1993 SNA Update Information - Expert comments for issue:
Allocation of the output of central banks
|Issue description in [English] | [French] | [Russian] | [Spanish]|
|The 1993 SNA recommends that the services of central banks be measured on the basis of receipts from fees, commissions, and financial intermediation services indirectly measured (FISIM). This method sometimes results in unusually large positive or negative estimates of output. In 1995, the ISWGNA therefore decided to allow countries to measure the output of central banks, as a second best, at cost. However, the ISWGNA did not provide further guidance on the implications of this method. The review seeks to clarify the impact of the different roles that central banks perform on the nature of their output and the appropriate valuation and allocation to associate with the output of central banks.|
|Number of expert comments for selected issue:||1|
| Date posted||Source||Comment|
| 8/11/2004||Fadhil Mahdi (ESCWA)||The AEG received a recommendation regarding the Ou1put of central banks made by ISWGNA, where the Group agreed that the value of the output of the central bank obtained by the method recommended by the 1993 SNA (the difference between interest received and interest paid) may sometimes be exceptionally large or small or even negative. In such cases, the Group sees that the output of central banks, or at least part of it, could be measured at cost and this action should not lead us to consider the central bank as part of the general government sector.
The decision on this issue has not been reached yet, i.e. the AEG will look into approving the changes made to paragraph 6.132 in the 1993 SNA and consequently the changes that must be made or not to paragraphs 4.85 and 4.121. |