1993 SNA Update Information - AEG recommendations for issue:
Tratamiento de la producción de los bancos centrales
|Issue description in [English] | [French] | [Russian] | [Spanish]|
|En el SCN 1993 se recomienda cuantificar los servicios del banco central sobre la base de los ingresos que reportan los cargos, las comisiones y los servicios de intermediación financiera medidos indirectamente (SIFMI). A veces este método arroja estimaciones del producto positivas o negativas que son insólitamente elevadas. En consecuencia, en 1995 el Grupo Intersecretarial de Trabajo sobre Cuentas Nacionales (GITCN) decidió autorizar a los países a medir el producto de los bancos centrales, como segunda opción óptima, al costo. Sin embargo, el GITCN no ofreció pautas sobre las repercusiones que pudiese tener este método. El examen tiene por objeto aclarar el impacto de las distintas funciones que desempeña el banco central sobre las características del producto, y su valoración y asignación más apropiada.|
|Number of AEG recommendations for selected issue:||2|
| Corresponding meeting||Date posted||Recommendation|
| Jan-Feb 2006||4/7/2006||Output of Central Banks|
(a) The AEG agreed in principle with the proposal to distinguish between market and non-market output. Non-market output should be valued at cost. The group noted that exact implementation might be very resource intensive and that the issue may not be of significant importance. It was therefore agreed that countries should have flexibility in the degree to which they applied the distinction.
Use of Central Bank services
(b-c) It was agreed that the non-market services of central banks should be treated as acquisition of services by general government financed by an imputed transaction. Market services of the central bank are provided to a range of institutional units who pay for them.
Valuation of Market Services
(d) It was noted that the interest rates set by the central bank may be so high or low as to represent inclusion of an implicit tax or subsidy. The AEG agreed these should be identified explicitly as such when they are significant. Then, they should be recorded as taxes or subsidies.
| February 2004||4/27/2004||MEASUREMENT OF THE OUTPUT OF CENTRAL BANKS
The AEG reviewed the recommendation made by the ISWGNA in 1995 on the measurement of the output of central banks.
The Group agreed that, because of the unique functions that may be performed by central banks, the value of their output obtained by the method recommended by the 1993 SNA (the difference between property income receivable less interest payable) may sometimes be exceptionally large or small or even negative. In such cases the output of central banks or at least part of it could be measured at cost. Further work is needed to clarify these cases. This does not imply reclassifying the central bank to the government sector. Clarification is needed of which sectors consume the output of the central bank.|