 788Lending to euro area credit institutions related to monetary policy operationsdenominated in euro 39,720 39,720 40,010 40,010 29,220 19,170 16,171 15,130 14,485 14,535 14,535 14,395 14,395

Main refinancing operations 0 0 90 90 90 40 41 0 0 50 50 0 0Longer-term refinancing operations 39,720 39,720 39,920 39,920 29,130 19,130 16,130 15,130 14,485 14,485 14,485 14,395 14,395Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Marginal lending facility 0 0 0 0 0 0 0 0 0 0 0 0 0Credits related to margin calls 0 0 0 0 0 0 0 0 0 0 0 0 0

Other claims on euro area credit institutions denominated in euro 2,414 1,863 1,684 1,437 960 776 1,548 1,776 1,326 876 698 456 0Securities of euro area residents denominated in euro 1 23,222 23,103 23,034 22,963 22,723 22,620 22,553 22,153 21,945 21,868 21,750 21,553 21,326

Securities held for monetary policy purposes 9,028 9,018 8,937 8,956 8,816 8,735 8,732 8,548 8,259 8,249 8,179 7,962 7,848Other securities 14,194 14,085 14,097 14,007 13,907 13,885 13,821 13,605 13,686 13,619 13,571 13,591 13,478

Intra-eurosystem claims 15,935 15,611 15,415 15,344 15,071 14,898 14,800 14,611 14,533 14,324 14,410 14,290 14,148Participating interest in ECB 221 221 221 261 261 261 261 261 261 261 264 264 264Claims equivalent to the transfer of foreign reserves 1,397 1,397 1,397 1,397 1,397 1,397 1,397 1,397 1,397 1,397 1,401 1,401 1,401Net claims related to the allocation of euro banknotes within the Eurosystem 2 14,317 13,993 13,797 13,686 13,413 13,240 13,142 12,953 12,875 12,666 12,745 12,625 12,483Other claims within the Eurosystem (net) 0 0 0 0 0 0 0 0 0 0 0 0 0

Other assets 5,276 5,207 5,294 5,465 5,336 5,266 5,163 5,356 5,399 5,484 5,416 5,511 5,472Total Assets 111,922 110,980 110,769 109,368 97,490 86,619 84,453 83,276 81,866 78,521 78,322 77,603 77,095

157

13.2.1 MONTHLY FINANCIAL STATEMENT OF THE NATIONAL BANK OF BELGIUM (CONTINUED)

(millions of euro)

20132012

Sep.Aug.JulyJuneMayAprilMarchFeb.Jan.Dec.Nov.Oct.Sep.

LiabilitiesBanknotes in circulation 2 28,466 28,431 28,378 29,107 28,148 28,067 28,584 28,754 28,873 29,064 29,364 29,397 29,372Liabilities to euro area credit institutions related to monetary policy operationsdenominated in euro 30,478 19,730 24,263 19,572 22,718 19,496 23,151 16,250 18,275 18,418 15,612 15,221 17,614

Current accounts 8,123 6,156 9,879 6,481 7,234 6,347 6,671 6,934 8,170 9,410 6,727 8,204 7,156Deposit facility 20,391 11,650 12,505 11,291 11,534 10,158 12,830 4,316 1,390 5,267 2,227 3,147 3,397Fixed term deposits 1,964 1,924 1,879 1,800 3,950 2,991 3,650 5,000 8,715 3,741 6,658 3,870 7,061Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0Deposits related to margin calls 0 0 0 0 0 0 0 0 0 0 0 0 0

Other liabilities to euro area credit institutions denominated in euro 3 0 0 0 0 0 0 0 49 0 0 0 0 0Liabilities to other euro area residents denominated in euro 223 244 419 568 460 564 553 477 438 738 348 290 422

General government 136 102 241 296 144 149 179 106 122 139 143 98 139Other liabilities 3 87 142 178 272 316 415 374 371 316 599 205 192 283

Liabilities to non-euro area residents denominated in euro 346 376 417 329 402 383 286 342 498 181 318 286 270Liabilities to euro area residents denominated in foreign currency 696 578 431 298 298 112 576 754 773 466 266 142 0Liabilities to non-euro area residents denominated in foreign currency 1,672 1,257 1,249 1,107 641 672 1,010 1,010 592 427 427 317 0Counterpart of special drawing rights allocated by the IMF 5,158 5,158 5,158 5,040 5,040 5,040 5,057 5,057 5,057 4,974 4,974 4,974 4,913Intra-eurosystem liabilities 29,085 39,304 34,471 38,161 24,416 16,842 10,623 15,927 12,667 12,167 14,868 14,692 11,693

Liabilities related to promissory notes backing the issuance of ECB debt certifi-cates 0 0 0 0 0 0 0 0 0 0 0 0 0Net liabilities related to the allocation of euro banknotes within the Eurosystem 2 0 0 0 0 0 0 0 0 0 0 0 0 0Other liabilities within the Eurosystem (net) 29,085 39,304 34,471 38,161 24,416 16,842 10,623 15,927 12,667 12,167 14,868 14,692 11,693

Other liabilities 1,507 1,611 1,692 1,783 1,964 2,040 943 986 1,023 988 1,047 1,186 1,275Revaluation accounts 10,321 10,321 10,321 9,433 9,433 9,433 9,366 9,366 9,366 6,794 6,794 6,794 7,232Capital and reserves 3,970 3,970 3,970 3,970 3,970 3,970 4,304 4,304 4,304 4,304 4,304 4,304 4,304

Total Liabilities 111,922 110,980 110,769 109,368 97,490 86,619 84,453 83,276 81,866 78,521 78,322 77,603 77,095

Source: NBB

1 From July 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From 2002 onwards: According to the accounting regime chosen by the Eurosystem on the issue of euro banknotes, a share of 8 % of the total value of the euro banknotes in circulation is allocated to the ECB on a monthly basis. The counterpart of this adjustment is disclosed as

an ”Intra-Eurosystem liability related to banknote issue”.The remaining 92 % of the value of the euro banknotes in circulation are allocated to the NCBs on a monthly basis too, whereby each NCB shows in its balance sheet a share of the euro banknotes issued corresponding to its paid-up share in the ECB’s capital (Capital Share Mechanismor CSM).The difference between the value of the euro banknotes allocated to the NCB according to the aforementioned accounting regime, and the value of euro banknotes put into circulation, is also disclosed as an ”Intra-Eurosystem claim/liability related to banknote issue”.

3 From 2001 onwards: Split of the old serie ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area credit institutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.

158

13.2.2 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT (FROM 1999 ONWARDS)

(millions of euro)

2008 2009 2010 2011 2012

Assets1 Gold and gold receivables 4,547 5,606 7,720 8,899 9,2232 Claims on non-euro area residents denominated in foreign currency 6,663 11,080 12,409 13,927 14,021

2.1 Receivables from the IMF 1,208 5,771 6,623 7,814 7,8322.2 Balances with banks and security investments, external loans and other external assets 5,455 5,309 5,786 6,113 6,189

3 Claims on euro area residents denominated in foreign currency 36,120 246 421 7,896 2424 Claims on non-euro area residents denominated in euro 344 507 582 773 6635 Lending to euro area credit institutions related to monetary policy operations denominated in euro 57,967 41,277 7,215 40,421 40,010

5.1 Main refinancing operations 4,185 5,002 3,100 8,211 905.2 Longer-term refinancing operations 52,050 36,275 4,115 17,965 39,9205.3 Fine-tuning reverse operations 0 0 0 0 05.4 Structural reverse operations 0 0 0 0 05.5 Marginal lending facility 1,732 0 0 14,245 05.6 Credits related to margin calls 0 0 0 0 0

6 Other claims on euro area credit institutions denominated in euro 2,851 2,388 2,299 9,234 1,4397 Securities of euro area residents denominated in euro 1 15,176 15,305 19,088 23,396 22,962

7.1 Securities held for monetary policy purposes 984 4,768 9,114 8,9557.2 Other securities 14,321 14,320 14,282 14,007

8 Intra-Eurosystem claims 24,374 20,235 20,052 17,972 15,3448.1 Participating interest in ECB capital 144 140 180 221 2618.2 Claims equivalent to the transfer of foreign reserves 1,423 1,397 1,397 1,397 1,3978.3 Net claims related to the allocation of euro banknotes within the Eurosystem 22,807 18,698 18,475 16,354 13,6868.4 Other claims within the Eurosystem (net) 2 0 0 0 0 0

9 Other assets 5,163 4,817 4,912 5,197 5,8499.1 Coins of euro area 7 5 13 10 109.2 Tangible and intangible fixed assets 391 373 384 395 4019.3 Other financial assets 2,434 3,735 3,905 4,084 4,2999.4 Off-balance-sheet instruments: revaluation differences 1,451 0 0 0 1659.5 Accruals and deferred expenditure 619 629 541 627 9219.6 Sundry 261 75 69 81 53

Total Assets 153,205 101,461 74,698 127,715 109,753

159

13.2.2 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT (FROM 1999 ONWARDS) (CONTINUED)

(millions of euro)

20122011201020092008

Liabilities1 Banknotes in circulation 24,878 25,785 26,849 28,343 29,1072 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 10,804 14,777 12,996 22,570 19,573

2.1 Current accounts (covering the minimum reserve system) 9,197 11,881 11,778 9,613 6,4822.2 Deposit facility 1,607 2,896 718 10,797 11,2912.3 Fixed-term deposits 0 0 500 2,160 1,8002.4 Fine-tuning reverse operations 0 0 0 0 02.5 Deposits related to margin calls 0 0 0 0 0

3 Other liabilities to euro area credit institutions denominated in euro 130 226 22 0 04 Liabilities to other euro area residents denominated in euro 85 116 131 540 568

4.1 General government 58 108 82 65 2964.2 Other liabilities 27 8 49 475 272

5 Liabilities to non-euro area residents denominated in euro 274 258 269 340 3296 Liabilities to euro area residents denominated in foreign currency 0 0 680 1,264 2987 Liabilities to non-euro area residents denominated in foreign currency 2,530 2,207 1,657 1,740 1,1078 Counterpart of special drawing rights allocated by the IMF 536 4,706 5,003 5,130 5,0409 Intra-Eurosystem liabilities 104,243 42,490 13,871 52,859 38,059

9.1 Liabilities related to promissory notes backing the issuance of ECB debt certificates 0 0 0 0 09.2 Net liabilities related to the allocation of euro banknotes within the Eurosystem 0 0 0 0 09.3 Other liabilities within the Eurosystem 104,243 42,490 13,871 52,859 38,059

10 Other liabilities 1,066 655 743 895 57910.1 Off-balance-sheet instruments revaluation differences 0 53 66 303 010.2 Accruals and income collected in advance 59 20 21 21 1410.3 Sundry 1,007 582 656 571 565

11 Provisions 1,157 142 78 34 1111.1 For future exchange losses 150 0 0 0 011.2 For new premises 0 0 0 0 011.3 For contingencies 804 0 0 0 011.4 In respect of monetary policy operations 203 142 78 34 11

12 Revaluation accounts 4,655 5,515 7,690 9,014 9,43313 Capital, reserve fund and available reserves 2,402 2,672 3,877 4,087 4,312

13.1 Capital 10 10 10 10 1013.2 Reserve fund : 2,392 2,662 2,660 2,662 4,302

Statutory reserve 863 1,169 1,169 1,169 1,169Extraordinary reserve 1,151 1,151 1,151 1,151 1,151Amortisation accounts in respect of tangible and intangible fixed assets 378 342 340 342 342

13.3 Available reserves 0 1,207 1,415 1,64014 Profit for the financial year 445 1,912 832 899 1,337

Total Liabilities 153,205 101,461 74,698 127,715 109,753

Source: NBB

1 From 2009 onwards: Subdivision of the serie ”Securities of euro area residents denominated in euro” in two sub-series: ”Securities held for monetary policy purposes” and ”Other securities”.2 From the financial year 2003 onwards, the other claims and liabilities within the Eurosystem are presented on a net basis. As a result, the figures from the financial year 2002 were adapted to ensure the comparability of the annual accounts (see also section 9.3 on the liabilities side).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2000-III, p. 25.

160

13.3 CREDIT INSTITUTIONS - SOCIAL DATA13.3.1 STRUCTURE

(end of period, units)

2009 2010 2011 2012 2013

Sep. Dec. March June Sep. Dec. March June Sep. Dec. March June Sep. Dec. Jan.

Credit institutions registered on the list :Belgian 48 48 48 48 48 48 48 48 48 47 47 47 46 42 42

with majority Belgian ownership 21 21 21 21 21 21 21 21 20 20 20 20 19 16 16Credit institutions registered on the list governed by Belgian lawwith majority foreign ownership 27 27 27 27 27 27 27 27 28 27 27 27 27 26 26

an EU Member StateDE - Germany 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0ES - Spain 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1FR - France 11 11 11 11 11 11 11 11 12 12 12 13 13 13 13GB - United Kingdom 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0IT - Italy 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2LU - Luxembourg 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1NL - Netherlands 5 4 4 4 4 4 4 4 4 4 4 4 3 3 3

a country that is not a member of the EUCH - Switzerland 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1CN - China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0JP - Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1LB - Lebanon 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1TW - Taiwan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1US - United States 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1

Syndicated structure 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1foreign (branches) 57 56 58 59 61 59 60 60 61 61 62 64 63 62 64

from an EU Member State 48 47 49 50 52 50 51 51 52 52 53 55 54 53 54DE - Germany 7 7 6 6 6 6 6 6 7 7 7 7 7 4 4ES - Spain 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2FR - France 14 14 15 16 15 15 15 15 15 15 15 15 15 15 15IE - Ireland 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1GB - United Kingdom 6 7 7 7 7 7 7 7 7 7 8 8 8 8 8IT - Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0LU - Luxembourg 6 4 5 5 7 6 7 7 7 7 7 8 8 9 10MT - Malta 1 1NL - Netherlands 11 11 12 12 13 12 12 12 12 12 12 13 12 12 12SE - Sweden 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

from a country that is not a member of the EU 9 9 9 9 9 9 9 9 9 9 9 9 9 9 10IN - India 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4JA - Japan 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2MA - Morocco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0PK - Pakistan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1US - United States 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

Total 105 104 106 107 109 107 108 108 109 108 109 111 109 104 106

Source: NBB

161

13.3.2 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(millions of euro)

2012 2013

Dec. Jan. Feb. March April May June July Aug.

AssetsLiquid ressources and interbank claims 268,622 268,079 262,986 276,953 262,253 262,883 264,572 260,421 259,204

Cash, credit balances with central banks and postal cheque offi-ces 11,405 14,062 11,293 14,204 8,029 7,642 12,918 8,479 16,398Claims on credit institutions 257,217 254,018 251,693 262,749 254,224 255,242 251,654 251,942 242,806

At sight 87,715 86,429 91,611 85,638 87,441 82,367 83,629 82,447 77,127Other claims 169,502 167,588 160,082 177,111 166,783 172,874 168,026 169,495 165,679

Claims on customers 383,065 395,547 399,614 403,324 410,894 405,125 417,725 407,968 397,975Claims originally granted by the institutions 374,844 388,068 390,879 395,081 401,743 397,565 409,574 400,465 391,369

Commercial bills 603 572 725 480 411 375 393 481 465Own acceptances 166 156 207 227 180 181 276 281 438Leasing claims and similar claims 1,045 1,033 1,032 1,023 1,030 1,045 1,046 1,050 1,070Non-mortgage loans by instalment 12,155 12,106 11,704 11,754 12,804 12,473 12,500 12,216 11,685Mortgage loans 98,119 98,775 99,137 100,091 101,055 101,710 102,912 100,876 101,218Fixed-term loans 238,901 248,810 252,277 254,565 260,239 258,682 261,656 262,108 254,920Current account advances 21,562 24,616 23,659 24,761 23,892 21,346 28,780 21,517 19,726Other credits 2,293 2,001 2,138 2,181 2,130 1,753 2,011 1,935 1,847

Other debtors 8,221 7,479 8,735 8,243 9,151 7,560 8,151 7,503 6,606Securities and other negotiable instruments 1 251,730 250,131 249,014 248,199 245,953 243,255 243,901 243,317 244,379

Public paper 4,645 4,667 5,103 5,011 4,860 4,955 5,290 4,890 5,600Eligible for refinancing at central banks 2,243 2,297 2,552 2,218 1,971 2,442 2,795 2,493 3,067Other 2,402 2,370 2,551 2,793 2,890 2,513 2,494 2,397 2,533

Other short-term negotiable instruments 2,077 2,289 2,096 2,075 2,030 1,897 1,901 1,712 1,698Public long-term securities 89,454 89,370 89,460 87,621 86,587 87,356 85,847 85,610 86,133Other long-term loans represented by securities 148,640 147,035 144,843 144,637 143,746 140,618 142,409 142,902 142,910Company shares and other equity 1,815 1,725 2,007 2,090 2,085 1,704 1,713 1,773 1,728Other securities 5,098 5,044 5,505 6,765 6,645 6,725 6,740 6,429 6,309

Fixed assets 34,526 34,717 34,745 33,615 33,144 32,807 31,924 32,356 31,944Financial fixed assets 29,684 29,584 29,584 28,461 28,019 27,722 26,844 27,263 26,867

of which: 2

Loans of general governmentLoans of other issuersParticipations in affiliated enterprises 23,225 23,226 23,243 23,188 22,660 22,351 21,718 22,135 22,074Participations in other enterprises linked by a participatinginterest 3,546 3,505 3,494 2,739 2,736 2,734 2,737 2,738 2,734Other financial fixed assets 2,677 2,617 2,612 2,298 2,387 2,401 2,153 2,154 1,824

Shares 244 244 244 243 246 243 234 244 243Subordonated claims on affiliated enterprises and enter-prises linked by a participating interest 2,369 2,297 2,299 1,988 1,985 1,968 1,719 1,621 1,297Other 64 76 70 68 157 191 200 289 284

Tangible fixed assets 3,784 3,772 3,762 3,749 3,748 3,737 3,746 3,761 3,749Formation costs and intangible fixed assets 1,058 1,361 1,398 1,406 1,377 1,348 1,333 1,333 1,328

Own shares 0 0 0 56 56 56 56 56 56Unrecoverable and doubtful claims 2,357 2,270 2,258 2,283 2,296 2,366 2,384 2,497 2,395Other assets 159,684 143,138 150,765 151,671 162,184 145,751 127,337 125,511 161,471

Total Assets 1,099,984 1,093,882 1,099,382 1,116,101 1,116,781 1,092,244 1,087,899 1,072,127 1,097,425

162

13.3.2 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(millions of euro)

20132012

Aug.JulyJuneMayAprilMarchFeb.Jan.Dec.

LiabilitiesInterbank debts 232,406 223,748 216,765 225,278 214,007 206,101 205,263 202,094 187,955

At sight 91,004 87,182 91,857 93,732 85,190 86,884 91,429 91,860 80,518Mobilisation debts 22,279 24,324 20,523 19,991 22,068 19,021 16,195 19,118 16,903Other debts at fixed term or notice 119,124 112,242 104,386 111,555 106,749 100,196 97,639 91,117 90,534

Debts to customers 567,465 585,279 589,760 595,627 598,300 600,503 614,871 602,604 605,623Deposits 539,716 542,990 545,792 553,149 555,493 557,948 568,384 554,555 559,943

Sight deposits 161,475 163,449 164,546 166,086 171,759 175,128 183,627 170,750 174,003At fixed term or at notice < 1 month 7,806 6,422 6,712 9,002 6,421 6,042 7,106 5,179 6,551At fixed term or at notice >= 1 month and <= 1 year 37,646 37,631 37,338 39,873 39,808 38,449 38,323 40,170 39,636At fixed term or at notice > 1 year 80,941 80,672 80,731 79,393 77,917 76,976 76,831 76,071 77,098Special deposits 15,492 15,781 15,721 16,031 16,035 16,147 16,497 15,833 15,849Regulated savings deposits 235,879 238,589 240,282 242,283 243,076 244,721 245,513 246,065 246,311Linked with mortgage loans 440 408 422 442 454 462 468 468 476Deposit guarantee scheme 36 38 39 40 23 25 18 19 19

Other creditors 27,750 42,289 43,967 42,478 42,806 42,555 46,488 48,050 45,681Debts represented by a security 55,458 56,094 56,593 56,037 55,339 56,982 56,410 55,767 57,416

Certificates of deposit and similar debts 19,746 19,505 20,328 20,542 20,087 21,055 20,285 19,696 20,681Notes 29,722 29,246 28,741 28,103 27,932 27,855 27,641 27,501 27,321Bond loans 5,989 7,344 7,525 7,393 7,320 8,072 8,484 8,571 9,414

Write-downs, provisions, provident funds and deferred taxes 7,625 7,553 7,514 7,532 7,461 7,416 7,532 7,632 7,377Other liabilities 162,406 145,127 152,324 155,429 165,565 144,646 127,742 125,431 160,995Subordonated debts 20,834 21,432 20,694 20,673 20,539 20,361 19,619 19,430 18,724Own ressources 53,790 54,649 55,732 55,525 55,570 56,234 56,461 59,169 59,334

of which: 2

Capital 30,716 30,713 30,833 30,917 30,834 30,822 30,700 30,670 30,671Subscribed capital 30,716 30,713 30,833 30,917 30,834 30,822 30,700 30,670 30,671Uncalled capital 0 0 0 0 0 0 0 0 0

Issue premiums 3,261 3,261 3,261 3,286 2,960 2,960 2,960 2,960 2,960Capital gains on revaluation 22 22 22 22 22 22 21 21 21Reserves 11,969 12,081 12,734 12,734 12,209 12,220 12,220 12,220 12,220

Statutory reserve 1,307 1,393 1,431 1,431 1,304 1,306 1,306 1,306 1,306Unavailable reserves 100 100 156 156 156 156 156 156 156Tax-exempt reserves 648 648 648 648 581 581 581 581 581Available reserves 9,914 9,940 10,499 10,499 10,168 10,176 10,176 10,176 10,176

Profit brought forward (+) or loss brought forward (-) 4,885 4,927 4,950 4,343 4,745 4,597 4,597 4,605 4,581Profit on the year (+) or loss on the year (-) -143 530 713 985 1,578 2,294 2,633 3,607 3,730

Total Liabilities 1,099,984 1,093,882 1,099,382 1,116,101 1,116,781 1,092,244 1,087,899 1,072,127 1,097,425


N.B.: Reporting on the company’s position for credit institutions governed by belgian law and on the territorial position for branches of credit institutions governed by foreign law established in Belgium.

1 Contains the investment portfolio and the commercial portfolio.2 The breakdown is not known for the branches of credit institutions governed by the law of another Member State of the European Union or similar for branches.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 12, November 1994.

163

13.3.3 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(miljoenen euro’s)

2012 2013

Dec. Jan. Feb. March April May June Aug.

Spot transactions in course of settlementSpot foreign exchange transactions 17,594 28,905 30,562 24,790 29,525 28,719 20,728 20,036Lendings and borrowings

Amounts to be received 26,422 26,046 20,849 24,789 36,732 24,740 17,852 21,869Amounts to be delivered 33,794 31,367 37,775 34,166 68,585 35,903 33,594 28,577

Purchases and sales of securities and other negotiable instrumentsAmounts to be received (sales) 979 16,810 2,628 2,715 2,776 4,295 4,595 3,227Amounts to be delivered (purchases) 2,325 18,154 3,085 2,639 2,706 3,828 4,457 3,428

Forward transactionsForward transactions in currencies

Forward foreign exchange transactions 178,678 162,790 154,859 177,414 162,117 152,948 159,259 148,626Currency and interest swaps 204,362 199,286 206,680 210,080 214,949 209,038 205,241 220,646Currency futures transactions 159 931 1,240 285 790 1,214 94 839Currency options 29,200 33,367 36,334 34,820 33,698 33,056 33,927 29,748Forward exchange rate contracts 821 611 729 884 866 791 740 638

Forward interest rate transactionsForward deposit contracts

To be placed 3,525 686 1,340 3,130 2,183 1,321 1,474 1,212To be entered into 2,404 1,605 2,373 1,647 1,872 1,417 524 697

Interest rate swaps 3,384,501 3,249,083 3,491,903 3,483,807 3,460,737 3,462,139 3,130,558 4,110,788Interest futures transactions

Purchases 92,053 155,721 168,303 142,854 145,258 167,626 172,518 206,314Sales 84,406 140,107 174,539 137,346 145,116 167,801 159,747 208,844

Forward interest rate contractsNotional lendings 143,174 134,382 145,854 158,189 229,062 284,497 92,761 128,415Notional borrowings 137,483 140,073 162,165 160,270 221,724 272,823 80,689 136,795

Interest rate optionsOptions issued

Notional lendings 419,358 415,474 415,472 408,103 403,997 402,712 397,482 397,507Notional borrowings 336,269 332,878 334,215 329,032 325,335 323,785 317,757 317,620

Options acquiredNotional lendings 337,558 336,550 336,973 330,451 322,899 319,487 311,456 316,544Notional borrowings 403,211 397,294 396,561 389,382 383,847 383,179 376,083 378,915

OtherTo be paid 0 0 0 0 0 0 0 0To be received 0 0 0 0 0 0 0 0

Other forward transactionsSecurities

Purchases 687 146 51 90 39 37 16 36Sales 50 126 40 83 37 17 12 20

OptionsOptions issued

Values to be received 19,899 19,736 21,786 22,533 22,323 23,414 22,824 23,605Values to be delivered 15,864 16,058 17,004 17,388 17,652 17,871 17,494 17,986

Options acquiredValues to be received 26,596 27,516 28,285 29,484 29,633 30,549 30,394 31,017Values to be delivered 29,358 28,977 30,636 31,425 31,651 32,545 32,007 32,535

Futures transactionsPurchases 1,449 1,498 1,015 1,188 1,209 1,328 1,149 1,593

164

13.3.3 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(miljoenen euro’s)

20132012

Aug.JuneMayAprilMarchFeb.Jan.Dec.

Sales 1,229 1,605 1,375 1,376 1,364 1,430 1,032 1,410Other

Values purchased 5,944 5,792 5,845 5,834 5,926 5,752 6,458 6,371Values sold 5,911 5,759 5,811 5,834 5,926 5,752 6,458 6,371

Proceeds and expenses covered in advanceProceeds receivable 316 277 244 236 224 206 197 163Expenses payable 195 177 160 159 157 144 140 123

Commitment appropriations used 118,846 115,475 117,411 117,517 115,867 114,939 118,209 111,150Credit lines granted

Credit lines obtained 18,696 18,773 16,604 15,721 15,828 15,961 15,015 15,571Credit lines granted

To credit institutions 15,919 16,946 17,333 16,819 16,722 16,185 15,966 17,212To customers

For disbursement appropriations 249,128 243,893 247,308 250,028 248,680 243,439 246,114 246,317For commitment appropriations 32,465 31,617 33,255 32,048 32,491 32,463 31,879 28,546

GuaranteesAssets encumbered by real securities 223,664 226,715 214,695 202,640 206,930 197,362 190,172 191,614Guarantees obtained 2,530,778 2,630,220 2,645,466 2,694,322 2,729,460 2,711,789 2,648,790 2,599,381

Valuables and claims entrustedTo the institution

Without cover 16,195,689 16,107,359 16,377,613 16,787,740 17,307,851 16,933,987 16,621,856 16,524,373On trustee basis 3,830 3,898 3,923 3,938 4,012 4,078 4,121 4,207Other 36,988 33,275 32,120 31,482 32,937 32,832 32,071 29,973

By the institutionOn trustee basis 3,830 3,898 3,922 3,937 4,011 4,077 3,933 4,011Other 15,578,496 15,488,915 15,756,068 16,177,296 16,708,044 16,322,679 16,012,082 15,934,527

Other rights and commitments 67,741 68,274 80,189 78,489 76,087 74,218 74,713 70,570


N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law established in Belgium.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 12, November 1994.

165

13.3.4 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS

(millions of euro)

2011 2012 2013

I II III IV I II III IV I

ReceiptsOperating income 22,727 22,551 36,160 13,824 27,609 23,905 24,433 18,405 22,815Interest and similar proceeds 8,344 8,695 9,197 9,477 8,977 8,355 7,908 6,675 6,999

Interbank claims 830 935 1,051 1,150 792 765 761 539 505Credits 3,235 3,329 3,480 3,447 3,332 3,185 3,262 2,911 2,993

Commercial bills 5 5 4 4 4 5 5 4 4Own acceptances 1 1 1 2 2 1 1 1 1Leasing and similar claims 10 9 10 9 10 9 9 9 9Non-mortgage loans by instalment 191 197 196 191 188 193 194 186 176Mortgage loans 937 967 1,007 962 948 962 943 940 939Fixed-term loans 1,823 1,879 1,982 2,003 1,915 1,750 1,870 1,526 1,630Other 269 271 281 276 265 266 239 245 233

Securities and negotiable instruments to be placed and to berealised 68 64 76 81 60 53 40 35 40Investments in securities and negotiable instruments 1,726 1,771 1,861 2,079 1,884 1,612 1,545 1,398 1,305Forward hedging transactions 2,486 2,594 2,729 2,720 2,910 2,739 2,301 1,792 2,157

Currency hedging 1 93 107 102 23 83 68 82 43 58Interest rate hedging 1 2,393 2,487 2,627 2,697 2,827 2,671 2,219 1,749 2,098

Incomes from shares and other variable-interest securities 22 27 21 18 15 46 15 28 24Commission received for financial services provided 1,534 1,654 1,421 1,650 1,589 1,633 1,532 1,666 1,715Other financial proceeds 11,706 9,235 24,339 1,324 13,807 12,261 13,693 9,117 12,881

Of foreign exchange activity 7,888 6,772 9,522 3,656 8,359 7,197 8,557 5,336 8,108Of trading in securities and other fixed-interest negotiable instru-ments 367 153 171 -211 505 78 123 175 274Of trading in interest-rate transactions 2 2,860 1,964 13,508 -2,076 4,371 4,683 4,709 3,140 3,813Of trading in variable-interest securities 2 435 166 975 -178 224 132 132 169 389Of precious metals 15 13 27 13 15 10 5 4 7Capital gains on investment portfolio and similar operations 141 167 137 120 333 162 167 293 289

Proceeds of financial fixed assets 80 2,043 768 338 52 857 487 139 76Release of write-downs and drawings on and use of provisions 774 631 122 698 2,258 443 274 599 768Other operating income 266 267 292 321 911 311 523 180 353Extraordinary proceeds 38 275 423 218 1,457 84 128 455 740Regularisations of tax and drawings from provisions for taxa-tion 32 57 16 21 12 43 50 90 3Loss on the year 32 184 860 604 8 489 -400 506 38Drawings on deferred taxes and on tax-exempt reserves 3 3 12 246 18 2 0 35 14Loss on the year for appropriation 32 185 860 381 8 623 -412 471 38

Total Receipts 22,831 23,072 37,471 14,690 29,104 24,658 24,199 19,457 23,610

166

13.3.4 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS AS A WHOLE, DATA ON CORPORATE BASIS (CONTINUED)

(millions of euro)

201320122011

IIVIIIIIIIVIIIIII

ExpenditureOperating expenditure 21,687 20,252 35,933 13,873 25,507 22,496 23,103 18,379 21,564Interest and similar charges 5,817 6,171 6,504 6,749 6,227 5,233 5,509 5,100 4,681

Interbank debts 511 548 638 758 499 492 508 248 293Debts to customers 1,843 1,990 2,141 2,097 1,868 1,748 1,881 1,694 1,559

Sight deposits 183 202 163 179 136 162 128 124 100Fixed-term deposits and special deposits 655 735 851 835 742 660 866 658 659Regulated savings deposits 847 869 886 881 888 843 815 797 736Deposits linked with mortgage loans 3 3 3 3 3 3 4 4 3Other debts to customers 156 182 238 199 97 79 69 113 61

Debts represented by a security 470 438 450 453 411 422 384 316 338Certificates of deposit and similar debts 88 49 57 62 31 63 57 33 46Notes 308 314 325 322 311 298 284 268 243Mortgage loans 73 75 68 70 69 61 42 16 49

Subordinated debts 339 343 343 305 336 265 287 188 250Forward hedging transactions 2,653 2,852 2,932 3,135 3,112 2,306 2,449 2,653 2,241

Currency hedging 1 137 147 132 35 97 94 116 113 101Interest-rate hedging 1 2,516 2,705 2,799 3,100 3,016 2,213 2,333 2,540 2,140

Commission paid for recourse to financial services 581 675 814 677 692 713 605 708 687Other financial costs 11,602 9,279 24,726 1,473 13,847 13,014 13,347 8,120 12,367

Of foreign exchange activity 8,473 6,753 9,199 3,926 8,473 7,049 8,425 5,183 8,170Of trading in fixed-interest securities and negotiable instruments 330 64 172 -142 354 107 -79 96 178Of trading in interest-rate transactions 2 2,229 1,972 13,856 -2,338 3,830 5,412 4,627 2,593 3,549Of trading in variable-interest securities 2 256 181 1,301 -241 121 206 296 83 302Of precious metals 12 10 21 10 12 8 3 3 6Capitol lossess on investment portfolio and similar operations 302 300 177 259 1,057 232 74 162 161

Remunerations, social charges and pensions 1,314 1,322 1,308 1,370 1,339 1,338 1,355 1,398 1,335Depreciation and write-downs on non-financial fixed assets 144 151 151 171 150 162 155 155 151Other operating costs 1,529 1,544 1,264 1,656 2,024 1,458 1,606 1,550 1,582Write-downs and provisions 699 1,110 1,165 1,776 1,229 578 527 1,347 762Extraordinary expenditure 89 82 1,019 926 82 1,137 72 1,313 630Taxes 165 216 94 131 203 175 197 80 228Profit on the year 888 2,517 413 -264 3,294 714 839 -315 1,175Transfers to deferred taxes and to tax-exempt reserves 40 38 -64 -10 137 0 -12 -6 1Profit on the year for appropriation 850 2,483 489 -231 3,176 851 839 -309 1,187

Total Expenditure 22,831 23,072 37,471 14,690 29,104 24,658 24,199 19,457 23,610


N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law established in Belgium.

1 The breakdown is not known for the branches of the credit institutions governed by the law of another Member State of the European Union or for similar branches.2 Since credit institutions use different accounting regimes in the trading portfolio for the interest rate swaps, and the options on variable yield securities, only the net financial results of trading in interest-rate transactions and variable yield securities are published.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, No. 11, November 1994.

167

13.4 CREDIT INSTITUTIONS, DATA ON TERRITORIAL BASIS13.4.1 CREDIT INSTITUTIONS’ MAIN BALANCE SHEET ITEMS

2013

March April May June July Aug. p

AssetsCash 1,857 1,960 1,851 1,739 1,864 1,772Loans 664,390 659,271 656,775 661,567 657,335 645,104

Belgium 339,525 336,080 338,183 342,205 334,367 331,027to monetary financial institutions 57,829 49,160 52,278 52,826 48,222 47,696to institutional units other than monetary financial institutions 281,696 286,920 285,905 289,379 286,145 283,331of which

general government 26,475 27,920 26,820 27,685 26,119 24,917other residents 255,221 259,000 259,085 261,694 260,026 258,414

Other member states of the Monetary Union 162,868 167,251 165,232 160,334 165,734 156,418to monetary financial institutions 123,919 128,518 125,473 122,467 123,559 119,875to institutional units other than monetary financial institutions 38,949 38,733 39,759 37,867 42,175 36,543of which

general government 46 45 26 44 44 44other residents 38,903 38,688 39,733 37,823 42,131 36,499

Rest of the world 161,997 155,940 153,360 159,028 157,234 157,659Securities other than shares 231,489 229,565 227,322 227,756 227,426 227,748

Belgium 146,576 144,208 144,862 144,302 144,236 144,353Euro 146,494 144,130 144,848 144,289 144,221 144,340

of monetary financial institutions 595 608 599 612 648 644of institutional units other than monetary financial institutions 145,899 143,522 144,249 143,677 143,573 143,696of which


Foreign currencies 82 78 14 13 15 13of monetary financial institutions 5 3 0 0 0 0of institutional units other than monetary financial institutions 77 75 14 13 15 13of which

general government 13 13 13 13 13 13other residents 64 62 1 0 2 0

Other member states of the Monetary Union 68,190 68,579 65,993 66,829 66,633 66,983Euro 67,840 68,211 65,630 66,491 66,326 66,686

of monetary financial institutions 23,003 22,745 22,446 22,029 22,349 22,233of institutional units other than monetary financial institutions 44,837 45,466 43,184 44,462 43,977 44,453of which


Foreign currencies 350 368 363 338 307 297of monetary financial institutions 133 128 146 117 109 92of institutional units other than monetary financial institutions 217 240 217 221 198 205of which

general government 6 3 1 0 0 0other residents 211 237 216 221 198 205

Rest of the world 16,723 16,778 16,467 16,625 16,557 16,412Money market paper

EuroForeign currencies

Shares and other equity 28,962 28,416 27,740 27,182 27,694 27,565Fixed assets 4,666 4,656 4,622 4,621 4,642 4,630Remaining assets 162,817 174,021 156,383 138,365 137,572 171,771

Total assets 1,094,237 1,097,937 1,074,750 1,061,316 1,056,617 1,078,676

168

13.4.1 CREDIT INSTITUTIONS’ MAIN BALANCE SHEET ITEMS (CONTINUED)

2013

Aug. pJulyJuneMayAprilMarch

LiabilitiesDeposits 799,889 794,758 790,518 793,926 790,653 776,566

Belgium 480,137 482,521 488,733 489,838 486,897 486,254Euro 454,300 457,186 461,423 462,162 459,549 458,463



Foreign currencies 25,837 25,335 27,310 27,676 27,348 27,791of monetary financial institutions 17,596 17,182 18,135 18,556 18,191 18,492of institutional units other than monetary financial institutions 8,241 8,153 9,175 9,120 9,157 9,299of which


Other member states of the Monetary Union 156,718 157,941 155,112 155,135 156,614 148,537Euro 128,221 130,433 126,506 124,954 130,542 123,593


general government 1,127 1,484 1,785 1,164 905 874other residents 70,723 70,296 70,007 68,691 69,899 67,570

Foreign currencies 28,497 27,508 28,606 30,181 26,072 24,944of monetary financial institutions 15,613 14,769 14,980 17,115 13,471 12,819of institutional units other than monetary financial institutions 12,884 12,739 13,626 13,066 12,601 12,125of which


Rest of the world 163,034 154,296 146,673 148,953 147,142 141,775Debt securities issued 67,081 66,192 67,562 66,724 66,197 66,292

Euro 61,464 60,482 61,378 59,611 58,804 58,692up to 1 year 14,738 13,866 14,139 12,309 11,652 10,967over 1 and up to 2 years 2,269 2,315 2,127 1,975 2,063 2,113over 2 years 44,457 44,301 45,112 45,327 45,089 45,612

Foreign currencies 5,617 5,710 6,184 7,113 7,393 7,600up to 1 year 4,368 4,487 4,969 5,917 6,217 6,437over 1 and up to 2 years 289 281 272 261 255 242over 2 years 960 942 943 935 921 921

Capital and reserves 58,272 58,288 58,945 59,186 61,900 62,019Remaining liabilities 168,993 178,697 157,725 141,481 137,866 173,797

Total liabilities 1,094,237 1,097,937 1,074,750 1,061,316 1,056,617 1,078,676

Source: NBB

169

13.4.2 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS13.4.2.1 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN HOUSEHOLDS

(millions of euro)

Consumer credit Lending for house purchase Other lending Total recorded inthe assets of the

Loans securitisedor otherwise trans-

Total adjusted forloans securitised

up to one year over one year andup to five years

over five years up to one year over one year andup to five years 1

over five years up to one year over one year andup to five years

over five yearsthe assets of thebalance sheet ofthe credit institu-

tions

or otherwise trans-ferred

loans securitisedor otherwise trans-

ferred

Outstanding amounts

2010 II 396 6,279 2,091 673 1,149 74,215 4,785 1,242 10,144 100,974 58,164 159,138III 310 6,458 2,037 735 1,100 77,872 5,050 1,349 9,692 104,603 57,406 162,009IV 235 6,403 2,051 772 1,141 77,407 4,969 1,466 9,747 104,191 61,282 165,473

2011 I 151 6,362 2,049 743 1,162 80,213 4,876 1,391 9,771 106,718 60,708 167,426II 382 6,525 2,098 774 1,169 83,688 4,815 1,475 9,699 110,625 59,761 170,386III 294 6,472 2,144 781 1,186 85,391 4,901 1,507 9,697 112,373 60,469 172,842IV 263 6,502 2,261 805 1,201 76,225 4,768 1,429 9,746 103,200 72,439 175,639

2012 I 184 6,102 2,250 771 1,206 78,953 4,840 1,466 9,790 105,562 71,663 177,225II 487 6,011 2,259 792 1,225 82,020 4,969 1,399 9,685 108,847 71,490 180,337III 351 5,935 2,435 795 1,232 78,794 5,035 1,337 9,305 105,219 76,629 181,848IV 255 5,841 2,398 794 1,247 81,871 4,834 1,395 9,270 107,905 75,386 183,291

2013 I 166 5,766 2,389 785 1,271 83,744 4,822 1,479 9,144 109,566 74,021 183,587II 446 5,613 2,381 740 1,278 85,115 4,931 1,535 9,181 111,220 72,694 183,914

2012 August 407 5,975 2,445 798 1,213 77,600 4,952 1,377 9,351 104,118 77,260 181,378September 351 5,935 2,435 795 1,232 78,794 5,035 1,337 9,305 105,219 76,629 181,848October 319 5,894 2,421 795 1,223 80,159 4,894 1,354 9,334 106,393 75,986 182,379November 262 5,907 2,406 808 1,259 80,641 4,727 1,381 9,416 106,807 75,903 182,710December 255 5,841 2,398 794 1,247 81,871 4,834 1,395 9,270 107,905 75,386 183,291

2013 January 225 5,774 2,381 831 1,243 82,327 4,868 1,397 9,249 108,295 74,858 183,153February 192 5,758 2,387 792 1,244 82,856 4,755 1,401 9,155 108,540 74,551 183,091March 166 5,766 2,389 785 1,271 83,744 4,822 1,479 9,144 109,566 74,021 183,587April 561 5,758 2,377 757 1,266 84,296 4,967 1,487 9,139 110,608 73,423 184,031May 508 5,640 2,386 743 1,261 84,434 4,827 1,425 9,161 110,385 73,207 183,592June 446 5,613 2,381 740 1,278 85,115 4,931 1,535 9,181 111,220 72,694 183,914July 431 5,583 2,365 744 1,253 83,151 4,927 1,429 9,120 109,003 75,279 184,282August 382 5,544 2,372 744 1,248 83,691 4,937 1,385 9,048 109,351 75,158 184,509

170

13.4.2.1 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN HOUSEHOLDS (CONTINUED)

(millions of euro)




ferred

Total recorded inthe assets of thebalance sheet ofthe credit institu-

tions

Other lendingLending for house purchaseConsumer credit Total adjusted forloans securitised



ferred


tionsover five yearsover one year and

up to five yearsup to one yearover five yearsover one year and

up to five years 1up to one yearover five yearsover one year and

up to five yearsup to one year

Transactions

2010 II 240 112 -239 -3 16 181 -74 13 131 377 2,367 2,744III -74 16 -56 62 -49 3,647 275 110 -456 3,475 -758 2,717IV -65 -48 10 37 42 -514 -77 120 48 -447 3,876 3,429

2011 I -71 -38 -7 -29 21 2,778 -85 -75 13 2,507 -574 1,933II 241 167 45 31 10 3,522 -40 86 -71 3,991 -947 3,044III -75 -46 43 7 18 1,667 90 32 -7 1,729 708 2,437IV -17 35 113 24 15 -9,206 -140 -77 41 -9,212 11,970 2,758

2012 I -64 -106 -15 -34 4 2,359 86 37 34 2,301 -776 1,525II 315 -87 1 22 22 3,044 141 -67 -118 3,273 -173 3,100III -123 -71 169 4 9 -3,259 79 -49 -76 -3,317 5,139 1,822IV -83 -90 -44 -2 15 3,081 -193 58 -40 2,702 -1,243 1,459

2013 I -77 -69 -13 -11 26 1,828 3 84 -140 1,631 -1,365 266II 292 -148 -15 -44 9 1,584 131 57 16 1,882 -1,327 555

2012 August -44 -5 191 -3 10 -2,234 142 -8 17 -1,934 2,905 971September -51 -39 -14 -2 20 1,179 90 -40 -51 1,092 -631 461October -27 -40 -17 0 -9 1,339 -140 17 24 1,147 -643 504November -53 14 -17 13 35 530 -164 27 88 473 -83 390December -3 -64 -10 -15 -11 1,212 111 14 -152 1,082 -517 565

2013 January -26 -64 -18 37 -3 439 45 3 -29 384 -528 -144February -31 -14 4 -41 2 509 -93 3 -101 238 -307 -69March -20 9 1 -7 27 880 51 78 -10 1,009 -530 479April 399 -6 -14 -28 -4 844 149 7 -11 1,336 -598 738May -49 -116 6 -14 -4 91 -136 -62 12 -272 -216 -488June -58 -26 -7 -2 17 649 118 112 15 818 -513 305July -11 -28 -17 4 -25 -1,973 0 -106 -66 -2,222 2,585 363August -46 -37 6 0 -4 531 11 -45 -75 341 -121 220

Source: NBB

N.B.: Including non-profit institutions serving Belgian households.

1 Up to December 2002: inclusive lending for house purchase up to one year.

171

13.4.2.2 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN NON-FINANCIAL CORPORATIONS

(millions of euro)

Outstanding amounts Transactions


over five years Total recorded inthe assets of thebalance sheet ofthe credit institu-

tions


ferred





tions


ferred



2010 II 35,776 16,615 51,465 103,856 7,010 110,866 1,837 -3 -84 1,750 14 1,764III 35,058 15,976 48,098 99,132 12,441 111,573 -302 -436 -3,307 -4,045 5,431 1,386IV 35,221 16,160 48,682 100,063 12,544 112,607 151 169 503 823 103 926

2011 I 34,975 16,268 48,736 99,979 12,566 112,545 -21 176 60 215 22 237II 38,999 16,403 48,765 104,167 12,562 116,729 4,104 163 -8 4,259 -4 4,255III 36,813 17,249 48,964 103,026 12,669 115,695 -2,537 815 168 -1,554 107 -1,447IV 36,360 17,291 49,540 103,191 12,614 115,805 -553 31 508 -14 -55 -69

2012 I 36,247 18,177 50,002 104,426 12,556 116,982 -66 936 794 1,664 -58 1,606II 36,521 17,743 48,423 102,687 15,700 118,387 76 -446 -1,619 -1,989 3,144 1,155III 35,030 16,901 48,251 100,182 16,062 116,244 -1,367 -774 611 -1,530 362 -1,168IV 34,309 16,860 49,647 100,816 16,165 116,981 -575 -27 999 397 103 500

2013 I 34,983 16,820 49,909 101,712 16,202 117,914 836 -29 242 1,049 37 1,086II 35,757 17,291 51,454 104,502 15,883 120,385 778 469 1,143 2,390 -319 2,071

2012 August 35,686 17,440 47,341 100,467 16,036 116,503 -396 -428 -392 -1,216 479 -737September 35,030 16,901 48,251 100,182 16,062 116,244 -549 -533 915 -167 26 -141October 35,451 17,363 48,728 101,542 15,645 117,187 462 464 453 1,379 -417 962November 34,662 17,308 48,864 100,834 16,187 117,021 -770 -54 46 -778 542 -236December 34,309 16,860 49,647 100,816 16,165 116,981 -267 -437 500 -204 -22 -226

2013 January 34,753 17,020 49,942 101,715 15,976 117,691 550 170 297 1,017 -189 828February 34,990 16,825 49,716 101,531 16,316 117,847 179 -194 -248 -263 340 77March 34,983 16,820 49,909 101,712 16,202 117,914 107 -5 193 295 -114 181April 36,052 17,389 50,378 103,819 15,994 119,813 1,160 587 126 1,873 -208 1,665May 35,317 17,367 50,894 103,578 16,285 119,863 -883 -49 473 -459 291 -168June 35,757 17,291 51,454 104,502 15,883 120,385 500 -69 544 975 -402 573July 35,379 17,660 51,594 104,633 15,732 120,365 -172 401 146 375 -151 224August 34,354 17,314 51,635 103,303 15,931 119,234 -1,009 -345 24 -1,330 199 -1,131

Source: NBB

172

13.4.2.3 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO OTHER BELGIAN FINANCIAL INTERMEDIARIES AND TO BELGIAN FINANCIAL AUXILIARIES

(millions of euro)




tions


ferred





tions


ferred



2010 II 17,847 13,178 9,494 40,519 2,259 42,778 -382 19 -814 -1,177 -2 -1,179III 15,585 13,173 9,465 38,223 2,276 40,499 -2,096 126 73 -1,897 17 -1,880IV 16,367 13,070 9,620 39,057 2,259 41,316 753 -128 135 760 -17 743

2011 I 17,900 9,862 9,980 37,742 2,303 40,045 1,598 -3,154 403 -1,153 44 -1,109II 16,559 9,069 10,128 35,756 2,307 38,063 -1,325 -785 153 -1,957 4 -1,953III 18,044 9,728 10,768 38,540 2,290 40,830 1,580 634 618 2,832 -17 2,815IV 12,865 11,643 12,009 36,517 2,300 38,817 -2,925 1,897 1,226 198 10 208

2012 I 10,969 11,724 12,113 34,806 2,336 37,142 -1,656 93 120 -1,443 36 -1,407II 10,497 11,174 12,191 33,862 2,509 36,371 -499 -569 66 -1,002 173 -829III 10,798 12,261 13,911 36,970 1,972 38,942 -418 586 1,779 1,947 -537 1,410IV 10,057 12,456 14,168 36,681 1,956 38,637 -636 101 264 -271 -16 -287

2013 I 10,625 12,872 14,158 37,655 1,870 39,525 557 408 -16 949 -86 863II 11,258 12,787 14,175 38,220 1,662 39,882 805 -44 77 838 -208 630

2012 August 11,326 12,395 12,898 36,619 2,694 39,313 137 75 100 312 176 488September 10,798 12,261 13,911 36,970 1,972 38,942 -521 -176 1,071 374 -722 -348October 11,019 12,086 14,103 37,208 1,971 39,179 222 -173 194 243 -1 242November 10,832 12,257 14,135 37,224 1,984 39,208 -87 71 32 16 13 29December 10,057 12,456 14,168 36,681 1,956 38,637 -771 203 38 -530 -28 -558

2013 January 9,523 12,492 14,116 36,131 1,931 38,062 -532 44 -42 -530 -25 -555February 9,738 12,764 14,083 36,585 1,882 38,467 209 264 -38 435 -49 386March 10,625 12,872 14,158 37,655 1,870 39,525 880 100 64 1,044 -12 1,032April 10,849 12,782 14,216 37,847 1,849 39,696 231 -81 68 218 -21 197May 10,941 12,771 14,191 37,903 1,847 39,750 256 20 21 297 -2 295June 11,258 12,787 14,175 38,220 1,662 39,882 318 17 -12 323 -185 138July 11,233 12,628 14,372 38,233 1,661 39,894 -121 -176 152 -145 -1 -146August 10,172 13,272 13,943 37,387 1,665 39,052 -1,061 643 -431 -849 4 -845

Source: NBB

173

13.4.2.4 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO THE OTHER SECTORS

(millions of euro)

Belgium Rest of the world

Insurance corporations and pension funds General government Euro area countries Non-euro area countries


tions


ferred




tions


ferred




tions


ferred




tions


ferred



Outstanding amounts

2010 II 6,018 0 6,018 21,182 5,093 26,275 42,565 2,353 44,918 67,455 468 67,923III 6,142 0 6,142 21,878 4,756 26,634 42,456 2,290 44,746 51,521 559 52,080IV 6,597 1 6,598 20,081 4,955 25,036 40,847 2,127 42,974 51,830 413 52,243

2011 I 5,377 1 5,378 22,612 4,841 27,453 32,419 2,025 34,444 53,909 336 54,245II 5,102 1 5,103 21,737 4,846 26,583 30,960 1,902 32,862 47,109 143 47,252III 5,044 1 5,045 20,949 4,734 25,683 34,948 1,750 36,698 46,124 144 46,268IV 7,634 2 7,636 25,710 4,683 30,393 34,835 1,719 36,554 39,220 60 39,280

2012 I 4,862 1 4,863 25,120 4,500 29,620 38,292 1,461 39,753 45,331 45 45,376II 4,649 4 4,653 25,276 4,469 29,745 36,130 1,426 37,556 48,227 44 48,306III 5,678 3 5,681 24,988 3,905 28,893 36,464 1,451 37,915 49,430 101 49,531IV 6,045 3 6,048 23,557 3,826 27,383 29,476 1,452 30,928 44,112 67 44,179

2013 I 6,287 3 6,290 26,475 3,680 30,155 38,949 1,422 40,371 48,135 63 48,198II 7,753 3 7,756 27,685 3,488 31,173 37,867 1,405 39,272 53,440 56 53,496

2012 Aug. 5,717 3 5,720 24,411 4,445 28,856 33,603 1,461 35,064 n. n. n.Sep. 5,678 3 5,681 24,988 3,905 28,893 36,464 1,451 37,915 n. n. n.Oct. 5,714 3 5,717 26,230 3,838 30,068 37,203 1,454 38,657 n. n. n.Nov. 5,726 3 5,729 23,481 3,834 27,315 32,864 1,448 34,312 n. n. n.Dec. 6,045 3 6,048 23,557 3,826 27,383 29,476 1,452 30,928 n. n. n.

2013 Jan. 6,131 3 6,134 26,507 3,690 30,197 34,555 1,432 35,987 n. n. n.Feb. 6,117 3 6,120 25,711 3,686 29,397 37,805 1,428 39,233 n. n. n.March 6,287 3 6,290 26,475 3,680 30,155 38,949 1,422 40,371 n. n. n.April 6,726 3 6,729 27,920 3,556 31,476 38,733 1,418 40,151 n. n. n.May 7,221 3 7,224 26,820 3,548 30,368 39,759 1,416 41,175 n. n. n.June 7,753 3 7,756 27,685 3,488 31,173 37,867 1,405 39,272 n. n. n.July 8,158 3 8,161 26,119 3,451 29,570 42,175 1,394 43,569 n. n. n.Aug. 8,373 3 8,376 24,917 3,430 28,347 36,543 1,380 37,923 n. n. n.

174

13.4.2.4 LOANS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO THE OTHER SECTORS (CONTINUED)

(millions of euro)

Rest of the worldBelgium

Non-euro area countriesEuro area countriesGeneral governmentInsurance corporations and pension funds




ferred


tions




ferred


tions




ferred


tions




ferred


tions

Transactions

2010 II 897 0 897 2,282 -80 2,202 3,503 -73 3,430 2,571 -31 2,540III 124 0 124 696 -337 359 576 -63 513 -13,432 91 -13,341IV 455 1 456 -1,797 199 -1,598 -1,732 -163 -1,895 -401 -146 -547

2011 I -1,220 0 -1,220 2,531 -114 2,417 -8,063 -102 -8,165 3,423 -77 3,346II -275 0 -275 -875 5 -870 -1,360 -123 -1,483 -6,708 -193 -6,901III -58 0 -58 -788 -112 -900 3,564 -152 3,412 -2,585 1 -2,584IV 2,590 1 2,591 4,762 -51 4,711 -424 -31 -455 -8,543 -84 -8,627

2012 I -2,772 -1 -2,773 -590 -183 -773 3,494 -258 3,236 6,542 -15 6,527II -213 3 -210 156 -31 125 -2,573 -35 -2,608 1,347 -1 1,346III 1,028 -1 1,027 -288 -564 -852 441 25 466 1,639 57 1,696IV 366 0 366 -1,431 -79 -1,510 -6,597 1 -6,596 -4,652 -34 -4,686

2013 I 242 0 242 2,918 -146 2,772 9,448 -30 9,418 3,805 -4 3,801II 1,466 0 1,466 1,210 -192 1,018 -946 -17 -963 5,476 -7 5,469

2012 Aug. 1,106 0 1,106 -706 44 -662 -2,720 46 -2,674 n. n. n.Sep. -39 0 -39 577 -540 37 3,007 -10 2,997 n. n. n.Oct. 36 0 36 1,242 -67 1,175 792 3 795 n. n. n.Nov. 11 0 11 -2,749 -4 -2,753 -4,337 -6 -4,343 n. n. n.Dec. 319 0 319 76 -8 68 -3,052 4 -3,048 n. n. n.

2013 Jan. 86 0 86 2,950 -136 2,814 5,297 -20 5,277 n. n. n.Feb. -14 0 -14 -796 -4 -800 3,152 -4 3,148 n. n. n.March 170 0 170 764 -6 758 999 -6 993 n. n. n.April 439 0 439 1,445 -124 1,321 -130 -4 -134 n. n. n.May 495 0 495 -1,100 -8 -1,108 1,040 -2 1,038 n. n. n.June 532 0 532 865 -60 805 -1,856 -11 -1,867 n. n. n.July 405 0 405 -1,566 -37 -1,603 4,418 -11 4,407 n. n. n.Aug. 215 0 215 -1,202 -21 -1,223 -5,662 -14 -5,676 n. n. n.

Source: NBB

175

13.4.3 DEPOSITS AND OTHER RECEIVABLES HELD WITH CREDIT INSTITUTIONS13.4.3.1 DEPOSITS AND OTHER RECEIVABLES HELD WITH CREDIT INSTITUTIONS BY BELGIAN HOUSEHOLDS

(millions of euro)


Sight deposits Deposits with agreedmaturity

Deposits redeemableat notice 1

Repos Total Sight deposits Deposits with agreedmaturity


Repos Total

2010 II 42,504 18,104 193,029 0 253,637 3,435 -251 4,033 0 7,217III 39,993 16,051 197,905 0 253,949 -2,372 -1,999 4,878 0 507IV 40,330 16,893 202,542 0 259,765 305 830 4,637 0 5,772

2011 I 41,618 17,792 205,838 0 265,248 1,380 931 3,298 0 5,609II 44,741 19,399 205,293 0 269,433 3,143 1,612 68 0 4,823III 42,968 21,066 204,713 0 268,747 -1,895 1,632 -583 0 -846IV 43,154 21,149 206,091 0 270,394 106 58 1,377 0 1,541

2012 I 44,618 20,770 212,279 0 277,667 1,521 -360 6,189 0 7,350II 48,570 20,913 215,658 0 285,141 3,758 -113 3,378 0 7,023III 47,253 21,007 217,839 0 286,099 -1,267 109 2,182 0 1,024IV 46,346 21,288 223,513 0 291,147 -860 471 5,499 0 5,110

2013 I 48,975 20,652 228,397 0 298,024 2,592 -645 4,808 0 6,755II 53,293 19,968 231,343 0 304,604 4,360 -672 2,947 0 6,635

2012 August 46,716 21,118 217,165 0 284,999 -558 23 423 0 -112September 47,253 21,007 217,839 0 286,099 587 -96 675 0 1,166October 46,796 21,243 218,647 0 286,686 -444 240 808 0 604November 47,865 21,467 219,314 0 288,646 1,070 224 667 0 1,961December 46,346 21,288 223,513 0 291,147 -1,486 7 4,024 0 2,545

2013 January 47,611 21,257 225,679 0 294,547 1,328 -12 2,167 0 3,483February 48,407 20,877 227,185 0 296,469 743 -395 1,430 0 1,778March 48,975 20,652 228,397 0 298,024 521 -238 1,211 0 1,494April 49,118 20,120 229,173 0 298,411 181 -522 777 0 436May 51,959 20,087 230,411 0 302,457 2,837 -34 1,238 0 4,041June 53,293 19,968 231,343 0 304,604 1,342 -116 932 0 2,158July 51,961 20,001 231,353 0 303,315 -1,397 40 113 0 -1,244August 51,766 19,925 231,373 0 303,064 -207 -78 20 0 -265

Source: NBB

N.B.: Including non-profit institutions serving Belgian households.

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans.

176

13.4.3.2 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY BELGIAN NON-FINANCIAL CORPORATIONS

(millions of euro)






Repos Total

2010 II 42,492 14,504 17,243 122 74,361 450 -2,359 951 122 -836III 40,987 15,235 18,305 0 74,527 -1,347 808 1,062 -122 401IV 41,214 16,279 18,382 0 75,875 186 1,026 77 0 1,289

2011 I 41,769 15,746 18,941 0 76,456 -81 -476 559 0 2II 40,393 16,699 19,229 0 76,321 -710 959 -325 0 -76III 39,050 16,126 18,844 0 74,020 -1,475 998 -385 0 -862IV 39,612 15,963 17,714 0 73,289 483 -179 -1,130 0 -826

2012 I 41,911 16,657 19,050 0 77,618 2,356 706 1,336 0 4,398II 42,030 14,692 19,782 0 76,504 -142 -1,899 557 0 -1,484III 45,100 12,798 21,105 0 79,003 2,935 -1,883 1,520 0 2,572IV 44,314 10,552 23,423 0 78,289 -733 18 66 0 -649

2013 I 44,062 10,625 24,983 0 79,670 -291 -161 1,495 0 1,043II 45,009 9,500 25,432 0 79,941 999 -959 499 0 539

2012 August 44,805 12,546 20,726 0 78,077 1,096 -1,197 573 0 472September 45,100 12,798 21,105 0 79,003 350 263 380 0 993October 45,945 12,676 21,673 0 80,294 858 -119 568 0 1,307November 47,052 13,042 21,911 0 82,005 1,109 367 238 0 1,714December 44,314 10,552 23,423 0 78,289 -2,700 -230 -740 0 -3,670

2013 January 44,516 10,241 24,389 0 79,146 273 -297 966 0 942February 44,045 10,636 24,477 0 79,158 -531 158 23 0 -350March 44,062 10,625 24,983 0 79,670 -33 -22 506 0 451April 47,201 10,091 25,200 0 82,492 3,177 -427 267 0 3,017May 44,502 10,329 25,481 0 80,312 -2,693 294 281 0 -2,118June 45,009 9,500 25,432 0 79,941 515 -826 -49 0 -360July 47,625 9,646 25,043 0 82,314 2,148 74 112 0 2,334August 46,334 9,568 25,200 10 81,112 -1,303 -80 157 10 -1,216

Source: NBB

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans.

177

13.4.3.3 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY OTHER BELGIAN FINANCIAL INTERMEDIARIES AND BY BELGIAN FINANCIAL AUXILIARIES

(millions of euro)






Repos Total

2010 II 9,923 12,855 1,485 201 24,464 -472 -2,752 205 201 -2,818III 11,886 12,756 1,620 163 26,425 2,035 -64 135 -38 2,068IV 9,604 12,983 1,679 208 24,474 -2,292 221 59 45 -1,967

2011 I 8,490 12,682 1,817 502 23,491 -329 -280 138 297 -174II 8,077 12,882 1,712 258 22,929 -1,050 206 -105 -240 -1,189III 8,264 14,873 1,670 298 25,105 148 340 -42 40 486IV 8,310 16,714 1,520 256 26,800 19 1,809 -150 -42 1,636

2012 I 9,285 15,037 1,671 243 26,236 853 -1,654 151 -13 -663II 9,406 14,189 1,880 222 25,697 94 -809 384 -21 -352III 8,489 15,727 2,084 209 26,509 -903 1,554 204 -13 842IV 9,231 12,617 2,740 279 24,867 754 -2,689 247 70 -1,618

2013 I 8,813 12,481 2,944 270 24,508 -428 78 204 -9 -155II 11,469 11,085 3,374 255 26,183 2,677 -1,384 380 -15 1,658

2012 August 8,159 14,446 1,962 215 24,782 42 -887 14 -6 -837September 8,489 15,727 2,084 209 26,509 343 1,296 122 -6 1,755October 9,167 14,705 2,140 209 26,221 681 -1,019 56 0 -282November 10,968 12,338 2,202 209 25,717 1,801 -2,367 62 0 -504December 9,231 12,617 2,740 279 24,867 -1,728 697 129 70 -832

2013 January 8,875 13,333 2,706 278 25,192 -338 733 -34 -1 360February 8,437 12,311 2,835 278 23,861 -452 -812 129 0 -1,135March 8,813 12,481 2,944 270 24,508 362 157 109 -8 620April 9,840 12,058 3,241 258 25,397 1,039 -412 247 -12 862May 13,662 10,585 3,302 255 27,804 3,822 -1,474 61 -3 2,406June 11,469 11,085 3,374 255 26,183 -2,184 502 72 0 -1,610July 8,307 11,461 3,435 254 23,457 -3,152 465 61 -1 -2,627August 8,089 10,476 3,489 181 22,235 -221 -988 54 -73 -1,228

Source: NBB

1 Including special deposits, regulated savings deposits and deposits linked to mortgage loans

178

13.4.3.4 DEPOSITS AND OTHER RECEIVABLES CREDITORS HELD WITH CREDIT INSTITUTIONS BY THE OTHER SECTORS

(millions of euro)


Belgium Rest of the world Belgium Rest of the world

Insurance corporations andpension funds

General government Euro area countries Non-euro area countries Insurance corporations andpension funds

General government Euro area countries Non-euro area countries

2010 II 8,852 16,868 92,384 102,269 192 1,944 -29 14,109III 9,610 14,862 91,033 81,674 763 -2,006 -633 -18,528IV 9,525 13,346 86,183 87,519 -87 -1,516 -5,227 5,436

2011 I 8,693 14,190 82,916 83,459 -826 844 -2,712 -2,904II 8,068 14,206 89,180 80,260 -623 16 6,375 -2,912III 9,056 14,340 107,152 93,002 983 134 17,280 11,343IV 10,870 13,228 82,012 82,809 1,810 -1,112 -25,527 -11,133

2012 I 9,060 15,453 76,625 72,142 -1,806 2,225 -5,058 -10,634II 8,588 16,410 83,628 72,139 -477 1,242 6,296 -7,926III 10,252 16,100 91,151 64,811 1,669 -310 -2,497 -6,932IV 9,489 13,547 80,819 55,129 -760 -2,553 -10,088 -8,918

2013 I 9,567 16,454 84,734 63,307 75 3,047 3,746 8,048II 9,036 20,300 82,921 64,628 -660 3,813 -1,596 1,885

2012 August 9,646 20,627 81,335 n. -1,428 359 1,054 n.September 10,252 16,100 91,151 n. 610 -4,527 2,097 n.October 10,518 16,234 86,946 n. 267 134 -4,126 n.November 9,020 17,078 85,156 n. -1,498 844 -1,787 n.December 9,489 13,547 80,819 n. 471 -3,531 -4,175 n.

2013 January 8,854 16,859 86,902 n. -630 3,312 6,401 n.February 8,608 16,952 91,963 n. -250 233 4,799 n.March 9,567 16,454 84,734 n. 955 -498 -7,454 n.April 9,470 17,388 84,519 n. -193 934 -35 n.May 8,893 19,809 85,418 n. -611 2,388 893 n.June 9,036 20,300 82,921 n. 144 491 -2,454 n.July 9,339 20,790 83,405 n. 309 490 616 n.August 8,634 23,907 80,569 n. -706 3,117 -2,881 n.

Source: NBB

179

13.5 CREDIT INSTITUTIONS, CONSOLIDATED DATA13.5.1 GLOBAL ACTIVITY BY ACCOUNTING CATEGORY/PORTFOLIO

(carrying amount, millions of euro)

Total Belgium Other EMU Rest of the world

2012

I

Total assets 1,139,377 523,064 352,216 264,097Financial assets held for trading 173,564 41,763 71,808 59,993Financial assets designated at fair value through profit and loss 13,369 5,478 1,698 6,193Available-for-sale financial assets 128,943 51,328 57,396 20,219Loans and receivables (including finance leases) 701,949 364,797 189,746 147,406Held-to-maturity investments 19,334 7,840 4,158 7,336Derivatives used for hedging 8,724 5,668 1,253 1,802Tangible assets 7,983 5,467 1,497 1,019Goodwill and other intangible assets 2,992 1,091 411 1,490Investments in associates, subsidiaries and joint ventures 5,294 3,610 1,198 486Miscellaneous 77,225 36,021 23,052 18,152

Total liabilities 1,139,377 650,249 259,079 230,049Financial liabilities held for trading 175,441 44,348 61,216 69,877Financial liabilities designated at fair value through profit and loss 41,106 11,521 15,014 14,571Financial liabilities measured at amortised cost 763,729 475,151 157,653 130,925Financial liabilities associated to transferred assets 18,215 8,225 9,931 59Derivatives used for hedging 20,415 9,037 7,025 4,352Provisions 5,012 4,271 311 430Miscellaneous 57,627 40,225 7,818 9,585Total equity and minority interest 57,832 57,472 111 250

Source: NBB

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2007-II, p. 9-10.

180

13.5.1 GLOBAL ACTIVITY BY ACCOUNTING CATEGORY/PORTFOLIO (CONTINUED)



2012

II

Total assets 1,164,281 546,678 342,664 274,939Financial assets held for trading 185,964 45,722 78,040 62,202Financial assets designated at fair value through profit and loss 14,085 4,582 1,657 7,846Available-for-sale financial assets 126,506 56,186 51,624 18,696Loans and receivables (including finance leases) 693,899 367,525 172,616 153,758Held-to-maturity investments 21,782 10,331 4,237 7,213Derivatives used for hedging 9,915 6,453 1,569 1,894Tangible assets 7,749 5,441 1,365 942Goodwill and other intangible assets 2,586 1,096 403 1,086Investments in associates, subsidiaries and joint ventures 4,947 3,680 856 411Miscellaneous 96,848 45,662 30,296 20,889

Total liabilities 1,164,281 644,355 276,203 243,723Financial liabilities held for trading 186,790 42,523 69,771 74,496Financial liabilities designated at fair value through profit and loss 37,257 10,720 14,883 11,654Financial liabilities measured at amortised cost 770,248 474,306 163,764 132,179Financial liabilities associated to transferred assets 18,064 1,964 9,177 6,923Derivatives used for hedging 22,704 9,927 7,917 4,860Provisions 4,891 4,131 326 434Miscellaneous 68,074 44,732 10,317 13,025Total equity and minority interest 56,253 56,051 48 154

Source: NBB


181




2012

III



Source: NBB


182




2012

IV



Source: NBB


183




2013

I

Total assets 1,059,710 527,737 283,060 248,913Financial assets held for trading 129,875 38,723 50,910 40,242Financial assets designated at fair value through profit and loss 12,577 4,501 2,588 5,488Available-for-sale financial assets 118,476 51,333 48,800 18,342Loans and receivables (including finance leases) 671,641 362,937 151,070 157,634Held-to-maturity investments 26,007 14,766 4,050 7,191Derivatives used for hedging 9,644 5,988 1,858 1,799Tangible assets 7,552 5,410 1,255 886Goodwill and other intangible assets 2,639 759 947 934Investments in associates, subsidiaries and joint ventures 5,351 4,192 838 321Miscellaneous 75,947 39,129 20,744 16,075

Total liabilities 1,059,710 527,737 283,060 248,913Financial liabilities held for trading 121,958 37,466 35,552 48,940Financial liabilities designated at fair value through profit and loss 33,759 9,492 15,190 9,077Financial liabilities measured at amortised cost 748,639 474,981 143,648 130,009Financial liabilities associated to transferred assets 15,007 12,188 2,660 159Derivatives used for hedging 22,610 5,523 11,970 5,116Provisions 6,000 5,284 275 442Miscellaneous 50,649 -77,328 73,695 54,283Total equity and minority interest 61,089 60,132 71 887

Source: NBB


184

13.5.2 GLOBAL ACTIVITY BY PRODUCT


2012 2013

I II III IV I

Total assets 1,139,377 1,164,281 1,142,986 1,048,720 1,059,710Cash and cash balances with central banks 39,601 50,374 45,369 40,412 38,548Loans and advances to credit institutions 163,183 162,230 145,194 130,417 136,547Equity instruments 4,739 5,198 5,540 6,253 6,319Debt instruments 202,529 201,170 195,718 193,341 190,839Derivatives 152,695 168,249 165,416 120,310 113,105Loans and advances to other than credit institutions 520,476 515,305 515,107 504,698 521,411Accrued income from financial instruments 1 5,070 0 0 0 0Other assets 51,084 61,754 70,641 53,288 52,942

Total liabilities 1,139,377 1,164,281 1,142,986 1,048,720 1,059,710Deposits from central banks 33,632 37,337 38,891 38,869 24,227Debts to credit institutions 138,029 135,605 122,675 115,029 119,838Financial liabilities associated with transferred assets 18,215 18,064 13,883 14,434 15,007Deposits measured at amortized cost 517,190 525,466 518,267 508,876 520,857

Central Government 17,115 16,830 13,579 11,295 6,911Non-Credit institutions 43,939 40,372 42,718 40,946 45,798Corporate 147,797 153,225 143,662 135,282 138,920Retail 308,338 315,039 318,308 321,354 329,228(pm Regulated deposits) 198,428 202,264 204,923 207,989 212,742

Short positions 2,409 1,807 1,810 1,345 1,183Derivatives 168,980 185,415 181,927 131,865 123,612Debt certificates including bonds 107,251 109,421 112,002 111,538 108,420

Certificates of deposits 14,601 15,536 18,291 16,310 17,823Customer saving certificates 35,406 32,524 31,004 29,224 26,047Bonds and others 57,244 61,361 62,706 66,005 64,550

Subordinated liabilities 22,522 21,236 20,356 20,257 19,994Accrued expenses on financial instruments 1 4,880 0 0 0 0Other liabilities 68,438 73,678 74,040 46,096 65,483Total equity and minority interest 57,832 56,253 59,135 60,412 61,089

Source: NBB

1 If accounted separately.


185

13.5.3 OFF-BALANCE-SHEET COMMITMENTS

(notional amounts, millions of euro)

2008 2009 2010 2011 2012

Loan commitments given 315,769 267,988 163,733 140,934 123,562

Loan commitments received 33,895 31,007 62,986 5,272 16,002

Guarantees given 280,987 215,239 60,897 81,371 73,719

Guarantees received 581,543 564,473 385,480 295,656 283,368

Other commitments given 365,324 281,767 187,919 233,193 3,073,385

Other commitments received 229,243 213,127 181,914 201,945 266,852

Source: NBB


186

13.5.4 SECURITIES PORTFOLIO


2012 2013

I II III IV I

Total securities (long positions) 212,562 211,315 206,391 204,918 202,509Equity instruments 4,739 5,198 5,540 6,253 6,319

Quoted equity 1,499 2,077 2,633 3,737 3,801Held for trading 644 1,307 1,821 2,212 3,127Designated at fair value through profit and loss 112 116 138 146 182Available-for-sale 743 653 675 1,379 492

Unquoted equity 3,240 3,121 2,907 2,516 2,517Held for trading 562 380 306 220 207Designated at fair value through profit and loss 569 623 621 597 597Available-for-sale 2,109 2,119 1,979 1,699 1,714(pm Equity involved in repo transactions excluding re-used equity) 168 48 419 159 784

Debt instruments 202,529 201,170 195,718 193,341 190,839Held for trading 9,993 8,267 8,482 7,908 8,664Designated at fair value through profit and loss 4,824 3,845 2,822 2,672 2,571Available-for-sale 125,404 123,734 121,750 117,093 116,271Loans and receivables 43,319 43,543 38,547 39,782 37,327Held-to-maturity 18,988 21,782 24,117 25,886 26,007(pm Debt instruments involved in repo transactions excluding re-used debt instruments) 68,371 67,061 34,544 24,909 36,132

Investments in associates, subsidiaries and joint ventures 5,294 4,947 5,133 5,324 5,351Total short positions 2,409 1,807 1,810 1,345 1,183

Equity instruments 142 44 33 33 53Debt instruments 2,267 1,762 1,777 1,313 1,130

Source: NBB


187

13.5.5 LOANS AND ADVANCES


2012 2013

I II III IV I

Total loans and advances 683,659 677,535 660,301 635,115 657,958Held for trading 18,308 17,677 18,974 11,451 14,417Designated at fair value through profit and loss 7,809 9,502 10,003 5,399 9,227Available-for-sale 21 0 0 0 0Loans and receivables 657,521 650,356 631,324 618,266 634,314Held-to-maturity 0 0 0 0 0

Loans and advances to other than credit institutions in loans and receivables portfolio 504,961 495,907 495,564 493,996 506,001Bills and own acceptances 238 186 311 210 666Finance leases 24,548 24,394 24,185 23,653 22,513Securitized loans 22,657 25,870 23,371 22,473 21,620Consumer credits 22,820 23,939 23,576 23,905 23,786Mortgage loans 183,252 185,033 185,021 188,289 189,669Term loans 213,539 200,310 201,513 198,474 208,246Current accounts 28,117 24,438 24,635 24,287 26,640Others 9,790 11,737 12,953 12,706 12,860

Source: NBB


188

13.5.6 FUNDING STRUCTURE


2012 2013

I II III IV I

Deposit base 742,143 745,623 722,233 699,955 704,277Wholesale deposits 1 398,399 398,060 372,922 349,378 349,002

Central Banks 33,632 37,337 38,891 38,869 24,227Credit institutions 138,022 135,607 122,679 115,030 119,839Other wholesale deposits 226,745 225,116 211,351 195,479 204,937

of which valued at amortized cost 208,851 210,427 199,959 187,522 191,629Central governments 17,115 16,830 13,579 11,295 6,911Non credit institutions 43,939 40,372 42,718 40,946 45,798Corporate 147,797 153,225 143,662 135,282 138,920

Retail deposits and customer saving certificates 343,744 347,563 349,312 350,577 355,275Retail deposits 2 308,338 315,039 318,308 321,354 329,228Customer savings certificates 35,406 32,524 31,004 29,224 26,047pm Regulated deposits 198,428 202,264 204,923 207,989 212,742

Market borrowing 280,915 303,418 298,974 250,215 242,169Certificates of deposits 14,601 15,536 18,291 16,310 17,823Bonds and other debt certificates 57,244 61,361 62,706 66,005 64,550Subordinated liabilities 22,497 21,236 20,356 20,257 19,994Short positions 2,409 1,807 1,810 1,345 1,183Derivatives (trading & hedging) 165,950 185,415 181,927 131,865 123,612Financial liabilities associated with transferred assets 18,215 18,064 13,883 14,434 15,007

Other liabilities 58,487 58,987 62,644 38,137 52,174Equity and minority interest 57,832 56,253 59,135 60,412 61,089

Source: NBB

1 Included retail deposits valued at fair value.2 Only those measured at amortized cost.


189

13.5.7 DERIVATIVES

(millions of euro)

2012 2013

I II III IV I

Carrying amountsDerivatives classified as assets (total) 152,695 168,249 165,416 120,310 113,105

Held for trading 143,971 158,334 154,343 109,128 103,461Used for hedging 8,724 9,915 11,074 11,181 9,644

Used for micro-hedging 1,161 1,409 1,579 1,630 1,111Fair value hedges 311 523 592 615 487Cash flow hedges 851 886 987 1,016 624Net investment in foreign operations 0 0 0 0 0

Used for portfolio hedging of interest rate risk 7,562 8,507 9,494 9,551 8,534Fair value hedges 3,400 3,831 4,367 4,304 3,811Cash flow hedges 4,162 4,675 5,128 5,247 4,723

Derivatives classified as liabilities (total) 168,980 185,415 181,927 131,865 123,612Held for trading 148,565 162,711 157,263 107,156 101,003Used for hedging 20,415 22,704 24,663 24,709 22,610

Used for micro-hedging 4,589 4,738 5,447 5,249 4,540Fair value hedges 3,140 3,094 3,590 3,215 2,986Cash flow hedges 1,448 1,644 1,856 2,034 1,554Net investment in foreign operations 0 0 0 0 0


Notional amountsDerivatives assets + liabilities 6,611,713 6,372,959 6,064,728 5,337,246 5,461,839

Held for trading 6,239,933 5,994,226 5,681,435 4,947,145 5,061,309Interest rate derivatives 5,396,983 5,149,600 4,883,252 4,175,487 4,324,885Equity derivatives 156,689 143,900 142,351 129,399 115,287Currency (fx) derivatives 597,681 611,793 569,655 562,529 541,730Credit derivatives 67,245 68,209 64,029 61,646 57,802Commodity derivatives 21,332 20,518 21,969 17,968 21,518Other derivatives 4 206 177 117 86

Used for hedging 371,781 378,734 383,293 390,100 400,530Used for micro-hedging 99,684 109,369 113,719 120,222 121,686

Fair value hedges 35,154 40,475 44,983 53,070 61,080Cash flow hedges 64,530 68,894 68,736 67,152 60,606Net investment in foreign operations 0 0 0 0 0


Source: NBB


190

13.5.8 INCOME STATEMENT

(carrying amount, cumulated figures until the end of the period, millions of euro)

2012 2013

I II III IV I

Interest income 13,319 26,676 38,639 49,458 10,162Interest expenses 9,836 19,702 28,277 35,892 6,866Net interest income 3,482 6,974 10,362 13,566 3,295Dividend income 7 45 61 95 12Net fee income 1,443 2,819 4,167 5,365 1,581

Fees received 1,969 3,870 5,679 7,292 2,184Fees paid (exclusive of commissions paid to agents) 527 1,051 1,512 1,927 602

Realized capital (gains and losses on financial assets and liabilities other than measured at fair valuethrough profit and loss) -212 -383 -200 -175 312Trading income (gains and losses on financial assets held for trading) 734 227 594 833 358Other fair value accounting gains and losses -857 -394 -497 -619 -191

Gains and losses on financial assets and liabilities designated at fair value through profit and loss -873 -438 -505 -513 -183Fair value adjustments in hedge accounting 16 45 8 -107 -9

Other net operating income -370 -130 -29 -122 358Non interest income 745 2,185 4,096 5,377 2,431Gross operating income (banking product) 4,228 9,159 14,458 18,943 5,726Staff expenses 1,675 3,387 5,141 6,863 1,651Commissions to agents 223 450 655 889 227General and administrative expenses 1,429 2,681 3,962 5,429 1,372Depreciation 175 379 567 718 163Operating expenses (excl. impairment losses and provisions) (-) 3,503 6,897 10,326 13,900 3,413Impairment losses on financial assets -414 33 479 1,146 417Impairment on property, investment properties, intangible assets, investments and associates and jointventures accounted for using the equity method 3 1,139 1,155 1,718 0Provisions -388 -378 -374 -255 36Impairment losses and provisions (-) -798 793 1,260 2,609 452Share of the profit or loss of associates, and joint ventures accounted for using the equity me-thod 54 119 184 245 142Net operating income 1,577 1,588 3,056 2,680 2,002Negative goodwill immediately recognized in profit or loss 12 0 0 0 0Total profit or loss from non-current assets and disposal groups classified as held for sale not qualifyingas discontinued operations 2 2 2 1 -3Total profit or loss after tax from discontinued operations 0 0 0 0 0Total profit or loss before tax and minority interest 1,590 1,590 3,058 2,681 1,999Tax expense related to profit or loss from continuing operations (-) 523 701 1,056 738 497Total profit and loss after tax and before minority interest 1,067 888 2,002 1,943 1,502Minority interest (-) 67 148 281 350 138Net profit or loss 1,001 740 1,721 1,593 1,364

Source: NBB


191

13.5.9 COUNTRY RISKS OF EXTERNAL CLAIMS OF THE CREDIT INSTITUTIONS GOVERNED BY BELGIAN LAW

(millions of euro)

Large banking groups Other Belgian credit institutions Total

Total claims Total claims after transfers 1 Total claims Total claims after transfers 1 Total claims Total claims after transfers 1

2011

June

Developed countries of Europe 416,924.2 408,858.4 193,319.0 104,449.7 610,243.1 513,308.2Developed countries outside of Europe 53,787.7 54,421.6 6,994.7 5,942.4 60,782.4 60,364.0Developing countries of Europe 94,595.5 96,515.5 5,686.4 6,467.5 100,281.9 102,983.0Developing countries of Africa and Middle East 4,366.6 4,032.8 425.5 433.0 4,792.2 4,465.9Developing countries of Asia and Pacific 4,061.9 4,429.0 715.5 741.8 4,777.3 5,170.8Developing countries of Latin America and Carribean 2,388.7 2,679.4 695.9 865.2 3,084.6 3,544.6Centres off-shore 13,761.1 9,573.6 14,426.2 14,480.9 28,187.3 24,054.5Others 2,009.6 2,027.7 217.4 217.1 2,227.1 2,244.8

Sep.

Developed countries of Europe 471,786.9 457,731.6 205,842.8 111,009.0 677,629.8 568,740.6Developed countries outside of Europe 58,182.1 58,191.7 7,084.6 6,203.5 65,266.8 64,395.2Developing countries of Europe 94,700.0 96,557.0 5,496.2 6,133.9 100,196.3 102,690.8Developing countries of Africa and Middle East 4,489.8 4,198.5 485.1 570.6 4,974.9 4,769.0Developing countries of Asia and Pacific 4,147.0 4,419.6 933.6 1,018.8 5,080.6 5,438.4Developing countries of Latin America and Carribean 1,815.8 2,124.6 929.5 1,098.6 2,745.3 3,223.1Centres off-shore 13,285.8 10,711.1 17,718.8 17,192.3 31,004.6 27,903.4Others 2,153.4 2,132.1 223.5 223.4 2,376.8 2,355.5

Dec.

Developed countries of Europe 433,847.5 419,768.2 198,614.9 97,331.2 632,462.4 517,099.4Developed countries outside of Europe 54,326.2 55,681.2 7,409.1 7,243.9 61,735.3 62,925.0Developing countries of Europe 90,106.2 91,867.7 3,793.7 4,084.5 93,899.8 95,952.2Developing countries of Africa and Middle East 4,659.8 4,463.3 484.6 591.8 5,144.4 5,055.1Developing countries of Asia and Pacific 3,943.2 4,070.5 1,077.7 1,258.0 5,020.9 5,328.4Developing countries of Latin America and Carribean 1,587.1 1,877.4 839.9 1,055.5 2,427.0 2,933.0Centres off-shore 12,398.0 10,175.2 19,170.1 18,205.2 31,568.1 28,380.4Others 1,521.9 1,533.3 133.9 219.3 1,655.8 1,752.6

2012

March

Developed countries of Europe 401,611.0 376,655.3 204,132.3 105,756.6 605,743.3 482,411.9Developed countries outside of Europe 48,160.0 53,042.5 7,818.9 7,834.7 55,979.0 60,877.2Developing countries of Europe 92,836.8 94,347.3 4,116.7 4,494.0 96,953.4 98,841.4Developing countries of Africa and Middle East 4,214.1 4,188.1 531.2 657.4 4,745.3 4,845.5Developing countries of Asia and Pacific 4,704.7 5,013.5 964.0 1,056.1 5,668.7 6,069.5Developing countries of Latin America and Carribean 1,174.3 1,503.7 398.5 615.6 1,572.8 2,119.3Centres off-shore 10,390.7 8,144.1 17,975.5 16,791.3 28,366.2 24,935.4Others 2,467.3 2,472.1 260.3 324.6 2,727.7 2,796.7

192

13.5.9 COUNTRY RISKS OF EXTERNAL CLAIMS OF THE CREDIT INSTITUTIONS GOVERNED BY BELGIAN LAW (CONTINUED)

(millions of euro)

TotalOther Belgian credit institutionsLarge banking groups

Total claims after transfers 1Total claimsTotal claims after transfers 1Total claimsTotal claims after transfers 1Total claims

2012

June

Developed countries of Europe 416,236.6 389,307.7 205,386.4 104,960.3 621,622.9 494,268.1Developed countries outside of Europe 44,484.5 50,219.2 8,836.9 8,792.1 53,321.4 59,011.2Developing countries of Europe 91,342.1 92,788.5 4,114.2 4,548.8 95,456.3 97,337.3Developing countries of Africa and Middle East 4,246.1 4,137.5 572.5 681.3 4,818.6 4,818.8Developing countries of Asia and Pacific 4,983.9 5,209.4 937.3 1,165.2 5,921.2 6,374.6Developing countries of Latin America and Carribean 1,433.5 1,767.5 1,148.2 1,311.7 2,581.7 3,079.3Centres off-shore 10,842.1 8,481.4 19,628.6 18,209.1 30,470.7 26,690.5Others 2,403.4 2,416.5 295.9 353.0 2,699.3 2,769.5

Sep.

Developed countries of Europe 393,547.1 360,354.9 188,953.9 99,424.0 582,501.0 459,778.9Developed countries outside of Europe 44,002.1 48,340.7 10,668.0 11,396.8 54,670.2 59,737.5Developing countries of Europe 91,503.2 93,283.6 4,564.7 5,066.8 96,068.0 98,350.4Developing countries of Africa and Middle East 4,136.1 4,003.8 450.2 638.3 4,586.3 4,642.1Developing countries of Asia and Pacific 4,787.1 4,983.1 892.4 1,098.8 5,679.6 6,081.9Developing countries of Latin America and Carribean 1,337.9 1,714.3 570.9 975.9 1,908.8 2,690.3Centres off-shore 8,065.6 7,227.6 21,277.6 20,112.2 29,343.2 27,339.8Others 2,648.9 2,620.6 787.4 790.6 3,436.2 3,411.2

Dec.

Developed countries of Europe 325,870.1 297,391.5 186,198.3 101,244.8 512,068.5 398,636.3Developed countries outside of Europe 40,604.1 46,786.6 10,417.6 9,969.2 51,021.7 56,755.8Developing countries of Europe 82,076.8 81,973.1 4,914.2 5,290.7 86,991.0 87,263.9Developing countries of Africa and Middle East 4,189.0 4,042.6 605.2 704.3 4,794.2 4,747.0Developing countries of Asia and Pacific 4,517.6 4,724.9 753.1 950.4 5,270.7 5,675.3Developing countries of Latin America and Carribean 1,587.6 1,981.2 968.2 1,108.2 2,555.9 3,089.4Centres off-shore 11,858.1 9,502.3 22,888.3 20,975.2 34,746.4 30,477.5Others 3,297.6 3,284.6 571.4 572.4 3,869.0 3,856.9

Source: NBB

N.B.: From 31 March 2005 onwards, credit institutions should report their operations by country in accordance with a new model with following characteristics:- the table introduces a reporting by country for the operations in off-balance sheet derivatives (credit derivatives, forwards, swaps, options and others);- the table should be reported by all credit institutions and there is no exemption any more for operations of limited consideration;- the local transactions in local currency are from now on included in the total claims before and after risk transfers.The publication of the statistics by group of countries has been changed in order to reflect the breakdown of the BIS in its statistical publications. For each financial year starting on or after 1 January 2006, all credit institutions have been required to prepare their consolidated annualaccounts in accordance with the international accounting standards IAS/IFRS. As a result, from that date onwards also the reporting of the country risks has been drawn up in accordance with IAS/IFRS.

1 This is after deduction from claims that could be allocated to another country and those guaranteed by the National Delcredere service, and after adding the claims on other countries that could be allocated to the country involved.

193

13.6 MONETARY COLLECTIVE INVESTMENT INSTITUTIONS13.6.1 NUMBER, NET INVENTORY VALUE AND NET CONTRIBUTIONS

(millions of euros, unless other comment)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011

year III IV I

CIUs governed by Belgian law

Number of compartments (end of period) 16 17 14 15 14 16 16 16 13 13 13 13 9

Net inventory value (end of period) 1,886 1,909 2,673 3,216 6,207 5,525 1,945 1,920 4,376 999 1,230 999 380

Subscriptions 1,033 1,540 2,076 4,119 10,165 9,244 3,662 1,561 7,693 2,832 633 228 45

Repayments 725 1,332 1,304 3,655 7,471 9,794 7,325 1,644 5,075 6,230 1,808 454 252

Net contributions 308 207 773 462 2,694 -550 -3,665 -84 2,619 -3,399 -1,175 -227 -207

For information purposes

Net inventory value of monetary CIUs governed byBelgian and foreign law publicly spread in Belgium(end of period) 5,710 6,160 5,920 5,300 6,760 7,660 1,920 2,028 4,860 1,233 1,579 1,233 960

Sources: BEAMA, FSMA

14. Other financial intermediariesand financial auxiliairies

196

14.1 COLLECTIVE INVESTMENT UNDERTAKINGS14.1.1 DEVELOPMENTS OF THE COLLECTIVE INVESTMENT UNDERTAKINGS OPERATING IN BELGIUM AS A WHOLE

(millions of euro, unless other comment)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011 2012

II I II I

UCI governed by Belgian lawNumber of institutions (end of period)

Investment companies with variable capital 105 108 108 108 105 98 98 96 93 93 93 93 93 93p

Compartments 1 1,979 n. n. n. n. n. n. n. n. n. n. n. n. n.Operating compartments 2 1,252 1,365 1,477 1,649 1,842 1,900 1,970 1,938 1,936 1,618 1,936 1,922 1,618 1,555p

Mutual investment funds 16 18 17 40 37 37 37 37 34 35 34 34 35 21p

Pension-saving funds 3 11 12 12 14 14 14 14 15 15 16 15 15 16 16p

Total 132 138 137 162 156 149 149 148 142 144 142 142 144 130p

Net inventory value (end of period)Investment companies with variable capital 73,867 81,877 95,272 103,401 99,038 71,279 74,374 72,682 61,177 61,147 61,177 60,807 61,147 61,810p

Mutual investment funds 3,510 4,707 5,954 9,289 9,700 7,191 6,743 7,598 7,136 8,316 7,136 7,136 8,316 8,316p

Pension-saving funds 3 7,447 8,705 10,316 11,477 11,791 8,997 11,187 11,979 11,269 12,651 11,269 11,700 12,651 12,958p

Total 84,824 95,289 111,543 124,167 120,529 87,467 92,305 92,259 79,582 82,114 79,582 79,643 82,114 83,084p

Subscriptions 20,159 23,126 34,890 39,993 56,512 38,731 34,900 34,303 32,593 32,907 17,572 17,043 15,864 21,640p

Repayments 16,855 17,573 28,337 32,403 56,701 51,106 37,461 39,810 42,193 38,408 23,553 20,068 18,340 22,645p

Net contributions 3,304 5,553 6,553 7,591 -190 -12,375 -2,561 -5,506 -9,601 -5,502 -5,981 -3,026 -2,476 -1,005p

Foreign UCI whose shares and other equity are is-sued publicly in Belgium

Number of institutions (end of period)by legal form

Investment companies with variable capital 197 184 170 173 171 191 188 202 219 244 219 236 244 252p

Compartments 2,067 2,030 2,122 2,172 2,366 2,632 2,506 2,542 2,700 2,732 2,700 2,707 2,732 2,791p

Investment funds 70 61 46 53 60 70 84 110 123 121 123 130 121 130p

Total 267 245 216 226 231 261 272 312 342 365 342 366 365 382p

by categoryInstitutions with UCITS passport 218 206 198 209 216 250 262 304 335 360 335 359 360 378p

Compartments 1,925 1,918 2,023 2,068 2,258 2,530 2,398 2,427 2,598 2,642 2,598 2,617 2,642 2,702p

Institutions without UCITS passport 49 39 18 17 15 11 10 8 7 5 7 7 5 4p

Compartments 142 112 99 104 108 102 108 115 102 90 102 90 90 89p

Total 267 245 216 226 231 261 272 312 342 365 342 366 365 382p

Subscriptions in Belgium 12,175 12,231 30,030 n. n. n. n. n. n. n. n. n. n.Repayments in Belgium 11,939 12,110 22,296 n. n. n. n. n. n. n. n. n. n. n.Net contributions in Belgium 236 122 7,734 n. n. n. n. n. n. n. n. n. n. n.

For information purposes 4

Net inventory value of UCI governed by Belgian and for-eign law publicly spread in Belgium (end of period) 136,190 149,280 183,810 197,960 188,420 127,950 135,160 138,690 115,110 118,062 115,110 114,659 118,062 122,361p

Source: FSMA

N.B.: Monetary and non-monetary UCI. For the last year, I = 1st half-year, II = 2nd half-year.

1 Since October 2000 only the operating compartments are registered. These data include the compartments which were registered before October 2000 but were not operating.2 Excluding the compartments which were statutorily formed but not operated and which were registered before October 2000. These compartments have been struck off the list in December 2003.3 Pension-saving fund authorised under the Royal Decree of 22 December 1986.4 Source: BEAMA ( Belgian Asset Managers Association )

197

14.1.2 OUTSTANDING AMOUNT OF FINANCIAL ASSETS AND LIABILITIES OF NON-MONETARY COLLECTIVE INVESTMENT UNDERTAKINGS GOVERNED BY BELGIAN LAW

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011

year III IV I II

Financial assetsCurrency and deposits 26,008 27,872 29,901 29,053 21,795 18,656 15,385 11,338 9,402 7,656 7,872 7,656 7,071 6,475Securities other than shares 19,096 24,986 24,380 26,741 33,866 31,269 33,252 32,237 28,271 26,719 26,748 26,719 27,006 26,278

Short-term 1,419 732 1,230 1,071 1,664 1,363 2,119 1,464 1,841 1,254 1,387 1,254 1,236 1,367Long-term 16,854 22,668 21,126 23,210 29,237 28,272 28,734 28,525 24,516 23,408 23,168 23,408 23,730 23,290Financial derivatives 823 1,586 2,024 2,459 2,965 1,634 2,399 2,247 1,914 2,057 2,193 2,057 2,040 1,621

Shares and other equity 28,505 29,293 35,690 39,567 35,691 18,442 28,236 28,772 20,412 28,073 27,247 28,073 30,882 28,596Quoted shares 28,402 29,193 35,573 39,439 35,560 18,351 28,121 28,743 20,388 28,032 27,203 28,032 30,841 28,554Non-quoted shares and other equity 103 100 118 128 131 90 115 28 24 41 45 41 40 42

Shares of collective investment undertakings 7,020 7,350 14,403 19,996 19,964 11,752 14,926 18,645 18,299 21,322 20,043 21,322 21,013 24,045Other instruments (net) 2,308 3,879 4,495 5,593 6,790 4,493 3,516 3,221 2,669 2,410 2,854 2,410 2,881 4,047

Total 1 82,937 93,380 108,869 120,950 118,106 84,612 95,315 94,212 79,052 86,181 84,765 86,181 88,851 89,441Financial liabilities

Shares issued by:Bond UCI 9,056 8,028 9,226 8,910 7,798 8,111 10,422 9,414 12,942 15,481 13,730 15,481 13,709 13,707Share UCI 18,997 19,065 24,350 28,559 26,769 12,467 20,030 20,559 14,595 22,096 21,514 22,096 24,547 22,037Index UCI 28,746 35,373 38,974 40,914 39,448 35,208 30,316 26,070 22,189 17,498 18,589 17,498 16,654 15,570Real estate UCI 311 412 678 886 440 221 247 0 0 0 0 0 0 0Mixed UCI 12,270 12,860 13,186 12,824 11,791 7,312 8,316 7,106 16,519 17,053 16,905 17,053 18,819 22,202Pension-saving funds 2 7,447 8,705 10,316 11,477 11,791 8,997 11,187 11,979 11,269 0 0 0 0 0Funds of funds 3 6,111 8,936 12,139 17,381 16,285 10,625 12,423 17,227 0 12,651 12,251 12,651 13,016 12,958

Debts 3,785 1,670 2,374 1,855 1,538 1,402 1,776 1,402 2,107 2,968Total 82,937 93,380 108,869 120,950 118,106 84,612 95,315 94,212 79,052 86,181 84,765 86,181 88,851 89,441

Sources: FSMA Calculations: NBB

1 Net inventory value2 Pension-saving funds authorised under the Royal Decree of 22 December 1986.3 Funds of funds reclassified into other categories of UCI from the third quarter 2011 according to the ”Manual on investment fund statistics” (ECB - May 2009) to allow comparison with data published by the ECB.

198

14.1.3 FINANCIAL TRANSACTIONS OF NON-MONETARY COLLECTIVE INVESTMENT UNDERTAKINGS GOVERNED BY BELGIAN LAW

(millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011

year III IV I II

Formation of financial assetsCurrency and deposits 2,390 1,994 1,860 -654 -6,995 -2,990 -3,331 -4,122 -2,134 -1,853 -426 -269 -626 -511Securities other than shares 76 4,916 -2,077 4,682 8,291 -3,182 -636 -653 -3,738 -4,328 -728 -799 -165 29

Short-term -602 -604 466 -125 658 -336 672 -678 358 -647 -170 -156 -43 168Long-term 115 5,332 -1,589 3,256 6,793 -856 -670 356 -3,904 -2,976 -477 -433 53 114Financial derivatives 564 190 -954 1,552 840 -1,990 -638 -331 -193 -704 -81 -210 -176 -253

Shares and other equity 338 -2,465 415 -1,221 -4,249 -798 4,017 -1,731 -5,184 3,883 1,127 -125 1,055 -1,994Quoted shares 332 -2,459 398 -1,231 -4,248 -873 3,974 -1,646 -5,185 3,872 1,137 -120 1,058 -1,995Non-quoted shares and other equity 7 -6 17 9 -1 75 44 -85 0 11 -10 -5 -3 1

Shares of collective investment undertakings 205 -5 5,856 5,057 -140 -5,350 1,295 2,405 -332 1,076 -191 866 -950 3,377Other instruments (net) 1,018 1,799 440 72 1,246 -1,662 -1,084 -235 -612 -436 -210 -457 445 1,168

Total 4,029 6,240 6,493 7,935 -1,851 -13,982 262 -4,337 -12,001 -1,658 -428 -783 -241 2,069New financial liabilities

Net subscriptions of shares issued by:Bond UCI -398 677 972 -241 -677 -485 1,141 -1,239 -1,218 594 -180 814 -307 791Share UCI -395 -1,448 1,791 1,025 -691 -2,919 3,357 -1,490 -4,330 3,882 1,534 -52 1,017 -2,541Index UCI 4,650 6,246 1,637 2,283 -365 -2,934 -6,580 -4,904 -3,879 -6,136 -1,682 -1,172 -1,173 -969Real estate UCI -98 24 175 9 -265 -55 22 0 0 0 0 0 0 0Mixed UCI -602 -190 -1,294 -753 -253 -1,811 -476 427 -3,966 -351 -251 -24 -511 3,449p

Pension-saving funds 1 154 -134 66 36 94 242 484 169 84 -92 -55 -7 -17 -16Funds of funds 2 -316 171 2,433 4,769 -727 -3,865 620 1,616 996 0 0 0 0 0Total 2,997 5,345 5,781 7,128 -2,883 -11,825 -1,432 -5,423 -12,313 -2,103 -634 -440 -991 715p

Change in debts 0 0 0 0 1,420 -2,115 704 -540 -317 -137 130 -374 705 861Reinvested earnings and statistical adjustments 1,032 894 712 809 -384 -41 992 1,624 628 580 76 31 46 493

Total 4,029 6,240 6,493 7,935 -1,851 -13,982 262 -4,337 -12,001 -1,658 -428 -783 -241 2,069

Source: FSMA Calculations: NBB

1 Pension-saving funds authorised under the Royal Decree of 22 December 1986.2 Funds of funds reclassified into other categories of UCI from the third quarter 2011 according to the ”Manual on investment fund statistics” (ECB - May 2009) to allow comparison with data published by the ECB.

199

14.2 MANAGEMENT COMPANIES OF UCI14.2.1 BALANCE SHEET OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012


ASSETSCash and cash balances with central banks and postal chequeoffices 0 0 0 0 0 0 0 0 0 0 0Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 455 222 437 375 455 459 409 219 222 300 431

Repayable on demand 222 152 287 375 222 226 209 119 152 280 341Other claims (at fixed term or at notice) 233 70 150 0 233 233 200 100 70 20 90

Claims on clients 142 89 124 173 142 129 109 177 89 97 114Bonds and other fixed-income securities 3 14 3 3 3 13 13 14 14 20 7

Issued by public bodies 0 0 0 0 0 0 0 0 0 0 0Issued by other issuers 3 14 3 3 3 13 13 14 14 20 7

Shares, interests in companies and other variable-income securi-ties 122 66 143 178 122 151 130 65 66 60 70Financial fixed assets 15 27 20 17 15 10 27 27 27 27 27

Participations in affiliated enterprises 7 26 10 7 7 7 26 26 26 26 26Participations in other enterprises linked by a participating interest 7 0 9 9 7 2 0 0 0 0 0Other shares and equity constituting financial fixed assets 1 0 1 1 1 0 0 0 0 0 0Subordinated claims on affiliated enterprises and other enter-prises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0

Formation expenses and intangible fixed assets 19 18 22 20 19 19 19 19 18 19 20Tangible fixed assets 10 12 10 10 10 10 10 9 12 13 12Own shares 0 0 0 0 0 0 0 0 0 0 0Other assets 21 196 18 10 21 12 12 122 196 143 97Differed charges and accrued income 22 23 28 23 22 24 26 24 23 27 27

TOTAL ASSETS 808 667 804 809 808 826 754 676 667 707 804

200

14.2.1 BALANCE SHEET OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

LIABILITIESTHIRD-PARTY FUNDS 285 273 313 297 285 510 276 299 273 422 302

Amounts payable to credit institutions 1 44 37 39 1 1 1 0 44 44 39Repayable on demand 1 1 6 5 1 1 1 0 1 1 0Debts resulting from mobilisation by rediscounting of commer-cial bills 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 0 44 31 33 0 0 0 0 44 43 39

Amounts payable to customers 80 41 58 70 80 100 97 121 41 73 70Savings deposits 0 0 0 0 0 0 0 0 0 0 0Other debts 80 41 58 70 80 100 97 121 41 73 70

Repayable on demand 3 5 7 2 3 3 7 4 5 6 8At fixed term or at notice 77 37 52 68 77 97 91 118 37 67 62Resulting from mobilisation by rediscounting of commercialbills 0 0 0 0 0 0 0 0 0 0 0

Debts represented by a security 0 0 0 0 0 0 0 0 0 0 0Notes and bonds in circulation 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0

Other liabilities 163 151 176 148 163 368 137 136 151 265 150Differed charges and accrued income 19 17 23 22 19 19 19 19 17 21 22Provisions and deferred tax liabilities 6 3 2 2 6 5 5 6 3 3 4

Provisions for risks and charges 6 3 2 2 6 5 5 6 3 3 4Pensions and similar obligations 0 2 0 0 0 0 0 1 2 1 1Tax liabilities 0 0 0 0 0 0 0 0 0 0 0Other risks and charges 6 2 2 2 6 5 5 5 2 2 3

Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 17 17 17 17 17 17 17 17 17 17 17

EQUITY 523 394 491 512 523 316 478 378 394 285 502Capital 138 98 146 146 138 138 138 138 98 98 98

Paid-in capital 139 99 147 147 139 139 139 139 99 99 99Uncalled capital -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1

Share premium account 85 85 85 85 85 85 85 85 85 85 85Revaluation gains 0 0 0 0 0 0 0 0 0 0 0Reserves 31 31 33 33 31 31 31 31 31 62 32

Legal reserves 7 7 9 9 7 7 7 7 7 8 8Unavailable reserves 0 0 0 0 0 0 0 0 0 0 0

For own shares 0 0 0 0 0 0 0 0 0 0 0Other items 0 0 0 0 0 0 0 0 0 0 0

Tax-exempt reserves 5 5 5 5 5 5 5 5 5 24 5Available reserves 19 19 19 19 19 19 19 19 19 30 19

Profit carried forward (+) or loss carried forward (-) 29 41 34 24 29 39 39 39 41 17 47Income (+) or loss (-) at the end of the period 239 139 193 223 239 23 185 84 139 22 239

TOTAL LIABILITIES 808 667 804 809 808 826 754 676 667 707 804

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of management companies of UCI occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the RoyalDecree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the management companies of UCI can be consulted on the website: www.nbb.be/belgostat.

http://www.nbb.be/belgostat

201

14.2.2 PROFIT AND LOSS ACCOUNT OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012


PROFIT AND LOSS ACCOUNTInterest received and similar proceeds 4 2 2 3 4 1 1 2 2 0 0

Of which: from fixed-income securities 0 1 0 0 0 1 1 1 1 0 0Interest payable and similar charges 1 1 1 1 1 0 1 1 1 0 0Income from variable-income securities 159 202 157 158 159 0 143 179 202 0 192

From shares, interests in companies and other variable-income securities 2 1 0 1 2 0 0 0 1 0 0From participations in affiliated enterprises 157 201 157 157 157 0 143 179 201 0 192From participations in other enterprises linked by a participating interest 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constituting financial fixed assets 0 0 0 0 0 0 0 0 0 0 0

Commissions received 800 810 425 623 800 194 400 602 810 224 474Brokerage and similar commissions 0 0 0 0 0 0 0 0 0 3 11Remuneration of management, advice and custody services 791 792 420 615 791 192 391 590 792 218 445Other commissions received 9 18 5 7 9 2 9 11 18 3 18

Commissions paid 500 522 263 387 500 121 251 385 522 149 317Profit (loss) from financial operations (+)(-) 0 0 0 0 0 0 0 0 0 0 0

From the exchange and trading of securities and other financial instruments 0 0 0 0 0 0 0 0 0 0 0From the realisation of investment securities 0 0 0 0 0 0 0 0 0 0 0

General and administrative expenses 258 241 129 202 258 62 126 181 241 64 125Remunerations, social charges and pensions 109 110 56 85 109 27 55 81 110 28 56Other administrative expenses 149 131 73 116 149 35 70 100 131 35 69

Depreciation and write-downs on formation expenses, on intangible and tangible fixed assets 22 13 10 15 22 3 6 9 13 3 6Write-downs on claims and provisions for the items ”I. Possible liabilities” and ”II. Commitments liable tocreating a credit risk” off-balance sheet : appropriations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Write-downs on the portfolio of investment in bonds, shares and other fixed- or variable-incomesecurities : appropriations (withdrawals) (+)(-) 1 -4 0 2 1 -2 -1 -4 -4 0 -1Provisions for risks and other charges than those aimed at by the items ”I. Possible liabilities” and ”II.Commitments liable to creating a credit risk” off-balance sheet : uses (drawings) (+)(-) -2 -1 -1 -1 -2 -1 -1 -1 -1 -1 -1Provisions for risks and other charges than those aimed at by the items ”I. Possible liabilities” and ”II.Commitments liable to creating a credit risk” off-balance sheet 1 0 0 0 1 0 0 0 0 0 0Levy on the (appropriation to) the fund for general banking risks (+)(-) 0 0 0 0 0 0 0 0 0 0 0Other operating income 111 97 41 85 111 24 49 71 97 25 51Other operating expenses 7 10 3 4 7 2 4 6 10 2 6Profit on ordinary activities (loss on ordinary activities) before taxes (+)(-) 284 330 219 259 284 33 206 276 330 33 264Extraordinary proceeds 6 18 3 5 6 2 2 2 18 0 0

Release of depreciation and write-downs on intangible and tangible fixed assets 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 6 2 3 5 6 2 2 2 2 0 0Drawings from provisions for risks and exceptional charges 0 3 0 0 0 0 0 0 3 0 0Gains on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0Other extraordinary proceeds 0 13 0 0 0 0 0 0 13 0 0

202

14.2.2 PROFIT AND LOSS ACCOUNT OF MANAGEMENT COMPANIES OF UCI (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Extraordinary charges 10 3 3 4 10 3 3 3 3 0 0Extraordinary deprecation and write-downs on formation expenses, on intangible and tangible fixedassets 0 0 0 0 0 0 0 0 0 0 0Value reduction on financial fixed assets 2 0 0 0 2 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropriations (uses) (+)(-) 3 1 0 0 3 0 0 1 1 0 0Losses on the realisation of fixed assets 4 3 3 4 4 3 3 3 3 0 0Other extraordinary charges 0 0 0 0 0 0 0 0 0 0 0

Income (+) or loss (-) before taxes 281 345 219 260 281 33 206 275 345 33 264Transfer to deferred taxes 0 0 0 0 0 0 0 0 0 0 0Drawings from deferred taxes 0 0 0 0 0 0 0 0 0 0 0Taxes on the profit or loss (+)(-) 41 41 27 37 41 10 22 31 41 10 25

Taxes 41 41 27 37 41 10 22 31 41 10 25Regularisations of tax and drawings from provisions for taxation 0 0 0 0 0 0 0 0 0 0 0

Income (+) or loss (-) at the end of the period 239 304 193 223 239 23 185 244 304 22 239Transfer to (drawings from the) tax-exempt reserves (+)(-) 0 0 0 0 0 0 0 0 0 0 0Profit (loss) on the year for appropriation (+)(-) 239 304 193 223 239 23 185 244 304 22 239

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of management companies of UCI occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the RoyalDecree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the management companies of UCI can be consulted on the website: www.nbb.be/belgostat.

14.2.3 MOVEMENT IN ASSETS MANAGED BY MANAGEMENT COMPANIES OF UCI (AS FROM JUNE 2012)

(millions of euros)

2012 2013

year II III IV I II

Assets under management 168,729 166,807 169,791 168,729 159,899 159,601

Source: FSMA

14.2.4 DISTRIBUTION OF MANAGEMENT COMPANIES OF UCI (AS FROM JUNE 2012)

(units)

2012 2013

year II III IV I II

Management companies of UCI under Belgian law 7 7 7 7 7 7

Belgian-registered branches of management companies of UCI governed by the law of another Member State of the EEA 5 5 6 5 5 5

Belgian-registered branches of management companies of UCI governed by the law of a non-Member State of the EEA 0 0 0 0 0 0

Total management companies of UCI registered in Belgium 12 12 13 12 12 12

Source: FSMA


203

14.3 INVESTMENT FIRMS14.3.1 DISTRIBUTION OF INVESTMENT FIRMS

(units)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20131999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

year III IV I II

Stockbroking firms 49 46 43 40 37 36 31 27 26 23 23 23 22 21 22 21 21 20

Portfolio management and investment advicecompanies 27 31 34 33 30 30 23 22 23 26 24 24 20 21 21 21 21 20

Brokerage firms in financial instruments 3 4 4 3 2 1 1 1 0 0 0 0 0 0 0 0 0 0

Companies placing orders in financial instru-ments 2 3 4 3 2 3 2 3 0 0 0 0 0 0 0 0 0 0

Total investment firms under Belgian law 81 84 85 79 71 70 57 53 49 49 47 47 42 42 43 42 42 40

Belgian-registered branches of investmentfirms governed by the law of another Mem-ber State of the EEA 6 9 11 9 11 15 14 17 17 n. 18 24 24 23 24 23 23 23

Belgian-registered branches of investmentfirms governed by the law of a non-MemberState of the EEA 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total investment firms registered in Bel-gium 88 94 96 88 82 85 71 70 66 n. 65 71 66 65 67 65 65 63

Source: FSMA NBB

N.B.: The statuses of brokerage firm in financial instruments and company placing orders in financial instruments (two categories of investment firms) have been abolished as from 1 November 2007. On the same date, the status of asset management company has been renamed intoportfolio management and investment advice company.

204

14.3.2 BALANCE SHEET OF STOCKBROKING FIRMS (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012


ASSETSCash and cash balances with central banks and postal chequeoffices 8 57 4 7 8 8 13 11 57 46 71Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 1,446 1,784 1,616 1,714 1,446 1,867 2,871 1,729 1,784 2,478 2,216

Repayable on demand 531 967 611 667 531 963 1,954 830 967 1,545 1,152Other claims (at fixed term or at notice) 915 816 1,005 1,047 915 904 917 899 816 933 1,064






TOTAL ASSETS 2,045 2,240 2,476 2,523 2,045 2,712 4,182 2,446 2,240 3,139 2,987LIABILITIES

THIRD-PARTY FUNDS 1,630 1,857 2,064 2,101 1,630 2,337 3,800 2,067 1,857 2,748 2,612Amounts payable to credit institutions 136 157 180 239 136 250 185 171 157 412 288

Repayable on demand 135 156 177 236 135 249 181 169 156 410 261Debts resulting from mobilisation by rediscounting of commer-cial bills 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 1 2 3 3 1 2 3 2 2 3 27

Amounts payable to customers 1,199 1,473 1,545 1,484 1,199 1,495 3,289 1,481 1,473 2,021 1,962Savings deposits 2 0 9 9 2 0 0 2 0 0 0Other debts 1,198 1,473 1,536 1,475 1,198 1,495 3,289 1,479 1,473 2,021 1,962

Repayable on demand 1,124 1,456 1,443 1,386 1,124 1,449 3,243 1,449 1,456 1,925 1,899At fixed term or at notice 74 17 93 89 74 46 46 30 17 96 62Resulting from mobilisation by rediscounting of commercialbills 0 0 0 0 0 0 0 0 0 0 0




Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0

205

14.3.2 BALANCE SHEET OF STOCKBROKING FIRMS (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 2 2 2 2 2 2 3 3 2 2 1

EQUITY 415 383 412 422 415 375 382 379 383 390 375Capital 113 118 111 112 113 118 119 118 118 118 100

Paid-in capital 113 123 111 112 113 123 124 123 123 123 100Uncalled capital 0 -5 0 0 0 -5 -5 -5 -5 -5 0

Share premium account 71 71 71 71 71 71 71 71 71 71 70Revaluation gains 0 0 0 0 0 0 0 0 0 0 0Reserves 113 113 114 115 114 115 115 114 113




Profit carried forward (+) or loss carried forward (-) 80 67 77 78 80 71 70 69 67 80 71Income (+) or loss (-) at the end of the period 37 12 39 49 37 1 8 6 12 7 21

TOTAL LIABILITIES 2,045 2,240 2,476 2,523 2,045 2,712 4,182 2,446 2,240 3,139 2,987

Source: NBB

N.B.: Since 1 January 2011, the collection of the financial data of stockbroking firms occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the Royal Decreeof 23 September 1992 on the annual accounts of the credit institutions. The previous data on the stockbroking firms can be consulted on the website: www.nbb.be/belgostat.


206

14.3.3 PROFIT AND LOSS ACCOUNT OF STOCKBROKING FIRMS (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012




From shares, interests in companies and other variable-incomesecurities 0 0 0 0 0 0 0 0 0 0 0From participations in affiliated enterprises 43 16 33 43 43 0 15 16 16 0 11From participations in other enterprises linked by a participatinginterest 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constituting finan-cial fixed assets 0 0 0 0 0 0 0 0 0 0 0



From the exchange and trading of securities and other financialinstruments 10 12 7 9 10 3 5 8 12 3 6From the realisation of investment securities 0 0 -1 -1 0 0 0 0 0 0 0


Depreciation and write-downs on formation expenses, on intangibleand tangible fixed assets 8 6 4 6 8 1 3 4 6 1 2Write-downs on claims and provisions for the items ”I. Possibleliabilities” and ”II. Commitments liable to creating a credit risk” off-balance sheet : appropriations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 1 1Write-downs on the portfolio of investment in bonds, shares andother fixed- or variable-income securities : appropriations (with-drawals) (+)(-) 2 0 0 1 2 0 0 1 0 0 0Provisions for risks and other charges than those aimed at by theitems ”I. Possible liabilities” and ”II. Commitments liable to creatinga credit risk” off-balance sheet : uses (drawings) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at by theitems ”I. Possible liabilities” and ”II. Commitments liable to creatinga credit risk” off-balance sheet -4 1 -4 -4 -4 0 0 0 1 0 -1Levy on the (appropriation to) the fund for general banking risks(+)(-) 0 0 0 0 0 0 0 0 0 0 0Other operating income 4 6 2 3 4 2 3 5 6 1 5Other operating expenses 3 4 2 3 3 1 2 4 4 1 4Profit on ordinary activities (loss on ordinary activities) before taxes(+)(-) 65 9 44 59 65 1 9 7 9 6 19Extraordinary proceeds 5 5 2 3 5 0 2 2 5 1 3

Release of depreciation and write-downs on intangible and tangi-ble fixed assets 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 2 0 2 2 2 0 0 0 0 0 0Drawings from provisions for risks and exceptional charges 0 0 0 0 0 0 0 0 0 0 0Gains on the realisation of fixed assets 2 0 0 0 2 0 0 0 0 0 0Other extraordinary proceeds 1 5 0 1 1 0 2 2 5 0 3

Extraordinary charges 24 2 6 11 24 0 1 2 2 -1 -1

207

14.3.3 PROFIT AND LOSS ACCOUNT OF STOCKBROKING FIRMS (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Extraordinary deprecation and write-downs on formation ex-penses, on intangible and tangible fixed assets 1 0 0 1 1 0 0 0 0 0 0Value reduction on financial fixed assets -31 0 0 0 -31 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropriations(uses) (+)(-) 12 -1 1 1 12 0 -1 0 -1 -1 -1Losses on the realisation of fixed assets 41 0 5 10 41 0 0 0 0 0 0Other extraordinary charges 1 2 0 0 1 0 2 1 2 0 0




Source: NBB

N.B.: Since 1 January 2011, the collection of the financial data of stockbroking firms occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companies of UCI of the Royal Decreeof 23 September 1992 on the annual accounts of the credit institutions. The previous data on the stockbroking firms can be consulted on the website: www.nbb.be/belgostat.


208

14.3.4 BALANCE OF FINANCIAL INSTRUMENTS OF STOCKBROKING FIRMS (AS FROM EARLY 2008)

(millions of euros)

2008 2009 2010 2011 2012 2011 2012 20132008 2009 2010 2011 2012


ASSETSFinancial Instruments to be Received for the Accountof Clients or Counterparties 388 170 187 342 197 507 422 342 606 315 361 197 621 751

Transactions in Progress 232 140 124 239 157 465 395 239 541 262 321 157 249 294Securities Financing Contracts 4 0 2 3 1 2 3 3 7 6 8 1 1 0Adjustments 153 30 61 100 39 40 24 100 57 48 32 39 371 457

Client-Owned Financial Instruments in Safekeeping 54,772 69,594 78,769 69,737 80,119 78,484 67,709 69,737 76,375 73,000 77,558 80,119 85,670 86,201With Settlements Institutions within the Group 76 125 952 1 4,068 962 972 1 1 1 1 4,068 4,259 6,176With Settlements Institutions outside the Group 948 42,173 47,905 37,208 42,639 43,667 35,475 37,208 42,446 39,803 43,931 42,639 45,978 44,573With Third-Party Depositaries 53,392 16,354 19,489 19,426 21,062 19,293 18,503 19,426 20,326 20,519 21,200 21,062 22,772 21,725With Safe Custody (Third-Party Depositaries) 48 10,753 10,217 12,879 12,140 14,465 12,581 12,879 13,379 12,224 12,212 12,140 12,394 13,484With Safe Custody (Institution’s Own Assets) 125 16 14 61 39 22 25 61 49 39 39 39 34 31With Reporting Institution 0 0 0 0 0 0 0 0 0 0 0 0 0 0With Clients’ Debit Balances 182 173 191 162 171 75 154 162 173 420 184 171 234 212(Valuation Differences) 0 0 0 0 0 0 0 0 0 -7 -9 0 0 0

Client-Owned Financial Instruments Provided as Colla-teral 64 69 64 50 17 37 53 50 54 54 31 17 67 10

TOTAL 55,224 69,833 79,020 70,129 80,333 79,028 68,184 70,129 77,034 73,370 77,951 80,333 86,358 86,961LIABILITIES

Financial Instruments to be Delivered to Clients orCounterparties 321 223 210 275 268 361 419 275 484 331 315 268 522 1,027

Transactions in Progress 160 122 120 137 142 281 363 137 422 245 272 142 205 261Securities Financing Contracts 56 59 55 28 10 25 25 28 34 33 11 10 10 5Adjustments 105 42 35 110 117 56 31 110 28 53 32 117 308 761

Client-Owned Financial Instruments 54,783 69,480 78,633 69,637 79,954 78,484 67,514 69,637 76,300 72,898 77,468 79,954 85,645 85,811Retail Clients 11,877 14,847 17,983 13,850 15,442 14,062 13,625 13,850 13,847 14,121 14,761 15,442 16,073 14,514

Under Portfolio Management 4,544 5,313 6,096 5,797 6,643 5,760 5,735 5,797 6,138 6,198 6,466 6,643 6,892 6,244Not under Portfolio Management 7,332 9,535 11,887 8,053 8,799 8,302 7,890 8,053 7,709 7,923 8,295 8,799 9,182 8,270

Professional Clients 42,751 54,434 60,486 55,642 64,340 64,300 53,761 55,642 62,277 58,519 62,556 64,340 69,360 71,063Under Portfolio Management 1,367 1,386 1,346 1,393 1,179 1,668 1,328 1,393 1,146 1,166 1,269 1,179 1,223 1,121Not under Portfolio Management 41,385 53,047 59,140 54,249 63,161 62,633 52,433 54,249 61,131 57,353 61,287 63,161 68,137 69,942

Credit Balances at Depositaries 155 199 163 145 172 121 128 145 176 257 152 172 212 235(Valuation Differences) 0 0 0 0 0 0 0 0 0 1 0 0 0 0

Client-Owned Financial Instruments Received as Col-lateral 120 130 177 217 111 183 251 217 251 140 167 111 191 123

TOTAL 55,224 69,833 79,020 70,129 80,333 79,028 68,184 70,129 77,034 73,370 77,951 80,333 86,358 86,961

Source: NBB

14.3.5 MOVEMENT IN ASSETS MANAGED BY STOCKBROKING FIRMS (AS FROM JUNE 2012)

(millions of euros)

2012 2013

year III IV I II

Assets under management 10,324 9,975 10,324 3,008 10,299

Source: NBB

209

14.3.6 BALANCE SHEET OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012


ASSETSCash and cash balances with central banks and postal chequeoffices 1 0 0 17 1 1 0 1 0 0 0Public securities eligible for refinancing with the central bank 0 0 0 0 0 0 0 0 0 0 0Claims on credit institutions 35 46 43 19 35 37 35 41 46 32 26

Repayable on demand 26 43 39 11 26 32 31 39 43 30 22Other claims (at fixed term or at notice) 8 3 4 9 8 5 4 1 3 2 4






TOTAL ASSETS 57 71 65 58 57 61 60 68 71 55 50

LIABILITIESTHIRD-PARTY FUNDS 13 16 13 13 13 16 12 15 16 18 15

Amounts payable to credit institutions 0 1 1 0 0 0 0 1 1 0 0Repayable on demand 0 0 0 0 0 0 0 0 0 0 0Debts resulting from mobilisation by rediscounting of commer-cial bills 0 0 0 0 0 0 0 0 0 0 0Other debts at fixed term or at notice 0 1 0 0 0 0 0 1 1 0 0

Amounts payable to customers 0 0 0 0 0 0 0 0 0 0 0Savings deposits 0 0 0 0 0 0 0 0 0 0 0Other debts 0 0 0 0 0 0 0 0 0 0 0

Repayable on demand 0 0 0 0 0 0 0 0 0 0 0At fixed term or at notice 0 0 0 0 0 0 0 0 0 0 0Resulting from mobilisation by rediscounting of commercialbills 0 0 0 0 0 0 0 0 0 0 0




210

14.3.6 BALANCE SHEET OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0Funds for general banking risks 0 0 0 0 0 0 0 0 0 0 0Subordinated debts 0 0 0 0 0 0 0 0 0 0 0

EQUITY 44 55 52 44 44 44 48 53 55 37 35Capital 16 24 21 16 16 20 21 24 24 24 27

Paid-in capital 17 27 21 17 17 26 26 26 27 27 27Uncalled capital -1 -3 0 -1 -1 -5 -5 -3 -3 -3 0

Share premium account 0 0 0 0 0 0 0 0 0 0 0Revaluation gains 0 0 0 0 0 0 0 0 0 0 0Reserves 4 6 5 4 4 5 6 6 6 8 6




Profit carried forward (+) or loss carried forward (-) 14 18 19 15 14 18 18 18 18 3 -1Income (+) or loss (-) at the end of the period 10 8 8 9 10 1 3 5 8 2 3

TOTAL LIABILITIES 57 71 65 58 57 61 60 68 71 55 50

Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of portfolio management and investment advice companies occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companiesof UCI of the Royal Decree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the portfolio management and investment advice companies can be consulted on the website: www.nbb.be/belgostat.


211

14.3.7 PROFIT AND LOSS ACCOUNT OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011)

(millions of euros)

2011 2012 2011 2012 20132011 2012




From shares, interests in companies and other variable-incomesecurities 0 0 0 0 0 0 0 0 0 0 0From participations in affiliated enterprises 0 0 0 0 0 0 0 0 0 0 0From participations in other enterprises linked by a participatinginterest 0 0 0 0 0 0 0 0 0 0 0From other shares and interests in companies constituting finan-cial fixed assets 0 0 0 0 0 0 0 0 0 0 0



From the exchange and trading of securities and other financialinstruments 0 0 0 0 0 0 0 0 0 0 0From the realisation of investment securities 0 0 0 0 0 0 0 0 0 0 0


Depreciation and write-downs on formation expenses, on intangibleand tangible fixed assets 1 1 0 1 1 0 1 1 1 0 1Write-downs on claims and provisions for the items ”I. Possibleliabilities” and ”II. Commitments liable to creating a credit risk” off-balance sheet : appropriations (withdrawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Write-downs on the portfolio of investment in bonds, shares andother fixed- or variable-income securities : appropriations (with-drawals) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at by theitems ”I. Possible liabilities” and ”II. Commitments liable to creatinga credit risk” off-balance sheet : uses (drawings) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and other charges than those aimed at by theitems ”I. Possible liabilities” and ”II. Commitments liable to creatinga credit risk” off-balance sheet 0 0 0 0 0 0 0 0 0 0 0Levy on the (appropriation to) the fund for general banking risks(+)(-) 0 0 0 0 0 0 0 0 0 0 0Other operating income 2 2 1 1 2 0 1 1 2 1 1Other operating expenses 3 1 2 2 3 1 2 2 1 0 0Profit on ordinary activities (loss on ordinary activities) before taxes(+)(-) 15 13 12 14 15 2 5 9 13 2 5Extraordinary proceeds 0 0 0 0 0 0 0 0 0 0 0

Release of depreciation and write-downs on intangible and tangi-ble fixed assets 0 0 0 0 0 0 0 0 0 0 0Release of write-downs on financial fixed assets 0 0 0 0 0 0 0 0 0 0 0Drawings from provisions for risks and exceptional charges 0 0 0 0 0 0 0 0 0 0 0Gains on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0Other extraordinary proceeds 0 0 0 0 0 0 0 0 0 0 0

Extraordinary charges 0 0 0 0 0 0 0 0 0 0 0

212

14.3.7 PROFIT AND LOSS ACCOUNT OF PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES (AS FROM EARLY 2011) (CONTINUED)

(millions of euros)

20132012201120122011

IIIIVIIIIIIIVIIIII

20122011

Extraordinary deprecation and write-downs on formation ex-penses, on intangible and tangible fixed assets 0 0 0 0 0 0 0 0 0 0 0Value reduction on financial fixed assets 0 0 0 0 0 0 0 0 0 0 0Provisions for risks and extraordinary charges - appropriations(uses) (+)(-) 0 0 0 0 0 0 0 0 0 0 0Losses on the realisation of fixed assets 0 0 0 0 0 0 0 0 0 0 0Other extraordinary charges 0 0 0 0 0 0 0 0 0 0 0




Source: FSMA

N.B.: Since 1 January 2011, the collection of the financial data of portfolio management and investment advice companies occurs on the basis of the annual accounts format of the credit institutions, following the entry into force in 2010 for the investment firms and the management companiesof UCI of the Royal Decree of 23 September 1992 on the annual accounts of the credit institutions. The previous data on the portfolio management and investment advice companies can be consulted on the website: www.nbb.be/belgostat.

14.3.8 MOVEMENT IN ASSETS MANAGED BY PORTFOLIO MANAGEMENT AND INVESTMENT ADVICE COMPANIES

(millions of euros)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 2012 20132003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Assets under management 183,275 191,714 32,399 46,730 49,080 28,223 49,430 61,681 2,587 3,887 2,795 2,457 2,587 2,753 3,079 3,464 3,887 4,373 3,829

Source: FSMA


213

14.4 FINANCIAL VEHICLE CORPORATIONS14.4.1 OUTSTANDING AMOUNTS OF ASSETS AND LIABILITIES OF BELGIAN FINANCIAL VEHICLE CORPORATIONS

(millions of euro)

2011 2012 2013


ASSETS 86,298 86,538 99,120 98,394 101,135 102,251 100,693 98,512 97,250Deposits and loan claims 3,111 2,706 3,376 4,078 4,252 5,056 4,698 4,197 4,563Securitised loans 82,501 83,029 94,896 93,649 96,249 96,677 95,487 93,848 91,979

Originated by euro area MFI 81,541 82,122 94,032 92,845 95,483 95,946 94,799 93,199 91,474to euro area households 61,260 61,894 73,882 72,917 72,281 74,108 72,889 71,519 70,113to euro area NFC 12,744 12,811 12,805 12,648 15,764 15,627 15,790 15,763 15,648to other euro area residents 7,536 7,418 7,345 7,281 7,438 6,210 6,119 5,917 5,713to non-euro area residents 0 0 0 0 0 0 0 0 0

Originated by euro area general government 499 467 445 404 383 365 340 318 300Originated by euro area non-monetary financial institutions 414 392 372 354 337 321 304 290 163Originated by euro area non-financial corporations 48 48 46 46 46 46 44 42 42Originated by non-euro area residents 0 0 0 0 0 0 0 0 0

Securities other than shares 10 63 66 67 68 71 68 66 62Other securitised assets 0 0 0 0 0 0 0 0 234Other assets 1 676 740 782 600 566 447 440 402 413

LIABILITIES 86,298 86,538 99,120 98,394 101,135 102,251 100,693 98,512 97,250Loans and deposits received 2,957 2,886 3,481 3,535 3,452 3,732 3,665 3,578 3,570Debt securities issued 81,815 82,122 93,865 93,013 95,910 96,922 95,272 93,374 91,965

up to 2 years 264 264 264 264 264 264 264 264 453over 2 years 81,551 81,859 93,601 92,749 95,646 96,659 95,008 93,111 91,513

Other liabilities 2 1,526 1,529 1,774 1,846 1,774 1,597 1,756 1,561 1,715

Source: NBB

N.B.: You can consult the results of the euro area as a whole on the website of the European Central Bank => Statistics => Monetary and financial statistics => Financial vehicle corporations.

1 Shares and other equity, fixed assets, financial derivatives and remaining assets.2 Capital and reserves, financial derivatives and remaining liabilities.

214

14.4.2 FINANCIAL TRANSACTIONS OF ASSETS AND LIABILITIES OF BELGIAN FINANCIAL VEHICLE CORPORATIONS

(millions of euro)

2011 2012 2013


ASSETS 84 240 12,554 -726 2,741 1,116 -1,558 -2,180 -1,496Deposits and loan claims 132 -405 549 701 174 803 -357 -501 366Securitised loans -55 528 11,856 -1,246 2,599 429 -1,191 -1,639 -1,869

Originated by euro area MFI 5 581 11,911 -1,187 2,637 463 -1,147 -1,600 -1,724to euro area households 118 633 11,989 -966 -636 1,827 -1,219 -1,370 -1,406to euro area NFC -13 66 -6 -157 3,116 -137 163 -27 -114to other euro area residents -101 -119 -72 -64 157 -1,227 -91 -202 -204to non-euro area residents 0 0 0 0 0 0 0 0 0

Originated by euro area general government -36 -32 -33 -41 -21 -18 -25 -22 -18Originated by euro area non-monetary financial institutions -23 -21 -20 -18 -17 -16 -17 -14 -127Originated by euro area non-financial corporations 0 0 -2 0 0 0 -2 -2 0Originated by non-euro area residents 0 0 0 0 0 0 0 0 0

Securities other than shares -42 53 3 0 1 3 -3 -3 -4Other securitised assets -17 0 0 0 0 0 0 0 0Other assets 1 67 64 146 -181 -34 -120 -7 -37 11

LIABILITIES 84 240 12,554 -726 2,741 1,116 -1,558 -2,180 -1,262Loans and deposits received 844 -71 595 54 -84 280 -67 -87 -7Debt securities issued -925 307 11,741 -852 2,895 1,012 -1,649 -1,896 -1,408

up to 2 years -45 0 0 0 0 0 0 0 189over 2 years -881 307 11,741 -852 2,895 1,012 -1,649 -1,896 -1,597

Other liabilities 2 166 4 219 72 -71 -176 158 -197 153

Source: NBB

N.B.: You can consult the results of the euro area as a whole on the website of the European Central Bank => Statistics => Monetary and financial statistics => Financial vehicle corporations.

1 Shares and other equity, fixed assets, financial derivatives and remaining assets.2 Capital and reserves, financial derivatives and remaining liabilities.

15. Financial assets held by non-financialcompanies and households

216

15.1 MONETARY AGGREGATES OF THE EURO AREA

(end of period, billions of euro)

Currency in circu-lation

Overnight deposits M1 Deposits withagreed maturity up

to 2 years

Deposits redeem-able at notice up to

3 months

M2 Repurchaseagreements

Money market fundshares / units

Money market pa-per and debt secu-rities up to 2 years

M3 M3 excluding cur-rency in circulation

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

2003 398 2,329 2,727 1,041 1,530 5,298 209 582 93 6,181 5,7832004 468 2,481 2,949 1,041 1,643 5,632 229 605 102 6,568 6,1002005 533 2,949 3,482 1,139 1,548 6,169 222 616 124 7,131 6,5982006 592 3,167 3,759 1,429 1,556 6,744 248 615 196 7,802 7,2102007 639 3,263 3,901 1,995 1,541 7,437 283 661 312 8,692 8,0532008 723 3,313 4,036 2,502 1,565 8,103 330 726 264 9,423 8,7012009 770 3,786 4,556 1,917 1,802 8,275 327 648 132 9,382 8,6122010 809 3,946 4,754 1,807 1,911 8,471 173 553 123 9,320 8,5112011 858 4,009 4,867 1,845 1,959 8,671 137 520 207 9,535 8,6782012 877 4,295 5,172 1,801 2,076 9,049 116 468 180 9,812 8,9362011 II 820 3,950 4,769 1,808 1,941 8,516 164 546 176 9,403 8,583

III 831 3,927 4,759 1,867 1,943 8,567 178 549 171 9,465 8,634IV 858 4,009 4,867 1,845 1,959 8,671 137 520 207 9,535 8,678

2012 I 845 3,987 4,832 1,894 1,993 8,719 138 511 238 9,606 8,761II 868 4,091 4,958 1,842 2,010 8,811 133 510 230 9,684 8,816III 867 4,156 5,023 1,817 2,028 8,868 130 493 211 9,702 8,835IV 877 4,295 5,172 1,801 2,076 9,049 116 468 180 9,812 8,936

2013 I 868 4,307 5,175 1,797 2,114 9,086 122 460 142 9,810 8,943II 886 4,429 5,315 1,733 2,123 9,171 115 436 133 9,855 8,969

2012 August 870 4,109 4,979 1,822 2,026 8,827 131 513 217 9,689 8,819September 867 4,156 5,023 1,817 2,028 8,868 130 493 211 9,702 8,835October 864 4,192 5,057 1,835 2,039 8,930 123 497 206 9,757 8,893November 864 4,228 5,092 1,818 2,048 8,958 122 496 187 9,761 8,897December 877 4,295 5,172 1,801 2,076 9,049 116 468 180 9,812 8,936

2013 January 857 4,256 5,113 1,792 2,100 9,005 125 460 162 9,752 8,895February 856 4,267 5,123 1,791 2,109 9,022 124 466 149 9,761 8,905March 868 4,307 5,175 1,797 2,114 9,086 122 460 142 9,810 8,943April 875 4,369 5,244 1,768 2,121 9,133 125 459 143 9,860 8,985May 880 4,390 5,270 1,751 2,124 9,144 125 456 137 9,862 8,982June 886 4,429 5,315 1,733 2,123 9,171 115 436 133 9,855 8,969July 893 4,412 5,305 1,730 2,126 9,161 123 435 128 9,847 8,955August p 894 4,434 5,328 1,732 2,127 9,187 119 444 129 9,880 8,985

N.B.: Monetary aggregates comprise monetary liabilities of MFIs and central government (Post Office,Treasury) vis-à-vis non-MFI euro area residents excluding central government.From June 2010, the Repurchase agreements, and consequently M3, exclude the Repurchase agreements with Central counterparties (CCPs).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p28.

217

15.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE15.2.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE (FROM JANUARY 2002 ONWARDS)

(end of period, billions of euro)

Overnight deposits Deposits with agreed ma-turity up to 2 years

Deposits redeemable atnotice up to 3 months

Other M3 components M3 (excluding the curren-cy in circulation)

Overnight deposits Deposits with agreed maturity up to 2 years

Deposits redeemable atnotice up to 3 months

Repurchase agreements Money market fund shares/ units

Money market paper anddebt securities up to 2

years

Total

M3 (excluding the currency in circulation)

2003 68.0 62.5 139.4 1.7 1.8 7.6 11.1 281.02004 79.0 63.7 155.6 1.8 1.9 5.5 9.2 307.52005 91.0 66.3 164.5 2.1 2.0 3.7 7.8 329.52006 93.0 81.4 164.8 2.6 2.1 2.0 6.7 345.92007 100.2 108.8 155.7 4.1 3.2 4.8 12.1 376.92008 100.9 108.0 158.9 11.7 4.4 11.1 27.2 395.12009 113.8 53.8 201.2 23.9 1.5 22.2 47.6 416.32010 114.9 43.3 227.0 1.0 1.5 15.1 17.6 402.72011 111.5 44.2 230.4 2.2 3.5 -6.4 -0.7 385.42012 124.5 34.0 256.5 1.3 0.7 13.0 15.0 429.92011 II 113.8 41.2 230.9 1.0 1.2 10.9 13.1 399.0

III 109.9 44.8 229.9 1.1 3.5 7.0 11.6 396.2IV 111.5 44.2 230.4 2.2 3.5 -6.4 -0.7 385.4

2012 I 116.7 41.1 238.3 0.7 0.9 15.2 16.8 412.8II 121.1 36.8 242.4 1.2 1.9 15.2 18.3 418.7III 123.7 40.8 246.9 1.2 0.9 14.6 16.7 428.2IV 124.5 34.0 256.5 1.3 0.7 13.0 15.0 429.9

2013 I 125.5 29.0 264.8 1.1 0.2 0.3 1.6 421.0II 131.8 27.3 268.8 1.2 1.4 -0.3 2.3 430.2

2012 August 120.9 38.7 245.2 1.2 1.2 15.7 18.1 422.9September 123.7 40.8 246.9 1.2 0.9 14.6 16.7 428.2October 126.5 41.0 248.5 1.2 0.7 14.4 16.3 432.3November 129.6 37.8 249.4 1.2 0.7 14.7 16.6 433.5December 124.5 34.0 256.5 1.3 0.7 13.0 15.0 429.9

2013 January 126.0 30.8 260.6 1.3 0.6 12.9 14.8 432.2February 125.8 29.3 262.9 1.3 0.6 0.5 2.4 420.4March 125.5 29.0 264.8 1.1 0.2 0.3 1.6 421.0April 130.0 28.4 266.2 1.1 0.2 -0.1 1.2 425.8May 132.6 27.1 267.5 1.0 0.2 0.5 1.7 428.9June 131.8 27.3 268.8 1.2 1.4 -0.3 2.3 430.2July 130.7 29.1 268.7 1.2 0.8 0.5 2.5 431.0August p 128.5 28.0 269.0 1.2 1.3 -0.1 2.4 427.9


N.B.: From january 2002 onwards, the Belgian contribution to the monetary aggregates of the eurozone excludes currency in circulation.From June 2010, the Repurchase agreements, and consequently M3, exclude the Repurchase agreements with Central counterparties (CCPs).

218

15.3 FORMATION OF FINANCIAL ASSETS BY INDIVIDUALS

(changes in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Mutual fundsshares

Insurancetechnical re

Other ac-counts recei

Grand total

Notes andcoins

Sight depo-sits

Savings de-posits

Other depo-sits at up to

one year

Deposits atover one

year

Total Short-termsecurities 2

Long-termsecurities 3

Total Quoted sha-res

Unquotedshares andother equity

Total

Mutual fundsshares

Insurancetechnical re-

serves

Other accounts recei-

vable 1

Grand total

2003 3,253 1,294 17,934 -4,908 -627 16,946 -357 -11,972 -12,329 1,519 -6,873 -5,354 9,445 15,513 -597 23,6232004 2,179 3,613 14,180 92 -371 19,693 -244 -17,085 -17,329 984 -2,475 -1,491 7,634 17,607 -10,736 15,3762005 1,145 5,005 8,335 294 -637 14,141 -113 -13,146 -13,259 -6,041 -3,694 -9,735 10,432 22,479 475 24,5332006 1,897 -789 1,740 11,241 35 14,124 238 -14,634 -14,396 4,291 -7,282 -2,992 6,692 13,370 619 17,4162007 1,369 -1,028 -8,774 17,525 1,329 10,422 739 -5,775 -5,036 1,393 5,135 6,529 -668 14,582 2,065 27,8942008 2,680 -1,275 1,792 2,683 3,431 9,311 1,364 10,752 12,115 7,098 4,681 11,779 -14,732 6,941 -285 25,1282009 -35 5,039 32,856 -25,749 4,362 16,473 -1,986 9,473 7,487 5,264 2,238 7,502 -10,150 12,980 -1,329 32,9642010 361 2,253 20,894 -9,975 1,147 14,680 -471 -4,076 -4,548 3,152 800 3,953 -4,870 18,997 -78 28,1352011 1,305 614 4,318 3,514 3,188 12,939 -56 10,915 10,859 1,821 350 2,171 -573 7,396 58 32,8502012 643 5,253 16,627 -4,590 2,131 20,063 -27 -9,578 -9,605 1,166 1,146 2,312 -1,102 9,487 278 21,4332011 II 662 3,143 373 1,048 1,102 6,329 -31 3,423 3,392 1,616 581 2,197 -2,173 1,855 5 11,604

III 291 -4,208 -484 3,389 548 -464 24 766 790 685 573 1,258 -873 1,267 3,566 5,545IV 826 289 1,508 -842 464 2,245 -17 6,690 6,673 -1,786 -1,495 -3,281 1,871 1,643 -2,780 6,371

2012 I -533 3,638 6,036 -3,630 418 5,929 -29 -2,170 -2,200 -984 654 -330 -545 3,586 -1,141 5,299II 666 3,750 3,055 -772 558 7,258 19 -1,667 -1,648 1,993 231 2,224 -349 2,675 -1,519 8,641III -67 -1,271 1,994 126 409 1,191 -13 -2,413 -2,426 -693 424 -269 -776 1,463 2,491 1,673IV 576 -864 5,542 -314 746 5,686 -3 -3,328 -3,332 850 -162 687 568 1,763 446 5,819

2013 I -478 2,581 4,367 -333 -258 5,878 -13 -3,790 -3,804 229 -330 -102 3,224 2,342 -1,814 5,724II 425 4,386 3,155 -249 -729 6,987 19 -3,302 -3,283 796 779 1,575 145 1,248 -1,884 4,787

Source: NBB

N.B.: The individuals sector encompasses the households and non-profit institutions serving households.

1 Other accounts receivable within the meaning of ESA1995, namely the trade credits and various claims on general government and on the financial institutions, among which the interests accrued and not yet due.2 Securities the initial term of which is up to one year.3 Securities the initial term of which exceeds one year.

219

15.4 FINANCIAL ASSETS HELD BY INDIVIDUALS

(outstanding amounts at the end of period in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Mutual fundsshares

Insurancetechnical re

Other ac-counts recei

Grand total

Notes andcoins

Sight depo-sits

Savings de-posits


one year

Deposits atover one

year

Total Short-termsecurities 2

Long-termsecurities 3



Total

Mutual fundsshares


serves

Other accounts recei-

vable 1

Grand total

2003 13,126 27,622 125,345 28,307 4,030 198,431 751 122,855 123,606 29,732 111,510 141,241 112,904 131,407 20,586 728,1742004 15,305 30,996 140,225 30,321 3,655 220,502 507 104,390 104,897 47,543 122,253 169,795 123,842 149,675 9,660 778,3712005 16,450 36,114 148,559 30,751 3,019 234,892 395 93,309 93,703 52,174 123,047 175,222 146,453 175,893 10,135 836,2982006 18,347 35,254 150,299 40,527 3,053 247,481 632 75,573 76,205 62,516 134,556 197,073 155,004 189,873 10,754 876,3892007 19,717 34,177 141,650 57,436 4,385 257,365 1,371 71,475 72,846 64,093 132,091 196,184 147,690 200,796 12,819 887,7002008 22,396 32,919 143,442 55,585 7,815 262,158 2,735 84,585 87,320 30,139 121,505 151,644 112,098 201,675 12,534 827,4282009 22,361 37,953 176,298 29,341 12,178 278,131 690 97,752 98,442 40,484 139,672 180,156 111,693 217,546 11,204 897,1722010 22,722 40,329 197,192 19,486 13,326 293,056 218 94,292 94,510 47,488 137,132 184,620 108,501 237,698 11,126 929,5122011 24,027 41,031 201,510 22,589 16,514 305,670 163 104,798 104,960 41,404 152,417 193,820 103,041 243,273 11,441 962,2062012 24,669 46,346 217,574 18,771 18,645 326,005 136 97,880 98,016 50,463 176,696 227,159 111,163 256,124 11,719 1,030,1852011 II 22,909 44,741 200,486 19,480 15,500 303,117 155 98,809 98,965 49,671 149,297 198,968 105,312 241,746 10,660 958,768

III 23,200 40,650 200,002 23,220 16,048 303,121 179 98,549 98,729 42,431 148,038 190,469 98,912 241,861 14,221 947,314IV 24,027 41,031 201,510 22,589 16,514 305,670 163 104,798 104,960 41,404 152,417 193,820 103,041 243,273 11,441 962,206

2012 I 23,494 44,619 207,451 18,903 16,932 311,398 133 103,936 104,070 44,998 163,916 208,913 107,373 248,150 10,300 990,204II 24,160 48,570 210,506 19,075 17,490 319,801 153 102,313 102,465 46,744 165,840 212,584 105,264 250,617 8,782 999,514III 24,094 47,254 212,032 19,338 17,899 320,616 139 100,803 100,942 48,353 172,882 221,235 108,015 253,664 11,272 1,015,746IV 24,669 46,346 217,574 18,771 18,645 326,005 136 97,880 98,016 50,463 176,696 227,159 111,163 256,124 11,719 1,030,185

2013 I 24,191 48,974 221,940 18,875 18,387 332,367 123 94,154 94,277 54,628 182,288 236,916 117,440 259,388 9,904 1,050,293II 24,616 53,293 225,095 18,347 17,657 339,008 141 89,705 89,846 53,425 179,366 232,791 116,000 259,954 8,020 1,045,620

Source: NBB


1 Other accounts receivable within the meaning of ESA1995, namely the trade credits and various claims on general government and on the financial institutions, among which the interests accrued and not yet due.2 Securities the initial term of which is up to one year.3 Securities the initial term of which exceeds one year.

220

15.5 FORMATION OF FINANCIAL ASSETS BY NON-FINANCIAL CORPORATIONS


Currency and deposits Fixed-interest securities Shares and other equity Insurancetechnical re

Loans Trade credits Other and sta-tistical adjust

Grand total

Notes, coinsand sight de-

posits


one year

Deposits atover one year

Total Short-term se-curities 2

Long-term se-curities 3



Total


serves

Loans Trade credits Other and statistical adjust-

ments 1

Grand total

2003 1,797 -3,751 769 -1,184 -666 -1,753 -2,420 2,395 -54 2,341 391 58,571 -498 848 58,0492004 1,261 1,546 276 3,083 3,458 -1,086 2,371 12,317 6,700 19,017 509 611 1,057 -2,896 23,7522005 2,099 -4,273 8 -2,166 -164 1,454 1,291 6,993 3,442 10,435 2,223 13,167 391 -37 25,3032006 4,987 16,454 989 22,430 984 -3,620 -2,636 6,504 -5,764 739 431 47,303 1,230 509 70,0062007 2,745 14,224 582 17,551 171 3,050 3,221 12,145 43,664 55,810 146 39,168 1,888 27,883 145,6672008 -3,908 -476 798 -3,586 2,972 2,998 5,970 4,502 48,872 53,374 38 132,840 -4,073 5,814 190,3762009 8,200 20,441 3,119 31,760 -1,707 6,266 4,559 -1,416 25,233 23,817 468 32,882 -886 -7,861 84,7392010 3,395 -5,551 -1,252 -3,408 2,826 -3,229 -403 6,341 25,303 31,644 346 32,365 -1,105 57,699 117,1382011 13,981 -10,808 1,052 4,226 -2,181 4,557 2,377 12,780 55,267 68,047 -164 39,603 4,243 14,321 132,6532012 -13,993 -2,925 8,373 -8,545 -148 1,191 1,044 7,488 -32,143 -24,655 49 -7,592 2,031 15,385 -22,2842011 II -1,402 5,373 587 4,558 984 1,254 2,238 -2,696 -305 -3,001 71 17,311 -1,734 9,295 28,739

III -5,051 6,087 80 1,116 -417 2,092 1,676 3,553 2,147 5,700 -338 5,934 881 9,545 24,513IV 21,805 -22,204 247 -152 -1,621 955 -666 386 32,656 33,042 -159 1,776 -1,207 -2,634 30,000

2012 I -15,198 3,218 8,858 -3,122 415 574 989 -1,809 1,017 -791 445 13,360 4,454 3,205 18,540II -766 5,008 -507 3,735 804 1,499 2,304 5,145 -1,075 4,070 -38 -8,377 -3,591 3,663 1,766III 1,150 -5,864 -467 -5,181 -468 -302 -770 457 -11,988 -11,531 -420 10,999 1,279 2,517 -3,107IV 821 -5,286 489 -3,977 -899 -580 -1,479 3,695 -20,097 -16,402 61 -23,575 -111 6,001 -39,482

2013 I -1,943 15,264 -9,003 4,318 387 -785 -398 748 2,928 3,676 293 -5,131 260 6,475 9,493II 2,126 -958 -232 936 -323 -929 -1,251 2,442 -1,506 936 -24 -7,316 -1,028 -2,990 -10,737

Source: NBB

1 This item encompasses various claims on the financial institutions, among which the interests accrued and not yet due, as well as the errors and omissions of the estimated Belgium¿s balance of payments.2 Securities the initial term of which is up to one year.3 Securities the initial term of which exceeds one year.

221

15.6 FINANCIAL ASSETS HELD BY NON-FINANCIAL COMPANIES


Currency and deposits Fixed-interest securities Shares and other equity Insurancetechnical re

Loans Trade credits Other and sta-tistical adjust

Grand total

Notes, coinsand sight de-

posits


one year

Deposits atover one year

Total Short-term se-curities 2

Long-term se-curities 3



Total


serves

Loans Trade credits Other and statistical adjust-

ments 1

Grand total

2003 25,663 34,050 3,054 62,767 4,519 7,316 11,835 97,343 252,192 349,535 6,077 342,210 5,637 5,985 784,0472004 30,404 35,078 3,354 68,837 7,977 6,086 14,063 120,602 279,954 400,556 6,351 339,238 6,697 3,063 838,8062005 31,886 31,153 3,228 66,267 7,813 7,568 15,382 143,541 290,183 433,724 6,513 357,789 7,088 3,026 889,7892006 35,959 46,197 4,220 86,376 8,797 3,917 12,714 174,262 404,368 578,630 6,697 402,359 8,318 3,534 1,098,6292007 38,408 58,872 4,804 102,085 8,969 6,975 15,944 186,420 462,320 648,740 6,842 439,534 10,207 24,592 1,247,9442008 34,809 53,008 5,402 93,219 11,941 9,954 21,894 105,243 402,839 508,082 6,880 581,985 6,384 30,409 1,248,8522009 42,668 74,312 8,523 125,503 9,823 16,212 26,034 136,899 449,574 586,473 7,348 640,197 5,482 22,533 1,413,5702010 46,325 68,448 7,746 122,520 12,651 12,967 25,618 153,655 458,166 611,821 7,694 708,568 5,377 80,233 1,561,8302011 59,905 57,914 8,539 126,358 10,466 17,521 27,987 142,925 574,317 717,243 7,530 773,339 9,378 94,571 1,756,4052012 45,319 56,013 16,625 117,957 10,316 18,712 29,028 175,202 614,281 789,484 7,579 754,151 11,408 109,955 1,819,5622011 II 43,310 74,245 8,316 125,872 12,505 14,477 26,982 157,388 526,362 683,750 8,027 752,961 9,685 87,643 1,694,921

III 38,319 80,715 8,335 127,370 12,088 16,566 28,654 134,369 497,063 631,432 7,689 765,617 10,566 97,187 1,668,514IV 59,905 57,914 8,539 126,358 10,466 17,521 27,987 142,925 574,317 717,243 7,530 773,339 9,378 94,571 1,756,405

2012 I 44,529 61,589 17,300 123,418 10,880 18,095 28,975 154,868 586,396 741,264 7,975 782,925 13,832 97,776 1,796,164II 43,526 66,897 16,726 127,149 11,684 19,593 31,278 154,306 602,954 757,260 7,937 770,775 10,241 101,437 1,806,077III 44,974 60,885 16,239 122,098 11,216 19,292 30,508 165,794 640,178 805,972 7,517 778,000 11,520 103,953 1,859,568IV 45,319 56,013 16,625 117,957 10,316 18,712 29,028 175,202 614,281 789,484 7,579 754,151 11,408 109,955 1,819,562

2013 I 43,571 71,145 7,574 122,290 10,703 17,927 28,630 185,438 652,033 837,472 7,871 749,021 11,669 116,429 1,873,382II 45,771 70,019 7,407 123,197 10,381 16,999 27,380 183,167 619,187 802,354 7,847 741,705 10,641 113,439 1,826,563

Source: NBB

1 This item encompasses various claims on the financial institutions, among which the interests accrued and not yet due, as well as the cumulative flows of errors and omissions of the estimated Belgium¿s balance of payments.2 Securities the initial term of which is up to one year.3 Securities the initial term of which exceeds one year.

16. Liabilities of householdsand non-financial companies

224

16.1 NON-FINANCIAL CORPORATIONS16.1.1 NEW FINANCIAL LIABILITIES OF NON-FINANCIAL CORPORATIONS


At up to one year At over one year Miscellaneous 1 Grand total

Bank loans 2 Non-bank loans Fixed-interest se-curities

Total Bank loans 2 Non-bank loans Quoted shares Unquoted sharesand other equity

Fixed-interest se-curities

Total

Miscellaneous Grand total

2003 -1,468 22,373 -205 20,700 540 21,970 491 4,832 5,623 33,456 14,080 68,236

2004 6,881 -15,448 -192 -8,760 349 14,799 3,728 18,757 202 37,836 -3,502 25,574

2005 -2,120 9,561 -2,344 5,097 -1,322 -656 2,698 6,397 -1,585 5,532 5,590 16,219

2006 4,299 17,268 -851 20,716 5,444 16,567 3,776 27,661 1,398 54,846 -7,058 68,505

2007 6,353 18,130 3,981 28,465 10,927 14,658 2,625 89,704 144 118,057 -1,346 145,177

2008 6,544 6,020 1,516 14,080 23,662 19,711 6,718 121,020 -798 170,313 5,788 190,181

2009 -8,712 41,859 616 33,763 -2,803 -5,762 541 52,449 6,986 51,411 206 85,380

2010 -2,196 5,755 -1,159 2,400 1,107 38,024 555 67,659 2,266 109,611 2,393 114,405

2011 5,439 4,817 1,306 11,562 1,727 50,995 771 57,915 2,308 113,715 4,507 129,785

2012 -2,233 -41,470 -2,393 -46,096 4,345 51,621 -176 -43,378 8,063 20,476 1,079 -24,542

2011 II 5,980 -615 2,001 7,365 -539 14,328 149 1,519 2,086 17,545 2,273 27,183III -4,310 -1,789 1,080 -5,019 1,905 13,223 49 3,737 45 18,960 -1,755 12,186IV 1,025 7,607 150 8,782 -267 8,031 26 22,155 437 30,383 4,017 43,182

2012 I -3,644 312 -536 -3,868 3,035 953 59 14,797 1,383 20,227 522 16,882II 2,370 -16,575 66 -14,140 987 11,109 126 2,826 958 16,005 1,457 3,322III -1,799 -20,792 -1,190 -23,781 -776 28,887 -378 -7,797 3,715 23,650 -2,058 -2,188IV 840 -4,415 -733 -4,308 1,100 10,672 18 -53,203 2,008 -39,406 1,157 -42,557

2013 I -441 407 397 363 -657 2,378 36 3,629 252 5,639 1,043 7,045II 2,145 -6,557 540 -3,872 1,057 1,808 899 -1,040 740 3,465 3,115 2,707

Source: NBB

1 This item encompasses the technical reserves of non-autonomous pension funds, the derivatives and the other accounts payable according to ESA1995.2 This item encompasses loans granted by Belgian and foreign credit institutions, including securitised loans.

225

16.1.2 FINANCIAL LIABILITIES OF NON-FINANCIAL CORPORATIONS


At up to one year At over one year Miscellaneous 1 Grand total

Bank loans 2 Non-bank loans Fixed-interest se-curities

Total Bank loans 2 Non-bank loans Quoted shares Unquoted sharesand other equity

Fixed-interest se-curities

Total


2003 47,273 159,893 7,511 214,678 62,735 135,138 76,113 494,973 12,877 781,836 34,568 1,031,082

2004 55,308 144,194 7,207 206,708 60,581 150,218 116,522 588,822 13,056 929,198 30,909 1,166,816

2005 54,037 154,480 5,027 213,544 59,543 149,539 119,658 660,324 10,480 999,543 36,494 1,249,582

2006 57,269 171,116 4,127 232,512 64,880 166,106 149,095 856,224 11,818 1,248,121 29,430 1,510,063

2007 62,957 188,633 7,934 259,525 76,366 180,875 149,925 914,081 11,932 1,333,178 20,383 1,613,086

2008 69,385 194,989 9,467 273,841 100,775 200,347 99,432 805,836 11,174 1,217,564 20,700 1,512,105

2009 60,159 228,589 9,145 297,893 97,845 193,164 143,091 971,844 18,416 1,424,360 19,282 1,741,535

2010 56,965 227,605 8,048 292,618 99,768 230,310 164,099 1,069,912 20,752 1,584,840 20,277 1,897,735

2011 62,248 227,641 9,497 299,385 101,289 275,929 152,958 1,152,279 23,131 1,705,585 22,310 2,027,280

2012 59,810 194,901 7,126 261,838 104,468 323,757 193,695 1,222,838 31,325 1,876,083 20,354 2,158,274

2011 II 65,262 222,182 8,036 295,480 99,666 259,510 157,369 1,141,508 22,537 1,680,590 21,852 1,997,922III 61,127 218,126 9,327 288,580 101,575 272,460 141,569 1,080,352 22,629 1,618,585 19,327 1,926,491IV 62,248 227,641 9,497 299,385 101,289 275,929 152,958 1,152,279 23,131 1,705,585 22,310 2,027,280

2012 I 58,516 235,764 8,949 303,229 103,885 276,188 171,208 1,205,237 24,550 1,781,069 22,321 2,106,619II 61,075 220,277 9,038 290,390 104,875 287,819 177,674 1,215,360 25,520 1,811,248 22,869 2,124,507III 59,118 197,865 7,852 264,836 103,179 312,941 191,183 1,265,699 29,280 1,902,283 19,751 2,186,869IV 59,810 194,901 7,126 261,838 104,468 323,757 193,695 1,222,838 31,325 1,876,083 20,354 2,158,274

2013 I 59,275 194,822 7,466 261,563 103,785 326,623 213,459 1,257,587 31,547 1,933,000 20,194 2,214,758II 61,431 187,408 7,995 256,834 105,166 329,287 197,363 1,195,767 32,256 1,859,839 22,030 2,138,703

Source: NBB

1 This item encompasses the technical reserves of non-autonomous pension funds, the derivatives and the other accounts payable according to ESA1995.2 This item encompasses loans granted by Belgian and foreign credit institutions, including securitised loans.

226

16.1.3 CREDITS REGISTERED AT THE CENTRAL OFFICE FOR CREDITS TO COMPANIES16.1.3.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THE BENEFICIARY

(end of period, millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 20122003 2004 2005 2006 2007 2008 2009 2010

year II III IV I

Outstanding amounts openedProducts of agriculture, forestry and fishing 6,353 6,442 6,447 6,663 6,957 7,405 7,622 8,035 8,266 8,265 8,311 8,266 8,385Mining and quarrying 807 697 531 537 490 244 182 180 190 167 166 190 178Manufactured products 28,591 29,431 27,253 27,925 28,654 29,570 27,139 26,482 26,184 25,802 26,221 26,184 26,030Electricity, gas, steam and air conditioning 3,323 3,047 3,717 4,564 6,689 6,725 9,186 10,296 9,367 9,367 9,070 9,367 9,155Water supply; sewerage, waste management and remediation services 2,418 2,774 3,261 3,478 3,845 4,245 4,434 4,599 4,421 4,416 4,420 4,421 4,377Constructions and construction works 12,530 12,704 14,002 15,731 16,604 19,325 18,706 20,817 22,392 21,710 21,973 22,392 22,619Wholesale and retail trade services;repair service of motor vehicles andmotorcycles 31,633 30,003 32,732 33,183 35,173 36,752 34,915 36,117 36,291 35,766 35,848 36,291 35,650Transportation and storage services 6,645 6,798 7,446 7,326 7,889 8,332 8,125 8,875 9,212 9,209 9,291 9,212 9,411Accommodation and food services 2,819 2,727 2,841 3,003 3,128 3,367 3,405 3,366 3,404 3,442 3,411 3,404 3,455Information and communication services 3,297 3,778 3,346 3,962 3,663 3,261 2,812 3,180 3,267 3,437 3,451 3,267 3,255Financial and insurance services 25,430 31,634 33,615 40,656 46,498 58,892 60,620 52,518 46,246 45,848 50,950 46,246 45,065Real estate services 14,512 13,663 14,292 17,184 17,943 20,526 21,266 21,894 23,579 22,693 23,109 23,579 23,915Professional, scientific and technical services 6,790 6,819 7,626 8,500 9,636 11,035 11,415 11,941 13,004 12,422 12,401 13,004 12,946Administrative and support services 7,755 7,583 9,598 8,422 8,426 8,079 6,399 6,375 7,676 6,883 7,004 7,676 6,904Public administration and defence services; compulsory social securityservices 32,192 34,632 35,242 35,324 38,015 32,781 32,391 33,012 34,096 34,663 37,049 34,096 36,405Education services 1,317 1,571 1,639 1,657 1,646 1,643 1,689 1,754 1,822 1,803 1,830 1,822 1,838Human health and social work services 9,144 9,189 9,320 9,764 10,520 11,111 11,756 12,565 13,194 12,681 12,948 13,194 13,515Arts, entertainment and recreation services 920 911 904 1,041 1,100 1,168 1,230 1,318 1,422 1,396 1,378 1,422 1,444Other services 1,380 1,263 1,437 1,520 1,643 1,650 1,631 1,661 1,604 1,618 1,602 1,604 1,637Services of households as employers;undiff goods and services productsby househoulds own use 1,787 1,542 1,645 1,775 1,780 1,764 1,619 1,562 1,424 1,452 1,445 1,424 1,419Services provided by extraterritorial organisations and bodies 33 33 8 12 4 11 10 10 9 10 10 9 11Enterprises of which insufficient data is available 98 599 575 713 1,161 2,282 2,015 1,686 1,750 1,351 2,120 1,750 1,810Total 199,774 207,840 217,477 232,940 251,464 270,168 268,567 268,243 268,820 264,401 274,008 268,820 269,424

Outstanding amounts usedProducts of agriculture, forestry and fishing 5,018 5,019 5,071 5,185 5,453 5,831 6,104 6,431 6,656 6,591 6,694 6,656 6,691Mining and quarrying 486 395 260 205 176 151 122 118 109 112 111 109 107Manufactured products 16,733 16,939 15,258 15,454 17,118 19,227 15,579 15,554 16,104 15,983 16,285 16,104 16,181Electricity, gas, steam and air conditioning 2,668 2,246 3,024 2,909 4,554 4,752 6,491 7,068 6,804 6,900 6,713 6,804 6,770Water supply; sewerage, waste management and remediation services 1,830 2,052 2,475 2,582 2,689 3,098 3,083 3,258 3,361 3,195 3,269 3,361 3,416Constructions and construction works 8,248 8,479 9,515 10,727 11,641 13,788 14,076 14,413 14,671 15,086 14,441 14,671 14,645Wholesale and retail trade services;repair service of motor vehicles andmotorcycles 22,831 21,355 22,481 22,499 25,311 27,042 25,042 25,440 27,039 26,630 26,769 27,039 26,968Transportation and storage services 5,234 5,165 5,842 5,678 5,881 6,225 6,284 6,600 7,212 7,149 7,177 7,212 7,368Accommodation and food services 2,604 2,552 2,608 2,668 2,844 3,056 3,179 3,180 3,200 3,212 3,188 3,200 3,207Information and communication services 1,849 1,722 1,664 2,007 2,068 1,911 1,886 2,122 2,177 2,191 2,125 2,177 2,123Financial and insurance services 15,459 17,227 18,004 23,221 33,867 39,618 43,195 41,395 37,350 36,672 41,672 37,350 32,039Real estate services 12,576 11,807 12,093 13,196 14,808 17,464 17,960 18,998 20,085 19,501 19,803 20,085 20,115Professional, scientific and technical services 5,183 5,443 5,915 6,475 7,540 8,732 9,523 9,820 10,383 10,183 10,162 10,383 10,697Administrative and support services 6,088 6,216 7,524 6,719 6,976 6,828 5,160 5,354 6,490 5,674 5,711 6,490 5,441Public administration and defence services; compulsory social securityservices 23,747 23,533 24,158 22,938 25,713 21,954 22,854 23,827 25,118 22,943 23,929 25,118 24,086Education services 1,144 1,350 1,388 1,381 1,387 1,299 1,431 1,442 1,479 1,441 1,465 1,479 1,487Human health and social work services 6,765 7,118 7,123 7,454 8,082 8,503 9,104 9,916 10,533 10,185 10,313 10,533 10,652Arts, entertainment and recreation services 751 733 774 837 946 981 1,064 1,105 1,175 1,124 1,127 1,175 1,199Other services 1,044 1,006 1,123 1,199 1,293 1,330 1,370 1,397 1,343 1,350 1,335 1,343 1,348

227

16.1.3.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THE BENEFICIARY (CONTINUED)


2012201120102009200820072006200520042003

IIVIIIIIyear

20102009200820072006200520042003

Services of households as employers;undiff goods and services productsby househoulds own use 1,614 1,383 1,514 1,591 1,594 1,576 1,558 1,542 1,436 1,446 1,444 1,436 1,414Services provided by extraterritorial organisations and bodies 1 1 1 4 4 3 10 10 9 9 9 9 9Enterprises of which insufficient data is available 62 234 232 341 1,179 1,952 839 625 1,177 937 825 1,177 1,315Total 141,935 141,975 148,047 155,270 181,124 195,321 195,914 199,615 203,911 198,514 204,567 203,911 197,278

Sources: NBB, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary, the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He can exercise this right by contracting debts with financial institutions or by handing over commercialcredits to third parties. The beneficial enterprises include the public but not financial institutions. The breakdown by branch of activity of the beneficiary is calculated according to the NACE codes 2008.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.

228

16.1.3.2 OUTSTANDING AMOUNTS OPENED


2008 2009 2010 2011 2010 2011 20122008 2009 2010 2011

II III IV I II III IV I

Outstanding amounts openedEconomic zones 173,447 163,131 97,916 85,069 141,331 123,249 97,916 99,140 97,536 97,131 85,069 83,805

European Union 132,372 134,487 84,568 72,430 121,174 108,853 84,568 86,834 85,032 84,450 72,430 71,949MUMS 98,520 91,429 63,305 57,451 76,282 73,132 63,305 65,354 64,269 65,255 57,451 57,834

Austria 579 444 383 278 627 603 383 436 491 531 278 268Cyprus 742 549 933 943 513 407 933 966 936 1,035 943 998Germany 6,496 5,489 4,617 3,716 5,881 5,399 4,617 4,210 3,825 3,780 3,716 2,875Estonia 0 0 1 1 1 1 1 1 1 1 1 1Spain 10,247 9,017 7,927 3,382 8,398 8,518 7,927 7,668 7,491 7,289 3,382 3,556Finland 297 629 188 738 560 571 188 414 723 903 738 874France 20,308 18,709 10,096 11,354 10,747 10,422 10,096 10,563 10,075 12,052 11,354 11,312Greece 465 406 254 60 369 255 254 237 234 231 60 50Ireland 13,401 16,661 7,573 6,406 16,342 14,842 7,573 7,435 7,213 7,544 6,406 6,436Italy 6,543 5,906 466 498 636 697 466 519 529 547 498 565Luxembourg 8,497 5,152 4,747 4,879 4,744 4,804 4,747 4,679 4,303 4,255 4,879 4,660Malta 240 140 87 66 115 44 87 82 80 49 66 73Netherlands 27,499 25,533 24,071 23,251 24,775 23,989 24,071 26,211 26,442 25,038 23,251 24,287Portugal 2,069 2,057 1,180 1,063 1,850 1,798 1,180 1,171 1,162 1,210 1,063 1,064Slovenia 33 1 1 1 1 1 1 1 1 1 1 1Slovakia 1,104 736 781 815 723 781 781 761 763 789 815 814

Other countries of the European Union 33,852 43,058 21,263 14,979 44,892 35,721 21,263 21,480 20,763 19,195 14,979 14,115Bulgaria 42 101 99 106 90 95 99 98 72 79 106 103Czech Republic 534 542 543 320 523 649 543 524 648 640 320 299Denmark 770 494 936 495 585 891 936 985 427 423 495 509United Kingdom 29,594 39,618 18,197 11,473 41,934 32,581 18,197 17,911 17,311 15,282 11,473 10,340Hungary 810 606 190 203 410 218 190 184 183 201 203 198Lithuania 0 0 0 0 0 0 0 0 0 0 0 0Latvia 0 5 3 2 4 3 3 3 3 2 2 1Poland 1,083 708 329 252 342 359 329 278 256 265 252 250Romania 281 197 162 84 188 148 162 165 163 86 84 78Sweden 738 787 804 2,044 816 777 804 1,332 1,700 2,217 2,044 2,337

NAFTA 40,124 27,531 12,903 12,437 19,087 13,659 12,903 11,995 12,214 12,479 12,437 11,679Canada 3,005 1,961 225 213 1,250 767 225 245 223 204 213 320Mexico 284 241 133 50 152 137 133 99 89 76 50 48United States of America 36,835 25,329 12,545 12,174 17,685 12,755 12,545 11,651 11,902 12,199 12,174 11,311

MERCOSUR 951 1,113 445 202 1,070 737 445 311 290 202 202 177Argentina 452 350 94 60 376 323 94 71 55 58 60 57Bolivia 1 0 0 0 0 0 0 0 0 0 0 0Brazil 271 249 138 22 224 157 138 125 111 26 22 14Chile 151 329 122 51 244 131 122 37 48 49 51 42Paraguay 0 0 0 0 0 0 0 0 0 0 0 0Uruguay 76 40 39 32 49 40 39 34 34 36 32 32Colombia 4 2 1 3 2 2 2 2 1 1 0Ecuador 28 40 31 44 40 40 35 33 27 31 28Peru 63 2 2 84 2 2 2 2 2 2 2Venezuela 50 8 3 46 42 8 5 5 3 3 2

Other countries 48,829 53,023 27,287 24,094 52,647 30,287 27,287 25,920 24,620 22,643 24,094 25,408Netherlands Antilles 3,806 3,394 69 80 2,098 68 69 41 41 78 80 78Australia 1,121 742 111 32 729 258 111 73 31 28 32 30

229

16.1.3.2 OUTSTANDING AMOUNTS OPENED (CONTINUED)


2012201120102011201020092008

IIVIIIIIIIVIIIII

2011201020092008

Switzerland 3,584 3,119 2,978 1,952 3,194 2,612 2,978 2,809 3,031 2,769 1,952 2,247CIS 2,874 2,110 1,320 1,616 1,698 1,368 1,320 1,286 1,165 1,890 1,616 1,977Hong Kong 5,008 3,114 514 511 3,550 600 514 451 384 403 511 431Indonesia 224 180 27 22 99 47 27 24 26 28 22 20India 488 446 262 241 509 248 262 263 276 342 241 259Cayman Islands 3,097 7,323 625 418 7,323 7,034 625 413 498 635 418 591Turkey 2,503 2,162 1,219 841 1,548 1,336 1,219 1,048 890 849 841 823Taiwan 284 227 0 0 35 8 0 0 0 0 0 0

Total zones and other countries 222,276 216,154 125,203 109,163 193,978 153,536 125,203 125,060 122,156 119,774 109,163 109,213

230



2012201120102011201020092008

IIVIIIIIIIVIIIII

2011201020092008

Outstanding amounts usedEconomic zones 112,879 114,444 69,688 58,209 98,939 86,797 69,688 68,846 66,298 64,549 58,209 56,409

European Union 91,673 96,776 59,643 52,017 84,519 75,807 59,643 59,684 58,989 58,453 52,017 51,062MUMS 71,512 66,541 47,525 44,078 54,631 53,229 47,525 48,591 48,194 49,392 44,078 41,774

Austria 428 288 225 135 231 247 225 284 239 236 135 124Cyprus 605 478 361 782 500 382 361 396 762 862 782 812Germany 3,016 2,464 2,425 2,203 3,165 2,796 2,425 2,470 2,404 2,244 2,203 1,711Estonia 0 0 1 0 1 1 1 1 1 1 0 0Spain 6,282 5,833 4,984 1,746 5,591 5,204 4,984 5,034 4,857 4,990 1,746 2,014Finland 114 99 53 164 35 34 53 74 88 139 164 207France 11,733 9,478 5,392 5,791 6,178 5,398 5,392 4,938 5,253 6,616 5,791 5,724Greece 127 91 74 54 103 82 74 71 69 69 54 44Ireland 9,169 13,429 5,201 4,788 7,963 9,906 5,201 4,573 4,244 4,318 4,788 4,954Italy 3,256 2,810 314 370 610 470 314 367 397 409 370 474Luxembourg 11,925 8,339 7,488 7,142 7,819 7,424 7,488 7,015 6,731 6,746 7,142 6,693Malta 203 137 41 22 113 41 41 59 57 27 22 43Netherlands 23,195 22,118 20,143 20,020 21,341 20,308 20,143 22,485 22,273 21,791 20,020 18,377Portugal 689 604 441 417 618 585 441 469 413 513 417 370Slovenia 32 0 0 0 0 0 0 0 0 0 0 0Slovakia 738 373 382 444 363 351 382 355 406 431 444 227

Other countries of the European Union 20,161 30,235 12,118 7,939 29,888 22,578 12,118 11,093 10,795 9,061 7,939 9,288Bulgaria 40 89 84 93 79 80 84 83 62 64 93 65Czech Republic 418 411 345 280 402 387 345 354 398 486 280 282Denmark 333 240 213 236 240 221 213 234 204 328 236 256United Kingdom 17,644 28,047 10,542 6,433 28,111 20,756 10,542 9,392 8,949 7,013 6,433 7,227Hungary 485 442 172 184 262 172 172 166 175 183 184 181Lithuania 0 0 0 0 0 0 0 0 0 0 0 0Latvia 0 5 3 2 4 3 3 3 3 2 2 1Poland 661 478 266 193 240 451 266 200 189 206 193 189Romania 144 147 99 77 130 105 99 114 112 79 77 71Sweden 436 376 394 441 420 403 394 547 703 700 441 1,016

NAFTA 20,424 16,677 9,665 5,993 13,471 10,333 9,665 8,906 7,069 5,905 5,993 5,181Canada 2,002 997 133 105 674 394 133 95 89 97 105 99Mexico 192 181 118 48 125 119 118 111 85 72 48 47United States of America 18,230 15,499 9,414 5,840 12,672 9,820 9,414 8,700 6,895 5,736 5,840 5,035

MERCOSUR 782 991 380 199 949 657 380 256 240 191 199 166Argentina 444 345 91 60 364 319 91 66 55 58 60 56Bolivia 1 0 0 0 0 0 0 0 0 0 0 0Brazil 212 227 98 22 157 93 98 93 86 23 22 7Chile 113 251 109 48 203 121 109 29 40 44 48 42Paraguay 0 0 0 0 0 0 0 0 0 0 0 0Uruguay 12 40 38 32 45 39 38 34 35 33 32 30Colombia 4 2 1 3 2 2 2 1 1 1 0Ecuador 15 33 31 44 39 33 25 16 27 31 28Peru 61 2 2 84 2 2 2 2 2 2 2Venezuela 48 7 3 49 42 7 5 5 3 3 1

Other countries 27,691 33,334 15,989 14,319 33,204 23,102 15,989 15,514 15,029 15,925 14,319 15,990Netherlands Antilles 587 176 32 46 153 33 32 26 22 43 46 45Australia 399 521 65 31 512 72 65 61 30 30 31 33

231



2012201120102011201020092008

IIVIIIIIIIVIIIII

2011201020092008

Switzerland 1,394 1,271 719 807 1,168 839 719 902 1,115 1,173 807 994CIS 2,720 2,052 1,189 1,150 1,620 1,203 1,189 1,001 978 1,333 1,150 1,781Hong Kong 2,370 1,952 455 479 2,012 463 455 365 340 339 479 352Indonesia 68 118 24 22 62 38 24 21 21 22 22 19India 396 399 214 230 471 230 214 245 255 259 230 252Cayman Islands 2,718 7,238 588 262 7,229 6,951 588 397 434 442 262 500Turkey 1,833 1,779 1,045 828 1,457 1,280 1,045 1,009 850 760 828 788Taiwan 113 106 4 1 37 12 4 2 2 1 1 0

Total zones and other countries 140,570 147,778 85,677 72,528 132,143 109,899 85,677 84,360 81,327 80,474 72,528 72,399

Sources: NBB, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary , the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He can exercise this right by contracting debts with the financial institutions or by handing over commercialcredits to third parties.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.

232

16.2 HOUSEHOLDS AND INDIVIDUALS16.2.1 NEW FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Miscellaneous 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total


2003 -998 7,659 -208 548 7,999 -247 6,753

2004 -167 6,478 -481 12 6,009 440 6,282

2005 811 10,268 648 735 11,650 -327 12,134

2006 -54 10,757 278 827 11,862 439 12,247

2007 134 11,942 1,388 -77 13,253 1,002 14,389

2008 379 11,780 1,259 535 13,574 -24 13,930

2009 -241 7,038 646 -1,485 6,200 -735 5,223

2010 -47 11,579 18 25 11,623 -163 11,413

2011 54 12,306 1,477 -21 13,763 -41 13,776

2012 483 8,506 415 -260 8,661 171 9,315

2011 II 236 3,804 656 7 4,468 396 5,100III 13 2,526 118 15 2,659 -996 1,675IV -64 3,583 516 -32 4,067 158 4,161

2012 I 48 1,974 93 64 2,132 541 2,721II 784 2,788 303 -212 2,878 321 3,983III -129 1,665 173 -124 1,713 -596 988IV -220 2,080 -154 13 1,938 -95 1,623

2013 I 560 791 116 -82 826 212 1,598II 569 307 -65 67 309 445 1,323

Source: NBB


1 This item encompasses the other accounts payable according to ESA1995.

233

16.2.2 FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Miscellaneous 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total


2003 5,168 82,948 10,864 11,092 104,904 3,126 113,198

2004 5,057 89,404 10,286 13,008 112,698 3,564 121,318

2005 5,873 100,243 10,934 13,326 124,503 3,233 133,610

2006 5,909 111,116 12,911 13,827 137,853 3,681 147,443

2007 6,077 123,057 14,299 13,555 150,911 4,686 161,674

2008 6,460 134,456 15,558 13,831 163,844 4,663 174,968

2009 6,158 140,858 16,286 12,346 169,490 3,929 179,577

2010 6,116 152,437 16,475 12,373 181,285 3,765 191,166

2011 6,172 164,548 17,951 12,353 194,853 3,725 204,750

2012 6,655 173,401 18,075 11,768 203,244 3,897 213,796

2011 II 6,220 158,635 17,317 12,370 188,322 4,563 199,105III 6,235 161,161 17,435 12,385 190,981 3,567 200,782IV 6,172 164,548 17,951 12,353 194,853 3,725 204,750

2012 I 6,219 166,870 17,753 12,417 197,040 4,266 207,525II 7,006 169,657 18,056 12,205 199,918 4,587 211,511III 6,876 171,322 18,229 11,756 201,306 3,992 212,175IV 6,655 173,401 18,075 11,768 203,244 3,897 213,796

2013 I 7,216 174,193 18,191 11,686 204,069 4,109 215,394II 7,783 174,195 18,126 11,753 204,074 4,554 216,411

Source: NBB


1 This item encompasses the other accounts payable according to ESA1995.

234

16.2.3 CONSUMER AND MORTGAGE CREDIT ACCORDING TO THE CENTRAL INDIVIDUAL CREDIT REGISTER16.2.3.1 CONSUMER CREDIT

(amounts in thousands of euros)

Number of outstandingcredits

Outstanding overdue credits New credits Number of new overduecredits

Number of borrowers with at least one 1Number of outstandingcredits

Number Arrears Number 2 Credit amount

Number of new overduecredits

Credit Outstanding overduecredit

Total of which outstanding

Arrears Number Credit amount Credit Outstanding overduecredit

2012 September 8,667,039 532,419 444,082 1,713,397 86,518 863,721 10,701 5,601,947 302,060October 8,676,287 537,264 447,297 1,726,439 94,234 984,471 12,459 5,608,901 304,595November 8,686,676 542,237 450,052 1,739,256 87,721 818,343 12,448 5,616,248 306,543December 8,684,562 545,672 452,111 1,750,322 73,982 780,098 11,600 5,618,622 307,748

2013 January 8,683,098 548,394 454,668 1,760,189 101,229 1,134,362 13,722 5,612,152 309,440February 8,662,171 550,967 456,107 1,757,800 89,618 1,019,846 11,424 5,609,246 310,204March 8,667,284 553,990 458,113 1,762,639 91,996 1,018,149 11,930 5,608,205 311,178April 8,658,854 557,031 460,588 1,764,892 89,157 947,218 12,211 5,609,074 312,714May 8,655,166 558,921 462,483 1,767,125 152,953 1,060,509 13,433 5,609,635 313,926June 8,661,125 557,566 458,834 1,755,472 97,899 1,121,557 10,210 5,608,545 310,738July 8,655,977 559,877 460,581 1,756,872 94,042 1,009,252 12,553 5,611,268 311,395August 8,661,053 562,885 462,714 1,761,402 82,170 820,223 10,200 5,615,510 313,070September 8,651,235 563,404 463,958 1,765,714 86,494 837,034 9,915 5,610,494 313,826

Sources: NBB, Central Consumer Credit Office

1 The total number of borrowers is not equal to the sum of the number of borrowers per type of credit. A borrower who has contracted several different types of loan is counted in each of the categories but only once in the total number.2 The growth in the number of loans/revolving credit facilities in 2011 results from a legislative change requiring overdraft facilities on accounts to be recorded in the Central Register by the end of the year. The increase is thus mainly a consequence of

the widening of the Central Register’s scope of application and should not be considered as a rise in the number of ”new” loans.

235

16.2.3.2 MORTGAGE CREDITS

(amounts in thousands of euros)

Number of outstandingcredits

Outstanding overdue credits New credits Number of new overduecredits

Number of borrowers with at least oneNumber of outstandingcredits

Number Arrears Number Credit amount

Number of new overduecredits

Credit Outstanding overdue cre-dit

Total of which outstanding

Arrears Number Credit amount Credit Outstanding overdue credit

2012 September 2,741,918 44,042 29,729 931,757 28,643 2,929,450 934 2,843,987 40,694October 2,744,891 44,204 29,940 939,506 29,540 3,076,231 1,204 2,844,710 40,964November 2,748,208 44,384 30,201 953,094 26,034 2,636,852 1,133 2,845,837 41,243December 2,753,225 44,624 30,509 971,452 27,950 2,903,586 1,152 2,848,930 41,583

2013 January 2,753,628 44,874 30,725 1,038,882 28,305 3,094,233 1,241 2,847,357 41,745February 2,756,562 45,066 30,890 1,046,332 21,963 2,220,399 1,096 2,848,461 41,908March 2,762,608 45,450 31,072 1,064,660 26,231 2,690,508 1,200 2,850,633 42,197April 2,767,526 45,644 31,332 1,080,317 24,202 2,519,809 1,209 2,852,426 42,628May 2,774,750 45,890 31,549 1,087,380 26,431 2,709,740 1,303 2,855,684 42,853June 2,783,251 45,940 31,299 1,095,900 29,590 3,068,268 1,148 2,859,501 42,306July 2,785,768 45,713 30,905 1,106,167 26,498 2,817,780 987 2,860,244 41,699August 2,787,688 45,965 31,145 1,126,705 22,091 2,321,385 1,030 2,860,831 41,982September 2,787,897 46,080 31,513 1,127,748 22,175 2,348,813 1,022 2,859,334 42,487

Sources: NBB, Central Consumer Credit Office

236

16.2.4 RESULTS OF THE SURVEY ON THE PURPOSE OF MORTGAGE CREDITS16.2.4.1 MORTGAGE CREDIT: APPLICATIONS SUBMITTED

Number of applications (thousands) Amount of applications (millions of euro)

Purchase Building Conversion Purchase andconversion

Total Other financialpurpose

Refinancing ofan existing cre-

dit




dit(1) (2) (3) (4) (5) = (1) + (2) +

(3) + (4)(6) (7) (8) (9) (10) (11) (12) = (8) + (9) +

(10) + (11)(13) (14)

2003 111.6 35.6 40.4 19.8 207.4 17.7 63.0 11,166 3,726 1,571 2,216 18,679 1,271 5,3752004 107.0 31.6 38.3 17.9 194.8 15.6 45.6 11,724 3,582 1,524 2,165 18,995 1,251 3,9382005 128.7 43.8 65.0 18.6 256.1 23.0 77.6 15,780 5,314 2,490 2,549 26,133 2,167 7,1632006 129.3 38.2 53.6 19.6 240.7 22.1 30.4 17,063 4,946 2,229 2,890 27,128 2,153 3,1902007 137.9 36.9 52.1 17.3 244.2 19.2 20.3 18,737 4,868 2,048 2,815 28,468 1,667 2,3892008 136.4 36.0 61.9 16.6 250.9 17.2 16.5 18,337 4,683 2,342 2,574 27,936 1,423 2,1142009 136.6 37.4 85.6 17.8 277.4 19.9 22.7 18,126 4,897 3,009 2,658 28,690 1,575 2,9962010 158.1 47.1 108.3 18.5 332.0 19.9 35.7 21,263 5,541 3,444 2,797 33,045 1,556 4,8382011 163.9 44.1 149.2 19.4 376.6 19.9 30.2 22,321 4,817 4,152 2,942 34,232 1,535 3,8142012 152.4 30.0 68.2 17.4 268.0 17.4 38.0 21,498 4,080 2,687 2,774 31,039 1,369 4,7042011 II 38.8 9.9 36.5 5.0 90.2 4.6 5.5 5,335 1,067 997 744 8,143 349 686

III 39.4 9.2 33.9 4.3 86.8 4.7 5.9 5,432 1,026 923 652 8,033 366 735IV 45.2 12.7 46.4 5.2 109.5 5.8 10.9 6,145 1,400 1,226 809 9,580 440 1,385

2012 I 39.6 8.5 17.7 4.5 70.3 4.4 8.7 5,499 1,129 708 707 8,043 336 1,090II 39.7 7.9 19.1 4.8 71.5 4.9 8.9 5,620 1,110 726 794 8,250 348 1,120III 36.4 6.7 16.4 4.2 63.7 4.2 10.7 5,203 912 646 675 7,436 334 1,324IV 36.7 6.9 15.0 3.9 62.5 3.9 9.7 5,176 929 607 598 7,310 351 1,170

2013 I 36.7 8.1 17.6 3.5 65.9 3.7 8.6 5,034 1,131 741 557 7,463 334 1,066II 42.0 8.8 18.8 4.2 73.8 4.3 10.2 5,807 1,244 782 660 8,493 389 1,259

2012 August 12.0 2.2 5.4 1.4 21.0 1.4 3.5 1,721 307 209 222 2,459 112 453September 12.1 2.3 5.1 1.4 20.9 1.4 4.1 1,717 301 208 222 2,448 115 481October 13.9 2.7 6.0 1.7 24.3 1.6 4.6 1,931 354 239 261 2,785 144 537November 12.3 2.2 4.8 1.2 20.5 1.3 2.9 1,717 297 191 183 2,388 113 356December 10.5 2.0 4.2 1.0 17.7 1.0 2.2 1,528 278 177 154 2,137 94 277

2013 January 12.9 2.8 5.6 1.2 22.5 1.3 2.9 1,744 388 240 187 2,559 113 366February 11.4 2.5 5.5 1.1 20.5 1.2 2.7 1,571 347 228 176 2,322 116 326March 12.4 2.8 6.5 1.2 22.9 1.2 3.0 1,719 396 273 194 2,582 105 374April 13.0 2.7 6.5 1.4 23.6 1.4 3.3 1,828 390 263 224 2,705 120 403May 14.1 3.0 6.1 1.4 24.6 1.5 3.5 1,948 419 256 221 2,844 134 435June 14.9 3.1 6.2 1.4 25.6 1.4 3.4 2,031 435 263 215 2,944 135 421July 13.9 3.1 6.0 1.3 24.3 1.3 3.0 1,908 438 264 199 2,809 140 371August 12.4 2.6 4.5 1.1 20.6 1.1 2.2 1,673 358 197 172 2,400 104 272

Source: NBB

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies.The data indicate a trend and do not reflect all applications for mortgage credit or the outstanding amount of these loans. From 1995 onwards the concept of ”mortgage credit” refers to the Law of 4th August 1992 concerning mortgage credit, and excludes all mortgage credit contractedfor commercial purposes.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 9, September 1994.

237

16.2.4.2 MORTGAGE CREDIT: MORTGAGE CONTRACTS DRAWN UP

Number of applications (thousands) Amount of applications (millions of euro)




dit




dit(1) (2) (3) (4) (5) = (1) + (2) +

(3) + (4)(6) (7) (8) (9) (10) (11) (12) = (8) + (9) +

(10) + (11)(13) (14)

2003 87.2 28.6 33.4 15.8 165.0 9.4 49.0 8,011 2,715 1,181 1,525 13,432 613 3,9082004 84.6 26.2 31.5 15.1 157.4 9.8 33.4 8,465 2,673 1,158 1,579 13,875 691 2,6982005 105.3 34.2 53.4 15.6 208.5 15.8 55.3 11,903 3,744 1,904 1,731 19,282 1,269 4,6472006 102.6 36.0 49.4 16.7 204.7 15.0 29.5 12,460 4,156 1,916 1,967 20,499 1,261 2,5632007 102.9 31.6 44.5 15.6 194.6 14.3 17.0 12,809 3,688 1,641 1,962 20,100 1,107 1,6182008 100.7 30.0 51.5 14.0 196.2 11.7 11.0 12,478 3,494 1,819 1,792 19,583 852 1,0962009 95.7 29.4 73.6 13.4 212.1 12.8 14.3 11,918 3,544 2,434 1,801 19,697 862 1,5172010 113.2 36.7 88.9 13.6 252.4 13.9 19.7 14,544 4,173 2,699 2,009 23,425 945 2,3982011 117.1 36.0 136.6 13.6 303.3 13.8 21.7 15,286 3,634 3,559 2,070 24,549 925 2,6002012 111.0 24.2 58.0 12.2 205.4 12.5 27.8 14,818 3,130 2,178 1,952 22,078 810 3,1062011 II 28.9 9.5 34.6 3.4 76.4 3.2 4.8 3,727 966 936 516 6,145 227 593

III 28.1 7.5 30.6 3.3 69.5 3.0 3.5 3,716 784 780 494 5,774 203 388IV 32.8 10.8 47.3 3.8 94.7 4.3 5.5 4,306 1,026 1,123 587 7,042 261 622

2012 I 26.5 5.8 13.1 2.9 48.3 3.1 5.7 3,448 720 495 460 5,123 206 660II 27.8 6.3 16.3 3.3 53.7 3.2 5.7 3,647 808 600 518 5,573 197 642III 27.7 6.2 15.0 3.1 52.0 3.2 7.0 3,798 818 561 509 5,686 202 776IV 29.0 5.9 13.6 2.9 51.4 3.0 9.4 3,925 784 522 465 5,696 205 1,028

2013 I 24.4 5.1 12.6 2.4 44.5 2.4 6.4 3,214 666 483 381 4,744 172 669II 26.3 6.3 15.4 2.5 50.5 2.6 6.3 3,475 874 608 408 5,365 198 699

2012 August 8.8 1.9 4.8 1.0 16.5 1.0 2.2 1,217 253 176 162 1,808 59 249September 9.4 2.1 4.7 1.0 17.2 1.0 2.7 1,312 283 187 164 1,946 67 298October 10.0 2.1 5.2 1.1 18.4 1.1 3.4 1,400 286 202 170 2,058 72 369November 8.8 1.8 4.2 0.9 15.7 0.9 3.1 1,176 236 164 148 1,724 67 340December 10.2 2.0 4.2 0.9 17.3 1.0 2.9 1,349 262 156 147 1,914 66 319

2013 January 7.9 1.5 3.9 0.7 14.0 0.7 2.0 1,044 192 145 119 1,500 52 215February 7.8 1.6 3.8 0.8 14.0 0.8 2.2 1,032 212 146 122 1,512 56 226March 8.7 2.0 4.9 0.9 16.5 0.9 2.2 1,138 262 192 140 1,732 64 228April 8.0 1.9 5.2 0.7 15.8 0.8 2.0 1,040 264 205 117 1,626 62 220May 8.6 2.1 5.0 0.9 16.6 0.8 2.0 1,148 293 197 138 1,776 61 220June 9.7 2.3 5.2 0.9 18.1 1.0 2.3 1,287 317 206 153 1,963 75 259July 9.4 2.0 5.0 0.9 17.3 0.9 2.3 1,261 282 202 153 1,898 69 259August 8.3 1.8 4.1 0.9 15.1 0.7 1.8 1,097 259 169 142 1,667 60 187

Source: NBB

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies.The concept of ”mortgage credit” refers to the Law of 4th August 1992 concerning mortgage credit, and excludes all mortgage credit for commercial purposes.

Bibliographical reference: Bulletin statistique de la Banque nationale de Belgique, 1996-I, p. 27-30.

238

16.2.5 RESULTS OF THE SURVEY OF THE GDSEI ON CONSUMER CREDIT

Consumer credit: hire-purchase, instalment-payment loans, leasing and opening of credits.

Consumer credit: general results

Number of contracts at end of half-year (thousands) 1 Outstanding amount of credit at end of half-year (millions of euro) 1 Credit granted during the half-year (millions of euro)

Hire-purcha-se

Instalment-paymentloans 2

Leasing Opening ofcredit

Total Hire-purcha-se

Instalment-paymentloans 2


Total Hire-purcha-se

Instalment-payment

loans


Total

(1) (2) (3) (4) (5) = (1) + (2) +(3) + (4)

(6) (7) (8) (9) (10) = (6) + (7)+ (8) + (9)

(11) (12) (13) (14) (15) = (11) +(12) + (13) +

(14)

2000 II 492 1,355 40 2,449 4,336 1,120 9,043 32 2,543 12,739 280 2,040 10 538 2,8682001 I 492 1,376 20 2,487 4,375 1,155 9,512 40 2,467 13,173 357 2,372 12 555 3,297

II 481 1,389 15 2,584 4,469 1,146 9,521 42 2,522 13,231 320 2,129 10 498 2,9572002 I 486 1,380 14 2,793 4,673 1,273 9,709 43 2,431 13,456 463 2,344 11 538 3,356

II 475 1,366 14 2,905 4,760 1,317 9,536 43 2,609 13,505 278 2,089 9 596 2,9722003 I 455 1,351 14 2,988 4,808 1,333 9,768 42 2,571 13,714 431 2,465 7 551 3,454

II 470 1,306 13 3,070 4,859 1,349 9,621 40 2,713 13,723 356 2,180 6 538 3,0802004 I 515 1,259 13 3,143 4,930 1,491 9,872 38 2,677 14,078 495 2,589 6 639 3,729

II 506 1,212 13 3,211 4,942 1,464 9,941 37 2,693 14,135 336 2,347 7 624 3,3142005 I 517 1,206 13 3,765 5,501 1,567 10,392 38 2,659 14,656 476 2,799 8 953 4,236

II 550 1,177 13 3,770 5,510 1,613 10,396 34 2,768 14,811 372 2,772 13 1,000 4,1572006 I 569 1,213 13 4,006 5,801 1,699 11,278 34 2,903 15,914 524 3,408 7 903 4,842

II 613 1,237 13 3,943 5,806 1,651 11,624 37 3,001 16,313 369 3,103 3 880 4,3552007 I 631 1,259 13 3,939 5,842 1,851 12,599 38 3,038 17,526 595 3,485 9 916 5,005

II 614 1,281 13 4,080 5,988 1,777 12,972 38 3,350 18,137 405 3,111 8 1,156 4,6802008 I 623 1,306 12 4,269 6,210 2,007 13,625 40 3,380 19,052 603 3,666 9 1,167 5,445

II 637 1,325 12 3,628 5,602 1,962 13,955 41 3,629 19,587 399 2,895 8 909 4,2112009 I 636 1,312 12 3,653 5,613 1,967 14,037 37 3,572 19,613 508 3,370 8 932 4,818

II 648 1,333 12 3,734 5,727 1,878 14,167 43 3,688 19,776 343 3,032 9 812 4,1962010 I 634 1,351 13 3,733 5,731 1,844 14,655 46 3,701 20,246 525 3,543 11 1,050 5,129

II 645 1,373 13 3,713 5,744 1,757 14,870 47 3,916 20,590 333 3,066 10 962 4,3712011 I 625 1,411 13 6,426 8,475 1,718 15,325 46 4,124 21,213 400 3,591 11 1,549 5,551

II 636 1,460 13 6,677 8,786 1,590 15,713 45 4,240 21,588 284 3,706 9 1,121 5,1202012 I 602 1,473 13 6,543 8,631 1,380 15,941 42 4,172 21,535 291 3,378 8 1,038 4,715

II 596 1,472 2 6,546 8,616 1,228 15,623 36 4,320 21,207 181 3,168 7 960 4,316

Source: GDSEI

N.B.: The definition of credit has been extended from the first semester 2011 onwards within the scope of the law of the 13th of June 2010 modifying the law of the 12th of June 1991 relative to consumer credit.

1 Until 1993, excluding payments; from 1994 onwards, including the claims which are recorded under the item ”doubtful debtors” under creditors, but excluding transfers to credit insurance companies.2 Until December 1993 inclusive, only personal loans are included.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXIXth year, number 9, September 1994.

17. Capital market

240

17.1 FIXED INTEREST SECURITIES17.1.1 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR PER CREDITOR SECTOR

(millions of euro)

Non-financial corporations General government of which: Financial institutions 1 Rest of the world 2 Total of which:Non financial corporations General government

Federal government

Financial institutions Rest of the world Total

Securities denominated in euro

Net issues

2003 5,623 -1,678 -921 -8,579 11,342 6,708 15,103

2004 202 -1,869 -2,473 -6,236 24,679 16,777 21,721

2005 -1,585 4,561 4,410 -7,787 20,718 15,907 13,814

2006 1,398 -1,604 -1,595 2,120 15,035 16,949 13,335

2007 144 5,616 5,750 17,128 40,802 63,690 49,801

2008 -798 3,448 3,066 43,511 19,583 65,744 65,271

2009 6,986 23,806 18,063 40,421 8,272 79,485 84,401

2010 2,266 18,041 16,887 -3,586 -7,680 9,041 13,601

2011 2,308 18,866 17,738 7,243 -23,648 4,768 8,775

2012 8,063 16,622 16,199 -6,113 -26,801 -8,229 -6,646

2011 II 2,086 8,916 8,114 -1,425 -4,380 5,198 7,062III 45 -3,229 -3,344 47 -12,538 -15,675 -14,060IV 437 10,076 10,025 10,310 -2,568 18,256 18,724

2012 I 1,383 6,013 6,094 -3,832 -3,290 273 1,829II 958 10,689 10,286 370 -5,885 6,131 5,480III 3,715 -741 -826 -1,262 -10,826 -9,115 -9,646IV 2,008 662 646 -1,389 -6,799 -5,518 -4,309

2013 I 252 -2,177 -1,678 -1,871 -3,750 -7,546 -9,727II 740 16,926 16,581 -843 -8,003 8,821 7,410

241

17.1.1 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR PER CREDITOR SECTOR (CONTINUED)

(millions of euro)

of which:TotalRest of the world 2Financial institutions 1of which:General governmentNon-financial corporations


TotalRest of the world 2Financial institutions 1

Federal government

General governmentNon-financial corporations

Outstanding amounts at end of period

2003 12,877 229,687 227,468 63,852 245,005 551,422 496,931

2004 13,056 227,730 224,907 58,274 268,735 567,795 520,656

2005 10,480 231,704 228,729 50,512 293,159 585,855 532,435

2006 11,818 230,344 227,378 52,681 300,736 595,578 544,188

2007 11,932 236,415 233,583 69,781 345,792 663,921 609,539

2008 11,174 240,582 237,367 113,300 367,083 732,140 678,978

2009 18,416 264,030 255,072 153,324 377,159 812,929 767,685

2010 20,752 281,851 271,739 149,743 368,277 820,623 778,451

2011 23,131 301,451 290,212 164,143 335,692 824,417 785,370

2012 31,325 315,282 303,620 147,866 322,671 817,144 780,330

2011 II 22,537 294,072 282,999 153,780 354,998 825,387 786,744III 22,629 290,829 279,641 153,833 346,033 813,325 774,499IV 23,131 301,451 290,212 164,143 335,692 824,417 785,370

2012 I 24,550 307,395 296,237 160,324 337,133 829,402 791,967II 25,520 317,723 306,162 160,698 332,642 836,584 797,570III 29,280 315,711 304,065 149,236 326,241 820,468 782,544IV 31,325 315,282 303,620 147,866 322,671 817,144 780,330

2013 I 31,547 313,092 301,930 145,973 317,330 807,941 768,929II 32,256 328,967 317,459 145,119 305,075 811,418 773,504


1 This sector encompasses the monetary financial institutions, the insurance corporations and pension funds and the other financial institutions which comprises the non-monetary undertakings for collective investment, the financing companies, the financial vehicle corporations, theinvestment funds with fixed capital investing in real estate (Sicafi), the private closed-end equity funds which invest in unquoted companies and growth stocks (Pricaf), the financial holding corporations, the corporations specialised in consumer credit, the mortgage companies, theregional social housing companies, the stockbroking firms, the portfolio management companies, the financial instruments broking companies and the companies for the placing of orders in financial instruments.

2 Securities issued by the Rest of the world and acquired by domestic sectors of the economy.

242

17.1.2 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR: BREAKDOWN BY ISSUER SECTOR AND BY HOLDER SECTOR


Holders of which

Individuals Non-financial cor-porations

General govern-ment

Monetary financialinstitutions 1

Insurance corpora-tions and pension

funds 2

Other financial ins-titutions 3

Rest of the world Total Securities denomi-nated in euro

2006Issuers

Non-financial corporations 1,500 1,375 1 1,526 615 1,140 5,661 11,818 8,749Federal government 8,288 1,928 9,809 54,813 25,436 3,244 123,859 227,378 226,403Communities and regions 0 3 230 1,202 196 0 1,335 2,966 2,966Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 36,186 192 391 2,569 588 353 12,401 52,681 50,065Rest of the world 4 29,599 419 33 151,654 85,917 33,114 - 300,736 256,005

Total Issuers 75,573 3,917 10,463 211,764 112,752 37,852 143,256 595,578 544,188

2007Issuers

Non-financial corporations 1,285 3,298 1 594 677 785 5,292 11,932 9,091Federal government 7,489 1,882 15,346 41,933 24,012 4,099 138,822 233,583 232,646Communities and regions 0 3 262 1,269 39 0 1,260 2,832 2,832Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 36,866 151 376 5,003 559 411 26,416 69,781 65,308Rest of the world 4 25,836 1,641 34 162,429 106,480 49,371 - 345,792 299,662

Total Issuers 71,475 6,975 16,019 211,228 131,767 54,666 171,790 663,921 609,539

2008Issuers

Non-financial corporations 1,232 3,616 0 665 831 626 4,205 11,174 8,922Federal government 6,824 2,085 14,872 42,269 28,070 4,715 138,533 237,367 236,773Communities and regions 0 4 423 1,144 48 0 1,595 3,215 3,215Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 37,923 93 432 40,100 521 240 33,991 113,300 109,676Rest of the world 4 38,606 4,156 14 166,280 108,803 49,225 - 367,083 320,393

Total Issuers 84,585 9,954 15,741 250,458 138,273 54,805 178,324 732,140 678,978

2009Issuers

Non-financial corporations 1,772 4,973 126 706 956 1,067 8,815 18,416 14,783Federal government 6,693 2,070 14,275 46,655 33,857 4,231 147,291 255,072 254,509Communities and regions 0 175 440 2,673 671 0 4,999 8,958 8,958Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 47,563 160 629 65,846 491 227 38,410 153,324 149,313Rest of the world 4 41,724 8,834 12 145,396 121,317 59,875 - 377,159 340,123

Total Issuers 97,752 16,212 15,483 261,275 157,292 65,401 199,515 812,929 767,685

2010Issuers

Non-financial corporations 1,752 4,207 101 845 1,081 1,138 11,628 20,752 16,451Federal government 5,780 1,621 21,086 54,479 39,942 3,657 145,174 271,739 271,739Communities and regions 0 208 631 3,622 739 0 4,912 10,112 10,112Local authorities 0 - 0 0 - 0 - 0 0

243

17.1.2 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR: BREAKDOWN BY ISSUER SECTOR AND BY HOLDER SECTOR (CONTINUED)


of whichHolders

Securities denomi-nated in euro

TotalRest of the worldOther financial ins-titutions 3

Insurance corpora-tions and pension

funds 2

Monetary financialinstitutions 1

General govern-ment

Non-financial cor-porations

Individuals

Social security funds - - - 0 - 0 0 0 0Financial institutions 43,940 33 680 69,566 474 168 34,882 149,743 146,994Rest of the world 4 42,820 6,897 13 135,159 127,707 55,682 - 368,277 333,155

Total Issuers 94,292 12,967 22,510 263,671 169,943 60,644 196,596 820,623 778,451

2011Issuers

Non-financial corporations 2,346 4,591 120 1,038 1,338 279 13,419 23,131 18,799Federal government 10,963 2,868 19,948 60,302 62,514 2,246 131,370 290,212 290,212Communities and regions 0 214 548 4,264 931 0 5,281 11,239 11,239Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 45,210 35 666 78,974 376 143 38,739 164,143 161,693Rest of the world 4 46,279 9,812 13 124,925 111,841 42,822 - 335,692 303,427

Total Issuers 104,798 17,521 21,296 269,503 177,000 45,491 188,809 824,417 785,370

2012Issuers

Non-financial corporations 3,066 5,520 62 1,989 2,137 200 18,351 31,325 25,574Federal government 7,702 2,647 18,442 65,010 78,108 1,879 129,832 303,620 303,620Communities and regions 0 184 493 4,005 1,078 0 5,902 11,662 11,662Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 39,624 36 928 83,261 848 75 23,094 147,866 147,398Rest of the world 4 47,488 10,326 15 108,074 115,556 41,213 - 322,671 292,075

Total Issuers 97,880 18,712 19,940 262,340 197,726 43,368 177,179 817,144 780,330

2013 IIIssuers

Non-financial corporations 3,002 5,503 62 2,263 2,471 165 18,790 32,256 26,561Federal government 6,354 1,966 15,933 62,636 73,614 1,865 155,091 317,459 317,459Communities and regions 0 240 480 3,759 1,544 0 5,486 11,508 11,508Local authorities 0 - 0 0 - 0 - 0 0Social security funds - - - 0 - 0 0 0 0Financial institutions 37,522 34 935 80,418 860 96 25,254 145,119 143,923Rest of the world 4 42,827 9,256 15 105,213 114,031 33,733 - 305,075 274,053

Total Issuers 89,705 16,999 17,425 254,289 192,519 35,859 204,621 811,418 773,504


1 Monetary authorities, credit institutions and monetary undertakings for collective investment.2 Including the Fund for the Protection of Deposits and Financial instruments.3 Non-monetary undertakings for collective investment, financing companies, financial vehicle corporations, investment funds with fixed capital investing in real estate (Sicafi), private closed-end equity funds which invest in unquoted companies and growth stocks (Pricaf), financial

holding corporations, corporations specialised in consumer credit, mortgage companies, regional social housing companies, stockbroking firms, portfolio management companies, financial instruments broking companies, companies for the placing of orders in financial instruments.4 Securities issued by the Rest of the world and acquired by domestic sectors of the economy.

244

17.1.3 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR HELD BY INDIVIDUALS

(millions of euro)

Non-financial corporations General government Financial institutions 1 Rest of the world 2 Total of which:Non financial corporations General government Financial institutions Rest of the world Total


Net acquisitions

2003 1,029 -2,185 -6,352 -4,464 -11,972 -10,315

2004 -469 -613 -5,542 -10,462 -17,085 -11,222

2005 -731 -993 -7,466 -3,956 -13,146 -13,569

2006 -170 -214 -4,151 -10,100 -14,634 -12,534

2007 -215 -816 679 -5,423 -5,775 -12,258

2008 -53 -681 1,057 10,428 10,752 13,345

2009 464 -183 9,640 -448 9,473 9,527

2010 -20 -908 -3,623 475 -4,076 -4,134

2011 594 5,158 -118 5,281 10,915 10,161

2012 720 -3,183 -5,586 -1,530 -9,578 -10,744

2011 II 352 246 1,237 1,587 3,423 3,183III 116 -584 -17 1,251 766 519IV 144 5,759 -834 1,621 6,690 6,447

2012 I 130 -582 -1,004 -715 -2,170 -2,173II 31 -951 -1,346 599 -1,667 -2,199III 433 -1,032 -1,504 -309 -2,413 -2,845IV 127 -618 -1,732 -1,106 -3,328 -3,527

2013 I -15 -556 -1,608 -1,612 -3,790 -3,936II -50 -770 -494 -1,988 -3,302 -3,539

245

17.1.3 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR HELD BY INDIVIDUALS (CONTINUED)

(millions of euro)

of which:TotalRest of the world 2Financial institutions 1General governmentNon-financial corporations


TotalRest of the world 2Financial institutions 1General governmentNon-financial corporations

Outstanding amounts at end of period

2003 2,869 10,123 53,345 56,518 122,855 100,981

2004 2,400 9,505 47,803 44,681 104,390 89,754

2005 1,669 8,490 40,337 42,812 93,309 76,163

2006 1,500 8,288 36,186 29,599 75,573 63,642

2007 1,285 7,489 36,866 25,836 71,475 62,196

2008 1,232 6,824 37,923 38,606 84,585 79,943

2009 1,772 6,693 47,563 41,724 97,752 92,735

2010 1,752 5,780 43,940 42,820 94,292 89,143

2011 2,346 10,963 45,210 46,279 104,798 98,853

2012 3,066 7,702 39,624 47,488 97,880 90,520

2011 II 2,086 5,767 46,061 44,896 98,809 93,607III 2,202 5,183 46,044 45,121 98,549 93,127IV 2,346 10,963 45,210 46,279 104,798 98,853

2012 I 2,476 10,378 44,206 46,876 103,936 97,992II 2,507 9,416 42,860 47,530 102,313 95,564III 2,939 8,348 41,356 48,160 100,803 93,583IV 3,066 7,702 39,624 47,488 97,880 90,520

2013 I 3,051 7,146 38,017 45,941 94,154 86,558II 3,002 6,354 37,522 42,827 89,705 82,645


1 This sector encompasses the monetary financial institutions, the insurance corporations and pension funds and the other financial institutions which comprises the non-monetary undertakings for collective investment, the financing companies, the financial vehicle corporations, theinvestment funds with fixed capital investing in real estate (Sicafi), the private closed-end equity funds which invest in unquoted companies and growth stocks (Pricaf), the financial holding corporations, the corporations specialised in consumer credit, the mortgage companies, theregional social housing companies, the stockbroking firms, the portfolio management companies, the financial instruments broking companies and the companies for the placing of orders in financial instruments.

2 Securities issued by the Rest of the world and acquired by domestic sectors of the economy.

246

17.1.4 PUBLIC CALL ON PRIMARY MARKET OF FIXED-INTEREST SECURITIES

(semi-annual datas, millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Bonds 1,229 5,516 4,966 5,542 5,287 12,278 10,870 7,800 6,191 9,815Belgian companies 50 228 375 236 208 3,101 5,608 1,537 1,591 2,824Foreign companies 1,179 5,288 4,591 5,306 5,079 9,176 5,262 6,263 4,601 6,990

Debt securities with a capital risk 341 268 549 1,109 773 651 216 536 267 61Belgian companies 0 0 0 18 0 0 7 0 0 0Foreign companies 341 268 549 1,091 773 651 209 536 267 61

Total 1,570 5,784 5,515 6,651 6,060 12,929 11,086 8,336 6,458 9,876

Treasury notes 1,284 848 577 680 519 679 669 219 6,032 142

Subordinated certificates issued by the credit institutions 1 666 955 1,053 1,440 1,539 484 891 972 269 124

Capitalisation bonds to bearer 0 6 131 97 187 23 12 3 0 0

Sources: FSMA, Treasury Administration

1 Since the law of 22 March 1993 on the statutes and supervision of credit institutions, a prospectus is required for the continuous issues of such certificates.

247

17.1.5 PUBLIC ISSUES OF BONDS IN NATIONAL CURRENCY AT OVER ONE YEAR BY THE PUBLIC SECTOR

Issuers 1 Period Nominal interest rate(p c )

Issue price (p.c.) Duration of loan Amounts issued (mil-lions of e ro) 2

Yield for bearer (p.c.) 3Issuers

Issue Maturity

Nominal interest rate(p.c.)

Issue price (p.c.)

Years Months

Amounts issued (millions of euro) 2

At interim maturitydate

At final maturity date

2004 26 August EB/BES 4 2004 2009 3.15 100.00 5 103.5 - 3.1527 August EB/BES 4 2004 2012 3.65 100.00 8 116.2 - 3.6525 November EB/BES 4 2004 2009 2.90 100.00 5 64.5 - 2.9026 November EB/BES 4 2004 2012 3.40 100.00 8 130.0 - 3.40

2005 23 February EB/BES 4 2005 2010 2.8 100.00 5 58.0 - 2.8024 February EB/BES 4 2005 2013 3.25 100.00 8 95.0 - 3.2526 May EB/BES 4 2005 2010 2.60 100.00 5 50.0 - 2.6027 May EB/BES 4 2005 2013 3.00 100.00 8 73.0 - 3.0025 August EB/BES 4 2005 2010 2.60 100.50 5 58.0 - 2.4926 August EB/BES 4 2005 2013 3.00 100.50 8 100.0 - 2.9324 November EB/BES 4 2005 2010 2.85 100.00 5 55.0 - 2.8525 November EB/BES 4 2005 2013 3.20 100.00 8 88.3 - 3.20

2006 23 February EB/BES 4 2006 2011 3.00 100.00 5 146.3 - 3.0023 May EB/BES 4 2006 2011 3.55 100.50 5 186.5 - 3.4424 August EB/BES 4 2006 2011 3.60 100.25 5 183.5 - 3.5423 November EB/BES 4 2006 2011 3.45 100.00 5 130.0 - 3.4524 November EB/BES 4 2006 2014 3.70 100.00 8 33.5 - 3.70

2007 22 February EB/BES 4 2007 2012 3.70 100.00 5 136.3 - 3.7023 February EB/BES 4 2007 2015 4.00 100.00 8 53.3 - 4.0023 May EB/BES 4 2007 2010 3.80 99.75 3 32.2 - 3.8924 May EB/BES 4 2007 2012 4.00 100.00 5 75.3 - 4.0025 May EB/BES 4 2007 2015 4.10 100.00 8 18.5 - 4.1024 August EB/BES 4 2007 2010 4.10 100.25 3 54.5 - 4.0125 August EB/BES 4 2007 2012 4.10 100.00 5 57.5 - 4.1026 August EB/BES 4 2007 2015 4.15 100.00 8 13.0 - 4.1523 November EB/BES 4 2007 2010 3.85 100.25 3 36.5 - 3.7624 November EB/BES 4 2007 2012 3.90 100.25 5 24.0 - 3.8425 November EB/BES 4 2007 2015 4.00 100.25 8 18.0 - 3.96

2008 22 February EB/BES 4 2008 2011 3.50 100.00 3 43.0 - 3.5023 February EB/BES 4 2008 2013 3.55 100.00 5 21.0 - 3.5524 February EB/BES 4 2008 2016 3.75 100.00 8 19.5 - 3.7526 May EB/BES 4 2008 2011 3.85 99.50 3 17.3 - 4.0327 May EB/BES 4 2008 2013 4.05 99.50 5 36.1 - 4.1628 May EB/BES 4 2008 2016 4.10 99.50 8 11.7 - 4.1726 August EB/BES 4 2008 2013 4.20 100.00 5 36.8 - 4.2027 August EB/BES 4 2008 2016 4.35 100.00 8 10.9 - 4.3525 November EB/BES 4 2008 2011 3.10 100.25 3 199.6 - 3.0126 November EB/BES 4 2008 2013 3.40 100.25 5 131.0 - 3.3427 November EB/BES 4 2008 2016 4.00 101.00 8 152.7 - 3.85

2009 23 February EB/BES 4 2009 2012 2.40 100.00 3 103.0 - 2.4024 February EB/BES 4 2009 2014 3.10 100.00 5 151.5 - 3.1025 February EB/BES 4 2009 2017 3.75 100.00 8 121.7 - 3.7525 May EB/BES 4 2009 2012 2.00 100.00 3 28.3 - 2.0026 May EB/BES 4 2009 2014 2.75 100.00 5 34.0 - 2.7527 May EB/BES 4 2009 2017 3.50 99.50 8 51.2 - 3.5726 August EB/BES 4 2009 2014 2.75 100.00 5 40.0 - 2.7527 August EB/BES 4 2009 2017 3.40 100.00 8 50.0 - 3.4025 November EB/BES 4 2009 2014 2.60 100.00 5 44.1 - 2.6026 November EB/BES 4 2009 2017 3.35 100.00 8 45.1 - 3.35

2010 23 February EB/BES 4 2010 2015 2.50 100.00 5 33.5 - 2.50

248

17.1.5 PUBLIC ISSUES OF BONDS IN NATIONAL CURRENCY AT OVER ONE YEAR BY THE PUBLIC SECTOR (CONTINUED)

Yield for bearer (p.c.) 3Amounts issued (mil-lions of euro) 2

Duration of loanIssue price (p.c.)Nominal interest rate(p.c.)

PeriodIssuers 1

At final maturity dateAt interim maturitydate

Amounts issued (mil-lions of euro) 2

MonthsYears

Issue price (p.c.)Nominal interest rate(p.c.)

MaturityIssue

Issuers 1

24 February EB/BES 4 2010 2018 3.25 100.00 8 53.7 - 3.2526 May EB/BES 4 2010 2015 2.20 101.00 5 16.0 - 1.9927 May EB/BES 4 2010 2018 3.00 101.50 8 29.5 - 2.7926 August EB/BES 4 2010 2015 2.05 100.75 5 17.0 - 1.8927 August EB/BES 4 2010 2018 2.75 100.75 8 19.0 - 2.6425 November EB/BES 4 2010 2015 2.35 100.00 5 23.3 - 2.3526 November EB/BES 4 2010 2018 3.00 99.75 8 27.5 - 3.04

2011 23 February EB/BES 4 2011 2014 2.45 100.00 3 19.5 - 2.4524 February EB/BES 4 2011 2016 3.20 100.00 5 62.7 - 3.2025 February EB/BES 4 2011 2019 3.75 100.00 8 59.2 - 3.7524 May EB/BES 4 2011 2014 2.50 100.00 3 12.8 - 2.5025 May EB/BES 4 2011 2016 3.25 100.00 5 27.8 - 3.2526 May EB/BES 4 2011 2019 3.75 99.75 8 46.4 - 3.7925 August EB/BES 4 2011 2014 2.35 100.25 3 9.5 - 2.2626 August EB/BES 4 2011 2016 3.00 100.25 5 31.3 - 2.9527 August EB/BES 4 2011 2019 3.50 100.25 8 36.3 - 3.4624 November EB/BES 4 2011 2014 3.50 100.00 3 710.2 - 3.5025 November EB/BES 4 2011 2016 4.00 100.00 5 4,714.6 - 4.0026 November EB/BES 4 2011 2019 4.20 100.00 8 304.5 - 4.20

2012 23 February EB/BES 4 2012 2017 2.35 100.00 5 29.9 - 2.3524 February EB/BES 4 2012 2020 3.10 100.00 8 29.4 - 3.1023 May EB/BES 4 2012 2017 2.25 100.00 5 17.5 - 2.2524 May EB/BES 4 2012 2020 3.00 100.00 8 28.5 - 3.0024 August EB/BES 4 2012 2020 2.10 100.00 8 22.3 - 2.1023 November EB/BES 4 2012 2017 1.00 100.00 5 4.3 - 1.0024 November EB/BES 4 2012 2020 1.80 100.00 8 10.1 - 1.80

2013 21 February EB/BES 4 2013 2018 1.00 100.00 5 4.0 - 1.0022 February EB/BES 4 2013 2021 1.85 100.00 8 8.7 - 1.8524 May EB/BES 4 2013 2018 0.75 100.00 5 3.6 - 0.7525 May EB/BES 4 2013 2021 1.50 100.00 8 5.7 - 1.5026 August EB/BES 4 2013 2018 1.35 100.00 5 8.1 - 1.3527 August EB/BES 4 2013 2021 2.15 100.00 8 15.7 - 2.15

Source: NBB

N.B.: Loans which are subject to a Decree in the ”Belgisch Staatsblad/Moniteur belge”, excluding tap issues.

1 EB/BES: Etat belge/Belgische Staat (Belgian State)FR/WF: Fonds des Routes/Wegenfonds (Road Fund)FARFC: Fonds d’aide au redressement financier des communes/Hulpfonds tot financieel herstel van de gemeenten (Assistance Fund for the Financial Recovery of Municipalities)RW/WG: Région wallonne/Waals Gewest (Walloon region)

2 Nominal values.3 Yields calculated before retentions of tax at source.4 State note.

249

17.1.6 OUTSTANDING AMOUNT OF LINEAR BONDS


2008 2009 2010 2011 2012 20132008 2009 2010 2011 2012

June July Aug. Sep.

Issue Maturity date Code Nominal interest rate (p.c.)1992 24/12/12 262 8.00 8,547 8,547 8,547 8,547 0 0 0 0 01995 28/03/15 282 8.00 6,220 6,220 6,220 6,220 6,220 6,220 6,220 6,220 6,2201998 28/03/28 291 5.50 11,860 13,440 14,132 15,254 15,354 16,639 16,639 16,639 16,6391999 28/03/09 292 3.75 18,762 0 0 0 0 0 0 0 02000 28/09/10 295 5.75 15,844 15,844 0 0 0 0 0 0 02001 28/09/11 296 5.00 11,385 12,390 12,390 0 0 0 0 0 02002 28/09/12 298 5.00 11,737 12,758 12,758 12,758 0 0 0 0 02002 28/09/17 300 5.50 8,438 8,438 8,438 8,438 8,438 8,438 8,438 8,438 8,4382003 28/09/13 301 4.25 12,975 12,975 13,727 15,547 15,547 15,547 15,547 15,547 02004 28/09/14 303 4.25 11,560 12,209 12,829 12,829 12,829 12,829 12,829 12,829 12,8292004 28/03/35 304 5.00 13,583 13,583 14,018 15,786 17,284 18,112 18,112 18,112 18,1122005 28/03/10 305 3.00 8,848 8,848 0 0 0 0 0 0 02005 28/09/15 306 3.75 11,294 11,294 11,294 11,294 11,294 11,294 11,294 11,294 11,2942006 28/09/16 307 3.25 12,175 12,175 12,175 12,984 12,984 12,984 12,984 12,984 12,9842006 28/03/22 308 4.00 9,455 10,355 12,827 13,909 14,084 14,084 14,084 14,084 14,0842007 28/03/17 309 4.00 11,176 11,176 11,176 11,176 11,176 11,176 11,176 11,176 11,1762007 28/03/13 310 4.00 11,057 11,057 12,718 12,718 12,718 0 0 0 02007 22/06/11 311 VAR 3,000 3,000 3,000 0 0 0 0 0 02008 28/03/18 312 4.00 10,103 10,103 10,103 10,471 10,471 10,471 10,471 10,471 10,4712008 28/03/11 313 3.50 8,557 10,988 10,988 0 0 0 0 0 02008 28/03/14 314 4.00 8,839 10,973 10,973 12,895 12,895 12,895 12,895 12,895 12,8952009 28/03/19 315 4.00 10,212 10,212 10,212 11,129 11,129 11,129 11,129 11,1292009 28/03/15 316 3.50 8,601 9,785 9,785 9,785 9,785 9,785 9,785 9,7852009 28/03/12 317 2.00 6,457 7,443 7,443 0 0 0 0 02010 28/09/20 318 3.75 17,634 17,634 17,634 17,634 17,634 17,634 17,6342010 28/03/16 319 2.75 9,594 9,594 9,594 9,594 9,594 9,594 9,5942010 28/03/41 320 4.25 4,823 9,580 11,558 11,558 11,558 12,423 12,4232011 28/09/21 321 4.25 13,096 14,085 14,921 14,921 14,921 14,9212011 15/02/16 322 VAR 3,000 3,000 3,000 3,000 3,000 3,0002011 28/06/17 323 3.50 6,709 13,234 13,234 13,234 13,234 13,2342011 28/03/26 324 4.50 4,472 7,010 7,681 7,779 7,779 7,7792012 28/09/22 325 4.25 15,417 15,417 15,417 15,417 15,4172012 28/03/32 326 4.00 5,612 7,434 7,434 8,204 8,2042012 28/09/19 327 3.00 7,199 7,821 7,876 8,529 8,5292012 22/06/23 328 2.25 9,136 9,252 11,917 11,9172013 22/06/18 329 1.25 9,660 9,730 11,890 11,8902013 02/05/18 330 VAR 2,500 2,500 2,500 2,500TOTAL 225,415 241,643 257,804 272,350 286,551 301,193 301,532 308,645 297,097


250

17.1.7 HOLDERSHIP OF DEMATERIALISED LINEAR BONDS


Belgium Foreign countries Grand total

MFI Other financialinstitutions

General gov-ernment

Other Total European Union, excluding Belgium Rest of the world Total

Grand total

Credit institu-tions

Other 1

Other financialinstitutions

General government

Other Total

MUMS Other member-states Banks Other clients

Total

Credit institutions

Other

MFI Other clients MFI Other clients

Banks Other clients

2003 29,098 2,070 25,068 8,763 3,125 68,124 72,912 4,546 25,022 515 32,329 1,698 137,022 205,1462004 28,221 1,844 24,111 8,586 4,282 67,044 77,975 4,333 27,215 199 32,543 805 143,069 210,1132005 21,749 1,730 24,267 10,179 7,109 65,034 72,435 2,873 37,293 1,139 34,717 978 149,436 214,4692006 26,552 2,255 20,875 9,707 3,192 62,581 75,652 2,469 31,255 1,564 39,383 1,322 151,645 214,2252007 18,070 3,226 16,372 15,618 2,953 56,239 75,605 1,871 29,473 847 55,608 1,261 164,665 220,9042008 27,739 6,328 14,758 14,765 3,415 67,005 77,447 1,993 31,500 89 46,278 1,104 158,411 225,4152009 42,375 5,193 15,685 13,852 3,859 80,964 87,978 2,056 23,634 370 45,999 642 160,680 241,6442010 33,233 6,784 15,889 20,705 3,284 79,896 87,798 2,343 25,789 111 61,619 248 177,908 257,8042011 29,883 8,618 14,819 15,506 5,195 74,022 93,954 1,747 34,884 91 67,072 582 198,329 272,3512012 72,098 7,583 12,503 15,790 4,530 112,504 82,631 1,800 27,051 83 62,253 227 174,046 286,5512011 II 45,380 5,517 12,422 15,792 3,814 82,925 89,417 2,503 31,449 81 62,973 336 186,758 269,683

III 29,500 4,437 12,826 13,979 4,847 65,590 96,438 2,237 30,310 92 71,434 377 200,887 266,477IV 29,883 8,618 14,819 15,506 5,195 74,022 93,954 1,747 34,884 91 67,072 582 198,329 272,351

2012 I 35,498 12,059 14,467 14,157 5,180 81,361 97,685 1,548 24,769 96 71,928 494 196,520 277,881II 48,865 8,868 14,940 19,516 4,657 96,846 92,793 2,393 30,884 90 64,755 444 191,358 288,204III 59,273 8,620 13,162 16,374 4,244 101,673 89,800 1,685 27,853 95 65,608 56 185,097 286,770IV 72,098 7,583 12,503 15,790 4,530 112,504 82,631 1,800 27,051 83 62,253 227 174,046 286,551

2013 I 52,158 7,557 30,949 11,501 4,400 106,564 83,809 1,710 26,553 70 67,623 185 179,951 286,515II 52,642 7,655 31,031 17,125 3,148 111,600 84,634 2,149 35,565 417 66,664 163 189,592 301,193

Source: NBB

N.B.: Based on the report which must be produced by institutions which have been authorised to keep accounts for public debt securities (Article 49 of the Royal Decree of 23 January 1991 amended by Article 1 of the Royal Decree of 11 June 2001 and Article 1 of the Royal Decreeof 31 May 2009). The structure of OLO bond-holding shown in this table differs from that used to draw up the tables in chapters 11 and 12 and table 17.1.3 of the Bulletin. That is due mainly to the treatment of repo transactions. In the statistical summary of public debt security account-keepers,repo transactions give rise to a transfer of ownership of the securities, in contrast to the treatment in the financial accounts where they do not lead to any change of holder, since these transactions are regarded as the pledging of securities in order to obtain a loan. In addition, differencesmay also arise because the statistical summary of the account-keepers is an indirect source for securities held on behalf of third parties, whereas the financial accounts statistics are compiled on the basis of direct sources where those are available.

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIIth year, number 4, April 1992. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

251

17.2 SHARES AND OTHER EQUITY17.2.1 ISSUES OF SHARES

Amount of the financial transactions (in millions of euro) Number of companies (in units)

Company formations Capital increases Capital reductions Companyformations

Capital in-creases

Capital re-ductions

Contribu-tions incash

Contribu-tions in

kind

Amount tobe paid up

Total Contribu-tions incash

Contribu-tions in

kind

Amount tobe paid up

Conver-sions of eq-

uity

Conver-sions ofdebts

Issue pre-miums

Total Repay-ments tosharehol-

ders

Incorpora-tion of los-

ses 1

Other 2 Total

Companyformations

Capital increases

Capital reductions

2003 766 8,998 244 10,008 12,206 18,175 846 722 5,429 3,331 40,709 16,070 14,244 10,772 41,086 n. n. n.2004 1,041 1,394 356 2,792 25,065 25,754 3,587 3,660 5,477 6,828 70,371 14,208 2,807 15,146 32,161 n. n. n.2005 878 1,563 250 2,691 12,480 17,077 1,424 2,897 3,321 6,862 44,061 9,917 9,052 21,082 40,050 20,860 9,058 5,0472006 5,152 9,911 3,358 18,421 59,985 33,397 1,239 1,139 4,318 17,920 117,997 26,802 3,065 8,521 38,388 23,777 8,308 4,5852007 4,202 3,295 739 8,236 66,607 67,469 7,441 6,884 4,203 37,893 190,496 29,237 4,064 13,329 46,630 26,454 7,153 4,7842008 1,924 5,550 308 7,782 66,794 96,946 4,500 2,649 18,080 37,166 226,134 40,869 6,357 42,693 89,919 25,871 6,996 5,2062009 1,402 3,599 421 5,422 32,586 12,455 3,314 8,256 6,679 14,439 77,729 14,416 49,660 7,808 71,884 22,768 6,812 5,8012010 1,670 15,442 338 17,449 43,856 64,406 7,484 3,003 8,360 11,495 138,604 52,825 10,677 16,412 79,914 26,263 6,772 6,0792011 1,665 3,689 427 5,780 30,497 76,608 1,773 7,987 7,294 14,736 138,896 48,066 13,856 22,900 84,821 26,837 7,244 6,9362012 1,026 4,722 527 6,275 35,994 19,582 3,059 26,437 13,080 10,600 108,752 106,359 27,038 39,230 172,627 21,408 6,867 7,8652012 June 79 508 23 610 1,520 403 23 858 2,867 5,758 11,428 1,553 703 1,125 3,381 1,817 739 825

July 86 197 29 312 1,497 1,013 15 173 318 878 3,894 9,503 652 1,405 11,559 1,745 503 612Aug. 50 61 29 140 2,971 1,131 195 512 115 175 5,099 1,198 361 349 1,908 1,206 324 315Sep. 74 68 36 178 218 461 35 8,664 5,762 32 15,171 10,255 817 401 11,472 1,379 512 645Oct. 68 307 43 418 1,068 801 66 3,151 192 559 5,837 67,644 220 24,991 92,854 2,019 512 657Nov. 54 294 19 367 2,371 6,882 10 21 530 218 10,033 1,510 138 5,917 7,565 1,569 499 582Dec. 125 1,233 46 1,404 14,330 4,021 869 539 2,042 2,960 24,760 9,882 1,589 2,136 13,608 2,152 1,791 2,022

2013 Jan. 71 1,824 18 1,913 284 257 5 265 50 118 980 765 48 609 1,422 2,015 318 345Feb. 43 38 30 111 916 657 54 83 150 67 1,926 167 43 410 620 1,642 293 353March 92 95 19 207 800 299 9 291 86 152 1,637 960 51 3,135 4,146 1,868 575 784April 65 66 19 150 1,004 262 13 1,792 138 446 3,655 1,035 636 709 2,379 1,658 388 487May 64 99 14 177 643 3,121 35 487 404 86 4,776 1,194 7,806 1,230 10,230 1,471 368 449June 65 93 18 176 1,446 330 66 1,061 305 510 3,718 4,340 717 2,936 7,993 1,382 630 807

Source: NBB

N.B.: Including shares issued by the financial intermediaries.

1 This item essentially comprises incorporation of losses. It also comprises other restructuring operations of the own funds which reduce the capital.2 This item essentially comprises the capital reductions as a result of liquidations, mergers by acquisition and demergers.

252

17.2.2 PUBLIC CALL ON PRIMARY MARKET OF SHARES AND OTHER EQUITY

(semi-annual datas, millions of euro)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Issues of sharesBelgian companies 352 3,559 1,828 1,329 17,691 6,513 578 669 680 295Foreign companies 1 33 91 16 0 0 0 0 0 0 0Total 385 3,650 1,844 1,329 17,691 6,513 578 669 680 295

Issues of CIU shares and other equityBelgian collective investment undertakings 20,159 23,126 34,890 39,994 56,512 38,731 34,900 34,303 31,926 32,411Foreign collective investment undertakings 12,175 12,231 30,030 n. n. n. n. n. n. n.Total 32,334 35,357 64,919 n. n. n. n. n. n. n.of which investment companies with variable capital 12,142 11,212 26,394 n. n. n. n. n. n. n.

Source: FSMA

1 The data calculated do not allow for the issues of representative certificates of foreign securities.

253

17.2.3 STOCK EXCHANGE ACTIVITY

Euronext Brussels Capital traded: average per session (thousands of euro) 1

Prices of shares (indices year 1985 = 100) 2 Stock exchange capitalisation of shares atend of period (millions of e ro) 3

Belgian values Foreign securities

Price index (dividends not reinvested) Return index (reinvested dividends)

Stock exchange capitalisation of shares atend of period (millions of euro) 3

Belgian values Foreign securities

2003 334.3 560.3 137,592.5 143,504.8 5,011.72004 438.2 754.9 200,918.4 217,625.8 4,785.62005 566.7 999.6 244,574.0 361,199.4 6,106.52006 703.2 1,268.8 300,454.0 469,441.2 12,048.82007 799.1 1,472.7 263,718.0 659,201.2 10,742.32008 583.1 1,100.5 120,013.0 543,576.2 5,728.42009 405.5 790.2 181,059.0 338,906.5 2,245.92010 485.0 969.1 200,309.0 313,697.0 2,186.02011 467.5 959.2 176,646.0 312,159.8 1,710.72012 481.7 1,022.1 227,184.0 310,655.1 1,130.32011 September 417.1 861.2 168,595.0 295,886.0 2,607.0

October 429.5 887.5 170,709.0 271,616.0 1,478.0November 413.5 858.4 170,952.0 252,653.0 1,747.0December 424.9 884.7 176,646.0 209,446.0 2,112.0

2012 January 442.7 922.2 180,664.0 238,664.0 1,427.0February 455.3 948.5 190,034.0 271,150.0 1,514.0March 472.5 984.4 199,924.0 306,569.0 1,784.0April 464.6 971.1 193,908.0 341,491.0 1,150.0May 448.3 954.0 189,536.0 332,567.0 783.0June 450.1 960.1 203,881.0 360,279.0 1,196.0July 487.7 1,040.8 210,948.0 330,841.0 774.0August 508.6 1,085.4 216,072.0 264,610.0 726.0September 518.3 1,107.5 219,302.0 383,477.0 1,033.0October 512.7 1,100.5 217,729.0 334,066.0 1,063.0November 506.9 1,088.2 225,051.0 292,449.0 1,227.0December 513.3 1,102.5 227,184.0 279,773.0 889.0

2013 January 520.3 1,118.1 227,851.0 341,221.0 1,225.0February 519.0 1,115.5 239,905.0 405,803.0 4,413.0March 537.2 1,157.5 245,712.0 370,519.0 1,920.0April 533.3 1,152.9 239,101.0 404,961.0 2,701.0May 552.3 1,206.5 238,426.0 349,299.0 2,617.0June 526.8 1,154.7 232,182.0 374,423.0 2,886.0July 536.7 1,179.4 244,149.0 280,160.0 2,473.0August 572.2 1,257.4 243,078.0 295,150.0 2,838.0September 584.9 1,286.5 252,625.0 304,785.0 4,121.0

Source: EURONEXT Calculations: NBB

1 Debentures and shares.2 Belgian All Shares, average index number for the period.3 Source: EURONEXT

18. Money market

256

18.6 ISSUING OF THREE-MONTH TREASURY CERTIFICATES

Tender date Issuing of three-month treasury certificates 1Tender date

Competitive tendering Non-competitive sub-scriptions (in millions of

Outstanding amount ofdematerialised certifi

Amount offered (in mil-lions of euro)

Interest rates/prices proposed 4 Amount awarded (inmillions of euro)

Maximum interest rate/price adopted 4

Percentages awardedon tenders presented at

Weighted average in-terest rate of the ten-

Non competitive subscriptions (in millions of

euro) 2

Outstanding amount ofdematerialised certifi-

cates issued since 29thJanuary 1991 (in mil-lions of euro)

Minimum Maximummillions of euro) price adopted 4 on tenders presented at

the maximum rate/priceadopted

terest rate of the ten-dering session

January 1991 (in mil-lions of euro) 3

2012 6 November 4,090.0 99.990 100.004 1,205.0 99.997 64 0.00 0.0 9,945.013 November 4,335.0 99.990 100.003 1,008.0 100.000 24 0.00 0.0 8,243.04 December 4,033.0 99.985 100.014 368.0 100.005 100 -0.03 15.0 8,626.011 December 1,841.0 99.996 100.010 210.0 100.008 19 -0.03 0.0 6,134.0

2013 8 January 3,990.0 99.930 100.010 1,507.0 100.000 58 -0.01 0.0 7,641.015 January 3,855.0 99.980 99.998 1,650.0 99.996 100 0.01 0.0 5,963.05 February 3,635.0 99.970 99.994 1,505.0 99.988 61 0.04 0.0 7,468.012 February 3,800.0 99.980 99.994 1,520.0 99.987 15 0.04 0.0 6,775.05 March 4,990.0 99.965 99.988 1,501.0 99.985 27 0.05 0.0 8,276.012 March 4,190.0 99.980 99.990 1,680.0 99.986 29 0.04 0.0 9,363.02 April 3,680.0 99.980 99.995 1,406.0 99.991 48 0.03 0.0 10,769.016 April 4,240.0 99.989 99.998 1,406.0 99.996 67 0.02 0.0 9,018.030 April 3,884.0 99.980 100.001 775.0 100.000 100 0.00 0.0 9,793.014 May 3,175.0 99.995 100.001 404.0 100.000 51 0.00 0.0 7,172.04 June 3,053.0 99.980 99.998 760.0 99.993 100 0.02 0.0 7,932.018 June 3,405.0 99.998 99.985 930.0 99.995 100 0.01 0.0 5,681.02 July 2,595.0 99.970 99.994 753.0 99.991 65 0.03 0.0 6,434.016 July 3,110.0 99.980 99.996 1,010.0 99.993 100 0.02 0.0 4,632.029 July 3,385.0 99.939 99.995 900.0 99.989 100 0.03 0.0 5,532.013 August 2,700.0 99.962 99.992 820.0 99.990 100 0.03 0.0 5,173.03 September 2,420.0 99.967 99.986 600.0 99.980 50 0.06 0.0 5,773.017 September 2,450.0 99.974 99.990 603.0 99.986 63 0.05 50.0 4,736.01 October 2,935.0 99.980 99.998 402.0 99.996 14 0.01 0.0 5,138.015 October 2,920.0 99.984 100.001 600.0 99.998 100 0.01 3,975.0

Source: NBB

1 This table relates solely to the dematerialised certificates which have been issued since 29th January 1991 in accordance with the Ministerial Decree of 24th January 1991 either by competitive tendering or by non-competitive subscriptions. In the competitive tendering, all the securitiesare awarded at the interest rates proposed by the subscribers (”American” awarding method). All the tenders submitted at rates below the maximum rate adopted by the Treasury are accepted in full. Tenders submitted at the maximum rate adopted may be scaled down.

2 By means of these non-competitive subscriptions the primary dealers can subscribe, within certain limits, for Treasury certificates at the average rate of the tendering session.3 On the payment date.4 Auction on price as from 17/07/2012.

257

18.7 ISSUING OF SIX-MONTH TREASURY CERTIFICATES

Auction date Issuing of six-month treasury certificates 1Auction date









euro) 2







2012 6 November 3,475.0 99.106 99.996 1,308.0 99.988 21 0.02 0.0 9,172.04 December 3,024.0 99.988 100.010 554.0 100.001 100 -0.01 20.0 7,991.0

2013 8 January 3,430.0 99.984 100.000 1,540.0 99.993 100 0.01 0.0 7,520.05 February 3,160.0 99.920 99.975 1,541.0 99.964 86 0.07 0.0 7,541.05 March 3,635.0 99.955 99.974 1,565.0 99.968 100 0.07 0.0 7,801.02 April 3,770.0 99.960 99.979 1,610.0 99.975 100 0.05 15.0 8,153.030 April 3,845.0 99.970 99.996 1,050.0 99.992 100 0.01 0.0 7,895.04 June 2,755.0 99.938 99.982 920.0 99.977 100 0.05 0.0 8,241.02 July 2,630.0 99.960 99.989 920.0 99.979 100 0.04 21.0 7,642.029 July 3,010.0 99.940 99.965 1,110.0 99.960 100 0.08 22.0 7,233.03 September 2,125.0 99.940 99.962 780.0 99.957 100 0.09 0.0 6,448.01 October 2,960.0 99.940 99.970 803.0 99.964 57 0.08 0.0 5,626.0

Source: NBB



258

18.8 ISSUING OF TWELVE-MONTH TREASURY CERTIFICATES

Tender date Issuing of twelve-month treasury certificates 1Tender date









euro) 2







2012 13 November 4,070.0 99.895 99.934 1,615.0 99.920 100 0.08 74.0 19,730.011 December 2,845.0 99.970 100.015 1,001.0 99.995 21 0.00 0.0 19,675.0

2013 15 January 3,140.0 99.858 99.894 1,521.0 99.885 64 0.11 0.0 19,795.012 February 2,625.0 99.800 99.848 1,490.0 99.829 100 0.16 205.0 19,948.012 March 2,470.0 98.862 99.881 1,325.0 99.865 100 0.13 0.0 19,532.016 April 3,930.0 99.898 99.977 1,602.0 99.914 39 0.08 0.0 19,186.014 May 3,240.0 99.899 99.950 1,555.0 99.940 100 0.06 15.0 18,509.018 June 2,900.0 99.939 99.800 1,400.0 99.845 100 0.14 0.0 18,224.016 July 2,810.0 99.820 99.851 1,335.0 99.842 100 0.15 0.0 18,084.013 August 2,153.0 99.780 99.823 1,410.0 99.805 100 0.19 0.0 17,743.017 September 2,490.0 99.747 99.783 1,403.0 99.768 67 0.23 130.0 17,686.015 October 3,240.0 99.140 99.835 1,350.0 99.821 100 0.17 17,431.0

Source: NBB



259

18.10 TRANSACTIONS ON THE SECUNDARY MARKET IN DEMATERIALISED SECURITIES

(averages per period of the daily data)

Secondary market transactions in dematerialized securities recorded by the NBB’s security clearing system (period averages of the daily data)

Treasury certificates Linear bonds Treasury bills and certificates of credit Total

Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro) Number of transactions Amount (millions of euro)(1) (2) (3) (4) (5) (6) (7) = (1) + (3) + (5) (8) = (2) + (4) + (6)

2003 90 2,725 583 11,507 89 448 762 14,680

2004 87 2,657 501 10,429 91 417 680 13,503

2005 110 2,711 469 11,189 84 428 664 14,328

2006 115 3,239 516 13,210 80 605 711 17,047

2007 115 3,037 542 14,358 85 675 741 18,070

2008 109 3,341 526 15,411 94 599 728 19,351

2009 110 3,105 515 13,137 51 343 675 16,585

2010 168 3,974 595 14,658 39 588 801 19,221

2011 211 6,213 843 25,804 45 420 1,100 32,437

2012 246 5,369 862 17,979 39 429 1,147 23,777

2012 September 224 4,668 825 14,777 39 456 1,088 19,901October 274 6,657 826 15,049 31 307 1,132 22,013November 279 5,690 786 14,054 34 330 1,098 20,074December 215 4,186 802 13,639 38 388 1,056 18,213

2013 January 293 6,816 804 13,717 35 378 1,132 20,912February 306 7,675 791 14,199 45 458 1,142 22,333March 322 7,381 721 12,405 40 378 1,083 20,164April 288 6,691 769 14,593 42 469 1,100 21,753May 282 6,276 693 14,011 39 457 1,015 20,745June 297 6,213 797 14,229 39 441 1,133 20,883July 224 4,532 703 11,941 32 303 960 16,777August 244 5,299 651 11,833 34 331 929 17,463September 307 5,725 699 12,658 38 346 1,044 18,729

Source: NBB

260

18.11 HOLDERSHIP OF DEMATERIALISED TREASURY CERTIFICATES


Belgium Foreign countries Grand total

MFI Other financialinstitutions

General gov-ernment

Other Total European Union, excluding Belgium Rest of the world Total

Grand total

Credit institu-tions

Other 1

Other financialinstitutions

General government

Other Total

MUMS Other member-states Banks Other clients

Total

Credit institutions

Other

MFI Other clients MFI Other clients

Banks Other clients

2003 1,849 69 1,385 5,862 321 9,485 10,140 175 2,332 1 4,501 10 17,158 26,643

2004 2,746 110 1,228 3,677 497 8,258 9,954 548 3,350 16 4,379 5 18,253 26,511

2005 1,714 447 753 3,915 460 7,289 8,510 97 2,330 542 8,617 9 20,106 27,395

2006 4,144 560 253 2,158 595 7,710 8,089 117 2,533 88 9,172 5 20,004 27,714

2007 1,549 243 225 3,904 313 6,234 9,085 120 2,843 17 13,175 5 25,245 31,479

2008 1,787 402 524 1,920 1,731 6,365 6,814 259 6,091 0 22,692 380 36,237 42,602

2009 4,403 806 304 290 1,283 7,087 5,022 135 6,762 198 21,185 30 33,332 40,417

2010 3,282 257 481 1,272 664 5,956 6,617 163 8,001 0 19,917 9 34,687 40,653

2011 2,460 896 1,295 4,775 636 10,062 7,688 108 6,872 95 10,632 27 25,422 35,484

2012 1,601 1,023 240 763 148 3,775 9,531 79 8,051 23 10,331 0 28,015 31,790

2011 II 3,030 353 677 502 514 5,076 6,781 67 11,649 2 12,851 7 31,355 36,431III 4,167 582 779 306 588 6,422 6,336 164 9,352 16 17,081 13 32,962 39,385IV 2,460 896 1,295 4,775 636 10,062 7,688 108 6,872 95 10,632 27 25,422 35,484

2012 I 2,432 1,118 896 2,429 629 7,504 7,452 208 8,725 15 10,906 47 27,353 34,857II 1,674 1,158 730 1,526 339 5,428 11,089 275 8,523 125 10,141 14 30,167 35,595III 2,293 644 681 424 411 4,452 10,558 225 8,859 17 11,457 15 31,131 35,583IV 1,601 1,023 240 763 148 3,775 9,531 79 8,051 23 10,331 0 28,015 31,790

2013 I 3,114 829 773 291 240 5,248 9,219 137 11,397 69 9,352 1 30,174 35,423II 1,561 562 807 164 192 3,285 9,440 58 8,418 0 9,404 1 27,321 30,606

Source: NBB

N.B.: Based on the report which must be produced by institutions which have been authorised to keep accounts for public debt securities (Article 49 of the Royal Decree of 23 January 1991 amended by Article 1 of the Royal Decree of 11 June 2001 and Article 1 of the Royal Decreeof 31 May 2009). The structure of treasury certificates-holding shown in this table differs from that used to draw up the tables in chapters 11 and 12 and table 17.1.3 of the Bulletin. That is due mainly to the treatment of repo transactions. In the statistical summary of public debt securityaccount-keepers, repo transactions give rise to a transfer of ownership of the securities, in contrast to the treatment in the financial accounts where they do not lead to any change of holder, since these transactions are regarded as the pledging of securities in order to obtain a loan. Inaddition, differences may also arise because the statistical summary of the account-keepers is an indirect source for securities held on behalf of third parties, whereas the financial accounts statistics are compiled on the basis of direct sources where those are available.

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 6, juni 1991. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

19. Interest rates

262

19.1 MAIN INTEREST RATES OF THE MONETARY POLICY OF THE EUROSYSTEM

(yearly percentages, dates of change)

Interest rate of themain refinancing

operations 1

Interest rate of thelonger-term refinan-

cing operations 2

Interest rate of themarginal lending fa-

cilities

Interest rate of thedeposit facilities

p.m. 2010 12 August - 1.00 1.75 0.252011 12 April 1.25 1.25 1.75 0.25

13 April - - 2.00 0.5012 July 1.50 1.50 2.00 0.5013 July - - 2.25 0.758 November 1.25 1.25 2.25 0.759 November - - 2.00 0.5013 December 1.00 1.00 2.00 0.5014 December - - 1.75 0.25

2012 10 July 0.75 0.75 1.75 0.2511 July - - 1.50 0.00

2013 7 May 0.50 0.50 1.50 0.008 May - - 1.00 0.00

Source: ECB

1 It is the rate of the weekly tender with a maturity of two weeks. For the variable tender rate it is the weighted average rate. The dates mentionedcorrespond to the dates of the allocations.

2 It is the rate of the monthly tender with a maturity of three or six months.The dates mentioned correspond to the dates of the allocations.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p. 29.

263

19.2 REFERENCE INTEREST RATES ON THE SECONDARY MARKET FOR TREASURY CERTIFICATES ISSUED BY THE BELGIAN GOVERNMENT

(yearly percentages, daily averages)

1 month 2 months 3 months 6 months 12 months

2003 2.23 2.23 2.22 2.19 2.21

2004 1.97 1.99 2.01 2.03 2.16

2005 2.02 2.05 2.07 2.11 2.22

2006 2.72 2.81 2.90 3.05 3.27

2007 3.80 3.84 3.89 3.97 4.10

2008 3.64 3.66 3.67 3.66 3.70

2009 0.57 0.62 0.66 0.73 0.93

2010 0.32 0.37 0.43 0.53 0.81

2011 0.78 0.90 1.01 1.16 1.55

2012 0.07 0.09 0.13 0.17 0.37

2012 September -0.01 -0.01 0.00 0.02 0.09October -0.02 0.00 0.01 0.03 0.10November 0.00 0.00 0.01 0.02 0.07December 0.00 0.00 0.00 0.00 0.03

2013 January -0.01 0.00 0.02 0.05 0.12February 0.01 0.04 0.06 0.09 0.16March 0.02 0.03 0.05 0.07 0.13April 0.01 0.02 0.03 0.04 0.08May 0.01 0.01 0.01 0.03 0.06June 0.03 0.03 0.05 0.05 0.16July 0.02 0.03 0.04 0.07 0.16August 0.03 0.04 0.06 0.08 0.19September 0.04 0.06 0.06 0.09 0.21


Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXVIth year, number 5, May 1991.

264

19.3 EONIA AND EURIBOR


EONIA 1 EURIBOR 2EONIA

1 week 1 month 2 months 3 months 4 months 5 months 6 months 7 months 8 months 9 months 10 months 11 months 12 months

2009 0.71 0.742 0.888 1.056 1.218 1.295 1.359 1.429 1.464 1.496 1.529 1.558 1.584 1.610

2010 0.44 0.488 0.571 0.664 0.814 0.894 0.982 1.084 1.127 1.172 1.224 1.263 1.305 1.353

2011 0.87 1.029 1.179 1.260 1.393 1.464 1.545 1.638 1.699 1.759 1.825 1.883 1.943 2.008

2012 0.23 0.226 0.326 0.433 0.574 0.660 0.744 0.828 0.881 0.931 0.977 1.023 1.067 1.112

2011 III 0.97 1.206 1.380 1.443 1.561 1.619 1.687 1.769 1.824 1.875 1.935 1.990 2.053 2.114IV 0.79 0.978 1.244 1.343 1.495 1.560 1.632 1.718 1.775 1.833 1.888 1.940 1.998 2.052

2012 I 0.37 0.394 0.643 0.839 1.043 1.142 1.236 1.338 1.404 1.464 1.520 1.569 1.619 1.671II 0.34 0.318 0.394 0.509 0.694 0.798 0.889 0.980 1.034 1.088 1.137 1.186 1.234 1.281III 0.13 0.115 0.157 0.235 0.362 0.450 0.541 0.627 0.676 0.722 0.768 0.812 0.855 0.897IV 0.08 0.079 0.110 0.148 0.196 0.249 0.312 0.368 0.410 0.450 0.484 0.526 0.562 0.599

2013 I 0.07 0.081 0.117 0.168 0.211 0.256 0.303 0.345 0.384 0.424 0.461 0.500 0.538 0.572II 0.08 0.086 0.117 0.166 0.207 0.243 0.279 0.315 0.346 0.377 0.412 0.443 0.475 0.506III 0.09 0.100 0.127 0.176 0.223 0.259 0.296 0.339 0.373 0.407 0.443 0.475 0.505 0.537

2012 September 0.10 0.086 0.119 0.170 0.246 0.320 0.410 0.484 0.533 0.577 0.618 0.659 0.700 0.740October 0.09 0.080 0.111 0.153 0.208 0.272 0.348 0.412 0.455 0.497 0.533 0.575 0.612 0.650November 0.08 0.078 0.109 0.145 0.192 0.244 0.304 0.360 0.402 0.442 0.475 0.518 0.551 0.588December 0.07 0.079 0.111 0.147 0.185 0.228 0.278 0.324 0.364 0.403 0.435 0.476 0.513 0.549

2013 January 0.07 0.081 0.113 0.163 0.205 0.253 0.302 0.344 0.386 0.426 0.462 0.502 0.541 0.575February 0.07 0.082 0.120 0.175 0.223 0.272 0.318 0.362 0.400 0.441 0.481 0.521 0.560 0.594March 0.07 0.082 0.118 0.166 0.206 0.245 0.287 0.329 0.365 0.403 0.439 0.476 0.512 0.545April 0.08 0.083 0.118 0.169 0.209 0.248 0.287 0.324 0.359 0.391 0.427 0.460 0.496 0.528May 0.08 0.083 0.112 0.160 0.201 0.235 0.268 0.299 0.329 0.359 0.394 0.424 0.454 0.484June 0.09 0.093 0.121 0.168 0.210 0.247 0.282 0.321 0.352 0.382 0.416 0.446 0.477 0.507July 0.09 0.099 0.125 0.177 0.221 0.259 0.294 0.336 0.370 0.402 0.434 0.464 0.494 0.525August 0.08 0.103 0.128 0.177 0.226 0.261 0.298 0.342 0.376 0.409 0.448 0.478 0.509 0.542September 0.08 0.098 0.128 0.174 0.223 0.257 0.296 0.340 0.374 0.410 0.449 0.483 0.514 0.543


1 EONIA is an acronym for Euro OverNight Index Average. It is constituted of a weighted average of the overnight interest rate from a panel of 57 banks in the eurozone. This average is computed by the ECB at 7 PM (Brussels time).2 EURIBOR is an acronym for EURo Inter Bank Offered Rate. It is constituted of a simple average of the offered prime rate, corrected for the extreme values, from a panel of 57 banks inside the eurozone. This average is computed at 11 AM (Brussels time).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p. 29.

265

19.4 MFI INTEREST RATES (MIR)19.4.1 INTEREST RATES ON NEW BUSINESS IN EUR19.4.1.1 INTEREST RATES ON DEPOSITS IN EUR FROM HOUSEHOLDS - NEW BUSINESS

Overnight With agreed maturity Redeemable at up to 3months notice

Overnight

Up to 1 year maturity Over 1 and up to 2years maturity

Over 2 years maturity

Redeemable at up to 3months notice

2012 August 0.29 0.52 1.80 2.28 0.90September 0.27 0.54 1.80 2.32 0.89October 0.26 0.91 1.80 2.31 0.81November 0.24 0.99 1.68 2.12 0.78December 0.24 0.73 1.64 2.22 0.77

2013 January 0.23 0.81 1.47 2.24 0.77February 0.23 0.36 1.41 2.05 0.74March 0.25 0.43 1.39 2.03 0.72April 0.21 0.81 1.37 1.94 0.72May 0.19 1.13 1.32 1.84 0.63June 0.19 1.55 1.23 1.81 0.63July 0.19 1.21 1.29 1.94 0.63August 0.18 1.23 1.20 1.90 0.63

Source: NBB Recalculated: NBB

N.B.: - ”up to” means ”up to and including”.- More detailed data are available at http://www.mfiir.be.

19.4.1.2 INTEREST RATES ON DEPOSITS IN EUR FROM NON-FINANCIAL CORPORATIONS - NEW BUSINESS

Overnight With agreed maturityup to 1 month

With agreed maturityup to 1 year

2012 August 0.32 0.13 0.59September 0.31 0.05 0.33October 0.30 0.10 0.43November 0.27 0.09 0.40December 0.26 0.06 0.20

2013 January 0.28 0.05 0.22February 0.25 0.10 0.28March 0.26 0.08 0.26April 0.24 0.06 0.27May 0.22 0.08 0.27June 0.22 0.09 0.22July 0.20 0.10 0.28August 0.19 0.14 0.23



http://www.mfiir.be

http://www.mfiir.be

266

19.4.1.3 INTEREST RATES ON LOANS IN EUR TO HOUSEHOLDS - NEW BUSINESS

2012 2013

August September October November December January February March April May June July August

Bank overdraft 9.28 9.27 9.25 9.08 8.96 8.89 8.84 8.91 8.91 8.81 8.81 8.70 8.72For consumption

Floating rate and up to 1 year initial rate fixation 6.45 4.96 6.13 6.55 5.96 6.47 4.88 6.39 6.21 6.10 6.23 6.44 6.06Over 1 and up to 5 years initial rate fixation 6.25 6.33 6.11 6.07 5.95 5.65 5.50 5.52 5.66 5.59 5.57 5.82 6.05Over 5 years initial rate fixation 8.27 8.49 8.34 8.18 7.96 7.48 7.33 7.01 7.71 7.51 7.31 7.68 7.72Annual percent rate of charge 7.09 7.03 7.02 6.93 6.95 6.46 6.20 6.17 6.43 6.31 6.28 6.59 6.76

For house purchasesFloating rate and up to 1 year initial rate fixation 3.42 3.20 3.11 3.10 2.99 3.10 3.00 3.05 3.10 3.20 3.10 3.30 3.13Over 1 and up to 5 years initial rate fixation 3.26 3.15 3.12 3.05 3.10 3.06 3.16 3.16 3.09 3.02 2.94 3.00 2.99Over 5 and up to 10 years initial rate fixation 3.55 3.53 3.52 3.49 3.49 3.44 3.40 3.38 3.42 3.38 3.39 3.48 3.44Over 10 years initial rate fixation 3.59 3.59 3.64 3.70 3.69 3.65 3.68 3.64 3.60 3.55 3.50 3.53 3.56

For other purposesFloating rate and up to 1 year initial rate fixation 2.33 2.20 2.15 2.10 1.99 1.83 1.82 1.89 1.91 1.91 1.86 1.88 1.89Over 1 and up to 5 years initial rate fixation 4.41 4.04 3.98 4.33 4.13 4.27 4.58 4.68 3.85 3.71 3.65 3.93 4.01Over 5 years initial rate fixation 3.96 3.88 3.85 3.99 3.71 3.76 3.83 3.64 3.71 3.62 3.59 3.94 3.98



19.4.1.4 INTEREST RATES ON LOANS IN EUR TO NON-FINANCIAL CORPORATIONS - NEW BUSINESS

2012 2013

August September October November December January February March April May June July August

Bank overdraft 4.88 4.98 5.46 5.47 6.08 6.21 5.90 6.41 5.65 5.34 5.35 5.25 4.74Other loans up to an amount of EUR 1 million

Floating rate and up to 1 year initial rate fixation 2.35 2.28 2.22 2.20 2.10 1.99 1.99 2.00 2.00 1.99 2.04 2.08 2.06Over 1 and up to 5 years initial rate fixation 3.32 3.23 3.12 3.11 3.10 3.11 3.23 3.19 3.03 2.93 2.97 3.06 3.13Over 5 years initial rate fixation 3.76 3.70 3.74 3.73 3.66 3.74 3.82 3.67 3.67 3.64 3.50 3.67 3.73

Other loans over an amount of EUR 1 millionFloating rate and up to 1 year initial rate fixation 1.68 1.76 1.75 1.73 1.67 1.64 1.66 1.71 1.71 1.69 1.74 1.73 1.79

Source: BNB Recalculated: NBB


http://www.mfiir.be

http://www.mfiir.be

267

19.4.2 INTEREST RATES ON OUTSTANDING AMOUNTS IN EUR19.4.2.1 AVERAGE INTEREST RATES ON THE OUTSTANDING AMOUNTS OF DEPOSITS IN EUR WITH AGREED MATURITY FROM HOUSEHOLDS AND NON-FINANCIAL CORPORATIONS

Deposits from households Deposits from non-financial corporations

Up to 2 years Over 2 years Up to 2 years Over 2 years

2012 August 2.34 3.01 1.21 3.23September 2.33 3.00 1.11 3.14October 2.33 3.01 1.06 3.18November 2.34 3.00 1.00 3.14December 2.38 2.99 1.19 3.12

2013 January 2.07 3.01 1.10 3.05February 2.01 2.99 1.06 3.05March 1.95 2.98 1.05 2.73April 1.88 2.98 1.01 2.61May 1.88 2.98 0.94 2.58June 1.98 2.99 0.93 2.58July 1.98 2.99 0.85 2.56August 1.96 3.00 0.90 2.56



19.4.2.2 AVERAGE INTEREST RATES ON THE OUTSTANDING AMOUNTS OF LOANS IN EUR TO HOUSEHOLDS AND NON-FINANCIAL CORPORATIONS

Loans to households Loans to non-financial corporations

For house purchases Consumer credit and other loans Up to 1 year Over 1 and up to 5 years Over 5 years

Up to 1 year Over 1 and up to 5 years Over 5 years Up to 1 year Over 1 and up to 5 years Over 5 years

Up to 1 year Over 1 and up to 5 years Over 5 years

2012 August 3.58 3.66 3.90 6.69 6.73 4.79 2.73 2.50 3.89September 3.54 3.65 3.87 6.73 6.74 4.76 2.81 2.40 3.86October 3.48 3.62 3.84 6.61 6.72 4.73 2.83 2.34 3.81November 3.43 3.57 3.79 6.44 6.68 4.73 2.57 2.33 3.79December 3.38 3.56 3.76 6.38 6.64 4.67 2.55 2.30 3.73

2013 January 3.34 3.56 3.73 6.06 6.65 4.65 2.53 2.30 3.72February 3.32 3.53 3.71 6.07 6.63 4.65 2.46 2.30 3.71March 3.32 3.63 3.69 6.18 6.58 4.63 2.59 2.32 3.69April 3.25 3.61 3.69 5.80 6.59 4.61 2.49 2.31 3.66May 3.24 3.59 3.71 5.85 6.55 4.59 2.44 2.30 3.65June 3.24 3.57 3.66 5.92 6.51 4.56 2.51 2.32 3.61July 3.22 3.56 3.68 5.87 6.50 4.54 2.45 2.31 3.62August 3.27 3.55 3.64 5.93 6.50 4.55 2.35 2.31 3.61

Calculations: NBB


http://www.mfiir.be

http://www.mfiir.be

268

19.5 LONG-TERM YIELD RATES ON THE BELGIAN SECONDARY MARKET FOR BONDS ISSUED BY THE BELGIAN PUBLIC SECTOR


Reference rates by maturity Gross interest rate of refer-ence loan 1

1 year 2 years 3 years 4 years 5 years 10 years 20 years

Gross interest rate of reference loan 1

2007 4.09 4.13 4.15 4.17 4.19 4.35 4.49 4.33

2008 3.70 3.80 3.90 3.99 4.06 4.44 4.73 4.42

2009 0.93 1.62 2.20 2.64 2.97 3.94 4.46 3.90

2010 0.80 1.20 1.63 2.06 2.44 3.44 3.95 3.46

2011 1.55 2.28 2.90 3.34 3.61 4.20 4.58 4.23

2012 0.37 0.74 1.13 1.52 1.87 2.98 3.58 3.00

2012 September 0.09 0.33 0.62 0.98 1.36 2.61 3.38 2.61October 0.10 0.26 0.51 0.85 1.23 2.45 3.20 2.44November 0.07 0.18 0.39 0.75 1.13 2.31 3.11 2.29December 0.03 0.11 0.29 0.61 0.94 2.15 2.93 2.10

2013 January 0.12 0.30 0.51 0.79 1.07 2.31 3.04 2.31February 0.16 0.39 0.62 0.87 1.14 2.40 3.11 2.46March 0.13 0.28 0.45 0.69 0.97 2.20 3.00 2.25April 0.08 0.20 0.36 0.59 0.86 2.00 2.78 2.04May 0.06 0.17 0.32 0.58 0.88 2.04 2.81 2.06June 0.16 0.38 0.65 0.98 1.31 2.46 3.18 2.44July 0.16 0.36 0.62 0.97 1.33 2.56 3.29 2.54August 0.19 0.42 0.71 1.09 1.46 2.68 3.41 2.65September 0.21 0.47 0.78 1.17 1.54 2.80 3.56 2.75


1 Benchmarks:OLO 9.00 % 1991/2003 from 23-3-93 to 11-01-94OLO 7.25 % 1993/2004 from 12-01-94 to 17-11-94OLO 7.75 % 1994/2004 from 18-11-94 to 24-04-95OLO 6.50 % 1994/2005 from 25-04-95 to 09-02-96OLO 7.00 % 1995/2006 from 10-02-96 to 09-01-97OLO 6.25 % 1996/2007 from 10-01-97 to 21-01-98OLO 5.75 % 1997/2008 from 22-01-98 to 31-01-99OLO 3.75 % 1999/2008 from 01-02-99 to 20-01-00OLO 5.75 % 2000/2010 from 21-01-00 to 21-01-01OLO 5.00 % 2001/2011 from 22-01-01 to 17-01-02OLO 5.00 % 2002/2012 from 18-01-02 to 27-01-02OLO 4.25 % 2003/2013 from 28-01-03 to 25-01-04OLO 4.25 % 2004/2014 from 26-01-04 to 15-03-05OLO 3.75 % 2005/2015 from 16-03-05 to 19-01-06OLO 3.25 % 2006/2016 from 20-01-06 to 18-01-07OLO 4.00 % 2007/2017 from 19-01-07 to 24-01-08OLO 4.00 % 2008/2018 from 25-01-08 to 19-01-09OLO 4.00 % 2009/2019 from 20-01-09 to 17-01-10OLO 3.75 % 2010/2020 from 18-01-10 to 23-01-11OLO 4.25 % 2011/2021 from 24-01-11 to 31-01-12OLO 4.25 % 2012/2022 from 01-02-12 to 15-01-13OLO 2.25 % 2013/2023 from 16-01-13 onwards

269

19.6 INTEREST RATES ON THREE-MONTH EURO-CURRENCY DEPOSITS


Euro Dollar of the UnitedStates

Japanese yen Pound sterling 1 Swiss franc Danish crown Swedish crown Norwegian crown Canadian dollar Australian dollar

2003 2.30 1.15 -0.03 3.62 0.25 2.28 3.07 3.88 2.89 4.73

2004 2.07 1.56 -0.07 4.53 0.39 2.06 2.12 1.82 2.25 5.31

2005 2.15 3.51 -0.04 4.65 0.73 2.09 1.69 2.01 2.74 5.49

2006 3.04 5.14 0.22 4.75 1.44 3.05 2.36 2.88 4.04 5.71

2007 4.23 5.26 0.72 5.91 2.44 4.22 3.69 4.71 4.48 6.28

2008 4.59 3.21 0.99 5.37 2.45 4.65 4.49 5.87 3.17 6.74

2009 1.10 0.84 0.38 0.96 0.37 1.79 0.78 2.14 0.59 3.44

2010 0.73 0.36 0.17 0.68 0.14 0.67 0.64 2.21 0.77 4.56

2011 1.33 0.34 0.24 0.99 0.12 0.84 1.64 2.55 1.19 4.78

2012 0.47 0.38 0.23 0.79 -0.01 0.21 1.82 1.97 1.19 3.86

2012 September 0.15 0.29 0.11 0.54 -0.16 -0.20 1.66 1.77 1.14 3.61October 0.11 0.25 0.09 0.51 -0.15 -0.19 1.50 1.71 1.13 3.26November 0.09 0.26 0.06 0.51 -0.14 -0.21 1.45 1.68 1.13 3.17December 0.08 0.27 0.05 0.49 -0.24 -0.25 1.39 1.65 1.13 3.02

2013 January 0.10 0.23 0.05 0.47 -0.18 -0.16 1.15 1.59 1.14 2.98February 0.12 0.21 0.05 0.48 -0.16 -0.16 1.12 1.61 1.09 2.94March 0.10 0.22 0.05 0.49 -0.15 -0.18 1.12 1.56 1.08 2.95April 0.11 0.22 0.05 0.49 -0.16 -0.18 1.08 1.57 1.08 2.94May 0.10 0.21 0.07 0.49 -0.16 -0.20 1.04 1.62 1.09 2.78June 0.11 0.20 0.06 0.48 -0.11 -0.19 0.97 1.62 1.08 2.76July 0.12 0.20 0.06 0.48 -0.09 -0.18 0.95 1.54 1.06 2.71August 0.13 0.18 0.06 0.49 -0.08 -0.19 0.95 1.52 1.04 2.50September 0.12 0.18 0.05 0.48 -0.11 -0.18 0.95 1.52 1.05 2.49


1 Rate calculated on a base of 365 days.

Bibliographical reference: Bulletin de la Banque nationale de Belgique, LXVIth year, number 5, May 1991 and number 6, June 1991.

270

19.7 GROSS YIELD RATES OF 10 YEAR BENCHMARK BOND ON THE SECONDARY MARKET: INTERNATIONAL COMPARISON


Belgium France Netherlands Germany Italy United Kingdom United States Japan

2003 4.18 4.14 4.15 4.10 4.26 4.53 4.04 1.01

2004 4.15 4.10 4.10 4.07 4.24 4.93 4.30 1.51

2005 3.43 3.41 3.37 3.38 3.55 4.47 4.33 1.38

2006 3.81 3.79 3.78 3.77 4.04 4.54 4.84 1.74

2007 4.33 4.30 4.29 4.23 4.47 5.07 4.69 1.67

2008 4.42 4.23 4.25 4.00 4.67 4.55 3.70 1.49

2009 3.90 3.64 3.71 3.26 4.28 3.63 3.27 1.34

2010 3.46 3.11 3.00 2.77 4.03 3.55 3.22 1.17

2011 4.23 3.31 2.97 2.65 5.33 3.03 2.79 1.11

2012 3.00 2.52 1.95 1.57 5.47 1.87 1.79 0.84

2012 September 2.61 2.23 1.84 1.53 5.22 1.72 1.71 0.79October 2.44 2.17 1.76 1.52 4.96 1.81 1.73 0.77November 2.29 2.12 1.64 1.39 4.86 1.79 1.65 0.74December 2.10 1.99 1.56 1.36 4.54 1.85 1.70 0.71

2013 January 2.31 2.15 1.73 1.56 4.22 2.05 1.89 0.77February 2.46 2.24 1.90 1.61 4.50 2.13 1.98 0.74March 2.25 2.07 1.74 1.42 4.64 1.91 1.95 0.60April 2.04 1.81 1.66 1.26 4.27 1.73 1.74 0.57May 2.06 1.88 1.69 1.36 3.96 1.87 1.92 0.80June 2.44 2.19 1.98 1.61 4.37 2.20 2.28 0.85July 2.54 2.23 2.02 1.62 4.42 2.37 2.57 0.82August 2.65 2.35 2.18 1.79 4.30 2.61 2.75 0.75September 2.75 2.48 2.32 1.93 4.47 2.91 2.82 0.72


N.B.: Today’s bonds of reference:Belgium: 2.25 % OLO - 22/06/2023,France: 4.25 % OAT - 25/10/2023,Netherlands: 1.75 % Nederland - 15/07/2023,Germany: 2.00 % Bund - 15/08/2023,Italy: 4.50 % BTP - 01/03/2024,United Kingdom: 2.25 % Treasury stock - 07/09/2023,United States: 2.50 % Treasury note - 15/08/2023,Japan: 0.80 % JGB - 20/09/2023.

271

19.8 OFFICIAL INTEREST RATES OR INTERVENTION RATES OF FOREIGN CENTRAL BANKS

(yearly percentages, dates of change)

Denmark Sweden Norway Switserland United kingdom United States Japan

Rate on current accountdeposits

Rate on certificates of de-posit

Repo for 2 weeks Depositfacility Discount rate Minimum lending rate Discount rate Discount rate

p.m. 2011 25 July 1.10 1.20 2.00 2.25 - 0.50 - 0.3026 August 1.00 1.1016 September 0.90 1.004 November 0.55 0.659 December 0.30 0.4014 December 1.7516 December 0.25 0.3021 December 1.75

2012 22 February 1.5014 March 1.5025 May 0.201 June 0.00 0.056 July -0.2012 September 1.2519 December 1.00

2013 25 January -0.10

Source: NBB

Bibliographical reference: Bulletin statistique de la Banque Nationale de Belgique, 1996-I.

General remarks

In the various tables, the totals shown can differ from the sum of the items as a result of roundings.

The publication schedule for the most important economic statistics compiled by the Bank and the NAI is given on the Bank’s website. (http://www.nbb.be/app/cal/F/CalThema.htm)

In order to meet the obligations imposed by the SDDS (the IMF’s Special Data Dissemination Standard), this schedule also covers all the statistics included in the SDDS. Publication date are those given by the institution responsible for compiling the statistics; some of these institutions publish via their own media more detailed schedules for statistics than those given on the Bank’s website.

273

http://www.nbb.be/app/cal/F/CalThema.htm

Conventional signs

e estimation p provisional - the data does not exist or is meaningless n. not available p.m. pro memoria 0 or 0,0 zero or less than the half of the last chosen unit

275

List of abbreviations

BEAMA Belgian Asset Managers Association BIS Bank for International Settlements CEC Centre for Exchange and Clearing CIU Collective Investment Undertakings EC European Community ECB European Central Bank ELLIPS Electronic Large-value Interbank Payment System EMU European Monetary Union EONIA Euro Overnight Index Average ERM Exchange Rate Mechanism ESA European System of Accounts EU European Union EUR Euro EURIBOR Euro Interbank Offered Rate EURONEXT Federation of European stock exchange EUROSTAT European Communities Office of Statistics FPS Eco Federal Public Service Economy, SMEs, Self-employed and Energy FPS ELSD Federal Public Service Employment, Labour and Social dialogue FPS Fin Federal Public Service Finance FSMA Financial Services and Markets Authority GDP Gross Domestic Product GDSEI Directorate General Statistics and Economical Information HWWI the Hamburg Institute of International Economics IAS International Accounting Standards IFRS International Financial Reporting Standards IMF International Monetary Fund INAMI Institut national d’assurance maladie invalidité KWH Kilowatt hour MB/BS Moniteur belge/Belgisch Staatsblad MERCOSUR Mercado Comun del Sur

277

MFI Monetary Financial Institution MIR Monetary Financial Institutions Interest Rates MUMS Monetary Union Member States NACE Classification of Economic Activities in the European Community NAFTA North America Free Trade Agreement NAI National Accounts Institute NBB National Bank of Belgium NCB National Central Bank NEO National employment office NSI National Statistical Institute NMBS/SNCB Nationale maatschappij der Belgische spoorwegen/ Societé Nationale des Chemins de fer Belges OAT Outstanding amounts and turnover OLO Linear Bond ONVA Office for the Annual Holiday PCO Poste Cheques Office RD Royal decree SDDS Special Data Dissemination Standard(IMF) SME Small and medium enterprise UCI Undertakings for Collective Investment UCITS Undertakings for Collective Investment in Transferable Securities VAT Value Added Tax

278

Orders

On the website of the National Bank of Belgium, via the ”e-service”, you can take a free e-mail subscription to this publication. It will be sent by e-mail on the date of publication. Via the ”Print-on-demand”, which is only available for quarterly and yearly publications, it is possible to order a paper version of this publication for a fee. (http://www.nbb.be/pub/stats/stats.htm?l=fr&tab=Publications)

More informations

We suggest people wanting more information on the contents, the methodology, the methods of calculation and the sources to get in touch with the Statistical Information Systems of the National Bank of Belgium. Tél. +32 2 221 21 37 - Fax +32 2 221 31 34 [email protected]

http://www.nbb.be/pub/stats/stats.htm?l=fr&tab=Publications

mailto: [email protected]

National Bank of Belgium Limited Liability company RLP Brussels — Company’s number: 0203.201.340 Registered office: boulevard de Berlaimont 14 — BE-1000 Brussels www.nbb.be

Editor

Rudi AcxHead of the General Statistics Department

© Illustrations: National Bank of Belgium

Layout: NBB General Statistics Cover: NBB TS — Prepress & Image

Published in 2013October

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