m3financialServices
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Financial services
Issue 6a
For information
Charles Aspden
OECD
1
Status of issue 6a
Last meeting of the task force: 10-12 May 2005
The issue will be submitted for decision to the
January 2006 AEG meeting
The final paper is being finalised and will be ready
during September 2005.
As requested by the February 2004 AEG, the paper
covers volume/price split.
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Main recommendations
New definition of financial corporations to reflect all
financial services
Do not exclude own funds as a source of financial
services
Allow the recording of production of financial services
for units using exclusively own funds or which have
only one client
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Main recommendations (ctd)
Impose a systematic allocation of FISIM
Impose the calculation of FISIM based on a formula
using a reference rate
Recommend limiting this formula to loans and
deposits.
Exclude holding gains from the calculation of FISIM
Allow for the recording of an output of « marketmakers »
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Main recommendations
Volume calculation of FISIM:
– extrapolate using the rate of change of the stock of loans
and deposits deflated by a general price index
– Build an indicator based on weighted quantity indicators
(number of loans, number of accounts, money transfers,
etc…)
Volume calculation of non life insurance:
– Extrapolate using gross premiums deflated by premium price
indices
– Build an indicator using weighted number of policies, by
class of policies
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