Methodological notes on the extended indicator of debt of the non-financial sector and households
The Bank of Russia constructs the extended indicator of debt of the non-financial sector and households by economic sector, financial instrument and currency (rubles and foreign currency) and publishes it on a quarterly basis.
The extended indicator of debt comprises domestic and foreign borrowings of the non-financial corporations sector (S.11) and the sector of households and non-profit institutions serving households (NPISHs) (S.14+S.15).
Domestic borrowings of the non-financial corporations sector (S.11) comprise outstanding amounts on loans (F.4) provided by the credit institutions subsector (S.122) of the financial corporations sector (S.12) and debt securities issued in the domestic market (F.3) held in residents’ portfolio. Outstanding amounts on debt securities (F.3) are accounted for at face value less debt securities bought out by issuers. Domestic borrowings of the households and NPISHs sector comprise their outstanding amounts on loans (F.4) provided by the credit institutions subsector (S.122) of the financial corporations sector (S.12).
Foreign borrowings of the non-financial corporations sector comprise debt securities held in nonresidents’ portfolio (including outstanding amounts on promissory notes), as well as outstanding amounts on loans to the rest of the world (S.2) less outstanding amounts on repos. Foreign borrowings of the households and NPISHs sector comprise their outstanding amounts on loans to the rest of the world less outstanding amounts on repos.
The classification of sectors and instruments corresponds to the System of National Accounts, 2008 (2008 SNA) (European Commission, IMF, OECD, UN, World Bank, 2009).1
Data for constructing the extended indicator of debt of the non-financial sector and households are taken from monetary statistics, external sector statistics, securities statistics, credit institutions’ statements presented in Reporting Form 0409711 ‘Report on securities data’, and professional securities market participants’ statements presented in Reporting Form 0420415 ‘Report of professional securities market participants’.
The extended indicator of debt of the non-financial sector and households may be reviewed if the source data are updated, if there appear additional sources of data, and also if the indicator calculation methodology changes.
1 Institutional sectors of the economy and financial instruments are described in the Methodology for Compiling the Financial Accounts and the Financial Balance Sheets of the System of National Accounts of the Russian Federation.