Transcript m3financialServices

Financial services
Issue 6a
For information
Charles Aspden
OECD
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Status of issue 6a
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Last meeting of the task force: 10-12 May 2005
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The issue will be submitted for decision to the
January 2006 AEG meeting
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The final paper is being finalised and will be ready
during September 2005.
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As requested by the February 2004 AEG, the paper
covers volume/price split.
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Main recommendations
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New definition of financial corporations to reflect all
financial services
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Do not exclude own funds as a source of financial
services
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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)
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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
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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…)
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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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