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Quarterly Financial Accounts in Slovak Republic JÁN SEMAN

Quarterly Financial Accounts in Slovak Republic JÁN SEMAN Head of Section on Financial Accounts and IT Support National Bank of Slovakia Prague, 14-15 September 2009. Content. The meaning of QFA Data sources for QFA and compilation process

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Quarterly Financial Accounts in Slovak Republic JÁN SEMAN

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  1. Quarterly Financial Accounts in Slovak Republic JÁN SEMAN Head of Section on Financial Accounts and IT Support National Bank of Slovakia Prague, 14-15 September 2009

  2. Content • The meaning of QFA • Data sources for QFA and compilation process • Analysis of QFA in connection with economic crisis • Analysis of QFA in connection with euro adoption in Slovakia Prague 14-15 September 2009

  3. The meaning of QFA • to give exhausted information on financial flows and stocks between institutional sectors and between them and the Rest of the World • analysis of monetary policy transmission mechanism • financial market stability Prague 14-15 September 2009

  4. Data sources for QFA and compilation process • QFA as a compiled statistics - specific data sources for relevant sectors and subsectors of economy - specific data sources for some financial instruments (e.g. securities) • Data coverage - the most available are the data from financial market - the least available are the data for non-financial corporations and households Prague 14-15 September 2009

  5. Data sources for QFA and compilation process • Data consistency - different methodology of data - different period of data revision - different time of recording of transaction - wrong data from data sources Prague 14-15 September 2009

  6. Data sources for QFA and compilation process • Data sources for QFA compilation - internal sources of the National bank of Slovakia: - money and banking statistics - BoP and International Investment Position - Investment funds and asset management companies statistics - statistics of subjects of financial intermediation (leasing, factoring, installment payments) - securities dealers statistics - stock exchange and central depository statistics - balance sheets and statistical data from insurance companies, pension funds and supplementary pension funds and their asset management companies Prague 14-15 September 2009

  7. Data sources for QFA and compilation process • external sources - balance sheets of public sector entities (Ministry of Finance of SR) and QFAGG (Statistical Office of SR) - Final account of state budget (MFSR) - sample surveys of non-financial corporations and households (SOSR) - annual financial accounts (SOSR) Prague 14-15 September 2009

  8. Analysis of QFA in the view of economic crisis • Trade credits and advances of non-financial corporations • development in line with business cycle • in boom the highest share of trade credits and advances on total assets and liabilities • at the beginning of recession more intensive decline of liabilities in comparison with assets – is the reason the tougher payments discipline at purchasing goods in comparison with sale of goods? Prague 14-15 September 2009

  9. Share of trade credits and advances of non-financial corporations on total assets/liabilities Prague 14-15 September 2009

  10. Trade credits and advances of non-financial corporations (4 quarter cumulative sum) Prague 14-15 September 2009

  11. Analysis of QFA in the view of economic crisis • Trade credits and avances of non-financial corporations towards the rest of the world • 1/3 of all trade credits and advances in relationship with the rest of the world • in line with trade balance • in time of better foreign trade balance more dynamic decline of both, active and passive trade credits • in recession common development with trade balance Prague 14-15 September 2009

  12. Trade credits and advances to the rest of the world (4Q cumulative sum) in comparison with export Prague 14-15 September 2009

  13. Trade credits and advances from the rest of the world (4Q cumulative sum) in comparison with import Prague 14-15 September 2009

  14. Analysis of QFA in the view of economic crisis • Net lending(+)/borrowing (-) • it mirrors the current and capital accounts developments • long-term increasing of debt position of Slovakia • main contributors are firms and government • in financial instruments the main contributors are securities and loans • in 1Q09 the development influenced by euro adoption Prague 14-15 September 2009

  15. Net lending (+)/borrowing (-) by sectors Prague 14-15 September 2009

  16. Net lending (+)/borrowing (-) by instruments Prague 14-15 September 2009

  17. Analysis of QFA in the view of economic crisis • Other forms of financing - influence of crisis on financing of non-financial corporations by banks loans was lower in comparison with trade credits - credits from abroad more volatile - the government slowly increases its expenditures - the address is questionable – the data under significant revisions - loans – the main source of households financing - in 2008 movement of money from investment funds to deposits Prague 14-15 September 2009

  18. Non-financial corporations financing by long-term loans (4Q cumulative sum) Prague 14-15 September 2009

  19. Government bonds issue (net change) Prague 14-15 September 2009

  20. Governments investments by financial instruments Prague 14-15 September 2009

  21. Governments investments by sectors Prague 14-15 September 2009

  22. Households investments in mutual funds (4Q cumulative sum) Prague 14-15 September 2009

  23. Analysis of QFA in the view of economic crisis • Revaluations of financial instruments • The only directly available data from banks and NBS • The highest revaluations in derivatives and debt securities of NBS • Increase of loans write-offs in banks portfolio in 4Q 2008 Prague 14-15 September 2009

  24. Financial derivatives revaluation (net value) Prague 14-15 September 2009

  25. Revaluation of loans granted by banks Prague 14-15 September 2009

  26. Analysis of QFA in the view of euro adoption in Slovakia • Euro adoption in Slovakia • sharp increase of deposits of households and non-financial corporations and decline of currency in circulation at the end of 2008 • cancelling of banks sterilization position at the NBS and increase of deposits of banks abroad • significant outflow of foreign entities deposits at domestic banks Prague 14-15 September 2009

  27. Currency in circulation and households deposits Prague 14-15 September 2009

  28. Liabilities of NBS owned by banks Prague 14-15 September 2009

  29. Deposits of non-financial corporations and rest of the world at banks (4Q cumulative sum) Prague 14-15 September 2009

  30. Long-term deposits of banks in rest of the world (4Q cumulative sum) Prague 14-15 September 2009

  31. Thank you for your attention Prague 14-15 September 2009

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