National Accounts >> Towards 1993 SNA Rev.1 >> 1993 SNA Update Information >> 1993 SNA Update Issues/Clarifications >> Issue 6.a >> Country Comments
 

Expert comments for issue:
Financial services

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The business of financial corporations has undergone a structural transformation towards an increasing importance of portfolio management of financial assets with the aim of generating holding gains and a decreasing importance in simple intermediation. The definition of financial corporations and of financial services needs examining to ensure all the activities of financial corporations are adequately captured in the SNA. The review will also cover the easurement of production of financial services in volume terms.

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Number of expert comments posted below:1 

Date
posted		SourceComment
2004-08-11Fadhil Mahdi (ESCWA)The main recommendation related to his issue, raised by the OECD task force and submitted to the AEG, tackled redefining the non-insurance financial corporations seems relevant where the “financial intermediation" term was replaced by the "financial services", in addition, it enhanced the 1993 SNA definition to include "risk management", liquidity transformation" and/or "auxiliary financial activities” that lead to the production of the non-insurance financial services. The AEG also proposed to consider this definition standing for all financial corporations including insurance corporations. In the meantime the AEG recommended to consider "own funds" to be included as a source of funds for the provision of financial services and is also considering “money lenders" providing such financial services as financial entities. As for measuring financial services and its implications for the SNA, it has not been finalized yet and it is expected to clarify this part of the issue later by the end of 2004.