Download presentation
Presentation is loading. Please wait.
Published bySilvia Berry Modified over 9 years ago
1
Renata Bielak Central Statistical Office of Poland Consolidation in the Polish Financial Accounts Consolidation in the Polish Financial Accounts OECD WORKING PARTY ON FINANCIAL STATISTICS PARIS, OCTOBER 2003
2
Renata Bielak Central Statistical Office of Poland Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts
3
Renata Bielak Central Statistical Office of Poland General Rules what does consolidation mean? elimination of: transactions occurring between units classified within the same sector/sub-sector reciprocal assets and liabilities
4
Renata Bielak Central Statistical Office of Poland two versions of financial accounts FINANCIAL ACCOUNTS Non-consolidated (ESA’95) Consolidated (Official Transmission Program) General Rules
5
Renata Bielak Central Statistical Office of Poland General Rules two-level consolidation process sector level financial flows between units inside the sector are eliminated sub-sector level financial flows between units inside the sub ‑ sector are eliminated
6
Renata Bielak Central Statistical Office of Poland conclusions General Rules For financial assets/liabilities and financial transactions: sub-sectors (after consolidation) ≠ consolidated sector (except from the case of no flows between sub-sectors) BUT For net lending/net borrowing: sub-sectors (after consolidation) consolidated sector
7
Renata Bielak Central Statistical Office of Poland Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts
8
Renata Bielak Central Statistical Office of Poland Polish Experiences producer of financial accounts Central Statistical Office National Accounts and Finance Division Financial Accounts Section (9 persons involved in compiling process)
9
Renata Bielak Central Statistical Office of Poland availability of financial accounts data Polish Experiences Financial accounts for 1995-1997 consolidated data only Financial accounts for 1998-1999 non-consolidated data only Financial accounts for 2000 (and further years) consolidated and non-consolidated data
10
Renata Bielak Central Statistical Office of Poland Polish Experiences consolidation by sectors Non-financial corporations (S.11) sub-sectors are not distinguished lack of “from whom to whom” information strong influence on non-consolidated data estimations used to consolidation Financial corporations (S.12) good quality reporting from sub-sectors S.122 and S.125 lack of information from sub-sectors S.123 and S.124 General Government (S.13) new source of information with counterpart data starting from 2001 Households Non-profit institutions serving households (S.14 + S.15) data based on other sectors’ reporting small impact on non-consolidated data Rest of the world (S.2) sub-sectors are not distinguished no effect of consolidation
11
Renata Bielak Central Statistical Office of Poland Polish Experiences estimations used to consolidation process (example) claims on deliveries and services (S.11) = 1000 liabilities on deliveries and services and trade credits liabilities: S.11 = 450 S.12 = 180 S.13 = 110 S.2 = 40 shares of above liabilities in S.11: S.11 = 390 S.12 = 150 S.13 = 90 S.2 = 30 660 1000-660 = 340 90% x 340 = 306
12
Renata Bielak Central Statistical Office of Poland Polish Experiences Balance sheet for financial assets - 2000 (10 6 PLN) S.11S.12S.13S.14+S.15 Financial assets non-consolidated525 871,2663 006,8253 635,1383 238,3 consolidated140 848,4525 644,4228 969,1383 094,1 Monetary gold and SDRs non-consolidated0,03 811,90,0 consolidated0,03 811,90,0 Currency and deposits non-consolidated55 232,5150 401,821 467,6227 965,3 consolidated55 232,583 221,221 467,6227 965,3 Securities other than shares non-consolidated14 200,8199 940,99 521,33 443,9 consolidated7 625,1165 034,59 521,33 299,7 Loans non-consolidated26 818,7191 765,710 505,70,0 consolidated247,8173 209,53 581,20,0 Shares and other equity non-consolidated131 097,038 772,7147 353,489 987,3 consolidated6 346,026 922,5134 958,689 987,3 Insurance technical reserves non-consolidated3 103,4172,7113,523 045,2 consolidated3 103,40,0113,523 045,2 Other accounts receivable non-consolidated295 418,878 141,164 673,638 796,6 consolidated68 293,673 444,859 326,938 796,6
13
Renata Bielak Central Statistical Office of Poland Polish Experiences Balance sheet for financial liabilities – 2000 (10 6 PLN) S.11S.12S.13S.14+S.15 Liabilities non-consolidated1 100 593,5617 870,8345 881,461 639,2 consolidated715 570,7486 601,9313 899,561 495,0 Currency and deposits non-consolidated0,0390 973,10,0 consolidated0,0330 300,90,0 Securities other than shares non-consolidated27 089,239 642,1111 152,0144,2 consolidated20 513,54 738,8105 318,00,0 Loans non-consolidated211 226,032 172,6149 102,853 189,6 consolidated184 655,113 630,5142 178,353 189,6 Shares and other equity non-consolidated472 596,795 724,812 420,00,0 consolidated347 845,788 223,625,20,0 Insurance technical reserves non-consolidated0,026 434,80,0 consolidated0,023 612,80,0 Other accounts payable non-consolidated389 681,632 923,473 206,68 305,4 consolidated162 556,426 095,366 378,08 305,4
14
Renata Bielak Central Statistical Office of Poland Polish Experiences Changes in financial assets – 2000 (10 6 PLN) S.11S.12S.13S.14+S.15 Net acquisition of financial assets non-consolidated74 760,257 475,911 237,934 729,8 consolidated26 091,633 997,8-2 678,437 558,2 Monetary gold and SDRs non-consolidated0,038,70,0 consolidated0,038,70,0 Currency and deposits non-consolidated-1 423,825 634,81 103,830 988,4 consolidated-1 423,810 738,31 103,830 988,4 Securities other than shares non-consolidated943,118 146,14 250,8-2 309,1 consolidated-503,48 597,6-115,0519,3 Loans non-consolidated5 729,720 069,82 872,80,0 consolidated-202,417 420,7-22,30,0 Shares and other equity non-consolidated5 297,7-19 337,012 882,4-13 097,0 consolidated-101,8-14 864,05 489,0-13 097,0 Insurance technical reserves non-consolidated576,7-37,0-9,15 095,2 consolidated576,70,0-9,15 095,2 Other accounts receivable non-consolidated63 636,812 960,5-9 862,814 052,3 consolidated27 746,312 066,5-9 124,814 052,3
15
Renata Bielak Central Statistical Office of Poland Polish Experiences Changes in financial liabilities – 2000 (10 6 PLN) S.11S.12S.13S.14+S.15 Net incurrence of liabilities non-consolidated125 853,553 503,233 402,78 438,0 consolidated65 790,429 228,617 832,811 266,4 Currency and deposits non-consolidated0,036 831,30,0 consolidated0,020 818,10,0 Securities other than shares non-consolidated6 788,213 131,412 950,0-2 828,4 consolidated5 341,73 521,78 584,20,0 Loans non-consolidated28 764,22 318,4154,110 991,6 consolidated22 832,9-323,4-2 741,010 991,6 Shares and other equity non-consolidated12 197,6-4 037,67 401,10,0 consolidated6 798,11 376,57,70,0 Insurance technical reserves non-consolidated0,05 625,80,0 consolidated0,05 662,80,0 Other accounts payable non-consolidated78 103,5-366,112 897,5274,8 consolidated30 817,7-1 827,111 981,9274,8 Net lending/net borrowing non-consolidated-55 118,43 971,1-21 147,329 151,5 consolidated-55 118,43 971,1-21 147,329 151,5
16
Renata Bielak Central Statistical Office of Poland Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts
17
Renata Bielak Central Statistical Office of Poland Conclusions and Future Consistency with consolidation requirements Improvement of data quality and consolidation methods Estimations should be limited Non-financial corporations sector needs a lot of attention because of significant influence on consolidation Regular work between CSO, Ministry of Finance and NBP is needed Adjustment to „t+9 delay” requirement
18
Renata Bielak Central Statistical Office of Poland THANK YOU Consolidation in the Polish Financial Accounts
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.