1 Financial services Issue 6a For information Charles Aspden OECD.

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Presentation transcript:

1 Financial services Issue 6a For information Charles Aspden OECD

2 Status of issue 6a Last meeting of the task force: May 2005 The issue will be submitted for decision to the January 2006 AEG meeting The final paper is being finalised and will be ready during September As requested by the February 2004 AEG, the paper covers volume/price split.

3 Main recommendations New definition of financial corporations to reflect all financial services Do not exclude own funds as a source of financial services Allow the recording of production of financial services for units using exclusively own funds or which have only one client

4 Main recommendations (ctd) Impose a systematic allocation of FISIM Impose the calculation of FISIM based on a formula using a reference rate Recommend limiting this formula to loans and deposits. Exclude holding gains from the calculation of FISIM Allow for the recording of an output of « market- makers »

5 Main recommendations Volume calculation of FISIM: –extrapolate using the rate of change of the stock of loans and deposits deflated by a general price index –Build an indicator based on weighted quantity indicators (number of loans, number of accounts, money transfers, etc…) Volume calculation of non life insurance: –Extrapolate using gross premiums deflated by premium price indices –Build an indicator using weighted number of policies, by class of policies