Statistics
June 2009
Chapter 4: Credit institutions
This edition of the Boletín Estadístico introduces two changes in Chapter 4, Credit institutions (data from supervisory reports): data are added on Electronic money institutions (e-money) and the presentation of the profit and loss account for banks, saving banks and credit co-operatives is modified.
E-money are considered to be credit institutions pursuant to the definition contained in Article 1 of Legislative Royal Decree 1298/1986 of 28 June 1986 on the adaptation of the current law on Credit institutions to European Community legislation. Given the scant significance of the activity of the e-money category at present and the fact that there is only one institution in it, the information on it has been included in that on specialised credit institutions.
As regards profit and loss account data for banks, saving banks and credit co-operatives (Tables 4.B and 4.36 to 4.44), the presentation has been adapted to that of the public profit and loss account set out in Circular 6/2008 of 26 November 2008.
Chapter 15: Non-financial corporations. Summary information compiled by the Central Balance Sheet Dada Office.
Royal Decree 1514/2007 of 16 November 2007 enacted the new Spanish general chart of accounts, which is compulsorily applicable from the first accounting period beginning after 1 January 2008. Now that one year has elapsed since the new chart of accounts was implemented, comparative data are available in the quarterly database (CBQ) for two consecutive observations (I09 and I08). In order to preserve the formal consistency of the CBSO time series, the full series have been adapted where possible to the reporting formats required by the new chart of accounts.
Accordingly, this edition includes a complete up-date, for the whole time series, of the information in the tables of this chapter, both for annual (CBA) and quarterly (CBQ) data, in which they have been adapted to the new format (data prior to 2007) and to the new measurement criteria (data from 2008 onwards). The impact of the latter, relatively minor, is quantified in articles in the Economic Bulletin relating to the situation of the quarterly results of non-financial corporations. The main change affecting the time series is the valuation of certain financial assets and liabilities at fair value. This change has an effect on balance sheet amounts and, therefore, on the calculation of profit ratios, i.e. R.1 Return on investment, R.2 Interest on borrowed funds/interest-bearing borrowing, R.3 Return on equity and R.4 ROI - cost of debt (R.1-R.2) (Tables 15.7 to 15.18); and on the debt ratio E.1 Interest-bearing borrowing/net assets (Tables 15.22 and 15.23). There is no information which allows the information from years prior to 2008 to be adapted to these measurement criteria, so there is a break in the series between 2007 and 2008.
At the same time, a methodological change has been made for the whole time series to improve the calculation of ordinary net profit (ONP): income from capital grants transferred to profit for the period is included net of depreciation of the property, plant and equipment financed by them (in previous editions grants transferred to profit for the period were recorded as extraordinary revenue). The reflection of this change is a slight increase in the value of ONP (see Tables 15.1 to 15.6) and it has also affected the profit ratios R1 and R.3.
Chapter 17: Balance of payments and international investment position vis-à-vis other euro area countries and the rest of the world.
Tables. 17.21 Summary, 17.22 Spanish investment abroad
Coinciding with the publication of the September 2008 Boletín Estadístico and for December 2004 and subsequent data, the calculation of the stock of ‘equity’ of non-financial corporations recorded under the Direct Investment heading of the international investment position (IIP) was changed (see note on changes introduced in the September 2008 Boletín Estadístico). The revision of the calculation procedure affected the direct investment series of both foreign direct investment in Spain and Spanish direct investment abroad, although there was only a significant break in the latter. At that time data were not available for periods prior to 2004, so, in the case of Spanish direct investment abroad a "memorandum item" consistent with the previous estimate was included. This edition of the Boletín Estadístico includes a revised series (since 1992) of data on Spanish direct investment abroad, so this memorandum item has been removed from Table 17.22.
For information on how this heading is calculated and on the new linked series, see Box 5.1 of the report entitled "The Spanish balance of payments and international investment position, 2008", which is available in the Publications section of this website.