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Financial accounts statistics

Introduction

The financial accounts are a closed system of accounts providing a comprehensive view of the financial relationships within the economy, and its external relations, from the point of view of economic sectors and financial instruments. They consist of opening and closing balance sheets and three flow accounts (the financial account, the revaluation account and the other changes in the volume of assets account). The system is closed with regard to both flows and stocks, i.e. all changes in stocks must be fully accounted for by recorded flows.

The financial accounts system complements the picture of the business cycle using financial data. The accounts aim to provide a better insight into the structure and operation of the financial system and to show the main channels used to obtain and invest money. The financial accounts are an important source of information with broad application in monetary policy analyses as well as financial stability analyses of both the whole economy and its individual economic sectors.

On the EU level, the quarterly financial accounts are an integral part of the national accounts, specifically the EAA ( Euro Area Accounts) quarterly accounts system developed by the ECB as its key statistical information system. Quarterly financial accounts have been published for the euro area since 2001 (Monetary Union Financial Accounts - MUFA). Aggregate quarterly accounts (EAA) have been published since June 2007.

Responsibility for compiling the quarterly financial accounts in the Czech Republic rests with the Czech National Bank. The data are published 110 days after the end of the quarter - currently only the financial balance sheets of the individual institutional sectors are published. The Czech Statistical Office is responsible for compiling the annual financial accounts. Both institutions are currently working on the maximum possible harmonisation of these statistics.

As regards the financial side of the economy, the financial accounts are a closed system. Therefore, they are related to a greater or lesser extent with other statistics (banking statistics, international investment position statistics, etc.). These statistics are an important source of data for the financial accounts. However, the quarterly financial accounts differ from the standard statistics in three aspects:

  • the processing of data collected by entities outside the central bank,
  • the use of estimates to a higher degree, and
  • the application of accounting and statistical standards (ESA95) which may lead in some cases to incompatibilities with other statistics published by the central bank (see the methodology for details).

When the statistics are compiled from the data sources, emphasis is placed on data consistency between sectors and on direct comparability of their financial condition. The key manual for the compilation of financial accounts in the EU is the ESA95 methodology. The specific implementation of ESA95 requirements in the Czech Republic in relation to the available data sources is described in the quarterly financial accounts methodology issued by the Czech National Bank.

Commentary on financial accounts statistics (pdf, 197 kB)

Data

Methodology of FA (pdf, 71 kB)

Request for more information regarding financial accounts statistics of the Czech Republic send please to the address fa.stat@cnb.cz