Methodological Notes on Other Financial Corporations Survey
Other Financial Corporations Survey (OFCS) is formed in accordance with the requirements of international statistical standards for compilation macroeconomic financial indicators.
The methodological basis for compilation data in Other Financial Corporations Survey are Monetary and Financial Statistics Manual and Compilation Guide (2016)1 and the System of National Accounts (SNA 2008)2. In accordance with international standards, monetary indicators are broken down by financial instrument and economic sector in rubles and foreign currency.
The Bank of Russia publishes the Other Financial Corporations Survey on a quarterly basis.
The data in Other Financial Corporations Survey may be adjusted due to changes in reporting data, new sources of information, and methodological changes.
General information
Other Financial Corporations Survey relies on the following key information sources:
- quarterly reporting forms of insurers and pension funds according to federal statistical survey No.
1-FS (SK) ‘Information of financial investments and liabilities of insurance companies’ and No.1-FS (NPF) ‘Information of financial transactions of private pension funds’; - quarterly reporting of state financial corporations submitted by reporting institutions to the Bank of Russia;
- reporting forms of federal statistical survey No. P-3 ‘Information on financial position of organisations’ and No. P-6 ‘Information on financial investments and liabilities’;
- reporting form of non-bank financial institutions 0420001 ‘Statements on operations with monetary funds carried out by non-bank financial institutions being microfinance organisations, consumer credit cooperatives, agricultural consumer credit cooperatives, pawnshops’;
- reporting form 0420410 ‘Balance sheet data’;
- reporting form 0420412 ‘Receivable accounts and payable accounts’;
- reporting form 0420414 ‘Information on loans’;
- reporting form 0420502 ‘Information on net asset value including the value of assets (property) of a stock (share) investment fund’;
- reporting form 0420801 ’Compliance with the standards on financial sustainability assessment of housing founded cooperative activity’;
- reporting form 0420816 ‘Report on an agricultural consumer credit cooperative activity’;
- reporting form 0420820 ‘Report on a consumer credit cooperative activity’;
- reporting form 0420840 ‘Report on microfinance activity of a microfinance company’;
- reporting form 0420846 ‘Report on microfinance activity of a microcredit company’, form 0420890 ‘Report on pawnshop activity’;
- reporting form 0420105 ‘Balance sheet data of an insurance broker’;
- reporting form 0420880 ‘Report on credit rating agency activity’.
Institutional Sectors3
Nonresidents are institutional units that have their centre of predominant economic interest outside the Russian Federation.
Nonfinancial corporations are organisations manufacturing products and rendering nonfinancial services at market prices irrespective of their ownership form and organisational and legal structure. The sector of nonfinancial corporations also includes unitary enterprises and agricultural consume and production cooperatives (excluding credit and insurance) with the participation of legal entities.
Other financial corporations are investment companies, management companies, depositories, specialised depositories, stock exchanges and commodity exchanges, brokerage houses, insurance companies, mutual insurance companies, pension funds, consumer credit cooperatives, microfinance organisations, leasing companies, factoring companies, pawnshops, financial market self-regulatory organisations, insurance agents and insurance brokers which are legal entities, and other financial corporations provided other financial services.
General government comprises ministries, agencies, extra-budgetary funds, institutions, non-profit organisations involved in public and local administration, finance, regulation and planning of the economy, research, defence, environmental protection, internal order maintenance, and provision of free or subsidised services in education, healthcare, arts and social security to households.
Households are individuals and individual entrepreneurs.
Description of individual items
Net foreign assets are net transactions with claims on nonresidents and liabilities to nonresidents made by other financial corporations with nonresidents (except the Bank of Russia and credit institutions).
Claims on nonresidents are other financial corporations’ assets with nonresidents, including foreign currency (foreign cash in vaults of other financial corporations); deposits with nonresident banks; securities other than shares — investment of other financial institutions in debt securities; loans to nonresidents; other transactions including investment in nonresident shares, receivables under reinsurance agreements with nonresidents, and other receivables from nonresidents.
Liabilities to nonresidents are liabilities of other financial corporations with nonresidents, including loans received by other financial corporations from nonresidents; other liabilities of other financial corporations, including insurance reserves accumulated under insurance and reinsurance agreements with nonresidents, and outstanding amounts under reinsurance transactions with nonresidents.
Claims on depository corporations are cash holdings in rubles in vaults of other financial corporations; settlement accounts, deposits and other funds placed with credit institutions, investment in shares and debt securities of credit institutions, including certificates of deposit, as well as loans to credit institutions.
Net claims on general government are claims of other financial corporations on federal government of the Russian Federation, government authorities of the constituent entities of the Russian Federation and local governments, government and other extra-budgetary funds less liabilities of other financial corporations to general government.
Claims on general government are investments of other financial corporations in securities of federal government of the Russian Federation, government authorities of the constituent entities of the Russian Federation and local governments.
Liabilities to general government are insurance reserves accumulated under agreements with general government, the amount of compulsory medical insurance reserves, loans extended to other financial corporations by general government, and other liabilities to general government.
Claims on other sectors are claims of other financial corporations on nonfinancial corporations and households.
Claims on nonfinancial corporations are investments of other financial corporations in debt securities and shares of nonfinancial corporations, loans extended to nonfinancial corporations, other financial corporations’ receivables from nonfinancial corporations, and other claims of other financial corporations on nonfinancial corporations.
Claims on households are loans extended by other financial corporations to households and other claims.
Securities other than shares are all types of debt securities issued by other financial corporations.
Loans are loans received by other financial corporations from general government, credit institutions, nonfinancial corporations and households.
Insurance technical reserves are total funds accumulated by other financial corporations to fulfil obligations to resident insurants: under life insurance agreements with households, under non-life insurance agreements with credit institutions, other financial corporations, nonfinancial corporations and households, total funds held by pension funds to fulfil obligations to participants in pension plans under agreements on pension provision, agreements on compulsory pension insurance and agreements on creating a professional pension system.
Households life insurance reserves consists of insurance companies’ reserves accumulated under life insurance agreements. Households investments in pension funds comprises pension accruals and pension liabilities reserve accumulated as part of pension reserves.
Shares and other equity include authorised capital and aggregate capital contribution made by shareholders of other financial corporations, the value of shares in unit investment funds, supplementary and reserve capital, targeted funding, as well as financial results of other financial corporations and other equity of other financial corporations.
Other items (net) are assets and liabilities, which are not included in the above-mentioned aggregates.
1 Monetary and Financial Statistics Manual and Compilation Guide (IMF, 2016).
2 System of National Accounts 2008 (European Commission, United Nations, Organization for Economic Cooperation and Development, International Monetary Fund, World Bank).
3 Institutional sectors are classified in accordance with the System of National Accounts Manual (2008) and the Monetary and Financial Statistics Manual and Compilation Guide (2016). The classification of economic sectors used to form SNA accounts complies with Appendix C ‘Classification of institutional sectors of the economy’ to the All-Russian Classification of Forms of Incorporation OK