Balance sheets of financial corporations
What does the survey comprise?
To describe developments in the balance sheets of financial corporations in a way that is largely in line with the methodology and results of the National Accounts. There are three points of difference:
- due to a different revision strategy the National accounts are with less breaks in series. As of June 2016 the figures from 2008 after revision follow the release and revision policy of the national accounts;
- foreign direct property is categorised in the National accounts as equity and investment fund shares or units;
- the National accounts use a different valuation system for non-financial assets, including direct property.
Financial corporations are corporations which are principally engaged in financial intermediation or in auxiliary financial activities. Financial corporations intermediate between parties that possess funds and parties that need funds. Financial corporations are divided into institutional investors, monetary financial institutions, captive financial institutions and money lenders and other financial intermediaries and financial auxiliaries.
The statistical unit is the enterprise. The enterprise is financially independent, meaning that it can have assets and liabilities on its own account.
Date/year survey started
The series starts with figures for 1998.
As of June 2016 the figures from 2008 after revision follow the release and revision policy of the national accounts. Figures for the most recent year are preliminary and are published six months after the reporting year. At the same time figures for the year before are adjusted and figures from 2008 revised. The adjustments and revisions are mainly based on adjustments in sources.
Corrections due to errors are always possible, even in figures that have been classified as definitive.
How is the survey conducted?
Data is collected through a combination of sample and integral surveys conducted by the Dutch central bank, De Nederlandsche Bank (DNB), and annual reports. The surveys of DNB consist of yearly and quarterly figures on financial institutions. DNB also delivers balance sheet data from non-monetary daughters of banks, from special purpose vehicles and from DNB itself.
DNB uses questionnaires, mostly electronic. Annual reports are predominantly obtained through the internet, in addition to reports obtained directly from the reporting unit or the Chamber of Commerce.
For DNB itself, as a part of the monetary financial institutions, the main source consists of the quarterly reports that Statistics Netherlands uses for the Quarterly Sector Accounts. The annual account out of the annual report is used as a secondary source. The source for the other monetary financial institutions stems from the social-economic supervision of DNB.
The main source of data on pension funds and insurance corporations until 2008 is the annual supervisory survey conducted by DNB. From 2008 onwards the quarterly statistic on balance sheets of pension funds and insurance corporations, also from DNB, is the main source. The main source for investment funds is the quarterly statistic on balance sheets of investment funds from DNB.
For the captive financial institutions and money lenders DNB delivers data on special purpose entities. For the other financial intermediaries and financial auxiliaries DNB delivers data on non-monetary daughters of banks and on special purpose vehicles. The sources for the remaining parts are annual accounts.
The DNB monthly statistic on monetary financial institutions has a sample size of 95 per cent of the balance sheet total. The remaining 5 per cent is grossed up using a quarterly enquiry.
The sample of the quarterly statistics on balance sheets of pension funds and insurance corporations from DNB represents 90 per cent of the balance sheet total.
The DNB quarterly statistic on balance sheets of investment funds has a sample size of 95 per cent of the balance sheet total.
The analysis for the non-monetary financial institutions, for which annual accounts are the sources, is integral.
DNB publishes its statistics on its website (www.dnb.nl). The methodology used by DNB is described there.
Checking and correction methods
DNB has first responsibility for the quality of its statistics. Statistics Netherlands corresponds with experts from DNB about remarkable or less plausible results.
The analysis of the sources uses various control mechanisms. Examples of these control mechanisms are the comparison of results with the previous year, the comparison of the totals of assets and liabilities and the comparison of these results with other publication tables.
Quality of the results
Most data sources provide direct input for the results published here. In a few cases estimates must be made, such as the allocation of short term other assets and debts between short term loans and other accounts receivable/payable.
Another indication of accuracy is the fact that breaks in the series are rare. DNB rarely adopts changes in quarterly surveys on pension funds, insurance corporations and investment funds.
As a consequence of the revision in the National accounts in 2014 all tables on institutional investors have been stopped and replaced by new tables under the same title. The figures in the new tables correspond from 2008 onwards with the national accounts as revised in 2014. The figures up till 2008 in the new tables are the same as those in the tables that have been stopped. Definitions in the tables on institutional investors have been synchronized with the definitions in the table Sector accounts; financial balance sheets and transactions. As of June 2016 the figures from 2008 after revision follow the release and revision policy of the national accounts. In June 2017 figures for 2016 will be added, and figures from 2008 onwards adjusted and revised
The main elements of the quality strategy are strict planning, consultation with supervisor DNB and documentation that describe the analysis process.