Quarterly financial flows and stocks (nasq_10_f)

Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency:  Eurostat, the statistical office of the European Union


Eurostat metadata
Reference metadata
1. Contact
2. Metadata update
3. Statistical presentation
4. Unit of measure
5. Reference Period
6. Institutional Mandate
7. Confidentiality
8. Release policy
9. Frequency of dissemination
10. Accessibility and clarity
11. Quality management
12. Relevance
13. Accuracy
14. Timeliness and punctuality
15. Coherence and comparability
16. Cost and Burden
17. Data revision
18. Statistical processing
19. Comment
Related Metadata
Annexes (including footnotes)



For any question on data and metadata, please contact: EUROPEAN STATISTICAL DATA SUPPORT

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1. Contact Top
1.1. Contact organisation

 Eurostat, the statistical office of the European Union

1.2. Contact organisation unit

C2: National accounts production

1.5. Contact mail address

5, Rue Alphonse Weicker, 2721 Luxembourg


2. Metadata update Top
2.1. Metadata last certified 06/10/2017
2.2. Metadata last posted 06/10/2017
2.3. Metadata last update 06/10/2017


3. Statistical presentation Top
3.1. Data description

The financial flows and stocks data are reported quarterly to the European Central Bank. Once validated the data are transmitted to Eurostat.  Financial flows consist of transactions and other flows and represent  the difference between opening balance sheet at the beginning of the year and closing balance sheet at the end of the year.   

3.2. Classification system

The classification system follows the European System of Accounts, 2010 edition (ESA 2010) http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF. Financial accounts data are categorised by financial instruments and institutional sectors.

3.3. Coverage - sector

The institutional sectors of ESA 2010 are: Non-financial corporations (S.11), Financial corporations (S.12), General government (S.13), Households (S.14), and Non-profit institutions serving households (S.15), which aggregate to the Total Economy (S.1). The Rest of the World is denoted by S.2.

3.4. Statistical concepts and definitions

Financial transactions take place between resident institutional units, and between them and the rest of the world. They are recorded in the financial account, which shows how the surplus or deficit of the capital account is financed by transactions in financial assets and liabilities. Thus, the balance of the financial account (B.9F) is conceptually equal in value to net lending / net borrowing (B.9) the balancing item of the capital account. The financial account indicates how net borrowing sectors obtain resources by incurring liabilities or reducing assets, and how net lending sectors allocate their surpluses by acquiring assets or reducing liabilities. The financial account also shows the contributions to these transactions of the various types of financial assets, and the role of financial intermediaries. Most transactions involving the transfer of ownership of goods or assets or the provision of services have some counterpart entry in the financial account. Moreover there are many transactions that are recorded entirely within the financial account, where one financial asset is exchanged for another or a liability is repaid with an asset. Financial assets may be created through the incurrence of liabilities. Such transactions change the distribution of the portfolio of financial assets and liabilities and may change their total amounts but do not affect the net lending / net borrowing (B.9).

Balance sheets are statements of the value of the stocks of assets and liabilities at a particular point of time and can be drawn up for institutional units, institutional sectors and the whole economy. The balancing item of the financial balance sheet (i.e., excluding non-financial assets) is the 'net financial assets' (BF.90), calculated as the difference between total financial assets and total liabilities. A closing financial balance sheet is equal to the opening balance sheet plus changes resulting from financial transactions and other flows (revaluations and other changes in volume of financial assets/liabilities).

Other changes in assets record changes that are not the result of transactions. They are either a) Other changes in the volume of assets and liabilities, or b) holding gains and losses. Other changes in volume include the normal appearance and disappearance of assets other than by transactions, changes in assets and liabilities due to exceptional or unanticipated events which are not economic in nature, and changes in classification and structure. Holding gains and losses are recorded in the revaluation account, and occur when there are changes in the prices of assets or liabilities over time, without transforming them in any way.

Financial assets and liabilities: definitions of the categories and sub-categories are provided in ESA 2010 chapter 5.

Time of recording: In principle, flows are recorded on an accrual basis, that is when economic value is created, transformed or extinguished, or when claims and obligations arise, are transformed or are cancelled; the time of recording is often not when cash is exchanged.

Valuation rules: In principle, financial flows and stocks are recorded at exchange or market value. For detailed valuation rules that apply to some categories of financial instruments, see ESA 2010 -chapter 5.

3.5. Statistical unit

These are identified as institutional units, as defined in ESA 2010 § 2.12-2.13.

3.6. Statistical population

The target population consists of the sectors of the national economy, including its relations with the rest of the world.

3.7. Reference area

Euro area aggregates, EU member states.

3.8. Coverage - Time

According to the legislation, euro area countries should transmit data from 1999 onwards. However, the length of serieis varies according to country.

3.9. Base period

Not applicable.


4. Unit of measure Top

Data are in euro, national currency, and percentage of quarterly GDP.


5. Reference Period Top

Quarter.


6. Institutional Mandate Top
6.1. Institutional Mandate - legal acts and other agreements

Quarterly financial accounts are compiled in accordance with the Guideline of the European Central Bank of 25 July 2013 (ECB/2013/24). See Annex below.

6.2. Institutional Mandate - data sharing

The data are transmitted to Eurostat by the ECB.


7. Confidentiality Top
7.1. Confidentiality - policy

Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.

7.2. Confidentiality - data treatment

Confidential data are flagged by the data compilers and are not disseminated.


8. Release policy Top
8.1. Release calendar

The release is at T+94 days for the euro area aggregate, and T+120 days for the national data.

8.2. Release calendar access

Not applicable.

8.3. Release policy - user access

In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.


9. Frequency of dissemination Top

Quarterly.


10. Accessibility and clarity Top
10.1. Dissemination format - News release

ECB press release each quarter.

10.2. Dissemination format - Publications

Not applicable.

10.3. Dissemination format - online database

Please refer to on-line database at http://ec.europa.eu/eurostat.



Annexes:
on-line database
10.4. Dissemination format - microdata access

As financial accounts are derived from various sources, including published ones, some components may be found in other datasets.

10.5. Dissemination format - other

Please refer to http://ec.europa.eu/eurostat

10.6. Documentation on methodology

Documentation is available from the ECB and from national statistical authorities.  See ECB Handbook on quarterly financial accounts for the euro area (Annex below), and also the Guideline of the ECB of 25 July 2013 (Annex below).

10.7. Quality management - documentation

Not available.


11. Quality management Top
11.1. Quality assurance

Quality is assured by applying ESA 2010 concepts, and by a validation process of the ECB on the data delivered by countries.

11.2. Quality management - assessment

The ECB conducts a quarterly compliance exercise on the transmitted data. The findings are made available to the national compilers. Eurostat makes comparisons of the quarterly financial accounts to the annual financial accounts which EU Member States are required to provide to Eurostat under the ESA transmission programme.


12. Relevance Top
12.1. Relevance - User Needs

Various, including for euro area monetary policy purposes.

12.2. Relevance - User Satisfaction

Not available.

12.3. Completeness

With some exceptions the dataset is complete. Comprehensive quarterly MUFA datasets are transmitted by all euro area countries on the basis of the Guideline of the European Central Bank of 25 July 2013 (see Annex below). Other EU countries provide the data on a voluntary basis.


13. Accuracy Top
13.1. Accuracy - overall

An evaluation is undertaken by the ECB each quarter.

13.2. Sampling error

Not applicable.

13.3. Non-sampling error

The discrepancies with the non-financial accounts and with annual financial accounts are monitored.


14. Timeliness and punctuality Top
14.1. Timeliness

The release is at T+94 days for the euro area aggregate, and T+120 days for the national data.

14.2. Punctuality

The data may be published by Eurostat with a short delay of one day or two.


15. Coherence and comparability Top
15.1. Comparability - geographical

In principle the same methodology is followed by all countries, but small differences occur in practice due to different sources and methods.

15.2. Comparability - over time

In principle, the data should be comparable throughout the time series. Series breaks should be minor. Significant series breaks should be flagged.

15.3. Coherence - cross domain

Quarterly financial accounts form part of an integrated set of national accounts. Therefore consistency checks are possible with other national accounts tables submitted to ECB and Eurostat. Some variables can be cross-checked, for example, with banking statistics. National data may also be checked with official national sources. Differences between quarterly and annual financial accounts may occur not only as a result of differences of vintage, but also (in rare cases) due to differences in classification of units.

15.4. Coherence - internal

Arithmetical consistency and other checks are made on the country data. Euro area aggregates are calculated by the ECB from the euro area member states' data.


16. Cost and Burden Top

Not available.


17. Data revision Top
17.1. Data revision - policy

National data are revised according to national schedules and policy of revisions.

17.2. Data revision - practice

Routine revisions follow national policies. Major changes in methodology are the result of legislation, and therefore announced in the Official Journal of the European Union.


18. Statistical processing Top
18.1. Source data

Information may be derived directly from the units of the institutional sector for which they are needed, or else indirectly from counterpart information on other sectors. In many cases, financial intermediaries or institutions are the counterpart, acting as debtor or creditor.

Information in which the financial sector is not involved normally has to be obtained directly. However, in some cases (particularly in the households and non-profit institutions serving households sectors) there is a lack of direct or counterpart information and estimates have to be made. Residual methods (residuals may be obtained after the recording of other items in the accounting framework) may be used for calculating such estimates.

In general, the most important sources used to compile quarterly financial accounts are statistics on financial intermediaries, particularly monthly money and banking statistics, and quarterly data provided by other financial institutions. Other main sources are balance of payments and international investment position statistics, government finance statistics and securities data of government debt management bodies, capital market statistics, information on non-financial corporations, and surveys of businesses or households.

18.2. Frequency of data collection

Quarterly.

18.3. Data collection

Reporting tables of the ECB transmission programme have to be completed by national authorities. They are transmitted in SDMX compatible files, with a standardised coding system and data structure identifiers.

18.4. Data validation

Validation by ECB is based on internal consistency and other checks.

18.5. Data compilation

For a description, see ECB Handbook on quarterly financial accounts for the euro area (Annex below).

The euro area aggregate accounts are based on, but are not just the sum of, the national accounts of the Member States. First, cross-border transactions and financial claims between European countries are eliminated from the rest-of-the-world accounts. Second, the ECB accounts are added. Third, inconsistencies arising from the aggregation of country data, such as “asymmetries”, are eliminated.

18.6. Adjustment

The dataset is not seasonally adjusted.


19. Comment Top

None.


Related metadata Top


Annexes Top
Guideline of the ECB of 25 July 2013 on the statistical reporting requirements in the field of quarterly financial accounts
Handbook on quarterly financial accounts for the euro area sources and methods