Challenges of the Financial Corporations sub-sectors. Joint WPFS-WPNA Workshop: SNA Implementation Presenter: Dr Robert Dunn (Head of ESA 10 Implementation.

Slides:

Advertisements

Similar presentations

STATISTICS DEPARTMENT The securitisation process in the OECD countries. Summary of responses to the OECD-WPFS questionnaire and discussion on the follow-up.

Advertisements

Supplementary table on pension schemes in social insurance Directorate C: National and European Accounts Unit C-5: Validation of public accounts European.

The Financial Corporations Sector, its subsectors and Institutional Units STATE STATISTICAL COMMITTEE OF AZERBAIJAN REPUBLIC Istanbul, May 6-8, 2015.

The financial sector -subsectors, units and main data issues Workshop on the Implementation of the 2008 SNA in EECCA countries and linkages with BPM6 and.

CZECH STATISTICAL OFFICE | Na padesátém 81, Prague 10 | czso.cz1 PROPERTY INCOME OF NON-RESIDENTS IN THE CZECH REPUBLIC Vítězslav Ondruš, Czech.

MODULE 14. REAL ESTATE SYNDICATION What is a Syndication? w Organizational Form of Ownership w Types of Syndicate Offerings w Reasons for Syndication.

Business Organization and Financial markets Some basic concepts Financial management: Lecture 2.

The Financial Corporations Sector, its subsectors and Institutional Units STATE STATISTICAL COMMITTEE OF AZERBAIJAN REPUBLIC Istanbul, May 6-8, 2015.

Regional Seminar on Developing a Program for the Implementation of the 2008 SNA and Supporting Statistics Murat EKŞİ September 2013 Ankara - Turkey.

1 TOWARD THE INTEGRATION OF THE INSTITUTIONAL INVESTORS DATABASE INTO THE FINANCIAL ACCOUNTS DATABASE Working Party on Financial Statistics October.

New financial sector delineation in ESA 2010: First assessment for the financial accounts in Austria Workshop on SNA 2008 / ESA 2010 OECD - October 2011.

Legal Problems for Heropreneurs: Taxation Issues James Rivett Pump Court Tax Chambers Monday 15 October 2012.

Finance THE BANKING SYSTEM. Finance Lecture outline  The types and functions of banking  Central banking  Commercial and investment.

MEXICO´s INCENTIVES FOR REAL ESTATE INVESTMENT October 20, 2007 Course Number MUNOZ MANZO y BELAUNZARAN, S. C. SPEAKER ALEJO MUNOZ.

Classification of financial corporations and of financial assets Reimund Mink OECD Working Parties on Financial Statistics and on National Accounts Paris,

INSTITUTIONAL SECTOR ACCOUNTS Peter van de Ven Head of National Accounts OECD Short Course on National Accounts IARIW-conference, August 23 – 24, 2014.

© 2005 The McGraw-Hill Companies, Inc., All Rights Reserved McGraw-Hill/Irwin Slide 1 CHAPTER TWENTY-ONE REAL ESTATE INVESTMENT TRUSTS (REITS)

Classification of Holding Companies and Head Offices according to NACE Rev.2.

Savings & Investment Vehicles Mike Meade. Saving vs. Investing Saving o Putting money away for safe-keeping o Emergency funds o Zero risk Investing o.

African Centre for Statistics United Nations Economic Commission for Africa Short overview of institutional sectors accounts Clementina Ivan-Ungureanu.

Statistics on Non-Bank Financial Sector: Experience of Central Bank of Turkey Aycan Ozek Statistics Department Deputy Director Joint National Bank of the.

Direct Investment How to compile Flows and Positions Course on Balance of Payments and International Investment Position Manual (BPM6) IMF-PFTAC Nadi November.

Changes to the compilation of UK National Accounts and Balance of Payments Statistics Presenter: Dr Robert Dunn, ONS.

Copyright 2010, The World Bank Group. All Rights Reserved. Introduction to the SNA, advanced Lesson 2 Institutional sectors 1.

Update of the 1993 SNA: The Treatment of Units Peter van de Ven.

Overview of Financial Services in the 2008 SNA Herman Smith UNSD/DESA Workshop on the Implementation of the 2008 SNA, Kiev, 29 November – 2 December 2011.

THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA 1 Presented by Hazel Corbin Statistics Adviser, ECCB Palm Haven Hotel Saint Lucia 3 to 7 February,

Enlargement of the financial corporations sector: Classification of holding companies and other captive institutions Methodological questions and practice.

1 AEG New York, April 2012 Delineation of classification of head offices, holding and SPEs AEG New York, April 2012.

Classification and terminology of financial corporations in the updated SNA Reimund Mink Paris, 10 and 11 October 2005 Paper prepared for the meeting of.

Chapter 20 Ownership Structures for Financing and Holding Real Estate.

Copyright 2010, The World Bank Group. All Rights Reserved. Business registration, part 1 Administrative and statistical business registers 1 Business statistics.

World Bank International Standards and their Measures for Financial Institutions and Non-Financial Businesses and Professions to Prevent Money Laundering.

Eurostat Item 3: Units and Sectors ESTP course on National Accounts ESA 2010 Luxembourg, June 2015 Eurostat.

Special Purpose Entities GGNA, April 29th 2010 Bob Groot Statistics Netherlands Agenda item 6.

Units in the 1993 SNA SNA/M1.06/25.2 Fourth meeting of the Advisory Expert Group on National Accounts 30 January – 8 February 2006, Frankfurt UN STATISTICS.

Chapter 1 Overview of Real Estate Finance. Chapter 1 Learning Objectives Understand the relationship between finance and real estate Understand the relationship.

INSTITUTIONAL UNITS AND INSTITUTIONAL SECTORS Peter van de Ven Head of National Accounts, OECD NBS-OECD Workshop on National Accounts Guangzhou, December.

FINANCIAL INSTITUTIONS – OVER VIEW Chapter 1 Dr. BALAMURUGAN MUTHURAMAN.

Units and Sectors in SNA 2008 Workshop on the Implementation of the 2008 SNA, Kiev, 29 November – 2 December 2011 Kurt Wass EFTA Statistical Office Agenda.

The use of administrative data for the production of official economic statistics in Brazil - current situation and challenges for the future Shanghai,

Flow of Presentation  Balance of Payments (BOP) Survey  Q & A  Annual System of National Accounts (SNA) Survey  Q & A.

Application of IFRS and their Impact on Tax Administration The Kenyan Experience J K Njiraini Commissioner of Domestic Taxes Kenya Revenue.

Characteristics of Special Purpose Entities in Measures of U.S. Direct Investment Abroad Dylan G. Rassier Prepared for the Allied Social Science.

1 National Balance Sheet Accounts in Israel Methods and Uses.

Statistical Units in Statistical Business Registers and SNA

Benson Sim United Nations Statistics Division

EU-regulations on financial accounts

Financial Corporations

Institutional units according to ESA 2010 Market and non-market output

FINANCIAL CORPORATIONS SECTOR

Institutional units Martin Kellaway

External sector statistics - Introduction to conceptual framework

Item 3: Units and Sectors

Institutional units according to ESA 2010

Institutional units according to ESA 2010 Market and non-market output

United Nations Statistics Division

Sector S.11 Non-financial corporations

Item III.7: Delineation of financial sub-sectors

Sectors and sub-sectors

Part III. Sector Accounts Arij in ‘t Veld

Part III. Sector Accounts Arij in ‘t veld

External sector statistics - Introduction to conceptual framework

Sector Accounts: Financial Corporations

Sectors and sub-sectors

GENERAL GOVERNMENT Marga Hüttner.

Specific units Martin Kellaway

Institutional units Martin Kellaway

External sector statistics - Introduction to conceptual framework

Institutional units Martin Kellaway

Presentation transcript:

Challenges of the Financial Corporations sub-sectors. Joint WPFS-WPNA Workshop: SNA Implementation Presenter: Dr Robert Dunn (Head of ESA 10 Implementation Branch) Tel:

Content The Financial Corporations sub-sectors within the SNA & ESA Data Sources Challenges in the classification of Investment Funds Resident vs non-resident units Classification of REITs as non-MMFs Investment Funds Challenges in identifying Special Purpose Entities SPE activities Gathering data from SPEs As an Institutional Unit

Content Further Work Business Register Improvements Review of ONS Financial Surveys Further use of administrative data

Financial Corporations sub-sectors within the SNA & ESA S.121Central Bank. S.122 Deposit-taking Corporations except the Central Bank. S.123Money Market Funds (MMF) S.124Non-MMF Investment Funds S.125Other Financial Intermediaries except Insurance Corporations and Pension Funds

Financial Corporations sub-sectors within the SNA & ESA S.126Financial Auxiliaries S.127Captive Financial Institutions and Money Lenders S.128Insurance Corporations S.129Pension Funds

Challenges in the Classification of Investment funds. Resident vs non-resident units Majority of investment funds are legally domiciled overseas Fund manager located in London; Around 34 sterling MMFs identified with a total value of c.£114bn, only one of which is legally domiciled in UK.

Challenges in the Classification of Investment funds. Classification of Real Estate Investment Trusts as Non-MMFs Investment Funds. REIT is a company that manages a portfolio of real estate to earn profit for shareholders 1 st January Launch UK REITs REITs very tax efficient as company pays no corporation tax or capital gains tax on profits from property investments. A number of property management companies convert into REITs. (Is this a true change of activity?) Not directly supervised by the Financial Services Authority (FSA). Under ESA/SNA REITs are classified as non-MMF investment trusts Companies on Business Register classified to various industries, all non-financial (S.11).

Challenges in Identifying Special Purpose Entities. Activities of SPEs: Securitisation Risk sharing Asset transfer Property investing

Challenges in Identifying Special Purpose Entities. Gathering data from SPEs: Identification Little physical presence »Country of registration used to determine residency. They have no or few employees »Impacts survey response burdens. »Grossing of survey results

Challenges in Identifying Special Purpose Entities. As an Institutional Unit. Entitled to own goods and assets in its own right Able to take economic decisions and engage in economic activities Able to incur liabilities on its own behalf Able to draw up a complete set of accounts Otherwise unit is consolidated with parent.

Further Work Business register improvements Coverage of SPEs Identifying relationships between fund managers and investment funds. Segregating holding companies and head offices Review of ONS financial surveys Further use of administrative data

QUESTIONS?