Financial Intermediation Services Indirectly Measured (FISIM)

The term 'Financial Intermediation Services Indirectly Measured' (also known as imputed bank services) refers to the remuneration for financial services that is not explicitly charged. This remuneration is embedded in the actual interest paid or received. In the national accounts, this indirect remuneration is separately listed as 'Financial Intermediation Services Indirectly Measured' (imputed bank services).
The size of these imputed bank services is calculated based on the 'reference rate.' The reference rate is the rate at which banks lend to each other. The difference between the reference rate and the actual interest paid to depositors (on deposits) or received from borrowers (on loans) constitutes the indirectly measured remuneration for financial services. The actual interest paid and received is adjusted to account for these imputed bank services.