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1993 SNA Update Information - AEG recommendations 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.
AEG recommendations
Number of AEG recommendations for selected issue:1
  Corresponding meetingDate postedRecommendation
 July 200512/09/2005The AEG agreed that fees associated with securities lending and reversible gold transactions should be treated as property income. The AEG also noted the value of the fees involved is likely to be very small compared with other property income items.
The AEG agreed that fees on securities lending and reversible gold transactions should be recorded entirely as interest, including amounts paid on loans of allocated [non-financial] gold.
The AEG noted that there is no FISIM associated with the interest recorded for these fees.
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