Statistics on Non-Bank Financial Sector: Experience of Central Bank of Turkey

1. Statistics on Non-Bank Financial Sector:Experience of Central Bank of Turkey Aycan Ozek StatisticsDepartment DeputyDirector Joint National Bank of the Republic of Macedonia and ECB Seminar on Statistics October 2-5, 2013 Skopje

2. Outline • Changing Environment • CBT’s Experience • - Other Financial Intermediaries • - Financial Auxiliaries • - Insurance Corporations and pension Funds • 3. Future Work

3. Changing Environment

4. Emerging Statistical Needs: • Move from traditional data collection systems to emerging statistical needs (G-20 data gaps initiative): • Strengthening the coverage of balance sheets • Flow of funds data • Data on non-bank financial institutions • More timely and comparable statistics Changing Environment

5. The Need for Non-Bank Financial Institutions’ Data: • G-20 Data Gaps Initiative • Reporting requirements from international institutions (OECD, BIS) • Harmonization with international standards (ESA95, MFSM) Changing Environment

6. Traditional Data Sources : Central Bank Accounts BalanceSheet / Accounting Records CBT’s Experience Banking Data SupervisoryReporting Forms Money Market Data

7. New Data Sources: CBT’s Experience

8. CBT Classification of Financial Corporations (S.12): • Central Bank • Other Monetary Financial Institutions • Non-Bank Financial Institutions • - Financial Intermediaries • - Financial Auxiliaries • - Insurance Corporations and Pension Funds CBT’s Experience

9. Other Financial Intermediaries (S.123) in ESA 95: • ‘ ….All financial corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional units other than monetary financial institutions, or insurance technical reserves.’ (paragraph 2.53) Other Financial Intermediaries

10. Comparison between other monetary financial institutions and OFIs Other Financial Intermediaries OFIs Liabilities - from non MFIsother than currency, deposits and / or close substitutes for deposits MFIs Liabilities - from non MFIs deposits and / or close substitutes for deposits

11. Institutional Units in S.123: • financial leasing corporations • personal or commercial finance corporations • factoring corporations • security and derivative dealers (on own account) • venture and development capital companies • export and import financing companies • financial vehicle corporations, created to be holders of securitized assets • financial intermediaries which receive deposits or close substitutes for deposits from MFI´s Other Financial Intermediaries

12. Other Financial Intermediaries

13. Data Sources for S.123: • Unified Chart of Accounts of Financial Leasing, Factoring and Finance Companies compiled by BRSA • Capital Market Board data set for Investment Funds • Data on holder sectors of investment funds compiled by Central Registry Agency Other Financial Intermediaries

14. Other Financial Intermediaries

15. Other Financial Intermediaries

16. Financial Auxiliaries (S.124) in ESA 95: • ‘ ….All financial corporations which are principally engaged in auxiliary financial activities, that is to say activities closely related to financial intermediation but which are not financial intermediation themselves.’ (paragraph 2.57) Financial Auxiliaries

17. Institutional Units in S.124: • insurance brokers, insurance and pension consultants, etc • loan brokers, security brokers, investment advisers, etc. • corporations that manage the issue of securities • corporations whose principal function is to guarantee, by indorsement, bills and similar instruments • corporations which arrange derivative instruments • corporations providing infrastructure for financial markets • central supervisory authorities • managers of pension funds, mutual funds, etc. • corporations providing stock exchange, insurance exchange Financial Auxiliaries

18. Financial Auxiliaries

19. Financial Auxiliaries

20. Financial Auxiliaries

21. Data Sources for S.124: • Unified Financial Reporting System of Capital Market Dealer Companies compiled from Capital Market Dealer’s Association • Detailed balance sheet items of Savings Deposit Insurance Fund Financial Auxiliaries

22. Insurance Corporations and Pension Funds (S.125) in ESA 95: • ‘ ….All financial corporations which are principally engaged in financial intermediation as the consequence of the pooling of risks.’ (paragraph 2.60) Insurance Corp. and Pension Funds

23. Institutional Units in S.125: • insurance corporations • reinsurance corporations • (autonomous) pension funds Insurance Corp. and Pension Funds

24. Data Sources for S.125: • Financial reports of Insurance Companies and Pension Funds compiled by Treasury Insurance Corp. and Pension Funds

25. Insurance Corp. and Pension Funds

26. Insurance Corp. and Pension Funds

27. Financial Assets of Non-Bank Financial Sector CBT’s Experience:

28. Financial Liabilities of Non-Bank Financial Sector CBT’s Experience:

29. CBT’s Experience

30. Asset Composition of Non-Bank Financial Institutions CBT’s Experience

31. Liability Composition of Non-Bank Financial Institutions CBT’s Experience

32. Periodic Reports on Non-Bank Financial Sector • OECD Institutional Investors’ Survey • Financial Accounts (OECD, Eurostat, CBT web site) • Statistics on Non-Bank Financial Sector (CBT web site) CBT’s Experience

33. Future Work

34. PLEASE CONTACT FOR FURTHER INFORMATION:AYCAN ÖZEKPHONE: +90 312 5076915E-MAIL: aycan.ozek@tcmb.gov.tr CENTRAL BANK OF TURKEYSTATISTICS DEPARTMENTMONETARY AND FINANCIAL STATISTICS DIVISION