General
The sector financial corporations consists of all corporations and quasi-corporations which are principally engaged in financial intermediation (financial intermediaries) and/or in auxiliary financial activities (financial auxiliaries). Financial intermediation is the activity in which an institutional unit acquires financial assets and at the same time incurs liabilities on its own account by engaging in financial transactions on the market. The assets and liabilities of the financial intermediaries have different characteristics, involving that the funds are transformed or repackaged with respect to maturity, scale, risk and the like in the financial intermediation process. Auxiliary financial activities are activities closely related to financial intermediation but which are not financial intermediation themselves.
The ESR95 subdivides the financial corporations sector into five sub-sectors:
- the central bank (S.121);
- other monetary financial institutions (S.122); the credit institutions and the money market funds;
- other financial intermediaries, except insurance corporations and pension funds (S.123); especially the non-monetary institutions for collective investments, the Financial Vehicle Corporations and the Financial Holdings;
- financial auxiliaries (S.124); this is grouping different corporations like Mutual Funds Management and Corporations for Asset Management;
- insurance corporations and pension funds (S.125).
A detailed description of the sub-sectors with examples can be find at: http://www.nbb.be/doc/dq/CIS/e/info.htm#S.12.
The statistics of the financial corporations provide macro-economic data and are manely composed of balance sheet data coming from financial institutions. Another interesting statistical information is coming from surveys: the Bank Lending Survey and the MIR survey (Dutch - French).
The MFI group (Monetary Financial Institutions) is considered as an important group for statistics and is composed of the central bank (S. 121) and other monetary financial institutions (S.122). They form an essential input for the monetary policy of the European Central Bank (ECB). The banking statistics are produced on the basis of the detailed balance sheets of the monetary financial institutions (MFIs). A number of detailed presentations are included for the subsector of the credit institutions, distinguished according to size category and legal form. In addition, the profit and loss account aggregates and off-balance-sheet data are also reported. The detailed accounting data of the MFIs are also the source of various sets of financial and economic statistics.
The monetary statistics are very closely linked to the banking statistics. They form an essential input for the first pillar of the monetary policy of the ECB. The best-known statistics concern the monetary aggregates which are calculated in accordance with harmonised definitions applicable to all EMU countries.
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Methodology
The data are based on the one hand on regulated reports to the National Bank, both of an administrative nature and survey-based. The reporting to the national Bank of Belgium is executed via the tool OneGate.
However, publicly available market information and information supplied by the market organisations is also used.
The credit institutions are an important direct data source. Credit institutions established in Belgium report to the NBB and to the Banking, Finance and Insurance Commission on their financial position on a territorial, corporate and consolidated basis via "Scheme A", as it is called. The reporting frequency varies according to the nature of the information. The following data are supplied:
- monthly: balance sheets and off-balance-sheet items and reports on such matters as cash balances and interbank claims, interbank liabilities, lending, the deposit basis and the securities held;
- quarterly: profit and loss accounts and additional information, including a detailed statement of the securities portfolio;
- annually: the treatment of the results.
The data on non-monetary financial institutions (non-monetary institutions for collective investment, listed companies, insurance companies, pension funds, etc.) are taken mainly from the body supervising those institutions or professional associations, such as the Belgian Association for Collective Investment Institutions.
In the financial institution sector, surveys are conducted on various financial products. This primarily concerns surveys on "dematerialised securities of the Belgian government debt and dematerialised treasury bills and certificates of credit". Another survey covers "applications for mortgage loans" and "mortgage loans executed" and is conducted jointly with the Credit Industry Association.
References
The statistics on financial institutions are compiled largely in accordance with the guidelines of international institutions. This applies in particular to the monetary and banking statistics for the ECB, which have to be compiled in accordance with definitions applicable to all EMU countries. These definitions usually dovetail with other international agreements in the statistical sphere.
The principal methodological descriptions may be found in: