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1993 SNA Update Information - Country comments for issue:
Fees payable on securities lending and gold loans

Subissue description
Issue description in [English] | [French] | [Russian] | [Spanish]
Neither the 1993 SNA nor the Balance of Payments Manual discusses the issue of fees payable on securities lending and gold loans. The fee for securities lending is for putting a financial instrument at the disposal of another unit, but it does not fit with the definition of interest when the legal ownership is transferred but the economic risks and rewards of the ownership remain with the original owner. The fee payable on gold loans appears to be a payment for services as gold in this instance is non-monetary gold.
Country comments
Number of country comments for selected issue:26
  Date postedSourceComment
 15/09/2006United KingdomWe accept the AEG's recommendations as a pragmatic solution to a complex question but note that, in the case of Gold lending, there is normally a transfer of physical metal "allocated gold" so that the nature of such transactions are more complex than implied here. While there may be a case for assigning associated payments as property income as indicated, the treatment of these specialised transactions warrants separate attention on the longer term work programme along with repurchase agreements and securities lending.
 15/09/2006LatviaAfter deep discussions and expert consultations we basically support the 1993 SNA Update Issues.
 28/07/2006LithuaniaIn general we support the recommendations.
 23/02/2006South African Reserve Bank We support the recommendations of the AEG.
 27/01/2006Central Bank of El SalvadorDe acuerdo en considerar las comisiones como una Renta de la propiedad, definiéndole una nueva categoría.
 22/12/2005Serbia and MontenegroWe agree with the suggested changes.
 14/12/2005FranceL'INSEE soutient la recommandation visant à traiter les commissions sur les prêts de titres et sur les opérations de prêt sur l'or comme un intérêt, n'engendrant pas de SIFIM.
 13/12/2005CanadaCanada agrees with the recommendation that fees on securities lending and gold transactions be treated as interest and that no FISIM be calculated associated with this interest.
 12/12/2005Bank of KoreaWe agree with the AEG's recommendations. Holding securities and receiving property income could be recognized as production activities if we consider fees associated with securities lending and reversible gold transactions as rewards of financial production activities. In this case, it might be undesirable that the range of production would be widened too far.
 09/12/2005RussiaRosstat largely supports the recommendations on the updating 1993 SNA, made at the July 2005 meeting of the Advisory Expert Group on National Accounts.
 05/12/2005DenmarkAgreement
 02/12/2005NetherlandsWe generally support the recommendations of the AEG.
 02/12/2005AustraliaAustralia agrees that the fees on securities lending and reversible gold transactions are closer to investment income than a service fee. However, we do not support the underlying treatment of reversible transactions. We believe that a change of ownership should be recorded for reverse transactions.
 02/12/2005TurkeyWe agree with the recommendations made at the July 2005 meeting of the Advisory Expert Group on National Accounts.
 01/12/2005IsraelWe agree with all the recommendations of the AEG on this issue.
 01/12/2005National Bank of MoldovaWe consider that fees associated with securities lending and reversible gold transactions should be treated as property income and should be recorded as interest.
 01/12/2005United Kingdom We agree with the AEG decisions.
 30/11/2005Slovak RepublicSO SR agree with AEG recommendations.
 30/11/2005ItalyIstat fully agrees with the recommendations made at the July 2005 meeting of the Advisory Expert Group on National Accounts.
 30/11/2005National Bank of the Republic of MacedoniaWe agree with the recommendations of the AEG.
 30/11/2005State Bank of PakistanWe have gone through recommendations made by Advisory Expert Group (AEG) and fully agree with them.
 30/11/2005State Bank of VietnamWe agree that fees associated with securities and reversible gold transactions should be treated as property income and it should be recorded entirely as interest, but it need to have the detailed practical guidance on measuring fees associated with securities lending and reversible gold transactions.
 29/11/2005National Bank of KazakhstanOn our view, the fees on securities lending and reversible gold transactions should be classified as investment or property income.
 29/11/2005People's Bank of ChinaI agree with your improvements and have no other suggestions.
 25/11/2005VietnamWe agree that fees associated with securities and reversible gold transactions should be treated as property income and it should be recorded entirely as interest, but it need to have the detailed practical guidance on measuring fees associated with securities lending and reversible gold transactions.
 21/11/2005USAWe agree with the recommendations of the AEG.
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