Statistics on Non-Bank Financial Sector:Experience of Central Bank of Turkey
Aycan Ozek
Statistics Department
Deputy Director
Joint National Bank of the Republic of Macedonia and ECB
Seminar on Statistics
October 2-5, 2013
Skopje
Outline
1. Changing Environment
2. CBT’s Experience - Other Financial Intermediaries - Financial Auxiliaries - Insurance Corporations and pension Funds
3. Future Work
Changing Environment
Emerging Statistical Needs:
Move from traditional data collection systems to emerging statistical needs (G-20 data gaps initiative):
Strengthening the coverage of balance sheets
Flow of funds data
Data on non-bank financial institutions
More timely and comparable statistics
Changing Environment
The Need for Non-Bank Financial Institutions’ Data:
•G-20 Data Gaps Initiative •Reporting requirements from international institutions (OECD, BIS)
•Harmonization with international standards (ESA95, MFSM)
CBT’s Experience
Central Bank
Accounts
Balance Sheet / Accounting Records
Banking Data
Supervisory Reporting Forms
Money Market Data
Traditional Data Sources :
CBT’s Experience
CBT Classification of Financial Corporations (S.12):
-Central Bank-Other Monetary Financial Institutions-Non-Bank Financial Institutions - Financial Intermediaries - Financial Auxiliaries - Insurance Corporations and Pension Funds
Other Financial Intermediaries
Other Financial Intermediaries (S.123) in ESA 95:
‘ ….All financial corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional units other than monetary financial institutions, or insurance technical reserves.’ (paragraph 2.53)
Other Financial Intermediaries
Comparison between other monetary financial institutions and OFIs
MFIs Liabilities
- from non MFIs
deposits and / or
close substitutes for deposits
OFIs Liabilities
- from non MFIs
other than
currency, deposits and / or
close substitutes for deposits
Other Financial Intermediaries
Institutional Units in S.123:
• financial leasing corporations
• personal or commercial finance corporations
• factoring corporations
• security and derivative dealers (on own account)
• venture and development capital companies
• export and import financing companies
• financial vehicle corporations, created to be holders of securitized assets
• financial intermediaries which receive deposits or close substitutes for deposits from MFI´s
Other Financial Intermediaries
COVERAGE OF OTHER FINANCIAL INTERMEDIARIES
Financial Leasing Companies 31
Factoring Companies 74
Finance Companies 12
Mutual Funds 685
TOTAL 802
Source : BRSA, CMB
Other Financial Intermediaries
Data Sources for S.123:
•Unified Chart of Accounts of Financial Leasing, Factoring and Finance Companies compiled by BRSA •Capital Market Board data set for Investment Funds
•Data on holder sectors of investment funds compiled by Central Registry Agency
Other Financial Intermediaries
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliariesInsurance corporations
and pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial assets1.729.127.699 1.584.998.314 253.637.684 1.331.360.630 59.274.639 53.652.937 31.201.810
Monetary gold and SDRs36.965.494 36.965.494 36.965.494 0
0 0 0
Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0
Special drawing rights 2.667.674 2.667.674 2.667.674 0 0 0 0
Currency and deposits237.696.503 211.525.065 6.858.542 204.666.523 6.718.431 7.690.588 11.762.419
Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321
Transferable deposits172.986.327 160.923.102 0 160.923.102 479.432 464.642 11.119.152
Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946
Securities other than shares458.642.356 434.281.643 177.164.873 257.116.770 2.794.499 12.590.577 8.975.638
Securities other than shares, excluding financial derivatives
455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638
Financial derivatives 0 2.736.133 0 2.736.133 0 3.336 0
Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609
Shares and other equity34.447.664 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.941.762
Shares and other equity, excluding mutual funds shares
34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565
Mutual funds shares n.a n.a n.a n.a n.a n.a 247.197
Insurance technical reserves - - - - - - -
Other accounts receivable59.690.957 22.524.587 0 22.524.587 2.114.370 26.769.618 8.282.383
Other Financial Intermediaries
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliaries
Insurance corporations and
pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial Liabilities1.744.007.371 1.624.828.425 246.661.396 1.378.167.029
54.662.143 24.801.461 39.715.342
Currency and deposits1.059.702.174 1.054.960.214 223.328.150 831.632.064
0 4.741.961 0
Currency 60.525.482 60.525.482 60.525.482 0 0 0 0
Transferable deposits305.842.197 305.842.197 144.528.524 161.313.673
0 0 0
Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0
Securities other than shares50.444.486 47.255.597 0 47.255.597 3.085.139 103.750 0
Securities other than shares, excluding financial derivatives
46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0
Financial derivativesn.a
4.347.020 n.a
4.347.020 0 5.301 0
Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065
Shares and other equity327.419.755 285.858.623 21.581.843 264.276.781 12.476.448 11.400.693 17.683.990
Shares and other equity, excluding mutual funds shares
319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990
Mutual funds shares n.a 0 0 0 8.016.564 n.a 0
Insurance technical reserves 19.166.818 - - - - - 19.166.818
Other accounts payable 64.179.753 50.189.480 371.454 49.818.026 3.402.751 7.894.053 2.693.469
Financial Auxiliaries
Financial Auxiliaries (S.124) in ESA 95:
‘ ….All financial corporations which are principally engaged in auxiliary financial activities, that is to say activities closely related to financial intermediation but which are not financial intermediation themselves.’ (paragraph 2.57)
Financial Auxiliaries
Institutional Units in S.124:
• insurance brokers, insurance and pension consultants, etc
• loan brokers, security brokers, investment advisers, etc.
• corporations that manage the issue of securities
• corporations whose principal function is to guarantee, by indorsement, bills
and similar instruments
• corporations which arrange derivative instruments
• corporations providing infrastructure for financial markets
• central supervisory authorities
• managers of pension funds, mutual funds, etc.
• corporations providing stock exchange, insurance exchange
Financial Auxiliaries
COVERAGE OF FINANCIAL AUXILIARIES
Savings Deposit Insurance Fund 1
Capital Market Dealer Companies 97
TOTAL 98
Source : SDIF, CMDC Association
Financial Auxiliaries
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliariesInsurance corporations
and pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial assets1.729.127.699 1.584.998.314 253.637.684 1.331.360.630 59.274.639 53.652.937 31.201.810
Monetary gold and SDRs36.965.494 36.965.494 36.965.494 0
0 0 0
Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0
Special drawing rights 2.667.674 2.667.674 2.667.674 0 0 0 0
Currency and deposits237.696.503 211.525.065 6.858.542 204.666.523 6.718.431 7.690.588 11.762.419
Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321
Transferable deposits172.986.327 160.923.102 0 160.923.102 479.432 464.642 11.119.152
Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946
Securities other than shares458.642.356 434.281.643 177.164.873 257.116.770 2.794.499 12.590.577 8.975.638
Securities other than shares, excluding financial derivatives
455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638
Financial derivatives 0 2.736.133 0 2.736.133 0 3.336 0
Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609
Shares and other equity34.447.664 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.941.762
Shares and other equity, excluding mutual funds shares
34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565
Mutual funds shares n.a n.a n.a n.a n.a n.a 247.197
Insurance technical reserves - - - - - - -
Other accounts receivable59.690.957 22.524.587 0 22.524.587 2.114.370 26.769.618 8.282.383
Financial Auxiliaries
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliaries
Insurance corporations and
pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial Liabilities1.744.007.371 1.624.828.425 246.661.396 1.378.167.029
54.662.143 24.801.461 39.715.342
Currency and deposits1.059.702.174 1.054.960.214 223.328.150 831.632.064
0 4.741.961 0
Currency 60.525.482 60.525.482 60.525.482 0 0 0 0
Transferable deposits305.842.197 305.842.197 144.528.524 161.313.673
0 0 0
Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0
Securities other than shares50.444.486 47.255.597 0 47.255.597 3.085.139 103.750 0
Securities other than shares, excluding financial derivatives
46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0
Financial derivativesn.a
4.347.020 n.a
4.347.020 0 5.301 0
Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065
Shares and other equity327.419.755 285.858.623 21.581.843 264.276.781 12.476.448 11.400.693 17.683.990
Shares and other equity, excluding mutual funds shares
319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990
Mutual funds shares n.a 0 0 0 8.016.564 n.a 0
Insurance technical reserves 19.166.818 - - - - - 19.166.818
Other accounts payable 64.179.753 50.189.480 371.454 49.818.026 3.402.751 7.894.053 2.693.469
Financial Auxiliaries
Data Sources for S.124:
•Unified Financial Reporting System of Capital Market Dealer Companies compiled from Capital Market Dealer’s Association
•Detailed balance sheet items of Savings Deposit Insurance Fund
Insurance Corp. and Pension Funds
Insurance Corporations and Pension Funds (S.125) in ESA 95:
‘ ….All financial corporations which are principally engaged in financial intermediation as the consequence of the pooling of risks.’ (paragraph 2.60)
Insurance Corp. and Pension Funds
Institutional Units in S.125:
• insurance corporations
• reinsurance corporations
• (autonomous) pension funds
Insurance Corp. and Pension Funds
Data Sources for S.125:
•Financial reports of Insurance Companies and Pension Funds compiled by Treasury
COVERAGE OF INSURANCE COMPANIES AND PENSION FUNDS
Insurance Companies 41
Reinsurance Companies 1
Pension Funds 17
TOTAL 59
Source : Undersecratariat of Treasury
Insurance Corp. and Pension Funds
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliariesInsurance corporations
and pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial assets1.729.127.699 1.584.998.314 253.637.684 1.331.360.630 59.274.639 53.652.937 31.201.810
Monetary gold and SDRs36.965.494 36.965.494 36.965.494 0
0 0 0
Monetary gold 34.297.820 34.297.820 34.297.820 0 0 0 0
Special drawing rights 2.667.674 2.667.674 2.667.674 0 0 0 0
Currency and deposits237.696.503 211.525.065 6.858.542 204.666.523 6.718.431 7.690.588 11.762.419
Currency 13.509.156 13.501.788 790.220 12.711.568 5.646 1.401 321
Transferable deposits172.986.327 160.923.102 0 160.923.102 479.432 464.642 11.119.152
Other deposits 51.201.019 37.100.175 6.068.322 31.031.853 6.233.353 7.224.545 642.946
Securities other than shares458.642.356 434.281.643 177.164.873 257.116.770 2.794.499 12.590.577 8.975.638
Securities other than shares, excluding financial derivatives
455.902.888 431.545.510 177.164.873 254.380.637 2.794.499 12.587.241 8.975.638
Financial derivatives 0 2.736.133 0 2.736.133 0 3.336 0
Loans 901.684.725 850.643.893 32.603.352 818.040.541 45.982.383 4.818.840 239.609
Shares and other equity34.447.664 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.941.762
Shares and other equity, excluding mutual funds shares
34.200.467 29.057.632 45.424 29.012.209 1.664.956 1.783.314 1.694.565
Mutual funds shares n.a n.a n.a n.a n.a n.a 247.197
Insurance technical reserves - - - - - - -
Other accounts receivable59.690.957 22.524.587 0 22.524.587 2.114.370 26.769.618 8.282.383
Insurance Corp. and Pension Funds
Thousand TRY Financial corporations
2012 TotalMonetary financial
institutionsCentral Bank
Other monetary financial institutions
Other financial intermediaries
Financial auxiliaries
Insurance corporations and
pension funds
Stocks of financial instruments
S.12 S.121+S.122 S.121 S.122 S.123 S.124 S.125
Financial Liabilities1.744.007.371 1.624.828.425 246.661.396 1.378.167.029
54.662.143 24.801.461 39.715.342
Currency and deposits1.059.702.174 1.054.960.214 223.328.150 831.632.064
0 4.741.961 0
Currency 60.525.482 60.525.482 60.525.482 0 0 0 0
Transferable deposits305.842.197 305.842.197 144.528.524 161.313.673
0 0 0
Other deposits 693.334.495 688.592.534 18.274.144 670.318.391 0 4.741.961 0
Securities other than shares50.444.486 47.255.597 0 47.255.597 3.085.139 103.750 0
Securities other than shares, excluding financial derivatives
46.092.164 42.908.577 0 42.908.577 3.085.139 98.448 0
Financial derivativesn.a
4.347.020 n.a
4.347.020 0 5.301 0
Loans 223.094.385 186.564.511 1.379.950 185.184.561 35.697.805 661.004 171.065
Shares and other equity327.419.755 285.858.623 21.581.843 264.276.781 12.476.448 11.400.693 17.683.990
Shares and other equity, excluding mutual funds shares
319.403.191 285.858.623 21.581.843 264.276.781 4.459.884 11.400.693 17.683.990
Mutual funds shares n.a 0 0 0 8.016.564 n.a 0
Insurance technical reserves 19.166.818 - - - - - 19.166.818
Other accounts payable 64.179.753 50.189.480 371.454 49.818.026 3.402.751 7.894.053 2.693.469
CBT’s Experience
FINANCIAL SECTOR RATIOS IN PERCENT OF GDP
Total Assets in Millions of TRY
as of 2012In Percentage of
GDP
Monetary Financial Intitutions 1.584.998 111,9%
Other Financial Intermediaries 59.275 4,2%
Financial Auxiliaries 53.653 3,8%
Insurance Companies and Pension Funds 31.202 2,2%
Source: CBT, Turkstat
CBT’s Experience
Periodic Reports on Non-Bank Financial Sector
•OECD Institutional Investors’ Survey
•Financial Accounts (OECD, Eurostat, CBT web site)
•Statistics on Non-Bank Financial Sector (CBT web site)
PLEASE CONTACT FOR FURTHER INFORMATION:
AYCAN ÖZEKPHONE: +90 312 5076915
E-MAIL: [email protected]
CENTRAL BANK OF TURKEYSTATISTICS DEPARTMENT
MONETARY AND FINANCIAL STATISTICS DIVISION