March 2017

Chapter 17. Balance of Payments and International Investment Position

Details of the integrated international investment position statement are published for the first time (Tables 17.21a and 17.21b). This integrated statement shows how the changes in the international investment position (IIP) are due to transactions of the financial account of the balance of payments (BP) and to other flows. Until now, the IIP and BP data were available and, consequently, so was the breakdown of the changes in the IIP between BP transactions and total other flows, which could be calculated by difference. Within the other flows, the integrated statement distinguishes, firstly, those changes in the IIP due to revaluations and those caused by other changes in volume (which include, among others, forgiveness, unilateral loan cancellations and reclassifications, and may incorporate statistical discrepancies between the IIP and the financial account of the BP). And secondly, within revaluations, details are given of those linked to changes in the price of instruments valued at market prices in the IIP, and of those due to changes in the euro exchange rate against the currencies in which some foreign assets and liabilities are denominated.

Chapter 19. Interest rates (excluding those published in financial markets chapters)

As from this month the information offered in this chapter, concerning the interest rates applied by Monetary Financial Institutions in lending and deposit operations vis-à-vis households and NPISHs and non-financial corporations, is being reorganised. The reason for these changes is to offer clearer information on consumer financing.

Specifically, the information on credit cards (interest rates applied and volume of new business) has been placed for presentation purposes within the consumer credit segment (e.g. in Tables 19.3 and 19.4), since this is considered to be its fundamental end-use. This grouping is informative since, although the end-purpose of these credits is the same, their different characteristics mean that the rates applied to credit granted through credit cards (deferred payment or revolving cards) differ clearly from those applied to traditional consumer credit.