renata bielak central statistical office of poland consolidation in the polish financial accounts...

Renata Bielak

Central Statistical Office of Poland

Consolidation in the Polish Consolidation in the Polish Financial AccountsFinancial Accounts

OECD WORKING PARTY ON FINANCIAL STATISTICSPARIS, OCTOBER 2003

Renata Bielak


Overview:Overview:

• General rules• Polish experiences• Conclusions and Future

Consolidation in the Polish Financial Accounts

Renata Bielak


General RulesGeneral Rules

• what does consolidation mean?

elimination of:

transactions occurring between units classified within the same sector/sub-sector

reciprocal assets and liabilities

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• two versions of financial accounts

FINANCIAL ACCOUNTS

Non-consolidated(ESA’95)

Consolidated(Official Transmission Program)


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• two-level consolidation process

sector levelsector level financial flows between units inside the sector are eliminated

sub-sector levelsub-sector level

financial flows between units inside the sub‑sector are eliminated

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• conclusions

GeneralGeneral RulesRules

For financial assets/liabilities and financial transactions:

sub-sectors (after consolidation) ≠ consolidated sector (except from the case of no flows between sub-sectors)

BUT

For net lending/net borrowing:

sub-sectors (after consolidation) consolidated sector

Renata Bielak


Overview:Overview:

• General rules• Polish experiences

• Conclusions and Future


Renata Bielak


PolishPolish ExperiencesExperiences

• producer of financial accounts

Central Statistical Office

National Accounts and Finance Division

Financial Accounts Section(9 persons involved in compiling process)

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• availability of financial accounts data

PolishPolish ExperiencesExperiences

Financial accounts for 1995-1997 consolidated data only

Financial accounts for 1998-1999 non-consolidated data only

Financial accounts for 2000 (and further years) consolidated and non-consolidated data

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Polish ExperiencesPolish Experiences

• consolidation by sectors

Non-financial corporations (S.11)

sub-sectors are not distinguished lack of “from whom to whom” information strong influence on non-consolidated data estimations used to consolidation

Financial corporations (S.12)

good quality reporting from sub-sectors S.122 and S.125 lack of information from sub-sectors S.123 and S.124

General Government (S.13)

new source of information with counterpart data starting from 2001

Households Non-profit institutions serving households (S.14 + S.15)

data based on other sectors’ reporting small impact on non-consolidated data

Rest of the world (S.2) sub-sectors are not distinguished no effect of consolidation

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• estimations used to consolidation process (example)

claims on deliveries and services (S.11) = 1000 liabilities on deliveries and services and trade credits liabilities:

• S.11 = 450

• S.12 = 180

• S.13 = 110

• S.2 = 40 shares of above liabilities in S.11:

• S.11 = 390

• S.12 = 150

• S.13 = 90

• S.2 = 30

660 1000-660 = 340 90% x 340 = 306

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Balance sheet for financial assets - 2000 (106 PLN)

S.11 S.12 S.13 S.14+S.15

Financial assets non-consolidated 525 871,2 663 006,8 253 635,1 383 238,3

consolidated 140 848,4 525 644,4 228 969,1 383 094,1

Monetary gold and SDRs

non-consolidated 0,0 3 811,9 0,0 0,0

consolidated 0,0 3 811,9 0,0 0,0

Currency and deposits

non-consolidated 55 232,5 150 401,8 21 467,6 227 965,3

consolidated 55 232,5 83 221,2 21 467,6 227 965,3

Securities other than shares


consolidated 7 625,1 165 034,5 9 521,3 3 299,7

Loansnon-consolidated 26 818,7 191 765,7 10 505,7 0,0

consolidated 247,8 173 209,5 3 581,2 0,0

Shares and other equity


consolidated 6 346,0 26 922,5 134 958,6 89 987,3

Insurance technical reserves

non-consolidated 3 103,4 172,7 113,5 23 045,2

consolidated 3 103,4 0,0 113,5 23 045,2

Other accounts receivable


consolidated 68 293,6 73 444,8 59 326,9 38 796,6

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Balance sheet for financial liabilities – 2000 (106 PLN)

S.11 S.12 S.13 S.14+S.15

Liabilitiesnon-consolidated 1 100 593,5 617 870,8 345 881,4 61 639,2

consolidated 715 570,7 486 601,9 313 899,5 61 495,0



consolidated 0,0 330 300,9 0,0 0,0


non-consolidated 27 089,2 39 642,1 111 152,0 144,2

consolidated 20 513,5 4 738,8 105 318,0 0,0

Loansnon-consolidated 211 226,0 32 172,6 149 102,8 53 189,6

consolidated 184 655,1 13 630,5 142 178,3 53 189,6


non-consolidated 472 596,7 95 724,8 12 420,0 0,0

consolidated 347 845,7 88 223,6 25,2 0,0



consolidated 0,0 23 612,8 0,0 0,0

Other accounts payable


consolidated 162 556,4 26 095,3 66 378,0 8 305,4

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Changes in financial assets – 2000 (106 PLN)

S.11 S.12 S.13 S.14+S.15

Net acquisition of financial assets


consolidated 26 091,6 33 997,8 -2 678,4 37 558,2

Monetary gold and SDRs

non-consolidated 0,0 38,7 0,0 0,0

consolidated 0,0 38,7 0,0 0,0


non-consolidated -1 423,8 25 634,8 1 103,8 30 988,4

consolidated -1 423,8 10 738,3 1 103,8 30 988,4


non-consolidated 943,1 18 146,1 4 250,8 -2 309,1

consolidated -503,4 8 597,6 -115,0 519,3

Loansnon-consolidated 5 729,7 20 069,8 2 872,8 0,0

consolidated -202,4 17 420,7 -22,3 0,0


non-consolidated 5 297,7 -19 337,0 12 882,4 -13 097,0

consolidated -101,8 -14 864,0 5 489,0 -13 097,0


non-consolidated 576,7 -37,0 -9,1 5 095,2

consolidated 576,7 0,0 -9,1 5 095,2

Other accounts receivable

non-consolidated 63 636,8 12 960,5 -9 862,8 14 052,3

consolidated 27 746,3 12 066,5 -9 124,8 14 052,3

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Changes in financial liabilities – 2000 (106 PLN)

S.11 S.12 S.13 S.14+S.15

Net incurrence of liabilities


consolidated 65 790,4 29 228,6 17 832,8 11 266,4



consolidated 0,0 20 818,1 0,0 0,0


non-consolidated 6 788,2 13 131,4 12 950,0 -2 828,4

consolidated 5 341,7 3 521,7 8 584,2 0,0

Loansnon-consolidated 28 764,2 2 318,4 154,1 10 991,6

consolidated 22 832,9 -323,4 -2 741,0 10 991,6


non-consolidated 12 197,6 -4 037,6 7 401,1 0,0

consolidated 6 798,1 1 376,5 7,7 0,0



consolidated 0,0 5 662,8 0,0 0,0

Other accounts payable

non-consolidated 78 103,5 -366,1 12 897,5 274,8

consolidated 30 817,7 -1 827,1 11 981,9 274,8

Net lending/net borrowing

non-consolidated -55 118,4 3 971,1 -21 147,3 29 151,5

consolidated -55 118,4 3 971,1 -21 147,3 29 151,5

Renata Bielak


Overview:Overview:

• General rules• Polish experiences

• Conclusions and Future


Renata Bielak


Conclusions and FutureConclusions and Future

• Consistency with consolidation requirements

• Improvement of data quality and consolidation methods Estimations should be limited Non-financial corporations sector needs a lot of attention because of

significant influence on consolidation Regular work between CSO, Ministry of Finance and NBP is needed

• Adjustment to „t+9 delay” requirement

Renata Bielak


THANK YOUTHANK YOU


renata bielak central statistical office of poland consolidation in the polish financial accounts...

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