The reclassification of Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB) has been incorporated in the FASE since its creation in December 2012

As announced in the press release of 12 April on the publication of the data for the fourth quarter of 2021, the changes resulting from the reclassification of Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB), from its creation in December 2012, have now been incorporated into the financial accounts, coinciding with the publication of the data for the first quarter of 2022. This completes the adaptation of the macroeconomic accounts that had already taken place in the non-financial accounts published by the IGAE and by the INE and in the public debt data released by the Banco de España (see press release of 22 April). This modification affects, above all, the data for the period December 2012-Decmber 2020 for the Other non-monetary financial institutions sector, where SAREB was originally classified, and the General government sub-sector Central government, where it is now classified, and the instruments Debt securities, Loans and Deposits. In the most recent period, since December 2020, it mainly impacts the general government’s Other accounts payable/receivable.

Given that, due to the reclassification of SAREB, it was necessary to revise many years of the time series, we have taken the opportunity to also incorporate some revisions resulting from the in-depth analysis under way to provide users of the financial accounts with a more granular sectoral breakdown of the Other non-monetary financial institutions sector in the future. In the next publication (for the second quarter of 2022), we will be able to break it down into the sub-sectors Other financial intermediaries, Financial auxiliaries and Captive financial institutions and money lenders. To this end, some improvements are being made to the information sources and methods used and, in some cases, this has led to Other non-monetary financial institutions, except insurance companies and pension funds being revised in full. The revision affects the period December 2013-December 2021 and covers equity, loans and deposits and other accounts receivable/payable.