|A repurchase agreement (repo) involves the sale of securities or other assets with a
commitment to repurchase equivalent assets at a specified price. The market for repos has
evolved since the SNA guidelines were prepared; in particular, contrary to what the 1993
SNA suggests, the right to on-selling has become almost universal. The treatment of repos in
1993 SNA and the Balance of Payments Manual, fifth edition, is similar to that of a
collateralized loan or as other deposits if repos involve liabilities classified under national
measures of broad money. Should the 1993 SNA treatment be revised?