FASE: The presentation of the monetary gold register has been modified and ICO guarantees have been included in the instrument "provision for standardised guarantees" within the other monetary financial institutions sector

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.