Results of the AEG e-discussion on Reverse transactions UN STATISTICS DIVISION Economic Statistics Branch National Accounts Section

Reverse transactions Introduction No consensus over treatment Suggested that: There is no change to current SNA treatment Issue remain on the research agenda That the following clarifications be added Added explanations on securities-lending and gold loans Remove reference on not being able to on-sell Short positions as negative assets

Reverse transactions cont Comments Securities lending and gold loans cannot be treated as collateral loans as no lending takes place The negative asset adjustment is not generally acceptable

Reverse transactions cont Results Yes No No response 1. Continue collateralized loan approach 8 2 4 2. Agree to proposed clarifications 11 2 1 3. Keep subject on research agenda 13 1

Reverse transactions cont Conclusion The consultation shows that most of the AEG members participating support the recommendations on reverse transactions

Thank You