March 2014

Chapter 4. Credit institutions and credit financial intermediaries

From 1 January this year, Credit Financial Intermediaries (CFI) have ceased to be considered as falling under the category of credit institutions, as was announced in the note of changes introduced in the Boletín Estadístico of February  2014.

In the balance sheets submitted by institutions for supervisory purposes, the developments in which in January 2014 are being published today, CFI have now become part of the grouping "other resident sectors" (ORS), where all resident agents except general government, the Banco de España and credit institutions are included. Consequently, credit institutions have begun to report on their operations with CFI along with the rest of their activities vis-à-vis ORS. Hence, the outstanding balance of lending extended by credit institutions and CFI as a whole to ORS, according to these balance sheets, increased slightly in January 2014, since this balance includes for the first time lending by credit institutions to CFI. These developments also affect the NPL ratio, as this ratio diminishes slightly as the size of the denominator - namely loans granted to ORS - increases.

To provide for monitoring of this ratio consistent with its past trajectory, the memorandum item of table 4.3 is useful as it reports on the outstanding balance of lending to "other resident sectors", deducting from this balance, as from January 2014, institutions’ lending operations vis-à-vis CFI.

Chapter 17. Balance of payments and international investment position vis-à-vis other euro area countries and the rest of the world

In 2014 the European Union Member States will implement the methodology of the 6th edition of the Balance of Payments and International Investment Position Manual (BPM6) in a coordinated manner with the entry into force of the manual of the European System of National and Regional Accounts (ESA 2010). Spain, like other European countries, will start disseminating Balance of Payments data according to the BPM6 in September or October 2014.

At that same time, the changes arising from the new data collection system that the Banco de España is developing at present as a consequence of the interruption of the traditional system in place, which was largely based on the reporting of cross-border transactions by commercial banks classified according to statistical codes and which has been discontinued due to the development of the Single European Payments Area (SEPA), will also be implemented. In the new system, this source will be replaced by different subsystems, among which the following can be highlighted: the International Trade in Services and Other Transactions Survey (under the responsibility of INE), the direct reporting of foreign transactions and positions to the Banco de España and the financial statements of credit institutions. Therefore, until that moment, the figures and estimates of the Spanish Balance of Payments must be considered as provisional.

All methodological changes to be introduced in the Balance of Payments data published in September-October 2014 will be described in detail in the annual publication Balanza de Pagos y Posición de Inversión Internacional de España, which will be published in June 2014.