Statistics

Changes in the tables of financial accounts statistics

November

The detail within Other non-monetary financial institutions is widened as it is broken down into three new sectors: other financial intermediaries, financial auxiliaries and captive financial institutions and money lenders. In particular, six new tables have been included for these sectors, presenting both balance sheets and financial transactions.

The change is intended to provide more detailed financial sector information that allows a better analysis of sectoral financing and indebtedness. Even though these sectors do not have a significant importance in Spain, this publication covers a need expressed by users of macroeconomic statistics in different international forums. In the European context, the strategy has been coordinated to complete these details in 2022, following the ECB Guideline 2021/827 of 29 April 2021 (ECB/2021/20), that modifies ECB Guideline BCE/2013/24 on the statistical reporting requirements in the field of financial accounts.

New tables are accessible through this link. More information in the explanatory infographic.

July

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.

April

In this edition of the Financial Accounts of the Spanish Economy (FASE), the presentation of the monetary gold register has been modified to adapt its publication to the fact that this is the only asset, according to SEC2010, which does not have a counterpart liability. Previously, a negative asset against the rest of the world had been included in this instrument, to balance the counterpart liabilities. Henceforth, in accordance with the rules established by international organisations for data transmission, the imbalance is allowed to emerge, since it reflects the methodologically correct treatment of an asset that does not have a counterpart liability. In this way, in addition, consistency with the international investment position data is maintained. This affects the table of monetary gold and SDR instruments, in section C), Summary tables of instruments by sector. Naturally it also affects the tables that include the total stock of assets in the rest of the world.

Another change is that the provision for standardised guarantees instrument, which includes provisions for standardised guarantees for ICO guarantees, has been opened within the other monetary financial institutions sector. These provisions include coverage for possible defaults on loans granted during the pandemic with public guarantees. The counterpart entry to these provisions – general government liabilities – is included in the assets of the Other Monetary Financial Institutions. According to Eurostat, since March 2021 these provisions for Standardised Guarantees can be recorded in advance in this way.

In this edition of the Financial Accounts of the Spanish Economy (FASE), the presentation of the monetary gold register has been modified to adapt its publication to the fact that this is the only asset, according to SEC2010, which does not have a counterpart liability. Previously, a negative asset against the rest of the world had been included in this instrument, to balance the counterpart liabilities. Henceforth, in accordance with the rules established by international organisations for data transmission, the imbalance is allowed to emerge, since it reflects the methodologically correct treatment of an asset that does not have a counterpart liability. In this way, in addition, consistency with the international investment position data is maintained.

The tables affected by the modification of the presentation of the data are: 2.5 Financial balance sheets. Detail by institutional sector and 3.11 Rest of the World. Financial balance sheet.

Another change is that the provision for standardised guarantees instrument, which includes provisions for standardised guarantees for ICO guarantees, has been opened within the other monetary financial institutions sector. These provisions include coverage for possible defaults on loans granted during the pandemic with public guarantees. The counterpart entry to these provisions – general government liabilities – is included in the assets of the Other Monetary Financial Institutions. According to Eurostat, since March 2021 these provisions for Standardised Guarantees can be recorded in advance in this way. For this reason, in the data of the columns corresponding to "Insurance and pensions " of the tables detailed below, variations due to this cause can be observed: tables 3.1, 3.2, 3.5, 3.6, 3.7 y 3.8. The presentation of the following tables is also affected: 2.4 Cuentas de operaciones financieras. Detalle por sectores institucionales y 2.5 Balances financieros. Detalle por sectores institucionales.