European Union balance of payments and international investment position statistical sources and methods : “B.o.p. and i.i.p. book”. October 2023.
Date: 2023-11-06
Institutions: European Central Bank
Subjects: balance of payments, economic statistics, euro area, international investment, monetary policy, serial publication

EU Balance of Payments 
and International 
Investment Position 
statistical sources and 
methods 

“B.o.p. and i.i.p. e-book” 

October 2023 

 
 
 
 
Contents 

Background 

1 

2 

3 

4 

5 

6 

7 

8 

9 

Goods 

Services 

Primary income 

Secondary income 

Capital account 

Direct investment 

Portfolio investment 

Financial derivatives and employee stock options (other than 
reserves) 

Other investment 

10 

Reserve assets 

Special purpose entities (SPEs) 

2 

42 

53 

80 

113 

125 

132 

153 

168 

177 

198 

205 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Background 

Introduction  

The European Central Bank (ECB), with the support of the European System of 
Central Bank’s (ESCB’s) Statistics Committee, compiles and publishes the balance 
of payments (b.o.p.) and the international investment position (i.i.p.) of the euro area. 
These statistics depict the economic relations of the euro area as a whole vis-à-vis 
the rest of the world and provide important indicators of economic performance. The 
euro area is therefore considered as a single economic area. The ESCB analyses 
the euro area b.o.p. and i.i.p. in the context of its tasks, particularly monetary policy, 
macroprudential analysis and reserve assets management. The individual European 
Union (EU) Member States’ b.o.p. and i.i.p. statistics also provide crucial indicators 
of economic performance. These are closely monitored by, for example, the 
International Monetary Fund (IMF) in Article IV reports, the European Systemic Risk 
Board (ESRB) in the Risk Dashboard and in the context of the European 
Commission’s macroeconomic imbalances procedure (MIP). 

The euro area b.o.p. and i.i.p. are in general compiled by summing up the individual 
b.o.p. and i.i.p. statistics of each euro area country vis-à-vis non-euro area countries 
(with some exceptions, as explained in the compilation methods of the euro area in 
each chapter). Cross-border transactions/positions of euro area countries vis-à-vis 
each other are therefore excluded. This publication, commonly referred to as the 
“B.o.p. and i.i.p. e-book”, aims to provide users with an overview of the main features 
of the b.o.p. and i.i.p. methodological framework and of the data sources and 
compilation methods used in the euro area and in the individual EU Member States. 

The structure of the e-book is as follows: The background sets out the general 
principles and definitions of the b.o.p. and i.i.p. statistics from a euro area point of 
view, followed by a description of the ECB requirements for compiling euro area 
aggregates and. relevant information on the institutional framework, data availability 
and dissemination policy and tools for each EU country.  

Chapters 1 to 11 describe the main methodological aspects for each b.o.p. and i.i.p. 
item, drawing on the sixth edition of the IMF’s Balance of Payments and International 
Investment Position Manual (BPM6), the worldwide reference for the compilation of 
b.o.p. and i.i.p. statistics. This latest edition was revised in parallel with the System of 
National Accounts 20081 (2008 SNA) to ensure consistency between external and 
domestic macroeconomic statistics. Each chapter provides the common 
methodology, sources and compilation methods, with a particular focus on the 
special conventions of the euro area. The national country data and their 
contributions to the euro area external statistics are legally defined in the ECB 

1   The European System of Accounts 2010 (ESA 2010) constitutes the European version of the 2008 SNA 

and is thus also fully consistent with the BPM6. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Guideline (ECB/2011/23)2 of 9 December 2011 on the statistical reporting 
requirements of the ECB in the field of external statistics.3 The chapters also 
highlight specificities and potential deviations from agreed international statistical 
standards as well as borderline classification cases that EU countries observed 
when compiling b.o.p. and i.i.p. data. 

The last chapter describes the special conventions agreed by the Working Group on 
External Statistics (WG ES) on the operational implementation of the definition of 
special-purpose entities (SPEs) to facilitate the identification and classification of 
SPEs in the EU. 

General principles of balance of payments and 
international investment position statistics  

Balance of payments 

The balance of payments is a statistical statement of the economic transactions 
between residents and non-residents in an economy over a specific period of time. A 
transaction is an interaction between two institutional units which occurs by mutual 
agreement or through the operation of the law and involves an exchange of 
economic value or a transfer thereof. 

Despite its name, which refers to standards applied in the past in accordance with 
the recommendations of the IMF Manuals up to the fourth edition, the b.o.p. is now 
less concerned with payments, as that term is generally understood, than with 
transactions. In fact, international transactions recorded in the b.o.p. may not 
involve the transfer of money, and some are not paid for in any sense: “change in 
ownership” is the relevant concept for recording transactions. This development from 
a financial towards an economic approach was deemed more appropriate to (i) foster 
a sound economic interpretation of the figures, and (ii) make the b.o.p. concepts 
compliant with national accounts (the b.o.p. corresponds to the “rest of the world” 
account). 

The b.o.p. is organised in three main accounts: 

• 

• 

• 

current account; 

capital account; 

financial account. 

The current account shows transactions in goods, services and income between 
residents and non-residents. The capital account shows transactions in non-

2   As amended by Guidelines ECB/2013/25, ECB/2015/39, ECB/2018/19, ECB/2020/52 and 

ECB/2022/23. 

3   Oher EU countries also follow these concepts, classifications and special conventions when sending 

data to the ECB on a voluntary basis. 

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produced, non-financial assets, and capital transfers between residents and non-
residents. The financial account shows net acquisitions of financial assets and net 
incurrences of liabilities between residents and non-residents. The financial account 
is organised in five functional categories: 

• 

• 

• 

• 

• 

direct investment; 

portfolio investment; 

financial derivatives; 

other investment; 

reserve assets. 

The current and capital accounts record gross transactions (or commonly 
denominated “flows”); the inward flows are classified as credits, whereas the outward 
flows are classified as debits. By contrast, the financial account records transactions 
in net terms, separately for each financial asset and liability (i.e. it reflects net 
changes arising from all credit and debit entries during the accounting period). The 
net acquisition of financial assets records all acquisitions minus disposals of assets, 
whereas the net incurrence of liabilities records all incurrences minus redemptions of 
liabilities. 

The sum of the current and capital accounts’ balances corresponds to the net 
lending (surplus) or net borrowing (deficit) of an economy vis-à-vis the rest of the 
world. The same concept can be derived from the financial account as the net 
acquisition of financial assets minus the net incurrence of liabilities. Differences 
between these two alternative measures of net lending/net borrowing are commonly 
identified as b.o.p. “net errors and omissions”. 

International investment position 

The international investment position is a statistical statement that shows, at a 
specific point in time, the value of the stocks of residents’ financial assets that are 
non-contingent claims on non-residents in that economy or gold bullion held as 
reserve assets, and of the non-contingent liabilities of the residents to non-residents 
in that economy. As with the b.o.p. financial account, financial assets and liabilities 
are grouped into the same five functional categories (see above). 

The difference between the financial assets and liabilities is the net i.i.p. It represents 
either a net claim on or a net liability to non-residents. Changes in the i.i.p. between 
consecutive periods can be due to transactions, as recorded in the b.o.p. financial 
account during that period, or to “other flows” (see below). 

Associated with the i.i.p. is the concept of gross external debt, which is the 
outstanding amount of current, rather than contingent, liabilities that require 
payment(s) of principal and/or interest by the debtor at some point(s) in the future 

EU Balance of Payments and International Investment Position – Statistical sources and 
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and that are owed to non-residents by residents of an economy.4 A net external 
debt concept can also be derived by subtracting gross external assets in the form of 
debt instruments from the gross external debt concept. In practice, the concept of 
“debt” corresponds to debt securities, currency, deposits, loans, insurance technical 
reserves, trade credits and advances and other accounts receivable/payable. 

Reconciliation of positions and flows 

Changes in positions between consecutive points in time are explained by the 
following flows during that period: 

• 

• 

• 

• 

transactions in the b.o.p. financial account; 

revaluations due to changes in the euro exchange rate vis-à-vis the currencies 
in which the assets/liabilities are denominated;  

revaluation due to price changes of the assets/liabilities; 

other changes in the volume of assets and liabilities (such as reclassifications 
or write-offs). 

The greater the level of detail of the basic information on both stocks and flows – 
namely currency breakdown, applicable market prices (especially for portfolio 
investment) and the timing of the transaction (using the price and exchange rate for 
that date) – the more precise the reconciliation of consecutive positions will be. 

For equity shares of unlisted companies, the transactions recorded in the b.o.p. 
financial account may differ from the change in the own funds at book value (OFBV) 
recorded in the i.i.p. Such differences are recorded as revaluations due to price 
changes. 

For non-negotiable instruments, namely loans, deposits and other accounts 
receivable/payable, financial account transactions, which are valued at market 
prices, will differ from the change in the nominal values recorded in the i.i.p. Such 
differences are recorded as other price changes during the period in which the 
transaction occurs. 

Other changes in the volume of assets and liabilities are recorded when new 
assets that were not in the beginning-of-period balance sheet appear in the end-of-
period balance sheet, or when existing assets that were in the beginning-of-period 
balance sheet disappear from the end-of-period balance sheet, and these 
appearances/disappearances are not the result of transactions and/or revaluations. 
These include write-offs of claims by creditors, statistical reclassifications (of 
instruments, sectors, country of residency, etc.), and monetisation and 
demonetisation of gold bullion. 

4   For more details on the concept of external debt, please consult the IMF publication entitled “External 

Debt Statistics: Guide for Compilers and Users”. 

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When writing off financial instruments that are valued at nominal values, the value 
recorded in the other changes in volume should correspond to their nominal value 
prior to being written off. For reclassifications (e.g. a sector reclassification), the 
values of both the new and the old instruments should be in general identical. 

The main accounting principles for transactions and positions 

Quadruple-entry system 

The accounting system for national and international accounts relies on quadruple-
entry bookkeeping, which results from the simultaneous application of both vertical 
and horizontal double-entry bookkeeping. 

Vertical double-entry bookkeeping implies that each transaction is recorded with 
two entries in the books of the respective unit, one credit and one debit. In the 
current and capital accounts, a credit corresponds to exports, primary income 
receivable, transfers receivable, or disposals of non-produced, non-financial assets; 
a debit corresponds to imports, primary income payable, transfers payable, or 
acquisitions of non-produced, non-financial assets. In the financial account, 
transactions are recorded separately for assets and liabilities on a net basis, i.e. all 
credits minus all debits during the accounting period, and are therefore classified as 
net acquisition of financial assets and net incurrence of liabilities respectively. 
This means that, in principle, the total for all credit entries is equal to the total for all 
debit entries, which allows the “vertical” consistency of the accounts for a single 
resident unit to be checked. 

Horizontal double-entry bookkeeping ensures recoding consistency between 
resident units and their (non-resident) counterparts. For example, an export recorded 
by a resident unit should be recorded as an import by a non-resident unit. This is 
useful for compiling accounts that consistently reflect the mutual economic 
relationships between different institutional units. 

The quadruple-entry system deals in a coherent manner with multiple transactors or 
groups of transactors, each of which practises vertical double-entry bookkeeping. A 
single transaction between two counterparties thus gives rise to four entries, as a 
liability of one unit is mirrored by a financial asset of another unit. 

Although the total of all the credit entries and all the debit entries should, in principle, 
be equal, imbalances occur in practice due to imperfections in source data and 
compilation systems. This imbalance is known as “net errors and omissions”. A 
positive value for net errors and omissions indicates that the total value of debits is 
higher than the total value of credits recorded in the current and capital accounts of 
the b.o.p., and/or the value of net increases in assets in the financial account is too 
high, and/or the value of net increases in liabilities in the financial account is too low. 
Negative net errors and omissions indicate the opposite. 

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Following a careful review of the euro area net errors and omissions, the ECB 
introduced an updated statistical methodology for the correction of these errors and 
omissions in 2020. The current balancing mechanism is applied jointly to the euro 
area b.o.p. and the “rest of the world” sector in euro area accounts (EAA) statistics, 
and it considers a comprehensive information set, comprising the various EAA 
building blocks as well as “unadjusted” euro area b.o.p. data, which primarily consist 
of the national contributions to the euro area aggregate. The adjustment mechanism 
aims to keep absolute net errors and omissions in the euro area b.o.p. and “vertical 
discrepancies” in EAA statistics below a threshold which is currently set at €30 
billion, broadly corresponding to 1% of euro area quarterly GDP.  

Time of recording of transactions 

In line with the BPM6, the ECB requires, as a general principle, that flows be 
recorded on an accrual basis, meaning that flows are recorded when economic value 
is created, transformed, exchanged, transferred or extinguished. Flows that imply a 
change of economic ownership are recorded when ownership passes, and 
services are recorded when provided. 

However, it is not mandatory to report the monthly b.o.p. on a full accrual basis, due 
to the short time frame for the collection and reporting of monthly data. In agreement 
with the ECB, national central banks (NCBs) and other national compilers may 
provide monthly b.o.p. statistics that are partially based on other recording principles, 
such as cash basis (flows are recorded when the respective payment/receipt 
occurs). However, national compilers are invited to review these data once quarterly 
data are available on a full accrual basis.  

Geographical allocation principle for change of ownership 

In order to achieve a more precise geographical allocation from a risk analysis 
perspective, the BPM6 requires the application of the debtor/creditor principle. 
This principle is also fundamental for ensuring bilateral symmetry in the transmission 
of country contributions to euro area aggregates. According to this principle, 
transactions/positions in a country’s financial assets are assigned to the country that 
incurs the liability (the debtor) and transactions/positions in a country’s financial 
liabilities are assigned to the country of residence of the creditor. 

Aggregation and netting 

Aggregations or combinations in which all elementary items are shown for their full 
values are called gross recordings (e.g. all interest credits are aggregated separately 
from all interest debits). The international accounts show the gross recording in their 
current and capital accounts. 

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The international accounts show the net recording in their financial account and 
other respective changes, meaning aggregations or combinations that show net 
changes (increases minus reductions) in a particular financial asset or liability. In 
general, the net recording of flows in financial assets and liabilities is recommended 
in the international accounts from both an analytical and a pragmatic perspective. 
Net acquisition of external financial assets and net incurrence of external liabilities 
are generally of more analytical interest than gross flows. Moreover, gross reporting 
of data may not be possible for different classes of units and for some financial 
instruments. Furthermore, net transactions in some financial assets and liabilities 
often have to be derived from balance sheet data because gross transactions are not 
available. 

Euro area residency 

In general, the term resident means having one’s centre of predominant economic 
interest in the economic territory of a country. 

For the euro area, the economic territory comprises (i) the economic territory of 
those EU Member States whose currency is the euro (the euro area countries); and 
(ii) the ECB, the European Stability Mechanism (ESM) and the European Financial 
Stability Facility (EFSF), which are regarded as resident units of the euro area. The 
b.o.p. of the euro area is therefore the statistical statement of the economic 
transactions between residents in the euro area (seen as one economic territory) 
and residents outside the euro area. Similarly, the i.i.p. of the euro area is the 
statistical statement of the positions in financial assets and liabilities of the residents 
in the euro area vis-à-vis residents outside the euro area. 

The rest of the world (RoW) comprises all third countries and international 
organisations, including those physically located within the euro area (except the 
ECB, ESM and EFSF). Consequently, all transactions of euro area countries vis-à-
vis EU institutions are classified as vis-à-vis non-euro area residents and hence 
included in the euro area b.o.p. and i.i.p. statistics. 

Some territories belonging to, or associated with, euro area countries might give rise 
to difficulties in the statistical classification. These can be divided into the following 
groups: 

Territories which are part of the euro area: 

• 

• 

Helgoland: Germany; 

Canary Islands, Ceuta and Melilla, Balearic Islands: Spain; 

•  Monaco, French overseas departments (French Guiana, Guadeloupe, 

Martinique, Réunion, Mayotte), Saint Pierre and Miquelon, Saint Barthélemy, 
Saint Martin: France; 

•  Madeira, the Azores: Portugal; 

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• 

the Åland Islands: Finland. 

Territories associated with euro area countries which are to be included in the RoW: 

• 

• 

• 

• 

Büsingen: not Germany; 

Andorra: neither Spain nor France; 

Aruba, Bonaire, Sint Eustatius and Saba, Curaçao, Sint Maarten: not the 
Netherlands; 

French overseas territories (French Polynesia, New Caledonia, and Wallis and 
Futuna): not France; 

• 

San Marino, Vatican City: not Italy. 

A centre of economic interest exists when a unit engages and intends to continue 
engaging, either indefinitely or over a finite but long period of time, in economic 
activities and transactions on a significant scale in or from a location, dwelling, place 
of production or other premises within a territory. For practical reasons, actual or 
intended location for one year or more is used as an operational threshold. 
However, the following are examples of borderline cases in the determination of 
residency. 

• 

• 

• 

• 

• 

• 

Students who go abroad to study full-time generally continue to be resident in 
the territory in which they were resident prior to studying abroad. This treatment 
is adopted even though their course of study may exceed a year. 

Patients who go abroad for medical treatment maintain their predominant 
centre of interest in the territory in which they were resident before they 
received the treatment, even if the treatment lasts one year or more. 

Crews of ships, aircraft, oil rigs, space stations or other similar equipment 
which operate outside a territory or across several territories are treated as 
being resident in their home country. 

National diplomats, peacekeeping and other military personnel, and other 
civil servants employed abroad in government enclaves, as well as 
members of their households, are considered to be residents of the economic 
territory of the employing government. 

Staff of international organisations, including those with diplomatic status 
and military personnel, are resident in the territory of their principal dwelling. 

Border workers, seasonal workers and other short-term workers who cross 
borders for a short period to undertake a job are considered residents in the 
economic territory in which they maintain a dwelling used by members of the 
household as their principal dwelling. 

When undertaking international transactions in land and/or buildings (e.g. holiday 
homes), property owners are treated as if they have transferred their ownership to a 

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notional institutional unit resident in the country where the property is located. The 
notional unit is treated as being owned and controlled by the non-resident owner. 

A legal entity is resident in the economic territory under whose laws the entity is 
incorporated or registered. This applies also to legal entities with little or no 
physical presence, e.g. investment funds (as distinct from their managers), 
securitisation vehicles, and some SPEs. If the entity is not incorporated, it is 
considered to be resident in the country whose legal system governs the creation 
and continued existence of the entity. 

Subsidiaries are separate institutional units with independent legal status, either 
wholly owned or with majority ownership held by another entity (the parent 
institution). Branches are entities without independent legal status (they are wholly 
owned by the parent). However, when branches are located in a country other than 
the one in which the company controlling them is located, they are deemed to be 
separate institutional units. 

Allocation to institutional sectors 

The sector breakdowns of the euro area b.o.p. and i.i.p. are consistent with the 
European System of Accounts (ESA) 2010. Monthly b.o.p. data are required using 
the following sector breakdown of the resident units: 

• 

• 

• 

• 

central banks; 

other monetary financial institutions (MFIs): 

• 

deposit-taking corporations except the central bank; 

•  money market funds. 

general government; 

other sectors. 

For the quarterly b.o.p. and i.i.p. data, the ECB requests that the “other sectors” 
category be further broken down into: 

• 

• 

• 

• 

• 

non-money market investment funds; 

insurance corporations and pension funds; 

other financial institutions; 

non-financial corporations; 

households and non-profit institutions serving households (NPISHs). 

The central banks sector of the euro area b.o.p. and i.i.p. consists of the 
Eurosystem, i.e. the ECB and the NCBs of euro area countries. 

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The other MFIs sector identified in the euro area b.o.p. and i.i.p. coincides with the 
other MFIs sector for money and banking statistics, i.e. it comprises deposit-taking 
corporations except the central bank and money market funds, as defined in 
Regulation (EU) No 1071/20135 of the ECB of 24 September 2013 concerning the 
balance sheet of the monetary financial institutions sector (ECB/2013/33). 

The ECB maintains a list of MFIs based on information provided regularly by all 
members of the ESCB, which can be downloaded from the ECB’s website. 

Transactions and positions in external financial assets are assigned to the 
institutional sector to which the resident creditor (owner of the asset) belongs. 
Transactions and positions in external financial liabilities are assigned to the 
institutional sector to which the resident issuer of the liability belongs. 

With regard to other investment flows and stocks, the following should also be noted. 

•  Government-guaranteed and/or bank-insured trade credits should be treated as 
private operations rather than as government or bank lending and should 
therefore be included under “other sectors”. In these cases, the debtors have 
incurred liabilities but have not as yet failed to discharge them; liability for such 
loans would not be transferred to the government or bank that guaranteed them 
until the loan recipient defaulted in payment. Guarantees and financial 
intermediation in which the intermediary is not in fact the legal creditor or debtor 
should not be taken into account in statistical reporting (see also standardised 
guarantee changes in Chapter 3.10.1). 

• 

Loans and deposits connected to repo-type agreements must be classified 
under the institutional sector to which the resident that extends or receives the 
financing belongs, regardless of the nature of the issuer of the securities acting 
as collateral. The residence of the borrower and lender is the decisive factor, 
not the residence of the issuer of the collateral. 

In addition to classifying transactions and positions in financial assets/liabilities by 
sector of the resident creditor/debtor, the ECB requires euro area countries to 
classify quarterly flows and positions in portfolio investment assets by the sector of 
the counterpart issuer. The same principles of sector classification apply. 

Compilation of euro area balance of payments and 
international investment position statistics  

Statistical reporting requirements for national compilers 

In the field of b.o.p. and i.i.p. statistics, the ECB requires that NCBs report data on 
international transactions and international reserve assets (including revaluations) at 

5   OJ L 297, 7.11.2013, p. 1. 

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monthly frequency. Reports on more detailed international transactions, on 
international positions and on respective revaluations are due on a quarterly basis. 

From a euro area perspective, international transactions encompass all transactions 
that create or redeem, in full or in part, claims or debts, or any transaction that 
implies the transfer of a right over an object between residents of a euro area 
country or institution and non-residents of the euro area. International positions are 
the stocks of financial assets and liabilities of euro area residents towards non-
residents of the euro area.  

Revaluations are (realised and unrealised) holding gains and losses on international 
positions arising from changes in the exchange rate and/or in asset prices. 

Monthly requirements 

Monthly b.o.p. 

The ECB requires NCBs to provide, on a monthly basis, a selection of the main 
items of the b.o.p., as well as data on the revaluations of euro area reserve assets. 
These data are made available to the ECB within 44 calendar days of the end of the 
month to which they relate. The collection of data from reporting agents is organised 
by the national authorities, who take this deadline into account, thereby striking a 
balance between accuracy and the reporting burden. Owing to the nature of the data 
and to this short reporting period, it is therefore common practice to use time series 
modelling or indirect estimation methods in the compilation of some components of 
the monthly b.o.p.6 

The aim of the monthly b.o.p. is to provide an overall picture of major developments 
quickly enough to be of use for monetary policy decisions. This is notably reflected in 
the monetary presentation of the b.o.p., which is aimed at linking developments in 
euro area broad money (M3) with the cross-border transactions of non-MFIs resident 
in the euro area. 

As shown in the table below, transactions in the net external assets of the MFIs 
sector can be presented as the mirror image of non-MFIs’ b.o.p. transactions with 
non-euro area residents. 

6   See Chapter 4 for more details on national data sources and compilation practices. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Monetary presentation of the euro area balance of payments 

+     Current account 

+     Capital account 

+     Balance of financial transactions by the non-MFIs sector (assets minus liabilities) 

+     Errors and omissions 

=     Balance of payments of the non-MFIs sector 

=     Balance of payments of the MFIs sector 

=     Transactions in the net external assets of the MFIs sector 

Hence, changes in the monetary aggregate M3 can be presented as the arithmetic 
result of changes in its counterparts, namely (i) credit to euro area residents, (ii) net 
external assets of euro area MFIs, (iii) long-term financial liabilities, and (iv) other 
counterparts (residual). 

Template on international reserve assets and foreign currency liquidity 

The ECB requires NCBs to report monthly data to compile the stock of international 
reserves held by the Eurosystem (the ECB and the NCBs of the euro area 
countries). The reserve assets of the Eurosystem are the financial assets held and 
effectively controlled by the ECB and the euro area NCBs, which are issued by 
residents outside the euro area and denominated in currencies other than the euro. 
This definition, approved by the ECB’s Governing Council in March 1999, conforms 
to the BPM6 (Appendix 3 on regional arrangements, paragraph A3.29). 

In addition to the BPM6 standard components, (i) the foreign currency-denominated 
claims (i.e. claims denominated in any currency other than the euro) not included 
under official reserve assets, mainly claims on euro area residents held by the 
Eurosystem; and (ii) the predetermined net drains are shown as memorandum items 
in the ECB’s Statistics Bulletin. The purpose of this approach is to support an 
analysis for monetary purposes as well as to permit the reconciliation of the 
Eurosystem’s international reserves with its foreign currency liquidity position. 

In addition to the information provided in the ECB’s Statistics Bulletin, the ECB 
publishes Eurosystem and ECB data on its website in line with the Template on 
International Reserves and Foreign Currency Liquidity, set out in early 2000 in the 
context of the IMF’s Special Data Dissemination Standard (SDDS). This information 
covers not only data on reserve assets included in the euro area b.o.p. and i.i.p., but 
also data on other foreign currency assets not included as official reserve assets and 
the reserve-related liabilities of the Eurosystem.7 

7   For more details, see the publication entitled “Statistical treatment of the Eurosystem’s international 

reserves”, October 2000. 

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Quarterly requirements 

The quarterly requirements are the ECB’s main statistical product in the field of 
b.o.p. and i.i.p. statistics. With the introduction of the BPM6, these requirements are 
comprehensive and detailed, covering to a large extent the standard components of 
the b.o.p. and i.i.p., as specified in Annex 9 of the BPM6. 

The ECB requires quarterly data on b.o.p., i.i.p., and revaluations to be reported 
within 82 calendar days after the end of the reference quarter. 

In terms of breakdowns, the structure of the i.i.p. is broadly equivalent to the 
structure of the b.o.p. financial account. 

A detailed geographical breakdown of the euro area b.o.p. and i.i.p. is available for 
some items vis-à-vis main partner countries, such as non-euro area EU countries, 
Canada, China, Japan, Norway, the Russian Federation, Saudi Arabia, Switzerland, 
the United Kingdom and the United States, and counterpart groupings (namely 
offshore financial centres, EU institutions and other international organisations). 

A detailed currency of denomination breakdown (euro, US dollar, Japanese yen and 
other currencies) is reported for some items of the i.i.p.  

The ECB’s contribution to the euro area aggregates 

The ECB’s own transactions and positions vis-à-vis non-euro area counterparts are 
also reflected in the external statistics of the euro area. 

In practice, the ECB’s main contributions to the euro area b.o.p. and i.i.p. are related 
to the following items. 

• 

Reserve assets: reserve assets of the ECB are claims on non-residents of the 
euro area pooled in accordance with Article 30 of the Statute of the ESCB and 
thus under the direct and effective control of the ECB. As long as no further 
transfer of ownership takes place, in accordance with Article 30.4, external 
assets retained by the NCBs are under their direct and effective control and are 
treated as reserve assets of each individual NCB. 

•  Other investment: transactions between the ECB and the NCBs of EU 

Member States not participating in the euro area related to the operation of the 
T2 system; repo transactions with non-residents of the euro area in euro or in 
foreign currency (the latter only refers to liabilities, because reverse repos are 
included in reserve assets); non-euro area participations in the ECB’s capital; 
deposits taken from other NCBs outside the euro area. 

• 

Portfolio investment: debt securities denominated in euro and issued by non-
residents of the euro area (the ECB’s holdings of debt securities denominated 
in foreign currency, which were issued by non-euro area residents, are included 
in the ECB’s reserve assets). 

EU Balance of Payments and International Investment Position – Statistical sources and 
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14 

 
 
• 

• 

Income on portfolio investment, other investment and reserve assets: 
income received (paid) by the ECB from (on) the above-mentioned investment 
assets (liabilities). 

Financial derivatives: transactions and positions in financial derivatives, e.g. 
from foreign exchange interventions or foreign currency providing liquidity 
programs. 

Professional independence 

(As of October 2023) 

The independence of national central banks in their capacity as members of the 
European System of Central Banks (ESCB) is reflected in national law in accordance 
with Article 130 of the EU Treaty and Article 7 of the Statute of the ESCB and of 
the ECB, which stipulates that “when exercising the powers and carrying out the 
tasks and duties conferred upon them…, neither the ECB, nor a national central 
bank, nor any member of their decision-making bodies shall seek or take instructions 
from Community institutions or bodies, from any government of a Member State or 
from any other body. The Community institutions and bodies and the governments of 
the Member States undertake to respect this principle and not to seek to influence 
the members of the decision-making bodies of the ECB or of the national central 
banks in the performance of their tasks.” 

The following table summarises the relationship between each country’s public 
bodies and their respective national central bank (NCB) and national statistical 
institute (NSI). When available to the public, the relevant statistical work programme 
is also included. 

Specific features  

Professional independence 

Statistical work programme 

EA  See Article 130 of the EU Treaty and Article 7 of the Statute 

See “Work programmes” on the ECB’s website. 

of the ESCB and of the ECB.  

BE 

The independence of the Nationale Bank van België/Banque 
Nationale de Belgique with regard to the Belgian State is 
guaranteed in the Law of 22 February concerning the 
Nationale Bank van België/Banque Nationale de Belgique. 
This independence comprises several aspects, namely 
institutional independence (no instructions in the execution of 
its tasks), operational independence (principal objective of 
price stability), personal independence (protection against 
dismissal and minimum term of directors) and financial 
independence. 

The Belgian Statistics Act of 22 March 2006 establishes the 
professional independence of Statistics Belgium.  

BG  The national statistical system (NSS) of Bulgaria carries out 

activities related to collecting, processing, analysing and 
storing/archiving statistical data, as well as to the provision 
and dissemination of official statistics. The NSS consists of 
the NSI, bodies of statistics and Българска народна банка 
(Bulgarian National Bank). 

The statistical work programme of the Nationale Bank van 
België/Banque Nationale de Belgique has not been made 
public. 

In accordance with the Statistics Act, National Statistical 
Programme and strategy for the development of the National 
Statistical Programme of the Republic of Bulgaria 2021-2027, 
a five-year work programme is coordinated and implemented 
by the National Statistical Council. The Council is a 
consultative body consisting of representatives of the NSI, 
bodies of statistics, the Bulgarian National Bank, academic 
society and various groups of respondents and users. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Professional independence 

Statistical work programme 

The professional independence of the NSS from political and 
external interference in developing, producing and 
disseminating official statistics is guaranteed by the Statistics 
Act. The Bulgarian National Bank is financially independent 
and maintains the necessary resources to meet its statistical 
obligations. 

The Bulgarian National Bank has an annual statistical work 
programme, which has not been made public. In the 
respective chapter on statistics, the central bank’s semi-
annual and annual reports contain information on progress 
made.  

CZ  Article 9 (“Relationship to the government and to other 

bodies”) of Act No 6/1993 Coll. on Česká národní banka (as 
amended) states that, when exercising its powers and 
carrying out its tasks, the central bank is not to “seek or take 
instructions from the President of the Republic, from 
Parliament, from the Government, from administrative 
authorities of the Czech Republic, from the bodies, 
institutions or other entities of the European Union, from 
governments of Member States of the European Union or 
from any other body”. 

The independence of the NSI is based on Act No 89/1995 Sb 
on the State Statistical Service. 

Česká národní banka has both annual and medium-term 
statistical work programmes, which are not available to the 
public. Nevertheless, essential statistical activities are 
described in the central bank’s Annual Report in the chapter 
dedicated to statistics. 

DK  The Act on Danmarks Statistik, Section 2, states that 
Danmarks Statistik is an independent institution. 

Danmarks Nationalbank is an independent institution, 
pursuant to the National Bank of Denmark Act, Sections 3-6, 
and By-laws of the Nationalbank of Denmark (see Articles 23 
and 25). 

The statistical work programme is available only as an 
internal central bank document. The focus of Danmarks 
Nationalbank in 2023 is the consolidation of a new IT system 
that was implemented in autumn 2022, as well as new data 
for the money market (daily basis) and preparations for its 
main revision in 2024.  

DE  Article 12 of the Deutsche Bundesbank Act states that “in 

exercising [its] powers …, the Deutsche Bundesbank shall be 
independent of and not subject to instructions from the 
Federal Government. As far as is possible without prejudice 
to its tasks as part of the European System of Central Banks, 
it shall support the general economic policy of the Federal 
Government”.  

The neutrality, objectivity and professional independence of 
all federal statistics are established in paragraph 1 of the Act 
on Statistics for Federal Purposes.  

The Deutsche Bundesbank has a statistical work programme, 
which has not been made public.  

In 2017 the federal statistical office published plans outlining 
its strategy and work programme for a five-year period up to 
2021.  

EE  According to Section 8(3) of the Official Statistics Act, “the 
producers of official statistics [Statistics Estonia and Eesti 
Pank] shall be independent in their choice of statistical 
methodology”. Upon performance of its duties, “Statistics 
Estonia shall be professionally independent within the 
meaning of Regulation (EC) No 223/2009 of the European 
Parliament and of the Council”, as stated in Section 9(3) of 
the Act. 

Eesti Pank develops annual statistical programmes pursuant 
to the Official Statistics Act (Chapter 3). The list of statistical 
actions conducted by Eesti Pank is established for five years 
by Governor’s decree.  

The list of statistical activities to be performed by Statistics 
Estonia is to be approved by order of the Government of the 
Republic.  

IE 

The independence of the Central Bank of Ireland is provided 
for by its founding law and established pursuant to Part II of 
the Central Bank Act 1942. 

Article 13 of the Statistics Act states that the Director General 
of the Central Statistics Office (CSO) “shall have the sole 
responsibility for and be independent in the exercise of the 
functions of deciding – (a) the statistical methodology and 
professional statistical standards used by the Office; (b) the 
content of statistical releases and publications issued by the 
Office; and (c) the timing and methods of dissemination of 
statistics compiled by the Office”. 

See also: Statistics Act, 1993 

GR 

In performing its tasks, the Bank of Greece enjoys 
institutional, personal and operational independence and is 
accountable to the Greek parliament.  

The regime that governs the operation of the Bank of Greece 
is laid down in its statute. Section VIII of the Statute of the 
Bank of Greece (as amended) on the relations with the State 
specifies the ways by which the Central Bank’s independence 
is ensured.  

ES 

The activity of the Banco de España is regulated by its Law of 
Autonomy (Law No 13/1994). Article 1 (on the nature and 
specific provisions of the Bank and its legal status) 
establishes that the central bank “shall pursue its activities 
and fulfil its objectives with autonomy from the 
administration”, while Article 25 (on the renewal and dismissal 
of governing bodies) also aims at reinforcing the institution’s 
autonomy. 

The Central Bank of Ireland does not publish the statistical 
work programme.  

The annual statistical work programme represents a list of 
statistical products created and disseminated by the CSO. 
Annual reports have been compiled since 2016  

The statistical work programme of the Bank of Greece has 
not been made public.  

The Hellenic Statistical Authority (ELSTAT) does not play an 
active role in compiling and disseminating b.o.p statistics. 

There is an internal multi-annual statistical work programme 
at the Banco de España which closely follows the workflows 
established in the ESCB work programmes. The Banco de 
España’s Institutional Report devotes a section to its activity 
in economic analysis, research and statistics, which includes 
reports on its statistical function, as well as focusing on new 
plans and progress made on existing projects. 

The National Statistics Plan is drawn up every four years, 
approved by Royal Decree and published in the Official State 
Gazette. The latest National Statistics Plan for 2021-2024 is 
available in Spanish. . 

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Professional independence 

Statistical work programme 

FR 

The independence of the Banque de France in exercising its 
powers is guaranteed by French law (Code monétaire et 
financier) in Article L141-1 (only in French), which states that, 
in carrying out the missions it performs on account of its 
participation in the ESCB, the Banque de France may neither 
solicit nor accept instructions from the Government or from 
any person. 

The annual statistical work programme of the Banque de 
France is communicated to the Conseil national de 
l’information statistique (PARIS, le 28 février 2006 – 
n°30/D130), the national institutional body that ensures 
dialogue between users and producers of public statistics, 
examines new projects and monitors the quality of existing 
surveys and data collections.  

The annual statistical work programme is coordinated 
between the Croatian Bureau of Statistics and Hrvatska 
narodna banka and published in the Official Gazette (only in 
Croatian). 

The Banca d’Italia has a statistical work programme for 
internal use, with stated objectives, timing and responsibilities 
which is approved by a high-level internal committee and 
which has not been made public. 

The Italian National Institute of Statistics has a work 
programme, which has been made public.  

The Central Bank of Cyprus has an internal statistical work 
programme, which has not been made public. 

CYSTAT, in accordance with the provisions of Article 8 of the 
Official Statistics Law of 2021 (Law No 25(I)/2021), prepares 
a multi-annual programme of activities, which includes 
surveys or other work to be carried out during the reporting 
period. Moreover, an annual programme of statistical 
activities has been prepared, which includes surveys or other 
work mentioned in the multi-annual programme and which is 
carried out during the corresponding year. In the context of 
adopting European best practices, CYSTAT additionally 
evaluates the degree of implementation of the programme of 
statistical surveys and activities and prepares an annual 
evaluation report. 

Latvijas Banka has a statistical work programme.  

All statistical works carried out by Lietuvos bankas, Statistics 
Lithuania and other national authorities are reflected in the 
official statistics work programme, a compilation of which is 
coordinated by the statistical office and made public on its 
webpage (in Lithuanian only). 

HR  Professional independence of Hrvatska narodna banka is 
guaranteed by Article 2 of the Act on the Croatian National 
Bank, in which Hrvatska narodna banka establishes its 
independence in achieving its objective and carrying out its 
tasks, as well as ensuring the absence of interference with 
respect to the compilation and dissemination of statistical 
information.  

IT 

Article 1 of Banca d’Italia’s Statute states that, in performing 
its functions, the central bank “shall act autonomously and 
independently in observance of the principle of transparency 
and shall not seek or accept instructions from other public or 
private-sector entities”. 

CY 

LV 

LT 

The independence of national central banks in their capacity 
as members of the ESCB is further emphasised in Article 130 
of the EU Treaty and Article 7 of the Statute of the ESCB and 
of the ECB. 

The independence, as well as ethical and professional 
principles, of the Italian national institute of statistics is stated 
in Article 3(3) of its Statute.  

The Central Bank of Cyprus is governed by the Central Bank 
of Cyprus Laws 2002-2017. It ensures the independence of 
the central bank. When carrying out all of the tasks required 
to achieve its objectives, neither the central bank nor any 
member of its decision-making bodies is to seek, or take 
instructions from, the Community institutions or bodies, from 
the Government, from any government of an EU Member 
State or from any other body (Section 7 of the Central Bank 
of Cyprus Laws). 

Activities of the Statistical Service of Cyprus (CYSTAT) are 
regulated by the Official Statistics Law of 2021, which 
provides the legal basis for the development, production and 
dissemination of official statistics in Cyprus.  

Professional independence, as well as the tasks of collecting, 
processing and disseminating statistics, is prescribed in the 
Law on Latvijas Banka, adopted on 23 September 2021, and 
in the legal acts of the European Union. 

The independence of Lietuvos bankas is emphasised in 
Article 3 of the Law on the Bank of Lithuania, which states 
that the “Government of the Republic of Lithuania and State 
institutions must respect the independence of the Bank of 
Lithuania and must not seek to influence the Bank of 
Lithuania and its staff in discharge of their duties”. 

The activities of Statistics Lithuania are regulated by the Law 
on Official Statistics (in Lithuanian only), which refers to the 
principle of independence, consolidates the general principles 
of the organisation thereof and stipulates the rights and 
duties of respondents, as well as defines the tasks, rights and 
duties of institutions managing official statistics and their 
liability for breaching the law. 

LU 

The Law of 10 July 2011 on the organisation of the National 
Institute for Statistics and Economic Studies (STATEC) 
specifies in Article 11 that, in carrying out its remit, “STATEC 
is endowed with scientific and professional independence”.  

The Banque centrale du Luxembourg is currently governed 
by its Organic Law of 23 December 1998 (as amended).  

The Committee on Public Statistics (established by the 
Minister of Economic Affairs) coordinates the statistical 
programmes and monitors their progress.  

STATEC’s statistical activity report is published online 
(available only in French).  

The Banque centrale du Luxembourg’s annual reports include 
a chapter on the activity of the Banque centrale du 
Luxembourg’s statistics department. 

HU  The independence of the Magyar Nemzeti Bank in exercising 

its powers is guaranteed by Hungarian law.  

The central bank has a statistical work programme, which is 
not made public. 

The independence of the NSI is established by Act CLV of 
2016 on Official Statistics (available only in Hungarian). 

The NSI has an annual national statistical data collection 
programme, which includes formal cooperation agreements 
with various institutions such as the NCB (only in Hungarian). 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Professional independence 

Statistical work programme 

MT  The independence of the Central Bank of Malta is laid down 

in the Central Bank of Malta Act (Chapter 204), Part 2, Article 
5(2).  

The statistical work programme of the NSO has not been 
made public. 

The Malta Statistics Authority (MSA) Act (XXIV), provides the 
NSO with autonomy and professional independence in 
carrying out its statistical functions. Article 10 of the MSA Act 
states that the NSO is to supply, and make accessible to the 
public, the methods used for the production of statistics and 
the principles under which these statistics are compiled.  

NL  With respect to the tasks to be carried out through the ESCB, 
the independence of De Nederlandsche Bank is laid down in 
Section 3 of the Bank Act 1998. Accordingly, when De 
Nederlandsche Bank assists the ECB in collecting data within 
the scope of Article 5 of the Statute of the ESCB, it is 
operating in a professionally independent manner.  

The Statistics Netherlands Act constitutes the legal basis for 
Statistics Netherlands (CBS). Statistics Netherlands is 
governed by a director general, who in this role determines 
the statistical methods to be used, as well as methods of 
dissemination (Statistics Netherlands Act, Article 18). 

AT  Citing Article 14(3) of the  Statute of the ESCB and of the 

ECB, Article 1, Section 2(5) of the 1984 Nationalbankgesetz 
(Central Bank Act) establishes the independence of the 
Oesterreichische Nationalbank from other government 
authorities in exercising certain powers, thereby 
guaranteeing, among other things, absence of interference in 
compiling statistical information. 

The Bundesstatistikgesetz establishes the objectivity and 
impartiality of Statistics Austria in producing statistics.  

PL  Narodowy Bank Polski’s tasks and independence are 

stipulated in Article 227 of the Constitution of the Republic of 
Poland and in Article 18 of the Act on Narodowy Bank Polski 
of 29 August 1997. 

Articles 1 and 25a of the Law of 29 June 1995 on Official 
Statistics set forth the independence of Statistics Poland. 

The statistical work programme of De Nederlandsche Bank 
has not been made public. 

The statistical work programme of the Oesterreichische 
Nationalbank has not been made public. 

The work programme of Statistics Austria is available only in 
German.  

The “Narodowy Bank Polski Plan of Activity for 2023-2025” 
specifies important statistical activities of Narodowy Bank 
Polski. 

PT 

The Banco de Portugal is governed by its Organic Law, which 
states in Article 27 that “the Governor and the other members 
of the Board of Directors shall be independent”.  

The Banco de Portugal has a statistical work programme, 
which is published on its website (available only in 
Portuguese).  

The Law for the National Statistical System (Law No 22/2008 
of 13 May 2008) states in Article 5 that “official statistics shall 
be produced with technical independence”, i.e. the Statistical 
Office is to have “the sole responsibility for defining statistical 
methods, standards and procedures, as well as the content, 
type and timing of data releases”, “without prejudice to 
compliance with the rules laid down by the National Statistical 
System or the European Statistical System”.  

Statistics Portugal also publishes on its website annual work 
programmes and activity reports.  

RO  Article 3 (“Co-operation with other authorities”), paragraph (1) 
of Law No 312/28.06.2004 on the Statute of the National 
Bank of Romania establishes that “when carrying out their 
tasks, Banca Naţională a României and the members of its 
decision-making bodies shall not seek or take instructions 
from public authorities or from any other institution or 
authority”. 

Banca Naţională a României has a statistical work 
programme, which has not been made public. Statistical work 
conducted jointly with the NSI (mainly involving surveys) is 
outlined in the multi-annual national statistical 
programme_2022-2024 (in Romanian only), which includes 
the NSI’s work programme. 

SI 

Article 6 of Law No 226/2009 (only in Romanian) stipulates 
that Banca Naţională a României is an independent producer 
of official statistics, and Article 5(a) establishes the 
independence of the national institute of statistics. 

The independence of Banka Slovenije in exercising its 
powers is guaranteed by Article 2 of the Bank of Slovenia Act, 
Official Gazette of the Republic of Slovenia, No 72/06 (official 
consolidated version), which states that “Banka Slovenije and 
members of its decision-making bodies shall be independent, 
and in performing the tasks pursuant to this Act shall not be 
bound by any decisions, positions or instructions issued by 
the State or any other authorities, nor shall they seek any 
instructions or guidelines from them”.  

The statistical office of Slovenia operates as a professionally 
independent government office, as set forth in Article 11 of 
the National Statistics Act,  Official Gazette of the Republic of 
Slovenia, Nos 45/95 and 9/01. 

Medium-term and annual statistical work programmes are 
available on the statistical office’s website (annual 
programme in Slovenian only). Essential statistical activities 
are also described in the central bank’s Annual Report in the 
chapter on statistics. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Professional independence 

Statistical work programme 

The statistical work programme for Národná banka Slovenska 
has not been made public. 

SK 

The independence of Národná banka Slovenska is 
guaranteed both in Article 12 (on the relationship with the 
government) of the National Bank of Slovakia Act, No 
566/1992 (as amended), which states that “Národná banka 
Slovenska shall fulfil its tasks independently of instructions 
from state authorities, self-government bodies, any other 
public bodies and from legal entities and natural persons” and 
in Article 56 of the Constitution of the Slovak Republic: “The 
National Bank of Slovakia is the independent central bank of 
the Slovak Republic. As part of its scope of authority, the 
National Bank of Slovakia may issue generally binding 
legislation, where empowered to do so by law”. 

FI 

The independence of Statistics Finland is laid down in the 
Statistics Act, Section 2. According to that section, “statistical 
authorities and other authorities that compile statistics are 
professionally independent when performing tasks directly 
connected to developing, producing and disseminating 
statistics”.  

The strategy document and performance agreement between 
the Ministry of Finance and Statistics Finland stipulate the 
objectives, projects and resources for the planning period. 

Suomen Pankki – Finlands Bank lists its tasks and strategic 
priorities on its website. 

The independence of Suomen Pankki – Finlands Bank is laid 
down in the Act on the Bank of Finland, Section 1, according 
to which the “Bank of Finland is the central bank of Finland. It 
is an independent institution governed by public law.” 

SE 

The independence of Statistics Sweden from political and 
other external interference in collecting, producing and 
disseminating official statistics is guaranteed by law. See 
Chapter 1(9). 

The Instrument of Government, Chapter 9, Article 13, 
establishes that Sveriges Riksbank is an independent central 
bank under the Riksdag.  

The annual statistical work programme of Statistics Sweden 
is found on the latter’s website. 

Mandate for data collection and compilation 

(As of October 2023) 

The development, production and dissemination of statistics by each country’s 
national central bank (NCB) are governed by Article 5 of the Statute of the ESCB 
and of the ECB, as well as Regulation (EC) No 2533/98, whereas the national 
statistical institutes (NSIs) is governed by the statistical principles laid down in Article 
2 of Regulation (EC) No 223/2009. Furthermore, each NCB (as member of the 
ESCB) conducts quality assurance and disseminates statistics in conformity with the 
principles of the ESCB’s Public Commitment on European statistics.  

The members of the ESCB and the European Statistical System (ESS) cooperate 
closely to maximise synergies, minimise the reporting burden and ensure the 
production of complete and coherent European statistics. The two statistical pillars 
also cooperate closely through the Committee on Monetary, Financial and Balance 
of Payments Statistics (CMFB), as well as through the European Statistical Forum. 
The CMFB, composed of senior representatives of NCBs, NSIs, the ECB and the 
European Commission (Eurostat), was set up by the Council of the European Union 
in 1991 and provides a platform to support operational cooperation between the two 
statistical pillars, particularly in statistical areas, such as the production of national 
accounts and balance of payment statistics, for which they share responsibility. 

The following table summarises the national legal frameworks as well as the 
institutional cooperation that enable each country to compile and disseminate b.o.p. 
and i.i.p. statistics in the European Union (EU) context. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Specific features  

Legal framework 

Institutional cooperation 

Close collaboration between the European Commission and 
the ECB in the field of statistics is not only a Treaty obligation 
but is also key to ensuring that the quality of European 
statistics serves EU objectives and policies, such as the 
single monetary policy or Macroeconomic Imbalance 
Procedure (MIP). Since the indicators used for the MIP are 
provided by Eurostat using statistics compiled in Member 
States (either by NSIs or NCBs), close cooperation is 
necessary to ensure the highest quality standards for 
producing accurate and reliable statistics underlying these 
indicators. 

To this end, the ECB Governing Council has agreed to a 
Memorandum of Understanding (MoU) that mutually 
recognises the respective quality assurance standards for 
European statistics and lays down working arrangements and 
procedures to ensure the quality of European statistics 
underlying the MIP indicators. The provisions of the MoU 
cover the b.o.p. and i.i.p. statistics which support the MIP. 

The Nationale Bank van België/Banque Nationale de 
Belgique compiles the b.o.p. and national accounts.  

EA 

The production of European statistics is organised around 
two separate pillars, the ESCB and the ESS, each with 
separate legal frameworks and governance structures. The 
ESCB is a system enshrined in the Treaty on the Functioning 
of the European Union (TFEU). It is composed of the ECB 
and NCBs, and the ECB’s Governing Council is its highest 
decision-making body. 

The ECB, assisted by the NCBs, collects either from the 
competent national authorities or directly from economic 
agents the statistics necessary to undertake the ESCB’s 
tasks, including safeguarding monetary policy and ensuring 
financial stability. B.o.p. and i.i.p. statistics are included in 
those statistics. More specifically, Article 2 of Council 
Regulation (EC) No 2533/98 empowers the ECB to collect 
information from legal and natural persons residing in a 
Member State to the extent that they hold cross-border 
positions or have carried out cross-border transactions 
relevant for producing balance of payments statistics. 

The statistical requirements of the ECB in the fields of 
external statistics (b.o.p. and i.i.p.), international reserves 
template and cross-border shipments of euro banknotes) are 
defined in Guideline ECB/2011/23 of 9 December 2011 (as 
amended). Recommendation ECB/2011/24 of 9 December 
2011 (as amended) complements Guideline ECB/2011/23 by 
addressing other competent national authorities that are 
entrusted with the collection and/or compilation of external 
statistics in their respective countries. 

BE  Until December 2001, the Belgian-Luxembourg Exchange 
Institute was in charge of collecting data from the Belgian-
Luxembourg Economic Union (BLEU) based on the 
intergovernmental agreement dated 23 November 1998 
between Belgium and Luxembourg. The Nationale Bank van 
België/Banque Nationale de Belgique was responsible for 
compiling the BLEU b.o.p. and i.i.p. statistics covering data 
until 2001 and has been responsible for data collection, 
compilation and dissemination of Belgium’s b.o.p. and i.i.p. 
statistics since January 2002 under the Law regarding the 
b.o.p./i.i.p., international trade in services and foreign direct 
investments of Belgium dated 28 February 2002 (as 
amended). 

Solely the Nationale Bank van België/Banque Nationale de 
Belgique collects data for the b.o.p. and i.i.p.  

BG  Statistical activity in Bulgaria is regulated by the Statistics Act, 
Article 42 of the Law on the Bulgarian National Bank, Foreign 
Exchange Act, Law for Protection of Personal Data, 
Electronic Government Act and a significant number of EC 
and ECB regulations in the field of statistics. 

In order to achieve greater consistency of activities and 
deadlines for providing statistical information while also 
reducing respondents’ reporting burden, Българска народна 
банка (Bulgarian National Bank) has agreements with the 
NSI, Ministry of Finance and other State institutions. 

Under Article 42 of the Law on the Bulgarian National Bank, 
Българска народна банка (Bulgarian National Bank)is 
responsible for compiling Bulgaria’s b.o.p. statistics. This Law 
stipulates that all government and municipal authorities, as 
well as legal entities and physical persons, are to provide 
information in accordance with a procedure established by 
the central bank. 

Articles 7 to10 of the Foreign Exchange Act and Ordinance 
No 27 of the central bank on the Balance of Payments, 
International Investment Position and Securities Statistics 
complete the legal framework for collecting data from 
reporters, including sanctions for failing to comply with 
reporting requirements. 

CZ  Česká národní banka is responsible for collecting, processing 

and disseminating the Czech Republic’s b.o.p. statistics as 
stipulated in Articles 41 and 42 of Act No 6/1993 Coll. on 
Česká národní banka.  

For purposes of compiling the b.o.p. and i.i.p. statistics, a 
stable and regular data exchange takes place between the 
Bulgarian National Bank and the NSI; the Bulgarian National 
Bank obtains monthly data on foreign trade and number of 
travellers, quarterly data on illegal activities, financial 
intermediation services indirectly measured (FISIM), 
insurance services, non-life insurance premiums and claims, 
and annual data on resident non-financial foreign direct 
enterprises.  

All methodological and data quality issues are discussed at 
regularly scheduled meetings organised upon demand of one 
of the institutions.  

The NSI is responsible for compiling the national accounts 
(quarterly and annual non-financial accounts, and annual 
financial accounts) and government finance statistics, while 
the Bulgarian National Bank compiles quarterly financial 
account statistics.  

A general agreement on cooperation in statistics, including 
b.o.p. statistics (specifying data-sharing and data exchange), 
has been signed with the Czech Statistical Office.  

Česká národní banka is responsible for the final compilation 
and dissemination of b.o.p. statistics. The Czech Statistical 
Office is involved in primary data collection on cross-border 
trade in goods and services, including estimates for seasonal 
workers’ income and expenditure.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

20 

 
 
 
Legal framework 

Institutional cooperation 

Decree No 215/2014 Coll., amending Decree No 314/2013 
Coll. (only in Czech) on data reporting by entities that belong 
to the financial institutions sector, and Decree No 235/2013 
Coll. (only in Czech) on the submission of data by statistically 
significant reporting entities for the purposes of b.o.p. and 
i.i.p. and debt statistics specify in detail the reporting 
requirements that form the core of the b.o.p. data collection 
system. 

Additional information used for b.o.p. statistics is collected 
under Article 8a of Act No 15/1998 Coll. on Supervision in the 
Capital Market Area (as amended) and Article 15 of Act No 
277/2013 Coll. (only in Czech) and Decree No 315/2013 Coll. 
on bureau-de-change activity. 

DK  Section 14a of the National Bank of Denmark Act gives 

Danmarks Nationalbank the legal right to collect and 
disseminate data for the financial account. It also gives the 
NCB the right to collect and disseminate data for all other 
financial statistical domains. 

The Act on Danmarks Statistik (Section 3a) mandates that 
Danmarks Statistik is obliged to collect information for 
European statistics. 

DE  Since 1954, responsibility for collecting, processing and 

disseminating German b.o.p. statistics has been assigned to 
the Deutsche Bundesbank by an agreement between the 
Federal Ministry of Economics, the Federal Ministry of 
Economic Cooperation, the Federal Ministry of 
Transportation, the Federal Statistical Office and the 
predecessor of the Bundesbank (Bank Deutscher Länder). 
Likewise, the Bundesbank is responsible for compiling other 
external statistics such as the German i.i.p. and foreign direct 
investment statistics, both introduced in the 1970s. 

Section 11(2) of the Foreign Trade and Payments Act enables 
the government to enact reporting regulations for specific 
purposes, including compiling Germany’s b.o.p.. The Foreign 
Trade and Payments Ordinance details these reporting 
requirements, which form the core of the b.o.p. data 
collection system. The ordinance also identifies the 
Bundesbank as the authority responsible for data collection. 

Although the responsibility for disseminating b.o.p. statistics 
is not defined in the Foreign Trade and Payments Act, 
Bundesbank Act or Federal Statistics Act, the Bundesbank 
has assumed primary responsibility for this task. 

The Czech Statistical Office is responsible for compiling 
national accounts statistics.  

A high-level meeting is arranged annually to evaluate 
activities conducted in the preceding year and to set up the 
main mutual-interest goals for the subsequent period. 

The framework agreement between Danmarks Nationalbank 
and Statistics Denmark is available only in Danish. 

There are regularly scheduled meetings for various sub-
groups (international cooperations, globalisation, financial 
statistics, business statistics and dissemination). The NCB is 
responsible for financial statistics, including the b.o.p. 
financial account, i.i.p. and quarterly financial accounts 
(national accounts). The NSI is responsible for annual 
financial accounts (national accounts), as well as the current 
account and complete b.o.p. (error/omission derivations). 

The Deutsche Bundesbank and Federal Statistical Office 
signed a Memorandum of Understanding (MoU) in 2014 
laying down the framework for cooperation aimed at 
producing and disseminating official statistics at the national 
level, thus anchoring their long-standing cooperation.  

Section 1 of the MoU specifies the scope of cooperation 
between both institutions, identifying several statistical areas 
where forms of cooperation are in place for balance-of-
payment statistics, national accounts and foreign trade 
statistics, among others.  

According to provisions of the MoU, the Bundesbank and 
federal statistical office are to hold joint annual meetings at 
management level. At the working level, relevant information 
is to be shared on an ongoing basis. 

EE  According to the Official Statistics Act (see Section 8), the 

producers of official statistics are Statistics Estonia and Eesti 
Pank to the extent acknowledged in subsection 34(1) of the 
Bank of Estonia Act.  

According to the parliamentary law, Eesti Pank is responsible 
for compiling and publishing Estonia’s national b.o.p., as well 
as collecting and disclosing statistics necessary to perform its 
functions (see Section 2). Pursuant to Section 34, Eesti Pank 
is entitled to obtain, free of charge, information necessary to 
draw up the nation’s b.o.p. from all agencies of the 
government and of local authorities, as well as any person 
who conducts cross-border economic transactions in the 
territory of Estonia. 

In 2017 Eesti Pank and Statistics Estonia signed a 
coproduction agreement that allocates tasks, defines a 
common revision policy and formalises cooperation to 
optimise the workload and data collection. Under the 
agreement, Eesti Pank is responsible for the annual review of 
the financial accounts and for quarterly accounts statistics. In 
2018 Statistics Estonia took over responsibility for economic 
statistics on foreign subsidiary companies; since 2021, it has 
also been responsible for the foreign trade statistics on 
business services. Eesti Pank is in charge of disseminating 
b.o.p. and i.i.p. components to Statistics Estonia for national 
accounts purposes. Technical meetings are held on a 
quarterly basis to validate the quarterly financial accounts. 
Common methodological issues are discussed in statistical 
working groups once a year.  

EU Balance of Payments and International Investment Position – Statistical sources and 
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Legal framework 

Institutional cooperation 

IE 

The Statistics Act 1993 provides a modern legislative basis 
for compiling and disseminating official statistics. The Act 
came into force on 1 November 1994, incorporating inter alia 
the following provision: the appointment on a formal basis of 
the Director General of the Central Statistics Office (CSO), 
who, in addition to being responsible for managing the CSO, 
is also independent on statistical matters (i.e. sole 
responsibility for the statistical methodologies and 
professional standards that are followed, content of statistical 
releases/publications and the timing and methods of 
disseminating the statistics compiled). The mandate of the 
CSO is to collect, compile, extract and disseminate, for 
statistical purposes, information relating to economic, social 
and general activities and conditions in the State. The law 
supporting the CSO’s collection of data is the Statistics Act 
1993: According to Section 24 of the Act, the CSO has the 
right to invite any person or undertaking to provide 
information on a voluntary basis. Under Section 26 of the Act, 
the CSO has the right to require persons and undertakings to 
provide information on a statutory basis once an associated 
Order has been prescribed by the Taoiseach under Section 
25 of the Act. Failure to provide information requested on a 
statutory basis may result in fines and criminal prosecution 
under Sections 36 and 44 of the Act. Orders have been 
prescribed for providing quarterly and monthly b.o.p. data: 

Section 5A(1)(h) of the Central Bank Act 1942 (as revised) 
specifies that the function of the Central Bank of Ireland is “to 
provide advice and assistance to the Central Statistics Office 
about the collection, compilation, analysis and interpretation 
of statistics relating to the balance of payments, national 
accounts and other financial statistics and, where 
appropriate, to collect data for that purpose”.  

GR  The Bank of Greece has been responsible for compiling and 

disseminating Greek b.o.p. statistics since 1929. The legal 
basis for collecting and compiling b.o.p. transactions is 
established in the Statute of the Bank of Greece (Article 
55C). The legislation foresees sanctions in the event of a 
failure to report b.o.p. data correctly.  

B.o.p. and i.i.p. data are disseminated by the Bank of Greece 
as a service to the public.  

ES 

The Banco de España is responsible for processing and 
disseminating balance of payment statistics compiled by 
directly collecting the required information or using other 
sources. 

This responsibility is supported by 

•  Law 12/1989 of 9 May on the Public Statistical Function, 

which regulates statistical activity for state purposes under 
the terms envisaged in Article 149.1.31 of the Spanish 
Constitution; 

•  Law 13/1994 on the Autonomy of the Banco de España, 
Article 7.5 of which requires the Banco de España to 
produce and disseminate statistics in the fields under its 
responsibility; 

•  The national statistical plan, which is prepared every four 
years, approved by Real Decreto (Royal Decree) and 
published in the “Boletín Oficial de Estado” (Official State 
Gazette), entrusting the Banco de España with compiling 
the following statistics (among others): balance of 
payment, international investment position, international 
trade in services, foreign direct investment, external debt, 
international reserves and foreign currency liquidity. 

A formal written agreement, namely the Economic Statistics 
MoU, exists between the Central Bank of Ireland and the 
CSO, signed by the governor of the Central Bank and director 
general of the CSO. The MoU outlines the set of principles 
governing the relationship between the Central Bank of 
Ireland and CSO. The MoU sets out work arrangements and 
facilitates the exchange of relevant data and metadata 
between the Central Bank of Ireland and the CSO. 

Under this agreement, the CSO is the official compiler of 
b.o.p. and i.i.p. statistics for Ireland, and the central bank 
collects and compiles most of the primary financial sector 
statistics, with all other data collected directly by the National 
Statistics Institute. The central bank is the competent 
authority for compiling and publishing the international 
reserves template and official external reserves.  

The CSO currently disseminates data to the ECB through the 
Central Bank of Ireland.  

Working arrangements as outlined in the Economic Statistics 
MoU are overseen by a centralised coordination group 
(CCG). The head of statistics at the Central Bank of Ireland 
and the Director of Macroeconomic Statistics at the CSO act 
as “sponsors” of the CCG. The sponsors appoint members, 
support proposals and guide the general direction of the 
CCG. The CCG is jointly chaired by a b.o.p. senior statistician 
from the CSO, as well as the head of macro and non-bank 
statistics (Central Bank of Ireland) and meets quarterly (or if 
required by either party, with sufficient notice), agreeing and 
monitoring progress on joint work plans and priorities, areas 
for enhanced cooperation and coordination with European 
committees. 

Although the exchange of statistical data related to the 
balance of payments between the Bank of Greece and 
Hellenic statistical authority occurs on a regular basis, it has 
not yet been laid down in a Memorandum of Understanding. 
The Hellenic statistical authority supplies trade data and other 
variables to the Central Bank, which are used either to 
compile the goods account or else for cross-checking 
purposes (e.g. government current transfers).  

The Bank of Greece supplies balance-of-payment data to the 
national statistical institute. The data are used to compile the 
national accounts and, more particularly, rest-of-the-world 
account. 

Data on the number of traveller arrivals/departures at all 
types of frontier stations (e.g. airports/seaports) are provided 
directly to the Bank of Greece by the relevant Greek 
authorities (civil aviation authority, port authorities, etc.). 

The Bank of Greece also cooperates with the Hellenic Stock 
Exchange on a regular monthly basis. The Hellenic Stock 
Exchange provides statistical information on the activity of the 
ATHEX securities market and, more particularly, ISIN by ISIN 
(International Securities Identification Number) information on 
foreign investor participation in equities as negotiated on 
ATHEX. 

The compilation of current and capital accounts is prepared in 
close cooperation with the Instituto nacional de estadística 
(INE), which is responsible for compiling national accounts 
(non-financial). The INE is also responsible for preparing 
primary statistics on travel and international trade in services, 
as well as providing input data to the Central Bank. The INE’s 
survey on international trade in services also covers other 
international transactions of the current and capital accounts. 
There is also close cooperation with the following institutions: 

•  Tax Authority (Customs Department and Tax Agency), 
notably for providing foreign trade statistics data of the 
Customs Department. 

•  Ministry of Industry, Trade and Tourism, notably for 

providing data from the Investment Register of the Ministry 
used in the compilation and quality checks of foreign direct 
investment. 

Other general government units, mainly the Ministry of 
Ecological Transition and Demographic Challenge, Ministry of 
Inclusion, Social Security and Migrations  and national audit 
office. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Legal framework 

Institutional cooperation 

Data collection by the Banco de España for balance of 
payments is covered by Law 19/2003 on transactions with the 
foreign sector; Royal Decree 1360/2011 on reporting 
obligations to the Banco de España; and Banco de España’s 
Circulars 1/2012, 4/2012, 3/2013 and 4/2017.  

Nevertheless, data collection is not always undertaken 
directly by the bank. Particularly in the context of current and 
capital accounts (with the exception of investment income), 
data collection is mainly the responsibility of the instituto 
nacional de estadística (INE) and the customs department 
(see “institutional cooperation” box). 

FR  Banque de France is responsible for compiling b.o.p. and 

i.i.p. statistics for France, as established by Article L141-6 of 
the Code Monétaire et Financier (only in French), which gives 
the Central Bank the power to collect data needed to fulfil its 
fundamental missions. 

The NSI is responsible for compiling national accounts (non-
financial portion). The financial part is prepared by the 
Banque de France. Information and data are exchanged on a 
regular basis for the applicable current production. 

HR  According to the Foreign Exchange Act (Article 49), Hrvatska 

narodna banka is responsible for compiling the balance of 
payments and international investment position. Articles 66, 
86 and 89 of the Act of the Croatian National Bank mandate 
that the Central Bank collect and process statistical data. 

IT 

Article 11 of the Legislative decree of 19 November 2008, No 
195 assigns to the Banca d’Italia the responsibility of 
compiling and publishing b.o.p. and i.i.p. statistics, as well as 
collecting the necessary information for their compilation.  

CY  At the national level, the legal basis for the statistical 

functions of the Central Bank is provided by Sections 6(2)(h), 
63 and 64 of the Central Bank of Cyprus Laws.  

Under section 6(2)(h) of the Law, the collection, compilation 
and distribution of statistical data, including data required to 
fulfil the tasks of the Bank as an integral part of the ESCB, 
are assigned to the Central Bank of Cyprus. 

Lastly, Section 64 of the Law includes specific provisions for 
collecting and compiling b.o.p. and i.i.p. statistics of the 
Republic, as well as financial accounts of individual sectors of 
the economy, including a strict confidentiality regime (link: 
The Central Bank of Cyprus Laws of 2002 to 2007). 

The NSI has no active role in compiling b.o.p. and i.i.p. 
statistics but acts as a source of data for b.o.p. compilation. 
The NSI is responsible for compiling national accounts. The 
exchange of data between Hrvatska narodna banka and the 
NSI is regulated by the agreement of confidential data 
exchange. Regularly scheduled meetings are organised to 
ensure consistency between balance of payments and 
national accounts.  

Institutional relations between the Banca d’Italia and Italian 
National Institute of Statistics are managed by a Coordination 
Committee, which was established in March 2011 within the 
framework of a Memorandum of Understanding between the 
two institutions and which provides for cooperation in the field 
of research and exchange of statistical information. The 
Committee identifies and enforces actions that are needed for 
the purpose of fostering cooperation; it also discusses 
methodological issues of common interest, in addition to 
overseeing the exchange of statistical data.  

Interinstitutional working groups are formed within the 
Committee to discuss high-priority issues such as ensuring 
consistency between balance of payments and national 
accounts, as well as between balance of payments and 
business statistics. 

The implementation of new statistical standards in the field of 
external statistics and national accounts, together with the 
need to enhance consistency and ensure data comparability 
between the two domains of statistics, has led to deeper 
cooperation (laid out in a Memorandum of Understanding 
between the Central Bank of Cyprus, Ministry of Finance and 
statistical service of Cyprus). These authorities have agreed 
to exchange statistical data and other information in the 
following contexts: 

•  a common, harmonised business registry;  

•  a data transmission calendar for foreign trade statistics 

and b.o.p., taking into account transmission deadlines of 
the ECB and Eurostat for b.o.p. and national accounts 
data; 

• 

• 

the statistical institute provides monthly data on 
receipts/payments from Cypriots travelling abroad, as well 
as the number of tourist arrivals and departures derived 
from frontier surveys; moreover, it estimates data on the 
shipping sector on a quarterly basis, taking into 
consideration the results of both the semi-annual and 
annual surveys conducted by the Central Bank on the ship 
management and ship ownership sectors, respectively; 

the Central Bank of Cyprus shares data from the MFIs that 
CYSTAT uses to calculate the value of FISIM. The Central 
Bank of Cyprus subsequently incorporates these 
estimates into the compilation of external statistics. The 
Central Bank provides i.i.p. data for compiling the rest-of-
the-world sector in the annual financial accounts produced 
by the statistical office; and 

• 

the Ministry of Finance provides the Central Bank with 
data on government foreign borrowing, foreign grants, 
subscriptions to foreign organisations and deposits of 
Cypriot embassies/consulates abroad. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Legal framework 

Institutional cooperation 

LV 

Latvijas Banka is responsible for compiling b.o.p. /i.i.p. 
statistics, as stipulated in Article 39 of the Law on Latvijas 
Banka. 

LT 

The Law on the Bank of Lithuania states in Article 8 that the 
Central Bank is in charge of collecting all information from 
state and municipal institutions and economic entities that is 
necessary to perform its functions, including compiling and 
disseminating b.o.p. and i.i.p. statistics of the Republic. 

LU 

The Law of 28 June 2000 assigns responsibility to the 
Banque centrale du Luxembourg and STATEC for jointly 
producing b.o.p. statistics. Furthermore, the Law of 10 July 
2011 on the organisation of STATEC states in Article 2 that its 
remit is “to draw up, jointly with the Central Bank of 
Luxembourg, the balance of payments”. STATEC has been 
responsible for compiling the current account of Luxembourg 
since 1995. 

HU  The compilation and dissemination of b.o.p. and i.i.p. 

statistics are governed by Act No XLVI of 1993 on Statistics, 
Act CLV of 2016 on Official Statistics (mnb-torveny-2022-08-
06-en.pdf), Article 30 and related government decrees, as 
well as decrees of the governor of the Magyar Nemzeti Bank. 
Annual reporting obligations are set out in an annually 
updated decree of the Central Bank and in the national 
statistical data collection programme (available only in 
Hungarian). 

The Central Bank of Cyprus also cooperates with the Cyprus 
Stock Exchange to obtain monthly data on listed shares held 
by non-residents, as well as with the lands and surveys 
department concerning investments by non-residents in real 
estate in Cyprus. Furthermore, it obtains data from other 
financial supervisory authorities (e.g. the insurance 
companies control service and Cyprus Securities and 
Exchange Commission) on companies under their 
supervision. 

There is a very close cooperation between Latvijas Banka 
and the NSI. A bilateral cooperation agreement has been 
established between both institutions on sharing data to 
compile statistics with the aim to reduce the burden of 
respondents. In addition, regularly scheduled meetings are 
organised to deal with various outstanding issues. 

Latvijas Banka compiles financial accounts, and the NSI 
compiles non-financial accounts; the NSI is responsible for 
compiling national accounts in general. 

The NCB has signed agreements with the NSI and Ministry of 
Finance regarding the exchange of statistical information.  

The NSI is responsible for compiling annual national 
accounts, while quarterly sector accounts are compiled by the 
NCB. The NCB and NSI jointly produce foreign direct 
investment statistics (broken down by geography and activity) 
and quarterly trade-in-services statistics (broken down by key 
services and GEO partners). The NSI is responsible for 
conducting the quarterly and annual foreign direct investment 
survey, as well as the quarterly survey of enterprises on 
cross-border transactions.  

Meetings between the NCB and NSI do not adhere to a 
regular schedule but are called when methodological or 
quality issues are raised. 

As part of a cooperation agreement signed on 16 January 
2001, the Central Bank and statistical office are jointly 
responsible for designing the data collection system, 
including the associated methodology, concepts and 
definitions. The Central Bank is responsible for the common 
IT system of data management, as well as compiling the 
financial account, i.i.p. and investment income. The statistical 
office is in charge of compiling current and capital accounts 
(with the exception of investment income), in addition to the 
annual foreign direct investment survey (covering non-
financial companies and deposit-taking corporations). Captive 
financial institutions are covered by the Banque centrale du 
Luxembourg survey.  

As data collection and compilation are jointly performed by 
the Central Bank and statistical institute sharing the same IT 
system, the two institutions work closely together through 
regularly scheduled formal meetings and, more informally, on 
a weekly basis. 

STATEC compiles the national accounts.  

Information on the real economy relies mainly on data 
collected by the NSI, while information on the financial 
account, related stocks and investment income originates 
from the Central Bank’s data collection. In the case of 
transfers, data collection for the general government and 
administrative bodies is the responsibility of the NSI whereas 
transfers of other economic entities are derived from the 
Central Bank’s data sources. 

The Central Bank and NSI cooperate to use the same data 
sources and estimation methods.  

Consistency with national accounts (compiled by the NSI) is 
routinely checked and updated.  

Furthermore, in specific statistical areas in which the Central 
Bank and NSI share a common interest in the fields of data 
collection, compilation and publication, the relevant principles 
and objectives are formally defined in a framework 
cooperation agreement. The aim of the agreement is to 
harmonise the applied methodologies, publication standards 
and revision policies. The specific areas of the cooperation 
are determined in an annually updated work programme that 
encompasses the tasks, deadlines and responsible persons 
at both institutions. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Legal framework 

Institutional cooperation 

MT  The Malta Statistics Authority Act (Act XXIV of 2000) 

empowers the statistical office to collect the necessary data 
to compile and disseminate official statistics. 

The amended Central Bank of Malta Act CAP 204 (Article 23) 
empowers the Central Bank to collect statistical information 
from any person or entity. 

NL  Section 4 of the Bank Act 1998 mandates that De 

Nederlandsche Bank produce statistics under the applicable 
statutory provisions. Section 7 of the External Financial 
Relations Act 1994 (Wet financiële betrekkingen buitenland 
1994 (Wfbb)) establishes the Central Bank’s responsibility for 
compiling b.o.p. statistics. Based on these Acts, residents are 
required to report information needed to compile b.o.p. and 
i.i.p. statistics. Reporting requirements for balance of 
payment reports are elaborated in greater detail in RV 2022. 

In June 2021 a Memorandum of Understanding was signed 
between the Central Bank of Malta, the national statistics 
office (NSO) and the Malta statistics authority. In accordance 
with Article 2 of the Central Bank of Malta Act, the Central 
Bank requires accurate and timely monetary, financial stability 
and other macroeconomic statistics in order to fulfil its duties. 
As stipulated in Article 23 of the above-mentioned Act, the 
Bank is to be provided with the information which it deems 
necessary to carry out its functions. 

In accordance with the Malta Statistics Authority Act (Chapter 
422 of the Laws of Malta), the MSA is to ensure that official 
statistics which are produced independently by the NSO are 
reliable, robust, timely and impartial. Additionally, the MSA 
has the duty to ensure that official statistics are compiled 
according to internationally harmonised methodologies for the 
benefit of the Government of Malta, the European Union, 
international organisations and the general public. 

The NSO is responsible for collecting data from reporting 
agents in the non-financial sectors of the economy, as well as 
from the general government, public and private non-financial 
corporations, households and non-profit institutions serving 
households. It is also responsible for collecting data from 
specific entities, i.e. SPEs, in addition to holding companies 
and head offices of banks classified according to institutional 
sector (captive financial institutions and money lenders, 
Section127), as defined by the recognised task forces 
organised by European and international organisations. 

The Central Bank is responsible for compiling statistics on 
money, banking, banks and financial markets, etc. as 
stipulated in Central Bank of Malta Directive No 5 on 
Statistical Reporting Requirements. The Central Bank is also 
responsible for collecting data from reporting institutions in 
the credit and financial corporation sectors, as licensed by the 
Malta Financial Services Authority.  

The NSO disseminates b.o.p. and i.i.p. data to the IMF and 
Eurostat whereas the Central Bank disseminates b.o.p. and 
i.i.p. data to the ECB. 

Regular daily meetings are held between the NCB and NSO 
to discuss matters related to preparing b.o.p. and i.i.p. 
statistics.  

In collecting and processing the requisite data, De 
Nederlandsche Bank cooperates closely with Statistics 
Netherlands. Most data for current and capital accounts 
(excluding investment income for financial sectors), as well as 
most data on non-financial sectors for the financial account 
and i.i.p., are collected by Statistics Netherlands under the 
terms and conditions established in the Statistics Act of 
November 2003 and exchanged with De Nederlandsche 
Bank. This division of tasks corresponds to the core business 
of each institution: non-financial sector statistics are compiled 
primarily by Statistics Netherlands whereas financial sector 
statistics are compiled by De Nederlandsche Bank.  

The long-standing cooperation between the statistical office 
and Central Bank in the area of b.o.p. was formally ratified in 
January 2006, when directors of both institutions signed a 
partnership agreement to improve the quality and consistency 
of data on the Dutch economy, with particular focus on 
balance of payments and national accounts. 

Since 2018, De Nederlandsche Bank and Statistics 
Netherlands have integrated the processes to compile 
national accounts and balance of payments with the aim to 
ensure that fully consistent data are published. The close 
cooperation between both institutions is laid down in the 
CBS-DNB Cooperation Agreement, signed into law in 2017. A 
governance structure has been established with working 
groups at different levels (strategical, tactical, operational) to 
steer and coordinate the cooperation. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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Legal framework 

Institutional cooperation 

AT 

The responsibility for collecting, processing and 
disseminating the Austrian b.o.p. and i.i.p statistics, as well as 
direct investment statistics is explicitly stated in Article 6 of 
the Devisengesetz 2004 (Foreign Exchange Act, only 
available in German). It entitles the Oesterreichische 
Nationalbank to collect information on all transactions, assets 
and liabilities from all natural persons or legal entities to the 
extent required for compiling the above-mentioned statistics. 
The Oesterreichische Nationalbank may issue provisions 
defining reporting requirements, including the reporting 
population, frequency and timeliness of reporting. 

PL  Under the Act on Narodowy Bank Polski, published in the 
Dziennik Ustaw (Journal of Laws) of 2017, Item No 1373, 
Narodowy Bank Polski is responsible for compiling the b.o.p. 
and i.i.p. statements and for submitting reports on the 
statements to Parliament and the Council of Ministers. 

Article 23a of the Act on Narodowy Bank Polski and the 
Foreign Exchange Act specifies the financial reporting 
requirements. Under these Acts and other legal regulations, 
Narodowy Bank Polski is authorised to request data for 
compiling b.o.p. statistics.  

PT 

The Organic Law of the Banco de Portugal in Article 13 states 
“The Bank shall ensure the collection and compilation of (...) 
balance of payments statistics, particularly, within the scope 
of its co-operation with the ECB.” 

Article 19 of the National Statistical System’s Law refers to 
the Banco de Portugal as being responsible for the collection 
and preparation of b.o.p. statistics. 

The Oesterreichische Nationalbank and Statistik Austria have 
signed a cooperation agreement to guide their interaction in 
all fields of statistics. The Oesterreichische Nationalbank 
focuses on compiling financial statistics, including financial 
account and b.o.p. and i.i.p. statistics, while Statistik Austria 
focuses on compiling data on the real economy, in particular 
on the government sector. Details of cooperation in single 
statistical fields are laid down in individual contracts inasmuch 
as one institution provides input for a statistical product for 
which another institution bears legal obligation and 
responsibility. The contracts specify: (a) individual production 
stages, dates and interfaces; (b) classifications, revisions and 
quality measures; (c) access to non-published data; (d) use 
and reconciliation of existing registers and administrative 
data; (e) evaluation of new statistical, technical, financial and 
legal requirements; and (f) coordination of the stance to be 
taken in national, EU and international bodies.  

The Oesterreichische Nationalbank and Statisik Austria have 
set up a steering committee, which meets at least once a 
quarter to monitor joint activities and recommend 
enhancements, where possible.  

The Act on Narodowy Bank Polski also states that the 
exchange of non-identifiable individual data between 
Narodowy Bank Polski, Statistics Poland and, in particular 
cases, data of identifiable entities of the national economy 
that are linked to participation in the ESCB and ESS is to be 
done free of charge, based on reciprocity, to the extent 
necessary to perform statutory duties. The detailed scope 
and mode of exchanging data between the two institutions 
are set up in the agreement concluded between the Governor 
of Narodowy Bank Polski and the President of Statistics 
Poland. The data exchange agreement between Narodowy 
Bank Polski and Statistics Poland has not been made 
available to the public. 

Narodowy Bank Polski cooperates on a regular basis with 
Statistics Poland, mainly in conjunction with the National 
Accounts, Trade and Services Departments. The Trade and 
Services Department is in charge of Foreign Trade Statistics 
(FTS) and International Trade in Service Statistics (ITSS) 
surveys. 

FTS data are collected by the Trade and Services 
Department whereas the ITS survey is conducted jointly by 
the NSI and Narodowy Bank Polski.  

Travel data are collected on the basis of a tripartite 
agreement between the NSI, Ministry of Tourism and Sports 
and Narodowy Bank Polski.  

Narodowy Bank Polski cooperates on a regular basis with the 
National Accounts department on improving coherence 
between the national accounts and the b.o.p., especially in 
the case of adjustments to primary statistics for national 
accounts and b.o.p. purposes.  

The Ministry of Finance, NSI and Narodowy Bank Polski are 
involved in the working group on external sector statistics, 
which is responsible for preparing methodological changes in 
national accounts and b.o.p. statistics.  

The Banco de Portugal is responsible for compiling b.o.p. and 
i.i.p. statistics whereas national accounts are a shared 
responsibility with the Instituto Nacional de Estatística (INE). 
The Banco de Portugal is responsible for compiling financial 
accounts, and the INE is responsible for non-financial 
accounts. 

To minimise the reporting burden and at the same time allow 
for high-quality statistics produced in an efficient manner, the 
Banco de Portugal receives data on a monthly basis from the 
INE on international trade in goods, European Union funds 
and number of nights spent at tourist accommodation. In 
contrast, the Banco de Portugal shares additional details on 
b.o.p. and i.i.p. statistics with the INE to fulfil the requirements 
of non-financial accounts, i.e. regarding trade in services.  

Both institutions also compare current and capital account 
items vis-à-vis the rest-of-the world-account on a regular 
basis in order to reduce discrepancies. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

26 

 
 
 
Legal framework 

Institutional cooperation 

RO  The legal basis for the collection of data to compile b.o.p. and 

i.i.p. statistics is provided by Articles 9 and 49 of the Law No 
312/2004 on the Statute of the National Bank of Romania, 
which empowers the Banca Naţională a Românieito request 
the necessary information, and Banca Naţională a 
României’s Regulation No 4/2021 regarding statistical 
reporting requirements, as amended (in Romanian only) , 
both in compliance with EU/ECB legislation concerning the 
activity of the Banca Naţională a Românieias a member of 
the European System of Central Banks. 

SI 

In accordance with the Bank of Slovenia Act – Official 
Gazette of the Republic of Slovenia No 72/06, Article 13 
(official consolidated version), Banka Slovenije is responsible 
for collecting, processing and disclosing statistical data 
pursuant to Article 5 of the Statute of the ESCB and of the 
ECB. 

The National Statistics Act enables Banka Slovenije to 
exchange statistical data within the statistical system of 
Slovenia. 

Banka Slovenije has issued reporting instructions for external 
statistics (only in Slovene), based on the Decree on reporting 
for external statistics (Official Gazette, Nos 107/08 and 24/13) 
(only in Slovene). 

SK 

The responsibility for collecting, processing and 
disseminating Slovakia’s b.o.p. statistics is assigned to 
Národná banka Slovenska by Article 29 of the National Bank 
of Slovakia Act. In addition, information used for b.o.p. 
statistics is collected on the basis of Article 42 of the Act on 
Banks No 483/2001 (as amended), the Foreign Exchange Act 
No 202/1995 (as amended), Article 21 of the Act on insurance 
No. 39/2015 (as amended), and Article 77 of the Act on 
Securities and Investment Services No 566/2001 (as 
amended).  

Formal cooperation agreements have been concluded with 
the NSI. The NSI provides monthly international data on trade 
in goods and other data such as the results of surveys on 
travel and number of Romanian workers abroad (based on 
the Household Labour Force Survey (AMIGO)); reciprocally, 
NCB data are used by the NSI in compiling national non-
financial account statistics. National financial accounts are 
compiled by Banca Naţională a României. Meetings between 
the two statistical producers take place as needed, in 
particular to ensure data consistency between b.o.p. and i.i.p. 
and national accounts (financial and non-financial accounts). 

According to Law No 226/2009 on the organisation and 
functioning of official statistics in Romania, Banca Naţională a 
României, as part of the official statistical system, conducts 
statistical surveys on international trade in services, foreign 
direct investment and other financial data in relation to non-
residents (transactions and stocks).  

Banca Naţională a României has also concluded agreements 
with other institutions, in particular with 

• 

• 

• 

• 

the Ministry of Finance (for data on EU funds received, 
Romania’s contributions to the EU budget and data on 
public, and publicly guaranteed, external debt); 

the National Trade Register Office (for non-residents’ 
investment in Romania in the form of equities); 

the Romanian Post (for data on workers’ remittances); 

the Minister of Labour and Social Protection (for data on 
the number of foreign workers in Romania). 

A Memorandum of Understanding between the Statistical 
Office of the Republic of Slovenia, Ministry of Finance and 
Banka Slovenije sets out the detailed responsibilities of the 
signatories. 

According to the Memorandum of Understanding, the NSI is 
responsible for national and regional accounts except for the 
field of financial accounts (both quarterly and annual), for 
which Banka Slovenije is responsible. 

Within the scope of compiling non-financial sector accounts, 
Banka Slovenije is responsible for the rest-of-the-world 
sector. 

The NSI provides data on external trade in goods and data 
sources for the model of calculating the item “Travel” in order 
to compile the b.o.p. statistics. The model is prepared and 
maintained by the central bank while the NSI submits all 
available data from its own surveys (e.g. monthly survey on 
tourist arrivals and overnight stays, quarterly surveys on 
tourism travel of the domestic population). Costs for 
conducting the surveys on foreign travellers in Slovenia are 
shared by both institutions. 

The NSI and Central Bank cooperate closely for compilation 
purposes, which is also reflected in the high relevance 
assigned to the consistency between national accounts and 
external statistics. 

An agreement with the statistical office of Slovakia was 
signed within the framework of cooperation in statistics, 
including b.o.p. statistics (data-sharing and data exchange 
are specified in a partial agreement). The NCB is responsible 
for the final compilation and dissemination of b.o.p. statistics. 
The NSI is responsible for compiling national account 
statistics.  

The NSI provides the NCB with datasets necessary to 
compile b.o.p. current and capital accounts (for example, 
foreign trade statistics, accommodation statistics and 
employee compensation data). Good faith cooperation 
between the NSI and NCB is underpinned by several 
meetings during the year. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

27 

 
 
 
Legal framework 

Institutional cooperation 

FI 

Statistics Finland’s mandate to collect data is specified in 
Sections 14 and 15 of the Statistics Act. More particularly, 
Statistics Finland is responsible for the compilation of b.o.p. 
and i.i.p. statistics for Finland. This is agreed in the 
Memorandum of Understanding between Statistics Finland 
and Suomen Pankki – Finlands Bank. Households and 
private persons cannot be compelled to provide data (except 
in their role as unincorporated business operators). Chapter 2 
states that the provision of data for statistical purposes is 
voluntary unless an obligation to provide data has been laid 
down in law. Before deciding on data to be collected, a 
statistical authority is to consult with respondents early 
enough to allow their views to be taken into account and to 
give them time to adapt their information systems to produce 
the required data.  

At a respondent’s request, a statistical authority is to exempt 
a respondent, wholly or partially, from the obligation to 
provide data if this would cause the respondent unreasonable 
inconvenience and if the exemption does not significantly 
hamper the reliability and useability of the statistics. 

SE 

The obligation to provide information needed for b.o.p. and 
i.i.p. data is stipulated in Chapter 6, Articles 9 and 10 of the 
Sveriges Riksbank Act (1988:1385).  

Sveriges Riksbank’s regulations on the obligation to report 
information to Sveriges Riksbank for its balance-of-payment 
and international investment position statistics (RBFS 2002:4) 
establish the central bank’s mandate to collect b.o.p. and i.i.p. 
data. Data are classified as confidential on the basis of Article 
24, Section 8 of the Public Access to Information and Secrecy 
Act (2009:400), with use of these data restricted exclusively 
to statistical purposes.  

The responsibility for collecting, processing and 
disseminating Swedish b.o.p. statistics was assigned to 
Statistics Sweden on behalf of Sveriges Riksbank in 2007. As 
a result, no data are compiled by Sveriges Riksbank. In 2015 
(13/4) Sveriges Riksbank and Statistics Sweden signed an 
agreement on cooperation on statistics. 

Agreements between Statistics Finland and Suomen Pankki – 
Finlands Bank on the transfer of production of b.o.p. and i.i.p. 
statistics to Statistics Finland and within the framework of 
cooperation in producing b.o.p. and i.i.p. statistics were 
signed in 2013. These documents are not publicly available. 

Financial statistics, data collection from the financial sector 
and fulfilment of the needs of the ECB’s statistical function is 
mainly the responsibility of Suomen Pankki – Finlands Bank. 
It is agreed that Statistics Finland is responsible for the 
compilation, dissemination and reporting of statistics on 
quarterly financial accounts, balance of payments and 
international investment positions. Responsibility for the 
quality of b.o.p. statistics and their submission to the ECB 
rests with the Suomen Pankki – Finlands Bank. The 
international manuals and ECB guidelines regarding quarterly 
financial accounts and b.o.p and i.i.p. statistics that are 
incumbent on Suomen Pankki – Finlands Bank are agreed to 
be similarly incumbent on Statistics Finland.  

Frequent interaction between Statistics Finland and Suomen 
Pankki – Finlands Bank proceeds on many levels. Annual 
meetings are held between the Head of Statistics Finland and 
the member in charge of the statistical function in the Board 
of Governors of Suomen Pankki – Finlands Bank. The 
Financial Statistics Coordination Committee holds three 
meetings each year and focuses on strategic issues. It is 
composed of heads of statistics in relevant groups from 
Statistics Finland, the head of statistics from Suomen Pankki 
– Finlands Bank and senior experts from both organisations. 
There is also an expert-level group for the quarterly 
production that focuses on the compilation process, reporting 
and source statistics. There are also multiple contacts among 
experts on various current issues between meetings. 

For the compilation of b.o.p. and i.i.p. statistics, Statistics 
Finland receives the following datasets from Suomen Pankki 
– Finlands Bank: 

•  card data from payment statistics / insurance corporations 

(Solvency II) data collection; 

•  survey of deposit banks and investment firms providing 

custody and asset management services; 

•  survey on security-based assets and liabilities of non-

financial corporations, financial corporations and central 
government; 

•  MFI data collection; 

• 

investment fund balance sheet statistics (including private 
equity fund data collection); 

•  other financial institutions’ data collection. 

Suomen Pankki – Finlands Bank receives the following 
datasets from Statistics Finland to fulfil the needs of the 
ECB’s statistical function, international manuals and ECB 
Guidelines: 

•  data for the ECB’s government finance statistics; 

•  quarterly financial accounts data (MUFA); and 

•  balance of payments and i.i.p., public and confidential, 

monthly and quarterly. 

Sveriges Riksbank and Statistics Sweden regularly follow up 
on ongoing production, deliveries and development projects 
in monthly and quarterly meetings. As a basis for these 
follow-ups, Statistics Sweden prepares quarterly reports 
describing these components. On an annual basis, Sveriges 
Riksbank and Statistics Sweden jointly plan the work for the 
coming year and set priorities for developments and quality 
enhancements. The Director General of Statistics Sweden 
and the Governor of Sveriges Riksbank’s meet once a year to 
discuss their cooperation and forward-looking plans. 

Statistics Sweden also compiles national accounts statistics.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

28 

 
 
 
 
Release calendar, frequency and revision policy  

(As of October 2023) 

A release calendar should include a predetermined timetable for the release of 
external statistics. Apart from the publication date, the release calendar also 
provides information on the type of statistics, reference period and frequency of the 
series. 

A harmonised EU revision practice for b.o.p. and i.i.p. and national accounts 
(including government finance statistics) has been introduced for quarterly data. This 
practice aims at achieving consistency on three levels: (i) within European Union 
Member States (aligning revision practices between national accounts and b.o.p. 
and i.i.p.); (ii) across EU Member States (common revision practices for the various 
blocks of statistics reported to the European institutions according to BPM6 and 
European System of Accounts 2010); and (iii) on the European level, among the 
various statistical domains of the euro area/EU b.o.p. and i.i.p. and national 
accounts. 

In this context, two distinct concepts of major revisions and routine revisions have 
been introduced; the latter are further sub-divided into monthly, quarterly and annual 
cycles.  

Major revisions require coordination across domains and across EU Member States, 
which consequently entails a clear coordination role on the European level, 
particularly to ensure the correct timing across the two statistical domains. In the 
case of major revisions, the full series may be revised.  

Routine monthly revisions affect only monthly data (b.o.p. and the international 
reserves template). When reporting monthly data, EU Member States may revise all 
months for which no quarterly data have yet been reported. For example, when 
reporting monthly b.o.p. data for October (around mid-December), EU Member 
States may revise all reference months from July to September since quarterly data 
are available only up to the second quarter; however, when reporting data for 
November (around mid-January of the following year), EU Member States may 
revise data only for the reference month of October. This practice ensures 
permanent consistency between monthly data and published quarterly data.  

Routine quarterly and annual revisions allow for the revision of a variable number of 
periods (quarters) but never the full series: 

• 

• 

• 

when reporting quarterly data for the first quarter of year t: EU Member States 
may revise all observations for year t-1; 

when reporting quarterly data for the second quarter of year t EU Member 
States may revise all observations of year T and all observations for years t-1, t-
2, t-3 and t-4; 

when reporting quarterly data for the third quarter of year t: EU Member States 
may revise all observations of year t and all observations for year t-1;and 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

29 

 
 
• 

when reporting quarterly data for the fourth quarter of year t: EU Member States 
may revise all observations of year t and all observations for years t-1, t-2, t-3 
and t-4. 

EU Member States are strongly encouraged to ensure consistency between different 
frequencies and between different breakdowns. Therefore, the revision of monthly 
b.o.p. data should follow the reported or revised quarterly data.  

Specific features 

Release calendar and frequency 

Revision policy 

EA 

The ECB publishes an advance release calendar on its 
website (publication calendar). The data are released at 
10:00 on the day announced. 

The ECB releases monthly euro area b.o.p. at t+7 weeks, 
and quarterly b.o.p. and i.i.p. at t+13 weeks. 

The publication of euro area aggregates follows the euro area 
revision practice. In general, data revisions received by the 
ECB outside the defined windows are “frozen” until the 
revision practice allows for the incorporation of these data 
into the compilation of euro area aggregates. 

BE 

The Nationale Bank van België/Banque Nationale de 
Belgique publishes an advanced release calendar on its 
website. 

B.o.p. and i.i.p. data are subject to regularly scheduled 
revisions in accordance with the revision calendar for data 
transmissions to the ECB/Eurostat: 

The monthly b.o.p. data are published quarterly on the 
Nationale Bank van België/Banque Nationale de Belgique’s 
website and in the Quarterly Statistical Bulletin on the last 
working day of the quarter following the end of the reference 
quarter. The i.i.p. data are published quarterly on the 
Nationale Bank van België/Banque Nationale de Belgique’s 
website.  

•  monthly data (b.o.p.) are revised in the subsequent 

quarterly production cycle; 

•  quarterly data (b.o.p. and i.i.p.) are revised in the 
subsequent quarterly data production cycle; 

•  annual data (b.o.p. and i.i.p.) referring to the preceding 
three years are revised in the annual revision cycle in 
September. 

The final version of data for all periods of year N is published 
in September N+3.  

The revision of a year or a quarter involves the revision of 
each month concerned. 

BG  B.o.p. and i.i.p. statistics are published according to the 
Central Bank’s Statistical Data Release Calendar.  

The revision cycle is predetermined by the ESCB’s and 
Eurostat’s calendars for data transmission and revisions. 

B.o.p. data are compiled and published on a monthly basis 
within seven weeks following the close of the reference 
period, and i.i.p. data are compiled and published on a 
quarterly basis within three months following the close of the 
reference period.  

When ongoing changes are made due to both additional 
information collected and elimination of errors, Българска 
народна банка (Bulgarian National Bank) informs users on a 
timely basis through monthly press releases, as well as 
through notes at the end of the balance-of-payment table. 

When significant revisions are made due to changes in 
methodology for reporting certain b.o.p. components or other 
reasons, the Bulgarian National Bank publishes information 
on the changes in advance to facilitate user access to the 
data. 

Preliminary and revised data are identified in footnotes. 

Preliminary monthly b.o.p. data are revised on a quarterly 
basis when quarterly data are presented to the public. Once 
provisional figures for quarterly data are published, data for 
the preceding reporting quarter are revised.  

Simultaneously with the dissemination in March, all data for 
the four preceding quarters, as well as for the four quarters of 
the preceding year are revised due to the availability of more 
detailed data sources. At the time of the first data publication, 
users are informed of any methodological changes or other 
revisions.  

Regularly scheduled revisions: for monthly data, the two 
preceding months are revised each month. For quarterly 
data, the preceding quarter is revised each quarter; in 
December both first and second quarter data are revised.  

In June, once the i.i.p. for the first quarter is published, both 
the monthly and the quarterly data for the preceding three 
years are revised (e.g. in September 2023 data for 2020, 
2021 and 2022, as well as the first part of 2023, are revised). 

CZ  An advance release calendar that gives the precise release 

dates on a monthly basis for the coming year, as well as a 
preliminary release calendar for the first quarter of the 
following year, is disseminated on the central bank’s website 
each year at the end of October. The data are published on 
Česká národní banka’s website at 10:00 CET on the dates 
announced. The monthly balance of payments is published in 
preliminary form at t+7 weeks, and the quarterly balance of 
payments is published at t+65 days.  

The i.i.p. is available on a quarterly basis at t+75 days.  

DK  The release calendar can be accessed on the NSI's website 

and on the NCB’s website.  

Data for the current account and most financial flows are 
reported on a monthly basis. B.o.p. is disseminated on a 
monthly, quarterly and annual basis whereas i.i.p. data are 
disseminated quarterly. 

Monthly data are published 40 days following the end of the 
reporting period whereas quarterly data are published within 
90 days following the end of reporting period.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

30 

 
 
 
Release calendar and frequency 

Revision policy 

DE  An advance release calendar listing monthly and quarterly 

release dates for the subsequent year, as well as for January 
of the following year, is disseminated each year at the end of 
October on the website of the Bundesbank.  

The Bundesbank produces and disseminates full b.o.p. 
statistics monthly about six weeks following the end of the 
reference month.  

The i.i.p. is compiled quarterly by the Bundesbank and 
published at the end of each quarter, with a time lag of one 
quarter.  

EE 

The release calendar is available on the NCB’s website 

B.o.p. (monthly and quarterly) and i.i.p. (quarterly) data are 
disseminated on the NCB’s website, mainly presented in 
various tables.  

The timeliness for quarterly data (b.o.p. / i.i.p., external debt) 
is no later than t+75 calendar days. For monthly data the 
timeliness is t+44 calendar days. 

IE 

Users are made aware of the expected (“no later than”) date 
of publication four months in advance in the NSI’s monthly 
advance publication calendar (under IMF bulletin board 
arrangements). Regular users are notified each Thursday of 
the date of the CSO’s releases, as well as publications due in 
the subsequent week. 

B.o.p. and i.i.p. data are compiled and published on a 
quarterly basis only. Official b.o.p. data are published 
nationally by the CSO on a quarterly basis, with a current 
time lag of no longer than three months. Monthly b.o.p. 
estimates are not published nationally. External debt and i.i.p. 
data are also published on a quarterly basis, with a three-
month  periodicity.  

In addition, the CSO issues annual statistical releases with 
detailed geographical analyses of foreign direct investment, 
international trade in services and Irish resident holdings of 
portfolio investment securities issued by non-residents.  

When publishing the preliminary balance of payments data 
for a given reporting month, corresponding data for the 
preceding month are revised. These revisions contain new 
foreign trade data from the Federal Statistical Office, and late 
correction reports from reporting entities on external 
transactions, as well as other information subsequently made 
available. For foreign trade data an additional annual revision 
is released in November of the following year.  

Annual revisions to the b.o.p. for the preceding reporting year 
and the three prior years are carried out in March. This 
annual revision generally incorporates new information 
stemming from secondary sources and late reports, with 
provisional estimates having been revised or replaced. 
Methodological changes, including those for earlier periods, 
are generally also carried out at this point. 

In addition to regularly scheduled revisions, unscheduled 
revisions to the balance of payments may also take place if 
deemed necessary.  

In the case of Germany’s i.i.p. statistics, data for the 
preceding quarter are usually revised when data for the 
applicable current quarter are published. (In exceptional 
cases, data for earlier periods may also be revised). Each 
March, all quarterly figures for the four preceding years are 
revised in line with the b.o.p. revision cycle. In September 
i.i.p. data are again revised (for at least two preceding years) 
due to the availability of the annual FDI survey. (In 
exceptional cases, data for earlier periods may also be 
revised). In this context, further revisions to b.o.p. data may 
become necessary. 

Further revisions to the b.o.p. are carried out in connection 
with the regular revisions to the quarterly i.i.p. Thus, revisions 
to data from preceding quarters have an impact on the 
corresponding financial account transactions if new data from 
secondary sources are included (e.g. data from the Bank for 
International Settlements on deposits of German non-banks 
at banks abroad, as well as data on German external 
liabilities arising from euro banknote issuance). 

Data for preceding periods are revised to accommodate new 
or corrected data, as well as changes in methodology or the 
data collection system. Eesti Pank and Statistics Estonia use 
the same principles for revising statistics, which are in line 
with the revision policy principles, as recommended by the 
European Commission and European Central Bank. The 
revision policy is harmonised with external sector statistics 
and with national account sub-accounts (GDP and external 
sector financing statistics, as well as  quarterly and annual 
non-financial / financial accounts).  

Extraordinary revisions:  

•  when significant errors or omissions have occurred, data 
for earlier quarters may be revised along with the release 
of new data; and 

• 

if the methodology or the data collection system changes, 
data for earlier periods may be revised as far back as 
possible. 

Extraordinary changes are announced publicly in press 
releases and on the relevant website. 

The CSO’s general revision policy for quarterly data is to 
incorporate changes when data for the calendar year are 
being produced, i.e. the subsequent spring/summer. The 
policy is flexible, however, and significant changes to 
previously published figures are incorporated on a quarterly 
basis. In the interest of publication consistency, smaller 
revisions are additionally included in cases where data 
sourced from, and published by, other divisions of the CSO 
also appear as separate items in the b.o.p. release. 

In the case of monthly b.o.p. estimates provided by the CSO, 
revisions are mainly made on a quarterly basis. Monthly 
estimates are subject to significant historical revisions each 
quarter, when the official quarterly b.o.p. data are published  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

31 

 
 
 
Release calendar and frequency 

Revision policy 

The CSO makes it a point to ensure that users, including the 
ECB and Eurostat, are aware of the reasons underlying 
significant revisions to earlier data. When major 
methodological changes are contemplated, the CSO tends to 
make users aware of their introduction in advance, describing 
the methodology involved in the relevant national publications 
and in communications with the international organisations 
concerned. 

Monthly data are provisional when first released and are 
indicated as such. The data (monthly, quarterly and annual) 
are revised whenever new statistical information, either from 
special annual questionnaires or from other sources, 
becomes available.  

Provisional, revised and final data are appropriately indicated 
by using footnote and endnote markers.   

Information on revisions is provided in notes included in the 
publications whereas major changes in methodology are 
announced in both NCB publications (Bulletin of Conjunctural 
Indicators (monthly) and  Economic Bulletin (semi-annual)), 
Annual Report) and dedicated press releases. 

When quarterly b.o.p. / i.i.p. data are released, revisions are 
made to the preceding quarter. Revisions over longer periods 
(up to a maximum of four years) can be made in March or 
September of each year, according to the revision policy 
promoted in the EU. Monthly b.o.p. data are revised 
whenever necessary to maintain consistency with the 
respective quarterly revisions. 

Some b.o.p. sources are available only on an annual basis, 
making it necessary to estimate quarterly figures based on 
models and indicators such as the foreign direct investment 
register and the census of Spanish residents abroad, as well 
as data reported by Spanish residents other than credit 
institutions on foreign economic transactions and financial 
assets / liabilities below a certain threshold.  

Regarding the i.i.p., source data are generally reported in a 
timely manner to enable quarterly compilation of i.i.p. 
statistics. Earlier stocks are held constant from quarter to 
quarter until annual data are available, with any variations 
distributed linearly. However, data on FDI equity stocks are 
available with a time lag of 1 1/2 years; therefore, they have 
to be estimated by accumulating transaction data. Another 
example is the “locational banking statistics by residence” 
produced by the Bank for International Settlements, which are 
available only for the first revision of the quarterly i.i.p. 

Studies and analyses of revisions (with explanations of the 
reasons underlying the changes and of the impact on the 
data) are disseminated when major methodological changes 
are made or when there is a break due to a new data 
collection system. Changes in methodology and procedures 
are generally described in the monthly b.o.p. press release, 
the quarterly b.o.p and i.i.p press release and/or the news 
section of the Boletín Estadístico, the methodological note on 
b.o.p. and i.i.p., which is publicly available (live version 
posted on its website) or in a specific note posted on the 
website in the b.o.p. and i.i.p. “statistics” section. 

B.o.p. and i.i.p. data are subject to regularly scheduled 
revisions in accordance with the revision calendar for data 
transmissions to the ECB/Eurostat. Data published on a 
monthly basis can be revised in subsequent quarterly data 
production cycles, and then for three years in the b.o.p. and 
i.i.p annual reports published in June. The final version of the 
data for all periods of year t is published in June t+3. 

Changes in methodology are explained in the b.o.p. and i.i.p  
annual report and on the Banque de France’s  website. 

GR  Monthly b.o.p. data are made available to the public in a 

press release (available in Greek and English), according to 
the advance release calendar. The advance release calendar 
provides 12 months’ advance notice of the precise release 
dates and is disseminated on the internet on the IMF’s DSBB 
and on the Bank of Greece's website. 

B.o.p. data are compiled and published monthly whereas i.i.p. 
data are compiled and published quarterly, 90 days following 
the reference quarter (t+90 days).  

ES  Publication dates for the b.o.p. and the i.i.p. can be accessed 

on the Banco de España’s website.  

B.o.p. is mainly released on a quarterly basis. The main 
b.o.p. indicators are provided monthly, two months following 
the end of the reference period. I.i.p. data are published 
quarterly. Quarterly data are provided one quarter following 
the end of the reference period. 

FR  A release calendar of monthly b.o.p. publications for the 

subsequent four months is available on the Banque de 
France’s website (Calendar|Banque de France). Quarterly 
b.o.p. and i.i.p data (including first revisions) are 
disseminated in the subsequent monthly publication (i.e. in 
July, October, January and April, respectively, for the first, 
second, third and fourth quarters). 

The b.o.p. monthly press release (Stat Info) is published on 
the Banque de France’s website. Every three months, it 
includes an additional table showing the revisions for the 
preceding quarter. Quarterly data (b.o.p. and i.i.p.) are 
disseminated on the Banque de France’s website 80 
calendar days following the end of the quarter.  

Annual figures and revisions are published in the b.o.p. and 
i.i.p Annual Report each year, either at the end of June or in 
early July. The Annual Report is available both in French and 
in English (published later due to translation lags) on the 
Banque de France’s website. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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32 

 
 
 
Release calendar and frequency 

Revision policy 

HR  An advance release calendar has not yet been disseminated 

to the public (it is still an internal document). It is planned to 
be disseminated on the NCB’s website in the near future.  

Croatian b.o.p. and i.i.p. statistics are disseminated on a 
quarterly basis on Hrvatska narodna banka’s website three 
months following the end of the reference period. Monthly 
balance of payments are not published nationally, and there 
are no plans for publishing them at present.  

Methodological changes are generally communicated in close 
proximity to the publication of new data in the methodological 
notes  under the respective data categories in the Monthly 
Bulletin of the Croatian National Bank at: Monthly Bulletin 

At the time of the first data publication, users are informed of 
its preliminary status. Similarly, at the time of data 
dissemination, users are informed whenever data are revised. 

Revisions are regularly made with each new quarterly 
dissemination. They are explained by the availability of new 
data and late / corrective reporting. The most extensive 
revisions are usually recorded to direct investment, including 
income, portfolio investment liabilities, other investment 
assets and financial derivatives.  

Unusual revisions are carried out due to methodological 
changes or significant data corrections. An official revision 
policy is not yet in place but is expected to be designed soon.  

IT 

An advance release calendar providing release dates is 
published in a communiqué issued by the Banca d’Italia at 
least one quarter ahead of each publication that is also 
published on its website. 

Monthly b.o.p. data are provisional when first released. They 
are revised together with the first compilation of quarterly 
b.o.p. and i.i.p. data, approximately three months following 
the end of the reference quarter. 

Monthly b.o.p. dissemination on the Banca d’Italia’s statistical 
database takes place with a t+50 time lag and provides in-
depth information with a detailed breakdown.  

I.i.p. data are revised about three months following their first 
release. They are further revised about nine months following 
the end of the reference year. 

Quarterly i.i.p. dissemination on the Banca d’Italia’s statistical 
database provides in-depth information with a detailed 
breakdown of assets and liabilities for direct investment, 
portfolio investment, other investment, financial derivatives 
and reserve assets. Quarterly i.i.p. dissemination takes place 
with a t+90 time lag. Together with each quarterly i.i.p., also 
revised monthly, b.o.p. data are  disseminated. 

Annual figures are published in the Annual Report of the 
Banca d’Italia each year at the end of May. In addition, an 
annual statistical release is published, providing a detailed 
geographical breakdown of foreign direct investments.  

Following the general revision policy adopted by the Banca 
d’Italia, major methodological changes are announced in the 
relevant publications both in advance and at the time they are 
introduced. 

The public is informed of major changes in methodology in 
specific methodological notes published on the Banca 
d’Italia's website. Moreover, public events and special news 
releases are organised in order to further communicate the 
changes either prior to or at the time they are introduced. 
Changes in methodology are generally described in the 
Banca d’Italia’s monthly Supplement to the Statistical Bulletin 
– Monetary and Financial Indicators: b.o.p. and i.i.p., and, if 
particularly significant, the quarterly Economic Bulletin and 
Annual Report. 

Studies and analyses of revisions are usually made available 
when major methodological changes occur, possibly causing 
breaks in time series. This is accomplished through press 
releases or other communication approaches, with 
explanations of the reasons underlying the change and 
expected impact on the data. 

CY 

The Central Bank of Cyprus publishes an advance release 
calendar covering all data categories required by the special 
data dissemination standard (SDDS). The relevant SDDS 
data for Cyprus are available on the national summary data 
page. 

The revision policy of the Central Bank of Cyprus includes 
three types of revisions: 

The routine/regular revisions, which involve quarterly / 
annual data and are made twice a year as follows: 

In addition, the Central Bank of Cyprus publishes an advance 
release calendar on its website, which covers all forthcoming 
external statistics data publications that are to be posted on 
its website. 

Quarterly b.o.p. and i.i.p. data, as well as external debt and 
annual foreign direct investment data are available on the 
Central Bank of Cyprus’s website, usually within five working 
days following dissemination to the ECB and Eurostat. As 
regards monthly data, the Central Bank of Cyprus publishes 
only foreign currency reserve data. 

B.o.p. and i.i.p. data are compiled and disseminated to the 
International Monetary Fund, the ECB and Eurostat on a 
monthly, quarterly and annual basis in accordance with ECB / 
Eurostat requirements, the advance release calendar and the 
SDDS guidelines. The components prescribed in the SDDS 
are disseminated in the national summary data page on the 
day of their release. 

• 

• 

in March, whereby monthly and quarterly data of the 
preceding year (t-1) are revised; and 

in September, whereby monthly, quarterly and annual data 
of the two preceding years (t-1 and t-2), as well as the 
current year’s (t) data, are revised. 

Monthly data are subject to revision when quarterly data are 
published (either for the first time or upon revision). The first 
revision for the first quarter is published when the second 
quarter is released (September). The second revision for the 
first quarter is published when the fourth quarter is released 
(March), at that time the second and third quarter are also 
revised for the first time. 

Regarding annual data, a first revision of the provisional data 
of year t is made in September of year t+1, and the second 
(and final) revision in September of year t+2. When revised 
annual data are published, revisions are made both to 
monthly and to quarterly data: 

•  major revisions, which may be regularly scheduled 

(typically every five years) and aim to incorporate results 
of changes in basic data sources (in practice, this has 
been done from 2008 onwards, which was the year in 
which Cyprus joined the euro area); and 

•  ad hoc revisions, which originate from methodological 
changes or special events and usually take place in the 
year in which they appear. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

33 

 
 
 
Release calendar and frequency 

Revision policy 

LV 

The data release calendar is available on Latvijas Banka's 
website. 

B.o.p. data are compiled and published on a monthly basis, 
and i.i.p. on a quarterly basis. Data are published on Latvijas 
Banka’s website. 

LT 

The advance release calendar for monthly and quarterly 
external statistics (including b.o.p. and/ i.i.p. data and other 
related datasets) is available on Lietuvos bankas’  website. 

Lithuania produces and releases monthly / quarterly b.o.p. 
and quarterly i.i.p. data. 

Monthly b.o.p. is released at t+44 days. The short statistical 
release of the main b.o.p. indicators is published on the 
website. Quarterly b.o.p. and i.i.p. is released at t+82 days. 
Quarterly b.o.p. and i.i.p. data are presented in a statistical 
release, and the detailed data are published on the website. 

LU  STATEC publishes an advance release calendar covering all 

data categories required by the IMF’s SDDS, including data 
produced by the Banque centrale du Luxembourg. The 
Banque centrale du Luxembourg also publishes a release 
calendar on its website. 

Luxembourg’s b.o.p. and i.i.p. statistics are published on a 
monthly and quarterly basis by both compilers as soon as 
they are sent to the ECB and Eurostat, which is consistent 
with the ECB’s and Eurostat’s deadline.  

HU  The publication calendar for b.o.p. and i.i.p. statistics is 
updated 12 months in advance (at the end of June and 
December); thus, it is always available on the NCB’s website 
for at least half a year in advance. The release calendar also 
contains the revision periods. 

Magyar Nemzeti Bank publishes monthly, quarterly and 
annual b.o.p. data whereas i.i.p. publications are available on 
a quarterly and annual basis. 

Simultaneously with the BPM6 changeover, the NCB started 
publishing monthly b.o.p. data on its website as a flash 
estimate at t+44 days. Published monthly data are available 
for the months of the open quarter only; they are not revised 
and are removed from the website upon dissemination of the 
quarterly statistics. 

The NCB releases quarterly b.o.p. and i.i.p. at t+85 days. 
Quarterly b.o.p. and i.i.p. data are presented in a press 
release, and detailed standard tables are published on 
Magyar Nemzeti Bank’s website. The website separately 
shows data with and without special purpose entities, in both 
Hungarian forints and euro. 

Further information and/or clarifications on external data 
produced and published can be obtained electronically upon 
request by e-mail to bop@centralbank.cy. 

Initially released data are subject to revisions. Monthly b.o.p. 
data are revised once the corresponding quarterly data are 
compiled or revised. Quarterly data for the preceding three 
years (or, if necessary, longer) are revised when data for the 
second quarter are disseminated (i.e. September). The 
revision policy is available on Latvijas Banka’s website. 

When quarterly b.o.p. is compiled, data for the individual 
months of the reporting quarter are revised. When the b.o.p. 
is compiled for the second quarter of the accounting year, 
i.i.p. data for the first quarter are likewise revised, as reflected 
in the annual revisions also conducted in September, which 
might imply changes in the stock levels. 

The first revision of external statistics for all quarters of the 
accounting year is conducted by compiling fourth-quarter 
data, which takes place in March of the subsequent year. 
When revising quarterly data, monthly b.o.p. data are revised 
accordingly. 

The final monthly and quarterly data are prepared in 
September of the reporting year. 

A revision of b.o.p. data for the preceding three years (if 
necessary, the revision applies to the longer period of 
historical data) is conducted in September of the reporting 
year. 

Quarterly data for the i.i.p. and external debt are revised with 
the same periodicity as quarterly b.o.p. data. 

Initially released data are subject to revisions. Initial revisions 
are usually conducted within three months, and final data are 
available within 15 months (except for methodological 
changes). The revisions are published along with the release 
of the latest data, in full harmony with the ECB’s and 
Eurostat’s prescriptions in this matter. 

The provisional, revised or final nature of the data is indicated 
in the publication. Revisions to methodology, if any, are 
announced to the public, usually with the publication of the 
figures. 

B.o.p. / i.i.p. data are subject to regularly scheduled revisions 
in accordance with the revision of the primary statistics (see 
page 63 of the revision policy). 

Revisions to initial statistics produced by the NSI included in 
the b.o.p. releases in March and September: 

• 

• 

trade in goods data are revised by the NSI in March for 
months 1-12 of the preceding year, and in September for 
months 1-12 of the preceding year and for months 1-6 of 
the reference year;  

trade in services data are revised by the NSI 
retrospectively in March and, to a lesser extent, in 
September. Data are considered final in the ninth quarter 
following the reference year. 

•  Data on employee compensation  and related transfers 
(secondary income) are revised retrospectively for three 
years, i.e. data become final in the 11th quarter following 
the reference year. 

Magyar Nemzeti Bank publishes data derived from its annual 
FDI survey initially in September following the reference year. 
In this publication, estimates are replaced mostly by reported 
data on FDI equity income and position. The first regularly 
scheduled revision of the annual data occurs five quarters 
following the reference year, and the second after submitting 
the subsequent year’s annual reports (seven quarters 
following the reference year). The data of enterprises running 
on a financial year that differs from a standard calendar year 
may be revised even later. 

With regard to the normal revision cycle, b.o.p. and i.i.p. data 
are considered final (i.e. not routinely revised) 11 quarters 
following the reference year. The period of review is longer in 
March and September going back to t-3 years whereas in 
June and December it covers only data of the ‘open years’, 
either the preceding year in June or solely the reference year 
in December.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

34 

 
 
 
Release calendar and frequency 

Revision policy 

MT  Official b.o.p. and i.i.p. data are published by the NSI 

according to the advance release calendar available on its 
website. 

Quarterly and annual data are revised periodically in order to 
incorporate updates received during the three-month period 
from the preceding release.  

B.o.p. statistics in Malta are officially published on a quarterly 
basis by the NSI roughly three months following the end of 
the reference quarter. The Bank Ċentrali ta’ Malta/Central 
Bank of Malta also publishes the data on its website. 

The b.o.p. quarterly release published by the NSI provides a 
summary of the current, capital and financial accounts, 
featuring main headlines. The annual IIP news release 
includes a breakdown of foreign assets and liabilities by main 
headline and sub-component. 

External debt data are published by the Central Bank of Malta 
with a time lag of nearly three months. 

The NSI also publishes FDI data. Its biannual news release 
provides a breakdown of FDI in Malta and abroad by 
economic region and by main country, as well as by 
generalised economic sector. 

NL  De Nederlandsche Bank publishes an Advance Release 
Calendar each December for the subsequent year. The 
calendar shows future publication dates and available 
reporting periods within statistical time series and mainly 
includes monetary, financial and external data in addition to 
upcoming releases of b.o.p. and i.i.p. statistics. 

Monthly b.o.p. figures are not published. Quarterly b.o.p. and 
i.i.p. data are compiled and published three months following 
the end of the reference period. Publication is aligned with 
the that of corresponding sectoral accounts by Statistics 
Netherlands. Reconciliation of balance of payments and net 
external assets is published annually. 

AT 

The publication calendar is available on the website. 

The Central Bank publishes b.o.p. and i.i.p. data on a 
quarterly and annual basis. Monthly data are available for 
internal use and for compiling monthly EU and euro area 
b.o.p. only. 

The Austrian b.o.p. is compiled on a monthly basis within six 
weeks from the end of the reporting period. 

A monthly country-by-country geographical breakdown is 
available internally only for financial account items and 
related income.  

Quarterly b.o.p. and i.i.p. data are compiled and published 
within three months from the end of the reporting period, with 
more detailed items and country breakdown for current and 
financial accounts. 

PL  A detailed release calendar is available on the NCB’s 

website. 

The Polish balance-of-payment data is compiled and 
published on a monthly and quarterly basis. Narodowy Bank 
Polski also compiles and publishes i.i.p. data on a quarterly 
basis. 

Monthly b.o.p. is published 44 working days following the end 
of the respective month. Quarterly b.o.p. and i.i.p. statistics 
are compiled and distributed three months following the end 
of the reference quarter. 

B.o.p. and i.i.p. data are subject to regularly scheduled 
revisions in accordance with the revision calendar for data 
transmissions to the ECB/Eurostat. Monthly data for b.o.p. 
and quarterly data for b.o.p. and i.i.p. are revised in the 
subsequent quarterly production cycle. 

B.o.p. and i.i.p. data are subject to regularly scheduled 
revisions in accordance with the following scheme: 

• 

• 

• 

in September and December, when reporting quarterly 
data for the first quarter of year t, revised data are 
published for quarter t-1; 

in March, when reporting quarterly data for the final 
quarter of year T, revised data are published for quarters 
T-3 up to and including T-1; and 

in June, when reporting quarterly data for the second 
quarter of year t, published figures include the annual 
revision of the integrated i.i.p. statement (financial 
account, other changes and i.i.p) for year t-3 (full series), 
‘final’ estimates for all quarters of year t-2 and updated 
provisional data for all quarters of year t-1.  

Publication is aligned with the annual release of Dutch 
national accounts by Statistics Netherlands.  

Monthly b.o.p data are revised in line with the quarterly b.o.p 
such as the corresponding months and quarters are always 
consistent. 

Quarterly and annual data are published with a time lag of 
three months in a “provisional” version. Revisions of quarterly 
and annual data are usually carried out in March (complete 
preceding year) and September (first quarter of the relevant 
current year and three preceding years). The latest available 
figures or estimates on reinvested earnings and all other 
revisions that might have occurred for the reference year are 
incorporated at this time. The last revision of quarterly and 
annual data is completed 33 calendar months following the 
end of the reference year. 

Methodological changes are generally communicated in close 
proximity to the publication of new data within the 
methodological notes on the internet under the respective 
data categories. Major methodological changes such as the 
implementation of new manuals are usually coordinated at 
the European level. These changes are regularly 
communicated and explained in greater detail in the central 
bank’s quarterly publication “Statistiken – Daten & Analysen” 
(only in German). At the time of the first data publication, 
users are informed once again about new concepts or 
methods applied. Back-calculations are produced according 
to users’ needs and European initiatives as e.g., benchmark 
revisions. 

B.o.p. and i.i.p. data are subject to regularly scheduled 
revisions in accordance with the revision calendar for data 
transmissions to the ECB/Eurostat. Data published on a 
monthly basis can be revised in the two subsequent quarterly 
data production cycles. 

Revisions to methodology are announced to the public when 
revised figures are published. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

35 

 
 
 
Release calendar and frequency 

Revision policy 

PT 

The Banco de Portugal disseminates monthly / quarterly 
b.o.p. and quarterly i.i.p. statistics. The actual publication 
date is available on its website. 

Quarterly and monthly data are available six to seven weeks 
following the end of the reference period. 

It should be mentioned that quarterly and annual data on 
flows result from adding the corresponding monthly 
observations. 

RO  An advance press release calendar that lists the dates of 

monthly press releases, as well as data accessibility in the 
interactive public database for the subsequent year, is posted 
each year at the end of October on Banca Naţională a 
României’s website. Any change in the press release dates 
must be announced at least 24 hours prior to the scheduled 
date. 

B.o.p. data are disseminated on a monthly (M+44 days) and 
quarterly (Q+85 days) basis whereas i.i.p. data are 
disseminated on a quarterly basis (Q+85 days).  

The standard procedure for revisions assumes that data can 
be revised during the four subsequent years, considering new 
source data, refreshed estimation procedures, additional 
information on major events and alignment with other 
statistical domains, namely national accounts. The revision 
policy is also described in a document available on the NCB’s 
website and is fully aligned with the revision policy of the 
Committee on Monetary, Financial and Balance of Payments 
Statistics (CMFB). 

Ad hoc revisions can be launched whenever methodological 
changes are adopted or interpretation of current reference 
manuals results meaningful changes in the available data. 

The Banco de Portugal follows a user-friendly communication 
policy, which keeps users informed about major revisions to 
the disclosed data to the greatest extent possible. 

The common EU revision policy has been broadly 
implemented for quarterly data, including the distinction 
between major and routine revisions. 

The routine revision for monthly data is not limited to the last 
monthly observations without quarterly reference data (as 
stated by the common EU revision policy), mainly due to the 
monthly revisions of external trade in goods, which are 
conducted for all months from the beginning of the relevant 
current year. All monthly data revisions maintain consistency 
with quarterly data. 

The i.i.p. statistics and major revisions follow nearly the same 
routine as that of b.o.p.: namely, twice a year (March and 
September) for quarterly and annual data. During the 
applicable current year, the i.i.p. is compiled for the end of 
each reference quarter on a cumulative basis.  

Major revisions, mostly generated by methodological 
changes, are generally communicated to the public in 
advance by way of an announcement on the homepage of 
the NBR’s website. 

SI 

Banka Slovenije publishes an advance release calendar 
covering all data categories in the IMF’s SDDS. 

Revisions to b.o.p. and i.i.p. and gross external debt statistics 
occur as follows:  

B.o.p. and gross external debt are compiled and published on 
a monthly basis at t+6 weeks whereas i.i.p. has a quarterly 
frequency and is released at t+10 weeks. A short analysis of 
the data is published simultaneously (only in Slovene).  

SK 

The release calendar of monthly data aligns with the ECB’s 
release calendar whereas the release calendar of quarterly 
b.o.p and i.i.p. statistics is in accordance with the SDDS 
release calendar under the IMF. 

Slovalia’s b.o.p. statistics are published on a monthly and 
quarterly basis. 

The release calendar is not available online. 

Monthly data for b.o.p. are available within two months 
following the end of the reference month whereas quarterly 
data for both b.o.p. and i.i.p. are available within three 
months following the end of reference quarter. 

FI 

Statistics Finland’s release calendar 

Finnish b.o.p. statistics are published on a monthly and 
quarterly basis by Statistics Finland.  

Quarterly data are available with a three-month lag, i.e. data 
for the first quarter of the year are published at the end of 
June. Monthly data are available with a six-week lag, i.e. 
January data are published mid-March.  

•  monthly b.o.p. and external debt data are revised every 
month during the corresponding year once new monthly 
data are released; 

•  quarterly i.i.p. data are revised every quarter during the 

corresponding year once new quarterly data are released; 

•  backdata revisions relating to years (t-1) and (t-2) occur in 
the second half of the applicable current year (t); in the 
event of major methodological changes, longer time series 
may also be revised. 

The revision policy is based on ECB and Eurostat practices. 

For b.o.p. and main current accounts, the revision process is 
coordinated with the NSI and its revision policy. For example, 
when ITGS data are revised (FTS and NA domain), b.o.p. 
data are also updated. 

B.o.p. and i.i.p. data are subject to regular revisions in 
accordance with the revision calendar for data transmissions 
to the ECB/Eurostat. 

The data are preliminary when initially released. Upon receipt 
of definitive trade balance data and final FDI data from the 
annual enterprise survey, the data become final and are 
published. Definitive trade balance data are included at t+9 
months. The annual data collected for foreign direct 
investments and foreign trade in services are available at 
t+21/t+9 months in September. 

Revisions to methodology are announced to the public when 
revised figures are published. 

Revision practice follows the schedule adopted by the ECB 
and Eurostat. When publishing data for the latest month, the 
data of the preceding month are revised accordingly. Monthly 
and quarterly data are consistent with time series data and 
revised systematically. When publishing a new quarterly data, 
data for the preceding quarter are revised. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

36 

 
 
 
Release calendar and frequency 

Revision policy 

Annual data collected for foreign direct investments and 
foreign trade in services are available in early autumn of the 
subsequent year. The most comprehensive revisions are 
always carried out at the end of March, when data for the 
relevant current and two preceding years are revised, and at 
the end of September, when data for the applicable current 
and three preceding years are revised. 

The data are considered final two and a half years following 
the end of the reference year and not routinely revised 
thereafter. 

The revision policy is communicated on the internet in the 
methodological quality report for the balance of payments. 

Major methodological changes such as the implementation of 
BPM6 may also be communicated and explained in greater 
detail on the website. 

Information on sources and methods is also available to the 
public (only in Swedish). 

SE  Release calendar for b.o.p. and i.i.p data.  

Statistics Sweden disseminates an advance release calendar 
covering all data categories, including data required by the 
IMF’s SDDS. 

National requirements: Statistics Sweden disseminates 
quarterly b.o.p. and i.i.p. statistics approximately two months 
following the end of the reference quarter. 

Results of the annual CDIS data are published in the 
statistical database, together with a press release, whereas 
results of the semi-annual CPIS are published in the 
statistical database, along with press releases. The results of 
these surveys are used for re-calculating the more detailed 
i.i.p. 

Data and metadata availability 

(As of October 2023) 

Data availability is a quality indicator of official statistics. It concerns both the 
accessibility of information and its continuity. Short series, incomplete or inconsistent 
data might end up being useless to users. This can occur owing to changes in 
methodology, as was the case in 2009 when the methodology applied when 
compiling balance of payment (b.o.p.) and international investment position (i.i.p.) 
statistics switched from BPM5 to BPM6. The European Union (EU) implemented the 
BPM6 methodology in 2014. 

Methodological information for b.o.p and i.i.p. compilation systems for each individual 
country can be also found at the country-specific links provided in the table below. In 
addition, metadata information on each country is available on the website of the 
International Monetary Fund (IMF) under Special Data Dissemination Standard Plus 
for b.o.p. and i.i.p. and on the website of the Committee on Monetary, Financial and 
Balance of Payments Statistics (CMFB) under MIP quality – level 3 “National self-
assessment report” on balance-of-payment and international investment position 
statistics. 

Specific features 

EA  Euro area b.o.p. and i.i.p. data calculated according to BPM6 methodology have been available on the ECB’s website since 
1999. Data from 2008 onwards are based on the addition of euro area contributions already calculated using BPM6 
methodology, while earlier data are based both on estimates made directly by the ECB and on adjusted BPM5 data. The 
methodology followed for the estimates is available on the ECB’s website.  

Euro area b.o.p. and i.i.p. data are primarily published in the ECB’s press releases and other ECB publications, including the 
Economic Bulletin and Statistics Bulletin. More detailed and longer time series are available in the “statistics” section of the 
ECB’s website and in the ECB Data Portal (replacing the Statistical Data Warehouse as of June 2023). 

Additional methodological information is available on the “b.o.p. and i.i.p.” pages of the ECB’s website. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

37 

 
 
 
 
BE  Fully detailed data according to the BPM6 methodology are available from the first quarter of 2008 onwards, with selected 
series available from 2003 for b.o.p. data, and from 2005 for i.i.p data (data underlying the MIP indicators). The goods and 
services aggregates are available from 2000 onwards. From the first quarter of 2013, all data are collected following the 
BPM6 methodology. From 2008 to 2012, BPM6 data were derived from BPM5 components. Additional information on the 
implementation of BPM6 is available in the note.  

B.o.p. and i.i.p. series are available in the quarterly Statistical Bulletin and can be downloaded from the NCB’s website 
Balance of Payments/International Investment Position. 

Additional methodological information on b.o.p. data is available on the NCB’s website. 

BG  Fully detailed data according to BPM6 methodology are available from the first quarter of 2010. From 2007 to 2009, 
aggregates were derived from BPM5 components using additional estimates for goods (net exports of goods under 
merchanting and non-monetary gold) and services (manufacturing services on physical inputs owned by others, as well as 
maintenance and repair services not included elsewhere (n.i.e.)). Backdata for b.o.p. time series have been available since 
January 1998. Series dating back to 1998 have been converted from BPM5 to BPM6. Backdata time series for i.i.p. have 
been available since 2004 (converted from BPM5 data) although there are some breaks due to missing datasets. 

The b.o.p. statistics are disseminated in press releases, tables and data series through an electronic database on the central 
bank’s website. To facilitate proper analysis, press releases include data interpretation, charts and tables. A detailed b.o.p. 
publication contains information at multiple levels of detail in order to meet a broad range of user needs. A separate 
publication on foreign direct investment is prepared on a monthly basis in order to reflect users’ interests in direct investment 
data. Additionally, b.o.p. and i.i.p. data are published in the NCB’s semi-annual and annual reports. 

Data on b.o.p. and i.i.p. are disseminated in millions of euro and Bulgarian levs. 

The detailed national methodological document and other statistical notes may be consulted on the NCB’s website, at the 
following webpages: B.o.p , i.i.p., External trade. 

CZ 

Fully detailed data according to BPM6 methodology are available from the first quarter of 2008, with selected series available 
from 1993. For 1993 to 2007, BPM6 data were derived from BPM5 components. Some new BPM6 series have breaks for that 
period due to the fact that changes in terms of data source, methodology or statistical techniques could not be reconstructed 
backwards owing to a lack of data.  

The monthly press release on b.o.p. statistics contains a table of the major preliminary b.o.p. aggregates. The Balance of 
Payments Report is issued in early June and analyses individual items of the Czech Republic’s balance of payments in the 
preceding calendar year. More information on the Czech Republic’s b.o.p. and i.i.p. data can be found on the CNB’s website. 

The data can be accessed and downloaded from the ARAD time series database. 

DK  Fully detailed b.o.p. and i.i.p data according to BPM6 methodology are available from the first quarter of 2005. Backdata for 

earlier periods are not yet available. From the first quarter of 2013, all data are collected on a BPM6 basis. From 2005 to 
2012, BPM6 data were derived from BPM5 components. 

DE  Fully detailed data according to BPM6 methodology are available from the first quarter of 1971 for the b.o.p., and from the first 

quarter of 1999 for the i.i.p. From the third quarter of 2013, all data are collected on a BPM6 basis; for previous periods, data 
were derived from BPM5 components. 

B.o.p. and i.i.p. press releases, as well as access to time series, are available on the NCB’s website.  

In addition, b.o.p. and i.i.p data described on the International Monetary Fund’s dissemination standards bulletin board 
(DSBB) are also available on the NSI’s website.  

EE 

Fully detailed quarterly data according to BPM6 methodology are available from the first quarter of 1993 for the b.o.p. (from 
January 2008 for the monthly b.o.p.), and from the first quarter of 1996 for the i.i.p. From the first quarter of 2013, all data are 
collected on a BPM6 basis. For preceding years, BPM6 data was derived from BPM5 components. 

Short press releases are disseminated simultaneously with quarterly data. A set of tables showing the annual indicators for 
the balance of payments are published on NCB’s website alongside the usual data on Estonia’s balance of payments, 
international investment position and external debt. 

An overview of the methodology may be consulted on the NCB’s website on the b.o.p. web page. 

IE 

Fully detailed backdata according to BPM6 methodology are available from the first quarter of 2008, with selected series 
available from 1998, with all data collected on a BPM6 basis as of the first quarter of 2012. From 2008 to 2011, BPM6 data 
were derived from BPM5 components. 

All data can be found on the NSI’s website using the search bar (keywords: current, capital and financial account balances 
under BPM6, with data from 2002).  

Methodological information is also available on the NSI’s website on the “methods” page.   

GR  B.o.p. data according to BPM6 methodology are available from the reference month of January 2002 on the NCB’s website 
and on its Open Data Portal. All information relevant to the transition to BPM6 is available in a special press release.  

Methodological information for b.o.p and i.i.p. compilation systems for Greece is available on the NCB’s website.  

ES  Data according to BPM6 methodology are available on the NCB’s website from 1993 for the b.o.p. (except for details 

concerning primary and secondary income, which date back to 1995), and from December 1992 for the i.i.p. When changes in 
methodology, statistical techniques and source data have occurred, the production of backdata has been undertaken to rectify 
breaks in the time series. Key items are fully consistent from 1993 onwards. 

Data are accessible: i) through the External Sector Statistics website, ii) via the time series search engine and iii) in the 
Boletín Estadístico and the b.o.p. and i.i.p. press release (only in Spanish). 

Historical BPM5 data are accessible from 1990 to 2014.  

The detailed national methodological document and other statistical notes may be consulted on the Banco de España’s 
website on the “external sector statistics” page. 

FR  Backdata according to BPM6 methodology are available from 1999 for the quarterly b.o.p. and i.i.p. Monthly BPM6 series are 
available from 2008. The production of backdata has also been undertaken to rectify some breaks in the series, notably 
caused by the evolution of the data collection system; key items are now fully consistent from 1999 onwards. 

As it has not been possible to re-compile or estimate backdata for a limited number of detailed breakdowns, generally detailed 
series are not available as far back as 1999 in such cases. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

38 

 
 
Time series are made available at the time of publication of the press releases or annual reports and can be downloaded from 
the NCB’s time series database. 

Methodological information on b.o.p and i.i.p. compilation systems for France is available on the NCB’s website. 

HR  NCB released the first b.o.p. and i.i.p. data according to BPM6 methodology on 31 October 2014. Data compilation in 
accordance with BPM6 began in 2014, while backdata series since 2000 have been reconstructed using BPM5 data.  

Consistent time series (BPM6 methodology) are made available to users dating back to 2000, the reference year on the NCB 
website.  

Presentation of the methodology is published in the NCB’s Bulletin. 

IT 

Data according to BPM6 methodology are available dating back to 1995 for the quarterly b.o.p. and to 1998 for the i.i.p. Only 
main aggregates are available for the years prior to 2008. Time series have been recalculated back to 1995 using the adapted 
sources from 2013 onwards, with bridging between BPM5 and BPM6 for data prior to 2013 based on the results originating 
from modified sources. 

B.o.p. and i.i.p. data (both in Italian and English) are available on the Banca d’Italia website in the Statistical Database, that 
can be consulted through a navigation system. The system enables users to search, view and download statistical tables in 
complete or partial form.  

The latest monthly reports on “balance of payments and international investment position” also provide monthly b.o.p. and 
i.i.p. tables. The pdf document typically contains time series data for the most recent 13 months and most recent three years. 
The quarterly Economic Bulletin publishes summary tables that incorporates revisions to provisional data. The Economic 
Bulletin is available in Italian and English on the Banca d’Italia’s website. The Banca d’Italia’s Annual Report, released each 
year at the end of May (in Italian) and at the end of July (in English), additionally includes a statistical appendix containing 
revised b.o.p. data for the preceding year, with a high level of disaggregation, as well as annual time series data on b.o.p. 
components. Published annual time series cover the most recent four to six years. The Annual Report is available in Italian 
and English in an abridged version on the Banca d’Italia ’s website. 

A detailed presentation of the methodology and data sources is published on the Banca d’Italia’s website on the “analysis and 
methodology” web page.  

CY  Backdata according to BPM6 methodology are available for the b.o.p. and i.i.p. from the reference period starting in the first 

quarter of 2008. Furthermore, within the framework of the Macroeconomic Imbalances Procedure, the Central Bank of Cyprus 
proceeded with a best effort estimation of selected external statistics series in BPM6 format for the period 2004-2007. In 
particular, the estimates incorporated the main variables of the balance of payments and international investment position. 
Data are available on the NCB’s website.  

Further information and/or clarifications on external data that have been produced and published can be obtained via e-mail 
at bop@centralbank.cy. 

LV 

Backdata compiled according to BPM6 methodology are available from the reference period starting in the first quarter of 
2000. BPM6 data for 2013 were derived from detailed input data obtained directly from survey data. For preceding periods, 
BPM5 data were converted to BPM6 data using the ECB’s bridging tables. 

Data are available on the NCB’s website. 

A detailed description of data sources and compilation processes is available in the Latvia’s Balance of Payments Annual 
Bulletin.   

LT  Quarterly b.o.p. and i.i.p. data according to BPM6 requirements for the first quarter of 2014 were published in June 2014. 
Backdata are available from 2004. Methodological changes related to the implementation of the new b.o.p. and i.i.p. 
compilation standards are presented on the NCB’s website. 

Monthly b.o.p. and quarterly b.o.p. and i.i.p. data with short statistical releases of leading indicators are published on the 
NCB’s website. 

Methodological notes regarding the implementation of BPM6 are presented on the NCB’s website, and metadata information 
can be downloaded from its b.o.p. data web page. 

LU  Backdata according to BPM6 methodology are available for the reference period starting in the first quarter of 1995. 

Luxembourg’s BPM6 compilation system follows each data structure definition integrity rule using a tree-based, two-step IT 
model. First, a combination of exclusive base level attributes (input data) is recorded in the system. In a second step the input 
data are aggregated across all dimensions (hypercube). BPM5/BPM6 bridging was completed in three periods, with data 
becoming increasingly detailed and BPM6-compliant over time: 

•  1995-2001: main BPM6 aggregates derived from BPM5 without using the BPM6 compilation system; 

•  2002-2011: above-mentioned input data (recorded in the BPM6 database) derived from BPM5 sub-components;  

•  From 2012: detailed BPM6 input directly derived from raw survey data. 

Both NCB and NSI (STATEC) release Luxembourg b.o.p. /and .i.p. data are available on their respective websites.  

A detailed description of data sources, compilation processes and other methodological information can be found on the 
“methodology” page of the NSI’s website.   

HU  Backdata according to BPM6 methodology are available from reference period starting in the first quarter of 1995. For 

reference periods from 2013, the entire data collection and statistical compilation system are based on BPM6 methodology. 
For pre-2013 periods, the method of compiling BPM6 backdata was determined by the availability of necessary raw data and 
by IT infrastructure limitations. From 2008 to 2012, a detailed direct reporting system supported backdata compilation. For 
data before 2008, BPM6 data were derived from BPM5 components. Details of the methodological changeover are published 
and available.   

The Hungarian BPM6 data series are available on the NCB’s website.  

A methodology note on the data compiled according to BPM6 (from June 2014), as well as further information on b.o.p. and 
i.i.p. methodology, is also available. 

MT  Quarterly data according to BPM6 methodology are available from the first quarter of 2004. For previous years, BPM6 data 

were derived from BPM5 components. 

B.o.p. and i.i.p. data are published on the NCB’s website under the statistical section dedicated to external statistics.  

EU Balance of Payments and International Investment Position – Statistical sources and 
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39 

 
 
NL  Quarterly and annual data according to BPM6 methodology are available for the Netherlands from the second quarter of 

2003. For periods prior to 2013, BMP6 data was derived from BPM5 components. From 2014, data are available in full 
accordance with BPM6 methodology.  

Quarterly b.o.p. and i.i.p. data are published on the NCB’s website under the data search of the statistical page.  

Methodological notes (2) regarding the implementation of BPM6 are available on the NCB’s website.   

AT  BPM6 data are already available dating back to the first quarter of 1995.  

Core information on Austria’s b.o.p. and i.i.p. statistics can be found on the NCB’s website. There are predefined tables with 
some flexibility in terms of time period selection. It includes all b.o.p. and i.i.p. data published in the quarterly statistical 
bulletin, as well as additional b.o.p. data, in particular data concerning the current account, services and direct investment. 
Methodological information is available for each table.  

A more flexible tool with an option to create user-defined tables is available on the website. 

The release of quarterly b.o.p. statistics is typically accompanied by a press release, including comments on recent 
developments. Usually there are no press releases or press conferences connected with the dissemination of i.i.p. which may 
appear as a reference point in b.o.p. issues or as an aspect of the overall financial accounts for which press releases, press 
conferences and printed articles are issued regularly. 

In May of each year preliminary results for the preceding year are disseminated at a press conference. 

Additional methodological information is available for download in the Handbook (available in English and German). 

PL  Backdata according to BPM6 methodology are available from 2004 for the b.o.p, and from 2010 for the i.i.p. Data on FDI 

according to the extended directional principle are available from 2011. 

The Central Bank publishes on its website detailed data on the quarterly b.o.p. and i.i.p., external debt, reserve assets and 
direct investment. Relevant analyses are published in Polish on a quarterly and annual basis.  

In addition, b.o.p. data are available in English and Polish in the following NCB publications: 

•  Press Release (“Balance of payments - commentary”) – on a monthly basis; 

• 

Information Bulletin (Biuletyn informacyjny) – on a monthly basis; and 

•  Annual Report (NBP’s Raport Roczny ) – on an annual basis. 

The NCB also publishes on its website detailed annual data on international trade in services. 

Data and publications are forwarded to the parliament, the government, the NSI and to private and public research institutes, 
universities, rating agencies, etc. Analytical papers on the quarterly b.o.p. and annual i.i.p. are also published on the NCB’s 
website (only in Polish). 

PT  Backdata compliant with BPM6 methodology are made available to users as far back as possible, partly dating back to 

January 1996. Breaks in the time series have occurred in some instances when changes in source data, methodology or 
statistical techniques could not be reconstructed backwards owing to the lack of data. This is the case, for example, for a 
number of detailed breakdowns that were implemented using BPM6 methodology and/or the ECB’s new requirements that 
could be estimated only from 2013 onwards. 

Data are available on a monthly and quarterly basis on the NCB’s statistical website. A statistical press release is published 
on the website to coincide with each monthly data release. An additional press release is also published to coincide with each 
quarterly i.i.p. release.   

Additional methodological information on current and capital account and international investment position is available on the 
NCB’s website and on the Statistical Bulletin Supplement (only in Portuguese).   

RO  B.o.p. and i.i.p. statistics are compiled according to BPM6 standards from the first quarter of 2013. Data prior to the reference 

year 2013 have been converted from BPM5 to BPM6 and are available as of reference period starting in the first quarter of 
1999 for the b.o.p., and as of the first quarter of 2005 for the i.i.p. The scope and level of detail of the monthly and quarterly 
data are generally in accordance with Eurostat and ECB data requirements notwithstanding breaks in the time series for some 
items due to the lack of data, as well as multiple data sources and statistical techniques.  

Preliminary data for the latest reporting period are released simultaneously to all interested users in a press release issued in 
English and Romanian, which presents major current account aggregates and external debt, respectively, accompanied by a 
short commentary on the latest developments. 

More detailed and longer time series starting with 2005 are available on the NCB’s website in the Statistics – Interactive 
Database (click on “balance of payments”) or Statistics – Data Sets (click on “balance of payments” and “international 
investment position”). 

B.o.p. and i.i.p. data are also published in the NCB’s Monthly Bulletin, the Annual Report and the annual edition of the 
Balance of Payments and International Investment Position Report. The publications are issued both in Romanian and in 
English according to the advance release calendar on the NCB’s website. Documentation on the methodology (concepts, 
scope, classifications, basis of recording and data sources) are published in Romanian and English on the NCB’s website. 

SI 

B.o.p and i.i.p statistics according to BPM6 methodology are available from 1994 onwards. For the period 1994-2008, data 
were calculated on the basis of BPM5 data using a conversion procedure that re-routed existing data as much as possible to 
comply with BPM6 requirements. Data from 2009 onwards were re-calculated from original data sources according to BPM6 
methodology.  

B.o.p. and i.i.p. data are also published in the NCB’s Monthly Bulletin, as well as on the central bank’s website. Initially 
released data are available in rapid reports. Data are available in the data series for download on the NCB’s website. 

A detailed description of implementation of BPM6 in the Slovenian b.o.p. and i.i.p. can be found in the document 
“Implementation of the standard BPM6”.  

SK  B.o.p. and i.i.p. statistics according to BPM6 methodology are available on a quarterly basis from the first quarter of 2004 

(b.o.p. and i.i.p.), and on a monthly basis from M01 2008 (b.o.p.). 

Data (in millions of euro) are disseminated according to the advance release calendar on the NCB’s website.  

A methodology note on data compiled according to BPM6 is also available on the NCB’s website. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

40 

 
 
FI 

B.o.p. and i.i.p. statistics according to BPM6 methodology are available from reference period starting in the first quarter of 
2006. There are no plans to lengthen these series in the coming years. For a limited number of detailed breakdowns, it was 
not possible to re-compile or estimate backdata, so there may be some breaks (a detailed data series is generally not 
available as far back as 2006). 

Data have been compiled on a BPM6 basis from the beginning of 2013. Data prior to that period is converted to a BPM6 basis 
from data originally compiled on a BPM5 basis. A bridging table linking the data was used in the conversion. 

The b.o.p. and i.i.p. data, as well as metadata information (refine selection using the search tool), are available on the NSI’s 
website. 

SE  B.o.p. and i.i.p. statistics are available according to BPM6 methodology from 1950 and 1997 respectively. Bridging between 
BPM5 and BPM6 was based on microdata available from 1997. Periods prior to 1997 have been converted at a higher level, 
and the data are available with much less detail. 

New items in BPM6 were introduced starting with the reference period of January 2013. For example, the collection on direct 
investments was adjusted to meet new requirements, and new models such as financial intermediation services indirectly 
measured (FISIM) and margin on trade in debt securities were implemented. No backdata were estimated for these new 
items.  

Quarterly figures and revisions are published in the b.o.p. tables on the NSI’s website. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Background 

41 

 
 
 
1 

Goods 

(As of October 2023) 

1.1 

Methodology 

Goods are physical, produced items for which a change of ownership occurs 
between residents and non-residents. The goods item in euro area b.o.p. statistics 
covers general merchandise, branding, net exports of goods under merchanting and 
non-monetary gold. In accordance with general b.o.p. principles, change of 
ownership is the principle which determines the coverage and time of recording 
international transactions in goods.  

The BPM6 recommends that the geographical allocation of exports be based on the 
country of final destination and that the geographical allocation of imports be based 
on the country of origin. Nevertheless, for the purpose of compiling euro area and 
European Union (EU) aggregates, country contributions are also to be reported 
according to the “country of consignment” principle, i.e. the last Member State where 
a change has been made to the goods, for example, where there is a change of 
ownership of the goods, a change of means of transport, preserving operations to 
keep the goods in good condition during transport or goods are repackaged or 
further processed in some way. Note that in the case where the goods simply transit 
through a Member State, this does not change the country of consignment. In this 
way, transactions in goods are recorded as extra-euro area/EU transactions only by 
the euro area/EU country in which the goods enter or exit the euro area/EU borders 
(Community principle). This treatment aims to avoid either double accounting (which 
would occur in the euro area and EU aggregates if the various euro area/EU 
countries through which goods are routed recorded the transactions vis-à-vis the 
country of final destination/origin) or omissions. Ultimately, all intra-euro area/EU 
merchandise transactions ought to cancel each other out, and euro area/EU 
aggregates should conform to international statistical standards.  

General merchandise on a b.o.p. basis covers goods for which a change of 
economic ownership occurs between a resident and non-resident and which are not 
included either in other specific categories such as goods under merchanting and 
non-monetary gold or as part of some transactions in services. Exports and imports 
of goods are recorded on a free-on-board (f.o.b.) basis, i.e. at market value at the 
customs frontiers of exporting economies (including charges for insurance and 
transport services up to the frontier of the exporting country). 

Branding - Quasi-transit trade is a term used to define goods that are imported into 
an EU Member State, cleared through customs for free circulation within the EU and 
subject to import duties by an entity that is not considered a resident institutional unit 
before ultimately being dispatched to another EU Member State. When applicable, 
branding is to be recorded by EU Member States affected by quasi-transit trade in 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

42 

 
 
order to report the gap between the value of general merchandise declared when the 
goods are initially imported from a third country and its value when dispatched to 
another EU Member State. The geographical breakdown should be compiled on the 
basis of the country of residence of the parent enterprise controlling the company 
that manages the customs procedure related to these goods in the reporting 
economy.  

Merchanting is defined as the purchase of goods by a resident (of the compiling 
economy) from a non-resident, combined with the subsequent resale of the same 
goods to another non-resident without the goods being present in the compiling 
economy. Net exports of goods under merchanting represent the difference between 
sales and purchases of goods under merchanting. This item includes merchants’ 
margins and holding gains and losses, as well as changes in inventories of goods 
under merchanting. Acquisitions and subsequent resale of crude-oil products when 
in transit between the production country and its final destination are typical 
examples of merchanting while the product does not have any transformation. 
Goods acquired under merchanting are shown as negative exports/credits of the 
merchant’s economy. The sale of goods is shown under goods sold under 
merchanting as a positive export/credit of the merchant’s economy.  

Non-monetary gold covers all cross-border transactions in gold other than 
monetary gold (monetary gold is owned by monetary authorities and held as reserve 
assets). It can be in the form of bullion (i.e. coins, ingots or bars with a purity of at 
least 995 parts per 1,000, including gold held in allocated gold accounts), as well as 
gold powder and gold in other unwrought or semi-manufactured forms. Allocated 
gold accounts are treated as arrangements for storing gold bullion. A change in 
ownership of an allocated gold account holding is, therefore, treated in the same way 
as gold bullion although it would not be a physical cross-border delivery. 

1.2 

Sources 

International trade in goods statistics (ITGS) are the main data source for the 
general merchandise item of the b.o.p. goods account. They are typically compiled 
monthly by the national statistical institute (NSI) based on information from both 
Intrastat (data are directly collected from intra-EU trade operators once a month) and 
Extrastat (data on trade in goods with non-EU countries are collected by customs 
authorities based on the records of trade transactions in customs declarations).  

Surveys8 are implemented in most countries to ensure the minimum coverage of 
intra-EU transactions in goods, as mandated by EU regulations. Surveys are also 
generally used to compile data on merchanting, goods procured in ports by carriers 
and non-monetary gold.  

8   Statistical surveys are data sources that provide data collected specifically for statistical purposes. The 
surveys are conducted either by enumerating all the units in the population (census) or by eliciting 
responses from a few representative units scientifically selected from the population (sample). 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

43 

 
 
 
Lastly, some countries use an international transaction reporting system (ITRS)9 
mostly as a complementary source whereas others either maintain a direct 
reporting system by corporations, use payment card data for estimating online 
exports/imports or make use of some administrative sources10 for estimates of the 
informal economy. 

Specific features  

ITGS 

Surveys 

Other 

EA 

EA country contributions as determined by the ECB 
Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

BE  Data compiled by 
the national 
central bank 
(NCB) 

Monthly survey on gaseous natural gas of 
enterprises supplying natural gas, as well as of 
resident members of the trading point in 
Zeebrugge. 

Information from credit/payment card issuers 
supplement services surveys in the case of goods 
procured in ports by carriers and postal consignments 
to and from households. 

Goods procured in ports by carriers: services 
survey. 

Mirror data: goods delivered to EU institutions in 
Belgium that are available on Eurostat’s website. 

Merchanting: monthly/quarterly survey based on 
the activity code and declarations for ITGS. 

Information on illegal activities received from national 
accounts. 

Non-monetary gold without physical delivery: 
services survey of banks. 

Ministry of Finance: list of domestic sales and 
purchases (national concept) through a combination 
of VAT client listings. 

BG  Data compiled by 

the NSI 

Merchanting and goods procured in ports by 
carriers: quarterly survey of enterprises trading 
internationally in goods and services. 

CZ  Data compiled by 

the NSI 

Merchanting and goods procured in ports by 
carriers: the NSI’s enterprise services survey. 

VAT data. 

DK  Data compiled by 

Surveys on international trade in goods. 

VAT data, grossing up, administrative data for ships 
and planes, electricity, gas and fishing. 

The NCB’s monthly direct reporting. 

the NSI 

DE  Data compiled by 

the NSI 

EE  Data compiled by 

the NSI 

IE 

Data compiled by 
the NSI 

GR  Data compiled by 

the NSI 

ES 

ITGS compiled by 
the customs 
department of the 
Spanish tax 
agency 

Merchanting, goods acquired for own use, as 
well as goods procured in ports by carriers: 
NCB’s enterprise survey. 

Illegal activities: ITRS, one-stop-shop (OSS) tax 
schemes, police, the Estonian institute of economic 
research and the tax and customs board. 

The statistics are a combination of customs-
based non-EU trade statistics and data from the 
Intrastat survey of Irish traders involved in trade 
with other EU Member States. The collection of 
trade data is the responsibility of VIMA (a branch 
of the Irish tax collection agency, “the revenue 
commissioners”). The NSI is responsible for 
processing and disseminating the data (link). 

Goods data are also collected from large multinational 
firms participating in the survey of manufacturing and 
non-financial services companies (BOP40 – link). 
Merchanting and drop-shipping data are also reported 
on this form. 

Merchanting and goods procured in ports by carriers 
(imports): ITRS and direct reporting to the NCB. 

Military equipment: administrative sources used by 
the NSI. 

Merchanting: the NSI’s quarterly survey on 
services and other international transactions 
(Q+75 days). 

Illegal activities: information from the Ministry of the 
Interior and the Ministry of Health, Social Services 
and Equality. 

Goods for processing and goods for repair or 
storage: detailed ITGS data by nature of 
transaction and quarterly NSI’s survey on 
international trade in services and other 
international transactions (Q+75 days). 

9  

ITRS is a data collection system that obtains data from banks and companies at the level of individual 
transactions. The most comprehensive “traditional” ITRS measures: (1) cash transactions with non-
residents that pass through domestic banks, (2) cash transactions that pass through enterprise 
accounts with banks abroad, (3) transactions on inter-company accounts with non-resident companies, 
(4) positions, and (5) non-cash transactions. Statistics are compiled from forms submitted to/by 
domestic banks and forms submitted by resident companies. 

10   Administrative sources are data sources that provide data created originally for purposes other than the 

production of statistical data. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

44 

 
 
 
 
 
 
 
 
 
ITGS 

Surveys 

Other 

FR 

Goods procured in ports by resident carriers 
from non-residents: collected via the monthly 
direct reporting system for large companies and 
annual sample survey on smaller companies. 

HR  Data compiled by 

the NSI 

Goods procured in ports by resident carriers: 
NCB’s quarterly survey on transport services. 

General merchandise: data from the customs 
administration. 

Merchanting items: NCB’s quarterly survey on 
services. 

Goods for processing: NCB’s monthly survey on 
processing. 

Survey on consumption by foreign travellers in 
Croatia and domestic travellers abroad. 

Goods procured in ports by resident carriers: 
NCB’s quarterly survey on non-financial 
transactions. 

Merchanting: NCB’s quarterly survey on non-
financial transactions. 

Merchanting and goods acquired/sold by 
residents abroad: quarterly services survey 
(which also collects information on trade in 
specific goods not covered by ITGS. 

IT 

Data compiled by 
the NSI 

CY  Data compiled by 

the NSI 

LV  Data compiled by 

the NSI 

Quarterly report on transportation and 
intermediary services (3-MB). 

Monthly report on non-bank external payments; 
Monthly report on incoming external payments 
received by banks (1-IB). 

Goods procured in ports – information from 
survey on transportation and intermediary 
services compiled by Latvijas Banka on goods 
procured by non-resident carriers for own 
consumption in Latvia (exports) and resident 
carriers for own consumption abroad (imports). 

e-commerce (imports): (not covered by ITGS) 
estimated from card payment data. 

Imports of second-hand cars by households – 
estimate based on data from the Road Traffic Safety 
Directorate on registration of used cars and data from 
the NSI on average prices. 

e-commerce of goods: payment card data. 

Latvijas Banka’s profit and loss statement. 

Payment statistics reports on card-based payment 
transactions. 

LT  Data compiled by 

the NSI 

Merchanting and goods procured in ports by 
carriers: NSI’s quarterly survey on cross-border 
transactions of non-financial enterprises. 

Merchanting: interdepartmental tax data warehouse. 

LU  Data compiled by 

the NSI  

Merchanting: monthly and annual surveys on 
international trade in services. 

Card payment data. 

HU  Data compiled by 

the NSI 

Merchanting and goods procured in ports by 
carriers: NSI’s survey on international trade in 
services. 

MT  Data compiled by 

the NSI 

Cross-border e-commerce on goods: ad hoc 
surveys complemented by administrative 
sources. 

Goods procured in ports by carriers (for imports 
and fuel procured by resident transport operators 
from non-resident providers): surveys on a 
monthly basis. 

Merchanting: direct-reporting questionnaire. 

NL  Data compiled by 

Merchanting: NSI’s quarterly services survey. 

The NSI supplies information for the estimations of: 

the NSI 

•  exports/imports of goods related to illegal 

transactions; 

•  online trade; 

•  goods sent abroad for processing; 

•  global production arrangements; 

•  goods procured in ports by carriers; 

•  c.i.f./f.o.b. adjustment imports. 

AT  Data compiled by 

the NSI  

Merchanting is collected through the quarterly 
services survey. 

PL  Data compiled by 

Merchanting: quarterly services survey. 

the NSI 

Valuable goods transported by individuals: travel 
surveys. 

Import of second-hand cars from EU: based on 
Ministry of Finance data. 

VAT data: for non-resident adjustment. 

PT  Data compiled by 

the NSI 

Merchanting: direct reporting to the NCB. 

Goods procured in ports by carriers (imports): direct 
reporting to the NCB. 

RO  Data compiled by 

the NSI 

Merchanting: international trade in services 
quarterly survey conducted by the NCB. 

Illegal imports of goods and second-hand car imports 
by households: data estimated by the NSI. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

45 

 
 
 
 
 
 
 
 
 
ITGS 

Surveys 

Other 

E-commerce (imports) by households: card payment 
data.  

E-commerce (imports) by households and exports of 
fuel (purchases by foreign transporters): card 
payment data. 

Imports of motor vehicles from EU, by household (not 
covered by Intrastat System): administrative data. 

Illegal goods (smuggling, drugs): data from the NSI. 

SI 

Data compiled by 
the NSI 

Merchanting: monthly direct reporting (reports on 
trade in services, partly on trade in goods and on 
current/capital transfers with non-residents – 
BST). 

SK  Data compiled by 

the NSI 

Merchanting: NCB’s quarterly services statistical 
survey. 

FI 

Data compiled by 
Finnish Customs 

Merchanting, goods related to global production 
and imports of goods procured in ports by 
carriers: ITS quarterly survey conducted by the 
NSI. 

SE  Data compiled by 
the NSI, customs 
statistics and 
Intrastat. 

Merchanting and goods procured in ports by 
carriers: survey on services. 

exports of fuel in ports by carriers: (focused) 
monthly survey. 

Cross-border e-commerce on goods: survey on 
credit card data. 

1.3 

Compilation methods 

To align ITGS with b.o.p. methodology for compiling the goods account, a number of 
adjustments to ITGS are traditionally necessary. ITGS include transactions that 
belong in the services account instead of the goods account (e.g. goods for 
processing); ITGS  do not include transactions in goods that do not cross the 
reporting economy’s borders (e.g. merchanting); ITGS include transactions that need 
to be nullified in the b.o.p. (returned goods). Finally, transactions in non-monetary 
gold need to be allocated to the corresponding sub-category in the b.o.p. goods 
account.  

The following transactions are typically deducted from ITGS when compiling 
general merchandise: 

• 

• 

• 

• 

• 

• 

• 

costs of transport and insurance on imports (c.i.f./f.o.b. adjustment); 

returned goods; 

goods for processing; 

goods for repair or storage; 

goods exported/imported for construction projects abroad/in the reporting 
economy; 

non-monetary gold (separate goods item, not included in general merchandise); 

estimate of imports / exports by non-resident enterprises registered for VAT 
purposes. 

The following transactions are commonly added to ITGS: 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

46 

 
 
 
 
 
 
• 

• 

• 

• 

• 

• 

• 

goods procured in ports by carriers on the import side (on the export side, they 
are already included in ITGS);  

goods changing ownership entering/leaving the territory illegally;  

goods acquired from other economies for processing abroad; 

goods sold abroad after processing in other economies; 

valuables and durable goods purchased abroad that have to be recorded under 
goods instead of travel; 

goods under merchanting; 

estimate of imports / exports by resident enterprises registered for VAT abroad. 

By default, all countries are deemed to make the aforementioned adjustments, as 
needed. Specific information on these adjustments, when available, is detailed in the 
following two tables. In addition, depending on the circumstances of individual 
countries, other adjustments may be necessary; these are also listed in the tables. 

1.3.1 

General merchandise 

Specific features and deviations 

Adjustments to ITGS 

Other estimates 

EA 

BE  C.i.f/f.o.b adjustments are based on ITGS 

Gaseous natural gas: cross-border movements in ITGS are 
deducted and replaced with the results of a monthly survey, 
mandatory for all the resident enterprises that have a licence 
to supply natural gas and for all resident members of the 
trading point in Zeebrugge. 

Goods delivered to EU institutions in Belgium. 

Postal consignments to and from private individuals. 

BG  C.i.f./f.o.b. adjustment: the NCB and NSI have jointly 

developed an estimation methodology based on the analysis 
of c.i.f./f.o.b. correlations for imports of goods, depending on 
the various delivery categories, mode of transportation and 
carrier nationality. 

CZ  C.i.f./f.o.b. adjustment: calculated by the NSI. 

Goods under operational leasing (e.g. identification of 
aircrafts): using nature-of-transaction codes. 

Goods under processing: identified according to the nature-
of-transaction codes. 

Goods procured in ports by carriers: based on the NSI’s 
enterprise services survey. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) following the consignment principle vis-à-vis extra 
euro area counterparts.  

Import / export extrapolations based on VAT and VIES data, 
respectively. 

Illegal goods: provided by the national account unit of the 
NCB. 

Cross-border e-commerce on goods: based on detailed 
payment card data. 

Smuggled goods (tobacco, oil, drugs and textiles): provided 
by the national accounts unit of the NSI on a quarterly basis. 

Cross-border e-commerce on goods is not covered. 

Excluded information (due to the Intrastat reporting 
threshold): based on VAT data (also used to identify 
resident/non-resident institutional units). 

Illegal goods (tobacco, oil, drugs and textiles): provided by 
the national account unit of the NSI on a quarterly basis. 

DK  C.i.f./f.o.b. adjustments: based on data from ITGS and ITSS 

Illegal goods: estimated by the NSI. 

surveys. 

Cross-border e-commerce on goods: based on card payment 
data. 

DE  C.i.f./f.o.b. adjustments: model-based. The model uses 

weight of goods transported from monthly ITGS data, 
information on distances, freight rates and modes of transport 
to estimate adjustments. Freight rates are obtained from 
publicly available price indices compiled by the NSI and 
commercial providers. 

Estimates of informal economic activities are included for 
smuggling of drugs and cigarettes. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

47 

 
 
 
 
 
Adjustments to ITGS 

Other estimates 

EE  C.i.f./f.o.b. adjustments: based on c.i.f./f.o.b. ratio 

methodology, developed by the NSI. Ratios are regularly 
updated (the latest update was completed in 2019). 

IE 

The c.i.f./f.o.b. adjustment for imports is based on Intrastat 
(intra-EU trade in goods data survey) data, which is used to 
create a matrix of conversion factors for different trading 
regions and product types. High value Intrastat respondents 
provide both invoice value and statistical value for their goods 
imports, and these are used to calculate the conversion 
factors.  

(for more information: link). 

The NSI’s monthly data on ITGS include estimations to cover 
missing information due to the Intrastat reporting threshold 
and for missing or late reports. This includes cross-border e-
commerce on goods. These adjustments are based on 
monthly data on VAT declarations. 

.  

Illegal imports of goods (drugs, alcohol, tobacco): estimated 
by the NSI, using information from police, the Estonian 
Institute of Economic Research and the Tax and Customs 
Board. 

Cross-border e-commerce: using OSS scheme data (VAT on 
digital services). 

Purchases of aviation fuel abroad by Irish resident airline. 

Illegal cross-border trade. 

Price adjustments applied in order to more accurately reflect 
the impact of merchandise exports / imports on the Irish 
economy. 

Storage and provision costs.  

(for more information: link).  

GR  C.i.f./f.o.b. adjustments: the NCB applies a fixed 5% 

c.i.f./f.o.b. conversion coefficient, and the resulting difference 
is allocated as follows: 80% to transportation and 20% to 
insurance services. 

NSI data include estimates of the value of undeclared imports 
relating mainly to illegal activities (illegal trade of alcoholic 
beverages, tobacco, narcotic drugs and other products, e.g. 
clothing). 

Goods procured in ports by carriers (only imports; data 
derived from the ITRS/DIREQT reporting system). 

Cross-border e-commerce on goods is not covered. 

ES  C.i.f./f.o.b. adjustment for merchandise imports: calculated by 
the NSI’s department of national accounts, which consists of 
two components: 

Illegal goods: estimated on a quarterly basis by the NSI, 
(Q+40) within the framework of national accounts following 
the methodology and procedures recommended by Eurostat. 

•  adjustment for freight services: linked to the transport of 
merchandise imports between frontiers. Total tonnes/km 
transported are broken down according to means of 
transport. This information is collected in primary statistics 
on trade in goods. Three legs of freight services are 
identified: within the territory of the exporting country, 
between the borders of the two countries involved in the 
transaction and within the territory of the importing 
country. This information is not available in ITGS. To 
overcome this obstacle, distances for the three legs have 
been determined for each partner country. Prices to be 
applied to physical flows are obtained from multiple 
sources, including the main national transport companies, 
Asociación de Navieros Españoles (ANAVE), SeaRates 
and Port Authority (Ministry of Public Works) for sea 
services, the NSI and administrative sources (Ministry of 
Public Works) for road transport; 

•  adjustment for insurance services on merchandise 

imports based on information from ITGS data and the 
directorate general of insurance and pension funds 
(Ministry of Economy and Business). 

FR  C.i.f./f.o.b. adjustment: estimated by the customs 

administration as an aggregate correction rate. 

Illegal goods import (tobacco and drugs): estimated by the 
NSI.  

Goods under leasing arrangements are reclassified as 
leasing services. 

HR  C.i.f./f.o.b. adjustment: calculated by the NCB using the 
available NSI data on goods imports. The ratios of 
transportation and insurance services are calculated 
separately each year based on the goods imported at f.o.b. 
value and similar parities. 

IT 

C.i.f./f.o.b. adjustment: estimated by the NCB as the average 
unit transportation costs per means of transportation and 
counterpart geographical area multiplied by the volume of 
imports using information from its survey on international 
transports of Italy. 

Goods sold to foreign travellers and tourists: added to exports 
based on the survey on consumption of foreign travellers in 
Croatia and domestic travellers abroad. 

Goods purchased by domestic travellers and tourists from 
neighbouring countries (shopping expenditures) are added to 
imports. 

Illegal goods imports (drug trafficking and smuggling of 
alcohol and tobacco): estimated by the NSI. 

Cross-border e-commerce on goods is not covered. 

CY  C.i.f./f.o.b. adjustment: based on c.i.f./f.o.b. coefficients 

Illegal goods imports (e.g. narcotics): estimated by the NSI. 

provided by the NSI on a monthly basis. 

Goods under operational leasing: excluded from b.o.p. data. 

Valuable goods acquired by travellers (e.g. jewellery): 
excluded from travel and recorded under goods. 

Cross-border e-commerce on goods is not covered. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

48 

 
 
 
 
Adjustments to ITGS 

Other estimates 

LV  C.i.f./f.o.b. adjustments: Intrastat adjustments are performed 
separately for each country of consignment whereas 
Extrastat data adjustments are calculated separately in the 
breakdown by resident and non-resident carrier for each 
mode of transport and each country of the goods’ origin. 

Customs warehouse adjustment: the NCB makes 
adjustments to the NSI trade data in order to account for 
trade from and to customs warehouses that are not included 
in ITGS. 

Exports from shipping vessels: data compiled by the NSI on 
exports from Latvian shipping vessels fishing in extraterritorial 
waters are added to ITGS. 

Banknote production and coinage costs retrieved from the 
NCB’s profit and loss statement are added to ITGS. 

Data on goods procured in ports by carriers are added to 
ITGS based on information from the survey on transportation 
and intermediary services compiled by the NCB. 

LT  C.i.f./f.o.b. adjustments: freight is individually calculated for 
each means of transportation and depending on the sender 
country. 

Non-monetary gold is identified in foreign trade statistics by 
CN codes. 

Data on goods procured by Lithuanian carriers in 
ports/airports abroad are received from a quarterly survey on 
cross-border transactions of non-financial enterprises. 

Illegal goods imports: estimated by the NSI. 

Illegal goods (drugs, alcohol and tobacco): compiled by the 
NSI in its annual data. Monthly estimates are calculated by 
the NCB according to imports of goods and structure of illegal 
activities. Illegal activities are considered to be relevant only 
on the import side. 

Cross-border e-commerce on goods is not covered. 

LU  Goods delivered to EU institutions and other international 

organisations in Luxembourg. 

Missing monthly data are estimated on an individual basis 
with reference to past reporting periods. 

Goods procured in ports (including fuel sold in the national 
economy to non-resident carriers, as well as fuel procured by 
resident transport operators mainly for road and air transport 
from non-resident providers). 

Estimates of informal economic activities are provided 
together with national accounts. 

Cross-border e-commerce in goods is estimated based on 
credit card data. 

HU  C.i.f./f.o.b. adjustments: estimated as ratio to import data, 

excluding neighbouring countries. 

Illegal goods (drugs and tobacco): based on administrative 
sources. 

Valuables and consumer durables are deducted from travel 
and recorded under goods. 

Cross-border e-commerce on goods is not covered. 

Illegal goods: provided on a quarterly basis by the NSI’s 
National Accounts Unit. 

Cross border e-commerce in goods: compiled from ad hoc 
surveys complemented by administrative sources. 

MT  C.i.f./f.o.b. adjustment: statistical and invoice values 

contained in Intrastat and Extrastat forms are used to 
calculate shipment costs included in the value of goods 
imports. For items lacking this detail, a margin of 10% is 
applied, 90% of which is allocated to freight, and the 
remainder to insurance. 

Imports/exports of oil by non-resident companies registered 
in Malta only for VAT purposes are deducted. These are 
identified by VAT number; since this oil is not for local 
consumption, is re-exported and is deducted from goods 
imports/exports. Adjustments are carried out monthly. 

Yachts and aircraft operationally leased are deducted from 
goods imports/exports. Such data is identified by HS code 
and VAT number. Adjustments are carried out monthly. 

NL  Trade in goods in the quarterly b.o.p. is aligned with trade in 
goods in the national accounts. Integrated national accounts 
data for trade in goods include adjustments to ITGS for 
merchanting, goods sent/received from abroad for processing 
or repair, other global production arrangements, goods 
returned to sender, flows between affiliated enterprises, 
goods procured in ports by carriers and c.i.f./f.o.b.  

Illegal goods and cross border e-commerce in goods 
estimated to balance the three approaches to GDP  

Detailed information on these adjustments can be found in 
the GNI Inventory 2015 -The Netherlands (Chapter 5.14) 
(link). 

AT  C.i.f./f.o.b. adjustment: based on distance and freight rate. 

Additions/corrections to ITGS are taken from national 
accounts (illegal transactions), from additional survey 
(humanitarian assistance, valuables) and from estimates. 

Estimates of transactions in goods with no cross-border 
settlement are derived from input/output analysis. By merging 
reported data for various statistical purposes at an enterprise 
level, assumptions are made on missing import and export 
values. 

PL  C.i.f./f.o.b. adjustment: based on various statistical sources. 

Goods under processing identified according to the nature of 
the transaction codification system. 

Valuable goods based on travel surveys. 

Other goods transported across the border in larger 
quantities (i.e. vegetables, fruit, furniture, footwear and 
clothing): estimates made by the National Accounts 
Department of the NSI. 

Illegal goods (drugs, cigarettes and alcohol, without excise 
duty): estimates by the NSI. 

Estimate of imports / exports by non-resident enterprises 
registered for VAT purposes in Poland: based on VAT data. 

Adjustment for imports of second-hand cars from the 
European Union: based on information from the Ministry of 
Finance. 

PT  Goods under operational leasing (reclassified as services). 

Illegal goods (drug trafficking and tobacco smuggling). 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

49 

 
 
 
Adjustments to ITGS 

Other estimates 

C.i.f./f.o.b. adjustment takes into account the country of origin 
(by country for EU Member States and by continent for other 
countries). 

RO  C.i.f./f.o.b. adjustment: calculated by the NSI, according to 

c.i.f./f.o.b. coefficients, by geographical region 
(Intrastat/Extrastat) and by type of commodities. 

Goods under processing identified according to the nature of 
the transaction codification system. 

SI 

C.i.f./f.o.b. adjustment: estimated from detailed goods data 
and checked every five years with a survey of the largest 
transporters and goods exporters/importers. 

Goods exported / imported without customs declarations: 
BST reports, data on coverage adjustments to goods items, 
as well as data on current and capital transfers (excluding 
transfers within the EU budget) from 2008 onwards. 

Fuel purchases abroad by Slovenian carriers (from 2008 
onwards) (monthly BST reports) and estimates of non-
resident carriers’ fuel purchases in Slovenia (quarterly data 
on card payments). 

SK  C.i.f./f.o.b. adjustment calculated by the NSI. 

Goods for processing (both inward and outward) calculated 
mainly from ITGS and nature of transaction codes. 

Cross border e-commerce on goods by households. 

Illegal goods and imports of second-hand cars of residents: 
estimated by the NSI for national account purposes. 

Cross border e-commerce in goods (imports): estimated from 
data on credit cards issued by resident banks. 

Cross border e-commerce in goods: estimates included from 
2010 onwards based on payment card providers’ estimation 
of the purpose of payment (coefficient recalculated every five 
years); quarterly data with monthly breakdown. 

Illegal goods (drugs): the NSI’s annual estimates of net 
imports. Monthly data are extrapolated from recent data. 

Estimated imports of second-hand motor vehicles from the 
EU by households not covered by the Intrastat system, using 
Ministry of Finance data sources on a quarterly basis with a 
monthly breakdown. 

Illegal goods (alcohol/tobacco smuggling and drug 
trafficking): estimated by the NSI, which assumes 
responsibility for the estimates. These activities are currently 
considered to be relevant on the import side only. 

Household import of cars: estimation of individually imported 
cars (mainly second-hand cars) is calculated based on 
monthly statistics of the Ministry of Interior of Slovakia. As this 
is not part of the official merchandise trade, an estimate is 
required. 

Cross-border e-commerce: estimates currently developed 
with respect not only to goods but also to services (travel 
item). The main data source is payment card statistics in 
MCC code structures. 

Estimate of imports / exports by non-resident enterprises 
registered for VAT purposes is obtained from the NSI. 

FI 

C.i.f./f.o.b. adjustment: based on a sample survey of goods 
importers, which Finnish Customs carries out every five 
years. The survey outcome provides the share of freight and 
insurance items by commodity and region. The shares are 
verified at the macro level using asymmetry analysis in the 
Eurostat quality report, as well as data from the Finnish 
transport infrastructure agency, for example.  

Global production based on the ITS survey and analysed / 
corrected by national accounts on a case-by-case basis. 

Cross-border e-commerce (imports): estimated by the NSI 
based on commercial reports and added to ITGS. 

Imports of second-hand cars estimated by the NSI using data 
from the tax authority. 

Goods not changing ownership are analysed and corrected 
by national accounts on a case-by-case basis. 

Illegal goods (drugs) (imports): estimated by the NSI based 
on multiple sources. 

SE  C.i.f./f.o.b. adjustment: estimated using ratios between 

statistical and invoice values for Extrastat to reallocate from 
goods to services. Information from Extrastat and latest 
surveys on invoice values are used to estimate the same 
adjustments for Intrastat. Country-specific quotas for 
amendments on both goods and services are obtained from 
the sources mentioned. The latter is broken down by mode of 
transportation and freight insurance. 

No adjustment is made to avoid double counting for durable 
goods and valuables that may also be included in the travel 
item. 

Data on cross-border e-commerce in goods: based on 
quarterly sample survey on services. 

Estimate of fishing abroad: estimate based on information 
from ITGS, as well as from Swedish agency for marine and 
water management. 

1.3.2 

Other goods 

Specific features and deviations 

Net exports of goods under merchanting 

Non-monetary gold 

EA 

BE 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) following the consignment principle vis-à-vis extra 
euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) following the consignment principle vis-à-vis extra 
euro area counterparts. 

Merchanting data are collected through specialised 
monthly/quarterly surveys; selections are based on the 
activity code and ITGS declarations; estimations for non-
response are the same as for the services surveys. 

Data on non-monetary gold without physical delivery are 
added to ITGS (from the services survey of credit 
institutions). 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

50 

 
 
 
 
Net exports of goods under merchanting 

Non-monetary gold 

BG 

Merchanting is valued at transaction prices as agreed by the 
parties. 

Non-monetary gold: monthly data provided by the NSI.  

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

CZ 

Merchanting data are collected within the NSI’s enterprise 
services survey on quarterly basis. 

Non-monetary gold: monthly data provided by the NSI. 

DK 

Merchanting data are collected through surveys. 

Non-monetary gold is part of the goods survey.  

DE 

EE 

IE 

GR 

ES 

FR 

HR 

IT 

CY 

LV 

LT 

Merchanting data are collected via the direct reporting 
system. 

Non-monetary gold: information from monthly ITGS and the 
monthly direct reporting system. 

Merchanting data are reported in the Central Bank’s 
enterprise survey. 

Merchanting data are estimated as an adjustment to a net 
basis (link). 

Non-monetary gold without physical delivery: added to ITGS 
data using information from the Central Bank’s enterprise 
survey. 

Data on non-monetary gold: not included in goods but 
included in “Acquisitions less disposal of valuables” 
transaction, which consists of the acquisitions less disposals 
of precious stones, non-monetary gold, antiques, art objects 
and jewellery acquired and held primarily as stores of value. 
In the national accounts this transaction is mostly combined 
with changes in inventories. (link for further details). 

Merchanting data are derived from the ITRS and the direct 
reporting system on a cash basis. 

Non-monetary gold: information from monthly ITGS. 

Merchanting is calculated using quarterly data obtained 
within the NSI’s survey on services and other international 
transactions.  

ITGS data on non-monetary gold are supplemented with 
data from the market operations department of the NCB. 

Merchanting is collected by the NCB via monthly direct 
reporting by large companies and complemented by data 
collected from an annual sample survey. 

Not significant. 

Data on net value and commissions, as well as other income 
from merchanting, are collected through the survey on 
revenue and expenditure on foreign trade in services on a 
gross basis. 

Merchanting data are obtained within the NCB’s quarterly 
survey on non-financial transactions. 

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

Merchanting data are collected via the direct reporting 
system. 

Non-monetary gold: monthly data provided by the NSI. No 
estimation is made for transactions of non-monetary gold 
with no physical delivery. 

Net exports of goods under merchanting are derived from 
non-bank external payment data (ITRS). 

Data on merchanting are compiled on the basis of quarterly 
surveys on cross-border transactions of non-financial 
enterprises by the NSI and data from state information 
system “interdepartmental tax data warehouse”. 

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

LU 

Data are collected through direct surveys. 

Sales and purchases of non-monetary gold without physical 
delivery because the gold is held at specialised bullion 
storage centres are included.  

HU 

MT 

NL 

AT 

PL 

Merchanting data are collected through direct surveys and 
then grossed up by the NSI. 

Data are collected through direct surveys and then grossed 
up by the NSI.  

Survey data are available at three different frequencies, 
depending on the size of the enterprise surveyed. The 
adjustment is carried out monthly. 

Not significant. 

Quarterly merchanting data are included in the quarterly 
services survey received from Statistics Netherlands. 
Monthly data are derived from these quarterly figures. 

Data are collected through direct surveys and closely 
monitored by the structural business survey based on the 
definition of merchant. 

Monthly and quarterly data for non-monetary gold are 
provided by the NSI. 

Reports are fully covered by foreign trade statistics (IMTS). 

Data are based on the ITS survey compiled jointly by the 
NSI and NCB on a quarterly and annual basis. Export/import 
data are collected within the scope of the surveys. A 
geographical breakdown by country is also available. 

Non-monetary gold: information from monthly ITGS. 

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

PT 

Merchanting operations data are calculated based on direct 
reports to the Central Bank. 

Information from monthly ITGS. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

51 

 
 
 
 
 
Net exports of goods under merchanting 

Non-monetary gold 

RO 

SI 

SK 

The data source for merchanting is the quarterly 
international services statistics survey conducted by the 
Central Bank. The ITS survey sample includes economic 
agents involved in triangular commerce with goods (based 
on fiscal data) (separately for imports and exports). 

Exports and imports are collected for each month in the 
quarterly report. A geographical breakdown by country is 
also available. 

Merchanting data are obtained from monthly BST survey 
with geographical detail. 

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

Non-monetary gold obtained from NSI (ITGS data base) 

Merchanting data are obtained within the scope of the NCB’s 
quarterly services survey. A geographical breakdown for this 
item is available. 

Non-monetary gold exports / imports; data obtained from the 
NSI. No estimation is made for transactions of non-monetary 
gold with no physical delivery. 

FI 

ITS survey. 

Included in ITGS. 

SE 

Merchanting data are collected through the quarterly sample 
survey. 

No estimation is made for transactions of non-monetary gold 
with no physical delivery. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Goods 

52 

 
 
 
 
 
2 

Services 

(As of October 2023) 

2.1 

Methodology 

Services are the result of a production activity that changes the conditions of the 
consuming units or facilitates the exchange of products or financial assets. Services 
are not typically separate items over which ownership rights can be established, and 
they cannot generally be separated from their production. 

The services account of euro area/European Union b.o.p. statistics consists of 
the items presented below, which are to be recorded the moment they are delivered:  

Manufacturing services on physical inputs owned by others cover processing, 
assembly, labelling, packaging, etc. undertaken by an enterprise that does not own 
the goods in question (ownership of the goods does not change) and that is paid a 
fee by the owner. The value of the fees charged is not necessarily the same as the 
difference between the value of goods sent for processing and their value 
subsequent to processing. Assembly of prefabricated constructions (included in 
construction), as well as labelling and packaging incidental to transport (included in 
transport), is excluded.  

Maintenance and repair services not included elsewhere (n.i.e.) cover 
maintenance and repair work by residents on goods that are owned by non-residents 
(and vice versa). The repairs may be performed at the site of the repairer or 
elsewhere. Repairs and maintenance of ships, aircraft and other transport equipment 
are included in this item. Cleaning of transport equipment is included in transport. 
Construction maintenance and repairs are included under construction. Maintenance 
and repairs of computers are included under telecommunications, computer and 
information services.  

Transport covers all transportation services (sea, air and other – including land, 
inland waterway, rail, space and pipeline) that are performed by euro area residents 
for non-residents or vice versa and that involve carrying people or objects from one 
location to another, as well as related supporting and auxiliary services. Postal and 
courier services are also included. Passenger services provided to non-residents in 
the euro area by euro area carriers within euro area economies or vice versa 
(included under travel) are excluded.  

Construction covers the creation, renovation, repair or extension of fixed assets in 
the form of buildings, land improvements of an engineering nature and other 
engineering constructions (including roads, bridges, dams, etc.). It includes related 
installation and assembly work, site preparation and general construction, 
specialised services such as painting, plumbing and demolition and management of 
construction projects. The construction contracts covered in international trade in 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

53 

 
 
services are generally of a short-term nature. A large-scale construction project 
contracted by a non-resident enterprise that takes a year or more to be completed 
will usually give rise to a resident branch. 

Travel includes goods and services which euro area/EU travellers acquire from non-
residents of the euro area/EU or which euro area/EU residents provide to travellers 
residing outside the euro area/EU during visits of less than one year, net of any 
purchases made with money earned or provided locally. Unlike other services, travel 
is not a specific type of service but an assortment of goods and services consumed 
by travellers. Travel includes local transport (i.e. transport within the economy being 
visited and provided by a resident of that economy) but excludes personal 
international transport in connection with travel, which is included under transport. 
Travel excludes goods for resale or other goods exceeding customs thresholds, 
which are to be included in general merchandise.  

Insurance and pension services cover direct insurance, reinsurance, auxiliary 
insurance services, pensions and standardised guarantee services. These services 
are estimated or valued by the charges included in total premiums rather than by the 
total value of premiums.  

Financial services cover intermediary and auxiliary services, excluding insurance 
and pension fund services, and are usually provided by banks and other financial 
corporations. In euro area b.o.p. statistics these services are broken down into (i) 
explicitly charged and other financial services and (ii) financial intermediation 
services that are measured indirectly (FISIM).  

Many financial services are explicitly charged and require no special calculation. 
They include fees for deposit-taking and lending, fees for one-off guarantees, early 
or late repayment of fees or penalties, account charges, fees related to letters of 
credit, credit card services, commissions and charges related to financial leasing, 
factoring, underwriting and clearing of payments. Financial advisory services, 
custody of financial assets, financial asset management, monitoring services, 
liquidity provision services, risk assumption services (other than insurance), merger 
and acquisition services, credit rating services, stock exchange services and trust 
services are also included. Dealers in financial instruments may charge, in full or 
part, for their services by incorporating a spread between their buying and selling 
prices; these margins on buying and selling transactions are also included in 
explicitly charged and other financial services.  

Actual interest can be considered to include both an income component and a 
charge for service. Lenders and deposit-takers operate by providing rates of interest 
to their depositors that are lower than the rates that they charge their borrowers. The 
resulting interest margins are used by financial corporations to defray their expenses 
and generate an operating surplus. By convention, these indirect charges of interest 
apply only to loans and deposits and only when the loans and deposits are provided 
by, or deposited with, financial corporations. For loans from financial corporations, 
FISIM is the difference between the interest actually payable on loans and the 
amount that would be payable if a reference rate were used; for deposits with 
financial corporations, FISIM is the difference between the interest that would be 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

54 

 
 
earned if a reference rate were used and the interest actually earned. Such a 
reference rate should not contain a service component and should reflect the risk 
and maturity structure of deposits and loans (the rate prevailing in interbank 
borrowing and lending is usually a suitable choice).  

Charges for the use of intellectual property (n.i.e.) include: (i) charges for the use 
of proprietary rights (such as patents, trademarks, copyrights, industrial processes 
and designs, including trade secrets and franchises) that may arise from research 
and development, as well as from marketing; and (ii) charges for licences to 
reproduce or distribute intellectual property embodied in produced originals or 
prototypes (such as copyrights on books and manuscripts, computer software, 
cinematographic works and sound recordings) and related rights (such as for live 
performances and television, cable or satellite broadcasts). 

Telecommunications, computer and information services encompass the 
transmission of sound, images or other information by telephone, telex, telegram, 
radio and television cable and broadcasting, satellite, electronic mail, facsimile 
services, etc., including business network services, teleconferencing and support 
services. They do not include the value of the information transported. Mobile 
telecommunication services, internet backbone services and online access services, 
such as providing access to the internet, are also included. Installation services for 
telephone network equipment are excluded since they are included in construction.  

Computer services consist of hardware and/or software-related services and data-
processing services. Also included are hardware and software consultancy and 
implementation services; maintenance and repair of computers and peripheral 
equipment; disaster recovery services; provision of advice and assistance on matters 
related to the management of computer resources; analysis, design and 
programming of ready-to-use systems (including web page development and design) 
and technical consultancy related to software; licences to use non-customised 
software; development, production, supply and documentation of customised 
software, including operating systems made to order for specific users; systems 
maintenance and other support services such as training provided as part of 
consultancy; data-processing services such as data entry,; tabulation and processing 
on a time-sharing basis; web page hosting services (i.e. provision of server space on 
the internet to host clients’ web pages); and computer facilities management. 
Charges for licences to reproduce and/or distribute software included in charges for 
the use of intellectual property (n.i.e.) are excluded. Leasing of computers without an 
operator is included in technical, trade-related and other business services.  

Information services comprise news agency services, database services (database 
conception, data storage and dissemination of data and databases, including 
directories and mailing lists), both online and through magnetic, optical or printed 
media; and web search portals (search engine services that locate internet 
addresses for clients who input keyword queries). Direct, non-bulk subscriptions to 
newspapers and periodicals, whether by mail, electronic transmission or other 
means, as well as other online content provision services and library and archive 
services are also included. Bulk newspapers and periodicals are included under 
general merchandise. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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55 

 
 
Other business services include: (i) research and development services; (ii) 
professional and management consulting services; and (iii) technical, trade-related 
and other business services.  

Research and development services are associated with basic research, applied 
research and experimental development of new products and processes. In 
principle, such activities in the physical sciences, social sciences and humanities, 
including the development of operating systems that represent technological 
advances, are covered in this category. Commercial research related to electronics, 
pharmaceuticals and biotechnology is also included.  

Professional and management consulting services include: (a) legal services, 
accounting, management consulting, managerial services and public relations 
services; and (b) advertising, market research and public opinion-polling services.  

Technical, trade-related and other business services encompass: (a) architectural, 
engineering, scientific and other technical services; (b) waste treatment and de-
pollution, agricultural and mining services; (c) operating leasing services; (d) trade-
related services; and (e) other business services (n.i.e). 

Personal, cultural and recreational services include audio/visual and related 
services, as well as other personal, cultural and recreational services. Audio/visual 
and related services are services and associated fees related to the production of 
motion pictures (on film or videotape), radio and television programmes (live or on 
tape) and musical recordings. Rentals of audio/visual and related products, as well 
as access to encrypted television channels (such as cable or satellite services); 
mass-produced audio/visual products purchased or sold for perpetual use that are 
delivered electronically (downloaded); fees received by performing artists (actors, 
musicians and dancers), authors, composers, etc. are included. Charges or licences 
to reproduce and/or distribute audio/visual products are excluded, as these are 
included in charges for the use of intellectual property (n.i.e.). Other personal, 
cultural and recreational services include: (a) education services, (b) health services, 
(c) heritage and recreational services and (d) other personal services. 

Government goods and services (n.i.e.) is a residual category covering 
government transactions (including those of international organisations) in goods 
and services which cannot be classified under other items. Included are all 
transactions (in both goods and services) by enclaves such as embassies, 
consulates, military bases and international organisations with residents of 
economies in which the enclaves are located. Transactions of the enclaves with 
residents of the home economies are excluded. 

2.2 

Sources 

Surveys are the main data sources across the various components of the services 
account in most countries. However, overall services data include data from other 
sources, for example administrative sources and estimates, as well as 
reclassifications such as from goods to freight and insurance services (c.i.f./f.o.b. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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56 

 
 
adjustment) and from primary income to financial services (FISIM), ITRS information, 
etc. The following table presents the main surveys implemented in euro area/EU 
countries, together with other general data sources. Subsequent tables numbered 1 
to 6, present item-specific data sources and/or compilation methods. 

Specific features 

Surveys 

Other 
(ITRS, direct reporting system, administrative sources, etc.) 

EA 

BE 

BG 

CZ 

DK 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

The main other sources are:  

•  payment card data; 

• 

imports and exports from the EU institutions (mirror data); 

•  FISIM and c.i.f./f.o.b.estimates. 

The NCB is responsible for collecting services surveys. For 
the non-financial sector, the system is made up of two 
subsystems: an exhaustive survey, on a monthly or quarterly 
basis, for major enterprises; and a non-exhaustive survey, 
on a quarterly basis, for other companies. An exhaustive 
survey is also foreseen for head offices, insurance brokers 
and tour operators. The financial sector is surveyed in 
exhaustive detail. Estimates of non-response to exhaustive 
surveys are based on a constant-sample estimation method. 
The growth rate between two periods for companies having 
completed the survey is applied to companies that had not 
responded. Extrapolations are performed for companies not 
included in the survey samples (grossing-up to the 
population). These adjustments are based on VAT grids 44, 
46, 48 and 84, 86, 88. Extrapolation and non-response 
estimates are carried out by a statistical tool developed in-
house. The declarations in the service surveys are based on 
respondents’ bookkeeping. Respondents are instructed to 
report transactions when they occur and not when they are 
paid (accrual basis). 

Quarterly surveys of enterprises engaged in international 
trade in services (ITSS) are conducted by the NCB. 

Estimation models are described in detail under the 
corresponding categories.  

The NSI is responsible for primary data collection on 
exports/imports of transportation and other services whereas 
the NCB compiles the travel item, as well as providing 
margin and FISIM estimates. 

The direct reporting system of the NSI is completed by SNA 
estimates for insurance and pension schemes. The NCB 
provides, in addition to margin and FISIM estimates, 
financial services for the MFI sector based on ITRS and 
travel data (data provided by foreign exchange offices and 
collected from payment cards). 

The monthly survey on international trade in services from 
the largest enterprises covers approximately 80% of total 
transactions. Smaller enterprises report either on a quarterly 
or on an annual basis. 

The most important data source for services is a 
combination of monthly reports from approximately 390 
enterprises and annual reports from approximately 1,300 
enterprises reporting on behalf of 45,000 enterprises in total. 

Data from overnight stays and interviews are used for the 
travel item. 

Data from one-stop shop (OSS) are used for e-commerce 
services, and data from public finance are used for public 
services.  

DE 

Most service data are obtained from the NCB’s monthly 
direct reporting system. 

Other sources include: 

•  administrative sources;  

Household survey (for travel debits). 

EE 

The service items are mainly compiled from the NSI’s ITSS. 

IE 

The quarterly b.o.p./i.i.p. compilation system is based on 
surveys and administrative data and is closely integrated 
with the compilation of the rest-of-the-world account in the 
national accounts. 

•  debit and credit card transactions;  

•  additionalsources. 

The survey is supplemented by monthly data from the ITRS. 
The number of non-resident visits to Estonia and the number 
of resident visits abroad are estimated using mobile 
positioning data provided by OÜ Positium LBS (including a 
geographical breakdown). Administrative sources are used 
for the government sector and MFIs: namely, the general 
government’s system of accounts, credit institutions’ report 
on services that are sold to, and bought from, non-residents 
and the NCB’s financial statement. An OSS is used to 
supplement service data, i.e. mainly digital services 
purchased by private individuals. 

As a result of these constraints, monthly estimates which are 
prepared by the NSI rely largely on data collected by the 
NCB, along with some supplementary data collected by the 
NSI. The latter also uses a modelling approach for some 
elements of the monthly current account.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

57 

 
 
 
 
Surveys 

Other 
(ITRS, direct reporting system, administrative sources, etc.) 

The NSI does not operate a full monthly data collection 
system, largely because of the additional heavy burden it 
would place on b.o.p./i.i.p. survey respondents and, more 
generally, because of resource constraints concerning the 
collection and compilation of b.o.p./i.i.p. statistics.  

Tourism, travel and transport data are collected by other 
divisions of the NSI and included in the b.o.p. statistics. 

GR 

Most service categories are compiled from monthly direct 
reporting system DIREQT. Travel services are compiled on a 
monthly basis from the NCB’s frontier survey results.  

Additionally, with the exception of travel and sea transport 
services, most services categories are compiled from ITRS 
data on a monthly basis.  

Cross-border trade activity in sea transport services is 
estimated on a monthly basis according to the Greek 
shipping estimation model. 

ES 

FR 

HR 

IT 

For services other than travel, the main source of 
information is the survey on international trade in services 
and other transactions (ITSS) carried out by the NSI, 
complemented by other sources for certain types of services 
Until 2022, the population framework was mainly based on 
data declared by payment service providers and survey 
results were enhanced by an estimate of transactions for 
resident units that operate exclusively under the reporting 
threshold. 

From 2023 onwards, the population framework relies on 
recapitulative statements of intra-EU services operations 
compiled by the Tax Agency. 

Monthly direct reporting system: complete survey of 
approximately 700 major non-financial enterprises (with total 
international transactions in at least one service or income 
entry exceeding €30 million a year), as well as monthly and 
annual transaction reports provided by financial 
intermediaries on their trade in services. 

The direct reporting system is supplemented by an annual 
sample survey of approximately 3,500 companies. 

Surveys concerning revenues and expenditures on foreign 
trade in services and other special transactions with non-
residents (USPB) are the sources of data on services 
(excluding travel, insurance, construction, manufacturing 
services and transport). 

Special surveys collecting data on insurance services, 
construction, manufacturing services and transport are 
conducted separately due to the complexity of recording 
transactions relating to these services in the b.o.p. The 
travel estimate is based on a survey of travellers (stratified 
sample) at border crossings, combined with data from the 
Ministry of the Interior and Croatian Bureau of Statistics on 
the number of foreign and domestic travellers. 

For services other than travel and transport, the main data 
source is the direct reporting system questionnaire TTN 
(Transazioni trimestrali non finanziarie), which is a quarterly 
survey to collect non-financial transactions from a sample of 
resident non-financial and insurance enterprises. There are 
around 5,000 statistical reporting units, and the non-
response rate is below 5%. The stratification variables are  

• 

total turnover; 

Other data sources used for various estimates included in 
the service item are: 

•  annual estimate of the supplementary premium and 

insurance service coefficients, segregated into life and 
non-life classes and based on the profit/loss account and 
balance sheet of the entire Italian insurance sector, as 
supplied by the national statistical institute; 

•  Central Bank reports on settlements made on behalf of 

•  Foreign direct investment presence (inward and 

the general government; 

outward);  

•  data provided by the Ministry of Economy and Finance 

•  cross-border payment (executed via a resident bank) 

relating to EU disbursements in favour of Italy;  

presence. 

•  OSS data. 

Specific surveys are designed for travel and transport, which 
are described in the respective tables. 

CY 

For the compilation of international trade in services, a 
mixed collection system is in place that involves specific 
surveys conducted by the NCB or the NSI at various 
intervals. Details are indicated under the corresponding 
categories. 

Other data sources are: 

• 

financial statements of legal entities; 

•  an international database for the compilation of shipping 

data (identification of economic owner and information for 
the grossing-up procedure); 

• 

internet transactions of services of natural persons; 

•  c.i.f./f.o.b. adjustments on FTS; 

•  estimates of imputed rent for non-residents owning a 

secondary residence in Cyprus, as well as for Cypriots 
owning real estate abroad; 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

58 

 
 
 
 
 
 
Surveys 

Other 
(ITRS, direct reporting system, administrative sources, etc.) 

• 

the Treasury of the Republic of Cyprus for government 
transactions; 

•  estimates of e-gambling services, as calculated by the 

NSI; 

• 

illegal activities in the field of services – adoption of the 
NSI’s estimate;  

•  Eurostat’s database for service transactions vis-à-vis EU 

institutions. 

LV 

•  Quarterly report on foreign assets and liabilities (1-MB)  

Other data sources are: 

•  Quarterly financial report (1-FP) 

•  MFI balance sheet statistics; 

•  Quarterly report on transportation and intermediary 

•  Latvijas Banka’s profit and loss statement; 

services (3-MB)  

•  payment statistics reports on card-based payment 

•  Quarterly report on services (4-MB)  

transactions (starting with data for 2020); 

LT 

Quarterly survey of non-banking enterprises; more than 
4,000 enterprises participate in the survey conducted by the 
NSI, with a non-response rate of below 5%. 
Quarterly report from MFI data 

•  monthly reports on non-bank external payments; 

•  monthly reports on incoming external payments received 

at a credit institution (1-IB); 

•  Treasury data on the general government sector: 

•  NSI foreign trade statistics; 

•  NSI surveys on persons entering and/or leaving the 

country (up to end-2019) 

•  NSI and SJSC Riga International Airport data on the 

number of persons entering and/or leaving the country 
(up to end-2019) 

•  Ministry of Foreign Affairs data on revenue and 

expenditure of Latvian embassies;  

•  State Revenue Service data on VAT repaid to foreign 

embassies;  

•  Ministry of Finance data on contributions to the EU 

budget;  

•  data on direct insurance and reinsurance premiums and 
claims compiled by Latvijas Banka within the scope of 
supervision statistics. 

The NSI provides: 

•  quarterly reports on travel agencies providing reservation 

services (F-09); 

•  quarterly reports on housing services (HOT-01); 

•  quarterly reports on private housing services (HOT-02); 

•  outbound tourism statistical survey TUR-02 (primary data 

collected through surveys of Lithuanian residents: 
number of travels and nights spent, purpose of travel, 
vehicle used, type of accommodation, country visited and 
expenditure); 

• 

inbound tourism statistical survey TUR-04 (primary data 
collected through surveys of foreigners: number of travels 
and nights spent, purpose of travel, vehicle used, type of 
accommodation, place of permanent residence and 
expenditure); 

•  monthly statistical information on the number of 

passengers at airports; 

•  monthly statistical information on exports and import of 

goods;  

•  one-stop-shop data. 

The NCB provides: 

•  quarterly statistical information on FISIM;  

•  quarterly reports from EMI on financial services (NCB). 

•  Administrative sources are also used: 

•  monthly data on the number of foreigners coming into 

Lithuania from non-EU countries and residents departing 
from Lithuania, as provided by the State Border Guard 
Service at the Ministry of the Interior;  

•  monthly data on services collected from the 
interdepartmental tax data warehouse. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

59 

 
 
 
Surveys 

Other 
(ITRS, direct reporting system, administrative sources, etc.) 

Bank reporting (ITRS): all resident banks, regardless of their 
legal status, report their cross-border transactions (on their 
own account) in services to the Central Bank on a monthly 
basis. No threshold applies. The time lag is ten working days 
following the end of the reference month, but daily reporting 
is also accepted. 

Administrative and other sources are also used. 

LU 

For the compilation of international trade in services, a 
hybrid collection system is in place with a multitude of data 
sources and a range of treatments. 

Monthly and annual survey on international trade in services 
conducted by the NSI (“take all, take some”): “Take all” 
covers monthly reporting of big players in services 
(approximately 300 respondents). The stratum selection 
criterium depends on the relative share in past b.o.p. 
transactions, the NACE classification, employment and the 
importance of international trade in services based on VAT 
returns. All necessary breakdowns are requested. The time 
lag is 15 working days following the end of the reference 
month. The “take some” survey covers annual reporting of a 
sample of companies, likewise across all necessary 
breakdowns. Grossing-up is done on an individual basis 
using VAT figures on exports/imports of services. 

HU 

Trade-in-service data are provided quarterly by the NSI, 
based on various sources such as ITGS and direct surveys 
conducted by the NSI. 

Administrative data are also used in the case of government 
goods and services (n.i.e.) 

MT 

Service transactions are mainly collected using 
questionnaires and reports. 

Administrative data are used to estimate c.i.f./f.o.b. 
adjustments. 

NL 

AT 

PL 

For the financial sector – including MFIs, insurance 
corporations, investment funds and other financial 
institutions – services are collected by a census from reports 
on a monthly, quarterly and annual basis, depending on the 
respondent sample size.  

Service transactions of the non-financial sector are collected 
through a survey. Large enterprises are surveyed on a 
monthly basis, medium enterprises on a quarterly basis and 
small enterprises on an annual basis. 

Data on the service trade in b.o.p. are based on the service 
trade in the national accounts, which in turn are primarily 
derived from data on international trade in services statistics 
(ITSS) collected and compiled by the NSI on a quarterly 
basis, mainly via direct reporting by large enterprises and 
through a survey of small and medium-sized enterprises, as 
well as direct reporting by monetary financial institutions and 
special purpose entities (SPEs). Geographical detail in b.o.p. 
is based on ITSS.  

On behalf of the Central Bank, the NSI compiles quarterly 
data on service exports/imports from non-financial 
corporations, excluding agriculture, forestry, banks, 
insurance companies, the public sector and non-profit 
organisations. The survey covers all service categories 
except travel (which is compiled separately, making use of 
multiple primary and secondary data sources). 

Approximately 4,800 non-financial enterprises are regularly 
surveyed. The basic threshold for the reporting obligation is 
set at €500,000 for exports or imports, respectively, in the 
preceding calendar year to reach a coverage of 90% of the 
concentration sample in each industrial sector (two-digit 
NACE). Additionally, in 2021 a threshold of €5 million was 
set for quarterly reports to capture “large case” transactions. 
Transactions below the reporting threshold (quarterly and 
annually) are estimated using administrative data sources 
(value added tax information exchange system). The general 
enterprise survey is supplemented by a separate compilation 
among 120 non-profit organisations. 

The Central Bank conducts a similar survey of the financial 
sector, mainly banks and insurance companies. 

The main source of data on services is a joint ITSS survey 
conducted by the NSI and NCB. The survey covers transport 
services, manufacturing services on physical inputs owned 
by others, maintenance and repair services and other 
services. The data are collected on a quarterly and annual 
basis (large and smaller companies, respectively) and 
broken down by required component type and country. 

For travel items, two separate surveys are conducted. The 
first is a household survey (debit side) and the second is a 
survey on the outflow of foreigners from Poland (credit). The 
surveys are conducted jointly by the NSI, NCB and Ministry 
of Tourism. 

Gross earnings from tourism and gross expenditure by 
residents travelling abroad are derived from monthly frontier 
surveys carried out by the population and tourism statistics 
unit of the NSI. 

Travel, government services, insurance/pension services 
and financial services are (partly) collected from other 
sources (see tables for corresponding services).  

Several statistical sources are combined at the national 
accounts department in order to balance the three 
approaches against GDP, resulting in adjustments to source 
data for imports/exports of services.  

Statistical and administrative data are used to estimate the 
c.i.f./f.o.b. correction, travel, the insurance service charge, 
life insurance imports, online gambling, FISIM and dealers’ 
margins, as well as digital transactions of households. 

Other data sources included in services data compilations: 

•  c.i.f./f.o.b. adjustment compiled using multiple statistical 

sources of information; 

•  administrative data (VAT MOSS); 

•  FISIM (based on MFI sector data); 

• 

illegal activity (NSI estimates); 

•  survey of short-term non-resident workers and Polish 
short-term workers (relative to their expenditures);  

• 

insurance estimates (financial supervisory authority data);  

•  Ministry of Finance data on contributions to the EU 

budget (government services). 

EU Balance of Payments and International Investment Position – Statistical sources and 
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60 

 
 
 
PT 

RO 

SI 

SK 

FI 

SE 

Surveys 

Other 
(ITRS, direct reporting system, administrative sources, etc.) 

Direct reporting is the main source for compiling services. 
The NCB also uses data produced by the NSI (ITGS, 
tourism statistics and FISIM).  

Administrative sources, resident banks’ direct reporting and 
NSI estimates. 

For travel the main data source is represented by monthly 
data reported by banks on the credit/debit card transactions 
of non-residents in Romania (credit) and of residents abroad 
(debit). It is estimated that specific ratios of online payments 
are travel-related. Data are approximated according to the 
results of the annual information & communication 
technology survey conducted by the national statistics 
institute, which offers details on customer preferences 
regarding online purchases. Additional data are collected 
from foreign exchange bureaus and through the quarterly 
ITSS survey. 

Estimates of illegal activities involving international trade are 
provided by the NSI and included in b.o.p. statistics by the 
NCB. 

Specific mathematical algorithms are applied to calculate 
insurance services and FISIM. 

Provisional monthly data (available at t+45 days) are 
estimated based on historical data and revised once the 
survey results are available. 

Data from administrative sources (e.g. VAT data from the 
Ministry of Finance on the government’s exports of services) 
and from the NSI are also used for a number of services 
items. 

The main data source for international service statistics is a 
quarterly survey conducted by the Central Bank in 
cooperation with the NSI. In the quarterly report, 
exports/imports of services can be separately identified for 
each month of the corresponding quarter. The statistical 
population consists of about 8,500-9,000 reporting entities 
(public and private companies and institutions) and is 
derived from administrative sources (fiscal declarations) in 
close cooperation with the NSI. The coverage is about 85% 
of total transactions, segregated into intra-EU export, extra-
EU export and intra-EU import, extra-EU import, 
respectively, in the preceding year. 

An automatic IT grossing-up procedure is used to ensure 
100% coverage of data collected from the cut-off sample. 

Monthly direct reporting (NCB’s BST report) is the main 
source for trade in services except travel. The BST report 
consists of 163 items (reported as receipts and 
expenditures), of which approximately 120 are sub-items 
and used as sources for multiple items. For data on 
services, approximately 70 items from the BST report are 
used as sources on the import side and, correspondingly, 
also on the export side. 

Specific surveys are conducted by the NCB and NSI for 
travel services. 

The main data source for services is the quarterly survey on 
external trade in services. Currently, the NCB obtains data 
from 2,000 respondents (financial and non-financial 
enterprises) to the quarterly survey on services. The register 
of enterprises surveyed is updated each year. No threshold 
is applied. Respondents report transactions according to the 
BPM6 classification, and a full geographical breakdown is 
available. 

The other main data sources are: 

•  monthly payment card data; 

•  quarterly payment card data (geographical breakdown); 

•  monthly surveys of travellers at accommodation 
establishments and tourism providers (NSI); 

•  annual surveys of tourist intermediaries (NSI);  

The international trade in services survey conducted by the 
NSI is the main source for compiling services data. It is 
carried out among large enterprises on a quarterly basis. 
Smaller enterprises are encouraged to respond annually. 

Insurance services are based on a survey of resident 
insurance enterprises conducted by the Financial 
Supervisory Authority. 

Statistics Sweden conducts a quarterly sample survey on 
services and transfers. Since 2012, the survey covers 
roughly 6000 entities, of which the majority are companies. 
Governmental agencies, non-profit organisations, 
municipalities and counties are also represented. The 
respondents are stratified by economic activity, size and 
likelihood of trade. A geographical breakdown of services 
and transfers is mandatory for all respondents. 

•  annual household surveys (NSI); 

•  MOSS information. 

Administrative sources are also used. 

The VAT register provides information on exports/imports of 
services. 

Credit card use both abroad and in Sweden is reported by 
credit card companies.  

2.3 

Compilation methods 

Services are to be compiled on a gross basis, the correct service category and 
counterpart country need to be identified carefully. Many service items can be 
directly obtained from surveys or ITRS, while some items need to be estimated 

EU Balance of Payments and International Investment Position – Statistical sources and 
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61 

 
 
 
 
 
based on different data sources as they cannot be observed directly, such as FISIM 
or insurance services. Item-specific compilation methods, including the use of 
specific data sources, are summarised hereafter by type of service.  

2.3.1 

Manufacturing services on physical inputs owned by others and 
maintenance and repair services  

Specific features and deviations 

EA 

BE 

BG 

Manufacturing services on physical inputs owned by 
others 

Maintenance and repair services 
(n.i.e.) 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Adjustments to coverage of manufacturing services on 
physical inputs owned by others are based on foreign trade 
statistics. 

Adjustments to coverage of maintenance and repair services 
(in the compiling economy) are based on foreign trade 
statistics. 

Data are identified according to the nature of the codification 
system for classifying transactions compiled for ITGS 
purposes, received monthly by the NSI. 

Quarterly data (ITSS) are reported directly.  

CZ 

Data compiled by the NSI are based on foreign trade 
statistics data and estimates. 

Sample of respondents involved in maintenance and repair 
services reporting directly to the NSI. 

DK 

Direct reporting. 

Direct reporting (ITSS survey of enterprises). 

DE 

EE 

IE 

GR 

ES 

FR 

HR 

NCB’s monthly direct reporting system is used to compile 
manufacturing services statistics on physical inputs owned 
by others. 

Maintenance and repair services (n.i.e.) are collected via the 
NCB’s monthly direct reporting system. 

The NSI’s International Trade on Services Statistics survey 
is supplemented by estimates calculated using ITGS. 

NSI’s International Trade on Services Statistics survey is 
supplemented by the ITRS. 

Repairs and processing work are reported to the extent that 
the service provided has not been reflected in the value of 
the goods concerned as shown on customs declarations.  

Contract manufacturing: Once the production cycle is 
completed for a product, it is sold to a customer abroad and 
a change of economic ownership takes place between 
Ireland and the buyer country. The export of the good is then 
recorded in the Irish National Accounts and Balance of 
Payments. The value added that accrues to Ireland from this 
manufacture and ultimate sale of a product is the sale price 
of the good produced less the following costs associated 
with production: 

• 

import of manufacturing services; 

•  supply of material inputs used in production; 

• 

• 

import of royalties for use of the patents;  

imports of other services, including transport. 

Manufacturing services are compiled monthly from direct 
reporting system (DIREQT) and ITRS data. 

Maintenance and repair services are compiled monthly from 
direct reporting system (DIREQT) and ITRS data. 

 See compilation methods for manufacturing services on 
physical inputs owned by others  

Until 2022, the sample design of the survey on ITS was 
based on NCBs foreign credits and debits provided by 
payment service providers (PSPs). From 2023 onwards, the 
sample design relies on recapitulative statements of intra EU 
services operations compiled by Tax Agency (VIES). The 
sample is further stratified by NACE, size (employment and 
VIES statements) and ownership. Customs ITGS data are 
used as complementary source. 

A special statistical survey has been conducted since 2014 
for collecting data on manufacturing services on physical 
inputs owned by others. The monthly survey is based on a 
sample and collects data on manufacturing services 
provided/received to and from non-residents, as well as the 
value of goods for processing. The value of goods is used 
for goods account adjustments. 

IT 

This item is directly estimated by the NSI and derived from 
the procedure that excludes transactions on goods for 
processing from ITGS data. 

Quarterly data (ITSS/TTN questionnaire) are reported 
directly. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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62 

 
 
 
 
 
 
 
 
Manufacturing services on physical inputs owned by 
others 

Maintenance and repair services 
(n.i.e.) 

The FTS division provides monthly data to b.o.p. compilers 
on both imports and exports, with the net amount of repairs 
calculated and recorded in the services account. 
Additionally, the NCB collects supplemental data through its 
surveys (mainly services and ship-owning surveys). Data are 
cross-checked at company level to avoid double-counting. 

The survey on transportation and intermediary services is 
complemented by non-bank external payment data from the 
NCB. 

Maintenance and repair services are included in quarterly 
reports on corporate financial (commercial) activities with 
non-residents, as collected by the NSI. 

CY 

The FTS division provides monthly data to b.o.p. compilers 
on both imports and exports of goods-under-processing 
trade, broken down by nature of transaction (from ITGS). 
Based on the nature of the transaction, the net amount of 
processing is calculated and recorded in the services 
account. Supplemental data on processing are collected 
quarterly, as well as directly from the NCB (ITSS), and 
cross-checked at company level to avoid double-counting. 

LV 

Based on ITGS data (NSI). 

Manufacturing services on physical inputs owned by others 
are included in quarterly reports on corporate financial 
(commercial) activities with non-residents, as collected by 
the NSI. 

The NSI’s monthly and annual direct reporting system is 
used to compile manufacturing services on physical inputs 
owned by others. 

LT 

LU 

HU 

MT 

Data are collected through direct reporting surveys and then 
grossed up by the NSI. 

Data are collected through direct reporting surveys and then 
grossed up by the NSI. 

Sources include a survey of non-financial companies (NFCs) 
and SPEs, the census for the largest NFCs (monthly) and a 
sample of other companies (quarterly or annually, depending 
on the size of the companies). There are estimates for non-
responding units. 

Sources include a survey of non-financial companies and 
SPEs, the census for the largest NFCs (monthly) and a 
sample of other companies (quarterly or annually, depending 
on the size of the companies). There are estimates for non-
responding units. 

NL 

Data (ITSS) are collected by the NSI. 

Data (ITSS) are collected by the NSI. 

Manufacturing services are principally compiled as part of 
the basic services survey in the non-financial sector. 
Additionally, information from ITGS, as well as input/output 
tables, is used to explore the reporting population.  

Data are based on the ITS survey conducted jointly by the 
NSI and NCB on a quarterly and annual basis. 

Data are based on the ITS survey conducted jointly by the 
NSI and NCB on a quarterly and annual basis. 

This item is estimated based on direct reporting to the NCB, 
as well as information from the NSI (ITGS).  

Quarterly data (ITSS) are collected by the NCB. Correct 
sampling of reporting entities is done in cooperation with the 
NSI, which conducts ITGS (which also includes 
manufacturing services). 

The NCB collects manufacturing services in the monthly 
BST report. The population is determined on the basis of 
ITGS data. 

Data (ITGS) are collected by the NSI. The nature-of-
transaction codes specific to inward and outward processing 
is used. All information is available on a monthly basis with a 
full geographical breakdown. 

This item is estimated based on direct reporting to the NCB. 

Quarterly data (ITSS) are collected by the NCB. 

The NCB collects maintenance and repair services in the 
monthly BST report. The population is determined on the 
basis of data on companies' annual reports delivered to 
AJPES. 

Data are compiled based on quarterly ITSS.  

AT 

PL 

PT 

RO 

SI 

SK 

FI 

SE 

Data are compiled based on quarterly ITSS. 

Data are compiled based on quarterly ITSS. 

2.3.2 

Transport and construction 

Specific features and deviations 

EA 

BE 

Transport 

Construction 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Direct reporting is complemented by payment card data from 
card issuers. Adjustments to c.i.f./f.o.b. are included. 

Long-term construction projects (over one year) are 
considered to be construction services, not direct 
investment. However, it is assumed that significant contracts 
lead to the creation of an affiliate and thus are in fact 
registered as direct investment. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

63 

 
 
 
 
 
 
 
 
 
BG 

CZ 

DK 

DE 

Transport 

Construction 

Freight: Receipts and payments are estimated according to 
the mode of transportation and carrier nationality. Due to the 
time lag in receiving detailed data from the NSI on trade with 
EU Member States (42 days following the end of the 
reporting period), the preliminary compilation of freight 
transportation transactions is based on data for the 
preceding year. These estimates are subject to revision after 
receiving preliminary detailed data on trade, with a 
breakdown by trade partner and type of goods. 

Passenger transport: Data are estimated on the basis of the 
border survey conducted by the NCB and NSI, which 
includes monthly data on the number of cross-border 
travels. 

Other transport, postal and courier services are collected in 
the quarterly survey of enterprises trading internationally in 
services. 

Data on transportation of goods and passengers are 
included in the regular quarterly questionnaire reported by 
respondents directly to the NSI. Passenger transport paid by 
border, seasonal and other short-term workers is not 
estimated in the services balance. 

Data for construction services carried out abroad according 
to the guideline cover less than one year. Quarterly data 
(ITSS) are reported directly. Construction projects for longer 
than one year are classified as FDI relationships. 

Quarterly data (ITSS) are reported directly to the NSI. 

Quarterly data (ITSS) are reported directly, and c.i.f./f.o.b. 
adjustments are subsequently applied. Special reporting and 
modelling are in place for some companies. 

Direct reporting (survey on ITSS from enterprises); some 
estimations are applied for foreign enterprises operating in 
Denmark. 

Information on passenger transportation is obtained via the 
NCB’s monthly direct reporting.  

Freight transportation services are obtained using an 
estimation model. The results are supplemented by the 
NCB’s monthly direct reporting. 

Data for construction services are collected via monthly 
direct reports. Construction does not include exports/imports 
of goods from and to the customs territory. These goods are 
included in the goods account. 

EE 

The services items are compiled mainly from the NSI’s ITSS 
survey and supplemented by monthly data from the ITRS. 

Data (ITSS) are reported directly to the NSI and 
supplemented by ITRS data. 

IE 

GR 

ES 

Data on transport services are broken down by mode of 
transport, as well as by passenger, freight and other forms of 
transportation. Electricity transmission includes transfer 
charges if distinguishable from cost of production and 
distribution of electricity; cost of electricity being transmitted 
and of distribution services to consumers are excluded. 

For tourism/travel, the credit item represents receipts of 
residents from non-resident visitors other than passenger 
fare receipts of Irish passenger carriers from non-residents; 
the latter are included under transport credits. The 
tourism/travel debit item represents foreign expenditure by 
Irish residents on foreign travel. Because of the difficulty of 
separately distinguishing passenger fares paid to non-
resident carriers, this component of expenditure is generally 
included in the tourism/travel debit item (rather than being 
more appropriately categorised as a debit item under 
transport). Payments made to Irish passenger carriers by 
Irish residents are excluded. 

Because of the presentation of merchandise imports on an 
f.o.b. (rather than c.i.f.) basis, the freight component of the 
c.i.f.-to-f.o.b. adjustment is included in transport. 

Information on air and sea transport is collected from a small 
number of carriers.  

Transport services are determined mainly from direct 
reporting and ITRS data. Sea transport services are 
collected through the direct reporting system and the ITRS; 
however, a new estimation model for estimating b.o.p. items 
related to cross-trade shipping activity has been 
implemented since 2015 based on administrative data, 
international databases and sound econometric techniques. 

The main source is quarterly ITSS data for transport other 
than freight services (including passenger transport, 
auxiliary services, postal and courier services). Until 2022, 
the ITSS sample design mainly relies on the NCBs foreign 
credits and debits provided by PSPs. From 2023 onwards, it 
is based mainly in recapitulative statements of intra EU 
services operations compiled by the Tax Agency.. 

“Other services not elsewhere specified” covers construction 
services. 

Monthly data (ITSS) are reported directly and supplemented 
by ITRS data. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

64 

 
 
 
 
Transport 

Construction 

Monthly data (ITSS) are reported directly. The sample is 
revised quarterly. 

Quarterly data (ITSS/TTN questionnaire) are reported 
directly. The questionnaire includes a specific section for 
construction services. 

The main source is the direct reporting system. 

Construction services are included in the quarterly report on 
corporate financial (commercial) activities with non-residents 
(F-06), as collected by the NSI. 

FR 

HR 

IT 

Some of the data on freight services come from direct 
reporters’ filings and annual supplementary survey on 
international trade in services. Some of the amounts are 
calculated by the NCB using the c.i.f./f.o.b. ratios estimated 
by customs (see also previous section on goods). Data on 
air passenger transport come from direct reporters’ filings, 
as well as direct reporting by foreign airlines (payments 
related to flight and sales activity, as well as cash 
transactions with head offices and affiliates in other 
countries). 

Revenues and expenditures arising from transportation of 
goods and passengers, as well as the value of 
accompanying services, which together constitute the total 
value of these services, are compiled on the basis of results 
of the statistical survey on international transportation 
services, as carried out by the NCB. Owing to an 
exceptionally large population of road carriers, revenues and 
expenditures of road freight are not collected from this 
survey. This item is instead compiled on the basis of data 
from export customs declarations and c.i.f./f.o.b. estimates 
by the Road Freight Transporters Association. 

Freight services are calculated by combining information 
from the “sample survey on international transportation 
costs” and foreign trade statistics. Data are calculated 
consistently with the c.i.f./f.o.b. adjustment of goods: 
average transport unit costs are multiplied per resident/non-
resident market share and per volume of imports/exports.  

For passenger transport, data are derived from the “sample 
survey on international tourism”. 

Passenger services and freight services do not include 
rentals of vessels without crew. Supporting and auxiliary 
services are separately identified for each mode of transport. 

CY 

The NCB’s semi-annual survey of ship-managing companies 
(all resident companies providing ship management services 
to ship-owning companies that are registered both in Cyprus 
and abroad), as well as the NCB’s annual survey of ship-
owning companies (all resident ship-owning companies). 

Credit card data are used for passenger transport payments 
and FTS, as compiled by the NSI for freight services. 

Data for all other sub-categories of transportation services 
are obtained through quarterly services survey. 

Survey on transportation and intermediary services (NCB)  

Transportation services are included in the quarterly report 
on corporate financial (commercial) activities with non-
residents (F-06), as collected by the NSI. C.i.f./f.o.b. 
adjustments are based on the NSI’s ITGS. The NCB makes 
some adjustments for freight. Freight is individually 
calculated for each means of transportation, depending on 
the sender country. Freight transportation costs are added to 
transportation service imports, while freight insurance 
expenses (which are deducted) are included in insurance 
services imports. 

LV 

LT 

LU 

HU 

MT 

NL 

AT 

The NSI’s monthly and annual direct reporting system is 
used to compile transport services. 

Monthly and annual data (ITSS) are reported directly to and 
compiled by the NSI. 

Data are collected through direct surveys and then grossed 
up by the NSI. Reported data are adjusted on the basis of 
c.i.f./f.o.b. estimates (also by the NSI). 

Monthly data (ITSS) are reported directly to, and compiled 
by, the NSI. 

Survey of non-financial companies and SPEs (census for 
the largest companies and sample for the rest). 
Frequency: monthly, quarterly and annual 
Estimates for non-response are included. 

Survey of non-financial companies and SPEs (census for the 
largest companies and sample for the rest). 
Frequency: monthly, quarterly and annual 
Estimates for non-response are included. 

Data are provided by the NSI from the ITSS survey, as well 
as adjustments based on information from several statistical 
sources, which is combined at the NSI’s NA Department. 

Data (ITSS) are reported directly to, and compiled by, the 
NSI. Long-term construction projects are classified as 
construction services instead of foreign direct investment. 

Non-financial sector survey results (by mode of transport) 
are complemented by estimates of the c.i.f./f.o.b. correction 
(distance/freight rate method) and estimates of transport 
components in travel packages, as well as fuel exports 
according to price differentials with neighbouring countries. 

Data on cross-border construction are taken from the 
general services survey in the non-financial sector. In 
particular, information on joint ventures is coordinated with 
the survey on direct investment.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

65 

 
 
 
 
 
PL 

PT 

RO 

SI 

SK 

FI 

SE 

Transport 

Construction 

The main data source is the ITSS survey (quarterly and 
annual), conducted jointly by the NSI and NCB. Additionally, 
the special procedure for c.i.f./f.o.b. adjustments is applied. 
Estimates are based on the ITGS, prices indexes, 
geographical distance, insurance data and share of non-
resident-owned means of transport. 

Airplane ticket estimates from travel surveys are also used 
(quarterly survey among Polish households). 

Information on transport collected under the direct reporting 
system distinguishes between means of transportation (sea, 
air, rail or other transport), as well as transportation category 
(passenger, freight or other transport). Information for the 
debit side of the category “freight” for the various means of 
transportation is taken from the conversion process from 
c.i.f. to f.o.b. valuation of goods imports. 

Quarterly and annual data (ITSS) are collected jointly and 
directly by the NSI and NCB. 

Information on construction is collected under the direct 
reporting system covering operations with non-residents. 

Quarterly data (ITSS) are collected by the NCB and 
accompanied by direct reporting of resident banks for 
international construction services transactions performed 
on their own account. 

Quarterly data (ITSS) are collected by the NCB and 
accompanied by direct reporting of resident banks for 
international construction services transactions performed 
on their own account. 

A percentage of the international card transaction data 
reported on a monthly basis by resident banks are used to 
complete the data on the air passenger transport item. 

The NCB collects the monthly BST report. The population is 
determined on the basis of data on companies’ annual 
reports delivered to AJPES. 

The NCB collects the monthly BST report. The population is 
determined on the basis of data on companies’ annual 
reports delivered to AJPES. 

Grossing-up procedures for total population and non-
response estimates in the final month are included. 

Grossing-up procedures for total population and non-
response estimates in the final month are included. 

Quarterly data (ITSS) are collected directly. C.i.f./f.o.b. 
adjustments are from ITGS (NSI). 

Quarterly data (ITSS) are collected directly. 

Transport services are collected through the quarterly ITSS 
survey and complemented by a c.i.f./f.o.b. adjustment. 

Air transport is part of the quarterly survey on services. 
Another survey is addressed to a large player on the market 
that is co-owned by the Swedish government and two other 
Nordic countries. 

There are difficulties in aligning b.o.p. guidelines for 
construction services with ITGS guidelines. The construction 
services item is not recorded as a whole since trade in 
goods includes all cross-border-related goods. 

2.3.3 

Travel 

Specific features and deviations 

Travel 

EA 

Addition of euro area country data (incl. ECB, ESM, and EFSF) vis-à-vis extra euro area counterparts. 

BE 

BG 

CZ 

DK 

DE 

Travel statistics are based on card payment transactions from card issuers and are complemented by data from the 
National Social Security Office, as well as mirror data from Luxembourg. Estimations of exports of prostitution services are 
also added to the travel component. 

The estimation model for travel is based on the number of cross-border travels (received monthly by the NSI), multiplied by 
the respective expenditure by type of travel purpose. Estimates of expenditures (receipts) by travel purpose are based on 
data collected from the border survey of travelling Bulgarians and foreigners, as conducted by the NCB during the period 
August 2007-July 2008. 

The NCB is responsible for compiling the travel item, in cooperation with the NSI. Data on business and personal travel, 
including seasonal workers as part of business travel, are provided by the NSI. Educational statistics are used as a primary 
source for personal travel (number of non-resident students studying in the Czech Republic and number of resident 
students studying abroad). Health-related transactions are provided by the centre for international reimbursements on a 
yearly basis. Data on credit card transactions for travel purposes (cash and non-cash transactions) are provided by the 
bank card association on its website. 

The most important source of travel revenue statistics is the questionnaires for foreign travellers conducted by the NSI in 
cooperation with Visit Denmark. Travel expenditure is compiled using different information collected by the NSI from railway, 
airline and shipping companies on consumption by residents abroad, number of nights abroad and transport abroad from 
mirror data. 

Travel debits are based on the results of a household survey representing the population of Germany. The continuous 
survey is conducted by a research institute via telephone and supported by written procedures. For current monthly and 
quarterly results, preliminary monthly figures are estimated using direct reporting data and regARIMA estimates. 

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methods – Services 

66 

 
 
 
 
 
 
 
Travel 

EE 

IE 

Credits are estimated on the basis of debit/credit card transactions reported by card issuers. For cross-checking purposes, 
partner country data and accommodation statistics from the NSI are used. With respect to commuters and students, data 
from the German social security system; as well as statistics on higher education from the NSI, are reflected in the travel 
expense estimate. 

The number of non-resident visits to Estonia and of resident visits abroad s are estimated using mobile positioning data 
provided by OÜ Positium LBS (including a geographical breakdown). Inward/outward travel expenditures per capita are 
estimated from the household survey and travel motivation survey conducted by the NSI. 

Tourism and travel: The passenger card inquiry collects information from incoming/departing passengers at seaports and 
airports. It captures information such as the purpose of journey, length of stay, country of residence, type of accommodation 
and approximate expenditure.  

The household travel survey collects information from private households through postal surveys to measure 
outbound/domestic travel patterns by inquiring about residents’ overnight stays, purpose of each journey, type of 
accommodation used and related expenditure. Each month, over 4,600 households (approximately 0.3% of all private 
households) are randomly selected from the electoral register, where the selection is stratified by district electoral division. 
Following collection at ports and airports and from households, the data are used to produce the statistics in the tourism-
and-travel release. The data are then used in the balance of payments and subsequently provided to national accounts. 
Different adjustments are made to the data according to the distinct methodology of each publication. The necessary 
variations in treatment result in different final figures due to the varying definitions across the standards that apply for the 
outputs, such as: 

exclusion of fares; 

exception to one-year residency threshold for students;  

cross-border shopping;  

imputed rent.  

GR 

The NCB has commissioned a monthly frontier travel survey since May 2002. Incoming non-residents are surveyed on their 
expenditure in Greece upon departure, and outgoing residents are surveyed on their expenditure abroad upon arrival. The 
survey takes place at airports, seaports, road crossings and railway stations. It provides a breakdown by travel purpose 
(such as personal and business purposes), with a further breakdown of personal travel into leisure, studies, health, visits to 
relatives and other, as well as a geographical breakdown into euro area, EU and other major countries. The overall 
statistical treatment of the results is performed by the NCB on a monthly basis. 

ES 

For travel credits, the main source of information is the tourist expenditure survey (EGATUR) conducted by INE. The survey 
results are adjusted to exclude items corresponding to margins of non-resident travel agencies and tour operators. 

For debits, estimates are based mainly on information on external transactions settled with bank cards issued against 
accounts in Spain and available through the NCB’s payment system. This information, broken down by type of transaction 
(through automated teller machines, point-of-sale terminals and e-commerce), is complemented by data disseminated by 
the Telecommunications Market Commission and broken down by e-commerce economic activity to isolate sectors related 
to travel. 

On both the credit and debit side, when non-residents (residents) temporarily occupy their own dwellings located in Spain 
(abroad), a travel service (rental expense) is imputed (partly offset against direct investment income). These estimates are 
made by the NSI within the framework of national accounts, combining information on overnight stays in own dwellings 
(from EGATUR for credits and from the residents travel survey carried out by the NSI for debits) together with information 
on average household size and average rentals in secondary dwellings. 

FR 

Residents’ expenditure abroad is tracked by means of a monthly survey of a panel of 20,000 resident households on their 
personal travel (tourism demand survey/suivi de la demande touristique(SDT)). Another survey of a panel of 10,000 resident 
individuals provides information on business travel (survey on business expenditure abroad/enquête sur les dépenses 
professionnelles à l’étranger(EDPE)). 

Expenditure by non-residents visiting France is measured by means of surveys of foreign visitors (80,000 questionnaires 
per year) in airports, ports, motorway rest areas and on major international rail routes (Survey of Foreign Visitors – Enquête 
auprès des visiteurs venant de l’étranger(EVE)).  

In addition, a monthly survey of cross-border credit/debit card transactions polls credit institutions and payment institutions 
handling card payments and provides further information on foreign visitor spending in France and resident spending 
abroad. 

HR 

Since 2012, the travel account has been based on a combination of the level of tourism consumption in 2011 (estimated) 
together with an econometrically computed indicator, using the following variables: 

foreign tourist arrivals and nights; 

number of foreign travellers at border crossings; 

total tourist consumption according to the Central Bank’s survey; 

number of the employed in accommodation and food service activities; 

revenues of hotels and restaurants; 

price index of hotel and restaurants services; 

real retail trade turnover index; 

currency outside banks; 

foreign credit card transactions; 

banks’ turnover in transactions with natural persons in the foreign exchange market; 

EU industrial production. 

IT 

The primary source for the travel account is the NCB’s “sample survey on international tourism”, based on the so-called 
“inbound/outbound frontier” collection method. It covers all relevant border points: about 100,000 face-to-face interviews, 
supported by a structured questionnaire and 200,000 annual counting operations.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

67 

 
 
 
Travel 

Mobile phone data are also used to estimate the number of international travel arrivals/departures at each border point, 
which is essential information in order to gross up the sample data to the reference population. 

Additional information on total monthly flows of international travellers for each type of border originates from national 
transportation authorities and private transportation companies. The survey provides a detailed breakdown by travel 
purpose. Data on travel expenditures are broken down by a number of classification characteristics, both of the traveller and 
of the trip. 

CY 

Travel services are compiled from various sources: the NSI’s monthly traveller surveys, the NCB’s annual surveys on 
education services (combined with mirror data from the UK and Greece) and the survey on spending both by Cypriots 
abroad and by non-residents in Cyprus, with estimates of imputed rent and spending by non-residents with a secondary 
residence in Cyprus also included. 

Quarterly data on spending abroad are derived from monthly departures by travel purpose (travellers’ survey), their 
spending abroad (credit card information) and length of stay abroad. Currently, the NSI provides only annual data on the 
actual expenditure of Cypriot travellers abroad.  

The survey on education services covers all resident colleges/universities with non-resident students; the total number of 
students per country is multiplied by the average cost of studies. 

LV 

LT 

Data on travel are obtained from the NSI on persons entering and leaving Latvia. State joint stock company Riga 
International Airport conducts random surveys of travellers on a permanent basis; travellers are surveyed at other border 
checkpoints four times a year, thus providing information on non-resident spending in Latvia and resident spending abroad. 
The number of travellers crossing the state border at border checkpoints with Russia and Belarus, as well as railway, sea 
and airport checkpoints, is provided by the state border guard of Latvia. 

Travel credit/debits consist of various data sources. Travel credits are derived from the number of travellers arriving at 
frontiers (state border guard service data) combined with NSI data (statistical survey on inbound tourism, statistical survey 
on visitor flows at border crossing points, statistical survey on tourism enterprises and statistical survey on accommodation 
services), multiplied by average expenditure per person (statistical survey on inbound tourism and statistical survey on 
visitor flows at border crossing points). Travel debits are compiled using the number of Lithuanian travellers returning from 
abroad (NSI’s survey on outbound tourism) combined with NSI’s survey on tourism enterprises, multiplied by average 
expenditure per person (NSI’s survey on visitor flows at border crossing points). 

LU 

Sales (including fuel and tobacco) to non-resident commuters are considered services in business travel (credit). A mix of 
basic information (administrative sources, regular surveys and accommodation statistics) is used to compile travel services.  

Travel debits are partially based on a quarterly survey and expenditures by residents paid through debit/credit cards.  

Education-related travel data are based on monthly per capita estimates by country. 

HU 

MT 

NL 

AT 

Travel credits/debits are estimated by the NSI on the basis of administrative sources (number of travellers crossing non-
Schengen borders, as well as illegal activities) and surveys (number of travellers crossing Schengen borders and per capita 
traveller spend). 

Gross earnings from tourism and gross expenditure by residents travelling abroad are derived from monthly frontier surveys 
carried out by the population and tourism statistics unit of the NSI. 

External sources of health-related expenditures (the Care Institute Netherlands), education-related expenditures (travel 
information provided by Nuffic), expenditures during holidays (continuous holiday survey (CVO) conducted by NBTC-NIPO 
Research, sample data from accommodation statistics (SLA survey conducted by Statistics Netherlands) and information on 
inbound one-day trips from NBTC), border/seasonal/short-term workers (information from the Migrants Monitor 2014-2015 
compiled by Statistics Netherlands and multiple external sources) and expenditures during business trips (sample data from 
accommodation statistics, as well as household survey (continuous business travel survey) conducted by NBTC-NIPO 
Research). 

Due to the special nature of travel transactions (mode 2, not directly observable and mainly part of household consumption), 
data are estimated by means of a so-called hybrid compilation system, i.e. making utmost use of existing statistical and 
administrative data. For exports, the compilation is mainly based on tourism statistics (overnight stays), which are 
complemented by information from business and price statistics, as well as the ECB’s payment statistics. Additional data 
sources for transactions of students, cross-border workers and private room rentals are also used (Erasmus statistics, 
social security system and income tax system). For imports, a household survey is conducted by the NSI, and the results 
are complemented by information from mobile positioning data and payment statistics. Additional statistical and 
administrative data sources are used to capture specific transactions, e.g. students, cross-border workers and car imports. 

PL 

For travel items, two separate surveys are conducted. The first is a household survey (debit side), and the second is 
foreigner outflows from Poland (credit). The surveys are conducted jointly by the NSI, NCB and Ministry of Tourism. The 
surveys cover expenditures made by tourists and one-day travellers. 

Estimates of expenditures by seasonal and border workers are based on surveys of Polish short-term workers abroad and 
short-term non-residents working in Poland. 

Travel estimates are supplemented by illegal transactions estimated by the NSI. 

PT 

Travel estimates are based on a breakdown of accommodation and other expenses. The breakdown is performed for debits 
and credits.  

For accommodations, the estimate is based on the results of the 2016 international tourism survey, extrapolated from 
monthly data published by the NSI on tourist expenditures (credit side) and bank card payment data (debit side). 

For other expenditures, the estimate relies on means of payment used to make these expenses, broken down into three 
components: 

i) payments with cards;  

ii) cash withdrawals with cards;  

iii) an estimate of cash use.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

68 

 
 
 
Travel 

RO 

The main data source for travel is the monthly banking reports on credit/debit card transactions of non-residents in Romania 
(credit) and residents abroad (debit). Specific ratios are applied to these values. Other additional data sources used in the 
compilation and validation of travel services are data collected from foreign exchange bureaus, quarterly surveys on 
international trade in services and the NSI’s surveys on travel services. The breakdown by business and personal travel 
(further broken down into health, education and other) is performed by applying ratios to the total value of travel export. The 
ratios are estimated based on the quarterly survey on tourism expenditure of non-residents , as conducted by the NSI. 
Acquisition of goods and services by border, seasonal and other short-term workers is derived from the compensation-of-
employees item by using a mathematical algorithm. 

SI 

The NCB is responsible for compiling the travel item, in cooperation with the NSI. For export of travel, the following 
elements are used: 

• 

the survey on foreign tourists is used to estimate the primary aim of travel (business travel, health care, education and 
other) and expenditures by each of these types. The survey on foreign travellers is used to estimate the structure of 
travellers by same-day travellers and by transit travellers, as well as their respective expenditures; 

•  arrivals and overnight stays of foreign tourists, broken down by country of residency (monthly administrative source), 

which is the basis for the number of tourists who stay more than one day;  

•  number of border crossings (to define the population of foreigners entering Slovenia, NSI data from automatic counters 

and monthly data). 

Based on these data sources, the following six categories of data are calculated and broken down by country, using data 
from mobile phone operators: 

•  business travel;  

•  health-related travel;  

•  education;  

•  other;  

•  same-day travellers;  

• 

transit travellers. 

For travel debits, the following elements are used:  

• 

• 

the quarterly survey on travel of domestic citizens providing the value of expenditures of the domestic population 
travelling abroad (same-day trips and longer trips);  

the amount spent on transportation to and from the foreign destination, which is then subtracted from total expenditures 
in order to avoid double-counting (since it is already included in transport services).  

Based on this survey, the following five categories of data are calculated and ultimately broken down by country, using data 
from mobile phone operators:  

business travel;  

health-related travel;  

education;  

other;  

same-day travellers. 

SK 

For travel, the source data are: 

• 

the monthly survey of travellers at accommodation establishments and tourism providers (NSI); 

•  monthly payment card data (banks and card issuers); 

•  quarterly payment card data (geographical breakdown); 

•  quarterly frontier surveys (NSI); 

• 

• 

• 

the annual survey of tourist intermediaries (NSI);  

the annual household survey (NSI). 

In addition, the NSI incorporates illegal activities (namely, exports of prostitution services). 

FI 

The major source on the debit side (residents travelling abroad) is the monthly travel survey, in which 2,350 Finnish 
residents are interviewed. The survey is carried out as a mixed-mode data collection (web and telephone interview survey). 
Statistics Finland’s interviewers conduct telephone interviews. Based on the survey data, weights are compiled for every trip 
and the expenditure for each country is estimated. The main sources on the credit side (tourists in Finland) are 
accommodation data and the consumer price index (CPI). The border survey (discontinued in 2012) is still the basis for the 
credit side. Credit values are calculated using accommodation data and CPI data linked to the base values from 2012. In 
the future, we hope to launch border surveys again to obtain up-to-date figures on incoming travel. 

SE 

The use of Swedish credit cards abroad and foreign credit cards in Sweden is reported by credit card companies. Sales and 
purchases of banknotes and traveller’s cheques are reported by banks and other companies that trade in currencies with 
the general public.  

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69 

 
 
 
 
2.3.4 

Insurance and pension services and financial services 

Specific features and deviations 

EA 

BE 

BG 

CZ 

DK 

DE 

Insurance and pension services 

Financial services 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Insurance and pension services are collected in the services 
survey.  

For registered insurance and reinsurance companies: 
exhaustive monthly or quarterly survey 

For insurance brokers (if a company has full annual accounts 
available and more than ten employees): exhaustive monthly 
or quarterly survey 

FISIM is computed by the national accounts unit of the NCB 
on the basis of interest matrices with information by 
counterpart sector (“who to whom”). 

Annual accounts of resident undertakings of collective 
investment are used by the national accounts unit of the 
NCB to compute an estimate of asset management costs 
(equivalent to the sum of the expenses not covered by 
commissions explicitly charged to shareholders), which are 
taken out of income and included in financial services. 

Other financial institutions (institutions for occupational 
retirement provision, collective investment undertakings, 
stockbroking firms and asset management companies) are 
targeted by an exhaustive monthly, quarterly or annual 
survey. 

Annual data are received by the NSI, and quarterly ITSS 
data are collected.  

Financial services without FISIM are collected in ITSS. FISIM 
is computed by the NSI’s national accounts unit.  

Exports of life and non-life insurance services and 
exports/imports of reinsurance services are calculated by the 
NSI’s national accounts unit and imputed in b.o.p. by the 
NCB. 

The NSI does not provide standardised guarantee schemes, 
as their provision is assumed to be insignificant (result based 
on testing). 

The NCB collects and compiles data on financial services 
provided and acquired by the domestic banking sector. 
Monetary and financial statistics are the source of data. 
Commercial banks report fees charged for exports and 
imports either for their own financial transactions or on behalf 
of their clients. 

Margins on portfolio investment sales and purchases are 
obtained via direct security-by-security reporting of stocks 
using estimated selling and buying margins for the main 
financial markets. 

The calculation of FISIM exports and imports takes into 
account a calculated external reference interest rate as a 
ratio of interest received and paid by domestic commercial 
banks vis-à-vis foreign banks related to relevant stocks of 
deposits and loans. Accordingly, FISIM exports include  

• 

• 

the difference between the interest rate received by 
resident banks from loans extended to non-resident non-
financial institutions and the calculated external reference 
interest rate; 

the difference between the interest rate paid by domestic 
banks on deposits of non-resident non-financial 
institutions and the calculated external reference interest 
rate. 

For FISIM imports, the external reference interest rate is 
compared to: 

• 

• 

the interest rate paid by the government and other (non-
financial) sectors on financial loans received from non-
resident banks;  

the interest rate received by resident non-financial 
institutions and households on deposits held with non-
resident banks.  

The territorial allocation of FISIM exports/imports reflects the 
geographical structure of the underlying assets/liabilities. 

Premiums and claims are collected through direct reporting 
(ITSS survey of enterprises). Services are estimated as a 
percentage of premiums. For auxiliary services, direct 
reporting is used. Pension services do not exist. C.i.f./f.o.b. 
adjustments are applied to freight insurance. 

Financial enterprises report financial services to the Danish 
Financial Supervisory Authorities and are subsequently sent 
to the NSI. This covers both direct service fees and margins. 

FISIM is calculated as part of the national accounts and 
based on data collected for this purpose. 

Exports of insurance and pension services are estimated in 
close collaboration with the NSI on the basis of the 
production value of German insurers, as derived from annual 
data provided by the insurance supervisory authority. 
Monthly reported premium receipts are used to calculate the 
share of cross-border insurance services. Imports of 
insurance and pension services are calculated according to 
the method stated in BPM6 Section 10.114(b). The ratio of 
premiums to insurance services on the export side is used to 
calculate imports of insurance services. 

FISIM data are calculated by the NSI within the scope of 
national accounts. For details, see Destatis publication 
“Finanzserviceleistung, Indirekte Messung (FISIM)”.  

Fees related to the purchase or sale of securities (and not 
invoiced separately) are included in portfolio investment 
because they are reported as a lump sum together with the 
purchase price of the securities. 

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Insurance and pension services 

Financial services 

EE 

Information on insurance services is obtained mainly from 
the various surveys of companies and insurance companies 
(including branches and insurance brokers). Respondents 
report premiums and claims. For transactions of residents 
with non-resident insurance firms, a simplified approach is 
used allocating a pre-defined share of services to premiums.  

Non-resident transactions with resident firms are estimated 
using the ratios calculated from annual total insurance sector 
data. The assumption is that non-residents behave similarly 
to the sector as a whole. Aggregated reports on 
profits/losses and balance sheets are used, as is previously 
calculated information from the NSI on insurance services, 
as well as reinsurance and its components. This information 
is used to estimate the ratios of services to gross premiums, 
and premium supplements to gross premiums. Life and non-
life insurance and reinsurance are calculated separately. 

Cross-border provision of pension and standardised 
guarantee services is assumed to be insignificant and 
therefore not covered. 

IE 

See “Financial services”. 

GR 

Insurance and pension services are compiled on a cash 
basis using monthly data from direct reporting and the ITRS.  

ES 

The quarterly survey on international trade in services and 
other transactions (ITSS) carried out by the NSI provides 
data on premiums and claims. Estimates made by the NSI 
within the scope of national accounts include the ratio 
applied to declared gross premiums to obtain insurance 
services. 

In order to compile FISIM, the average interbank rate to be 
applied to stocks is derived using resident credit institutions’ 
stocks vis-à-vis non-resident financial intermediaries, 
differentiated by currency and by maturity. Each stock is 
multiplied by the corresponding contractual interest rate 
obtained in the same report. The amounts to be paid or 
received are then divided by the total stock. The resulting 
average weighted interbank rate is used as reference rate. 
The domestic subsector “Other financial intermediaries, 
except insurance corporations and pension funds” is not 
included in the calculation of the external reference rate, as it 
has a very negligible impact on the reference rate. 

Quarterly surveys of financial services companies are very 
comprehensive and designed to collect information relevant 
to b.o.p./i.i.p. compilation for wider national and financial 
account purposes. The surveys are customised for the main 
types of financial services activity, namely:  

(a) collective investment schemes (including money market 
funds);  

(b) insurance (differentiating between life and non-life 
enterprises) and reinsurance; 

(c) stand-alone treasury activity;  

(d) banking, asset financing, securities trading, and agency 
and captive treasury activities;  

(e) Irish investment managers and stockbrokers.  

Larger companies are required to provide the relevant 
information each quarter whereas smaller ones file annual 
returns. Administration and management companies, as well 
as custodians and trustee companies, are also included; the 
principal b.o.p./i.i.p. interest in these latter “service provider” 
companies concerns transactions in service fees although 
full b.o.p./i.i.p. details are required. The system is designed 
to ensure complete coverage of all financial services 
activities over the full year. The various surveys are  

•  survey of non-life insurance/reinsurance (quarterly and 

annual);  

•  survey of life insurance/reinsurance (quarterly and 

annual);  

•  survey of stand-alone treasury (quarterly and annual);  

•  survey of banks, asset finance and securities trading 

companies, agency and captive treasury companies and 
other related financial services companies (quarterly and 
annual).  

Respondents: administrative or management companies that 
provide financial services to collective investment schemes, 
captive investment (including insurance/reinsurance) 
companies and agency and captive treasury companies. 
Stand-alone companies (e.g. banks and treasury companies) 
are also covered. 

Explicitly charged financial services are compiled using 
monthly data collection from the direct reporting system and 
the ITRS.  

Estimates for FISIM are included in b.o.p data from 2021 
onwards. They have been developed in cooperation with the 
NSI. 

The ITSS provides data on services explicitly charged. FISIM 
data are estimated by the NCB as the difference between 
reference rates applied to financial intermediaries and rates 
applied to consumers. The reference rates are calculated as 
the ratio of: 

• 

• 

the sum of interests on loans and deposits of resident FIs 
with non-resident FIs;  

the sum of the stocks on loans and deposits of resident 
FIs with non-resident FIs. 

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71 

 
 
 
Insurance and pension services 

Financial services 

FR 

Until 2022, the ITSS sample design mainly rlelies on the 
NCB’s foreign credits and debits provided by PSPs. From 
2023 onwards, the population framework is based on 
recapitulative statements of intra EU services operations 
compiled by the Tax Agency (VIES), The sample is stratified 
according to NACE, size (employment and VIES statements) 
and ownership. The INE’s NBR is used for 
stratification.Estimate of transactions correspond to units not 
included in the population framework of the ITSS 
(transactions below the €50,000 threshold) 

Survey data are supplemented by data from the statement of 
technical reserves of insurance corporations: resident 
insurance and reinsurance corporations that are full direct 
reporters disclose the technical reserves shown on their 
balance sheets to cover their contractual liabilities vis-à-vis 
non-residents. These amounts are broken down by type of 
insurance, country and nature of the reserves (“premiums” or 
“claims payable”). Estimates of the investment income 
earned on technical reserves are also disclosed. The filings 
are made quarterly. Methodological work is under way to use 
collected data more comprehensively.  

HR 

Monthly survey: the sample is revised quarterly.  

IT 

The NSI’s annual survey on the balance sheet and profit/loss 
accounts of Italian insurance companies provides the NCB 
with an estimate of the premium supplement and service 
charge coefficients, separately for life and for other 
insurance services. The coefficients are estimated only on 
the credit side; they are applied to the debit side on data 
collected from the quarterly survey of non-financial 
corporations.  

For life and other insurance, estimated service charge 
coefficients are applied to premiums reported directly. For 
freight insurance, the service charge coefficients are applied 
to the premiums estimated in coherence with the c.i.f./f.o.b. 
conversion method. 

CY 

The quarterly survey on insurance services covers all data 
included in the technical account for the life and non-life 
insurance business in the income and expenditure statement 
of insurance brokers, as well as data on investment activities 
of insurance companies. 

Estimate of transactions corresponding to units not included 
in the population framework of the ITSS (transactions below 
the €50,000 threshold) 

Explicitly charged financial services are collected from 
financial intermediaries monthly (for the 30 largest 
declarants) and annually (for the 1,500 others). Cross-border 
transactions are identified by their economic purpose. Data 
collection covers the economic nature of the transaction, 
counterparty country and transaction currency. 

FISIM is estimated using the reference rate calculated by 
national accounts compilers. 

For explicitly charged financial services on the debit side, 
data reported directly are complemented by an estimate of 
commissions that are paid by residents for managing mutual 
funds and that are hidden in the value of the mutual fund 
share. 

FISIM is calculated using the monthly report from resident 
MFIs on loan and deposit positions vis-à-vis non-resident 
counterparts (indicating currency and sector), as well as their 
quarterly report on interests paid to, and received by, central 
banks, other MFIs and other sectors. The reference rate is 
computed as a weighted average of interbank rates on loans 
and deposits between resident MFIs and non-resident 
financial intermediaries, mainly related to financial operations 
denominated in euro and US dollars; based on this evidence, 
two reference rates are computed (in euro and US dollars). 
Interbank FISIM is included in the estimate. 

Data for financial services are derived from ITSS and the 
quarterly profit/loss statement. Data on the income of 
financial SPEs and FISIM are calculated by the NSI. 

SPEs pay fees to local lawyers, auditors and consultants (for 
services acquired by them), and they usually charge a fee to 
their parent companies. If SPEs do not charge an explicit 
fee, a fee equal to the cost is imputed. Given this treatment 
and the fact that their output should, by definition, be the sum 
of their costs, their revenue to be reported in financial 
services is estimated indirectly based on the turnover of 
resident services providers. 

LV 

LT 

LU 

In addition to the quarterly survey on services, the financial 
and capital market commission provides data on disbursed 
direct insurance/reinsurance premiums and claims.  

MFIs’ monthly balance sheet data and treasury data on 
government accounts abroad are used. Margins are 
calculated. 

Insurance and pension services are included in the quarterly 
report on corporate financial (commercial) activities with non-
residents (F-06), as collected by the NSI. The NCB makes 
some adjustments for freight. Freight transportation costs are 
added to transportation services imports, while freight 
insurance expenses (which are deducted) are included with 
insurance services imports. 

Insurance services are based on data from the national 
supervisory authority. Data on individual companies make it 
possible to estimate services by type of insurance. This 
output of insurance is allocated to policyholders in proportion 
to gross premiums earned. Important transactions (e.g. 
cross-border insurance payments related to a satellite 
launch) are treated on an individual basis. 

Financial services are included in the quarterly report on 
corporate financial (commercial) activities with non-residents 
(F-06), as collected by the NSI. MFIs provide their quarterly 
reports (including data on services), and EMI provides 
quarterly financial services data directly to the NCB, 
additionally the NCB reports own financial services. 

The NCB provides the stocks of loans and deposits, as well 
as interest flows of non-financial corporations, financial 
corporations, general government and the household sector, 
to the NSI, which is responsible for the calculation of the total 
FISIM. The NSI forwards this figure to the NCB for inclusion 
in the b.o.p. 

In Luxembourg most of the international trade in financial 
services (other than FISIM) is linked to the resident 
investment fund industry. Fees for management and 
administration are implicitly charged to investors. As the 
residence of holders of these portfolio investment liabilities is 
not known, the breakdown by country is based on the annual 
report of the supervisory authority (Commission de 
surveillance du secteur financier), which includes a list of the 
main countries in which units or shares of the UCI are 
marketed, along with an estimate of the percentage of 
shares or units invested in each country.  

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Insurance and pension services 

Financial services 

On the other hand, resident management companies pay 
financial services to non-resident sub-managers, advisers 
and distributors; otherwise, large portions of the fees 
previously received implicitly from investors retrocede to non-
resident promoters’. The corresponding geographical 
breakdown is based on the residence of investment 
managers and advisers. This information is obtained either 
from the funds’ annual reports or from prospectuses.  

In terms of FISIM, source data originate from the Bank of 
International Settlements and the NCB and are compiled by 
the national account unit of the NSI. 

Monthly MFI balance sheet statistics. 
FISIM is estimated by the NSI, using loan and deposit 
positions and related income flows collected and compiled by 
the NCB. The country and instrument breakdowns of FISIM 
are estimated by the NCB. No FISIM is recorded on the 
NCB’s transactions, on interbank transactions or for entities 
in FDI relationships. 

Data for financial services are collected from the financial 
sector such as MFIs, insurance companies, investment funds 
and other financial institutions, as well as from the non-
financial sector. 

Data collected by the NSI through the ITSS survey are 
supplemented by estimates for FISIM, margins and fund 
fees. 

Data on FISIM, as a component of financial services, are 
compiled by the national accounts in keeping with 
international guidelines. The geographical distribution of 
FISIM is based on the geography of the deposit and loan 
stocks, reference sectors S122 and S125 for exports and all 
counterpart sectors for imports.  

Estimates of margins on buying and selling transactions (part 
of SG1) are based on quarterly direct reporting of 
transactions data. 

Estimates of investment funds’ fees (part of SG1) are based 
on reported positions and public information on fees. 

FISIM is calculated by the NSI within the scope of the 
national accounts, using detailed information on deposit and 
loan stocks for all sectors from the NCB. Data on interest 
rates for financial and non-financial corporations, as well as 
households, are taken from the monthly monetary and 
interest rate statistics compiled by the NCB. 

Explicitly charged financial services and other financial 
services are obtained from the ITSS survey conducted jointly 
by the NSI and NCB. 

To determine FISIM imports and exports, the external 
reference rate is calculated as the ratio of accrued interest 
on loans plus accrued interest on deposits between resident 
financial institutions and non-resident financial institutions to 
the stock of loans plus the stock of deposits between 
resident financial institutions and non-resident financial 
institutions. The external reference rate is calculated on a 
quarterly basis, broken down by currency (the Polish zloty 
and other currencies). Exports and imports of FISIM are 
calculated separately for each country. 

Explicitly charged financial services and other financial 
services are obtained via direct reporting. FISIM is calculated 
by the NSI, using data on financial stocks and interest rates 
for all institutional sectors of the economy. 

Direct reporting of resident banks concerning financial 
services explicitly charged, performed on their own account. 

HU 

Data collected through direct surveys and then grossed up 
by the NSI. 

MT 

Data are collected through separate surveys for the financial 
sector and the non-financial sector. 

NL 

AT 

Exports of insurance services are based on information on 
the production of insurance services and insurance 
premiums received by Dutch insurance companies from 
resident versus non-resident policyholders. See GNI 
Inventory 2015 the Netherlands (Section 3.18) for more 
detailed information. For imports of insurance services, 
information is available from the ITSS survey on premiums 
paid by Dutch companies to foreign insurance companies. 
Imports of insurance services are calculated on the 
assumption that the ratio of service to premium as calculated 
for Dutch insurance companies is also valid for foreign 
insurance companies. 

The NCB conducts a quarterly survey covering the financial 
sector, mainly banks and insurance companies. In addition, 
the NCB makes use of administrative data from the financial 
market authority on insurance services exports in particular. 
Quarterly data on premiums and claims from insurance 
services exports in all direct insurance divisions, as well as 
from reinsurance, are reported to the NCB. Annual data 
include financial claims and liabilities from insurance 
transactions and insurance technical reserves. The financial 
market authority also gathers mirror data from other EU 
countries on insurance services imports. Although the data 
become available with a time lag, they are especially 
important for calculating life insurance imports by 
households. 

PL 

Estimates are based on several data sources. Claims and 
premiums are reported in the ITSS survey conducted jointly 
by the NSI and NCB. Further input such as insurance 
reserves, premium supplements and others come from the 
financial supervisory authority. 

Part of the insurance services’ value is estimated in the 
c.i.f./f.o.b. adjustment procedure. 

PT 

RO 

Non-life insurance premiums are split into service and 
transfer components. Data on life premiums and pension 
funds are also split into services and other investments. 
Estimates are included in the service component of 
insurance to value imports on an f.o.b. basis. 

Quarterly data (ITSS) are collected by the NCB and 
accompanied by direct reporting of resident banks for 
insurance premiums and claims in relation to non-residents, 
performed on their own account.  

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Insurance and pension services 

Financial services 

Statistical modelling is used to estimate the value of 
insurance (segmented into life and non-life reinsurance) and 
pension services, based on the collected data on premiums 
and claims. Data are not adjusted for claim volatility. 

SI 

The NCB collects insurance and pension services on the 
monthly BST report. The population is determined on the 
basis of data on companies' annual reports delivered to 
AJPES. Grossing up procedures for total population and 
non-response estimates are included. 

SK 

In addition to the quarterly ITSS survey, an insurance 
scheme is calculated from balance sheets of insurance 
companies for different types of insurance (life and non-life 
reinsurance) and adjusted for claim volatility. 

FI 

Insurance services are based on a survey of resident 
insurance enterprises carried out by the financial supervisory 
authority.  

SE 

Pensions and insurance data are collected in the monthly 
survey on other investments. 

Statistical modelling is used to estimate financial 
intermediation services indirectly measured (FISIM). 
Calculations for FISIM are performed using different 
maturities (short-term and long-term) and different currencies 
(national currency, euro and others). The reference rate used 
is the average interbank rate applied to the stocks of loans 
and deposits between resident and non-resident financial 
intermediaries. 

The NCB collects financial services in the monthly BST 
report. The population is determined on the basis of data on 
companies' annual reports delivered to AJPES. Grossing up 
procedures for total population and non-response estimates 
are included. FISIM is calculated by the NSI on a quarterly 
basis. The monthly allocation and country breakdown are 
performed by the NCB according to the corresponding 
principal amount. 

The calculation of exports and imports of FISIM takes into 
account the calculated external reference interest rate as a 
ratio of interest received and paid by domestic commercial 
banks vis-à-vis foreign banks in relation to relevant stocks of 
deposits and loans. The territorial allocation of exports and 
imports of FISIM reflects the geographical structure of the 
underlying assets and liabilities.  

Bank reports used for the FISIM calculation are collected 
from all resident credit institutions by the financial 
supervisory authority. Exports and imports of FISIM are 
allocated in proportion to country in stocks of corresponding 
loans/deposits for each resident sector. To calculate imports 
of FISIM, stock and flow data from i.i.p. are also used. 

Interest rates regarding the non-financial sector and 
monetary financial institutions are collected on a quarterly 
and monthly basis respectively. FISIM is estimated in 
cooperation with national accounts on a quarterly basis. The 
model relates the collected interests to current market 
interests. Sector and duration are taken into consideration.  

Prior to the implementation of security-by-security reporting, 
margins on buying and selling transactions were estimated 
using a percentage standard amount reflecting the level of 
service and applied to gross transactions in securities. 
Security-by-security reporting has been implemented, but 
there is development work needed regarding financial 
services. Standard amounts will continue to be used until a 
new estimation model is implemented. 

2.3.5 

Charges for the use of intellectual property (n.i.e.) and 
telecommunications, computer and information services  

Specific features and deviations 

Charges for use of intellectual property (n.i.e.) 

Telecommunications, computer and information 
services 

EA 

BE 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Data on charges for use of intellectual property are collected 
by the NCB via direct reporting and supplemented by mirror 
data from EU institutions’ b.o.p.. 

Data on telecommunications, computer and information 
services are collected by the NCB via direct reporting and 
supplemented by mirror data from EU institutions’ b.o.p.  

BG 

Quarterly data (ITSS) are reported directly. Monthly 
estimates are based on historic data. 

Quarterly data (ITSS) are reported directly. Monthly 
estimates are based on historic data. 

CZ 

Quarterly data (ITSS) are reported directly to the NSI. 

Quarterly data (ITSS) are reported directly to the NSI. 

DK 

Data (ITSS) are reported directly. 

DE 

Data on charges for the use of intellectual property are 
collected by the NCB via monthly direct reports.  

Data (ITSS) are reported directly and complemented by 
additional data from tax authorities on imports by private 
consumers. 

Data on charges for telecommunications, computer and 
information services are collected by the NCB via monthly 
direct reports. 

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Charges for use of intellectual property (n.i.e.) 

Telecommunications, computer and information 
services 

Data (ITSS) are collected by the NSI and supplemented by 
ITRS data. 

Data (ITSS) are collected by the NSI and supplemented by 
ITRS and OSS scheme data (VAT on digital services). 

For the most part, these data are collected from large multi-
national firms in the survey of manufacturing and non-
financial services companies (BOP40). A minor amount is 
collected from the government under the heading “foreign 
receipts from patents credits”.  

These data are collected across a variety of survey forms, 
split by sector. The bulk is collected from non-financial 
corporations (S11) that are directly involved in the export of 
this service. Further data are collected in the survey of 
manufacturing and non-financial services companies 
(BOP40). The import or domestic purchase of these services 
is also collected on the following surveys: BOP40 (S11), 
BOP42 and BOP43 for non-life and life insurance firms 
(S128), BOP45 for asset finance companies, securities 
trading, captive treasury and aircraft leasing firms and from 
the Central Bank of Ireland’s survey of credit institutions 
return (S122). 

Communications covers postal and courier services, as well 
as telecommunications services. Postal and courier services 
include the pick-up, transport and delivery of letters, 
postcards, printed matter, parcels and packages. 
Telecommunications services include the transmission of 
sound, images and other information by telephone, radio 
and television broadcasting, electronic mail, facsimile 
services and satellite delivery. Also included are cellular 
telephone and internet access services. Details of 
expenditures by resident enterprises on services purchased 
from non-residents are obtained from the b.o.p. surveys of 
these enterprises. Information on receipts from non-
residents in respect of their purchases of Irish-produced 
communications services is obtained from resident service 
providers. 

Data on charges for the use of intellectual property are 
compiled using monthly data collections from the direct 
reporting system and ITRS.  

Telecommunications, computer and information services are 
compiled using monthly data collections from the direct 
reporting system and ITRS.  

Quarterly data (ITSS) are reported directly.  

Quarterly data (ITSS) are reported directly. 

EE 

IE 

GR 

ES 

FR 

HR 

IT 

Quarterly data (ITSS/TTN questionnaire) are reported 
directly. 

CY 

Quarterly data (ITSS) are reported directly. 

LV 

Data (ITSS) are collected by the NCB. 

Quarterly data (ITSS/TTN questionnaire) are reported 
directly. VAT data (one-stop shop) are an additional source 
for estimating services purchased by the household sector. 

Quarterly data (ITSS) are reported directly and 
complemented by credit card data (for the payment side). 

This item combines non-bank external payment data 
reported to the NCB, ITSS (NCB), MFI statistics (NCB). 

LT 

LU 

HU 

Charges for the use of intellectual property (n.i.e.) are 
included in quarterly report on corporate financial-
commercial) activities with non-residents (F-06) collected by 
the NSI. 
MFI and NCB quarterly data. 

Telecommunications, computer, and information services are 
included in quarterly report on corporate financial 
(commercial) activities with non-residents (F-06) collected by 
the NSI; further sources are one-stop-shop data (MOSS) 
received from the NSI. 
MFI and NCB quarterly data. 

The NSI’s monthly and annual direct reporting system is 
used to compile services linked to the use of intellectual 
property. 

The NSI’s monthly and annual direct reporting system is 
used to compile telecommunications, computer and 
information services.  

Data (ITSS) directly reported to the NSI are complemented 
by data collected on specific transactions (sales/purchases 
of ownership rights) by the NCB. 

Data (ITSS) are reported directly to the NSI. 

MT 

Survey data are collected by the NSI. 

Data for telecommunications, computer and information 
services are collected from various returns/schedules from 
the financial sector and surveys from the non-financial 
sector. 

NL 

Data (ITSS) are collected by the NSI. 

Data (ITSS) are collected by the NSI. 

AT 

PL 

Data (ITSS) are reported directly and complemented by 
information from MOSS.11 

Data (ITSS) are reported directly and complemented by 
information from MOSS. 

Quarterly and annual data (ITSS) are collected jointly by the 
NSI and NCB. 

Quarterly and annual data (ITSS) are collected jointly by the 
NSI and NCB. Additionally, data from VAT MOSS (from the 
Ministry of Finance) are used for computer services. 

11 The Union One-Stop Shop (OSS) is the electronic portal businesses can use to comply with their VAT obligations on e-commerce 

sales, within the EU to consumers, from 1 July 2021 (link and link). 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

75 

 
 
 
 
 
 
 
 
Charges for use of intellectual property (n.i.e.) 

Telecommunications, computer and information 
services 

PT 

Item is compiled based on data reported directly to the NCB. 

Item is compiled based on data reported directly to the NCB. 

RO 

Quarterly data (ITSS) are collected by the NCB and 
complemented by direct reporting of resident banks for 
international services transactions on their own account. 

Quarterly data (ITSS) are collected by the NCB and 
complemented by direct reporting of resident banks for 
international services transactions on their own account. 

SI 

Monthly data from the BST report are collected by the NCB.  Monthly data from the BST report are collected by the NCB. 

Data are compiled from quarterly surveys on external trade 
in services. 

Data from quarterly surveys on external trade in services are 
complemented by information from MOSS. 

SK 

FI 

SE 

Quarterly data (ITSS) are reported directly. 

Quarterly data (ITSS) are reported directly. Credit/debit card 
data are used as a complement to cover household 
transactions. 

2.3.6 

Other business services, personal, cultural and recreational 
services and government goods and services (n.i.e.)  

Specific features and deviations 

Other business services 

Personal, cultural and recreational 
services 

Government goods and services 
(n.i.e) 

EA  Addition of euro area country data (incl. 

ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

BE  Data on other business services are 

collected by the NCB via direct reporting 
and supplemented by mirror data from 
EU institutions’ b.o.p. Export estimates 
of administrator services and services 
supplied by the ancillary corporations to 
their parent office are added. 

Data on personal, cultural and 
recreational services are collected by 
the NCB via direct reporting and 
supplemented by mirror data from EU 
institutions’ b.o.p.. Import estimates of 
prostitution services are included in this 
category. 

Data on government imports/exports of 
services are collected by the NCB via 
direct reporting and supplemented by 
information from NATO. 

BG  Quarterly data (ITSS) are reported 

directly. Monthly estimates are based on 
historic data. 

Quarterly data (ITSS) are reported 
directly. Monthly estimates are based on 
historic data. 

Quarterly data (ITSS) are reported 
directly. Monthly estimates are based on 
historic data. 

CZ  Quarterly data are reported directly to 

the NSI. 

Quarterly data are reported directly to 
the NSI. 

Quarterly data are reported directly to 
the NSI. 

DK  Quarterly data (ITSS) are reported 

directly. 

Quarterly data (ITSS) are reported 
directly and complemented by data from 
tax authorities on private-consumer 
imports (streaming and gambling). 

DE  Monthly data (ITSS) are reported 

directly to the NCB. 

Monthly data (ITSS) are reported 
directly to the NCB. 

Import data are estimated by using 
information from public finances. Export 
data are based on the NSI’s special 
survey on the number of employees at 
embassies and international 
organisations in Denmark, combined 
with roughly estimated expenditure. 

Transfers of funds to German 
embassies abroad, as reported by the 
Department for Foreign Affairs, are used 
as a proxy for their purchases from non-
residents. Private consumption data for 
German military bases abroad are 
compiled analogously based on 
information from the Federal Ministry of 
Defence. Additionally, the government 
supply of licences/permits and other 
governmental fees (n.i.e) is covered by 
the NCB’s monthly direct reporting 
system.  

For credits, private consumption data for 
military bases in Germany are estimated 
(per country) using average per capita 
income, a consumption rate and the 
number of soldiers stationed in 
Germany. Additionally, information from 
the NCB’s monthly direct reporting 
system is used for this position.  

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76 

 
 
 
 
 
 
 
Other business services 

Personal, cultural and recreational 
services 

Government goods and services 
(n.i.e) 

Furthermore, information on 
expenditures of foreign embassies 
located in Germany originates from the 
NCB’s monthly direct reporting system. 
Estimates that differentiate material 
costs (included in services) from 
personnel costs (included in primary 
income) are also part of this position. 
For international organisations (e.g. 
ECB and ESA), an analogue estimation 
is established based on their annual 
reports.  

Lastly, the government supply of 
licences/permits and other 
governmental fees (n.i.e) are obtained 
from the NCB’s monthly direct reporting 
system, as are costs for collecting 
customs duties.  

EE  Data (ITSS) are reported directly to the 

NSI and supplemented by ITRS data 
and administrative records. 

Data (ITSS) are reported directly to the 
NSI and supplemented by ITRS data 
and administrative records. 

The data are taken from the general 
government’s system of accounts. 

IE 

These data are collected across a 
variety of survey forms, classified by 
sector. The bulk is collected from firms 
(S11) directly involved in the export of 
this service, with data also collected 
through the survey of manufacturing 
and non-financial services companies 
(BOP40). The import or domestic 
purchase of these services is also 
collected through the following surveys: 
BOP40 (S11), BOP42 and BOP43 for 
non-life and life insurance firms (S128), 
BOP44 for stand-alone treasuries, 
BOP45 for asset finance companies, 
securities trading, captive treasury and 
aircraft leasing firms and from the 
Central Bank of Ireland’s survey of 
credit institutions return (S122). 

GR  Other business services are compiled 

through monthly data collection from the 
direct reporting system and the ITRS.  

Personal, cultural and recreational 
services cover audio/visual and related 
services, as well as other personal, 
cultural and recreational services. 
Included are services and associated 
fees related to the production of motion 
pictures, radio and television 
programmes (live or recorded) and 
musical recordings and performances. 
Fees for distribution rights (for 
television, radio and film) are also 
included. Excluded are purchases and 
sales of films, television and radio 
programmes, recorded music, musical 
compositions and manuscripts, as well 
as the rights to these. The estimates 
included are based on information 
obtained from a number of sources, e.g. 
data provided by representative and 
industry bodies, as well as media 
reports and articles. As described above 
under the heading “royalties and licence 
fees”, the current treatment of royalty 
receivables and payables mainly in 
connection with film distribution and 
musical recordings and performances 
deviates from international standards. 
These amounts are excluded from 
royalties and licence fees; they are 
included under personal, cultural and 
recreational services.  

Personal, cultural and recreational 
services are compiled through monthly 
data collection from the direct reporting 
system and the ITRS.  

Government services include the value 
of expenditure abroad (i.e. imports) by 
Irish embassies, consulates and military 
units (e.g. associated with UN peace-
keeping engagements) among residents 
of economies in which the embassies, 
consulates and military units are 
located; receipts by Irish residents from 
foreign embassies and consulates 
located in Ireland are correspondingly 
included (as exports). Constituting a 
general exclusion under international 
standards, transactions by embassies, 
consulates and the like, as well as their 
staff, among residents of the home 
economies of the embassies, 
consulates, etc. are not recorded in 
international services transactions (or in 
balance of payments) statistics. The 
data are obtained from government 
departments and from embassies and 
consulates located in Ireland.  

Government goods and services are 
compiled through monthly data 
collection from the ITRS.  

This item also includes data collected by 
the Spanish Treasury on government 
services receipts (20% of the payments 
to the EU for “traditional own 
resources”), on account of services 
rendered by the Spanish government to 
the EU for collection of these funds. 

Data received from public administration 

ES 

FR 

HR 

IT 

Quarterly data (ITSS/TTN 
questionnaire) are reported directly. 

Quarterly data (ITSS/TTN 
questionnaire) are reported directly. 

Quarterly data (ITSS/TTN 
questionnaire) are reported directly. 

CY  Data (ITSS) are reported directly. 

Data (ITSS) are reported directly. 
Moreover, illegal activities and e-
gambling are also incorporated 
following the adoption of relevant 
estimates made by the NSI. 

The main source of information for this 
type of service is the Treasury of 
Cyprus. Additionally, the NCB, which 
acts as banker to the government, 
provides information on government 
transactions. 

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77 

 
 
 
 
 
 
 
 
 
 
Other business services 

Personal, cultural and recreational 
services 

Government goods and services 
(n.i.e) 

LV 

This item combines non-bank external 
payment data (NCB), the survey on 
services (NCB) and MFI statistics 
(NCB).  

Non-bank external payment data (NCB) 
and the survey on services (NCB). 

LT  Other business services are included in 
the quarterly report on corporate 
financial (commercial) activities with 
non-residents (F-06), as collected by 
the NSI. Additionally, one-stop-shop 
data received from NSI, MFI and NCB 
quarterly data are incorporated. 

Personal, cultural and recreational 
services are included in the quarterly 
report on corporate financial 
(commercial) activities with non-
residents (F-06), as collected by the 
NSI. Additionally, one-stop-shop data 
received from NSI, MFI and NCB 
quarterly data are incorporated. 

LU  Monthly and annual data (ITSS) are 
directly reported to, and compiled by, 
the NSI. 

Monthly and annual data (ITSS) are 
directly reported to, and compiled by, 
the NSI. 

HU  Data (ITSS) are reported directly to the 

NSI. 

MT  Data for other business services are 
collected through schedules (returns) 
submitted by the financial sector and 
surveys from the non-financial sector. 

Data (ITSS) are reported directly to the 
NSI and complemented by data 
collected on specific transactions 
(sales/purchases of ownership rights) 
by the NCB. 

Personal, cultural and recreational 
services are compiled by the NSI 
through surveys. 

NL  Data (ITSS) are reported directly to the 

NSI. 

Data (ITSS) are reported directly to the 
NSI. 

AT  Data are mainly gathered through the 
general service surveys. Respondents 
are urged to assign transactions to 
specific services items. 

Data from the general services survey 
in the non-financial sector are 
complemented by information from 
MOSS and the national accounts. 

PL  Quarterly and annual data (ITSS) are 

collected directly and jointly by the NSI 
and NCB. 

Quarterly and annual data (ITSS) are 
collected directly and jointly by the NSI 
and NCB. Additionally, the item consists 
of illegal economic transactions 
adjustment as estimated by the NSI. 

PT  Data (ITSS) are reported directly to the 

NCB. 

Data (ITSS) are reported directly to the 
NCB. 

RO  Quarterly data (ITSS) are reported 

directly to the NCB. 

Quarterly data (ITSS) are reported 
directly to the NCB. 

SI  Monthly data from BST survey. 

Grossing up procedures in place to 
cover whole population. 

Monthly data form BST survey. 
Grossing up procedures in place to 
cover whole population. 

Aggregates are based on: 

•  data on revenue and expenditure of 
Latvia’s embassies, representative 
offices and consulates (Ministry of 
Foreign Affairs); 

•  data on VAT repaid to foreign 

embassies, representative offices 
and consulates (state revenue 
service); 

•  data on contributions to the EU 
budget (Ministry of Finance). 

Data are based on information from the 
Ministry of Foreign Affairs:  

•  on expenditure of Lithuania’s 

embassies abroad;  

•  on salaries paid to Lithuanian 
employees working abroad;  

•  on technical assistance provided by 

non-residents. 

Another source is quarterly VAT refunds 
to embassies and international 
organisations from the Ministry of 
Finance. 

Monthly direct reporting of the general 
government. 

Data are collected through direct 
surveys and data reports by tax 
authorities and then grossed up by the 
NSI. 

Government goods are featured in the 
trade in goods statistics whereas 
service data are collected through 
surveys with government institutions. 

Based on data on perception costs, 
which the Dutch government obtains for 
collecting European customs and 
agricultural levies, as well as data on 
spending by international organisations 
in the Netherlands. 

Information is gathered from the federal 
financial statement. 

Quarterly and annual data (ITSS) are 
collected directly and jointly by the NSI 
and NCB. This item includes costs 
associated with the collection of 
traditional own resources, mainly from 
customs duties on imports from outside 
the EU and sugar levies (based on data 
from the Ministry of Finance). 

Item estimated through information on 
bank liquidations by embassies and 
consulates.  

Quarterly data (ITSS) are reported 
directly to the NCB. The sample of ITS 
surveys includes the Ministry of Foreign 
Affairs and Ministry of Defence. 

Government services reported on BST 
survey by government institutions. In 
addition, consumption of foreign 
embassies in Slovenia is calculated 
form tax data obtained from Tax 
Authority. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

78 

 
 
 
Other business services 

Personal, cultural and recreational 
services 

Government goods and services 
(n.i.e) 

SK  Quarterly data (ITSS) are reported 

directly and include a detailed structure 
of other business services items.   

Quarterly data (ITSS) are reported 
directly. 

FI 

SE  Data (ITSS) are reported directly. 

Credit/debit card data are used as a 
complement to cover household 
transactions. 

Data (ITSS) are reported directly. 
Credit/debit card data are used as a 
complement to cover household 
transactions. 

Information on government services is 
received by the Ministry of Foreign 
Affairs and Ministry of Finance. This 
item includes costs associated with the 
collection of traditional own resources, 
mainly from customs duties on imports 
from outside the EU, as well as sugar 
levies. 

Data (ITSS) are reported directly. 

Data (ITSS) are reported directly and 
complemented by administrative data 
reported by Swedish governmental 
entities to the National Financial 
Management Authority. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Services 

79 

 
 
 
 
 
 
3 

Primary income  

Primary income is the return that accrues to institutional units for their contribution to 
the production process, either for providing labour or for providing financial assets 
and renting natural resources to non-resident institutional units. It therefore 
comprises compensation of employees, investment income and other primary 
income. 

3.1 

Compensation of employees 

(As of October 2023) 

3.1.1 

Methodology 

Compensation of employees is the total remuneration, in cash or in kind, payable by 
resident/non-resident employers (the producing units) to non-resident/resident 
employees in return for work. This includes the contributions paid by employers, on 
behalf of employees, to social security schemes or to private insurance or pension 
funds to secure benefits for employees. It is important to establish whether an 
employer-employee relationship exists; if not, the payment constitutes a purchase of 
services. 

3.1.2 

Sources 

Administrative sources such as social security agency records from border 
countries, aggregated income statements from private individuals with country 
breakdown, and tax declarations are very common for the exports in this category. 
For the imports, administrative sources include information on authorisation and 
employment contract data, social security information, and wages. EU institutions, 
embassies and other international organisations voluntarily report data to cover 
staff who are resident in the country where the institution is located. 

Surveys are also frequently used sources. These include the International Trade in 
Services Survey (ITSS), International Tourism Survey (ITS), Labour Force Surveys, 
and surveys of national workers abroad. 

Mirror data are normally used by countries that have established data sharing and 
cooperation, along with strong commuting links. 

Finally, some countries still use an international transactions reporting system 
(ITRS), usually as a complementary source, while others maintain a system of direct 
reporting by corporations. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

80 

 
 
Specific features  

Administrative sources 

Surveys 

Mirror data 

Other 

Euro area country 
contributions as determined 
by the ECB Guideline on 
External Statistics. 

International Trade in 
Services Survey (ITSS). 

B.o.p. of the EU institutions 
and Luxembourg. 

National accounts of 
neighbouring countries. 

EA  ECB, EFSF and ESM 
accounting data. 

BE  The main sources are: 

•  National Institute for 
Health and Disability 
Insurance (INAMI - 
NIHDI); 

•  Federal Public Service 
Foreign Affairs, Foreign 
Trade and Development 
Cooperation; 

•  National Social Security 

Office (NSSO); 

•  Annual accounts of some 

large international 
institutions; 

•  Brussels Institute of 

Statistics and Analysis 
(BISA). 

BG  National Revenue Agency for 

debit side. 

Estimation model based on 
border surveys for credit side. 

CZ  Ministry of Labour and Social 

Affairs. 

Czech Statistical Office’s 
(NSI) data on wages, 
salaries, remittances, taxes 
and social security schemes. 

NSI’s data, based on a model 
that combines results from 
the quarterly Labour Force 
Sample Survey, 
administrative sources and 
data estimates. 

DK  Automated system hosted by 
the Danish eIndkomst 
(eIncome) register on an 
individual level, e.g. possible 
to allocate income to non-
resident by country. 

DE  The main sources are: 

•  Employment statistics of 
the Federal Employment 
Agency, based on social 
security data; 

•  Data on foreign military 

forces from the Ministry of 
Finance; 

•  Deutsche Bundesbank for 

mirror data. 

EE  Tax and Customs Board data, 

public sector financial 
statements database for 
embassies. 

Statistics Estonia’s Labour 
Force Survey. 

IE  The main sources are: 

•  earnings by students 

Estimation of household 
income using: 

abroad; 

•  census; 

• 

Irish residents working in 
Northern Ireland; 

•  Northern Irish employees 

working in Ireland; 

•  earnings of workers 

abroad; 

•  social contributions; 

•  earnings of embassy 
employees and other 
government employees. 

•  Quarterly National 
Household Survey 
(QNHS); 

•  EU Statistics on Income 
and Living Conditions 
(EU-SILC); 

•  earnings data. 

All firms surveyed are 
required to provide details of 
compensation of employees 
by geography. 

GR 

Belgium, Denmark, France, 
Italy, Luxembourg, Austria, 
Switzerland. 

OECD, Eurostat database, 
federal budget plan, 
education statistics for 
students abroad, annual 
reports of ECB and 
international organisations. 

ITRS. 

Data on compensation of 
employees are compiled 
using a monthly collection 
from the ITRS. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

81 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Administrative sources 

Surveys 

Mirror data 

Other 

Mirror data (credit) on 
average wages in counterpart 
countries from national 
accounts data. 

Average remuneration data 
(debit): Spanish National 
Accounts broken down by 
activity sector. 

Minimum wages are also 
taken. 

Belgium, Germany, 
Luxembourg, Switzerland 

ES  For non-EU/ European Free 

Trade Association (EFTA) 
countries (debit): 
authorisation and 
employment contract data 
from Ministry of Inclusion, 
Social Security and 
Migration. 

For local staff hired in 
extraterritorial enclaves: 
direct reporting by the 
Government of Spain. 

FR  Social security 
administration. 

HR 

For residents working for 
establishments abroad 
(credit): National Statistics 
Institute’s Labour Force 
Survey. 

For non-residents from 
EU/EFTA countries who enter 
the country for business 
purposes (debit): tourist 
surveys. 

For compensation of 
employees paid to non-
residents (import): ITSS. 

For institutions not included in 
the ITSS sample: separate 
survey on income paid to 
non-residents. 

IT 

International organisations 
(e.g. headquarters of Food 
and Agriculture Organization 
in Rome). 

For the estimation of the 
number of seasonal and 
frontier workers from other 
countries: ITS. 

Principality of Monaco, 
Republic of San Marino, 
Switzerland, Vatican City. 

Gross figures on 
compensation of employees 
are collected through the 
quarterly “Services” survey. 

Monthly report on natural 
person job contracts for 
working abroad (5-MB). 

CY 

LV  State Revenue Service data 

on social security 
contributions for foreign 
embassies. 

Ministry of Foreign Affairs 
data on revenue and 
expenditure of Republic of 
Latvia embassies. 

Quarterly reports of non-
financial enterprises; monthly 
and quarterly reports from 
monetary financial 
institutions. 

LT  Social insurance 

contributions paid by foreign 
embassies to resident 
employees received from the 
State Social Insurance Fund 
Board under the Ministry of 
Social Security and Labour. 

Expenditure of Lithuania’s 
embassies abroad from the 
Ministry of Foreign Affairs; 
quarterly reports from the 
Public Employment Service 
at the Ministry of Social 
Security and Labour on the 
number of work permits 
issued for up to one year. 

On the revenues side, 
estimates use a model based 
on the aggregate data of 
banks on inflows of resident 
natural persons from non-
residents. 

Direct reporting (Transazioni 
Trimestrali Non Finanziarie, 
TTN – quarterly survey for 
non-financial transactions) 
collects compensation of 
employees paid by resident 
companies. 

Immigration Quota Decree 
(Ministry of the Interior), 
concerning the number of 
non-EU seasonal workers 
employed in the agriculture 
and tourism sectors. 

Additional information from 
the OECD. 

Estimations are made to 
capture the wages and 
salaries of foreign students in 
Cyprus and of Cypriot 
students abroad. 

Central Statistical Bureau of 
Latvia’s quarterly report on 
labour. 

Estimated average revenues 
of Latvia’s employees abroad 

Estimated average revenues 
of Latvia’s sportspeople 
abroad and of non-resident 
sportspeople in Latvia. 

Aggregated data on 
compensation of employees 
received by Latvia’s residents 
working in EU institutions 
(from Eurostat database). 

The information on 
compensation of resident 
employees collected from the 
sources listed is cross-
checked with the data on 
Lithuanian seasonal workers 
abroad using information in 
Statistics Lithuania’s Labour 
Force Survey, as well as with 
data on compensation of 
employees derived from 
those countries in which 
Lithuanians have found 
employment. 

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methods – Primary income 

82 

 
 
 
 
 
 
 
 
 
 
 
Administrative sources 

Surveys 

Mirror data 

Other 

National Institute of Statistics 
and Economic Studies’ 
annual survey to international 
institutions. 

Belgium, Germany, France. 

Eurostat database for EU 
institutions in Luxembourg. 

Central Statistical Office’s 
Labour Force Survey. 

Monthly and quarterly 
surveys for both the financial 
sector and the non-financial 
sector. 

LU  The main sources are: 

•  Social security information 

(debits); 

•  State accounts for 
embassies abroad; 

•  Voluntary data from 

international institutions 
and embassies. 

HU  Personal income tax. 

MT  Foreign embassies. 

NL  Employees’ Register of the 

Employee Insurance Agency, 
available on a monthly basis 
(debit). 

Data are compiled by 
Statistics Netherlands and 
shared with the NCB. 

The growth of the total 
received by Dutch 
households (credit), as 
determined by the labour 
accounts of Statistics 
Netherlands, is used as a 
proxy to determine the growth 
received from abroad (debit). 

ECB’s payment statistics. 

For income paid to non-
residents, the estimate is 
based on direct reporting to 
Banco de Portugal by 
corporations. 

Compensation of employees 
includes an estimate of social 
security contributions and 
taxes on income and wealth. 

National Institute of Statistics 
estimations – for residents 
working for foreign 
embassies in Romania. 

Public databases (national 
statistical institutes, Eurostat, 
etc.) – for data on wages, 
taxes and social 
contributions, by country. 

AT  Social security system and 
income tax system. 

NSI Statistics Austria’s 
Labour Force Survey. 

Exchanged regularly with 
Austria’s neighbouring 
countries. 

Credit side: Survey for Polish 
residents working abroad 
(Germany, Ireland, Norway, 
United Kingdom). 

Debit side: Survey for 
Ukrainian workers in Poland. 

PL  The main sources are: 

•  Statistics Poland’s data on 

the number of Polish 
migrants abroad; 

•  Data of registrations in 

social security systems in 
Germany, Ireland and 
United Kingdom; 

•  Data on salaries from the 

Eurostat database; 

•  Number of work permits 
issued and number of 
employers’ declarations 
from the Ministry of Family 
and Social Policy; 

•  Data on registrations of 
foreigners in the Polish 
social security system and 
their salaries; 

•  Data on workers in 

international organisations 
(such as Frontex and 
NATO) and embassies. 

PT  Annual fiscal declarations of 
households on income 
received from abroad. 

Compensation of employees 
is compiled using direct 
reporting to Banco de 
Portugal from corporations 
and fiscal declarations of 
households. 

RO  Ministry of Labour and Social 
Solidarity – for the number of 
foreign workers in Romania 
with work contracts of less 
than one year, by country of 
origin, provided on a 
quarterly basis. 

Quarterly Household Labour 
Force Survey – AMIGO – 
conducted by the National 
Institute of Statistics, for the 
number of Romanians 
working abroad with work 
permits issued for less than 
one year, by country of 
destination. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

83 

 
 
 
 
 
 
 
 
 
 
 
 
 
Administrative sources 

Surveys 

Mirror data 

Other 

Quarterly ITS – for non-
residents working for 
Romania’s embassies 
abroad. 

NSI Labour Force Survey 
(credit side). 

The statistical survey on the 
number of residents working 
abroad with contracts of up to 
one year, broken down by 
country, which is part of the 
Labour Force Survey (credit 
side); data provided by the 
NSI. 

Used in combination with the 
Labour Force Survey (credit 
side). 

Comparison with b.o.p. data 
from the Eurostat database. 

SI 

Labour Office register (debit 
side), data provided by the 
NSI. 

SK  Central Office of Labour, 

Social Affairs and Family on 
the number of working non-
residents in Slovakia with 
contracts of up to one year, 
based on the data on 
information cards and permits 
(debit side) provided by the 
NSI. 

Tax Administration to compile 
the figures. Tax information 
on wages paid by resident 
entities to non-resident 
employees and on wages 
received by residents from 
non-resident entities. 

FI 

SE 

Income statements from 
individuals reported to the 
Swedish Tax Agency 

3.1.3 

Compilation methods 

The models used to estimate imports (residents in the rest of the world who obtain 
income in the compiler country) are based on the number of employees, average 
salary in the relevant economic sector and rates for taxation and social security 
contributions. The population data are obtained from various sources, depending on 
the country of origin of the workers: the International Trade in Services Survey (for 
workers coming from other EU and EFTA countries), or the number of work permits 
issued by the ministry of migration/labour in the case of workers who need special 
permission to work in the EU. The social security administration may be also a useful 
source for the number of non-resident employees. 

Imports may also be recorded directly by companies and complemented by general 
government reporting on remuneration paid to local (non-resident) staff hired in 
embassies abroad.  

Export models (residents who obtain income abroad) are based on an estimation of 
the number of employees per foreign country multiplied by the average salary in the 
relevant country and economic sector (if available), including taxation and social 
security contributions. The number of border workers can usually be obtained from 
the compiler country’s own social security agency or that of the partner country, or 
from data on the number of work permits issued. It can also be estimated using, for 
example, data from International Tourism Surveys where travellers for business 
purposes are identified or from Labour Force Surveys. Some models use banking 
reporting, with payments to individuals from non-residents, or direct reporting if the 
subject of the payments is identified. 

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84 

 
 
 
 
 
 
 
 
 
 
 
 
Credits are complemented by data collected from international organisations located 
in the country as well as embassies that hire resident workers. 

Partner/mirror data can also be added for border workers in some circumstances, 
when there is a relevant link with the partner country. Mirror data are sometimes 
used to assess and correct structural under/over-estimation. 

Estimates of non-registered workers employed, for example, in construction 
services, agriculture and the tourism sector are also produced for countries where 
this phenomenon is relevant. The seasonality of certain work is considered in this 
type of estimation. 

Specific features  

The majority of the countries use mixed approach of data estimation and a data 
collection to compile this item. For Croatia, Hungary, and Austria the item is 
calculated based on data estimations. For Denmark and Greece, the item is 
calculated based on data collection, including ITRS.  

In Finland, Tax Administration information classifies as residents, foreign employees, 
and vice versa, after six months. A correction of 50% is therefore made to account 
for foreign employment lasting 6 to 12 months. 

3.2 

Investment income 

(As of October 2023) 

3.2.1 

Methodology 

Investment income is derived from a resident’s ownership of a financial asset issued 
by a non-resident (credit) or, conversely, from a non-resident’s ownership of a 
financial asset issued by a resident (debit). Investment income includes income on 
equity (dividends, withdrawals from income of quasi-corporations, reinvested 
earnings and investment income attributable to investment fund shareholders) and 
on debt (interest), as well as investment income attributable to policyholders in 
insurance, pension schemes, and standardised guarantee schemes. Capital/holding 
gains and losses (realised or unrealised) are not classified as income on investments 
but as revaluations (due to exchange rate or other price changes).  

In euro area statistics, investment income is broken down by functional category of 
underlying investment, i.e. income on direct investment, portfolio investment, other 
investment or on reserve assets, and further detailed according to the type of 
instrument and resident / non-resident sector. Financial derivatives and employee 
stock options do not give rise to investment income. 

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Dividends 

Dividends are distributed earnings allocated to owners of equity shares for having 
placed funds at the disposal of corporations. Dividends are to be recorded the 
moment that shares go “ex-dividend”, gross of any withholding taxes. The following 
borderline cases apply:  

• 

• 

• 

• 

distribution of earnings in the form of stock dividends (when stockholders elect 
to receive dividend payments in the form of a new share issuance) is a 
capitalisation of current earnings and an alternative to distributing cash 
dividends. Distributions of such earnings are recorded in the euro area b.o.p. in 
the same manner as reinvested earnings (i.e. as investment income in the 
current account and as offsetting equity investment in the financial account);  

bonus shares (new shares distributed to all stockholders in proportion to 
existing ownership) are not treated as transactions or income, as no new 
resources are involved, i.e. shareholders’ claim on the entity remains the same 
following issuance of the shares;  

liquidating dividends refer to the distribution of assets in the form of a dividend 
from a corporation that is going out of business. Payment of liquidating 
dividends may take place when a firm goes bankrupt or when a company’s 
assets are sold and the proceeds passed to shareholders. As liquidating 
dividends represent more of a repayment of capital than a distribution of 
earnings from current income, they are to be recorded as withdrawals of equity 
in the financial account and, consequently, should be excluded from investment 
income;  

super-dividends are exceptional payments that are made by corporations 
(including quasi-corporations such as branches) to their shareholders and that 
consist of accumulated reserves or asset sales. These are to be recorded as 
withdrawals of equity in the financial account and should consequently be 
excluded from investment income. 

Withdrawals from income of quasi-corporations 

Withdrawals from income of quasi-corporations (unincorporated enterprises that 
exercise some functions of corporations which, in legal terms, cannot distribute 
income in the form of dividends) are income that owners draw from their profits. 
From an economic point of view, the withdrawal of such income is equivalent to the 
distribution of corporate income through dividends and is treated the same way. 
Withdrawals of funds realised by the sale or disposal of a quasi-corporation’s assets 
are excluded; these (so-called super-dividends) should be recorded as a reduction in 
the equity of quasi-corporations in the financial account. 

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Reinvested earnings on foreign direct investment 

Reinvested earnings are associated with the concept of attributing retained earnings 
of corporations to their ultimate owners. In macroeconomic statistics, corporations 
are defined as entities separate from their owners and able to take economic 
decisions. Owners receive dividends and face other financial gains and losses 
arising from the activity of corporations they own. For corporations, the notion that 
institutional units are decision-making entities implies that retained earnings are 
treated as income and savings of that entity rather than of its owners. Accordingly, 
undistributed income derived from net operating surplus, net property income and 
net current transfers is recorded as retained earnings or net savings of corporations. 
When owners decide to retain earnings deliberately for reinvestment purposes, 
however, treating these earnings as “retained” by corporations would not reflect 
economic reality.  

Although most economic relationships between a corporation and its owners may be 
considered to take place “at arm’s length”, distribution of net earnings to its owners 
may, in some cases, be subject to the control and influence that the owners have on 
corporate decisions. Therefore, earnings retained by investment funds or by direct 
investment enterprises are imputed to their owners and shown in the primary income 
account as “reinvested earnings”, with corresponding flows recorded in the financial 
account as “reinvestment of earnings”. These reinvested earnings are to be recorded 
in the period in which they are earned.  

Reinvested earnings on foreign direct investment represent the direct investors’ 
proportion, in terms of equity held, of earnings that foreign subsidiaries, associates 
and branches do not distribute as dividends. They are defined as the direct investors’ 
share of the total consolidated profits earned by the direct investment enterprise in 
the reference period (after allowing for tax, interest and depreciation – see below) 
minus dividends due for payment in the reference period, even if these dividends 
relate to profits earned in previous periods.  

Investment income attributable to investment fund shareholders 

Investment income attributable to shareholders in investment funds, including mutual 
funds and unit trusts, consists of the following separate components: i) dividends 
paid to collective investment fund shareholders; and ii) retained earnings attributable 
to collective investment fund shareholders. The dividend component is recorded in 
the same manner as dividends for individual corporations, as described above. The 
retained earnings component is recorded using the same principles as those 
described for foreign direct investment enterprises.  

Earnings from investment funds can be viewed as being passed on to their 
shareholders (or unit holders), as they are earned in the form of investment income 
on their equity. Investment funds earn income by investing funds received from 
shareholders. Shareholders’ income from investment funds is defined as investment 
income earned on the fund’s investment portfolio after deducting operating 
expenses. Where only a portion of net earnings is distributed to shareholders as 

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87 

 
 
dividends, the retained earnings should be treated as though they were distributed to 
the shareholders and then deemed to be reinvested.  

As for other income components, investment funds’ holding gains and losses in their 
portfolio are recorded in the revaluation account. 

Interest 

Interest is a form of investment income that is receivable by owners of certain kinds 
of financial assets (debt instruments) – namely, deposits, debt securities, loans and 
other accounts receivable – for the purpose of placing the financial assets at the 
disposal of another institutional unit. Income on special drawing rights (SDR) 
holdings and SDR allocations are also classified as interest.  

Interest is recorded on an accrual basis; that is, interest is recorded as accruing 
continuously over time to the creditor on the amount outstanding. Depending on the 
contractual arrangements, the rate at which interest accrues may be a percentage of 
the amount outstanding, a predetermined sum of money, a variable sum of money 
dependent on a defined indicator or some combination of these. 

In view of the short deadline for providing monthly euro area b.o.p. data, deviations 
from accrual accounting, where unavoidable, are tolerable and methods such as 
cash recording are acceptable.  

As interest accrues before it is actually paid, the amount of the respective claim must 
be recorded under investment income in the current account, with a 
counterbalancing entry in the financial account in the underlying instrument (e.g. 
other investment loans). When actual payment occurs, it should not be recorded 
again under investment income (where the respective value has been accruing) but 
should instead be recorded in the financial account as a reduction in the underlying 
instrument (e.g. as in the example above, other investment loans), cancelling out the 
interest that had been accruing. For the creditor, the actual receipt of interest on 
loans, for example, would typically correspond to an increase in deposits as a 
counterpart to a reduction in loans.  

The primary income account records so-called “pure interest” by excluding its FISIM 
component (see description in the “Services” chapter). 

For the purpose of defining and measuring interest, it is useful to distinguish between 
two types of arrangements: i) fixed-rate instruments (the contracting parties 
determine at inception all future cash flows that the debtor must make in domestic 
currency); and ii) index-linked instruments (the indexation mechanism links the 
amount to be paid at maturity, periodic payments – such as coupons – or both to 
indicators agreed by the parties; the values of the indicators are not known in 
advance).  

In general, interest accrual on deposits, loans and accounts receivable/payable is 
determined by applying the relevant interest rate, as specified in the contractual 
arrangements between parties, to the amount outstanding at each point in time 

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throughout the accounting period. For each period, the relevant interest rate should 
be used to calculate interest accrued in that period.  

Fees for securities lending without cash collateral and gold loans are payments for 
putting a financial instrument at the disposal of another institutional unit. Accordingly, 
fees for securities lending (equity securities, as well as debt securities) and for gold 
loans accrue to the owner of the security/gold and are treated as interest (with 
corresponding entry in other investment – other accounts receivable/payable).  

Amounts outstanding of non-performing debt remain a legal liability of the debtor, so 
interest should continue to accrue unless the liability has been extinguished (e.g. 
repaid, written off or rescheduled as a result of a bilateral arrangement between 
debtor and creditor). Following the accrual principle, arrears on debt repayments 
(both periodic payments and amount to be paid at maturity) that have not been paid 
on the due dates should continue to be shown in the same instrument until the 
liability is extinguished.  

Income on non-participating preference shares is treated as interest rather than as 
dividends and is generally recorded under direct investment income on debt 
instruments. Interest recorded on debt securities has the following characteristics: 

•  On debt securities traded in secondary markets – defining / measuring interest 
on debt securities traded in secondary markets is not straightforward. While 
debtors have obligations to settle according to the terms and conditions set at 
the inception of the debt instruments, holders of securities acquired in the 
secondary markets may not know about the interest rate at the time of issue. 
Therefore, there are three approaches to defining / measuring interest on these 
debt instruments. In international accounts, however, interest is recorded using 
the so-called debtor approach: Interest is equal to the amounts debtors will 
have to pay to their creditors over and above the repayment of the amounts 
advanced by the creditors. Interest accrual on a debt instrument is determined 
over its entire life by conditions set at the inception of the instrument. Interest 
accrual is determined using the original yield to maturity. A single effective yield, 
established at the time of security issuance, is used to calculate the amount of 
accrued interest in each period to maturity.  

•  With known cash flows – for debt securities where issue and redemption prices 
are the same (i.e. issued at par), total interest accruals over the life of the 
securities are given by the periodic coupon payments. If coupon payments are 
fixed, accrued interest can be calculated by allocating the coupon payment to 
the relevant period using a daily compound formula.  

• 

Certain debt securities, e.g. short-term bills of exchange and zero-coupon 
bonds, are such that the debtor is under no obligation to make any payments to 
the creditor until the liability matures. In effect, the debtor’s liability is discharged 
by a single payment covering both the amount of the funds originally borrowed 
and the interest accrued / accumulated over the life of the liability. Instruments 
of this type are said to be discounted because the amount initially borrowed is 
less than the amount to be repaid. The difference between the amount to be 

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repaid at the end of the contract and the amount originally borrowed is interest 
that must be allocated over the accounting periods between the beginning and 
end of the contract. A slightly more complicated case is a deep-discount bond, 
which is a discounted instrument that also requires periodic coupon payments. 
In such cases, interest accrual is the amount of the coupon payable periodically 
plus the amount of interest accruing in each period attributable to the difference 
between the redemption price and issue price.  

In some cases, debt securities are issued at a premium rather than at a 
discount. The method of determining the interest accrual is identical to the case 
of a discounted instrument except that, when issued at a premium, the 
difference between the redemption and issue price is amortised over the life of 
the instrument and reduces (rather than increases as in the case of the 
discounted instrument) the amount of interest accruing in each period.  

Index-linked debt securities: In the case of index-linked debt securities, an 
indexation mechanism links the amount to be paid at maturity or coupon 
payments (or both) to indicators agreed by the parties. The values of the 
indicators are not known in advance. Therefore, in order to estimate interest 
accruals before the values of the reference indicators are known, some proxy 
measures need to be used.  

• 

• 

•  When only coupon payments are index-linked, the full amount resulting from 

indexation is treated as interest accruing during the period covered by the 
coupon. It is most likely that, by the time data are compiled for a reporting 
period, the date for the coupon payment has passed and hence the value of 
index is known. When the date for the coupon payment has not passed, the 
movement in the index during that part of the reporting period covered by the 
coupon may be used to calculate the interest accrual.  

•  When the amount to be paid at maturity is index-linked, the calculation of 

interest accruals becomes uncertain because the redemption value is unknown; 
in some cases, the maturity time may be several years in the future. Two 
approaches can be followed to determine the interest accrual in each 
accounting period: i) interest accruing in an accounting period due to the 
indexation of the amount to be paid at maturity may be calculated as the 
change in the value of this amount outstanding between the end and the 
beginning of the accounting period due to the movement in the relevant index; 
and ii) interest accruals may be determined by fixing the rate of accrual at the 
time of issue. Accordingly, interest is the difference between the issue price and 
the market expectation, at inception, of all payments that the debtor will have to 
make, which is recorded as accruing over the life of the instrument.  

• 

For debt securities with embedded derivatives, such as call, put or equity 
conversion options, the accounting for accrued interest is the same as for 
securities that do not have such features. For all periods leading up to the 
exercise of the option, the interest accrual is unaffected by the presence of the 
option. 

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Investment income and functional categories  

Direct investment income includes all investment income arising from direct 
investment positions between resident and non-resident institutional units. Debt 
between selected affiliated financial intermediaries is not included in direct 
investment, so the corresponding income on these instruments is also classified as 
portfolio or other investment income. Rare cases of other primary income, such as 
compensation of employees and rents between direct investors and direct 
investment enterprises, are not included under direct investment income. Dividends, 
withdrawals from income of quasi-corporations and interest can apply to any of the 
types of direct investment relationships.  

Transfer pricing at values that differ significantly from “arm’s length” prices is usually 
associated with shifting resources between related enterprises, so it relates to direct 
investment income measures. Transfer pricing may be motivated by income 
distribution (hidden dividends), equity build-ups or withdrawals. Examples include 
providing goods and services without explicitly charging or at understated / 
overstated values. Where transfer pricing is identified and quantified with a high 
degree of certainty, the relevant income entries should be adjusted to an “arm’s 
length” value. 

Portfolio investment income includes income flows between residents and non-
residents arising from positions in equity and debt securities other than those 
classified under direct investment or reserve assets. Three types of portfolio 
investment income are distinguished at the first level: namely, income on equity 
securities (dividends), income attributable to investment fund shareholders and 
income on debt securities (interest). The income attributable to investment fund 
shareholders includes both dividends and reinvested earnings. Interest is further 
classified by type of debt security and by maturity. Income from investments in 
investment fund shares is, by assumption, always classified in the portfolio 
investment functional category, as it is established that to hold more than 10% of the 
investment fund shares does not qualify as a direct investment relationship (see also 
the “direct investment” chapter).  

Other investment income covers flows between resident and non-resident 
institutional units with regard to interest on deposits, loans, trade credits/advances 
and other accounts receivable/payable; income on other equity not classified as 
direct investment; and investment income attributable to policyholders of insurance, 
standardised guarantees and pension funds. Fees for non-monetary gold loans 
should also be included in interest under other investment income. 

Reserve asset income covers income on equity and investment fund shares, as 
well as interest from securities included in reserve assets. Fees on securities lending 
and monetary gold loans, as well as interest on unallocated gold accounts, are also 
included under interest on reserve assets. Interest on SDR holdings is also shown 
on a net basis under income on reserve assets, i.e. the value of interest payable on 
SDR allocations (other investment) is deducted.  

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3.2.2 

Sources 

In the b.o.p. the various components of investment income are presented according 
to the functional categories of the financial account. This section presents a 
description of the sources used to compile each of these components.  

Direct investment income is usually collected through the quarterly or annual FDI 
surveys; however, compilers may make use of more timely sources or variables to 
compile some preliminary estimates. Portfolio investment income is generally 
compiled from positions collected on a security-by-security basis, either directly or 
indirectly from custodians, and CSDB is the securities database used as reference 
for securities with an ISIN code. CSDB contains information on dividends of equity 
securities and interest of debt securities.  

Sources for compiling other investment income are more diverse across the EU, 
while income related to intra-ESCB operations (such as transfer of international 
reserves from NCBs to the ECB, reallocation of monetary income, distribution of 
ECB profit to NCBs, intra-Eurosystem “technical” balances resulting from the 
issuance and circulation of euro banknotes and target balances), as well as reserve 
assets, is collected on a monthly basis from the accounting department of the NCB. 
The major practical problem associated with the latter is the challenge of bridging the 
concept of income both in the statistical standards and in the accounting system. 

Specific features  

EA 

BE 

BG 

Direct investment 

Portfolio investment 

Other investment and reserve 
assets 

Euro area country contributions as 
determined by the ECB Guideline on 
External Statistics. 

Euro area country contributions as 
determined by the ECB Guideline on 
External Statistics. 

Euro area country contributions as 
determined by the ECB Guideline on 
External Statistics. 

ECB, EFSF and ESM accounting data. 

ECB, EFSF and ESM accounting data. 

ECB, EFSF and ESM accounting data. 

Dividends: FDI monthly survey (major 
enterprises) and income derived from 
annual FDI surveys. 

Quarterly direct reporting from a 
sample survey of income on equity and 
debt of non-financial enterprises, with 
banks reporting at monthly frequency. 
Data on non-financial enterprises are 
further supplemented by annual direct 
reporting data from census surveys. 

Income on debt comprises interest on 
loans collected from quarterly direct 
reporting for loans above €250,000, as 
well as annual forms for loans below 
that threshold. 

Bulgarian securities database.  

Quarterly reporting forms on debt 
securities issued by residents. 

Loans: quarterly direct reporting for 
loans above €250,000 and annual 
forms for loans below this threshold. 

Deposits: monthly BSI data. 

Ministry of Finance for other 
investment. of government. 

Data on income on reserve assets are 
received by the General Accounting 
Directorate of the Bulgarian National 
Bank. 

The central depository is the main 
source of data on securities that are 
issued on the internal market and 
unlisted on the stock exchange: shares, 
debt securities, warrants and rights. 

The financial supervision commission as 
complementary source for all sectors 
and all types of securities. 

The Bulgarian Stock Exchange is the 
main source for listed shares and listed 
debt securities. 

The Ministry of Finance is the main 
source for government debt securities 
issued abroad. 

Electronic system for registration and 
servicing of trade in government 
securities (ESROT). 

Investment fund statistics are the main 
source for investment fund shares. 

Dividends are reported directly to the 
national central bank. 

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Direct investment 

Portfolio investment 

CZ 

Final data on direct investment income 
are collected in the annual FDI stock 
surveys. Preliminary monthly and 
quarterly data are based on quarterly 
surveys and derived from annual FDI 
surveys. 

Profit/loss reports from investment funds 
are used to estimate reinvested 
earnings of investment funds (debits). 

DK 

DE 

For listed enterprises, the central bank 
receives information on dividends paid 
from VP Securities (Danish central 
depository custodian); for non-listed 
enterprises, the central bank collects 
the information via direct reporting. 

Reinvested earnings on FDI are based 
on direct reporting by Danish 
enterprises owned by non-residents 
(liabilities) and by Danish enterprises 
with foreign subsidiaries (assets). The 
population count is updated using 
information from an external data 
provider (Bureau van Dijk) on all 
transactions involving Danish and non-
resident enterprises. 

For dividends and interest on loans 
between affiliated enterprises, 
information is collected through 
monthly direct reporting (interest for 
the most recent periods is estimated 
based on stocks and interest rates in 
order to comply with the accrual 
principle); sources for listed and 
unlisted equity are identical.  

Balance sheet information of direct 
investment enterprises is available with 
a time lag of 15 to 18 months. 

EE 

NCB’s enterprise survey. 

Reported holdings (stocks) by resident 
investors of securities issued by non-
residents. 

Custodian reports on behalf of resident 
investors, mainly households and small 
non-financial companies. 

On the liability side, information from VP 
Securities (Danish central depository 
custodian on both dividend paid and 
interest payments, combined with direct 
reporting by both financial and non-
financial enterprises. 

Generally, dividends are collected via 
the direct reporting system. Due to the 
reporting threshold of €12,500, reported 
data are supplemented by an estimate. 

NCB’s enterprise survey, credit 
institution survey, including reports on 
investment services, central bank data 
and the public sector financial 
statements system. 

Other investment and reserve 
assets 

Monetary and financial statistics are 
the source of information for the 
monetary financial institution (MFI) 
sector’s other investment income, 
providing quarterly data resulting from 
loan and deposit holdings.  

Income on other investment of non-
financial corporations is collected by 
direct reporting on an accrual basis 
(loans and deposits abroad), and 
income on trade credits is estimated 
from stock. 

Data on general government income 
are received from the central system of 
accounting information of the Ministry 
of Finance. 

Data on income on reserve assets and 
other assets/liabilities of the central 
bank are collected on a cash basis. 

The main data source for interest on 
loans and deposits is reporting by 
banks and mortgage banks, as well as 
direct reporting by enterprises. 

Investment income attributable to 
insurance policyholders is reported by 
resident insurance companies in a 
quarterly survey. The distinction 
between resident and non-resident 
policyholders is reported in an annual 
survey. 

Investment income payable on pension 
entitlements is reported by resident 
pension funds and life insurance 
companies in a quarterly survey.  

For interest from loans and deposits, 
information is collected by monthly 
direct reporting; interest is currently 
estimated based on stocks and interest 
rates in order to comply with the 
accrual principle. 

For income attributable to 
policyholders, pension schemes and 
standardised guarantee schemes, see 
the corresponding section under 
“Services”. 

For credit institutions, interests on 
deposits and loans are compiled using 
income statements. 

For other enterprises, the central bank 
and government sector, interests are 
obtained directly from surveys, 
financial statement reports and the 
public sector financial statements 
system, respectively. 

Income attributable to insurance 
policyholders is covered by enterprise 
surveys, the public sector financial 
statements system and ITRS. 

Non-resident flows have been 
estimated using the ratio of total 
insurance sector premium supplements 
to premiums. 

IE 

All investment income data are 
collected directly from respondents in 
several quarterly and annual surveys 
addressed to financial and non-
financial institutions. 

Data on income and expenses of 
investment funds are collected by the 
central bank in the Money Market Fund 
and Investment Fund Return.  

All investment income data are 
collected directly from respondents 
through surveys. 

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Direct investment 

Portfolio investment 

For dividends, information is obtained 
monthly through the direct reporting 
system and ITRS, as well as cross-
checked with information derived on a 
security-by-security basis via the 
SHSDB. 

Portfolio investment dividends are 
obtained monthly through the direct 
reporting system and ITRS. Information 
is cross-checked with data derived on a 
security-by-security basis via the 
SHSDB. 

Monthly stock data reported to the NCB 
by domestic custodians and end 
investors on a security-by-security basis. 

Other investment and reserve 
assets 

Data on other investment income are 
obtained monthly on a cash basis 
through the direct reporting system and 
ITRS.  

General government interest payments 
(including on SDR allocations) are 
collected monthly on a cash basis from 
the financial operations department of 
the NCB.  

GR 

ES 

Annual FDI survey 

Interest on inter-company debt is 
collected monthly from the direct 
reporting system and ITRS. 

MFIs report data on total income 
(equity or debt) and dividends directly 
to the NCB under the integrated 
system of financial statement reporting 
on a monthly and quarterly basis. 

For the other resident sectors, the key 
source is the Foreign Investment 
Register of the Ministry of Industry, 
Trade and Tourism. This information is 
supplemented by direct reporting to the 
NCB (dividends) and information from 
the central balance sheet division of 
the NCB. Interest on loans and other 
accounts receivable and payable by 
the non-MFIs are declared directly to 
the NCB by reporters on a monthly 
basis. 

FR 

Dividends are reported directly by 
financial intermediaries and major 
resident companies on a monthly 
basis.  

Annual FDI survey (for resident 
companies) and fiscal statements (for 
resident investment firms). 

Interest charges on inter-company 
loans stem from quarterly and annual 
surveys on non-financial companies. 

Dividends and distributed earnings of 
investment funds are declared directly 
by banks or custodians on behalf of their 
clients and are checked against CSDB 
entries and Spanish stock exchange 
information. 

Information sources are generally the 
same as for financial transactions and 
stocks. 

Investment income of the NCB is 
reported by the operations department 
of the NCB.  

Mirror data from Luxembourg and 
Ireland for undistributed earnings of 
investment funds. 

Statements of income declared by 
banks to the NCB.  

BdF securities database.  

In the case of MFIs, it is reported 
directly in the integrated bank reporting 
to the NCB. Investment income of 
trade credits, other accounts receivable 
/ payable and other equity are declared 
directly by the reporters. Investment 
income earned on insurance technical 
reserves is provided by the NSI. 

Income of banks stems primarily from 
quarterly data gathered from bank 
reports (RUBA data collection), pooled 
between Banque de France and the 
French supervisory authority (ACPR)).  

Other investment income in other 
sectors is calculated on the basis of 
positions in financial assets and 
liabilities measured by a quarterly 
survey of financial assets and liabilities 
vis-à-vis non-residents. 

Investment income attributable to 
policyholders, pension schemes and 
standardised guarantee schemes is 
estimated using services data and 
firms’ data. 

HR 

IT 

CY 

Securities statistics (security-by-
security) are the main source of data on 
income from equity (dividends) and debt 
securities (interest). 

External debt statistics are the main 
source of data on income from 
deposits and loans (interest). 

Combination of CSDB and internal data 
sources (bank reports, enterprise 
survey, etc.) 

Combination of information on official 
interest rates and internal data sources 
(bank reports, enterprise survey, etc.) 

Reinvested earnings and dividends are 
reported separately in the quarterly 
survey on direct and other equity 
investment, as conducted by the 
central bank. 

Dividends are collected on a monthly 
basis through the EMF (eventi mensili 
finanziari) questionnaire on financial 
events in FDI equity and dividends, 
which is reported directly within one 
month from the end of the reference 
period by the non-financial and 
insurance sector and through the 
integrated bank reports for banks and 
other financial institutions. 

Annual FDI survey.  

The main source of data is the external 
financial statistics (EFS) survey. The 
EFS is a quarterly survey (conducted 
annually for smaller companies).  

In addition, annual financial statements 
collected with a time lag of 9 months 
are used to compile FDI income. 
These are used for SPEs (with the 
exception of some very large SPEs, 
which are covered by the EFS survey) 
and small investment firms (medium 
and large investment firms are covered 
by the EFS survey) 

Income on the debit side: holdings data 
are collected from resident MFIs and the 
Ministry of Finance; for investment 
funds, the investment fund survey 
conducted by the NCB is used, along 
with some imputations. 

The remaining sectors are based on 
data for issues (either equity or debt 
securities) as obtained from the SEC, 
the coupon rate is applied to the 
outstanding amount prevailing at the 
end of the reference period and the non-
resident percentage holding. 

MFIs’ income is collected from the 
quarterly “selected profit and loss 
account data” survey conducted by the 
central bank and addressed to all other 
MFIs.  

The main source for government 
income is the Ministry of Finance. 
Moreover, data received from Eurostat 
regarding the EFSF are also used. 

Income for the remaining sectors (other 
than NCB, government and other 
MFIs) is collected through the quarterly 
EFS survey, as well as annual financial 
statements. 

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94 

 
 
 
Direct investment 

Portfolio investment 

Quarterly survey addressed to credit-
acquiring companies (census). 

Quarterly survey addressed to mineral 
exploration companies (census). 

For cases in which issues are not 
covered by the above, the EFS survey 
and financial statements are used.  

Other investment and reserve 
assets 

Investment income attributable to 
insurance policyholders is collected 
directly from domestic insurance 
companies. On the export side, 
investment income on insurance 
contracts to resident policyholders is 
estimated by the Central Bank of 
Cyprus. 

LV 

Quarterly report on foreign assets and 
liabilities (1-MB). 

Quarterly report on foreign assets and 
liabilities (1-MB). 

Quarterly report on foreign assets and 
liabilities (1-MB).  

Quarterly financial report (1-FP).  

Quarterly financial report (1-FP). 

Quarterly financial report (1-FP).  

Monthly report on equity holdings. 

MFI balance sheet statistics.  

Monthly report on non-bank external 
payments. 

Monthly report on incoming external 
payments received at a credit 
institution (1-IB). 

Data on assets and liabilities of 
insurance companies, private pension 
funds, pension plans managed by 
private pension funds, state-funded 
pension scheme funding, investment 
funds, brokerage firms, investment 
management companies, authorised 
payment institutions, authorised 
electronic money institutions compiled 
by Latvijas Banka within the framework 
of supervision statistics. 

LT 

Dividends and retained earnings are 
collected by the NSI in the quarterly 
FDI survey and resident enterprises’ 
annual financial statements.  

Data from the foreign loan information 
system managed by Lietuvos bankas 
are used to compile data on interest on 
foreign loans received by resident legal 
entities and loans granted to foreign 
economic entities (without state 
guarantee). 

Income on other debt instruments is 
collected in the FDI survey.  

LU 

Banks’ and non-financial companies’: 
annual FDI surveys  

Captive financial institutions: 
administrative data (central balance 
sheet office). 

Other companies: annual FDI surveys 

HU 

The data source for direct investment 
income is monthly and quarterly direct 
reporting by enterprises. Income on 
FDI equity is derived from annual direct 
investment surveys and corporate tax 
declarations.  

Monthly report on securities with ISIN 
codes. 

Monthly report on non-bank external 
payments. 

Latvijas Banka’s profit and loss 
statement. 

MFI balance sheet statistics. 

Monthly report on incoming external 
payments received at a credit 
institution (1-IB). 

MFI balance sheet statistics.  

Latvijas Banka’s profit and loss 
statement. 

Treasury data on the general 
government sector. 

The survey-based system is used to 
collect information on investment 
income for non-financial and financial 
corporations, while administrative data 
sources are used to obtain data on 
interest to general government units. 
General government income from 
loans and deposits is compiled from 
Ministry of Finance data.  

Data from the foreign loan information 
system managed by Lietuvos bankas 
are provided to compile data on 
interest of foreign loans received by 
resident legal entities and loans 
granted to foreign economic entities 
(without state guarantee).  

MFI sector income from loans and 
deposits is collected by the NCB 
through the Bank’s quarterly survey. 

Banks’ profit and loss data (FINREP).  

Debit side:  

• 

• 

• 

income on debt securities: direct 
reporting of issuers; 

income on investment fund shares: 
direct reporting of investment funds, 
estimation of cost ratio; and 

income on listed shares: stock 
exchange information. 

All other investment income data are 
collected from respondents via monthly 
and quarterly direct reports (excluding 
household data, which are estimated 
based on mirror data and the Bank for 
International Settlements (BIS) 
database). 

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Direct investment 

Portfolio investment 

MT 

Direct reporting questionnaires 
(monthly, quarterly or annual) provide 
data on reinvested earnings, dividends 
and interest income for non-financial 
and financial corporations. Data on 
SPEs are obtained from a survey, as 
well as from administrative sources.  

Income on equities and debt securities 
without ISIN codes is collected through 
monthly and quarterly surveys covering 
practically all sectors.  

SPE income data are obtained from a 
survey, as well as from administrative 
sources.  

Other investment and reserve 
assets 

The main data source for investment 
income from loans, deposits and trade 
credits is the monthly, quarterly and 
annual direct reporting surveys, 
through which financial and non-
financial enterprises provide 
information on interest income and 
expenditure. MFIs provide data on a 
monthly basis. The rest of the financial 
sector submits data on a quarterly 
basis. 

The Ministry for Finance shares data 
on interest payments on the 
government’s external debt.  

Estimates of FISIM imports and 
exports are provided by the national 
accounts unit of the NSI. 

Reinvested earnings attributable to 
collective investment fund shareholders 
are estimated partly by using mirror 
data. 

Investment income on other investment 
is reported on either a monthly basis 
(S.122) or quarterly basis (other 
sectors).  

NL 

Declared dividends reported at the 
level of individual reporting agents 
(NCB’s direct reporting system): 

•  quarterly financial statements of the 

largest Dutch multinational 
enterprises;  

•  annual reports 

AT 

Annual FDI survey results with a time 
lag of 21 months. 

Dividends are reported directly to the 
NCB on a monthly basis.  

Investment income attributable to 
insurance policyholders and payable 
on pension entitlements based on a 
mix of supervisory data, direct 
reporting and estimates. 

MFI interest rate statistics.  

For reporting entities, interest rates are 
part of the reporting structure. 

Mirror data of MFI interest rate 
statistics for the euro area and other 
interest rate sources (e.g. the IMF, 
World Bank and Swiss Central Bank). 

Direct reporting to the central bank for 
all sectors. 

PL 

For dividends and interest on loans 
between affiliated enterprises, 
information is collected through 
monthly or quarterly direct reporting. 

The annual FDI survey is the main 
data source for reinvested earnings. 

Direct reporting from Polish securities 
holders, issuers and financial institutions 
(securities trading intermediaries). 

Securities reference data obtained from 
the securities database maintained by 
Narodowy Bank Polski. 

Monthly and quarterly profits are 
estimated based on:  

•  banks’ monthly financial results; 

•  companies’ aggregated data on 
financial results obtained from 
Statistics Poland; 

• 

the rate of return on equity for 
insurance companies with majority 
foreign ownership received from 
KNF (Polish Financial Supervision 
Authority). 

PT 

Dividends paid are collected monthly 
via the b.o.p. collection system. 

The main sources of data on 
reinvested earnings are companies’ 
annual accounts reports.  

ITRS data are used to compile interest 
on debt transactions between direct 
investment companies. 

RO 

Reinvested earnings and other 
undistributed profits are compiled 
based on a quarterly FDI survey (as of 
2014; prior to that the survey was 
annual) conducted by the central bank 
in cooperation with the NSI for data 
from 2003 onwards.  

Data on interest from intragroup debt 
instruments are also collected through 
these surveys (interest on an accrual 
basis).  

Interest amounts and dividends are 
estimated using the information from the 
internal securities database maintained 
by Banco de Portugal, and from the 
CSDB. 

Income from investment fund shares is 
estimated using the CSDB, data shared 
by other European countries, and data 
obtained from the Portuguese Securities 
Market Commission 

In the case of listed shares and unit 
funds issued by residents, dividend 
information is provided by the Bucharest 
Stock Exchange via the financial 
supervisory authority.  

Other investment: market interest rates 
are applied to the stocks of the relevant 
financial instruments. 

Income from other investment (interest 
on an accrual basis) is collected 
through quarterly surveys on financial 
information related to non-residents. 

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Direct investment 

Portfolio investment 

Other investment and reserve 
assets 

SI 

Annual reports on capital investments 
are the data source for reinvested 
earnings. 

Data on interest on inter-company debt 
is provided monthly in reports on 
credits received / granted and deposits 
with non-residents (KRD).  

The data source for income on debt 
securities from 2004 onwards is reports 
on securities transactions (VRP reports) 
and central securities clearing 
corporation (KDD) data (debt securities 
issued in Slovenia). ITRS was used prior 
to this period. 

Data on income from debt securities not 
issued in Slovenia and without an ISIN 
code are compiled by combining VRP 
resident reports and an average coupon 
rate. Data on income from debt 
securities are calculated on a security-
by-security basis. 

The data source was ITRS until 2004 
for the banking sector, and until 2006 
for the non-banking sector. 

Since then, the data source has been 
monthly cut-off surveys on credits 
received from and granted to non-
residents, as well as deposits with non-
residents (KRD). 

For income on reserve assets, data are 
obtained from a detailed database 
supplied by the accounting department 
of the NCB on a monthly and security-
by-security basis. 

Income from other investments is 
based on monthly reports (interest on 
an accrual basis) and is relevant for the 
S11, S12 and S13 sectors. 

See DI sources. 

Investment income attributable to 
insurance policyholders is gathered 
from insurance corporations’ quarterly 
reporting.  

Suomen Pankki – Finlands Bank 
collects monthly data on MFIs, 
including the central bank, which 
covers investment income. 

Primary income flows related to portfolio 
investments are obtained from data 
sources collected by Suomen Pankki – 
Finlands Bank and mainly based on 
information from the CSDB.  

Monthly survey of deposit banks and 
investment firms providing custody and 
asset management services. 

Monthly data collection of MFIs. 

Monthly survey on security-based 
assets and liabilities of non-financial 
corporations, financial corporations and 
the central government. 

Monthly investment fund survey. 

Quarterly pension fund survey. 

Estimates of dividends and interest on 
portfolio investments are derived from 
stock information in securities statistics 
(both issuance and holdings). The 
information is combined with market 
information (indices) on interest rates 
and dividend level.  

As from 2003, data on income from 
other investments are entirely based 
on monthly and quarterly cut-off 
surveys for the government and 
financial sectors, in combination with 
sample survey among non-financial 
companies. 

SK 

Annual survey results with a time lag of 
21 months. 

Dividends are reported monthly, which 
also makes it possible to calculate 
monthly reinvested earnings.  

Interest on inter-company lending is 
identified separately and reported on 
the basis of a quarterly FDI survey.   

FI 

Data on investment income from direct 
investment (and other investment) are 
collected through the same surveys as 
financial stocks and flows.  

•  Quarterly enquiry on financial 
assets and liabilities (BOPQ). 

•  Annual survey on foreign financial 
assets and liabilities (BOPA). 

•  Employment pension scheme 
quarterly survey (EPSQ). 

Income statement data and FDI 
income / dividends are gathered from 
the annual b.o.p. survey and 
supplemented by dividend data from 
the quarterly survey. 

SE 

Interest income flows attributed to the 
largest FDI debt positions are collected 
in the monthly FDI survey. Interest is 
reported on an accrual basis. 

Dividends are collected from major 
companies in the monthly FDI survey 
and complemented by dividends 
reported by other companies in the 
annual FDI survey.  

Consolidated earnings from equity 
investments according to the current 
operating profit concept (COPC) 
concept are reported in the annual FDI 
survey, which measures FDI income 
and positions.  

3.2.3 

Compilation methods 

Compiling direct investment income is one of the most challenging tasks in 
producing b.o.p. statistics. It requires  

• 

the direct investment corporations’ profit and loss account (mostly annual), 
which is subject to various adjustments to calculate the statistical measure of 
net operating surplus, denominated in accounting terms of the COPC; 

• 

estimation methods for delays in obtaining information; and  

EU Balance of Payments and International Investment Position – Statistical sources and 
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97 

 
 
 
 
 
• 

interpolation procedures to adjust the (typically annual) data to the required 
frequency.  

Reinvested earnings are calculated after deducting dividends (when declared 
payable) from direct investment companies’ net operating earnings. Reinvested 
earnings may be negative when companies show losses or when dividends 
distributed during the year are larger than net operating earnings for the year. 

In general, portfolio investment income in the euro area is compiled on a security-
by-security basis, using information from the centralised securities database (CSDB). 
As specified in Annex VI of Guideline ECB/2011/23, stocks of securities reported to 
the national compiler on an aggregate basis, i.e. not using standard (ISIN or similar) 
codes, should not exceed 15% of the total portfolio investment stocks of assets or 
liabilities; the same threshold should apply to compiling the respective portfolio 
investment income. The CSDB provides security-by-security information on 
dividends paid (for equity and investment fund shares) and income accrued (for debt 
securities and investment fund shares) in addition to price, maturity, market 
capitalisation and outstanding amounts. These data allow b.o.p. compilers to 
calculate income flows related to their countries’ assets and liabilities of these 
portfolio investment instruments. This also allows for a full geographical and sector 
(resident and counterpart sector) breakdown of credits.  

Interest on debt securities, which is calculated by applying coupon attributes from the 
CSDB to stocks, is recorded on an accrual basis. Dividends on equity securities and 
investment fund shares are compiled directly from the CSDB and multiplied by 
holdings. This method is common in all euro area countries and most of the EU 
countries for calculating income generated by portfolio assets. It is the most common 
debit side method; however, the table below highlights some specific features for a 
few countries.  

Furthermore, in addition to the accrual basis for calculating the income of debt 
instruments, the debtor approach is recommended in order to reduce asymmetries at 
the euro area level, i.e. interest accrual on a debt instrument is determined using the 
original yield to maturity over the life of the instrument by the terms and conditions 
set at its inception. A single effective yield, which is established at the time of 
security issuance and which takes into account discounts and premiums, is used to 
calculate the amount of accrued interest earned each period to maturity.  

The calculation of income generated by investment funds is still not harmonised 
among EU countries. Some countries use CSDB information, while others use data 
collected from resident investment funds or available mirror data. The various cases 
are explained below. 

In the EU other investment income includes only “pure” interest, i.e. net of FISIM; 
for details on how FISIM is estimated per country, see ”financial services” in the 
“Services” chapter.  

EU Balance of Payments and International Investment Position – Statistical sources and 
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98 

 
 
As members of a currency union, euro area countries initiate some b.o.p. 
transactions or enter i.i.p. positions that are typically domestic in other economies. 
These positions generate income in other investments: 

• 

• 

• 

remuneration for claims on the ECB resulting from the transfer by NCBs of 
pooled reserve assets as interest; 

distribution of ECB profit to NCBs and coverage of ECB financial losses by 
NCBs are considered positive or negative income (as appropriate) accruing to 
the share of each NCB in the ECB’s capital ECB as withdrawals from income of 
quasi-corporations; 

any remuneration related to intra-Eurosystem “technical” balances (difference 
between the value of euro banknotes allocated to each NCB according to the 
banknote allocation key and the value of euro banknotes that the NCB actually 
puts into circulation) as interest. 

In all of the above cases, the geographical allocation accords with the debtor/creditor 
approach of the related assets/liabilities. 

Function/category-specific compilation methods are summarised in the following 
table, with deviations also included. 

Specific features and deviations 

Direct investment 

Portfolio investment 

Other investment and reserve assets 

EA 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

BE 

Dividends with full geographical and 
sector breakdown are collected through 
monthly (major enterprises) and annual 
FDI surveys on flows. These data, 
combined with annual profit and loss 
data, are used to calculate reinvested 
earnings. 

Preliminary monthly/quarterly estimates 
are based on average net profit over 
the last five years and adapted to 
recent information in quarterly reports 
of some major companies in close 
consultation with the national accounts 
unit. 

BG 

Direct investment income/credit 

Dividends and reinvested earnings are 
reported as “zero” in the first monthly 
data publications until the information is 
available in the quarterly report form.  

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

Interest is estimated based on stocks 
and interest rates. FISIM is calculated 
by the national account unit. 

Income accrued on deposits is 
reported, while income accrued on 
financial loans is calculated monthly 
from the information on the contract 
interest rate. 

Imputed data on income of loans above 
€25,000 (on a loan-by-loan basis) are 
based on reference data reported by 
banks (interest rate and interest 
payments dates), as well as monthly 
stock data. 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. for credits; 
residual approach for debits that 
consolidate intra-euro area credits with 
intra-euro area debits. 

Data on dividends from investment fund 
shares are taken from the CSDB 
whereas reinvested earnings are 
estimated using the income rate for 
investment funds which distribute 
earnings. 

Data on quoted shares issued by 
residents are complemented by other 
sources. Dividends are recorded as of 
their settlement date. 

For non-ISIN securities, investment 
income is estimated by applying the 
income rates of similar ISIN securities. 

Investment fund shares, reinvested 
earnings and credit are calculated 
using the daily accrued income factor 
on a security-by-security basis, as 
obtained from the CSDB, whereas 
debits are calculated based on 
quarterly profit and loss data of resident 
funds, as collected by Българска 
народна банка (Bulgarian National 
Bank). 

A combination of direct reporting (in the 
case of assets) and residual approach 
(in the case of liabilities) is applied. In 
addition, securities databases are used 
to compare and correct (if needed) 
securities data (prices, interest payment 
date, etc.) 

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Direct investment 

Portfolio investment 

Other investment and reserve assets 

Quarterly profit and loss is calculated 
as the difference between reported end 
stock and opening stock, which is 
further divided by 3 as a monthly data 
estimate. Reinvested earnings are 
calculated after deducting monthly 
dividends. Current profit/loss is often 
unavailable on a quarterly basis for 
direct investment enterprises abroad 
and is frequently reported as zero. If 
only annual data are available, a simple 
division by 12 is applied for the purpose 
of estimating monthly data. Depending 
on the country’s jurisdiction, annual 
data on profit/loss are available from 6 
to 24 months following the end of the 
fiscal year. 

Monthly data on interest аre estimated 
based on the expected payment plan 
as reported by respondents. 

Direct investment income – debit 

Income from equity for banks is 
reported directly on a monthly basis. 
Data on non-financial enterprises are 
reported quarterly through a sample 
survey that covers the largest direct 
investment enterprises, with no 
estimates included for the months prior 
to when quarterly data are available. 
Data from the annual NSI census 
survey are used to supplement sample 
survey data and are distributed evenly 
over the months of the reference year.   

Preliminary estimates of income from 
debt are based on repayment 
schedules, as reported by non-financial 
enterprises. Dividends accrued but not 
paid are recorded in the financial 
account as debt positions incurred. 

Quarterly estimates of reinvested 
earnings (e.g. new companies) are 
calculated based on the average rate of 
return in a given economic sector from 
the preceding year. Estimated data are 
revised on the basis of annual FDI 
surveys. 

Reinvested earnings are calculated as 
total reported profits/losses less the 
reported distributed dividends. In 
accordance with BPM6, a correction is 
made for net extraordinary revenue or 
expenditure to exclude holding 
gains/losses. 

Monthly reporting of dividends 
received/paid  

For companies with the largest FDI, 
information collected on a quarterly 
basis on profit/loss, extraordinary items 
and holding gains/losses is used to 
forecast subsequent quarterly figures. 
For other companies, total profit/loss is 
estimated annually based on preceding 
years’ profit/loss and expert 
assessments. 

CZ 

DK 

Income from other sectors’ loans above 
€250,000 is reported to the Bulgarian 
National Bank on a quarterly basis. 
Initial estimates of monthly data are 
based on the payments schedule, as 
reported by respondents. These are 
later replaced by monthly data in the 
quarterly forms and reported directly to 
the Bulgarian National Bank. Monthly 
data are reported on an annual basis 
for loans between €25,000 and 
€250,000.  

No income is attributed to resident 
sector S14, and no income is attributed 
to deposits of non-MFIs held abroad. 

In the case of investment funds, 
reinvested earnings (debits) are 
estimated using directly reported profit 
and loss surveys of investment funds. 

Interest streams are calculated on an 
accrual basis. The geographical 
allocation is based on the 
debtor/creditor approach of the related 
assets/liabilities. 

Dividends received are reported directly 
on a monthly basis for securities 
without an ISIN code. 

The total figures for Denmark vis-à-vis 
the rest of the world are estimated by 
grossing up. 

There is no correction for tax withheld. 
There is no such tax in Denmark, nor is 
common in other countries.  

The distinction between resident and 
non-resident policyholders is reported 
in an annual survey by resident 
insurance, pension fund and life 
insurance companies, subsequent to 
which the quarterly data are revised.  

No correction is made for withholding 
tax on income distributed or received. It 
is assumed that these taxes are always 
refunded to the relevant dividend 
recipients in either Denmark or the rest 
of the world. 

An estimate of reinvested income 
attributed to resident holdings of 
investment fund shares issued by non-
residents is calculated based on data 
reported by resident investment funds, 
as there is no information on total 
income generated by non-resident 
investment funds.  

It is assumed that implicit rates of return 
are the same for similar resident and 
non-resident investment funds. 
Distributed income is subtracted from 
the estimated total income attributed to 
Danish residents from non-resident 
investment funds in order to estimate 
reinvested earnings. 

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Direct investment 

Portfolio investment 

Other investment and reserve assets 

DE 

Reinvested earnings are calculated as 
the residual of current operating profits 
of direct investment enterprises and 
dividends distributed. Current operating 
profits are approximated using balance 
sheet information on total and 
extraordinary earnings of direct 
investment enterprises, which are 
available with a time lag of 15 to 18 
months. Reinvested earnings and 
interest on other capital are recorded 
on an accrual basis. 

EE 

Income from inter-company lending is 
recorded in the income account on an 
accrual basis and includes withholding 
income tax.  

Dividends accrued but not paid are 
recorded under income from debt 
instruments.  

For preliminary estimates, the quarterly 
rate on other investment income is 
estimated as income from stock (in the 
preceding year) and extrapolated to the 
months of the current quarter. Usually, 
the average income rate for the 
preceding quarter and the same quarter 
of the preceding year are used. ITRS 
information on dividends is used to 
correct the estimate. Reinvested 
earnings are residual. The aggregated 
survey of banks is used as a proxy for 
banks’ reinvested earnings. 

Non-financial and manufacturing firms 
explicitly report direct investment 
income on the BOP40 survey. For all 
other firms, direct investment income is 
calculated proportionately to holdings 
(positions). If only a single figure for 
equity income is provided, for example, 
it will be apportioned across foreign and 
domestic portfolios and direct equity 
positions. 

IE 

GR 

Dividends are recorded when paid. 

Annual data for reinvested earnings are 
estimated using information from the 
annual FDI questionnaire. These 
estimates are retrospectively included 
in monthly b.o.p. following final quality 
control. 

Since 2015, income receivable on debt 
securities is calculated on a security-by-
security basis using the accrued 
income factor from the CSDB. No offset 
is recorded with the underlying 
instrument in the financial account. 

For flows payable, the debtor approach 
is used approximatively by allocating 
reported interest flows to the 12 
preceding months (accrual principle). 
Irregularities due to above par/below 
par emissions or zero bonds are 
currently not included because of their 
negligible relevance, as well as the 
projected calculation of flows payable 
on a security-by-security basis (similarly 
to flows receivable).  

Dividends on investment fund shares 
are compiled based on monthly reports. 
Reinvested earnings on investment 
fund shares pertaining to credits, 
however, are estimated entirely by 
determining the corresponding stock 
and multiplying it by an appropriate 
yield. Regarding domestic funds, b.o.p.-
relevant reinvestments are negligible. 

The accrued income factor from the 
CSDB is used for reinvested earnings 
of investment fund shares. 

Estimates of interest income on an 
accrual basis are calculated from 
aggregated stocks of loans / deposits 
and corresponding interest rates. For 
interest receivable, the interest rate 
primarily used is the Euribor, 
differentiated by maturity. For instance, 
the 12-month Euribor is used for FDI 
loans, while the 3-month Euribor is 
applied to the accrual estimate of MFI 
loans. For interest payable, domestic 
interest and yields are used, in part 
derived from indicators such as 
expected bond yield and bond 
circulation.  

Data on income from trade credits are 
not collected or calculated based on the 
assumed short-term nature of these 
credits and negligible yields.  

Other investment income of non-
financial/financial corporations and 
general government is based on direct 
reporting. For credit institutions, income 
statements are used. Interest 
earned/paid by the household sector is 
based on estimates of positions to 
which interest rates of main 
counterparties are applied. 

Reserve asset income is derived from 
Eesti Pank’s financial reporting. 

The CSO’s treatment of reinvested 
earnings of investment funds considers 
that the operational costs incurred by 
the fund are implicitly charged to the 
shareholder from fund assets.  

Reinvested earnings = A+B+C+D-E, 
where A is “Operating Income - Interest 
Income [Securities]”, B is “Operating 
Income - Interest Income [Deposits]”, C 
is “Operating Income - Dividend 
Income”, D is “Operating Income - 
Other Income” and E is “Dividends 
Payable - Total”. This amount is shared 
among shareholders as a proportion of 
total shareholders’ investment and used 
to distribute reinvested earnings by 
geographical region. 

As of end-2018, distributed and 
reinvested earnings of investment 
funds are calculated on a monthly basis 
using SHSDB and CSDB reference 
data. Portfolio income payments are 
cross-checked with income data 
provided by the NCB’s electronic 
secondary securities market section. 

Non-financial and manufacturing firms 
explicitly report other investment 
income on the BOP40 survey. For all 
other firms, other investment income is 
calculated proportionately to holdings 
(positions). If only a single figure for 
other investment income is provided, 
for example, it will be apportioned 
across other foreign and domestic 
investment positions. 

Investment income from loans is 
compiled on a cash basis. 

The NCB does not record income from 
trade credits.  

The share of interest in leasing 
payments is not captured. 

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101 

 
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

The accrual principle has been applied 
since 1993 to income payments to non-
residents arising from interest on bonds 
issued by the Spanish general 
government. As of 2005, it is applied to 
all other portfolio income on debt 
securities.  

Reinvested earnings of investment 
funds are estimated using data from the 
CSDB, as well as mirror data provided 
by Luxembourg.  

In the case of debt issued by residents, 
information on i.i.p. stocks is combined 
with statistics on characteristics of 
issues on a security-by-security basis 
or with information on issuers’ income 
statements, as reported by banks to the 
Banco de España within the system of 
declaration of financial statements. 

Investment income of deposits and 
loans of general government and other 
resident sectors is estimated on the 
basis of stock declared on the direct 
reporting form, as well as the variation 
rate of the euro area MFI interest rate. 

Income accruals on reserve assets are 
estimated by the operations department 
of the central bank on a monthly basis 
by applying the following interest rates 
to the respective stocks: 

•  official IMF interest rate on the SDR 

for SDRs and IMF positions; 

•  average interest rates on currencies 

and deposits; and 

•  security-by-security (CSDB) data for 

debt securities. 

Income is derived from portfolio 
investments i.i.p., to which a yield rate 
is applied. The yield rate is obtained 

Interest income on banks’ claims and 
liabilities is adjusted for FISIM to show 
‘pure’ interest. 

• 

• 

from the CSDB and other sources 
(in the case of credits); and 

from the Banque de France (BDF) 
securities database (in the case of 
debits). 

Monthly estimates for banks are based 
on the calculations applying interest 
rates on lending and borrowing 
positions made for the compilation of 
monthly b.o.p. statistics. 

ES 

Dividends are reported directly to the 
NCB on a monthly basis. 

For MFIs, income received is estimated 
on the basis of annual accounts 
published with a 12-month lag whereas 
income paid is obtained directly from 
quarterly financial statements reported 
to the NCB. For the most recent year, 
(income received) or most recent 
quarter (income paid), estimates are 
calculated based on historical data. 

Regarding other sectors, total income is 
declared in the investment register of 
the Ministry of Industry, Trade and 
Tourism on an annual basis with a lag 
of 18 months. Total income for the two 
preceding years is estimated on the 
basis of annual historical data and 
complemented by accounting data of 
non-financial resident companies, as 
provided by the central balance sheet 
office of the Banco de España, as well 
as ad hoc research conducted on 
financial statements of large 
investors/direct investment companies 
and using a model based on a 
regression against GDP that allows 
aggregate behaviour to be modulated. 
Monthly and quarterly data are 
compiled from annual information. 

The counterpart to rental expenses 
imputed to non-resident owners of 
vacation homes who are on temporary 
stays is also recorded under direct 
investment income deducting related 
expenses (taxes, gross capital 
formation and intermediate 
consumption).  See “travel services” for 
compilation details.  

Interest on loans and other accounts 
receivable and payable are included on 
a monthly basis directly from the 
source. 

Dividends are collected from financial 
intermediaries and by major resident 
companies. Overall dividends are 
projected on that basis and additional 
information obtained from the CSDB 
database for non-resident firms. 

Since no data are available during the 
reference year (N), direct investment 
income (including dividends and 
reinvested earnings) is estimated using 
the consensus economics forecast for 
earnings per share on the French 
financial market and other main 
financial markets. For year N-1, direct 
investment income is based mainly on 
large firms which have already 
published their annual reports. For year 
N-2, DI income is based on the FDI 
annual survey (for outward FDI) and 
published financial statements (for 
inward FDI). 

FR 

HR 

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102 

 
 
 
 
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

Dividends are recorded when paid, 
consistent with the “settlement date” 
attribute from the CSDB.  

The estimate of accrued interest on 
index-linked bonds is based on an 
average of the current interest rates. 

For debt securities, the accrual principle 
is applied on a monthly basis, following 
the debtor principle. 

Other investment income is estimated 
based on stocks by applying average 
interest rates, differentiated by type of 
instrument. 

Income accruals on reserve assets are 
estimated monthly by applying the 
following interest rates to the respective 
stocks: IMF’s official interest rate for 
SDRs and IMF positions, average 
interest rates for currencies and 
deposits and security-by-security 
(CSDB) interest rates on debt securities 
for other claims. 

IT 

Reinvested earnings are computed by 
subtracting declared payable dividends 
from net operating profit, valued at the 
COPC. Since enterprise balance sheet 
data are available with a six-month lag, 
operating profit needs to be estimated 
for the interim period. A coefficient 
based on net operating profit of the 
preceding year is applied to the last 
available stocks. Different indicators are 
considered in order to adjust this 
coefficient, taking into account current 
year developments (primarily quarterly 
and semi-annual reports of the largest 
Italian companies). 

Direct investment dividends are 
recorded when declared payable. 

Income on FDI debt is estimated by 
applying average interest rates, 
differentiated by type of instrument, to 
quarterly stock data of non-financial 
and insurance companies. 

CY 

In the case of non-response to the 
quarterly EFS survey, interest of the 
preceding period is carried forward. 
Profits are assumed to be zero, which 
is corrected to obtain the true value 
when survey data are received.  

For government and other MFIs, 
interest is calculated by applying the 
coupon rate to the non-resident 
percentage holdings of the amounts 
outstanding at the end of the reference 
period.   

In the event that only positions are 
available (e.g. households loans and 
deposits abroad, which are derived 
using a mirror data approach), interest 
is imputed based on the stock position 
and an assumed interest rate. 

When the financial statement is the 
data source, the interest and profits of 
the latest available period are carried 
forward. This is corrected to obtain the 
true value once the financial statements 
data are received. 

As regards income paid to non-
residents for dwelling services (imputed 
and actual), as well as income received 
by residents for dwelling services 
abroad, estimates are provided by the 
national accounts and additionally 
incorporated into b.o.p. statistics. 

Dividends and reinvested earnings of 
investment funds are calculated based 
on their holdings (as collected from the 
investment fund survey) along with 
specific rates of return. These rates are 
calculated based on the amount Cypriot 
residents receive from respective 
investment funds abroad.  

As regards debt securities issues of 
residents, interest is calculated using 
the coupon rate, which is applied to the 
outstanding amount prevailing at the 
end of the reference period. 

In the case of non-response, see direct 
investment income information. 
Investment income from insurance 
contracts to resident policyholders is 
estimated using the ratio derived from 
property income of local insurance 
companies paid to non-resident 
insurance policyholders and divided by 
the corresponding premiums received 
from non-residents. The ratio is 
multiplied by premiums paid by 
residents (except S128) to the rest of 
the world. 

LV 

LT 

Direct investment dividends are 
recorded when declared payable.  

Dividends are reported directly by 
banks to the NCB on a monthly basis. 

Income on inter-company loans is 
calculated loan-by-loan on an accrual 
basis and available at t+1 month. 

LU 

Direct investment income is reported 
through the annual FDI surveys of 
banks and the non-financial industry, as 
conducted by the NSI. 

For captive financial institutions, the 
derivation proceeds in two steps: First, 
selected profit and loss items from 
administrative sources (central balance 
sheet office) provide annual income 
flows. Second, this annual flow is 
broken down by country, instrument 
and maturity (at company level) using 
survey data. 

For other companies, data with full 
geographical and sector breakdown are 
collected through the annual FDI 
survey. The data, combined with annual 
profit and loss data, are used to 
calculate reinvested earnings. 

Interest on accrual basis is collected by 
the survey-based system.  

BIS data on deposits between countries 
are used to estimate interest received 
by households from deposits in foreign 
credit institutions.  

FISIM is calculated by the NSI. 

Banks’ profit and loss data (FINREP) 
provide interest data on loans and 
deposits by banks.  

Reporting by the Banque centrale du 
Luxembourg (balance sheet) provides 
details that are broken down by 
counterpart country, currency and 
maturity. 

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103 

 
 
 
 
 
  
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

HU 

Until financial report information for 
enterprises is available, income on FDI 
equity is estimated by the central 
bank’s macro analysts, using a model-
based macro forecast. The annual profit 
(income on equity) data is allocated 
equally across quarters on the outward 
FDI side, and calculated as a share of 
GDP on the inward side.  

Portfolio income is calculated from 
average stocks on a security-by-
security basis using dividend, interest 
rate and cash flow information.  

Reinvested earnings attributable to 
investment fund shareholders are 
estimated by the central bank. The 
estimate is based on information 
reported by investment funds. 

Other investment income is reported 
monthly (based on designation) or 
quarterly (based on threshold). The 
data are grossed up and supplemented 
by estimates (households). 

For FISIM, data are calculated by the 
NSI. 

MT 

Once annual survey results (based on 
profit and loss accounts) are available, 
the estimates are replaced by data 
based on the annual survey. Elements 
not related to COPC are also reported 
in the annual survey to calculate 
COPC-based income data.  

Dividends and interest are reported 
monthly (based on designation) or 
quarterly (based on thresholds).  

For SPEs, the cost approach is applied 
in order to calculate the value of the 
imputed services provided, whereby the 
income account is adjusted for 
dividends, interest and reinvested 
earnings to truly reflect the actual 
economic value of these companies. 

The majority of the financial sector 
(excluding SPEs) is based on a census, 
such that all data are basically 
reported. In the event that data are not 
available, estimates are implemented 
taking the average of the preceding 12 
months.   

The surveys indicate whether debt 
income is derived from the foreign 
parent company, subsidiaries, fellow 
enterprises or other non-resident 
sources.  

NL 

Interest, dividends and earnings are 
reported on a quarterly basis, grossed 
up and imputed in the event of late 
reporting. 

AT 

Income on real estate liabilities is 
estimated by applying a gross yield to 
reported stocks. The yield is published 
by Raad voor Onroerende Zaken 
(Dutch council for real estate that 
collects information on transactions and 
rates of return on real estate in the 
Netherlands). 

Dividends are reported when declared. 

Reinvested earnings in the current 
applicable reporting year are based on 
estimates of profits on an individual 
enterprise basis until the estimates can 
be replaced by the annual FDI survey 
results. 

These estimates refer to “return on 
equity” by region (for outward FDI) and 
to “return on equity” by activity (for 
inward FDI). 

Once FDI survey results (including 
balance sheet data) are available, the 
estimates are replaced by profits/losses 
from balance sheet data less reported 
dividends. 

Portfolio income debits are compiled 
from a return furnished by the Malta 
Stock Exchange, which includes a 
stock flow income model. For resident 
companies that are not quoted on the 
Malta Stock Exchange, questionnaires 
are designed to collect data directly 
from respondents regarding portfolio 
investment income. 

For SPE data, see FDI specifications 
for SPEs. 

Dividends and retained earnings are 
provided by investment fund 
respondents.  

Interest and dividends are reported on 
a monthly basis. The reported data are 
grossed up and imputed in the event of 
late reporting. Reinvested earnings 
attributable to collective investment 
fund shareholders are estimated, partly 
by using mirror data. 

Dividends are reported when declared. 

Investment income on other 
investments is reported on either a 
monthly basis (S.122) or quarterly basis 
(other sectors). The data are grossed 
up and imputed in the event of late 
reporting. 

Investment income attributable to 
insurance policyholders and payable on 
pension entitlements is based on a mix 
of supervisory data, direct reporting and 
estimates. 

Income earned by domestic 
shareholders of foreign collective 
investment funds (equity capital) is 
treated on an accrual basis regardless 
of whether a distributing or non-
distributing fund is involved. Unlike 
other accrual calculations, this is not 
implemented using an automated 
security-by-security approach but as an 
annual estimate for each fund category 
instead, which is then equally 
distributed across all months. Input 
parameters are domestic holdings of 
foreign collective investment funds, as 
well as coupon payments and rates of 
return to these institutions. Coupon 
payments are recorded the same way 
as dividend payments on shares.  

The distinction between direct 
investment and other investment for 
loan/deposit income is derived from 
master data (i.e. if a direct investment 
relationship exists). Income on 
loans/deposits of the foreign private 
sector vis-à-vis Austrian MFIs is 
estimated on the basis of MFI interest 
rate statistics.  

For reporting entities, income on other 
investments is calculated (business 
case-related interest rates are part of 
the reporting structure). 

Additional estimates for loans/deposits 
regarding the resident private sector 
vis-à-vis foreign MFIs that are not 
reported are based on mirror data of 
MFI interest rate statistics for the euro 
area and other interest rate sources 
(e.g. the IMF, World Bank and Swiss 
National Bank). 

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104 

 
 
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

PL 

PT 

RO 

Annual reinvested earnings derived 
from entities’ annual reports according 
to the COPC are subsequently broken 
down by respective quarter and month, 
replacing previously estimated flows. 

Monthly and quarterly estimates of 
profits are based on monthly financial 
results of banks, as delivered by the 
financial institutions; aggregated data 
on financial results of companies, as 
obtained from the NSI (Statistics 
Poland); and information on insurance 
corporation profits from KNF (Poland’s 
financial supervision authority)  

For Polish investment abroad, an 
estimate model based on changes in 
equity capital is used.  

The NCB estimates provisional 
reinvested earnings for the periods not 
yet surveyed using information both 
from the b.o.p. collection system (end-
of-period positions) and from 
corporations’ most recent annual 
accounts (global profitability rate for 
equity capital and respective stocks).  

For periods when complete data are 
available, the methodology is as 
follows: 

•  dividends paid are collected monthly 
via the b.o.p. collection system; 

• 

• 

the main source of data on 
reinvested earnings is companies’ 
annual accounts reports; and  

for compiling interest on debt 
transactions between direct 
investment companies, ITRS data 
are used. 

Interest arising from intragroup debt 
instruments is collected on an accrual 
basis on the quarterly inward FDI 
survey. Annual inward / outward FDI 
surveys are also compiled on an 
accrual basis.  

Deposit-taking corporations (except for 
the central bank) report monthly data 
on reinvested earnings, dividends and 
inter-company lending interest. 

Income earned by foreign shareholders 
of domestic collective investment funds 
(equity capital) is not treated on an 
accrual basis. The reinvestment of 
earnings per investment fund is 
calculated on the basis of the reported 
capital gains tax in the respective 
month of distribution. Coupon 
payments are recorded the same way 
as dividend payments on shares. 

For securities with an ISIN code, 
income accruals are calculated on a 
security-by-security basis using direct 
reports from Polish securities holders, 
issuers and financial institutions 
(securities trading intermediaries), 
combined with securities reference data 
from the securities database 
maintained by Narodowy Bank Polski. 
The database is supplemented by data 
from the national depository for 
securities, the CSDB and reference 
data reported directly by Polish issuers.  

Dividends received are registered on 
the date of payment and not on the 
“dividend day”, which is consistent with 
CSDB information. 

For securities with no ISIN code, 
income is reported directly by reporting 
entities on an accrual basis, 
aggregated both by security type 
(equity securities, long-term debt 
instruments and money market 
instruments) and by sector of the 
resident entity paying or receiving 
revenue (general government, banks 
and other sectors). 

Earnings are estimated using 
information from the CSDB, the internal 
securities database maintained by 
Banco de Portugal, data shared by 
other European countries and direct 
reporting. 

Interest is accrued according to the 
estimates produced using these 
sources. Dividends are recorded when 
they are paid or received 

Data collected on income are 
connected with the financial instrument 
to which the income is attributed; all 
breakdowns are available. 

For all resident sectors, this item is 
derived monthly on an accrual basis, 
taking into account stock data and 
market interest rates. 

The calculation is performed with a 
breakdown by financial instrument, 
maturity and institutional sector. The 
amounts obtained are adjusted by the 
value of FISIM. 

Dividends are compiled on a security-
by-security basis and recorded mainly 
on the ex-dividend date. 

Interest on debt securities related to 
portfolio investment is produced 
according to the accrual principle 
(debtor approach) and based on a local 
IT application (for instruments issued by 
residents). 

Reinvested earnings of investment 
funds are compiled using balance sheet 
information provided by the financial 
supervisory authority (for liabilities) and 
the CSDB (for assets). 

Income from other investment (interest 
on an accrual basis) is collected 
through the quarterly survey on 
financial information related to non-
residents. 

The debt management and financial 
analysis system (DMFAS) provides 
accrual interest data on long-term 
inward loans on a loan-by-loan and 
monthly basis. 

There is currently a data gap regarding 
income attributable to policyholders, 
pension schemes and standardised 
guarantees schemes. Banca Naţională 
a României plans in the near future to 
integrate information drawn from 
insurance companies’ quarterly balance 
sheets. 

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105 

 
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

For reinvested earnings and dividends 
of other sectors, monthly estimates 
(based on historical averages) are 
made until quarterly survey results 
become available. Dividends are 
primarily shown in FDI statistics when 
distributed (typically in the second 
quarter of the year). Dividends are 
divided by 3 and allocated to monthly 
data.   

Business accounting records on profit 
(net savings) represent the starting 
point for reinvested earnings/dividends 
calculations. Thus, reinvested earnings 
include any realised or unrealised 
holding gains or losses that may arise 
either from valuation changes or from 
other changes in asset volume. 

Dividends are collected monthly in SN 
report. As of 2008, data on 
exceptionally large profit distributions 
especially in cases of company 
liquidation are treated as super-
dividends, i.e. excluded from income 
and included in direct investment as 
equity withdrawals.  

Monthly data on reinvested earnings in 
the current applicable year are 
estimated by deducting any dividends 
paid (the data source being the monthly 
census survey from 2008 onwards - the 
previous source was the ITRS), from 
the monthly average for the three 
preceding years for total earnings 
minus extraordinary income. The 
estimate is replaced by actual data 
when available. 

Profits in the current applicable 
reporting year are estimated until 
replaced by annual survey results (with 
a  lag of 21 months). The estimate 
model is based on total profits as 
presented in the most recently available 
FDI surveys (annual and quarterly), 
which are subsequently adjusted 
according to the development of the 
Slovak economy and divided into 12 
months. 

The calculation of reinvested earnings 
is based on individual enterprise and 
enterprise group data gathered from 
annual / quarterly b.o.p. surveys and 
uses the COPC.  

Dividends from direct investment are 
recorded when paid. Reinvested 
earnings are calculated as a residual of 
COPC and dividends in a given period. 
Reinvested earnings are also 
calculated from indirectly owned FDI 
enterprises. COPC is divided evenly 
over the year and used as an estimate 
for subsequent periods before new data 
are obtained from the annual b.o.p. 
survey. 

Since total earnings on direct 
investment (and consequently 
reinvested earnings) are calculated with 
a considerable time lag, expected 
COPC estimates need to be computed 
for reference periods not yet covered 
by results from the annual FDI survey. 

SI 

SK 

FI 

SE 

Investment funds’ reinvested earnings 
are calculated at the ISIN code level 
and based on attributes available at the 
CSDB. 

As of 2004, interest on deposits and 
loans is compiled by using quarterly 
interest rate data from MFI interest rate 
statistics and applying these rates to 
the respective stocks. 

For data starting in 2007 (the beginning 
of Slovenia’s membership in the EMU), 
remuneration of intra-Eurosystem 
technical claims is included from March 
2015 onwards. 

If there is no relevant information on 
equity income attributes in the CSDB, 
an estimate is used, based on 
securities that include this information 
in the CSDB. 

Estimates of investment fund shares 
and equity dividends are regularly 
computed and compared to attributes 
available from the CSDB for 
shares/unitsincluded in the CSDB. 

Domestic investment fund shareholders 
report their holdings of foreign 
investment funds directly on the 
monthly surveys conducted by the 
NCB. The relevant investment income 
is calculated using the reported 
amounts of investment fund shares 
held and the accrued income factor 
obtained from the CSDB. 

On the basis of quarterly stock data, 
estimates are computed for dividends 
and interest on debt securities issued 
by residents / non-residents. The 
estimation methods used are based 
largely on market valuation principles.  

Monthly/quarterly reports of the central 
bank, commercial banks and other non-
bank entities include interest on 
deposits and loans for assets and 
liabilities by geographical breakdown 
and on a quarterly basis. 

The central bank’s monthly reports 
include data for estimating 
assets/liabilities related to euro 
currency in circulation. Since joining the 
euro area, the remuneration of intra-
Eurosystem technical claims is included 
in Národná banka Slovenska’s report. 

Income on reserve assets related to 
debt securities is calculated on the 
same basis as portfolio investment.  

Preliminary monthly estimates include 
investment income data from monthly 
data sources. In addition, investment 
income data from quarterly and annual 
sources are extrapolated to the 
preliminary quarters / months before 
new data are obtained from the 
quarterly and annual surveys.  

There are coverage gaps for interest on 
trade credits. The main sources for 
trade credits are quarterly and annual 
b.o.p. surveys that do not cover interest 
on trade credits. The amounts are 
assumed to be relatively small due to 
the assumed short-term nature of 
credits. 

Monthly collection from the largest 
banks includes interest on deposits and 
loans. The level of interest from the 
data collection is used to estimate 
interest for other MFIs.    

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106 

 
 
 
Direct investment 

Portfolio investment 

Other investment and reserve assets 

Interest on debt securities is estimated 
on the basis of stocks at market value 
and five-year average of interest rates 
prevailing at the time of the issue.  

All dividends of investment funds are 
assumed to be reinvested. Estimates of 
accrued interest are computed using 
detailed information from indices.  

Income on Swedish debt securities is 
measured and estimated according to 
the debtor approach. Income on foreign 
debt securities is measured and 
estimated according to the creditor 
approach. 

Work is in progress to use the 
databases on a security-by-security 
basis also entirely for income.   

The estimates applied the latest 
reported COCP data for the most part, 
including for future reference periods. 
This is likely to be the case if no 
considerable fluctuations affecting 
corporate earnings or exchange rates, 
etc. are taking place in Sweden or in 
countries hosting Swedish FDI 
companies.  

Data on expected earnings growth for 
listed companies in different countries 
are obtained from commercial data 
sources. Since these earnings growth 
estimates do not necessarily reflect 
COPC earnings growth or the Swedish 
FDI population, additional data in the 
form of available (consolidated) 
earnings data from Swedish FDI 
companies are also used. However, 
none of the quarterly/annual earnings 
data available from (most often listed) 
companies reflect the FDI COPC 
earnings since holding gains/losses, 
impairments, write-downs, etc. are 
included. Final estimates are then 
derived from a discussion within the 
b.o.p. team, using the above-mentioned 
measures as general background data.   

Dividends accrued but not settled are 
also recorded as net incurrence of debt 
positions in the financial account. 

Annualised COPC is then distributed 
evenly over the months within each 
reference year, making it possible to 
compile monthly and quarterly data on 
reinvestment earnings. 

3.3 

Other primary income 

(As of October 2023) 

3.3.1 

Methodology 

Other primary income comprises taxes and subsidies on products and 
production and rents. This latter component is presented in the primary income 
account to maintain consistency with national accounts, and it is broken down by 
institutional sector of the compiling economy (general government and other 
sectors). Together, rents and investment income correspond to the national accounts 
concept of property income. 

Taxes on production and on imports consist of compulsory, unrequited payments, 
in cash or in kind, which are levied by general government or by the EU institutions 
in respect of the production and import of goods and services, the employment of 
labour, and the ownership or use of land, buildings or other assets used in 
production (such taxes are payable irrespective of profits made).  

From December 2015 onwards, following the implementation of the Single 
Resolution Mechanism (SRM) and constitution of the Single Resolution Fund (SRF), 

EU Balance of Payments and International Investment Position – Statistical sources and 
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107 

 
 
 
 
contributions of the country’s banking sector to the SRM should be included in this 
account.  

Conversely, subsidies are current unrequited payments which general government 
or the EU institutions make to resident producers. Cross-border taxes and subsidies 
on products and production are normally not significant, except in the case of 
economic unions such as the euro area. In the euro area, taxes on production and 
imports paid to EU institutions include the following taxes collected by national 
governments on behalf of EU institutions: receipts from the common agricultural 
policy (levies on imported agricultural products; monetary compensatory amounts 
levied on exports and imports; sugar production levies and the tax on isoglucose; co-
responsibility taxes on milk and cereals; and receipts from trade with third countries) 
and customs duties levied on the basis of the Integrated Tariff of the European 
Communities (TARIC). The taxes on production and imports paid to the EU 
institutions do not include the VAT-based third own resource, which is included in 
other current transfers. Subsidies granted by the EU institutions only cover current 
transfers made directly by them to resident producer units.  

Rents cover income receivable for putting natural resources at the disposal of non-
resident institutional units. Examples of rents include amounts payable for the use of 
land for extracting mineral deposits and other subsoil assets, and for fishing, forestry 
and grazing rights. The regular payments made by the lessees of natural resources, 
such as subsoil assets, are often described as royalties, but they are classified as 
rents.  

Notional direct investment enterprises (i.e. “fictitious” institutional units) created for 
holding land and leases on land for long periods will normally generate rent (or travel 
or operational leasing services if there is a building on the land). If the land or 
buildings are used by the owners (who are non-residents) of the notional unit, an 
imputation for rent (in the case of use of land), travel services (e.g. in territories that 
have a large number of vacation homes owned by non-residents) or operational 
leasing (if non-resident enterprises own premises for their own use) would be 
necessary. These imputations are recorded under relevant categories of the current 
account (mostly services). The income arising from the notional direct investment 
enterprise is recorded under direct investment income. For example, if a vacation 
home is rented, the notional unit receives the payment for accommodation and 
generates net earnings that are considered withdrawals from income of quasi-
corporations. 

3.3.2 

Data Sources and compilation methods 

Administrative sources such as the Ministry of Finance, the Ministry of Agriculture 
or other Tax Authorities are the main sources for the estimation of taxes and 
subsidies. Mirror data are normally used for transactions vis-à-vis the Commission.  

Some countries still use ITRS for the compilation of rent data, while others maintain 
a system of direct reporting. Surveys (e.g. ITSS) are also frequently used sources.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

108 

 
 
Specific features and deviations 

Taxes and subsidies on products and production 

Data sources 

Compilation methods 

EA 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts.. 

ECB, EFSF and ESM accounting data. 

BE 

BG 

CZ 

DK 

DE 

EE 

IE 

GR 

Data on taxes are collected from the Federal Public Service 
Finance. Mirror data from the b.o.p. of the EU institutions are 
used for subsidies.  

Other primary income is calculated together with the 
statistics on public finances of the NCB’s National Accounts 
unit.  

Data on taxes are collected from the General Accounting 
Directorate and Resolution of Credit Institutions Directorate 
of the Bulgarian National Bank. 

Data on subsidies are delivered by the State Fund 
Agriculture. 

Data are monitored monthly on the accounts of the Ministry 
of Finance, the Directorate General of Customs and the 
Ministry of Agriculture. The “net positions” – the difference 
between total revenue from EU institutions and contributions 
to EU institutions – are compared with data from the Ministry 
of Finance twice a year.  

Based on data from Danish Tax Authorities and other central 
government offices, including Ministry of Agriculture for 
subsidies 

Data collected by the NCB via monthly direct reports from 
the Ministry of Finance.  

This item mainly consists of EU subsidies to the agricultural 
sector and taxes collected by the national government on 
behalf of the EU institutions. Information is obtained from 
Statistics Estonia. 

These data are collected across a variety of survey forms, 
split by sector. The larger part are collected from firms (S11) 
directly involved in the export of this service and data are 
collected in the Survey of Manufacturing and Non-Financial 
Services Companies (BOP40). The import or domestic 
purchase of these services are also collected in BOP40 
(S11), BOP42 and BOP43 for Non-Life and Life Insurance 
Firms (S128), BOP45 for Asset Finance Companies, 
Securities Trading, Captive Treasury and Aircraft Leasing 
Firms, and from the Central Bank of Ireland's Survey of 
Credit Institutions Return (S122). 

Data on other primary income mainly reflects flows between 
the EU and General Government regarding subsidies on 
products and production and related taxes. This item covers 
predominantly receipts from the European Agricultural 
Guarantee Fund. The information is obtained on a monthly 
basis from the Government Financial Operations and 
Accounts Department of the NCB. 

From 2016 onwards, after the implementation of the Single 
Resolution Mechanism (SRF), this item also includes the 
contributions of the Greek banking sector to the Single 
Resolution Fund. The information derives from the 
Resolution Department of the NCB. 

Data are received monthly on a cash basis. Data for 
subsidies are classified by products and production, applying 
the structure used by quarterly sector accounts for Rest of 
the World. 

Traditional own resources such as customs duties on 
imports, sugar/isoglucose production levies and taxes on 
products involving EU institutions are recorded under other 
primary income on a net payment basis. 

Collected directly from the Danish Tax Agency. 

Customs duties and contributions to the EU SRF in their 
entirety are recorded as direct tax revenue of the EU. The 
20% of customs duties remaining to the Member State to 
cover collection expenses is treated as sale of services to 
the EU. To comply with the accrual time of recording, the 
data on cash receipts are time-adjusted, based on the 
average time difference between the activity and the cash 
tax receipt.  

For subsidies, the Public Sector Financial Statements consist 
of accrual bookkeeping data from public sector units, where 
the expenditures of the implementing agency from 
transferring the EU grants are recorded in the same period 
that the beneficiary incurs the subsidised expenditures. The 
distinction between subsidies, investment grants and other 
current transfers is based on a combination of information 
about the type of grant and the recipient sector. 

The information on General Government other primary 
income is collected on a monthly and cash basis from 
Government Financial Operations and Accounts Department 
of the NCB. 

The information on the contributions to the SRF is collected 
annually and recorded at end-June. 

ES 

The information is obtained monthly from Treasury 
publications, the Spanish Agrarian Guarantee Fund, the 
Spanish Executive Resolution Authority and the Directorate 
General Operations, Markets and Payment Systems of the 
NCB. 

Transfers to the private sector from the European Agricultural 
Guarantee Fund are recorded here as receipts and 
contributions to the EU for “traditional” own funds.  

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

109 

 
 
 
 
 
 
 
Taxes and subsidies on products and production 

Data sources 

Compilation methods 

FR 

Several sources are used depending on the sub-item. These 
include: Public Administration (Ministry of Finance, NSI), 
Centre des Liaisons Européennes et Internationales de 
Sécurité Sociale, Banque de France directorates. 

HR 

Ministry of Finance data. 

IT 

For private transfers the main source is direct reporting. 

For government transfers, information is mainly derived from 
NSI statistics, compiled using data from the Ministry of 
Economy and Finance. 

Subsidies on products and production from EU funds are 
recorded on an accrual basis (at the point when the funds 
are distributed to final beneficiaries). 

Both private and government transactions are recorded on a 
gross basis. 

CY 

Eurostat’s database is the main source for data on general 
government transfers between Cyprus and the EU 
institutions. 

Adjustments are performed in order to record subsidies on 
products and production on an accrual basis, using data 
obtained directly from the private sector. 

LV 

Treasury data on EU funds. 

Ministry of Finance data on contributions to the EU budget 
(traditional own resources). 

Data on payments to the SRF. 

LT 

LU 

Monthly data for the EU flows is provided by the Ministry of 
Finance; quarterly data are produced by NSI and provided to 
the NCB and are harmonised with the national accounts. 

Data on taxes are collected from the Ministry of Finance. 
Mirror data from the b.o.p. of the EU institutions are used for 
subsidies. 

HU 

The data are produced and provided by the NSI and 
harmonised with the national accounts.  

MT 

NL 

Prime data sources are the Ministry of Economic Affairs and 
Climate Policy and the Agricultural Equalisation Fund. Data 
on subsidies granted by the EU institutions available from 
the EU annual budget. Some sources are obtained by the 
NSI on a quarterly basis, and some on a monthly basis. Data 
is shared with the NCB. 

AT 

Federal financial statement. 

Starting with the data for 2014, EU funds are reported in 
accordance with the expenditure principle, i.e. in the period 
when the relevant funds are spent from the Latvian central 
government budget. EU funds are reported in the b.o.p. in 
Primary income, Secondary income or Capital account, 
depending on both types of Latvian central government 
budget expenditure and EU funds. Depending on the type of 
Latvian central government budget expenditure, EU funds 
are additionally categorised on the basis of final beneficiary 
sector as General government or Financial and non-financial 
corporations, households. At the same time, the difference 
between EU funds related central government expenditure 
and revenue within the respective period is reported in the 
financial account of the b.o.p. as an increase or a decrease 
in government claims on the European Commission. 

The entire amount of customs duties is recorded under Other 
primary income. Since the Member States have to pay 80% 
of the amount of customs duties collected to the EU budget, 
20% of the total amount are recorded under Government 
goods and services n.i.e. (credit) as EU reimbursement for 
collecting customs duties.  

Quarterly data on subsidies granted by the EU institutions 
and taxes on production and imports paid to the EU 
institutions are produced by Statistics Lithuania and provided 
to the NCB and are harmonised with national accounts.  

Taxes and subsidies on products and production are 
calculated together with the statistics on public finances by 
the National Accounts unit at the National Institute for 
Statistics and Economic Studies (STATEC). 

Subsidies on products and production (EU transfers) are 
recorded on an accrual basis, i.e. at the time when the final 
beneficiary uses these funds. 

For cash-based data, accrual adjustments are made by the 
NSI. 

PL 

Data on taxes are collected from the Ministry of Finance. 
Information about subsidies on products and production is 
obtained on a monthly basis from the Agency for 
Restructuring and Modernisation of Agriculture. 

Contributions to the EU budget, which include custom duties, 
are recorded in the whole amount as traditional own funds. 
Collection costs, which comprise 20% of the total, are 
recognised as exports of government services. 

PT 

The source for subsidies is the NSI and for taxes the 
amounts are reported to the NCB through the b.o.p. 
reporting system. 

Data are fully aligned with national accounts.  

Subsidies recorded refer to the amounts received from the 
EU and distributed to final beneficiaries.  

RO 

EU funds in the form of subsidies are reported to the NCB by 
the Ministry of Finance on a monthly and cash basis. 

Data from the International Trade in Services Survey (ITSS) 
are grossed up and integrated in the item taxes and 
subsidies on products and production. 

SI 

Data source is BST monthly report and Ministry of Finance's 
budgetary data on accrual basis. 

Data are fully aligned with national accounts. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

110 

 
 
 
 
 
 
 
 
 
Taxes and subsidies on products and production 

Data sources 

Compilation methods 

SK 

Data are obtained on a monthly basis from the Ministry of 
Finance and National Treasury. 

FI 

Data on subsidies are collected from the State Treasury. 
Some corrections are made on an annual basis using 
additional info from the Finnish Food Authority. Data on taxes 
on imports are collected from Finnish customs on a monthly 
basis and data on taxes on production (solely EU ex ante 
contributions) are collected from the Financial Stability 
Authority annually. The data are harmonised with national 
accounts. 

Traditional own resources such as customs duties on 
imports, sugar/isoglucose production levies and taxes on 
products involving EU institutions are recorded under other 
primary income on a cash basis. 

The monthly and quarterly figures for EU agricultural 
subsidies are similarly based on State Treasury data, but are 
revised on an annual basis to account for the 
aforementioned corrections. 

SE 

Data are collected quarterly from the National Financial 
Management Authority. 

Subsidies on production are rerouted to the quarter in which 
the production occurred. 

Specific features and deviations 

Data sources 

Compilation methods 

Rents 

EA 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

ECB, EFSF and ESM accounting data. 

BE  Data on rents are not available. 

Data on rents are not compiled. 

BG 

Data on rents are not estimated. 

CZ  Data on rents are not available. 

Data on rents are not compiled. 

DK  Data on rents are not available. 

Data on rents are not compiled. 

DE  Data on rents are collected via monthly direct reports. 

Direct reports are used 1:1. 

EE 

Public sector financial statements database for receivables; 
ITRS for payables. 

It is considered that rent on land and subsoil assets is of 
minor significance. In principle, transactions above the ITRS 
threshold could be covered by that system. No international 
transactions have been identified by the public sector 
financial statements database yet. 

IE 

No data on rents are collected. 

Data on rents are not compiled. 

GR 

ITRS and Direct Reporting 

The recording is on a cash basis. The amounts are 
negligible.  

ES  No specific data collection is considered for these 

No data are compiled. 

transactions. 

These operations should be reported together with other non-
financial operations in the direct declaration to Banco de 
España under the Circular 4/2012.  

In the past (ITRS), these transactions were never reported. At 
present, the evidence shows that transactions related to the 
use of land or natural resources usually correspond to direct 
investment relationships and capital account operations on 
contracts, leases or licences. 

FR 

HR 

IT 

The main source is the direct reporting system – TTN 
questionnaire (see paragraph 2 – Services). 

CY  Direct reporting through various surveys. 

The recording is on a cash basis. The amounts are not 
significant. 

LV 

LT 

LU  Rents are recorded in national accounts as they are recorded 
in the economic agriculture accounts. No rent is recorded for 
the subsoil asset, as no case of cross-border use of subsoil 
asset is identified for Luxembourg.  

Data on rents are not compiled. 

Rents are calculated by STATEC’s National Accounts unit. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

111 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Data sources 

Compilation methods 

Rents 

HU  No data on rents are collected. 

MT 

In Hungary, the use of land and exploration of subsoil assets 
for a duration of less than one year was not relevant and thus 
there was no income flow to be estimated for rents. 

NL  Data on rents are not collected. 

Data on rents are not estimated. 

AT 

PL 

PT 

RO 

Data on the rents based on ITSS and other NSI data 
sources. 

Standard b.o.p. procedure. 

Amounts reported to the NCB through the b.o.p. reporting 
system. 

Amounts reported to the NCB through the b.o.p. reporting 
system. 

The NCB plans to collect data concerning rents as part of the 
quarterly International Trade in Services Survey (ITSS), 
starting in 2023. 

SI 

Data on rents are collected via monthly direct reports. 

SK  Data on rents are not yet available. 

FI 

SE  Data are collected through the quarterly ITSS survey.  

Standard estimation procedure is applied as for most items in 
the ITSS. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Primary income 

112 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 

Secondary income 

(As of October 2023)  

The secondary income account shows current transfers (in cash or in kind) between 
residents and non-residents. Various types of current transfers are recorded in this 
account to show the different roles in the income distribution process between 
economies. 

4.1 

Methodology 

A transfer is an entry that corresponds to the provision of a good, service, financial 
asset or other non-produced asset by one institutional unit to another institutional 
unit, with no corresponding return of an item of economic value (or of an item much 
below its value). 

Current transfers consist of all transfers that are not transfers of capital. Current 
transfers directly affect the level of disposable income of the donor or recipient. They 
include transfers typically related to general government, for example transfers 
relating to current international cooperation between different governments, payment 
of current taxes on income and wealth, etc. and transfers related to other sectors, 
such as personal transfers (among them workers’ remittances) or non-life insurance 
premiums and claims (excluding service charges). 

The distinction between current and capital transfers is that, in the case of the latter, 
ownership of an asset (other than cash or inventories) either changes from one party 
to another, or else one or both parties acquire or dispose of an asset (other than 
cash or inventories) or a liability is forgiven by the creditor. Moreover, a capital 
transfer results in a commensurate change in stocks of assets of one or both parties 
to the transaction without affecting the savings of either party. Capital transfers are 
typically large and infrequent but cannot be defined in terms of size or frequency 
alone. 

In euro area b.o.p., a primary distinction is made between general government 
transfers and other sector transfers whereas BPM6 differentiates primarily between 
personal transfers and other current transfers. 

General government 

On the credit side, general government transfers cover current taxes on income, 
wealth, etc., as well as social contributions, while on the debit side they include 
social benefits, value added tax and gross national income-based Union own 
resources. On both sides, they cover current international cooperation and 
miscellaneous current general government transfers. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Secondary income 

113 

 
 
In most European Union (EU) countries, the bulk of general government secondary 
income is related to transfers to and from EU institutions: namely, contributions to 
the EU budget and subsidies from various EU funds. Depending on their nature, 
transfers from the EU may alternatively be classified as capital transfers. Applying 
the general accrual principle of BPM6 to EU transfers, secondary income is to be 
recorded only when relative expenditures are incurred and not at the time cash is 
transferred. In the interim, funds should be treated as an “advance”, i.e. a financial 
asset.  

Other sectors 

Other sector transfers cover transactions with non-resident foreign institutions: on 
the debit side, current taxes on income, wealth, etc., as well as social contributions, 
paid to foreign institutions; on the credit side, social benefits, for example.  

Net premiums and claims on standardised guarantees are also included, although 
they are expected to be relatively negligible for international accounts. On the 
contrary, non-life reinsurance is expected to be rather significant for international 
accounts. 

Other current transfers of other sectors encompass adjustments for change in 
pension entitlements, as well as miscellaneous current transfers, including personal 
transfers. 

Adjustment for changes in pension entitlements is an imputed item, which is 
necessary to reconcile the treatment of pensions as current transfers with the 
treatment of pension entitlements as financial assets.  

Miscellaneous current transfers (in cash or in kind) include current transfers between 
households (personal transfers), current transfers to non-profit institutions serving 
households, fines and penalties, payments of compensation (for injury to persons or 
damage to property caused by the former that are not settled as payments of non-life 
insurance claims) and others (e.g. gifts and donations of a current nature). 

Personal transfers between resident and non-resident households consist of all 
current transfers (in cash or in kind) made or received by resident households to or 
from non-resident households. This is independent of the source of income of the 
sender or the relationship between households. Personal transfers also include 
workers’ remittances that consist of personal transfers made by employees to 
residents of another economy, and vice versa. Personal transfers also include 
current transfers payable from gamblers to winners and, in some cases, to charities; 
these transfers are regarded as directly payable from gambling or lottery participants 
to winners and charities. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Secondary income 

114 

 
 
4.2 

Sources  

Administrative sources that are commonly used to compile general government 
secondary income encompass the Ministry of Finance, the Treasury, tax authorities, 
the Ministry of Foreign Affairs, the immigration/emigration administration, the 
development aid agency, the Ministry of International Cooperation and the social 
security administration. Central banks may also be a source of data. Depending on 
the institutional settings in individual countries, the exact name of these various 
institutions, or their existence as separate institutions, may vary.  

Surveys are used indirectly in a number of countries where the national statistical 
institutes (NSIs) conduct surveys to estimate taxes on income, social contributions 
and social benefits for compilingation of the compensation of employees both on the 
credit and on the debit sides; these estimates are also used to compile secondary 
income of the general government and other sectors. 

Mirror data are used as a primary data source by a limited number of countries. Last 
but not least, some countries use an international transaction reporting system 
(ITRS), while others use OECD and Eurostat average pension data of counterpart 
countries. 

Direct reporting, ITRS (including money transfer operators and post offices) 

Specific features  

Administrative sources 

Other 

EA 

BE 

Ministry of Finance, social security office, Ministry of Foreign 
affairs (development aid), national pensions office, national 
accounts data from neighbouring countries, mirror data from 
EU institutions’ balance of payments. 

BG 

•  Ministry of Finance 

•  State fund agriculture 

•  Bulgarian red cross 

•  General accounting directorate of the NCB 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

For private current transfers, ITSS and the survey related to 
money remittances are used. 

Quarterly ITSS, including compensation of employees paid 
to non-residents, as well as current transfers.  

Quarterly survey on income taxes of resident non-financial 
foreign direct investment enterprises and resident direct 
investors.  

Border survey and administrative data (Ministry of Foreign 
Affairs, state agency for Bulgarians abroad, Bulgarian 
embassies abroad, the NSI and Eurostat) are used to 
estimate workers’ remittances. 

CZ 

DK 

DE 

NSI, general financial directorate and Ministry of Foreign 
Affairs. Official development assistance: bilateral/multilateral 
contributions. 

Quarterly data collected by the NSI for compensation of 
employees also include data remittances and taxes, as well 
as social security contributions and benefits. 

Data are mostly collected from government sources 
(development aid and payments to/from the EU). 

No other sources are available. Data on remittances are 
estimated by the NSI. 

Ministry of Finance, the NCB’s direct reporting system, NSI 
(national accounts) and the Federal Employment Agency. 

On the debit side, personal transfers predominantly include 
data on workers’ remittances. They are calculated from 
monthly reports on cash transfers by banks and post offices. 
The reports are supplemented by estimates based on 
information on persons employed with foreign citizenship and 
their tendency to remit. 

EE 

Estonian tax and customs board, the NSI’s public sector 
financial statements system: current taxes on income, 
wealth, etc., and social contributions/social benefits 

The NSI and Ministry of Finance: current international 
cooperation. 

• 

• 

• 

ITRS 

ITSS by the NSI 

the NCB’s survey of insurance companies 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Secondary income 

115 

 
 
 
 
Administrative sources 

Other 

IE 

•  Department of Agriculture 

•  Department of Health 

•  Department of Social Welfare 

•  Revenue Commissioners 

•  Department of Finance 

Data on insurance claims and premiums are collected from 
two insurance surveys (life and non-life). Remittances are 
estimated. 

GR 

General government data are collected from the Government 
Financial Operations and Accounts Department of the NCB 
on a monthly basis. 

Other sector data are collected through direct reporting 
(mainly money transfer operators) and ITRS; they are 
supplemented by data from the travel frontier survey of 
migrants’ remittances. 

ES 

General government transfers are reported directly by the  

•  National Audit Office;  

•  Treasury;  

•  Spanish Agency for Development Cooperation (transfers 
with EU Institutions/current international cooperation); 

•  Tax authorities (current tax estimates); 

•  National social security institute; 

•  National public employment service; 

•  Ministry of Defence (social benefits); and 

•  Agricultural Guarantee Spanish Fund (EU transfers). 

Data reported by money transfer operators (MTOs) on 
remittances sent/received to and from abroad (in addition to 
mirror data on remittances as a complementary source). 

Census of Spanish Residents Abroad, as compiled by the 
NSI from consulate and embassy registers (remittance 
credits). 

NSI quarterly on ITSS and other non-financial transactions 
survey (current transfers). 

NSI national accounts estimates for net insurance premiums 
and adjusted claims using information from DG insurance 
and pension funds and the ITSS and other non-financial 
transactions survey. 

Other transfers are measured using other data sources (see 
next column). 

NSI national accounts aggregate estimates of social 
contributions. 

FR 

General government transfers are reported directly by the 
government departments involved (contributions to 
international organisations/transfers with EU institutions) and 
by the NSI. 

Fines paid by financial intermediaries to foreign governments 
are collected monthly. 

HR 

Ministry of Finance 

Croatian pension insurance administration 

NSI (taxes and excise duties, pensions, gifts, donations and 
multilateral cooperation) 

IT 

Ministry of Economy and Finance (transfers with EU 
institutions/current international cooperation), national 
institute of social security (pensions paid to non-residents). 

CY 

LV 

Treasury data on EU funds 

Ministry of Finance data on contributions to the EU budget 
(VAT own resource and UK rebate, as well as own resources 
of the national gross income).  

OECD data (average rates) on tax estimates of income, 
pensions and social contributions (credits and debits). 

For workers’ remittances, the main data source is MTO 
reporting by banks, as well as by the Italian postal services 
company, on cash-to-cash transfers between residents and 
non-residents. 

Direct reporting enterprise survey for non-life insurance 
premiums and claims, conducted on a quarterly basis. 

Data on general government transfers between Cyprus and 
EU institutions are obtained directly from Eurostat’s 
database. 

Quarterly survey on current transfers of licensed resident 
payment institutions that carry out money transfer activities. 

Data on direct insurance and reinsurance premiums and 
claims are collected through a quarterly survey addressed to 
all resident insurance companies. 

For social insurance contributions, the quarterly services 
survey covers, among other things, resident employee 
contributions to non-resident staff. 

Data on secondary income of financial institutions, non-
financial corporations and households are derived from non-
bank external payment data compiled by the NCB (including 
data on all types of payments made by private persons using 
bank services). Also used are data on direct 
insurance/reinsurance premiums and claims paid, as 
compiled by Latvijas Banka within the scope of supervision 
statistics, as well as information compiled by the state social 
insurance agency on pensions paid to residents by foreign 
governments, as well as pensions paid to non-residents, 
among other sources. 

LT 

Ministry of Finance provides monthly data on transfers with 
EU Institutions 

Data provided by MFIs and MTOs. 

NSI for quarterly data on transfers with EU institutions 

Ministry of Foreign Affairs estimates contributions to 
international organisations 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Secondary income 

116 

 
 
 
 
 
 
Administrative sources 

Other 

Data on pensions paid and received by the state social 
insurance fund board under the Ministry of Social Security 
and Labour 

LU 

Ministry of Finance 

Eurostat database 

Social security office 

Ministry of Foreign Affairs 

National accounts data from neighbouring countries 
(Belgium, Germany and France) 

Monthly MTO reporting on historical ITRS data 

Monthly total cross-border transfers by resident households 
(reporting by all banks to the NCB on cross-border payments 
executed on behalf of resident customers) 

HU 

Data on secondary income of the general government (and 
households) are provided quarterly by the NSI, based on 
data from the national pensions office, tax authority and 
national social security institute. 

Direct reporting by economic entities to the NCB for all other 
sectors except the government sector (NSI is responsible) 
and households (estimate)  

Use of Eurostat database 

For data on amount of aid received, the NSI uses information 
furnished by the Financial Tracking Services database of the 
United Nations Office for the Coordination of Humanitarian 
Assistance.  

Contributions to the EU budget and data from EU funds are 
provided by the Ministry of Finance and NSI. 

MT 

Government sector data on EU funds, grants, pensions and 
taxes are provided by the public finance unit at the NSI on a 
quarterly basis. Other data are shared by the Ministry of 
Finance, the Treasury Department and the Inland Revenue 
Department for pension receipts. 

NL 

Tax authority, Ministry of Finance, employee insurance 
agency and a few other government bodies.  

Data on payments for taxes on income are modelled. 
Receipts are from administrative sources. 

Cross-border compensation of employees is based on an 
administrative integral dataset on income and wealth from 
the tax authorities and on a tax register maintained by the 
Employee Insurance Agency. Social contributions and 
benefits are based on these data. 

Remittances are provided by the NCB and other financial 
institutions. 

Data from MTOs/other miscellaneous current transfers 
mainly consist of free sample shipments from non-financial 
companies based on information from international trade-in-
goods statistics. 

Direct reporting of insurance companies and pension funds. 

AT 

PL 

Government records (essentially contributions to, and 
receipts from, EU institutions). 

Non-profit organisations are surveyed quarterly on cross-
border provision of aid. 

Contributions to the EU budget and data on EU funds are 
provided by the Ministry of Finance. Information on EU funds 
is also furnished by the Agency for Restructuring and 
Modernisation of Agriculture. Data are compiled on an 
accrual basis. 

Personal transfers are estimated mainly on the basis of 
surveys among migrants (Polish people working abroad) and 
foreigners working in Poland. The same data sources are 
used to estimate taxes, social benefits and contributions paid 
or received by households.  

Data on welfare taxes are provided by the Ministry of 
Finance. 

Data on income taxes and social contributions paid by non-
residents working in Poland, annuity benefits, retirement, 
social contributions, etc. are sourced from the Polish social 
security system. 

Social insurance institution (retirement and annuity benefits 
paid by the Polish government). 

Ministry of Labour and Social Policy (number of work permits 
issued and employers’ declarations).  

Transfers in kind based on ITGS 

Transfers of enterprises are collected in the ITSS by the NSI.  

Credits related to other transfers of other sectors are mainly 
based on the household budget survey conducted by the 
NSI. 

Transfers related to insurance are estimated using the 
procedure for calculating insurance services (mainly based 
on supervisory data). 

PT 

Transfers with the EU: data are collected by the NSI and 
shared with the NCB. The information concerns the use of 
funds and payment by managers of funds to the final 
beneficiary. 

Social benefits received: administrative data collected by the 
tax authority on social benefits received by household 
residents in Portugal. 

Workers’ remittances and other personal transfers are based 
on direct reports from banks and other major entities, 
information provided by the central bank’s Payment Systems 
Department and statistics on the physical means of 
emigration/immigration. 

RO  Ministry of Finance: monthly data on EU funds in the form of 
current transfers and data on Romanian contributions to the 
EU budget. 

Personal transfers, including workers’ remittances, are 
collected from MTOs, the postal office and resident banks. 

Additional data source: mass media/public data. 

Additional data sources (for data related to taxes and social 
contributions of diplomatic personnel): reports of the Ministry 
of Foreign Affairs and data provided by the NSI. 

Data on premiums and claims on insurance, reinsurance (by 
type of insurance/pension services and other transfers are 
collected in the ITSS quarterly survey). 

SI 

Data on EU transfers of the government sector are obtained 
directly from the Ministry of Finance on a monthly basis 
(budget). 

Data on other personal transfers are collected within the 
framework of bilateral exchange with some foreign NCBs. 

SK 

State treasury  

Cooperation with the NSI.  

Ministry of Finance (transfers with EU institutions)  

Social security agency 

Data for EU funds are checked against the Eurostat 
database (b.o.p. of EU institutions). 

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117 

 
 
 
Administrative sources 

Other 

State final account 

FI 

Administrative and central government budgetary sources. 

Insurance survey carried out by the supervisory authority. 

SE 

Information on government transfers is reported by the 
Swedish National Financial Management Authority on a 
quarterly basis. 

Data on current transfers are based on the ITSS quarterly 
survey. 

4.3 

Compilation methods 

The main source for compiling secondary income are administrative. In order to align 
these sources with statistical concepts, some estimates are called for. It is 
particularly important to adjust secondary-income flows to comply with the accrual 
principle and to identify the beneficiaries, i.e. current transfers should be recorded at 
the time of their use by final beneficiaries. For segregating current and capital 
transfers, information on the purpose or nature of the transfers is to be identified 
using the data sources. 

The general use of available sources for compiling the various components of 
secondary income involving the government is as follows:  

• 

• 

• 

Data on transfers to and from EU institutions are collected essentially from 
national administrative sources, including central banks, and in some cases 
complemented by data from EU institutions published by Eurostat. 

Estimates of other current international cooperations, both for credits and 
debits, are mainly sourced from the relevant agencies at national level (e.g. 
ministry of finance, ministry of foreign affairs and central bank).  

Estimates on the debit side, benefits paid abroad (pensions and healthcare 
payments) are based on data collected from social security offices or other 
equivalent agencies. 

•  On the credit side, taxes on income and social contributions paid by non-

resident workers are part of the calculations performed concerning the 
compensation of employees. 

Compilation of secondary income for sectors other than general government is 
largely based on estimates involving information from multiple data sources.  

• 

• 

Taxes on income and social contributions (on the debit side) are part of the 
calculations performed concerning the compensation of employees; 

Personal transfers, in particular workers’ remittances, may involve a 
combination of sources, such as migration data (e.g. ministry of foreign affairs 
and NSI), transfer data from MFIS, MTOs, post offices, data from international 
organisations (such as the World Bank, Organisation for Economic Co-
operation and Development and the United Nations), estimates by the NSI, etc. 

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Specific features and deviations  

Accrual principle 

Identification of current/capital transfers and other 
specific features 

EA 

BE 

BG 

CZ 

DK 

DE 

EE 

IE 

FR 

HR 

IT 

Data from administrative sources are mostly compiled on a 
cash basis. 

Identification of transfer type depends on the nature of the 
transfer. Data are aligned with national accounts. 

Accrual data are available only for data from surveys 
(excluding survey on trading services). Data from 
administrative sources are compiled on a cash basis.  

Identification is available for some data sources. 

Transfers from EU institutions linked to EU funds from 
operational programmes are recorded on a settlement 
basis. 

The split between capital and current transfers is based on 
project-related information, depending on the nature of the 
transfer. 

Data from administrative sources are mainly compiled on an 
accrual basis. 

Information on the split between current and capital 
transfers is prepared by the NSI based on the specific 
transfer type. Capital transfers are reported. 

Data from administrative sources are mostly compiled on a 
cash basis. For transfers related to the EU’s Resolution and 
Recovery Funds, quarterly data are provided by the NSI 
(national accounts) on an accrual basis. 

The split of EU grants between current and capital transfers 
is determined by the NSI. The accrual principle is applied. 
Data are cross-checked with partner data on EU institutions 
from Eurostat. 

Data are mostly based on accrual accounting data, 
including surveys and the public-sector financial statements 
system. 

Financial systems are not harmonised across central 
government bodies. Accounts of departments of state and 
non-departmental voted expenditure are prepared on a 
cash basis (namely the appropriation accounts as 
referenced above) while those of non-market agencies are 
generally prepared on an accrual basis in accordance with 
standards set out in the primary legislation establishing the 
body. 

GR 

Transfers from the European Commission are recorded 
under general government secondary income at the time 
they are attributed to the ultimate beneficiaries. All other 
transfers are recorded on a cash basis. 

ES 

Government transfers (National Audit Office) are recorded 
on an accrual basis and include EU and non-EU current and 
capital transfers. 

Taxes are also recorded on an accrual basis (provided by 
the tax agency in credits and estimated in debits). 

Social benefits are recorded when paid (reported by the 
National Social Security Institute). 

Recorded on a settlement basis. 

The distinction between subsidies, investment grants and 
other current transfers is identified by the NSI and is based 
on a combination of information about the type of grant and 
recipient sector. 

Direction from, and liaison with, government accounts are 
used. The NSI has a government accounts classification 
team that is involved with transfer type determination. 

Most data required for compilating both gross debt (stock) of 
each subsector and the contribution that debt of each 
subsector makes to general government gross debt (hence, 
GGGD itself) are provided to the NSI by the National 
Treasury Management Agency (NTMA). Data are reported 
quarterly at t+53 days via a dedicated template which has 
been agreed between the NSI and NTMA for supplying the 
data requirements of both the government financial statistics 
and balance of payments. 

The split between current and capital transfers is based on 
project-related information included in Greece’s National 
Recovery and Resilience Plan.  

General government secondary income also includes 
transfers from the Eurosystem to Greece that are related to 
profit returns under the Securities Market Programme and 
the Agreement on Net Financial Assets.  

In addition, it covers funds received under the Recovery and 
Resilience Facility of the NGEU programme. 

Current and capital transfers are identified by the data 
provider (National Audit Office for general government and 
the NSI survey on international trade in services and other 
non-financial transactions for other sectors)  

Data are consistent with those of national accounts and 
government finance statistics. 

EU transfers are recorded on an accrual basis (when 
distributed to final beneficiaries). Other transfers such as 
taxes or contributions are recorded on a cash basis. 

Distinction between current and capital transfers is made in 
accordance with BPM6 recommendations. 

Data are harmonised with national accounts. 

Transfers received from the European Commission are 
reported by the Ministry of Economy and Finance on an 
accrual basis. 

Data on European funds (including the Next Generation EU 
and Recovery and Resilience Facility) are already reported 
by the Ministry of Economy and Finance and broken down 
by type of destination of funds (current expenditures or 
expenditures for fixed assets). 

CY 

Data on EU transfers are mostly compiled on a cash basis.  Data are harmonised with national accounts. 

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Accrual principle 

Identification of current/capital transfers and other 
specific features 

LV 

As of 2014, EU funds are reported according to the 
expenditure principle, i.e. when the respective budget of the 
Latvian central government is spent. 

EU funds are reported in primary income, secondary income 
or capital accounts, depending on the type of central 
government. EU funds are categorised by type of 
government expenditure and final beneficiary sector 
(general government, households, financial or non-financial 
corporations). At the same time, the difference between EU 
funds related to central government expenditure and 
revenues are reported in the financial account of b.o.p. as 
an increase or decrease in government claims on the 
European Commission. 

LT 

LU 

HU 

MT 

NL 

AT 

PL 

PT 

RO 

SI 

SK 

FI 

SE 

Data on transfers to and from EU institutions are recorded 
on an accrual basis. 

The NSI compiles and provides data on transfers from EU 
funds for current and capital transfers. 

Data are harmonised with national accounts. 

Data from administrative sources are mostly compiled on an 
accrual basis. 

Identification depends on the nature of the transaction. Data 
are aligned with national accounts. 

Data from administrative sources are mainly compiled on an 
accrual basis. Data on transfers to and from EU institutions 
are likewise recorded on an accrual basis. 

Data are compiled and provided by the NSI and harmonised 
with national accounts. 

EU funds are recorded on an accrual basis. 

All EU funds are mainly recorded as capital transfers. 

Data from administrative sources are mostly compiled on a 
cash basis but adjusted, where possible, to an accrual 
transaction basis. 

Transfers are recorded by the NSI as current or capital, 
depending on the nature of the transfers (occasionally 
based on expert judgement). 

For data gathered from federal accounts, the accrual 
principle is generally followed, but this is not possible for 
other administrative records (cash basis). 

Data obtained from the Ministry of Finance and Agency for 
Restructuring and Modernisation of Agriculture (EU 
transfers) are recorded on an accrual basis (date of 
payment to final beneficiaries). 

Transfers from the EU are recorded as credits when the 
amounts are paid by the national manager to the final 
beneficiaries (rather than on the date of payment from the 
EU to the national managers). 

Accrual data are available from surveys (ITSS). Data from 
administrative sources and data on European funds 
reported by the Ministry of Finance are recorded on a cash 
basis. 

Ministry of Finance data on government transfers with EU is 
on accrual basis - aligned with national accounts. 

Transfers from EU institutions are recorded on a settlement 
basis. 

Data collected in cooperation with the NSI are aligned with 
national accounts to the greatest extent possible. 

Transfers are recorded as current or capital, depending on 
the nature of transfers according to the budget 
classification. 

The breakdown between current and capital transfers is 
related to the goal of the funds received, i.e. if the goal is to 
finance investment, they are classified as capital transfers.  

The classification is consistent with that used by the NSI 
within the scope of national accounts. 

Current and capital transfers are identified in cooperation 
with the Ministry of Finance as data provider for EU fund 
information.  

Transfers are recorded in BST survey according to the 
nature of transaction. In addition, for capital transfers there 
are estimates on write-down of trade credits. 

Data on EU funds are checked against the Eurostat 
database (balance of payments of EU institutions). 
Moreover, the split between current and capital transfers is 
based on the Eurostat database. Identification depends on 
the nature of the transaction. 

Quarterly and monthly figures are compiled on a cash basis 
using data obtained from the State Treasury. The data are 
annually corrected to closely approximate an accrual basis. 

Flows from the European Agricultural Fund for Rural 
Development and the European Regional Development 
Fund are considered capital transfers.  

Transfers from EU institutions are recorded on a settlement 
basis. Estimates of taxes on income, social contributions 
and benefits paid abroad closely approximate an accrual 
basis. 

Specific features and deviations  

Current taxes on income, wealth, 
etc. and social 
contributions/benefits 

Personal transfers 

Other private transfers 
(e.g. related to insurance and 
pensions) 

EA 

Aggregated euro area country 
contributions. 

Aggregated euro area country 
contributions. 

Aggregated euro area country 
contributions. 

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BE 

BG 

CZ 

DK 

Current taxes on income, wealth, 
etc. and social 
contributions/benefits 

Taxes on income, social contributions 
and benefits are mainly estimated by 
the national accounts unit based on 
data from the Ministry of Finance, 
social security office, national pensions 
office, national accounts data from 
neighbouring countries and mirror data 
from EU institutions’ balance of 
payment. 

Taxes on dividends are automatically 
imputed for non-EU direct investors at 
5% of the dividends accrued, in 
accordance with national legislation. 
Taxes on dividend income paid to non-
resident governments by resident 
direct investors are reported to the 
NCB by resident direct investors. 

Current taxes on income and social 
contribution estimates are based on 
the NSI data model, using a 
combination of the quarterly labour 
force sample survey and 
administrative sources (social security 
administration). 

Data on taxes are collected by the NSI 
and based on data from the Danish tax 
administration and eIndkomst (data on 
income). Social contributions and 
benefits are collected by the NSI and 
based on government sources. 

DE 

Information from the NSI is used. 

Other private transfers 
(e.g. related to insurance and 
pensions) 

Private insurance-related transfers are 
estimated based on claims/premiums 
(ITSS). The service component is 
deducted to obtain net non-life 
insurance premiums. 

Adjustment for the change in pension 
entitlements is calculated by the 
national accounts unit.  

For net non-life insurance premiums 
and non-life insurance claims, 
quarterly estimates are calculated by 
the NSI and provided to the NCB. 

Insurance-related transfer estimates 
are based on the NSI data model by 
combining quarterly income 
statements and annual surveys of 
insurance companies. 

Some information is available through 
administrative sources (tax 
administration), as well as direct 
reporting by insurance companies and 
pension funds. 

Data from the direct reporting system 
are used. Furthermore, information 
from the NSI is used, particularly 
information on private transfers related 
to insurance and pensions. 

Personal transfers 

Data on workers’ remittances are 
estimated based on the survey on 
money remittances and on services. 

Estimates of workers’ remittances are 
based on the product of the number of 
Bulgarian emigrants transferring 
money to their relatives and the 
average transfer amount. These 
calculations are made separately for 
official and unofficial transfer channels. 

Estimates of remittances are based on 
the NSI’s labour force sample survey. 

Estimated by the NSI based on a 
survey (sample) of income and 
consumption by households 

Monthly data provided by banks and 
post offices on cash transfers are 
supplemented by estimates based on 
the number of employed and 
unemployed foreign nationals who are 
subject to social security contributions 
(federal employment agency data).  

Based on this information, annual 
transfers by foreign workers to their 
countries of origin are estimated and 
allocated pro rata temporis. Data from 
the preceding year are used for ex 
ante estimates. 

Tax and customs board data are used 
for current taxes, social contributions 
and benefits. For border and seasonal 
workers abroad, other countries’ data 
on wages and taxes are used. 

Inward/outward workers’ remittances 
are estimated using a model based on 
wages of emigrants/migrants. Other 
personal transfers are based on the 
ITRS. 

Insurance claims are obtained from the 
NSI’s ITSS survey. The service 
component is deducted to obtain net 
premiums. Other data are compiled 
using the ITRS, public sector financial 
statistics and ITSS. 

No data outside of workers’ 
remittances are collected.  

Insurance data are collected through 
the aforementioned insurance surveys.  

Current taxes on income and wealth 
cover all compulsory, unrequited 
payments (in cash or in kind) levied 
periodically on income and wealth by 
general government and the rest of the 
world. Examples include income tax, 
corporate tax, motor vehicle tax 
(private cars), capital gains tax and 
pension levies. These data are 
collected from the revenue 
commissioners.  

Social contributions data are collected 
from the Departments of Social 
Protection and Health. This includes 
transfers used to reconcile old-age 
pensions for expat and foreign 
pensioners.  

EE 

IE 

GR 

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121 

 
 
 
 
 
 
Other private transfers 
(e.g. related to insurance and 
pensions) 

Non-life insurance premiums and 
claims: Included here is the portion of 
insurance companies’ transactions 
which is not recorded as service 
charges in the case of insurance other 
than life insurance, i.e. claims plus 
premiums less service charges. The 
information needed to record these 
transactions is obtained from the ITSS 
survey, as well as from estimates 
made by the NSI in relation to national 
accounts and based on accounting 
information furnished by corporations 
in the sector supplied by DG insurance 
and pension funds. 

Other private current transfers are 
reported by companies in the ITSS. 

Personal transfers 

Credits: The estimate combines two 
data sources. Data reported by 
payments institutions (MTOs) include 
transfers by migrants resident abroad 
who are not born in Spain. Data from 
the census of Spanish residents 
abroad (PERE) are used to estimate 
transfers by migrants born in Spain 
while imposing certain restrictions on 
age in order to estimate the working-
age population. Data on average 
remittance per remitter are attributed 
to this population. 

Debits: Compared to receipts, 
transfers through MTOs account for a 
very high proportion of total payments. 
This means that the estimate can 
basically be obtained by grossing up 
these data. The result of this process 
is regularly checked against indicators 
of population and disposable income, 
as well as against receipts of the main 
counterpart countries, with 
adjustments made where necessary. 

Personal transfers consist primarily of 
remittances sent by foreign workers. 
Outward remittances are estimated 
from World Bank data on migrant 
populations and incoming transfers in 
receiving countries. 

Other sectors’ transfers include the 
entry offsetting private transactions 
involving transfer of ownership but 
without payment, as recorded by 
Customs. 

Personal transfers are estimated using 
a model based both on inflows from 
abroad to resident natural persons and 
on outflows from resident natural 
persons to non-residents. Workers’ 
remittances are supplemented by the 
informal cash inflows/outflows estimate 
(non-banking transactions). 

Other sectors’ transfers are 
supplemented by data from the ITSS 
containing a specific section on 
transfers from and to other countries, 
as well as data from the NCB’s survey 
on international transactions related to 
insurance services. 

Workers’ remittances are reported 
directly by MTOs, banks and the Italian 
postal service company on cash-to-
cash transfers between residents and 
non-residents. 

Statistical ratios, as provided by the 
NSI, are applied to non-life insurance 
premiums and claims collected through 
the direct reporting enterprise survey 
from insurance companies. 

For other personal transfers, debits are 
collected through the direct reporting 
enterprise survey; credits are 
estimated using a statistical model 
based on household fiscal data. 

Current taxes on income, wealth, 
etc. and social 
contributions/benefits 

Current taxes: Credits are based on 
direct reporting by tax authorities. 
Debits are estimated by applying a 
ratio to investment income and 
employee compensation. The ratio is 
calculated from tax data (national and 
bilateral from other countries). 

For social contributions: National 
accounts data (published by the NSI 
and by Eurostat for countries other 
than Spain) on employee 
compensation and social contributions 
are used. 

For social benefits: To calculate 
pension receipts, data from the 
national social security institute on 
residents in Spain who have paid 
social security contributions in other 
countries are combined with average 
pension information of counterpart 
countries (published by Eurostat and 
by the OECD). 

Pension payments/receipts and 
payments under healthcare 
agreements are likewise obtained from 
National Social Security Institute data, 
which are supplemented by 
information on foreign transactions by 
the National Public Employment 
Service of the Sub-Directorate General 
of Immigration and Emigration and the 
Ministry of Defence. 

Current taxes on income, wealth, 
etc.: monthly data received from the 
department of the NCB that manages 
the treasury account. (Data from the 
NSI are reported on annual basis). 

Social contributions: estimated from 
employee compensation data between 
France and border countries 

Social benefits: estimated on the 
basis of data provided by the Cleiss 
(liaison body between French social 
security institutions and their foreign 
counterparts). 

Pensions from abroad are estimated 
on the basis of data available from the 
Croatian pension insurance 
administration.  

Data on current taxes and social 
contributions are collected from the 
Ministry of Finance. 

Current taxes are computed by 
applying average tax rates (from the 
OECD) to employee compensation 
and portfolio investments. 

Pensions paid to non-residents are 
collected directly from the national 
institute of social security. 

Pension credits are estimated with a 
statistical model based on the 
presence (by age) of non-residents in 
Italy. 

Social contributions are estimated by 
applying an average (from OECD) 
rates to employee compensation. 

ES 

FR 

HR 

IT 

CY 

LV 

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122 

 
 
 
 
 
 
 
 
 
LT 

LU 

HU 

MT 

NL 

Current taxes on income, wealth, 
etc. and social 
contributions/benefits 

Personal transfers 

Data on income and social contribution 
taxes paid by non-resident workers are 
estimated using employee 
compensation data. 

Personal transfers data are estimated 
using data from MFIs, post offices and 
MTOs. 

Income taxes are estimated by the 
national accounts unit and are based 
on data from the Ministry of Finance. 
Social contributions and benefits are 
based on data furnished by the social 
security office. Additional sources are 
national accounts data from 
neighbouring countries and mirror data 
from balance of payments of EU 
institutions. 

Current taxes on income and social 
contributions are based on the NSI’s 
data. These estimates are derived 
from the quarterly labour force sample 
survey and from administrative 
sources (social security administration, 
Hungarian tax authority).  

Data are provided by the government 
finance unit within the NSI. 

Taxes on labour income and employee 
social contributions (and social 
benefits) are estimated using 
employee compensation data. 

AT 

Taken from the federal balance sheet 

PL 

Income taxes and employee social 
contributions (and social benefits) are 
estimated using employee 
compensation data. 

Personal transfers consist primarily of 
remittances sent by foreign workers. 
Monthly data provided by banks on 
cash transfers are supplemented by 
estimates based on an extensive study 
of the subject. Personal transfers 
include transactions related to cross-
border lotteries and other gambling 
activities (service charges excluded).  

Personal transfers are based on the 
NSI’s estimates. 

Personal transfers consist mainly of 
donations and remittances sent by 
foreign workers.  

Data on workers’ remittances are 
estimates based on data from money 
transfer operators. 

Data on personal transfers by migrants 
are model-based, using information 
from administrative data sources and 
mirror data (to a large extent). 

Personal transfers are estimated 
mainly on the basis of surveys among 
migrants (Polish people working 
abroad) and foreigners working in 
Poland. Additionally, several data 
sources are used to calculate the 
number of long-term migrants. 

PT 

Income taxes are estimated by 
applying tax rates to the relevant 
income flows that result from work or 
possession of assets. 

Personal transfers are estimated using 
reported information on banking 
settlements, payments to MTOs and 
data on the number of migrants. 

Lottery prizes are also added.  

Other private transfers 
(e.g. related to insurance and 
pensions) 

Transfers related to insurance 
companies are obtained from NSI 
estimates within the scope of national 
accounts. 

Data on pensions are provided by the 
State Social Insurance Fund Board 
under the Ministry of Social Security 
and Labour. 

For net non-life insurance premiums 
and non-life insurance claims, 
quarterly estimates are calculated 
using national accounts data, as is the 
case with transfers related to private 
pension funds. 

Direct reporting of economic entities to 
the NCB for all other sectors except 
government (NSI responsibility) and 
households (estimate) 

Pension data are based on the central 
administration of national pension 
insurance, as reported by the NSI.  

Other miscellaneous current transfers 
consist mainly of free sample 
shipments from non-financial 
companies based on information from 
ITGS. Data from the direct reporting 
system are used as well.  

Data from the financial market 
authority are captured and aligned with 
the ECB insurance statistic. 

Transfers in kind based on ITGS 

Transfers of enterprises are collected 
in ITSS, carried out jointly by the NSI 
and NCB.  

Credits related to other transfers of 
other sectors are mainly based on the 
household budget survey conducted 
by the NSI. 

Insurance transfers are derived in the 
process of calculating insurance 
services and mainly based on data 
from the supervision authority. 

Transfers related to insurance are 
compiled mainly using information 
reported directly to the central bank. 

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123 

 
 
 
 
Personal transfers 

Personal transfers, including workers' 
remittances, are based on data 
sources from the table above.  

Regarding geographical allocation, 
data are available according to the 
GEO-6 classification. 

Other private transfers 
(e.g. related to insurance and 
pensions) 

Other current transfers of non-profit 
institutions serving households, as well 
as fines and penalties, compensation 
payments (for injury to persons or 
damage to property caused by the 
former that are not settled as 
payments of non-life insurance claims) 
and other transfers (e.g. gifts and 
donations of a current nature), are 
collected through the quarterly survey 
on international trade in services. 

Data on social benefits are plausible, 
but no data source is available at 
present. 

Regarding geographical allocation, 
data are available according to the 
GEO-6 classification. 

RO 

Current taxes on income, wealth, 
etc. and social 
contributions/benefits 

An algorithm is used to estimate 
compensation of employees and 
associated taxes on income and social 
contributions. The credit of the 
“compensation of employees” 
component is calculated by the 
number of short-term Romanian 
workers abroad, as well as by country 
and major occupation group (both 
reported by the NSI), in addition to 
average gross salaries and taxation 
levels by country, as published by 
Eurostat, the OECD, etc. The debit 
side of the compensation of 
employee’s item is derived from the 
number of short-term foreign workers 
by country, as published by the 
Romanian labour inspection, and 
average gross salaries and level of 
taxation from resident administrative 
sources. Additional data sources (for 
data related to taxes and social 
contributions of diplomatic personnel) 
include reports of the Ministry of 
Foreign Affairs and data provided by 
the NSI (national accounts statistics).  

Regarding geographical allocation, 
data are available according to the 
GEO-6 classification. 

SI 

Income taxes and employee social 
contributions are estimated using 
employee compensation data. 

Personal transfers are based on 
bilateral exchange of data with 
relevant countries (workers 
remittances). 

Transfers related to insurance and 
pension are based on BST survey. 
One part is allocated to services and 
one part to transfers. The split between 
services and transfers is calculated 
from aggregate balance sheets data of 
insurance companies. 

SK 

FI 

SE 

Income taxes and employee social 
contributions s are estimated using 
employee compensation data.  

Social benefits are based on social 
insurance company datasets and 
bilateral data. 

Current taxes on income and wealth 
are estimated using compensation of 
employees and investment income 
data. Figures on pensions from abroad 
are available from the Finnish centre 
for pensions. 

Income taxes and employee social 
contributions are estimated using 
compensation of employee’s data from 
the tax authority. Social benefits are 
estimated using administrative data 
from the Swedish social insurance 
agency and the Swedish national 
financial management authority on a 
quarterly basis. 

Personal transfers are estimated using 
employee compensation data. 

Data are compiled and provided by the 
NSI. 

The level of personal transfers is 
estimated based on household budget 
surveys. The year-on-year change is 
derived from the change in the number 
of foreign language speakers in 
Finland, as well as average salary 
development. 

A model based on data collected from 
MTOs is used to calculate remittances 
and other personal transfers. 

Non-life insurance premiums and 
claims are based on insurance surveys 
conducted by the supervisory authority.  

Transfers by enterprises are collected 
in the ITSS survey. 

Data on transfers related to private 
pensions are provided by national 
accounts. 

Transfers related to insurance are 
estimated using data collected in the 
ITSS survey. 

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5 

Capital account  

(As of October 2023) 

5.1 

Methodology 

The capital account covers the acquisition/disposal of non-produced non-financial 
assets and capital transfers. The sum of the current and capital account balances 
may also be shown as a balancing item, which is labelled as net lending (+)/net 
borrowing (-). For the distinction between current transfers (secondary income 
account) and capital transfers (capital account), see Section 4 on the secondary 
income account.  

Non-produced non-financial assets 

Non-produced non-financial assets consist of: (i) natural resources (land, mineral 
rights, forestry rights, water, fishing rights, air space and the electromagnetic 
spectrum); (ii) contracts, leases and licences; and (iii) marketing assets (brand 
names/trademarks) and goodwill. Acquisitions and disposals of non-produced non-
financial assets are recorded separately on a gross basis (rather than net). Only the 
purchase/sale of such assets (and not their use) is to be recorded under this item of 
the capital account. International transactions in land and other natural resources do 
not usually take place because notional resident units are generally identified as the 
owners of these immovable assets. Therefore, changes of ownership in land 
(typically including real estate) are usually classified as financial transactions under 
direct investment (see also Section 6 on direct investment). 

However, international transactions in land are performed in specific cases, for 
instance, when foreign governments or international organisations purchase or enter 
into long-term (financial) leases of land for purposes of establishing or extending 
their enclaves, diplomatic missions or military bases.  

Capital transfers 

Capital transfers consist of: (i) transfers of ownership of fixed assets; (ii) transfers of 
funds linked to, or conditional on, the acquisition or disposal of fixed assets; and (iii) 
the cancellation, without any compensation being received in return, of liabilities by 
creditors (such as debt forgiveness). 

In practice, the distinction between current and capital transfers rests on the use of 
the transfer by the recipient country (see also Section 4 on the secondary income 
account).  

EU Balance of Payments and International Investment Position – Statistical sources and 
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Capital transfers in the euro area b.o.p. are classified by the institutional sector (as is 
the case for current transfers) that initiates or receives the transfer in the compiling 
economy (general government or other sectors) and are further broken down into (1) 
capital taxes, (2) investment grants, and (3) other capital transfers.  

1.  Capital taxes refer to taxes levied at irregular and infrequent intervals either on 
the values of assets or net worth owned by institutional units or on the values of 
assets transferred between institutional units. These include inheritance taxes, 
as well as taxes on gifts between persons that are levied on the capital of the 
beneficiaries.  

2. 

Investment grants are capital transfers (in cash or in kind) transacted by 
governments or international organisations to finance all or part of the costs of 
acquiring fixed assets. Recipients are obliged to use investment grants received 
in cash for purposes of gross fixed capital formation; grants are often tied to 
specific investment projects such as large construction works. A direct 
investment stake is distinguished from a project funded by an investment grant 
in that the direct investor owns voting power in the enterprise and has a right to 
future benefits such as dividends or the right to sell the asset, which is not the 
case for investment grants. An investment grant in cash may be paid in 
instalments if the investment project continues over a long period of time. 
Payments of instalments continue to be classified as capital transfers even 
though they may be recorded in a succession of different accounting periods. In 
most EU countries, a relevant portion of government sector investment grants 
reflects the value of grants/funds that are received from EU institutions and are 
not attributable to current transfers. 

3.  Other capital transfers include: (a) debt forgiveness; (b) large non-life insurance 
claims (e.g. in the context of catastrophes); (c) one-off guarantees and other 
debt assumptions; (d) major non-recurrent payments as compensation for 
extensive damages or serious injuries not covered by insurance policies; (e) 
large gifts, donations and inheritances (legacies), including those to non-profit 
institutions; and (f) some capital contributions to international organisations or 
non-profit institutions (if they do not give rise to ownership rights/equity). 

5.2 

Sources 

Administrative sources used to compile the capital account essentially refer to 
capital transfers of the general government. The institutions involved may include the 
Ministry of Finance, the Treasury, the Ministry of Foreign Affairs, the Ministry of 
International Cooperation and the development aid agency. Central banks may also 
be a source of data. Depending on the institutional settings in individual countries, 
the exact name of the various institutions or their existence as separate institutions 
may vary.  

Surveys serve as the primary data source in many countries to collect information 
on transactions in non-financial, non-produced assets (typically the surveys on 

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international trade in services and other international transactions conducted in many 
countries). The periodicity of the surveys may be monthly for large companies, and 
quarterly or annual for medium and small-sized companies, respectively.  

A number of countries use a direct reporting system and/or an international 
transaction reporting system (ITRS). 

Specific features  

Non-produced non-financial assets 

Capital transfers 

EA 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

ECB, EFSF and ESM accounting data. 

BE 

Monthly and quarterly data (ITSS) are reported directly and 
include a geographical breakdown. 

BG 

Direct reporting and data from the national central bank’s 
(NCB’s) accounting department. 

Ministry of Foreign Affairs and government accounts are 
complemented by mirror data from EU institutions’ balance 
of payments statistics. 

Monthly data from the Ministry of Finance, the National Fund 
for Agriculture and the NCB. Debt forgiveness is compiled 
from data in quarterly reporting forms on claims and liabilities 
of residents to non-residents related to trade credits and 
advances, quarterly/annual reporting forms on financial 
loans and monthly reporting forms for securities holdings. 

CZ 

Quarterly data (ITSS) are collected directly by the national 
statistical institute (NSI) and include emissions permit 
auctions (based on information from the Ministry of the 
Environment). 

Data originate from the Ministry of Finance (debt 
forgiveness), the Ministry of Foreign Affairs (investment 
grants) and the NSI (capital transfers from pension 
schemes). 

DK 

Collected and estimated by the NSI based on government 
reporting. 

DE 

Data including purchases and sales of trademarks or 
emissions permits are collected via monthly direct reports. 

Data are mostly collected from government sources on a 
quarterly basis: quarterly reporting (survey) from companies 
and data from the Danish financial supervisory authorities on 
financial sector data. 

Data including investment grants from development aid, 
capital transfers due to financial crisis rescue programmes 
and debt forgiveness are collected from monthly direct 
reports. 

EE 

Quarterly data (ITSS) are collected directly by the NSI 
include capital accounts items. Other sources are the ITRS 
and Public Sector Financial Statements System. 

Detailed analysis of EU grants and the split of EU grants 
between primary, secondary income and capital accounts 
are conducted and finalised by the NSI. 

IE 

Direct reporting. 

GR 

The main source for non-financial, non-produced assets is 
the direct reporting system. 

ES 

The NSI’s survey on international trade in services and other 
international transactions is complemented by direct 
reporting from the Ministry of Ecological Transition on CO2 
permits. 

FR 

Direct reporting by large companies. 

Data are collected from government sources on items such 
as the European Agricultural Guidance and Guarantee Fund, 
European Regional Development Fund, the International 
Fund for Ireland, Cohesion funds and Trans-European 
Network funds. 

Data on government sector capital transfers are collected 
from the NCB’s Financial Operations Department and cross-
checked with administrative information from the Ministry of 
Economy and Finance. The data mainly cover receipts from 
the European Regional Development Fund and the cohesion 
fund. Also included here are the receipts from the European 
Agricultural Fund for Rural Development (EAFRD). 

The main source for private capital transfers is the direct 
reporting system. 

Data provided by the National Audit Office (monthly and 
quarterly) and the Treasury (monthly). Capital transfers are 
mostly receipts from the European Regional Development 
Fund and the Cohesion Funds. Also included here are 
receipts from the EAFRD. Albeit of much less importance, 
other public transfers and private transfers are reported in 
the ITSS or directly to the NCB by the Spanish Agency of 
International Cooperation for Development and by the 
Ministry of Defence. 

Government departments report capital transfer data directly 
to the NCB.  

For the monetary financial institution sector, data originate 
from settlement reports (ITRS). Debt forgiveness of the 
financial and non-financial corporations, households and 
NPISH: private sector debt relief essentially concerns banks. 

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Non-produced non-financial assets 

Capital transfers 

HR 

Monthly and quarterly data (ITSS) are reported directly and 
complemented by other international transactions.  

IT 

The main source is directly reported data (ITSS). 

CY 

Data are collected directly from relevant reporting entities 
(e.g. government, mining companies and electricity authority 
(emissions)). 

LV 

Non-bank external payment data are compiled by the NCB. 

LT 

Quarterly data (ITSS), including capital accounts items, are 
collected directly by the NSI. 

LU 

Monthly and annual data (ITSS/TATS survey) are collected 
directly and include capital account items. 

HU 

There are two main sources: 

• 

the NSI, which provides data for transfers of government 
and household sectors; 

•  direct reporting by economic agents for all other sectors.  

Data from monthly/quarterly direct surveys and 
administrative sources include a complete country 
breakdown.  

MT 

Data collected from surveys, mainly on a quarterly basis. 

Data on the acquisition and disposal of intellectual property 
rights specifically related to franchises and trademarks are 
collected through the survey on international trade in 
services. The sale/purchase of ownership rights related to 
research and development is collected separately but not 
recorded in the capital account. 

Furthermore, international football transfers are included 
twice a year (in the first and third quarters), with data 
obtained from a commercial website. 

NL 

AT 

The Ministry of Finance (quarterly data) and 
monthly/quarterly data (ITSS) are reported directly and 
complemented by other international transactions. Monthly 
external debt survey (for data on potential debt forgiveness). 

For transfers from EU institutions, data are provided by the 
NSI quarterly based on data from the Ministry of Economy 
and Finance, including Next Generation EU (and the 
Recovery and Resilience Facility), contributions under the 
“Guidance” section of the European Agricultural Guidance 
and Guarantee Fund (recorded as credits) and investment 
contributions from the Regional Development Funds 
(credits).  

The main data source for private capital transfers is the 
direct reporting system. 

Data on capital transfers between Cyprus and the EU are 
collected directly from Eurostat’s database. 

Administrative data sources (e.g. Department of Lands and 
Surveys for real estate gifts) are used to compile capital 
transfers of non-governmental organisations. 

Treasury data on EU funds are recorded in the capital 
account, depending on the type of transaction (see 
“secondary income”). 

The main data sources on capital transfers from EU funds to 
government and other sectors are monthly data provided by 
the Ministry of Finance and quarterly data compiled/provided 
by the NSI on transfers from EU funds for current and capital 
transfers; data are harmonised with national accounts. 

Data on debt forgiveness transactions are collected from 
quarterly reports on cross-border transactions of enterprises. 

The Ministry of Foreign Affairs and government accounts are 
complemented by mirror data from EU institutions’ balance 
of payments statistics. 

Grants, debt forgiveness and other capital transfers by the 
government are obtained from administrative sources and 
reported by the NSI. 

Debt forgiveness transactions and other transfers of a capital 
nature are obtained from the direct reporting survey on a 
quarterly basis.  

Data on capital taxes are based on modelling. 

Data on investment grants are based on 
secondary/administrative data. 

Data on other capital transfers (inheritances) are estimated.  

Cross-border sales/purchases of emissions permits (CO2 
certificates) are collected by the NSI (ITSS survey/register 
information) on a quarterly basis, as is the case with other 
patents and licences that are not included in research and 
development services. 

Data on government sector capital transfers with EU 
institutions are available from public sector records on a 
quarterly basis. Detailed analysis of EU grants and the split 
of EU grants between primary/secondary income and capital 
accounts are conducted and finalised by the NSI. 

Transfer fees for professional sports players are based on 
administrative sources, commercial sources (e.g. 
www.transfermarkt.at) and direct reports. Football transfer 
fees are recorded in accordance with the NSI, as the NSI is 
responsible for data collection from NPISH (most Austrian 
sports clubs being classified as NPISH). 

Private sector capital transfers comprise, among other items, 
debt forgiveness, legacies and the setting-up of foundations. 
Data are reported to the NCB on occasion or on a monthly 
basis by banks, enterprises, tax consultants and notaries if 
the threshold of €100,000 is exceeded. 

PL 

Quarterly and annual ITSS survey conducted jointly by the 
NCB and NSI. 

Data on EU funds in the form of capital transfers are 
provided by the Ministry of Finance. Information on EU funds 
is also delivered by the Agency for Restructuring and 
Modernisation of Agriculture. Data are registered on an 
accrual basis (monthly). 

Data on capital transfers of other sectors are calculated 
using data collected in the ITSS. 

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Non-produced non-financial assets 

Capital transfers 

PT 

Direct reporting to the NCB. 

RO 

Mainly the ITSS quarterly survey. 

Emissions permits are collected monthly from the NCB’s 
internal departments. 

Data on non-current transfers related to European Union 
funds are based on information provided by the NSI. 

Debt forgiveness is collected through direct reporting. 

Data on EU funds in the form of capital transfers and debt 
forgiveness are obtained from the Ministry of Public Finance 
on a monthly basis. 

Data on some capital transfers items such as 

•  acquisitions and disposals of non-produced non-financial 

assets (for example, brand names, mastheads, 
trademarks, logos and domain names, as well as 
transfers of sports players); 

•  non-refundable transfers for fixed-asset investments; 

•  debt forgiveness; and 

•  other high-value transfers (inheritance, compensation 

awarded by the courts for major damage: oil spills, major 
explosions, side effects of some medications, etc.) are 
collected mainly in the quarterly survey on international 
trade in services (direct reporting). 

Regarding geographical allocation, data are available 
according to the GEO-6 classification. 

SI 

BST reports; monthly direct reports on trade in goods, 
services (except travel) and current/capital transfers. 

Data on capital transfers between Slovenia and the EU are 
obtained directly from the Ministry of Finance (budget data). 

SK 

Data are compiled in cooperation with the NSI on the basis 
of business surveys. 

FI 

UNFCCC source dating back to 2012.  

SE 

Data on the capital account are primarily compiled from the 
ITSS survey. 

The NCB estimates the value of write-downs on debt from 
external trade in goods and services. 

The data source for capital transfers is the Ministry of 
Finance and the Treasury. Transfers received from the EU 
are classified by their nature (secondary income or capital 
account), extracted from the Eurostat database. 

Public capital transfers mainly comprise investment grants 
based on data from the Treasury. Information on debt 
forgiveness by the central government is provided by the 
Ministry of Foreign Affairs. 

Information on government transfers is reported by the 
Swedish National Financial Management Authority on a 
quarterly basis. For all other sectors, transactions are 
collected through the ITSS survey. 

5.3 

Compilation methods 

In most countries, capital transfers essentially involve the general government 
sector. The main sources for compiling this item are administrative. In order to bring 
the sources into line with the appropriate statistical concepts, some estimates are in 
order. It is particularly important to adjust flows in accordance with the accrual 
principle: capital transfers should be recorded at the time of their disbursement to 
final beneficiaries, which implies the identification of the latter. 

The compilation of transactions on non-produced non-financial assets and capital 
transfers usually involves cross-checking data from the various sources available. 

Specific features and deviations 

EA 

BE 

Non-produced non-financial assets 

Capital transfers 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

Addition of euro area country data (incl. ECB, ESM, and 
EFSF) vis-à-vis extra euro area counterparts. 

This category mainly consists of the acquisition or disposal 
of ownership rights to intangible fixed assets, as well as 
acquisition or disposal of green certificates, thermal 
certificates, guarantee of origin labels, CO2 emissions 
permits and similar rights. 

Recorded on a cash basis. 

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BG 

CZ 

DK 

DE 

IE 

GR 

ES 

FR 

HR 

LV 

LT 

LU 

HU 

MT 

NL 

Non-produced non-financial assets 

Capital transfers 

Data consist mostly of the acquisition or disposal of 
ownership rights to intangible fixed assets, as well as 
acquisition or disposal of CO2 emissions permits, as 
reported by enterprises and the government. 

Accrual data are available only for data from surveys. Data 
from administrative sources are recorded on a cash basis. 

Data consist mostly of the acquisition or disposal of 
emissions permits. 

Transfers from EU institutions are recorded on a settlement 
basis. 

Transactions in non-produced non-financial assets reported 
to the direct reporting system are cross-checked with 
information from the NSI. 

EE 

Data consist mostly of the acquisition or disposal of 
emissions permits by enterprises. 

Monthly figures are estimated. 

The split of EU grants between primary income, secondary 
income and capital transfers is determined by the NSI. The 
accrual principle is applied. Data are cross-checked with 
partner data on EU institutions, as sourced from Eurostat. 

The accrual principle is applied. The detailed analysis of EU 
grants and the split of EU grants between primary, 
secondary income and capital accounts are conducted and 
finalised by the NSI. 

Recorded on a cash basis, 

Recorded on an accrual basis. 

Data consist mostly of the acquisition or disposal of 
emissions permits by enterprises. 

Recorded on a cash basis. 

The main source for government transfers is the National 
Audit Office, which provides data on an accrual basis. This 
source includes EU and non-EU current and capital 
transfers. 

Identification of current and capital transfers is made by the 
data provider (National Audit Office for the general 
government, as well as the ITSS/NSI for other sectors).  

The data are consistent with national accounts and 
government finance statistics. 

Recorded on a settlement basis. 

Recorded on an accrual and settlement basis. 

Acquisition and disposal of ownership rights to intangible 
assets. 

IT 

Monthly figures are estimated using a time series model. 

Quarterly data are collected through the direct reporting 
system for non-financial enterprises and insurance 
companies, as well as through supervisory reports for 
banks and other financial institutions.  

CY 

Data consist mostly of the acquisition or disposal of 
emissions permits by enterprises. 

Capital transfers involving EU institutions are recorded on 
an accrual basis (at the time they are allocated to the final 
beneficiaries). 

Monthly figures are estimated. Capital transfers are 
recorded on an accrual basis. 

The split of EU grants between primary income, secondary 
income and capital transfers is based on information 
extracted from Eurostat’s database and thus recorded 
mainly on a cash basis. 

The data are consistent with those of national accounts and 
government finance statistics. 

The NSI compiles and provides data on transfers from EU 
funds for primary, secondary and capital accounts. Data are 
harmonised with national accounts. 

Data on transfers to and from EU Institutions are recorded 
on an accrual basis. 

This category mainly consists of the acquisition or disposal 
of ownership rights to intangible fixed assets. 

Data are compiled on an accrual basis. 

Data mostly include emissions permits trade, as well as 
trade in franchises and trademarks. Throughout the 
compilation process, reported and estimated data are 
simply aggregated.  

Data reported by the NSI and capital transfers from EU 
institutions are compiled on an accrual basis. 

Data on emissions permits trades on the secondary market 
are lacking. 

AT 

Data collected through the ITS survey are cross-checked 
with the official Austrian emissions trading register. 

Data are recorded on accrual basis. 

Limited source data for debt forgiveness: In the absence of 
additional information or indications, debt forgiveness is 
assumed to be zero. Administrative data on a cash basis 
are corrected to an accrual basis, where possible. 

Similarly to EU grants, capital transfers are recorded when 
they reach the final beneficiary (unless it is the general 
government). As an indication for applying the accrual 
principle, the proxy for b.o.p. or national accounts is not the 
entry with the general government but rather the 
disbursement from the government to final beneficiaries. 

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Non-produced non-financial assets 

Capital transfers 

PL 

PT 

Data consist mostly of the acquisition or disposal of 
ownership rights to intangible fixed assets, as well as 
acquisition or disposal of emissions permits. 

The compilation of this item is based on information 
reported directly by economic agents. 

RO 

Accrual data are available from surveys (ITSS). Data from 
administrative sources are recorded on a cash basis. 

Data are compiled on an accrual basis. 

Capital transfers are mostly EU transfers, which are 
compiled according to the accrual principle, i.e. transfers 
are recorded when the respective amounts are paid to the 
final domestic beneficiary. 

Identification of current and capital transfers is made in 
cooperation with the Ministry of Finance in its capacity as 
data provider for information on European funds. 

Data are recorded on a cash basis. 

SI 

SK 

FI 

SE 

Data source is monthly BST survey - emission permits are 
also reported in this survey and contribute large part of 
data. 

Data source is monthly BST survey. Additionally, estimates 
on write-down of trade credits is performed by central bank 
on the basis of ad hoc surveys. 

This item mainly consists of emissions permits trades. 

Capital transfers mainly consist of EU funds. 

Expert assessment is based on the aforementioned source.  Quarterly and monthly figures are compiled on a cash 

basis. Data are annually corrected to an accrual basis.  

Information is collected on a cash basis. 

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6 

Direct investment 

(As of October 2023) 

6.1 

Methodology 

Foreign direct investment (FDI), or simply direct investment, is the first functional 
category of the financial account of the b.o.p./i.i.p., which covers transactions, stocks 
and other flows (revaluations and other changes in volume). In the following 
paragraphs we outline the methodology for compiling direct investment statistics: 
flows (transactions and other) and positions, both for assets and liabilities.  

6.1.1 

Definition and coverage  

FDI is the functional category used to record cross-border investment, whereby a 
resident in one economy has outright control, or otherwise a significant degree of 
influence, over the management of an enterprise resident in another economy. In 
addition to the equity interest that gives rise to that control or influence, FDI also 
includes investment in enterprises influenced or controlled indirectly, investment in 
fellow enterprises, debt (except between affiliated financial corporations) and reverse 
investment.  

A direct investor is the entity or group of related entities that is able to exercise 
control, or a significant degree of influence, over another entity resident in a different 
economy. Conversely, a direct investment enterprise is the entity subject to that 
control, or significant degree of influence, from a direct investor. Fellow enterprises 
are those enterprises that are under the control or influence of the same immediate 
or indirect investor, but where neither fellow enterprise controls or influences the 
other. In some cases, a single entity may be a direct investor, a direct investment 
enterprise, and a fellow enterprise in different relationships to other enterprises, all at 
the same time. All these enterprises are known as affiliates and are in a direct 
investment relationship with each other. 

The OECD Framework for Direct Investment Relationships (FDIR) provides criteria 
based on control and influence for determining whether cross-border ownership 
signifies a direct investment relationship.12 Control or influence may be gained 
directly by owning equity that gives voting power in the enterprise, or indirectly by 
having voting power in another enterprise which has voting power in that enterprise.  

There are two types of direct investment relationship: 

12   This definition is in line with the BPM6 and the fourth edition of the OECD Benchmark Definition 

of Foreign Direct Investment (BD4). 

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• 

• 

immediate direct investment relationships arise when a direct investor directly 
owns equity that entitles it to 10% or more of the voting power in the direct 
investment enterprise; 

indirect direct investment relationships arise through the ownership of voting 
power in one direct investment enterprise that owns voting power in another 
enterprise or enterprises, that is, an entity is able to exercise indirect control or 
influence through a chain of direct investment relationships (under special 
rules). 

Accordingly, there are two ways of having control or influence: 

• 

• 

control exists if the direct investor owns (directly or indirectly) more than 50% of 
the voting power in the direct investment enterprise; 

a significant degree of influence exists if the direct investor owns (directly or 
indirectly) between 10% and 50% of the voting power in the direct investment 
enterprise. 

Once the direct investment relationships have been established, all subsequent 
financial flows between affiliates resident in different economies are recorded as 
direct investment, with the exception of (i) transactions in special drawing rights 
(SDRs), currency and pension-related entitlements; (ii) transactions between certain 
affiliated financial corporations (deposit-taking corporations, investment funds and 
other financial intermediaries except insurance corporations and pension funds)13 
where direct investment transactions are confined to equity, with debt investments 
being recorded as portfolio or other investment; and (iii) financial derivatives and 
employee stock options, which should be reported under the functional category of 
financial derivatives (other than reserves). 

The components of direct investment are (i) equity (including reinvestment of 
earnings); and (ii) debt instruments associated with various inter-company debt 
transactions. Direct investment also includes real estate investment, such as 
investment property and holiday homes (whether for personal use or leased to 
others). However, it does not include equity in international organisations, even 
where the voting power is 10% or more. These equity contributions should be 
categorised instead under other investment. 

Direct investment is also classified according to the relationship between the investor 
and the entity receiving the investment on a gross basis, as follows:  

• 

• 

investment by a direct investor in its direct investment enterprise (whether or 
not under an immediate relationship); 

reverse investment by a direct investment enterprise in its own immediate or 
indirect direct investor; 

13   In other words, the usual direct investment definitions apply for captive financial institutions and 

money lenders, insurance corporations, pension funds and financial auxiliaries. 

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• 

investment between resident and non-resident fellow enterprises. 

In the euro area, b.o.p. and i.i.p. statistics and data on reverse investment and 
investment between fellow enterprises are published separately in order to help 
users understand the nature of direct investment (known as asset/liability 
presentation). However, direct investment data can also be organised based on the 
direction of the direct investment relationship, in what is known as the “extended 
directional principle”. According to this principle, direct investment is shown as either 
direct investment abroad or direct investment in the reporting economy. 

Direct investment abroad covers assets and liabilities between resident direct 
investors and their direct investment enterprises. It also covers assets and liabilities 
between resident and non-resident fellow enterprises if the ultimate controlling 
parent is a resident. Direct investment abroad is also known as outward direct 
investment. 

Direct investment in the reporting economy includes all assets and liabilities between 
resident direct investment enterprises and their direct investors. It also covers assets 
and liabilities between resident and non-resident fellow enterprises if the ultimate 
controlling parent is a non-resident. Direct investment in the reporting economy is 
also known as inward direct investment. 

Theoretically, investment funds may be direct investors or direct investment 
enterprises. A fund of funds is an investment fund that invests in other investment 
funds and which may therefore become a direct investor in one or more of those 
funds. In a master-feeder fund arrangement, one or more investment funds (feeder 
funds) pool their portfolio in another fund (the master fund). In this case, a feeder 
fund that has 10% or more of the voting power in the master fund would qualify as a 
direct investor under the FDIR. Similarly, retail funds that hold 10% or more of the 
voting power in an enterprise are considered direct investors. 

Following the investment purpose, closed-end investment funds may be direct 
investment enterprises when the 10% rule applies. However, the current size of 
these fund in the euro area is negligible, so adapting the survey is deemed too 
costly. As a result, the WG ES decided that in practical terms the 10% rule for 
establishing the existence of a direct investment relationship should be waived for 
investment fund shares (F52). Consistently with the treatment of investment fund 
liabilities, the 10% rule for establishing the existence of a direct investment 
relationship does not apply to investment funds shares (F52) (relevant in the context 
of funds of funds). However, investment funds are direct investors when the 10% 
rule on equity (F51) applies, including the specific case of other equity investment 
(F519). 

Direct investment transactions and positions are compiled following the general 
b.o.p. debtor/creditor approach, rather than the transactor approach. In other words, 
the assets/credits are geographically allocated based on the residency of the 
issuer/debtor and not of the transactor. This is particularly relevant for functional 
categories used to record tradable instruments. This approach is to be followed 
consistently in the geographical and sector allocation of investment income, financial 

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transactions and stocks. When implementing this approach, transactions in a 
domestic financial asset among non-residents would appear as a balance of 
payments transaction.  

In euro area statistics, direct investment assets and liabilities are broken down on a 
monthly basis into relatively small groups of resident sectors and instruments, more 
precisely equity and various types of debt instrument. Statistics are also broken 
down quarterly by resident sector, according to the relationship between the investor 
and the entity receiving the investment, and by geography of the issuer/investor 
counterpart. Stocks and flows are presented on a fully reconciled basis, where 
differences in stocks are explained by transactions, price and exchange rate 
revaluations and other flows. Euro area direct investment statistics are also 
presented following the directional approach. 

6.1.2 

Special valuation issues 

Equity securities listed on stock exchanges are valued at market prices using the 
quotations from those exchanges which are available in the CSDB. In the case of 
equity of unlisted direct investment enterprises, positions are valued on the basis of 
own funds at book value (OFBV), which comprises the following accounting items: 

• 

• 

paid-up capital (shares effectively paid for excluding own shares and including 
share premium accounts); 

all types of reserves (including investment grants, where accounting guidelines 
consider them to be company reserves); 

• 

non-distributed profits net of losses (including results for the current year).  

This information is based on the balance sheet of the subsidiaries concerned: for 
outward FDI in the balance sheet of the non-resident enterprise and for inward FDI in 
the books of the resident enterprise. 

To ensure greater consistency in the valuation of assets and liabilities, equity stocks 
in unlisted direct investment companies may be valued using one of the alternative 
valuation methods mentioned in the BPM6 (paragraph 7.16), if at least one of the 
following situations exists: 

• 

• 

at least one enterprise in a direct investment chain is listed on the stock 
exchange, while at least one does not, leading to a significant distortion in the 
net i.i.p. of a company in the chain; in this case the market price of the listed 
company may be used as a reference for the valuation of the related unlisted 
companies; 

where differences exist in the recording of acquired goodwill along a chain of 
direct investment enterprises, leading to a significant distortion in the net i.i.p. of 
the country in which the enterprise in the middle of the chain is resident; 

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• 

the accounts of enterprises in a direct investment chain are denominated in 
different currencies and exchange rate fluctuations lead to a significant 
distortion in the net i.i.p. of the country in which the company in the middle of 
the chain is resident. 

For equity interests in unlisted companies, the transactions recorded in the financial 
account may differ from the OFBV recorded in the i.i.p. Such differences are 
recorded as revaluations due to other price changes. 

The valuation of debt instruments should follow the general principles, tradable debt 
securities should be valued at market value, and non-tradable debt (loans, etc.) 
should be measured at nominal value. 

6.1.3 

Treatment of super-dividends 

The WG ES came up with a step-by-step approach to identifying super-dividends in 
2013. When the dividend is above a certain threshold (e.g. €2 billion) far exceeding 
the company’s average earnings over the past five years and is classified as 
“extraordinary”, it should be considered a super-dividend. The excess (the difference 
between the dividend effectively paid and average earnings over the last five years) 
should be treated as a withdrawal of equity. This treatment is broadly in line with 
paragraph 7.131 of the 2008 SNA.  

6.2 

Sources 

Administrative sources are commonly used to compile direct investment statistics. 
The relevant information may be provided by different agencies, depending on the 
regulatory circumstances of each country, though typically from the following: official 
business registers, foreign investment registers, financial/banking supervision 
authorities, real estate registers, mandatory annual financial/accounting statements, 
or stock exchanges/registers of securities. This information may help to identify 
direct investment relationships and provide other valuable data.  

Surveys are used by all countries to identify the reporting population and/or collect 
data. They may be direct investment-specific or cover the entire financial account. 
They may be used to collect flows and/or stocks, and price and exchange rate 
changes, and have different periodicities. They are used in combination with any or 
all of the other data sources. 

Direct reporting is in place in many countries as a general data collection system, 
including for direct investment statistics.  

A number of countries also use an international transaction reporting system (ITRS). 

Monitoring of the financial press is often very important, both to highlight the 
occurrence of and to better assess significant FDI transactions. Dedicated human 

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resources (i.e. financial analysts) must be assigned to the systematic review of the 
financial press.  

Bilateral sources are also very relevant in the EU context. The Coordinated Direct 
Investment Survey (CDIS) or bilateral data exchange via the EU secured mechanism 
may be useful in identifying recurrent under coverage or early awareness of a 
relevant transaction not yet captured.  

Specific features 

EA 

Euro area country contributions as determined by the ECB Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

Data sources for direct investment  

BE 

•  Direct investment data are collected by the NCB using a set of integrated monthly (major enterprises) and annual 
surveys. The participation multiplication method is applied, not FDIR. The main survey is aimed at identifying the 
companies in direct investment relationships. The data collected via this main survey are fed into a register of individual 
entities. The direct investment entities are automatically selected from this database by applying the threshold of 10% of 
direct or indirect ownership. Fellow enterprises are also selected. Non-financial companies are selected on a cut-off 
basis. Resident credit institutions, insurance companies and investment firms are covered exhaustively by the direct 
investment surveys. Geographical and institutional sector breakdowns are provided by respondents. Real estate 
investment is also covered. Additional data (sector of activity, quoted or unquoted equity, etc.) are also gathered and 
recorded in the register. 

•  Monthly and annual FDI surveys on flows cover transactions on equity capital, debt instruments and direct investment 

income. 

•  Annual FDI survey on profits and losses covers reinvested earnings. 

•  Annual Foreign Affiliates Trade Statistics survey.  

•  Annual FDI survey on stocks covers positions in equity capital and debt instruments. 

BG 

The population to be surveyed is based on immediate direct investment relationships and is identified through several 
sources, including the National Statistical Institute census survey, newly declared inter-company debt, loans and trade 
credits, and press sources. We do apply the FDIR for certain debt instruments such as loans and trade credits. We do not 
have a data source to cover equity between fellow enterprises. 

Data on FDI are compiled using the following sources:  

• 

immediate declaration forms on FDI abroad and subsequent quarterly reporting forms; 

•  monthly data from the Central Depository and from notaries and registry offices; 

•  quarterly data on FDI equity and reinvestment of earnings from the FDI sample survey; 

•  quarterly data from the Financial Supervision Commission; 

•  quarterly balance sheet data for banks, financial intermediaries and pension funds;  

•  annual data on FDI equity stocks and income on equity of non-financial enterprises from the annual census survey on 

FDI in the country implemented by the National Statistical Institute; 

•  annual reporting forms on direct investments abroad in real estate; 

•  declaration forms for financial loans between residents and non-residents (all resident legal entities stepping into a debt 
relationship with a non-resident must declare it with the national central bank (NCB) if the loan is above €25,000);  

•  quarterly/annual reporting forms on financial loans and quarterly reporting forms on trade credits and advances. 

CZ 

The FDIR principle according BD4 and BPM6 is applied: FDI statistics include directly and indirectly owned affiliates. These 
are divided – depending on the investor’s percentage ownership of the ordinary shares or voting power – into subsidiaries 
(more than 50%), associates (10%-50%) and branches (fully-owned permanent establishments or offices of a direct 
investor; land and structures directly owned by a foreign resident; or mobile equipment that is operated in an economy for at 
least one year).  

Monthly flows of equity are based on information provided by Bisnode. For monthly flows of intragroup debt, data are 
collected from the sample surveys (covering the most significant resident companies) and are revised based on the annual 
survey. 

Quarterly flows of equity capital (listed/non-listed) are sourced from surveys of the most significant companies, insurance 
firms, pension and investment funds, statements from banks, information from stock exchanges and supplementary 
sources.  

Information relating to inter-company loans on trade credits comes from quarterly sample surveys of the most significant 
resident companies. The information is revised based on annual data. 

Supplementary data sources are: 

• 

• 

• 

the courts and the Companies Register; 

the commercial gazette and other commercial data sources; 

information retrieved from the press; 

•  an early Czech Statistical Office (CZSO) publication on prices of real estate in the Czech Republic (CZSO publication: 

Prices of Observed Types of Real Estate); 

the EuroGroups Register (EGR); 

the FDI Network (bilateral exchange and cross-checks of FDI data); 

• 

• 

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•  administrative data on buildings (i.e. family homes and other housing units) and units (apartments) obtained from the 

Cadastral Information System (ISKN). 

Data sources for direct investment  

DK 

Deviation: Denmark uses an ownership criterion of 20%, instead of the 10% standard, as the threshold for a direct 
investment relationship, because less than 2% of all FDI relationships have an ownership share between 10% and 20%.  

Direct reporting: 

•  Monthly flows of equity capital (listed/unlisted companies): transactions, exchange rate changes and price changes; 

distributed dividends and reinvested earnings. 

•  Monthly data on inter-company debt (since 2013): stocks, flows (transactions, exchange rate changes and price 

changes) for all reporting agents. 

•  Grossing-up based on data received from a commercial data provider (Bureau van Dijk). 

DE 

Information on transactions involving equity capital is obtained monthly through the direct reporting system. 

Information on transactions in short-term inter-company loans and in trade credits is obtained from monthly stock statistics 
on assets and liabilities of affiliated companies since 1996. 

Transactions in long-term inter-company loans are reported on separate forms as part of the b.o.p. reporting scheme for 
long-term loans of non-monetary financial institutions (MFIs). 

The main data source for interests in equity capital is the NCB’s annual FDI stock statistics survey, which is available with a 
time lag of 16 months.  

Stocks (all maturities) for inter-company loans and trade credits are directly collected by the monthly stock statistics on 
assets and liabilities of affiliated companies. 

EE 

Direct investment relationships are covered according to the FDIR.  

The survey population is updated quarterly. Enterprises are included in the quarterly survey population if they have received 
equity FDI exceeding €50,000 and if they have made other international transactions, or if they have made equity FDI 
abroad. Data on equity FDI in Estonia are obtained from the official business register kept by the Centre of Registers 
attached to the Ministry of Justice, while other international transactions and FDI abroad are based on ITRS data. 

•  Monthly flows of listed equities: Register of Securities;  

•  Monthly flows of unlisted equities: Register of Securities, ITRS, official business register and media; 

•  Quarterly flows of listed equities: quarterly enterprise survey, Register of Securities and Centralised Securities Database 

(CSDB), and estimations; 

•  Quarterly flows of unlisted equities: quarterly enterprise survey, Register of Securities, ITRS, official business register 

and press and media; 

•  Monthly flows of intragroup debt: ITRS and estimations; 

•  Quarterly flows of intragroup debt: quarterly enterprise survey and ITRS; 

•  Quarterly stocks of listed equities: Register of Securities and CSDB; 

•  Quarterly stocks of unlisted equities: quarterly enterprise survey, Register of Securities, official business register, ITRS, 

and annual bookkeeping accounts.  

On the asset side, real estate flows and stocks are compiled using quarterly enterprise survey and the ITRS. On the liability 
side, Estonian Land Board data are used, while for stocks information is retrieved from the official land register kept by the 
Centre of Registers attached to the Ministry of Justice. 

IE 

Direct investment transactions and positions are collected directly from respondents via surveys. Respondents classify their 
data according to whether the counterpart is third-party or intragroup (parent, subsidiary or fellow), thus allowing the data to 
be classified as direct or portfolio investment. The FDIR is not applied. Data are collected at a detailed level for stocks, 
transactions and other flows from all relevant sectors and firms. The following information on the type of investment 
relationship is collected:  

•  positions where the counterpart holds 10% or more of the shares (direct investment); 

•  positions where the counterpart is a group company with shareholdings of 10% or below (fellows); 

•  positions in the parent or subsidiary, shareholdings of 10% or less (reverse/crossover); 

•  positions held by third-party shareholders with less than a 10% holding (portfolio investment). 

Monthly flows of equity capital (listed/unlisted) and reinvested earnings of MFIs are reported monthly by the NCB to the 
Central Statistics Office. Data on other sectors are based on the NCB’s monthly survey on non-financial entities. 

GR 

FDI transactions are obtained monthly through the direct reporting system and the ITRS, in accordance with the FDIR. 
Various other sources (monthly balance sheets of monetary financial institutions, custodians, mandatory disclosures of 
information to the Greek general commercial registry, voting rights disclosures to the stock exchange, financial press, etc.) 
are monitored for FDI transactions that need to be recorded. All FDI components are collected, except FDI trade credits. 
Real estate transactions are provided by the ITRS.  

Information on FDI stocks and reinvested earnings (RIE) is collected annually through the FDI survey conducted by the 
NCB. The population to be surveyed is based on the FDI register, which is updated based on the monthly FDI flow 
transactors. All FDI components of equity and debt (short- and long-term) are covered, without thresholds, and the FDIR is 
applied.  

ES 

FDI relationships are identified in the reporting forms and the FDIR method is applied. 

For MFIs, the data they report to the central bank under the integrated system of financial statement reporting are the 
information source covering monthly stocks and flows. 

For the other resident sectors (ORS), there are various sources: 

•  For equity in listed shares and debt securities, data, flows and stocks are obtained from monthly security-by-security 
reporting by custodians on behalf of their clients. To identify the existence of direct investment relationships and to 
distinguish from portfolio investment, this source is complemented with other sources (data from the Spanish Securities 
Market Commission (CNMV) on significant holdings, the ORS direct information system, the central balance sheet of 
Banco de España, the Foreign Investment Register (FIR) and the press). 

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Data sources for direct investment  

•  For transactions in unlisted shares and other equity, and for stocks and transactions of non-tradable debt instruments, 

data are obtained from the mandatory direct declaration made to the NCB by residents in Spain who hold positions and 
transactions abroad. The frequency and obligatory nature of said declaration is subject to different thresholds, depending 
on the amount of the transactions and/or balances for the immediately preceding year (monthly more than €300 million; 
quarterly equal to or more than €100 million but less than €300 million; and annually less than €100 million). Amounts 
below €1 million are exempt. 

•  Stocks of unlisted equity and other equity are obtained from the FIR kept by the Ministry of Industry, Trade and Tourism. 
Companies with any form of direct investment relationship must report this information to the Ministry using the annual 
declaration forms for Spanish investment abroad and foreign investment in Spain. Due to the time lag with which this 
source is available, data on positions for the last year available are updated with the transactions data described in the 
previous paragraph, duly corrected for the exchange rate effect and other valuation effects when more reliable 
information becomes available. 

•  For Spanish real estate investments abroad, stock and transactions are estimated from the information directly declared 
to the NCB, supplemented by information on assets abroad supplied by the tax agency. For inward investment in real 
estate, an estimate is obtained, based on data from the following sources: National Statistics Office (travel surveys and 
housing price indices), tax agency and General Council of Notaries (transactions on real estate located in Spain). 

FR 

The equity capital positions of inward direct investment are based primarily on the identification of holdings among non-
residents that exceed 10% of the equity capital in any resident enterprise, with information on balance sheets and financial 
linkages from the central bank, the National Institute of Statistics and Economic Studies and the French Prudential 
Supervision and Resolution Authority. Positions are tracked using financial statements of the direct investment enterprises 
identified. More specifically, inward direct investment positions are obtained from three domestic databases: detailed 
financial statements, business register and information made available by the National Institute of Statistics and Economic 
Studies that maps FDI relationships to non-resident group heads. 

Equity capital positions in relation to outward direct investment come from an annual survey of resident enterprises 
(industrial and commercial enterprises, financial intermediaries and insurance corporations). The survey covers a large 
sample of enterprises investing abroad (representing more that 80% of the total outward FDI stock); they are requested to 
provide FDI-related items (FDI revenues, equity, equity stake, exceptional financial items…) for each foreign affiliate whose 
own funds exceeds €5 million. This survey is carried out in the summer of Y+1 and the results become available in spring of 
Y+2. 

Non-commercial real estate liabilities are based on tax data, which show annual residential property assets held by foreign 
residents in square metres. Regional market prices from notarial registers allow for an estimation of yearly stocks.  

Outward or inward transactions exceeding the €15 million threshold are to be reported to the NCB by law. Direct investment 
transactions are compiled on an ongoing basis, based on direct reporting from the enterprises concerned, monitoring of the 
economic press and liaising with M&A law firms. Large banks and major non-financial companies are regularly monitored in 
a “large case” unit and report monthly. Every year, annual survey results provide valuable information on additional 
transactions that may have been overlooked in the previous year. 

The NCB collects information on intragroup loans via sample surveys, at monthly, quarterly and yearly frequency, depending 
on the weight of the enterprise. These surveys collect information on stocks, from which information on flows can then be 
obtained.  

HR 

The central bank conducts a quarterly survey on foreign direct and other equity investments (FDI). The external statistics 
reporting regulation provides a threshold above which all initial inward/outward direct investment and subsequent follow-up 
capital must be reported. The sample selection of the quarterly survey relies on those reports.  

Data collected through the FDI survey are based on immediate investment/investing country. 

The quarterly FDI survey covers:  

•  monthly flows of equity capital (listed/unlisted) collected quarterly; 

•  quarterly reinvested earnings collected quarterly; 

•  quarterly stock of equity capital (listed/unlisted, reinvestment of earnings); 

•  quarterly price and exchange rate changes. 

Monthly/quarterly flows and quarterly stocks of intragroup debt are collected as part of external debt statistics. A survey on 
external debt is performed monthly, providing detailed loan-by loan data on stocks, flows and adjustments, as well as the 
intragroup relationship. 

To estimate domestic real estate-related transactions, a survey on the purchase and sale of real estate by non-residents 
within the territory of the Republic of Croatia has been implemented. The survey requires public notaries to submit quarterly 
reports on sales of real estate to non-residents. Data on the purchase and sale of real estate by Croatians abroad are 
compiled through a survey on real estate transactions abroad, which must be submitted by residents of Croatia who buy/sell 
real estate outside the country, with no threshold set. 

IT 

The chain of participation is followed until it reaches an associate, i.e. all direct investment relationships are covered (direct 
or indirect control/influence), though excluding enterprises indirectly controlled by associates. This simplification narrows the 
direct influence/indirect control method to the accounting consolidation perimeter, thus reducing the reporting burden, 
among other effects. 

Data sources for FDI data related to the banking sector include the integrated reports that banks must submit. These reports 
ask specific questions so as to obtain all the information needed to compile FDI data. Information on dividends is also 
reported.  

Information on equity and income is disclosed monthly, while positions on debt instruments are disclosed quarterly.  

For the other financial intermediaries sector, the data sources for the compilation of FDI equity transactions and positions 
are the balance sheet stock information that such intermediaries must periodically submit to the central bank for supervisory 
purposes. Non-bank financial intermediaries and securities investment firms must submit their reports on a quarterly basis, 
while asset management companies must do so half-yearly. No intragroup transactions and positions are considered for this 
sector as is not possible to distinguish the counterpart sector. 

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Data sources for direct investment  

For the non-financial and insurance sectors, data on transactions and positions in equity (including super-dividends), income 
and debt instruments are collected via the monthly and annual direct reporting system financial questionnaires. Meanwhile, 
data on construction services are collected quarterly via the direct reporting system non-financial questionnaire, with the 
necessary information for classification as direct investment. 

Information on real estate assets held abroad by resident households is reported annually to the national central bank 
(Banca d’Italia) by the Italian tax authority. Assets are broken down into various financial instruments as well as real estate. 

Real estate transactions in Italy are compiled from data that the Ministry of Finance relays to the central bank each year for 
statistical purposes. This information refers to cross-border settlements performed by resident banks on behalf of resident 
households. 

CY 

The Central Bank of Cyprus’ quarterly survey on external financial statistics (EFS) is used to collect information on stocks, 
transactions, revaluations, reclassifications and income from investments for all types of financial instruments and 
relationships within the FDI category (subsidiaries, shareholders, fellows). For smaller companies, the survey is runs on an 
annual basis.  

Annual financial statements are used for small investment firms (medium and large investment firms are covered by the 
EFS survey). 

Further surveys include:  

•  a survey addressed to credit acquiring companies (census); 

•  a survey addressed to mineral exploration companies (census); 

•  surveys and assumptions made for the shipping sector (relating to both ship management and ship ownership);  

•  a survey addressed to investment funds (QIFS) to identify direct investors.  

For real estate assets in Cyprus, aggregate data published by the Department of Land and Surveys and micro data from 
district offices are used in combination. 

For real estate located abroad, mirror data through an ECB initiative is used, along with assumptions.  

LV 

Information on direct investment is obtained from surveys of financial and non-financial corporations in relation to assets and 
liabilities, data on holders of securities and MFI statistics compiled by Latvijas Banka and data on assets and liabilities of 
insurance companies, private pension funds, pension plans managed by private pension funds, state-funded pension 
scheme funding, investment funds, brokerage firms, investment management companies, authorised payments institutions, 
authorised electronic money institutions compiled by Latvijas Banka within the framework of supervision statistics. Non-bank 
data on external payments compiled by Latvijas Banka and the Register of Enterprises of the Republic of Latvia data are 
also used. 

Data are obtained from the State Unified Computerised Land Register are used to estimate investment in real estate in 
Latvia. Information on investment in real estate abroad are obtained as mirror data from partner countries. 

LT 

Direct investment relationships (direct investment, fellow enterprises and reverse investment) are identified by respondents 
in the annual and quarterly surveys. The annual FDI survey requires the FDIR scheme.  

Data sources for direct investment statistics:  

•  FDI Statistical Reporting Form TUI-01 (annual and quarterly data); 

•  Enterprise Activities Statistical Reporting Form F-01 (annual data); 

•  Records from the database of corporate financial statements submitted to the Register of Legal Entities. 

•  Transactions and positions in real estate among non-residents, as provided by the State Real Estate Register. 

•  MFI Balance Sheet Full Statistical Reporting (monthly source of data); 

•  Data from the Statistical Securities Holder Information System (flows and stocks, reinvested earnings of listed 

companies, at all periodicities including monthly); 

•  Data on loans recorded in the central bank’s Foreign Loan Information System, which contains information on every loan 

contract and transactions arranged with non-residents. It contains direction and ultimate investing country (UIC) 
attributes for the identification of functional category (monthly source of data); 

•  Data from Solvency II supervisory reports of insurance undertakings; 

•  Financial statements of insurance undertakings; 

•  Statistical information provided by other central banks; 

•  Key performance indicators of electronic money and payment institutions; 

•  State tax inspectorate data on dividends paid and received (monthly source of data); 

•  State tax inspectorate data on annual income and property declarations of resident natural persons; 

•  Monthly Statistical Reporting Form B-09-04: Statement of Enterprise and Non-resident Financial Commercial Activities 

for trade credit transactions; 

•  ECB bilateral data on real estate. 

The difference between quarterly and annual data sampling is estimated on the basis of the annual data trend and by 
functional category, instrument and counterpart country. 

Quarterly aggregates (stocks and flows) of Lithuania’s real estate holdings by non-residents are available from the State 
Real Estate Register. 

LU 

The Banque centrale du Luxembourg’s (BCL) overall survey strategy when it comes to Luxembourg’s financial industry is 
simply to collect balance sheet positions. All other information relevant for external statistics (transactions, exchange rates, 
price effects and investment income) is derived from other sources. The following table summarises this strategy: 

Positions 

Transactions 

Other flows 

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Data sources for direct investment  

Equity capital and 
reinvested earnings 

Monthly BCL security-by-
security reporting and annual 
survey by the National 
Institute of statistics and 
economic studies of the 
Grand Duchy of Luxembourg 
(STATEC) (collected) 

Monthly BCL (derived) and 
annual STATEC survey 

Derived 

Intragroup debt 

Real estate 

Quarterly BCL survey and 
annual STATEC survey 
(collected) 

Quarterly BCL survey 
(derived) and annual 
STATEC survey 

Derived 

Quarterly BCL survey (financial sector) and Luxembourg 
Household Finance and Consumption Survey (HFCS) survey 
(households) (collected) 

Derived 

FDI sampling frame: all companies that register in Luxembourg are required to submit their annual non-consolidated 
balance sheet to the Registre de commerce et des sociétés (RCS). 

FDI surveys: STATEC performs an annual FDI survey on credit institutions and a further survey on the non-financial 
industry, to collect information on stocks and reinvested earnings. 

The central bank conducts a quarterly and monthly survey of captive financial institutions, which covers FDI stocks (the 
transactions are derived) in particular. The survey also covers large non-financial companies.  

Trade credits between companies in a direct investment relationship are not spotted in the direct investment data sources. 

BCL and STATEC identify the FDI by spotting those captive financial institutions that are affiliates of a single multinational 
enterprise (MNE).  

The survey draws a distinction between loans in direct investment enterprises, in direct investors (reverse investment) and 
between fellow enterprises. 

HU 

FDI data are collected by the central bank of Hungary (Magyar Nemzeti Bank) via a direct reporting system. The FDI 
relationship is identified through a registry survey. Transactions and positions within an enterprise group (members of the 
FDIR) must be reported in separate surveys, with each foreign partner entering its transactions and positions. In identifying 
the enterprise group, data providers rely on the enterprise group used in the accounting system. An occasional registry 
survey must be submitted separately for each partner and the type of relationship must also be indicated (A = the partner is 
a foreign direct investor; L = the partner is a foreign direct investment; AL = the partner is concurrently a foreign direct 
investor and a direct investment; F = the partner is a branch office of the reporting institution established abroad; E = the 
partner is a member of another, non-resident group; EA = foreign indirect investor; EL = foreign indirect investment; ET = 
fellow enterprise; V = resident ultimate investor). 

In the decree of reporting obligations for the central bank, an enterprise group is defined as a group of enterprises which – 
from an accounting standpoint – includes foreign direct investors and investments, as well as enterprises under the direct or 
indirect control, or significant degree of influence, of the same ultimate investor (ultimate controlling parent, or UCP). FDI 
surveys are the data source. The monthly survey is based on designation for big players, while the quarterly and the annual 
surveys of the financial and non-financial enterprises are based on thresholds (SPEs must report quarterly and annually).  

Equity and debt transactions are reported by the enterprises in their monthly and quarterly data submissions, while income 
on equity and stock data are derived from the annual corporate surveys.  

Transactions and other changes (price, exchange rate, other volumes) in stock must be reported on a reconciled basis. The 
data collection and data processing system is supported with a system of checks to enable reconciliation. 

Commercial real estate data (for both assets and liabilities) is sourced from the annual direct investment survey. For 
residential real estate data, the triannual HFCS is used for assets, while quarterly administrative data collected by the 
National Tax and Customs Administration of Hungary are used for liabilities. 

MT 

Monthly, quarterly and annual direct reporting questionnaires are used to collect both stocks and flows for FDI data from all 
sectors of the economy. The central bank is responsible for collecting information from the financial sector, while the 
National Statistics Office is responsible for surveying the non-financial sectors. The questionnaires are designed in such a 
way as to identify all inter-company transactions, including loans and trade credits. All transactions with foreign parents and 
with subsidiaries and affiliates are reported in the questionnaire, thus enabling all FDI transactions to be identified. 

Direct investment of SPEs is obtained from administrative sources and surveys.  

Information on the acquisition of real estate in Malta by non-residents is provided by the Ministry for Finance. Data on the 
acquisition of real estate by Maltese abroad are derived mainly from the mirror data provided in the Real Estate Template of 
the WG ES and also from administrative bank tapes showing bank transactions between residents of Malta and non-
residents. The latter are also the source of direct investment abroad among households.  

NL 

The population to be surveyed is based on business registers. Direct investment relationships are reported by the reporting 
agents in accordance with the FDIR. While in principle the entire chain of control/influence is covered for transactions and 
positions, for reinvested earnings not all indirect direct investor relationships are taken into account, depending on the 
information available to the reporting agent. For non-financial corporations (S.11), data on FDI by fellow enterprises are 
available starting with the reference period Q1 2019. For financial corporations (S.12), data on FDI by fellow enterprise are 
available starting Q1 2022. 

Direct investment transactions and positions are collected directly from respondents through the general direct reporting 
system (there is no separate reporting model for direct investments only). Quarterly reporting requirements are imposed on 
a representative sample of the population. SPEs are an exception, with smaller coverage on a quarterly basis but near 
100% coverage on an annual basis. Data are collected on equity investments (listed and unlisted), reinvested earnings and 
several types of intergroup debt (both long-term and short-term). The quarterly reporting requirements include a full 
reconciliation between flows and stocks, as well as a reconciliation of accrued interest. The annual reporting requirements 
(applicable for SPEs only) do not extend to information on transactions. 

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Data sources for direct investment  

The following external sources are used to compile information on FDI: (1) Dutch Land Registry for quarterly information on 
real estate transactions within the Netherlands; (2) the tax authorities for annual information on real estate owned by 
households abroad; and (3) Statistics Netherlands for information on smaller companies. The financial press is monitored for 
information on international transactions that need to be recorded in the balance of payments. Within the Eurosystem, 
information on large FDI transactions and positions is exchanged between Member States. The central bank of the 
Netherlands (De Nederlandsche Bank) uses this information to check reported figures and in some cases to detect missing 
transactions.  

AT 

The main data source is an annual survey, which is combined for FDI and foreign affiliates statistics (FATS) purposes. When 
selecting respondents for inward FDI, other direct reports (e.g. monthly equity transactions) and business register data are 
used. 

In addition to the annual survey, there is a monthly reporting form for equity flows (the 10% rule is strictly applied). Reporting 
is required above a threshold of €500,000 per transaction). Intragroup debt instrument stocks are also collected on a 
monthly basis and the corresponding flows are derived from these stocks.  

FDI relationship data are compiled following the direct influence/indirect control concept.  

Real estate data flows are collected monthly.  

PL 

FDI relationships are identified according to the FDIR, i.e. covering the complete chain of control/influence. 

The sources of data for direct investment are the monthly and quarterly reports covering stocks, flows, price changes, FX 
changes and other revaluations received directly from reporting agents (equity and debt instruments) and the annual direct 
investment survey on equity covering stocks, flows, price changes, FX changes and other revaluations.  

Borrowing and lending between non-financial fellow enterprises is covered.  

Monthly and quarterly reports sent via a reporting system are used as the primary source of information.  

PT 

FDI relations are identified in accordance with the FDIR. Information for all sectors of the economy except banks is collected 
from the annual accounts (IES) on an annual basis and adjusted monthly (according to buys and sells) based on the b.o.p. 
and i.i.p. general reporting system (known as COPE in Portugal). Information on Banks FDI liabilities is obtained via 
financial and monetary statistics. 

FDI data are compiled on a monthly basis from the FDI transactions reported directly to the central bank by resident entities 
under the COPE system. Information on monthly stocks of debt instruments is collected directly under the COPE system. 

Real estate investment is compiled using data retrieved from the Immigration and Borders Service and from the general 
reporting system to Banco de Portugal. 

RO 

The quarterly/annual surveys conducted by the central bank are the main data source for FDI statistics. The population of 
FDI enterprises is determined by the National Institute of Statistics in cooperation with the national bank of Romania. 

The sample consists of all FDI enterprises with at least 20 employees, all atypical FDI enterprises (more precisely all direct 
investment enterprises with fewer than 20 employees whose turnover or share capital was at least lei 30 million or which 
took medium- and/or long-term loans of at least lei 15 million from their foreign direct investors or from fellow companies, as 
well as those for which there is information that they record significant FDI flows/positions), all credit institutions, all non-
bank financial institutions entered on the Special Register and all insurance companies with foreign capital. The exhaustively 
part of the survey holds more than 95% of the closing FDI position. A sample of enterprises with five to 19 employees 
underwent a random survey. Additionally, indirect direct investment enterprises are subject to a comprehensive survey. 

The surveys are used to compile stock and flow information on equity and debt instruments related to direct investor/direct 
investment enterprises. FDI liabilities relate to the direct or indirect holdings of non-resident investors that confer at least 
10% of the voting power or subscribed share capital of a resident enterprise, loans between the investor or the group to 
which the investor belongs and the direct investment enterprise, and also reinvested earnings. Transactions and positions 
between fellow enterprises are also identified. 

Data on real estate are estimated based on the mirror data obtained as part of the dedicated WG-ES exercise. 

SI 

In 1993 the central bank introduced mandatory direct reporting on capital investments between residents and non-residents 
(SN reports) for all firms established in Slovenia in which non-residents hold any ownership interest or that hold any 
ownership interest in firms located elsewhere in the world. The reporting threshold was set at a balance sheet total of €2 
million in 2017, but was raised to €5 million in 2023. There are two types of report: (i) annual, which comprises opening and 
closing stock, annual transactions, exchange rate changes, other changes and income; and (ii) monthly, which comprises 
transactions in equity, dividends and profit distributions. 

There are also mandatory monthly reports (KRD), with full reconciliation between stocks and flows, on operating 
receivables/liabilities and financial investments/liabilities with non-residents. These reports are also used to compile data on 
trade credits, loans, deposits and other claims and liabilities between affiliates that are a component of FDI (debt 
instruments), as well as income on an accrual basis.  

The reporting population is set as a cut-off sample on the basis of an annual supplement to the balance sheet data collected 
by the Agency of the Republic of Slovenia for Public Legal Records and Related Services.  

Capital affiliation is broken down so as to distinguish direct investment from other forms of investment. Reporting agents use 
a KRD report to identify type of affiliation for debt instruments broken down by country, currency, sector of the non-resident 
and instrument.  

The Surveying and Mapping Authority of the Republic of Slovenia is the source of collective data on real estate assets in 
Slovenia owned by non-residents (quarterly reporting on monthly transactions since 2008). 

The Croatian central bank has been the data source for transactions (purchases and sales) in real estate in Croatia by 
Slovenian individuals since 2007. 

Estimated data on the value (stock) of real estate in Croatia owned by Slovenian individuals are based on the Household 
Budget Survey (number of Slovenian properties in the rest of the world) conducted by the Statistical Office of the Republic of 
Slovenia. 

SK 

FDI data are collected using a set of interconnected surveys.  

The FDl surveys cover information about the entire chain of control/influence, on fellow companies and on reverse 
investment (i.e. FDIR). The 10% rule is strictly applied. 

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Data sources for direct investment  

The monthly (intra extra split) and quarterly (full geographical breakdown) FDI surveys are compulsory for each enterprise 
with foreign assets or liabilities exceeding €2 million. The annual survey is compulsory for all entities that engage in FDI.  

Supplementary data sources include, without limitation, FATS and information retrieved from the annual statements of 
companies, the companies register, commercial data sources, and the press. 

FI 

FDI relationships are primarily identified through the use of own business and group registry data. Media and press releases 
relating to relevant companies are also monitored to obtain further information. The entire chain of participation is ultimately 
covered.  

Direct investment stocks (both equity and debt) are collected via an annual survey on foreign financial assets and liabilities 
(known as BOPA). The sample size is 1000-1200 respondents and the survey covers 95% of the balance sheet total (the 
remaining 5% is grossed up after the collection is complete) of those domestic companies having either a foreign parent or 
foreign subsidiaries/affiliates. In addition, a variable selection of domestic companies with large balance sheets – but with no 
indication of having a foreign parent or subsidiaries – are surveyed each year to ascertain whether they happened to have a 
sizeable amount of foreign debt assets/liabilities.  

Respondents are also asked to report equity transactions in BOPA and year-on-year changes in debt positions are 
interpreted as transactions as well.  

Direct investment flows are primarily collected via a quarterly survey on financial assets and liabilities (known as BOPQ). 
The sample size is roughly 130 and respondents are asked to report total transactions, exchange rate changes and end-of-
period stocks for both intra- and extra-group debt assets and liabilities. Information on derivatives, interests and equity 
transactions is also collected in BOPQ.  

SE 

FDI relationships (i.e. the population to be surveyed) are identified on the basis of information obtained from business 
registers and shareholder registers, and via a system of monthly reporting. The entire chain of control/influence is covered in 
accordance with the FDIR. 

Direct investment flows are estimated from stocks, for which the relevant information comes from two different sources: 

•  Monthly cut-off surveys on loans, which cover all FDI from respondents holding considerable stocks. Respondents are 
selected mainly on the basis of the annual sample survey (the CDIS). All the largest players, including all banks and 
insurance companies, are covered. Intragroup holdings of debt securities are likewise included. 

•  Annual sample survey on equity stocks and income. The sample covers around 1,500 groups.  

6.3 

Compilation methods  

When conducting a survey, it is unlikely that all enterprises will have responded by 
the time the estimates need to be drawn up. Therefore, values will need to be 
imputed for such non-respondents. The imputation process can use information 
retrieved from previous responses from the same enterprise, responses from similar 
enterprises, and information from the financial press, bilateral data and other data 
sources. 

It is also common practice not to send questionnaires to all resident enterprises 
known to be involved in FDI relationships for monthly or quarterly frequencies. The 
information collected from selected enterprises (in order to cover a relevant part of 
the activity) may be used to represent the entire population of resident direct 
investors and direct investment enterprises. This may entail assigning weights (i.e. 
grossing or scaling factors) to the data reported. This type of grossing-up method 
may be also necessary to compile monthly and quarterly data for compilers that 
obtained information from direct reporters to cover transactions under the reporting 
threshold.  

Preliminary results from annual FDI surveys are usually available at t+9, whereupon 
the preliminary monthly and quarterly (stocks and flows) data are revised and the 
estimations are refined to reflect the new information. 

Euro area countries should compile FDI in relation to equity stocks and reinvested 
earnings based on the results of FDI surveys to be collected at least annually. The 
following compilation practices are not acceptable: (i) leaving the choice of valuation 

EU Balance of Payments and International Investment Position – Statistical sources and 
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criterion to the reporting agents (market values or book values); and (ii) accumulating 
b.o.p. flows to compile data on stocks. 

Specific features and deviations 

Estimation of monthly data 

Quarterly stocks and transactions 

Other flows  

EA 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

Addition of euro area country data (incl. 
ECB, ESM, and EFSF) vis-à-vis extra 
euro area counterparts. 

BE 

BG 

CZ 

DK 

DE 

Transactions in equity capital, debt 
instruments and direct investment 
income are reported in the FDI survey. 

Preliminary monthly data and 
estimates on reinvested earnings are 
later revised to reflect data from 
quarterly reporting forms on FDI 
abroad. 

For FDI in Bulgaria, complete data on 
equity and income on equity are 
available for banks only. No 
estimations are included in the 
preliminary data before the quarterly 
data become available. These data are 
later revised with data from the 
quarterly FDI sample survey on non-
financial enterprises’ equity and 
income on equity, and quarterly 
balance sheet derived flows for 
financial enterprises’ equity and RIE.  

Preliminary monthly flows of equity 
(listed/non-listed) are based on 
information obtained from the Bisnode 
agency, statements from banks, 
information from stock exchanges and 
supplementary sources. Reinvested 
earnings are estimated (sample from 
CZSO and Česká národní banka 
reporting sample). 

Monthly reporting of stock-flow-stock 
combined with grossing-up, based on 
data obtained from a commercial data 
provider. 

Adjustment may be included to reduce 
simultaneously net errors and omission 
and vertical discrepancies in EAA 
statistics. See further info. 

Preliminary quarterly stocks are 
calculated from accumulation of b.o.p. 
flows. Final data are based on the 
annual survey. 

The sources used for flows are also 
used to collect preliminary data on 
quarterly stocks. These quarterly 
sample survey data are further 
supplemented with data on non-
financial enterprises’ equity and 
income on equity obtained from the 
annual National Statistical Institute 
census survey on FDI in the country, 
which become available with a greater 
time lag (Y+12m). 

Preliminary quarterly stocks 
(listed/unlisted, reinvested earnings) 
are calculated from flows. Final data 
are based on the annual survey. FDI 
data on stocks (for approximately 
6,000 entities) are used to derive 
information on flows. Monthly and 
quarterly data are based on the 
preliminary trend. There is no grossing-
up.  

Reinvested earnings are calculated on 
the basis of an estimation of annual 
results and the distributed dividends 
reported. Otherwise they are based on 
the monthly reporting (quarterly flows 
are the sum of the three months in a 
given quarter). 

All data are reported in the original 
currency so the exchange rate can be 
calculated separately. Price changes 
are calculated as changes in market 
prices on the stock exchange. 

Price and exchange rate changes are 
derived from the quarterly surveys.  

Price and exchange rate changes are 
calculated. Price changes are 
calculated as month-to-month changes 
in market prices on the stock exchange 
and exchange rate data are based on 
changes in exchange rates of 
individual currencies.   

Since monthly transactions for equity 
capital are obtained through the direct 
reporting system, only a monthly 
estimation is used for the offsetting of 
reinvested earnings in the capital 
account for direct investment. 

Preliminary FDI positions in equity are 
compiled from the accumulation of 
b.o.p. flows to the most recent annual 
stocks, which are also revalued for 
exchange rates (for assets) and market 
prices (for listed companies) on the 
reference date. 

Compiling positions from the modified 
accumulation of b.o.p. flows sometimes 
results in negative stocks due to errors 
in b.o.p. reporting. In this case, the 
positions are set to “0” and the stock 
change is explained as part of other 
volume changes. 

The smoothing exercise between 
reported transactions and annual 
survey data also has an impact on the 
valuation changes, which are collected 
but are always estimated. 

The equity positions are revised when 
the annual survey becomes available 
(t+16 months). Moreover, the intra-
annual quarters (Q1 to Q3) must be 
reconciled with the outcome of the 
survey-based Q4/end-of-year data. In 
order to smoothen the break between 
the transaction-based Q3 and the 
survey-based Q4, the difference 
between the latter and the 
(theoretically) accumulated Q4 is 
distributed over the whole year in line 
with the trend in the transactions. 
Exploration expenses for crude oil and 
natural gas are included in FDI equity 
abroad. 

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Estimation of monthly data 

Quarterly stocks and transactions 

Other flows  

EE 

Grossing-up based on ITRS and 
Estonian Centralised Security 
Database for transactions in equity 
capital and reinvested earnings from 
primary income; model for other direct 
investment components. 

IE 

Transactions in equity capital 
(listed/unlisted) and reinvested 
earnings  

Reinvested earnings of unlisted 
enterprises not in the survey population 
are estimated on the basis of the 
previous periods and changes in GDP. 
For those enterprises, stocks are 
estimated as the accumulation of flows 
at transaction value.  

Detailed data are collected for stocks, 
transactions and other flows.  

Price changes are calculated as the 
difference between transaction values 
and changes in the stock values. 

These data are collected and compiled 
with the same degree of granularity as 
for transactions and stocks. Currency 
effects are calculated using the NCB’s 
daily exchange rates and, where 
necessary, estimated currency splits 
based on equivalent quarterly 
breakdowns. 

of MFIs are reported monthly by the 
NCB to the Central Statistics Office. 
Data for other sectors are based on the 
NCB’s monthly survey on non-financial 
entities. 

Monthly transactions of intergroup debt 

are modelled using the equivalent 
quarterly series for MFIs. Coverage of 
other sectors is based on the monthly 
survey of non-financial entities. 

Monthly transactions for equity and 
debt are obtained through the direct 
reporting system and the ITRS. 
Therefore, no estimation is 
implemented. 

Most of the transactions are collected 
monthly. Those below the reporting 
threshold are declared quarterly or 
annually, and a linear distribution is 
then made to obtain monthly data. 

Monthly data on equity income are 
estimated from the annual data on 
ordinary net profit (distributed linearly 
throughout the year) and dividends 
distributed (which are available 
monthly). 

When it comes to equity, monthly and 
quarterly estimates are based on 
regular data collection and observed 
transactions. 

For debt instruments, monthly flows 
are interpolated from the quarterly 
sample surveys. 

Information on dividends distributed by 
large MNEs is collected monthly. For 
all other sectors of the economy, 
dividends and reinvested earnings for 
the current year are estimated on the 
basis of the observed behaviour of 
large MNEs and divided by 12. 

Information on debt transactions is 
collected through the monthly survey 
conducted for external debt statistics 
purposes.  

Equity transactions, reinvested 
earnings and dividends are estimated 
on a best efforts basis using other 
available data sources such as 
monetary statistics, security holding 
statistics (SHS), balance sheet data 
and other relevant sources.  

GR 

ES 

FR 

HR 

Quarterly stocks are estimated based 
on year-end stocks as per the survey 
and the accumulation of monthly flows 
and stock exchange indices for listed 
equity. Year-end stocks are obtained 
from the annual FDI survey. 

Quarterly transactions are the 
accumulation of monthly transactions. 

For listed equity, debt and non-tradable 
instruments, the quarterly stock is 
reported directly. 

For unlisted equity, stocks are reported 
on an annual basis (distributed linearly 
throughout the year). For recent 
periods, an accumulation of 
transactions is carried out. This 
estimate is revised accordingly when 
the annual information is reported. 

Stocks are updated quarterly on the 
basis of new incoming transactions.  

Quarterly debt instruments surveys are 
used to obtain data on quarterly stocks. 

Except for non-tradable instruments (in 
which there is no variation due to 
changes in their prices), all other 
instruments are estimated based on 
information on negotiated prices 
(CSDB) and on the data reported in the 
case of unlisted equity. 

In all positions in foreign currency, the 
equivalent value in euros is obtained in 
each period using the end-of-period 
exchange rate for stocks and the 
average exchange rate for 
transactions. Likewise, the change in 
the valuation of each asset due to 
variations in said exchange rates is 
calculated, collecting it separately as 
revaluations due to changes in 
exchange rates. 

Other changes in volume are directly 
declared in sources. 

Exchange rates fluctuations are 
calculated using end-of-month data. 
Price changes for listed equity are 
calculated considering stock exchange 
fluctuation prices using the CSDB 
database. 

Information on equity and equity-
related transactions/stocks is submitted 
by the reporting units. Information on 
debt transactions and stocks is 
collected regularly through the survey 
conducted for external debt statistics 
purposes. 

Reported directly or calculated based 
on the stocks and transactions reports 
of the individual statistical unit.  

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Estimation of monthly data 

Quarterly stocks and transactions 

Other flows  

IT 

CY 

LV 

LT 

MFI/OFI sector 
Transactions and positions in equity 
capital are derived from stock reports 
after considering price and exchange 
rate adjustments. 

Non-financial and insurance sector 
Monthly flow data (equity, dividends 
and debt instruments) are collected 
through the direct reporting system. 

Reinvested earnings are estimated on 
the basis of the last available annual 
data.  

In September of each year, once the 
data from the annual questionnaire 
have been processed, the intermediate 
monthly flows (included reinvested 
earnings) for the whole of the previous 
year are revised accordingly. 

Construction projects lasting more than 
one year  
These projects are classified as direct 
investment. The gross construction 
value is uniformly distributed over the 
entire duration of the work. The quota 
pertaining to the reference quarter is 
considered an FDI investment. In the 
quarter in which the construction 
project ends, the gross construction 
value is recorded as FDI 
disinvestment.  

The preliminary estimation of monthly 
FDI data is based on past performance 
of FDI (the estimation focuses on the 
last month of each quarter as the first 
two months of the quarter are assumed 
to have a value of 0). 

When real data are received (such as 
for the quarter), the monthly data are 
revised accordingly again for the last 
month of the quarter unless there is 
information on the particular month 
where a transaction took place.  

Monthly stocks and other changes are 
collected from MFIs, transactions are 
derived and reinvested earnings are 
collected from Balance Sheet reports. 

Monthly flows and reinvested earnings 
of unlisted FDI equity are typically 
estimated. 

LU 

Monthly balance sheet positions are 
collected and transactions are derived. 

MFI/OFI sector 
The data collected are sufficient to 
calculate price adjustments (only for 
listed equity) and exchange rate 
adjustments.  

Non-financial and insurance sector 
The data collected are sufficient to 
calculate price adjustments (only for 
listed equity) and exchange rate 
adjustments. In the provisional 
quarterly position data, price changes 
are calculated for listed equity only. 
Prices changes for FDI unlisted equity 
are then calculated in September, once 
the annual data on positions have been 
collected. 

Other changes in volume are 
calculated on a case-by-case basis. 

MFI/OFI sector 
Quarterly transactions are calculated 
by summing up the monthly data and 
positions are collected directly. 

Non-financial and insurance sector 
Stock data for the intermediate 
quarters (in between the monthly and 
annual surveys) are calculated by 
combining the data on monthly flows 
with the latest available data on stocks. 
In September each year, once the data 
from the annual questionnaire have 
been processed, the intermediate 
quarterly flows and stocks for the 
whole of the previous year are revised 
accordingly. 

Construction projects lasting more than 
one year  
Quarterly flows are calculated by 
summing up monthly data. 

Quarterly stock data are obtained by 
aggregating net flows to the last 
available stock. 

This is available for quarterly surveys. 

For real estate, we use the real estate 
price index in order to derive price 
changes. In the case of financial 
statements, this is assumed to be zero. 

Price and exchange rate changes: 
reported by data reporters or 
calculated using the data on market 
prices and data on currency 
composition.  

Price and exchange rate attributes by 
instruments are collected by the survey 
TUI-01 (annual and quarterly data) and 
by the SHS as well. 

Quarterly surveys are used to collect 
information on both transactions and 
stocks. 

In the annual financial statements only 
information on the stocks is available 
and transactions are then derived as 
the difference in stocks.  

Real estate in Cyprus: transactions are 
estimated and these estimates are 
then used along with the real estate 
price index and an assumed 
depreciation to arrive at the respective 
stock values. 

Holdings (above 10%) of investment 
fund shares are recorded as portfolio 
investment. 

Form TUI-01 (annual and quarterly 
data) is used to collect flows of unlisted 
equity capital and reinvested earnings. 
Listed equity capital and reinvested 
earnings are collected from SHS. 

Stocks are compiled from the same 
respective sources. 

The Foreign Loan Information System 
provides information on intragroup debt 
and flows and stocks at all 
periodicities. 

The central bank conducts a quarterly 
survey covering FDI positions (the 
transactions being derived) in 
particular. Quarterly data on non-
financial companies are refined with 
annual data from the survey by the 
National Institute for Statistics and 
Economic Studies, which becomes 
available with a time lag of nine 
months. 

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Estimation of monthly data 

Quarterly stocks and transactions 

Other flows  

Equity and debt transactions are 
reported monthly by big players. 
Reinvested earnings are based on 
estimates until balance sheet data 
become available. The annual 
estimation of reinvested earnings is 
allocated evenly for outward 
investment and in the share of GDP for 
inward investment data. 

HU 

MT 

NL 

No monthly FDI data are published. 

There is no monthly collection for FDI 
data, except listed equity and for 
deposit-taking corporations (S.122), 
where FDI data are derived from 
monthly balance sheet information.  

For other sectors, monthly flow data 
are largely based on quarterly/annual 
data divided into months. With the 
exception of very large transactions, 
these data are recorded in the 
applicable reference month after 
consultation with the reporting agent 
concerned. When the quarterly data 
are not yet complete, monthly flows are 
estimated on the basis of historical 
data. 

AT 

Equity transactions are reported 
monthly on an ad hoc basis. 

FDI debt instruments are collected via 
direct reporting as monthly stock data 
based on book values. Transactions 
and exchange rate changes are 
calculated. 

FDI among Polish entities listed on the 
Warsaw Stock Exchange is compiled 
on an s-b-s basis from financial 
statements of issuers and monthly 
reports provided by custodian banks 
and brokerage houses. The 
compilation system is similar to PI.  

Equity and debt transactions are 
reported quarterly based on thresholds. 

Price changes are reported in all 
cases. Exchange rate changes are 
calculated and transactions and 
positions must be reported in the 
bookkeeping currency. 

Market price changes and exchange 
rate changes are reported from 
monthly returns and quarterly surveys. 

Quarterly reports also include price 
changes, exchange rate changes and 
other changes in volume. 

Other changes in volume are also used 
to solve discrepancies between 
national accounts (NA) and b.o.p.  

Since reports are drawn up in euro, 
exchange rates changes are calculated 
according to the balance sheet 
currency. 

Quarterly stocks and transactions are 
collected for some sectors and 
companies. No grossing-up technique 
is applied.  

Quarterly reports include positions and 
transactions. 

FDI data for non-financial corporations 
are grossed up to represent the full 
sample. 

For captive financial institutions and 
money lenders that are not part of the 
quarterly reporting sample, 
transactions are derived from annually 
reported stocks and distributed evenly 
over the corresponding months. Until 
such time as the annual data become 
available, estimates on transactions 
are based on the derived flows from 
the previous year.  

Quarterly stocks are estimated using 
the latest available annual FDI survey, 
cumulated transactions and calculated 
exchange rate and price data (listed 
entities only). Reinvested earnings are 
estimated until balance sheet data 
become available (t+21). 

For securities without an ISIN code, the 
relevant stocks, transactions, valuation 
adjustments, exchange rate 
fluctuations and other changes are all 
provided by the direct reporters. 

For equity, monthly and quarterly 
estimates of stocks are produced via 
the accumulation of flows over the last 
observed stock data. 

For debt instruments, monthly/quarterly 
flows are derived from the stocks 
collected. 

Statistics are revised annually based 
on the annual corporation’s accounts, 
as reported by all resident corporations 
from 2014 onwards. Full reconciliation 
between transactions and stocks is 
assured at micro level (per company) 
on a monthly basis. 

Exchange rates are calculated 
considering the end-of-month 
exchange rate. Price changes for listed 
equity are calculated considering stock 
exchange fluctuation prices. 

FDI equity price and exchange rate 
changes are calculated using formulas 
to compare final and initial stocks and 
taking into account reported 
transactions and other changes in 
volume.  

Provisional monthly data (available at 
M+45 days) are estimated based on 
historical input and subject to revision 
once the survey results are available. 
Monthly checks with the trade register 
database are carried out to identify FDI 
equity capital shifts. 

Equity position in direct investment is 
collected on annual basis and monthly 
stocks are compiled as last known 
yearly stock corrected for accumulated 
flows in the respective period. 

The quarterly/annual surveys 
conducted by the central bank are the 
main data source for FDI statistics. 

The surveys return stock and flow 
information on equity and debt 
instruments (including loans, trade 
credits and other) from/to direct 
investors/direct investment enterprises. 

Quarterly stocks on equity are derived 
from last annual stock data + sum of 
monthly flows. 

Due to the statistical insignificance of 
data on debt securities between 
affiliated and fellow enterprises, these 
transactions are not included in direct 
investment, but in portfolio investment. 

PL 

PT 

RO 

SI 

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Estimation of monthly data 

Quarterly stocks and transactions 

Other flows  

Data on reinvested earnings in the 
current year are estimated - a three-
year monthly average of actual data on 
total earnings, less extraordinary 
incomes (the data source being annual 
reports on investments), is decreased 
by dividends and other profits, paid in 
the current month (the data source 
being monthly reports on investments). 
The estimate is replaced by actual data 
when available. FDI debt instruments 
are collected via KRD direct report on 
monthly basis comprising stocks with 
full reconciliation of flows and other 
changes. 

SK 

Monthly reinvested earnings are 
estimated based on annual results and 
distributed dividends reported.  

Preliminary monthly data are revised in 
T+21 months on the basis of an annual 
FDI survey. 

Price and exchange rate changes are 
directly collected from respondents. 

Quarterly data on debt (flows and 
stocks) are compiled from quarterly 
FDI debt surveys. Preliminary equity 
positions are compiled as the most 
recent annual data plus the 
accumulation of flows and changes. 
The equity positions are consequently 
revised based on annual equity 
surveys. 

Information on the UCP and SPEs is 
collected in annual surveys and 
supplemented with further information 
from internal FDI database, FATS and 
other data. 

Exchange rate changes and price 
changes (for listed equity) are also 
taken into account when reconciling 
the figures. Any unexplained change is 
considered a price change by default.  

Exchange rate changes for entities that 
do not report them via the surveys are 
calculated using our microdata 
calculation service. Period-end 
exchange rates are collected and then 
the reported euro values are multiplied 
by the exchange rate. It is assumed 
that 50% of the assets and liabilities of 
Finnish companies are in euro and 
50% are in the currency of the 
counterpart country. 

FI 

BOPQ respondents report the actual 
quarter-end positions, transactions and 
exchange rate changes every quarter. 
As we don’t run any monthly data 
collection, our monthly flow data are 
essentially quarterly/annual data 
divided into months. When the 
quarterly data are not yet complete, 
monthly flows are estimated by using 
previous data.  

The year-end positions of foreign 
assets and liabilities are collected via 
the annual BOPA survey (year T). 
Quarterly figures for year T+1 are 
based on those obtained from BOPA 
(T) and the new information obtained 
from quarterly BOPQ (T+1). Annual 
figures for year T are completed in T+9 
months. That is the time when T+1 Q2 
figures are also compiled.  

Whenever a major (>€50 M) corporate 
acquisition involving a foreign 
counterpart takes place, the domestic 
counterpart is asked to report the 
transactions to be assigned to the 
“real” quarter. Otherwise, the equity 
transactions reported by “pure” BOPA 
respondents (i.e. not included in 
BOPQ) are divided evenly over the 
quarters of the reporting year. 

All the debt instrument data are 
collected in BOPA and BOPQ. For pure 
BOPA respondents the y-o-y change in 
the year-end position is divided evenly 
over the quarters of the reporting year. 
For example, if a position is 0 in T and 
10 in T+1, the flows per T+1 quarter 
are 2.5 and the quarter-end values are 
Q1 2.5, Q2 5, Q3 7.5 and Q4 10.  

SE 

Monthly cut-off survey, covering FDI 
transactions and income from 
respondents with considerable FDI 
debt positions. Additional mergers and 
acquisitions are recorded on an ad hoc 
basis using information from 
databases, media, FDI Network, etc. 

Reinvested earnings are calculated as 
the residual value between estimated 
income on equity (COPC) and 
dividends recorded for the monthly 
reference period. 

Annual stocks are the starting point for 
calculating intermediate quarterly 
stocks, using flows and currency 
fluctuations. 

Statistics Sweden does not yet include 
other flows when submitting data to 
international organisations or in 
nationally disseminated FDI data. 

Quarterly transactions are based on 
accumulated data from the monthly 
survey.  

Data covers debt positions but not 
equity positions between fellow 
enterprises. 

Table on methodological issues connected with compilation methods: 

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Specificities and deviations 

Valuation 
(listed and unlisted) 

BE 

A ratio of market value to equity capital 
at OFBV is calculated for listed 
companies and applied to non-listed 
companies.  

BG 

For FDI within Bulgaria and abroad, 
data are valued on an OFBV basis with 
very few exceptions (more precisely, 
data on real estate and equity provided 
by the central depository, which are 
market valued instead). 

CZ 

Listed shares are valued using stock 
exchange information. 

Super-dividends 
(Identification/reporting) 

Super-dividends are identified on a 
case-by-case basis, either specified by 
the reporter or by examining the annual 
account. 

Identified automatically in the data 
processing system through comparison 
of dividends accrued to the respective 
accumulated profits of the enterprise. 

Super-dividends are identified on a 
case-by-case basis in FDI yearly 
surveys and compared to profitability 
and non-distributed profits in previous 
years.  

Real estate flows and stocks 

Real estate abroad of households is 
compiled using mirror data combined 
with estimations based on the price-to-
rent ratio and the gross rental value. 
Geographical details are estimated 
based on tourist expenses. We receive 
data from the Cadastre for real estate 
within the country. This data contains 
yearly stocks and the number of 
transactions with geographical details. 
Transactions are estimated based on 
the average prices of houses and 
apartments.   

Real estate abroad is valued at 
historical value if market value is not 
available. 

Monthly/quarterly real estate stocks 
include accumulated flows. 

Real estate within the country is valued 
at historical value (market value at time 
of transaction). 

Monthly/quarterly real estate stocks 
include accumulated flows, and no 
adjustments are made to the reported 
values. 

Data from the Cadastre are valued on 
the basis of average prices paid, as 
shown in the annual report released by 
the Czech Statistical Office on prices of 
monitored types of property and in the 
Ministry of Finance’s Price Bulletin, as 
well as price maps and asking prices 
among market participants, including 
estate agents. 

DK 

DE 

EE 

IE 

Listed shares are valued using stock 
exchange information, or otherwise own 
funds at book values. 

Direct reporting for both enterprises and 
households and data from the Danish 
tax authorities. 

Identified on a case-by-case basis, by 
looking at the dividend compared to 
stock and previous years’ results. 

The market prices for equity capital of 
listed companies are investigated 
“company by company” using price 
information from the internet or the 
CSDB. 

Positions with negative signs are kept if 
they reflect the dissolution of reserves 
or transfer of debt from direct investors 
to direct investees. 

Transactions in real estate are reported 
in the context of the general b.o.p. data 
collection scheme. Stocks for i.i.p. are 
compiled by accumulation of b.o.p. 
flows, including regular revaluation, 
using BIS and domestic indices on 
trends in real estate prices. There may 
be instances of systematic 
underreporting in the b.o.p. (e.g. sales 
of foreign assets to foreigners carried 
out through accounts held abroad), 
which could also lead to distortions in 
the i.i.p. over time.  

Dividend payments exceeding €2 billion 
are checked separately according to a 
procedure agreed within the European 
System of Central Banks (ESCB). 

On the asset side, stocks of real estate 
owned by natural persons are estimated 
as an accumulation of flows.  

Super-dividends are identified on a 
case-by-case basis and an evaluation is 
initiated for amounts exceeding €10 
million. 

Direct investment equity is assumed to 
be unlisted. Where a company is listed 
on the stock exchange, information is 
gathered on the geography of portfolio 
ownership of that firm. In rare cases, a 
firm domiciled in Ireland may be owned 
on an unlisted portfolio basis.  

Household estimates for property 
abroad are based on the Household 
Travel Survey and BIS property price 
indices. Household estimates for 
property in Ireland rely on data from the 
Irish Revenue Commissioners. These 
data take the form of property tax 
records and electronic stamp duty 
records.  

Where unusually large dividends are 
identified, or an ambiguity arises, the 
NSI will liaise with the respondent to 
determine whether or not it should be 
treated as a super-dividend or a 
withdrawal of equity. 

GR 

Listed equity positions are valued at 
market prices provided by the CSDB.  

Real estate transactions are provided 
by the ITRS. Real estate stocks are 
determined by accumulating flows with 
regular price revaluations based on a 
real estate price index. 

Information on super-dividends is 
collected through the FDI survey (along 
with RIE), while FDI income data are 
collected through the ITRS, meaning 
that no survey data are used. 

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Valuation 
(listed and unlisted) 

Real estate flows and stocks 

Super-dividends 
(Identification/reporting) 

ES 

For listed equity, the information on 
holdings and issues is combined with 
the information provided by the CSDB. 

In case of unlisted equity, stocks are 
valued at own funds at book value 
which is available from on our sources. 

FR 

HR 

For listed shares, market prices are 
applied (domestic stock exchange or 
the CSDB). 

IT 

MFI/OFI sector 
Unlisted FDI assets are measured at 
fair value. Unlisted FDI liabilities are 
valued at OFBV. 

All FDI debt instruments are measured 
at nominal value. 

CY 

For non-listed companies, the OFBV 
method is used, with the exception of 
data retrieved from financial statements 
in relation to investments in 
subsidiaries/associates, where we rely 
on the fair value depicted on the asset 
side of the financial statements.  

LV 

Listed companies are valued using 
NASDAQ OMX Riga data. 

Assets: stocks are estimated by 
accumulation of flows using direct 
reporting of transactions combined with 
administrative sources (tax agency).  

Declared dividends are individually 
analysed to identify possible super-
dividends. This reported information is 
supplemented with other sources. 

,  

 Liabilities: The monthly transactions are 
estimated with data on transactions 
recorded by the General Council of 
Notaries, multiplied by average prices 
by location provided by the Housing 
Price Index compilers (National 
Statistical Office). Stock (Quarterly) 
Using administrative sources, the 
number of houses owned by non-
residents was estimated for a base year 
(2017), which is modified by the 
transactions carried out in each period. 
The stock is valued regularly with the 
average prices by location provided by 
the Housing Price Index compilers 
(National Statistical Office). Additionally, 
OCV associated with changes of 
residence are calculated. 

Information on real estate assets is 
obtained via accumulation of flows and 
such assets are de facto valued 
according to the historical cost method. 

A survey is used to collect quarterly 
reports from public notaries on real 
estate sales with non-residents. Real 
estate assets are compiled based on a 
survey among residents involved in 
buying/selling real estate abroad. There 
is still no estimation of stocks.  

Stock data for real estate investment 
abroad are obtained from tax 
declarations. Flows are calculated as 
differences in stocks, factoring in price 
adjustments. 

As regards real estate in Italy, an 
estimation process is used to derive 
investments/disinvestments on liabilities 
from total inflows and outflows supplied 
by the tax authority. Stock data are 
obtained by cumulating net flows to the 
last available stock (2007 data) 
calculated on the basis of the old ITRS 
data collection system.  

To determine liability stocks, we use an 
estimate of transactions along with the 
real estate price index and a 
depreciation rate. 

For asset stocks, a world real estate 
index is applied to the accumulation of 
flows (apart from the mirror data 
collected through the ECB’s initiative). 
Data originated from the ITRS before 
this system was abolished in 2015 are 
also taken into account. 

Super-dividends are analysed on a 
case-by-case basis whenever the 
dividends are disproportionately large 
compared with the distributable income 
resulting from annual and accumulated 
profits. 

Super-dividends are reported separately 
from regular dividends by surveyed 
units. 

MFI sector 
There is no distinction in the reports 
between dividends and super-dividends. 
However, large dividends are analysed 
separately to identify possible super-
dividends. 

OFI sector 
No information is available on dividends. 

Non-financial and insurance sector 
Information on the distribution of super-
dividends is collected directly via the 
monthly questionnaire. 

Super-dividends are identified as 
outliers in dividend payments relative to 
the equity value by the compilers.  

Super-dividends are identified on a 
case-by-case basis. All large dividends 
are checked with the enterprise to 
identify their nature. 

LT 

Monthly flows of real estate are 
estimated along with monthly flows of 
unlisted equity. 

Dividends that exceed the annual 
amount of reinvested earnings are 
treated as super-dividends. 

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LU 

HU 

MT 

NL 

AT 

PL 

PT 

Valuation 
(listed and unlisted) 

Real estate flows and stocks 

Super-dividends 
(Identification/reporting) 

SPE’s generally don’t issue listed 
shares, so usually no ISIN codes are 
available. 

The central bank edits large 
transactions and changes in positions 
revealed by SPE surveys. Some large 
variations of positions are due to the 
distribution/delivery of super-dividends. 

Super-dividends are identified if 
dividends are declared from 
extraordinary profit elements (which is 
filtered with COPC adjustment) 
collected in the annual FDI survey. 

Commercial real estate data (for both 
assets and liabilities) are based on the 
annual direct investment survey. 

For residential real estate assets, the 
estimation method is based on the 
triannual Household Finance and 
Consumption Survey. 

On the liability side, residential real 
estate data are estimated based on 
quarterly administrative data collected 
by the National Tax and Customs 
Administration of Hungary. 

These data include the value of 
residential real estate purchases/sales 
in Hungary broken down by the 
nationality (residency) of the buyer. The 
total value assigned to non-residents is 
broken down quarterly among the 12 
most important countries in terms of the 
value of the purchases/sales made. 

Data on real estate purchased by 
Maltese residents abroad are based on 
mirror data from the ECB. Real estate 
purchased by non-residents in Malta is 
provided by the Ministry of Finance. 

Transactions are reported at market 
value (which includes transactions ‘at 
arm’s length’).  

Unlisted equity positions are reported 
on the basis of net asset value or book 
value, depending on the accounting 
principle used by the reporting agent. 
The book value of the reporting agent is 
used to increase consistency between 
assets and liabilities.  

For listed equity, prices are collected 
from the Portuguese Stock Exchange 
(for inward investment) and from 
commercial data providers (for outward 
investment). According to the 
accounting procedures used, non-
tradable debt (including securities) is 
usually reported at nominal value. 

Real estate investments in the 
Netherlands: 

•  Transactions are based on quarterly 
information from the Dutch Land 
Registry;  

Dividend payments exceeding €1 billion 
are checked separately following the 
procedure agreed within the ESCB in 
order to determine whether they qualify 
as super-dividends. 

•  Stocks are compiled via 
accumulation of flows;  

•  Real estate investment abroad: 

•  Stocks of households are based on 
yearly information held by the tax 
authorities;  

• 

Information on stocks and 
transactions other than among 
households is obtained through the 
general data collection process 
(direct survey). 

Real estate data flows are collected 
monthly and stocks are based on 
accumulated transactions plus, to a 
much lesser extent, estimates. 

Super-dividends are identified by 
analysing pattern from previous years 
and information disclosed by reporting 
agents if special events have occurred.  

The most significant mode of 
investment in real estate in Poland is 
investment via a company registered in 
Poland. Therefore, data on real estate 
are captured in the same manner as 
data from regular reporters. 

Real estate information is mainly 
collected from the COPE system and 
under the Golden Visa programme (data 
collected from immigration and border 
services). A small portion of the data – 
relating to acquisitions by non-resident 
households – is estimated. 

Super-dividends are identified directly 
by the respondents. 

Super-dividends are analysed case by 
case whenever the amount is 
disproportionately large, especially 
when compared to distributable income 
resulting from annual and accumulated 
profits. 

RO 

Listed shares are valued at market 
price, as supplied by the Bucharest 
Stock Exchange via the Financial 
Supervisory Authority.  

Data on real estate are estimated on the 
basis of mirror data obtained from the 
ECB. 

Super-dividends are automatically 
identified in the data processing system 
by comparing the dividends accrued 
with the respective accumulated profits 
of the enterprise.  

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Valuation 
(listed and unlisted) 

SI 

Listed shares are valued at market 
price, unlisted at OFBV. 

SK 

Listed share values are reported by 
individual companies and compared 
with available stock exchange 
information. 

Real estate flows and stocks 

The Surveying and Mapping Authority of 
the Republic of Slovenia is the source of 
aggregate data on real estate assets in 
Slovenia owned by non-residents 
(quarterly reporting on monthly 
transactions since 2008). 

The Croatian NCB has been the data 
source for transactions (purchases and 
sales) in real estate in Croatia by 
Slovenian individuals since 2007. 

Estimated data on the value (stock) of 
real estate in Croatia owned by 
Slovenian individuals are based on the 
Household Budget Survey (number of 
Slovenian properties in the rest of the 
world) conducted by the Statistical 
Office of the Republic of Slovenia. 

Real estate data are not covered. 

FI 

Listed shares are valued on the basis of 
stock exchange information. 

Unlisted shares are measured at book 
value. 

Cross-border stocks and flows in real 
estate are estimated by using 
household budget survey data and 
information retrieved from the National 
Land Survey of Finland.  

SE 

Statistics Sweden has not yet 
implemented any distinction between 
listed and unlisted equity. Transactions 
are recorded at market value and stocks 
are valued at OFBV. 

The annual FDI survey is used to collect 
information on stocks of commercial 
real estate. These annual stocks are 
also the basis for calculating 
intermediate quarterly stocks.  

FDI at market value is calculated for 
total inward and outward FDI and is 
included in a complementary i.i.p. series 
that is only published nationally. 

Data for private real estate (second 
homes) are based entirely on 
calculations. 

Super-dividends 
(Identification/reporting) 

Super-dividends are detected on a 
case-by-case basis. 

Super-dividends are identified directly 
by the respondents. 

It is generally assumed that dividends 
reported are paid out of retained 
earnings even where they are higher 
than the COPC for the previous period. 
However, when a reported dividend 
seems implausibly high, an assessment 
is carried out as to whether it is a 
genuine dividend payment or a 
withdrawal of equity. 

If a dividend is judged not to have been 
paid out of operating profits or 
accumulated operating profits, a super-
dividend is recorded instead. 

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7 

Portfolio investment 

(As of October 2023)  

7.1 

Methodology 

7.1.1 

Definition and coverage 

Portfolio investment14 includes transactions and positions involving equity securities, 
investment fund shares and debt securities other than those included in direct 
investment or reserve assets. Repurchase agreements, securities lending and 
certain other transactions are excluded from portfolio investment. Portfolio 
investment transactions and positions are valued at market prices. For portfolio 
investment in unlisted securities, however, there may be differences in the valuation 
of transactions and positions, as in the case of direct investment in unlisted shares.15 
Such differences would generally be recorded as revaluations due to other price 
changes. 

Portfolio investment is distinctive owing to the nature of the funds raised, the largely 
anonymous relationship between the issuers and holders, and the degree of trading 
liquidity in the instruments. In the euro area, portfolio investment is presented by 
instrument, original or remaining maturity (when applicable), currency and 
institutional sector (both resident and counterpart).  

Equity securities are all instruments representing claims on the residual value of a 
corporation or quasi-corporation after the claims of all creditors have been met. In 
contrast to debt, equity does not generally provide the owner with a right to an 
amount that is predetermined or determined according to a fixed formula. Equity 
securities may be listed on a recognised stock exchange, or on any other form of 
secondary market (listed shares), or may not be listed on any stock exchange 
(unlisted shares).  

Investment fund shares are equity securities issued by investment funds. They are 
known as units if the fund is a trust. Investment funds are collective investment 
undertakings through which investors pool funds for investment in financial and/or 
non-financial assets. As investment fund shares play a specialised role in financial 
intermediation as a form of collective investment in other assets, they are identified 

14   For a more in-depth discussion of measurement issues related to portfolio investment, see the 

June 2002 report of the ESCB Task Force on Portfolio Investment Collection Systems. 

15   For debt securities that are not readily tradable, the net present value of the expected stream of 
future payments/receipts could be a good proxy. Otherwise, the market price of a security that 
closely approximates the tenor, risk and payment characteristics of the unlisted security could be 
an alternative. A price index based on similar maturities in the same currency could also be used 
to approximate the market value of these types of securities. In all cases, the closing mid-market 
exchange rates prevailing at the end of the reference period should be applied to the instruments 
denominated in foreign currency in order to convert them into euro. 

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separately from other equity shares. Their income is also treated differently, because 
reinvested earnings need to be imputed.  

Debt securities are negotiable instruments that require the repayment of principal 
and/or the payment of interest at some point (or points) in the future. They include 
bills, bonds, notes, negotiable certificates of deposit, commercial paper, debentures, 
asset-backed securities, money market instruments, non-participating preferred 
stocks, convertible bonds and similar instruments commonly traded in the financial 
markets. Transactions and positions in debt securities are broken down by original 
maturity into short-term and long-term. 

• 

• 

Short-term debt securities are payable on demand or issued with an initial 
maturity of one year or less. They generally give the holder the unconditional 
right to receive a stated, fixed sum of money on a specified date. These 
instruments are usually traded in organised markets at a discount, which 
depends on the interest rate, or coupon, and the time remaining to maturity. 
Such instruments include Treasury bills, commercial and financial paper and 
bankers’ acceptances.  

Long-term debt securities are issued with an initial maturity of more than one 
year or with no stated maturity (other than on demand, which is included in 
short-term debt securities). They generally give the holder (a) the unconditional 
right to a fixed monetary income or contractually determined variable monetary 
income (with such interest being payable regardless of the debtor’s earnings), 
and (b) the unconditional right to a fixed sum as repayment of principal on a 
specified date or dates. 

7.1.2 

Euro area particularities in the compilation of portfolio investment 

Given the difficulties inherent in compiling portfolio investment statistics in the euro 
area, in particular according to harmonised geographical and sector classifications 
among euro area countries, it was considered necessary to define common 
approaches for collecting this information across the euro area. A centralised 
securities database (the CSDB) is essential for this purpose. The CSDB is a 
database owned by the ESCB that contains detailed data on the features of 
individual debt and equity securities issued worldwide, such as currency of 
denomination, country and sector of issuer, amounts outstanding, maturity, dividend 
payments, coupon structures, and prices.  

Euro area countries collect data on a security-by-security (s-b-s) basis for securities 
held by residents in their country, i.e. the amounts held by residents on each 
individual security. On the basis of the respective security identifiers (usually the 
ISIN), this information is combined with the individual securities data stored in the 
CSDB to compile portfolio investment assets. 

Flows and stocks of portfolio investment are broken down by sector of the resident 
holder and issuer and, in case of assets, also by sector and geography of the non-
resident issuer. This information, in combination with national portfolio investment 

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liabilities, allows for the compilation of euro area portfolio investment liabilities broken 
down by the sector of the euro area resident issuer. 

Euro area portfolio investment collection systems must conform to one of the 
following models (Annex VI of Guideline ECB/2011/23):  

•  monthly stocks (security-by-security) + monthly flows (security-by-security);  

• 

quarterly stocks (security-by-security) + monthly flows (security-by-security);  

•  monthly stocks (security-by-security) + derived monthly flows (security-by-

security);  

• 

quarterly stocks (security-by-security) + monthly flows (aggregate). 

Portfolio investment stocks of assets and liabilities within the i.i.p. are compiled 
purely from stock data. Derived flows are equal to the change in stocks during the 
reference month, adjusted for movements in exchange rates, prices and other 
identified changes in volume.  

The target coverage is defined as follows: stocks of securities reported to the 
national compiler on an aggregate basis, i.e. not using standard (ISIN or similar) 
codes, should not exceed 15% of the total portfolio investment stocks of assets or 
liabilities. This threshold should be used as a guide in assessing the coverage of 
euro area countries’ systems. The CSDB should provide sufficient coverage of 
portfolio investment securities worldwide, so as to enable the compilation of statistics 
from security-by-security data on holdings. 

The recording of portfolio investment transactions in the euro area b.o.p. takes 
place when euro area creditors or debtors enter the claim or liability in their books. 
Transactions should be recorded at the effective price paid or received, less 
commissions and expenses. Thus, in the case of securities with coupon, it will 
include the interest to have accrued since the last payment of interest, while for 
securities issued at a discount, it will include the interest to have accumulated since 
issue. Transactions in the b.o.p. financial account should also include the offsetting 
entries for interest accrued on the holding’s assets and liabilities included in income. 
In practice, for euro area statistics, portfolio investment transactions and stocks are 
valued on the basis of the prices available in the CSDB for each individual security 
(with the exception of the maximum 15% of total assets/liabilities, for which data 
might be available on an aggregated basis only). 

7.2 

Sources 

In the euro area, all countries rely on multiple sources and collection methods. The 
s-b-s data collected are enriched with further information obtained mainly from the 
CSDB, though also from securities databases run by the central bank, stock 
exchanges and commercial data providers, among others. 

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Direct reporting is in place in all countries, in various forms. It is typically the 
domain of financial corporations (including the central bank) – for their own 
transactions/positions and/or those of their customers (non-financial corporations, 
households, etc.) – and of custodians, investment funds, brokers, pension, funds, 
insurance companies, and so forth. The information reported may include positions, 
transactions, price changes, foreign exchange changes and other changes in 
volume. The reporting obligation may be imposed above a certain threshold only.  

Surveys are also conducted in many countries at different frequencies, in addition 
to, or instead of, direct reporting. They may target specific entities or be less 
discriminate. Portfolio investment data may be collected in broader surveys covering 
other financial account information.  

Administrative sources: the entity tasked with supervising the financial markets or 
specific sectors of the economy (e.g. the insurance sector) may collect data that can 
then be used to compile portfolio investment statistics. 

A few countries also use an International Transaction Reporting System (ITRS) to 
identify or verify portfolio investment transactions. 

Specific features 

Direct reporting and custodian data 

EA 

BE 

Information on assets is collected using a mixed approach 
that combines direct reporting and custodian reporting. 

Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

Euro area country contributions as determined by the ECB 
Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

Direct reporting on a monthly basis comes from MFIs, 
including the central bank, stock broking companies, 
investment funds, insurance corporations, pension funds, 
and certain other financial and non-financial corporations 
(the selection is based on balance sheet criteria) on an s-b-s 
basis. This fulfils quarterly and yearly reporting criteria for 
insurance corporations, pension funds, investment funds 
and also stock broking companies. Yearly reporting takes 
place only for pension funds. 

MFIs and stock broking companies report directly on behalf 
of their custodians on a monthly basis (sometimes quarterly 
for stock broking companies), with the following breakdown 
for the holder sector: financial vehicle corporations (FVCs), 
other financial intermediaries (excluding FVCs), financial 
auxiliaries, captive financial institutions and money lenders, 
non-financial corporations, general government and 
households and non-profit institutions serving households.  

The reporting agents are asked to report both ISIN (s-b-s) 
and non-ISIN (s-b-s or aggregated) securities, as follows: 

• 

• 

• 

for equity: the nominal value, the number of equity 
securities, and a best estimate of the market valuation of 
the holdings. 

for debt securities: the nominal value and a best estimate 
of the market valuation. 

for non-ISIN securities: the nominal value or number of 
equity securities, and a best estimate of the market 
valuation of the holdings. The characteristics of the 
securities are not reported. 

Information on liabilities is collected using a mixed approach 
that combines direct reporting, residual approach and 
custodian reporting. Depending on the type of instrument: 

•  Residual approach: outstanding amounts are known 
(CSDB, declaration) and combined with declared 
amounts held by residents (reported). 

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Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

The Central Depository (used for securities issued on the 
internal market and unlisted securities on the stock 
exchange: shares, debt securities, warrants and rights);  

The Bulgarian Stock Exchange (used for Bulgarian listed 
shares and listed debt securities). 

The Financial Supervision Commission (as a source of 
further information for all sectors and all types of securities). 

The central bank’s Fiscal Agent Operations Department 
(used for Bulgarian government debt securities). 

The Ministry of Finance (main source for government debt 
securities issued abroad). 

The IMF’s Coordinated Portfolio Investment Survey (CPIS) is 
used as mirror data. 

Monthly survey of a sample of companies for the other 
sectors, covering both market and nominal values and both 
holdings and issuances. 

Direct reporting and custodian data 

•  Custodian approach: declaration of what is being held for 
non-residents (direct reporting from the custodian for 
non-residents).  

Direct reporting from issuers of equity securities of amounts 
held by non-residents. 

BG 

Data are collected with a mixed approach, combining 
monthly direct reporting and administrative sources. 

Direct reporting to the NCB on a monthly s-b-s basis is 
obligatory for: 

(a) resident general government entities and financial 
corporations. They report holdings of securities for stocks, 
transactions, other flows, income and prices.  

(b) resident non-financial corporations that acquire securities 
without the intermediation of a resident financial 
intermediary. They report their holdings of securities. 

(c) resident banks and financial intermediaries. They report 
their clients’ holdings for non-resident clients and resident 
clients other than financial corporations and general 
government institutions. 

(d) investment funds. They are the main source of 
information for investment fund shares.  

Reporting agents are also asked to disclose: 

•  Data on securities without an ISIN code (instrument 

classification, sector and residency of the issuer, income 
attributes) and the NCB generates what is known as a 
“central bank code”, which is used to include such 
securities in the reporting forms on an s-b-s basis. 

•  Direct reporting on an annual basis from resident physical 
persons on their assets/liabilities to non-residents with a 
threshold as from BGN 50,000 (including stock data on 
an s-b-s basis for securities acquired without the 
intermediation of a resident financial intermediary). 

CZ 

Direct reporting on stocks of securities held/issued on a 
monthly s-b-s (since January 2009) basis from MFIs, bank 
custodians, investment funds and pension funds. 
Respondents who issue bonds abroad must send relevant 
information to the NCB by no later than date of issue. 

Direct reporting on a quarterly s-b-s basis by insurance 
companies (Solvency II reporting) and non-financial 
corporations that hold securities in self-custody or via a non-
resident custodian. 

For sectors that include both direct reporting and custodian 
data, custodian data are prioritised. 

DK 

Direct reporting on a monthly and s-b-s basis for stocks, 
from financial companies (deposit-taking corporations, 
mortgage-credit banks, insurance companies and pension 
funds, investment funds and other financial corporations). 
The NCB is responsible for the administration of government 
debt and reports directly to the compilers.  

Reporting agents are asked to report market and nominal 
value, number of shares, and investment fund shares for 
both holdings and issuances. 

Custodian reporting on a monthly basis and at company 
level. Information from Danish custodians is used for Danish 
households and resident companies not covered by the 
sample holdings of foreign securities. 

DE 

Data are collected using a mixed approach, combining 
monthly direct reporting and other sources. 

Direct reporting on a monthly basis for transactions from 
banks on their own account and on behalf of their customers 
(liability transactions): 

•  own holdings of the central bank (financial statement; 

asset stocks) 

• 

insurance companies (asset stocks) 

Securities holdings statistics on a monthly and s-b-s basis 
for assets and liabilities. 

Investment fund statistics: on a monthly basis for liabilities 
relating to German investment fund shares compiled using 
monthly stocks of holdings among non-residents. 

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Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

The data collection system has relied on security-by-security 
data reporting since 2011, complemented with information 
obtained from the CSDB. 

These sources and direct reporting are supplemented by 
data obtained from the ITRS. 

Reporting agents include the Register of Securities 
(administrative source), investment and pension funds, and 
survey forms. 

Information on unlisted equities and securities not recorded 
in the Register of Securities (e.g. securities issued on stock 
exchanges of other countries) is obtained directly from the 
reporting agents. Government data, including information on 
primary investors, are used for government securities that 
have been issued abroad, i.e. those not covered by the 
Register of Securities. This information is supplemented by 
data on resident counterparties in order to derive changes in 
investors (i.e. liabilities against non-residents). All other 
government securities are covered by the Register of 
Securities. 

The vast majority of the data needed to compile the gross 
debt (stock) of each subsector and determine the 
contribution that the debt of each subsector makes to 
general government gross debt (and hence the debt itself) 
are provided to the Central Statistics Office by the National 
Treasury Management Agency (NTMA). Data are reported 
quarterly at T+53 days via a dedicated template that has 
been agreed between the Central Statistics Office and the 
NTMA to supply the data requirements of both government 
finance statistics (GFS) and balance of payments. 

Administrative sources: the central bank’s Electronic 
Secondary Securities Market Section (HDAT) is used for the 
general government, though no government data on 
securities are used. 

When compiling information on liabilities, the residual 
approach is applied for certain sectors based on Securities 
Issues Statistics (CSEC) data. 

Direct reporting and custodian data 

EE 

On the asset side, direct reporting on a monthly basis from: 

•  central bank (financial statement); 

•  credit institutions (own investments and investments on 

behalf of their customers); 

•  government sector (statement of the Ministry of Finance); 

•  Guarantee Fund (under government sector); 

• 

• 

• 

investment firms (own investments and investments on 
behalf of their customers); 

insurance companies; 

fund management companies. 

On the liability side, the collection system is based on the 
same principles as the asset side. 

IE 

On a monthly basis from money market funds (MMFs) in 
relation to transactions and positions vis-à-vis residents and 
non-residents.  

On a quarterly basis from all resident financial sectors 
(excluding non-MMF) on positions and associated 
transactions. This information is enriched with data from the 
CSDB.  

(Via the Central Statistics Office) on a quarterly basis from 
the non-financial sector on transactions, opening positions, 
closing positions, market price changes, exchange rate 
changes and other volume changes for assets and liabilities. 

Reporting agents are asked to report information on assets 
not collected security-by-security or without an ISIN code 
(instrument classification, sector and residency of the issuer, 
income attributes). 

GR 

On the asset side:  

•  Monthly direct reporting (s-b-s) from the central bank, 
deposit-taking corporations, MMFs and non-MMF 
investment funds.  

•  Monthly custody reporting (s-b-s) for insurance 

corporations, pension funds, non-financial corporations, 
households, non-profit institutions serving households, 
other financial intermediaries (except insurance 
corporations and pension funds), financial auxiliaries, 
captive financial institutions and money lenders, central 
government (excluding social security), social security 
funds. 

•  Direct reporting on a quarterly basis (s-b-s) for insurance 

corporations (Solvency II) and pension funds. 

On the liability side: 

Direct reporting from the custodian on a monthly basis (s-b-
s) for insurance corporations, non-financial corporations, 
other financial intermediaries, financial auxiliaries, captive 
financial institutions and money lenders, MMFs, non-MMF 
investment funds and deposit-taking corporations 

ES 

Direct reporting on a monthly basis from: 

Administrative sources for residents’ issuances abroad: 

•  General Government and ORSs, in relation to their 

•  Official Gazette of the Mercantile Registry and 

assets deposited with non-resident institutions on an s-b-
s basis; 

companies’ annual accounts filed in those other 
countries; 

• 

resident securities depositories reporting on an s-b-s 
basis, in relation to the foreign securities held on behalf of 
resident clients; 

•  Treasury and regional governments; 

•  Official gazettes of the regional governments. 

•  MFIs, IFs and insurance corporations, in relation to the 

securities issued by residents and by non-residents held 
by them. 

FR 

Direct reporting on a monthly and quarterly s-b-s basis: 

•  From custodian banks: stocks of securities for all 

maturities are reported for own holdings and securities 
held on behalf of their clients. For client portfolios, stocks 
are broken down by country of residence and economic 
sector of the client. 

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Direct reporting and custodian data 

•  Banks are also required to report securities held abroad 

in their own portfolio. 

HR 

Direct reporting on a monthly s-b-s basis for debt securities 
from: Custodians, banks, investment funds, pension funds, 
insurance corporations, securities depositary and directly 
from issuers and holders of the securities. 

Information on debt portfolio investments is collected using 
statistics on securities issues and holdings, along with 
external debt statistics for debt securities that residents 
issue abroad.  

Monthly direct reporting for foreign debt securities held in 
custody abroad 

IT 

Direct reporting: all data are reported s-b-s and include the 
nominal amount for debt securities and number of securities 
for shares and quotes. 

Monthly reporting from: 

•  banks for custodians and own holdings; 

• 

for the MFI sector; central bank, deposit-taking 
corporations and MMFs on their own assets; 

•  custodians (including the Italian Central Securities 

Depository) for the non-banking sector. 

Quarterly s-b-s direct reporting by non-MMF investment 
funds, insurance corporations and pension funds. 

Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

Survey on a quarterly basis for data on portfolio investment 
equity (same survey as for direct investment equity). 
Securities holdings statistics are used as an additional data 
source for transactions and positions not reported, and also 
for cross-checking reported data.  

Administrative sources: 

•  Zagreb Stock Exchange used to collect domestic prices.  

•  Central depository agency used as main source for 

domestic issues and holdings. 

Other sources (on an aggregated basis, by type of 
securities): 

•  Data from the Italian association of asset managers are 
used as a complementary source when estimating the 
total amount of foreign investment funds held by resident 
investors. This information is available on a monthly basis 
for flows and a quarterly basis for stocks. 

• 

Information from the tax authorities on securities held 
abroad by resident natural persons, as a complementary 
source of data for estimating portfolio investment among 
households (data available on an annual basis). 

•  No government data are used. 

Semi-annual reports received from closed-end investment 
funds on shares held by non-resident investors. 

Banca d’Italia internal securities database used as a source 
for the total amount of Italian securities issued abroad. 

CY 

Asset side: 

Monthly s-b-s data on: 

•  The NCB is reported directly by its Financial Markets 

department. 

• 

Information on the own holdings of resident custodians 
and on the holdings of their resident customers is 
obtained through the “Securities Holdings” survey 
conducted by the NCB. Reference data from the CSDB is 
linked to the ISIN codes reported. For non-ISIN 
securities, reference data are reported directly via the 
survey.  

Monthly data on listed equities and debt securities held by 
MFIs are obtained directly from the MFIs themselves and 
from the CSDB: 

• 

• 

In the case of equity securities, the number of shares is 
reported, market prices are obtained from the Cyprus 
Stock Exchange (CSE) and stocks and flows are 
calculated accordingly.  

In the case of debt securities, stock information is 
provided by each reporting MFI and the flows are 
calculated accordingly. 

•  Data on holdings of listed equities pertaining to other 

sectors by non-residents are obtained from the CSE on a 
monthly basis. Stocks and flows are calculated based on 
the ISIN codes and the closing prices for the reference 
month.  

Direct reporting: data on portfolio investment are derived 
from monthly data on holders of securities and MFI statistics 
compiled by Latvijas Banka and the balance sheet of 
Latvijas Banka. 

Direct reporting on a monthly s-b-s basis from custodians, 
MFIs and investment funds. Holdings are broken down by 
holder’s country, institutional sector, or legal entity code for 
residents. 

LV 

LT 

Monthly s-b-s data on third-party holdings (TPHs) of 
households held abroad (i.e. data collected by other 
Eurosystem banks through their respective Securities 
Holdings Statistics (SHS) on holdings of Cypriot residents). 

Liability side: 

•  Data regarding the general government’s issuance of 

debt securities are sourced directly from the Ministry of 
Finance, on a monthly basis. The market values of the 
securities are extracted at each month’s end from the 
CSDB and flows are calculated accordingly. 

•  Survey on Investment Funds (IF) conducted by the NCB 
for portfolio equity liability (this is done monthly for the 
largest investment funds).  

•  The External Financial Statistics (EFS) survey and 

financial statements (financial statements are used in the 
case of special-purpose entities (SPE) (with the 
exception of certain very large SPEs, which are covered 
instead by the EFS survey) and small investment firms 
(medium and large investment firms are covered by the 
EFS survey)).  

•  Data on equity and debt securities issued by Cypriot 

residents are obtained from national granular data used 
for the compilation of the securities issues statistics.. 

The local securities database of the central bank contains 
monthly data on securities issued by the Lithuanian 
government, banks, enterprises and other issuers. 

The Securities Holdings Statistics Database SHSDB is used 
to estimate holders of securities issued by Lithuania abroad 
and third-party holdings of securities purchased abroad by 
Lithuania residents. 

NASDAQ SD provides monthly data on issued securities. 

NASDAQ Vilnius provides daily data on security prices. 

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Direct reporting and custodian data 

LU 

Direct reporting on a monthly s-b-s basis from banks, MMFs, 
investment funds and other financial institutions. Most 
portfolio investment securities reported by banks, investment 
funds, insurance corporations and securitisation vehicles 
have an ISIN code.  

HU 

Custodian data (assets) are used for government entities 
and households. 

Reporting agents are asked to report information on 
securities without an ISIN code (including details of country, 
currency, maturity and counterpart sector). 

The primary source of data is the monthly security-by-
security reporting of Hungarian custodians. Data supplied by 
custodians are supplemented by the stock of securities held 
in custody outside of Hungary, as reported directly by 
resident owners (non-financial corporations and insurance 
companies) on a monthly basis. Custodians report end-
month stocks and repo transactions. 

Investment funds report on a monthly basis. 

Resident security issuers report price, income and cash flow 
information. 

Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

For securities held by Hungarian households abroad, and in 
the absence of any household survey, stocks and flows are 
estimated. This is an expert estimation process that relies on 
financial account information.  

Government data on government securities are a 
supplementary source of information to custodian data 

MT 

Direct reporting (assets) is predominantly on a monthly and 
quarterly basis from both the non-financial and financial 
sectors for flows, stocks, market price changes, exchange 
rate changes and other changes.  

Quarterly survey for the largest Investment Service 
Providers (ISPs). 

Annual survey for smaller ISPs. 

Administrative sources: tax revenue department provides 
data on portfolio investment of SPEs. 

Securities Data Service Centre attached to Austria’s Export 
Credit Agency. 

Vienna Stock Exchange. 

SHS data for third-party holdings. 

Direct reporting (liabilities) via Malta Stock Exchange (MSE). 
The MSE identifies the country of residence of non-residents 
buying and selling Maltese equity and debt securities and 
also provides data for government securities held by non-
residents. 

NL 

Direct reporting on a monthly basis (monthly securities 
reporting (MSR)) from: 

•  custodians (related to legal ownership); 

• 

• 

• 

the local central securities depository (related to legal 
ownership); 

resident issuers (related to economic ownership); 

resident end-investor holders (related to economic 
ownership). 

Security-by-security reporting is mandatory. If an ISIN code 
is available, the use of this security type is also mandatory 
and covers stocks, transactions, exchange rate changes, 
price changes, other changes in volume and income 
(including accrued interest). 

AT 

Direct reporting on a monthly basis from:  

•  Domestic custodians on their own and on their 

customers’ holdings (stocks and – for customer holdings 
– flows; price and exchange rate changes are calculated 
based on the internal securities database), without any 
reporting threshold. The report includes all securities 
(domestic and non-domestic issues) and all transactions 
on an s-b-s basis. Custodian data of SPEs and Central 
Government are reported on an entity level not in the 
custodian group. 

• 

Investment funds report monthly on an s-b-s basis 
(stocks and flows), without any reporting threshold. 

•  Direct reporting on a quarterly basis for holdings of 

resident non-banks (corporations and households) on 
deposits abroad or in self-custody, with a threshold for 
stocks of €5 million. 

Reporting agents are asked to report data on securities 
without an ISIN code (instrument classification, sector and 
residency of the issuer) to the NCB and store such data 
based on an internal identifier in the internal securities 
master data service. This allows non-ISIN securities to be 
compiled through the same process as securities that have 
an ISIN. 

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Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

National Depository for Securities. 

PL 

Direct reporting and custodian data 

Direct reporting of positions and transactions on a monthly 
or quarterly basis (depending on thresholds) and on an s-b-s 
basis, from Polish holders of securities (in the case of 
portfolio assets), and issuers and intermediaries (in the case 
of portfolio liabilities) on an s-b-s basis for stocks, flows and 
other changes in volume. All financial entities (including 
MFIs, investment funds, pension funds, brokers/dealers and 
insurance companies) report on a monthly basis. A full 
sectoral breakdown is covered in the reporting. 

Reporting agents are asked to report data on ISIN securities 
(market value of stocks and transactions and other changes) 
and on securities without an ISIN code (market value of 
stocks and transactions, as well as valuation adjustments, 
exchange rate fluctuations and other changes). 

PT 

Direct reporting on a monthly basis, security-by-security 
basis and entity-by-entity basis, in respect of both 
transactions and end-of-period positions (stocks and flows 
conciliation is guaranteed by each reporting entity) and for 
all institutional sectors, from: 

 Other sources include Euronext and the Portuguese   
Securities Market Commission. 

• 

•  custodians, for transactions and stocks in domestic 

securities on behalf of their non-resident clients and in 
foreign securities on behalf of their resident clients; 

•  MFIs, for information on transactions and stocks on their 

own account; 

• 

investors operating through non-resident custodians, who 
must report their transactions and holdings (all 
institutional sectors are included); 

•  domestic issuances of securities. 

Direct reporting on an annual basis and similar as above for 
those entities whose transactions and balance sheet assets 
fall below the threshold of €500 million. 

RO 

Direct reporting for assets on a monthly security-by-security 
basis, without a threshold for assets: 

the CSDB supplies information for all other resident sectors 
such as corporate sector (ADRs, GDRs); 

•  MFIs, investment funds, FVCs, private pension funds and 
insurance corporations report holdings on their behalf; 

•  Resident custodians report holdings on behalf of their 

clients. 

Clearstream reports quarterly information (in Excel format) 
on behalf of its non-resident clients 

The findings of the biannual CPIS (s-b-s information), on 
household and non-financial corporation holdings, are added 
to the portfolio investment data. The information is collected 
from non-financial companies that report in their 
accounting/fiscal statements that they own securities issued 
by non-residents via external custodians, in amounts 
exceeding RON 250,000. These companies report data on 
external securities held in their own account and on external 
securities that are part of group employee stock ownership 
plans. 

For liabilities: Monthly direct reporting from the Ministry of 
Public Finance, MFIs, investment funds, private pension 
funds, and insurance companies on their issuances. 

the Market Operations Department and the Payments 
Department of the central bank supply monthly information 
on Treasury bills issued on the domestic market (primary 
and secondary market data);  

the Bucharest Stock Exchange via the financial supervisory 
authority (FSA) supplies information on other sectors’ 
issuances on the domestic market; 

the Fund Administrators supply monthly information about IF 
issuances on the domestic market.  

The Bucharest Stock Exchange via FSA: market prices for 
Romanian instruments traded on the domestic market.  

Payments Department of the central bank: market prices for 
Romanian Treasury bills traded on the secondary market.  

CSDB data: market prices for Romanian instruments traded 
on external markets and market prices for foreign 
instruments. 

SI 

Asset side: 

Prior to 2004, ITRS data were used. 

Direct reporting on a monthly, security-by-security basis on 
transactions involving equity and debt securities (VRP 
report). The VRP report is submitted by domestic authorised 
participants in the securities markets, the government, 
banks, investment funds, insurance companies, pension 
funds, the state-owned pension fund management company 
(Kapitalska družba d.d.), the Slovenian indemnity company 
(Slovenska odškodninska družba d.d.) and the fund set up to 
finance the decommissioning of the Krško Nuclear Power 
Plant (Sklad za razgradnjo NEK). It provides a full 
reconciliation of stocks and flows (transactions, and price 
and other changes). 

The central bank provides a separate data set on portfolio 
assets (i.e. this information is not reported in the VRP).  

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Other 
(surveys, administrative sources, mirror data, ITRS, other 
securities databases in addition to CSDB, etc.) 

Securities purchased abroad by households directly or using 
foreign custodians are not covered. 

Survey on a quarterly basis for foreign holdings of Swedish 
equities (shareholder statistics) and investment funds 
(investment fund statistics). 

Biannual survey for the holdings of certain custodians not 
recorded in the national database of securities holdings 
(covers Swedish holdings held abroad). 

Direct reporting and custodian data 

SHSS statistics (data on securities holdings in the 
Eurosystem) have been used since 2015 to cover data gaps. 
Data on purchases and sales of securities through domestic 
brokers are also used, where such information is otherwise 
unavailable from the Central Securities Clearing Corporation 
(KDD) or in the VRP reports. This additional data are 
especially relevant for non-financial corporations and the 
household sector. 

Liability side: 

Direct reporting on monthly security-by-security basis: 

•  by custodian based on KDD data on stocks and flows for 

securities issued in Slovenia;  

•  VRP reports for securities not issued in Slovenia. 

SK 

Asset side: 

Direct reporting on a monthly, security-by-security basis for 
stocks data from investors and custodians (for the assets of 
certain clients). Most sectors are covered. Reporting units 
are obliged to report all necessary attributes for securities 
without an ISIN code. 

Liability side: 

Direct reporting by custodians on a monthly, s-b-s basis on 
stocks.  

FI 

Survey on stocks on a monthly, s-b-s basis from end 
investors (non-financial corporations, financial institutions 
and general government) and custodians. Thanks to the 
highly concentrated nature of the Finnish banking and 
securities markets, good quality data are available from a 
relatively small selection of reporters. 

SE 

Asset side: 

•  Direct reporting on a monthly basis (s-b-s) of stocks data 

for the central bank and MFIs, which report only 
information on stocks on their own account. Transactions 
are calculated based on end-of-period stocks.  

Custody reporting on a quarterly basis (s-b-s) for non-
financial corporations, households, NPISH, MMFs, non- 
MMF investment funds, other financial intermediaries, 
financial auxiliaries, captive financial institutions and money 
lenders, and central government. Transactions are 
calculated based on end-of-period stocks. Direct reporting 
on a quarterly basis (s-b-s) for insurances (Solvency II), 
pension funds, and social security funds. Transactions are 
calculated based on end-of-period stocks. Liability side:  

•  Direct reporting on a monthly basis (s-b-s) on issued 

stocks of debt securities. 

•  Direct reporting/custody reporting on a quarterly basis (s-

b-s) on Swedish holdings of Swedish issued debt 
securities used in the residual calculation of debt 
securities liabilities. The distribution of sectors is the 
same as on the asset side. 

7.3 

Compilation methods 

Specific features and deviations 

Model applied  

Adjustments/checks: 

EA  Portfolio investment assets: addition of euro area country data 

(incl. ECB, ESM, and EFSF) vis-à-vis extra euro area 
counterparts. 

Adjustment may be included to reduce simultaneously net 
errors and omission and vertical discrepancies in EAA 
statistics. See further info. 

Portfolio investment liabilities within the euro area (broken 
down by resident sector) are estimated residually by 
deducting the euro area holdings of residents from the total 
securities issued by euro area residents. This method is used 
to circumvent the difficulty in identifying the residency of end 
holders of securities issued by euro area residents.  

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Model applied  

Adjustments/checks: 

BE  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security).  

For custodian-reported data for other financial and non-
financial corporations, duplications are filtered out. 

For quoted and investment fund shares: custodian data on 
non-residents’ holdings of domestic securities combined with 
estimates of the percentage of resident issues held by non-
residents are deducted from the total amounts outstanding.  

The reported security-by-security information on holdings and 
issuances is combined with CSDB information.  

Debt securities liabilities are compiled following the residual 
approach. 

BG  Monthly stocks (security-by-security) + monthly flows 

(security-by-security). 

Accrued income is included in transactions and positions, 
including for non-ISIN securities. 

The residual approach is applied for liabilities data for b.o.p. 
and i.i.p. for all types of securities. All reported holdings by 
residents are deducted from the amount outstanding of the 
securities (on an s-b-s basis) and the sectoral and 
geographical structure of the residual amount is calculated on 
the basis of information obtained from the Central Depository 
and mirror data from CPIS. 

Data on securities issued by non-residents are enriched with 
information from the CSDB. 

Data on securities issued by residents are enriched with 
information from the Register of Bulgarian Securities 
(Bulgarian securities database developed and maintained by 
the central bank). 

For Bulgarian unlisted shares (F512), information from the 
reporting forms, the CSDB, or the face value is used. 

For Bulgarian investment funds and MMF shares (F52), 
information reported by the funds is used.  

For Bulgarian government debt securities (F3), information 
from the central bank’s Fiscal Agent Department is used. 

CZ  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

Data on monthly exchange rates and price changes are 
derived, while other changes are calculated as residual data 
on a security-by-security basis (except non-ISIN securities for 
all types of securities). 

Data are not adjusted for duplications due to misclassification 
in custodian reports. 

On the liability side, the residual approach is used. 

DK  Monthly stocks [s-b-s] + (derived) monthly flows [s-b-s]. For 

direct reporters, the reported flows are used while for indirect 
reported data we calculate transactions and valuation 
changes on the basis of the nominal values/number of 
shares. 

Accrued interest is calculated by security and is included in 
both transactions and stocks (and can be separated).  

Information on repos and security lending is reported directly 
and indirectly on an s-b-s basis (see sources). 

On the liability side, the residual approach is used. 

DE  For assets, monthly stocks (security-by-security) + derived 

monthly flows (security-by-security). 

For liabilities, monthly stocks (security-by-security) + 
(reported) monthly flows (security-by-security). 

Since September 2018 (for backdata from end-2015 on), 
portfolio investment liabilities relating to debt securities are 
calculated as real stocks using the “residual approach”. Prior 
to year-end 2015 data are derived from the modified 
accumulation of b.o.p. transactions (including price 
revaluations and exchange rate changes).  

Data for total issuances are derived from the central bank’s 
securities statistics. 

Data on residents’ holdings of domestic paper are available 
from the central bank’s securities holdings statistics, which 
also provide stock data for portfolio investment assets and are 
used for the residual approach on the liability side. 

Super-dividends are not identified separately from other types 
of dividends in the data sources. 

The central bank does not have any specific procedure to 
identify repo or lending. 

Accrued interest is included in transactions and positions for 
ISIN securities and non-ISIN securities (whereas holdings of 
non-ISIN securities are marginal). For dividends, the CSDB is 
used. The IMF’s CPIS data are not used. 

Asset reporters are asked not to report securities accepted as 
collateral in reverse repo operations but to report as holdings 
securities provided as collateral in repo operations, thus 
evidencing economic ownership of securities on the asset 
side.  

For liabilities, the residual approach prevents the inclusion of 
repo operations (legal versus economic ownership of 
securities) and possible double-counting. 

The central business register number (CVR number) included 
in the custodian’s report is used to avoid duplication.  

Currently, IMF CPIS data and SHS data are used only for 
quality assurance, although we plan to use such data also in 
production and dissemination. 

On an s-b-s basis, we check for dividends in relation to end-
of-period stock. For large factors (dividend/stock), the 
dividend is not registered as investment income. 

Automatic procedures to identify duplicate reports delivered 
by banks and by subsequent members along the chain of 
custody. 

Data are regularly cross-checked with the statistics of the 
national securities holding. 

The current reporting system does not allow for automated 
recording and allocation of super-dividends in portfolio 
investment. However, for significant distributions, we have 
identified respective payments in the past where secondary 
sources had indicated that the reported dividends were in fact 
withdrawn from equity reserves. 

Securities under repo and lending agreements are available 
from the securities statistics.  

Securities sold for cash collateral, to be repurchased on a 
subsequent agreed date, are classified as loans 

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Model applied  

Adjustments/checks: 

Certain estimations for income items (not transactions) are 
made to cover the gap in the reporting of portfolio 
transactions carried out by resident private households via 
banks or custodians abroad. 

Liabilities relating to listed shares of German non-banks in the 
hands of foreign investors are compiled as real stocks, based 
on the Deutsche Bundesbank’s financial accounts (plus 
estimates).  

Liabilities relating to unlisted shares are derived from the 
modified accumulation of b.o.p. flows. However, work is 
currently under way to bring the compilation method in line 
with ECB requirements, similarly to listed shares.  

Accrued interest are not included in the financial account 
transactions (neither for assets nor liabilities). 

EE  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

Accrued interest (also for non-ISIN securities) is included in 
transactions and positions. 

Transactions in unlisted share are valued on the principle of 
own funds at book value (OFBV).  

Super-dividends are identified on a case-by-case basis and 
amounts exceeding €10 million are scrutinised. 

The external assets of Estonian residents reported by Estonia 
for the CPIS are estimated to a much higher degree than in 
the mirror statistics, indicating substantially complete 
coverage. 

Securities under repo and lending arrangements are identified 
through custodian reports and reports of credit institutions  

The IMF’s CPIS is not used for the geographic breakdown of 
liabilities. 

IE 

The data reported on a quarterly basis by resident financial 
sectors, except non-MMFs, are combined with CSDB 
information on issuer country, issuer sector, issue date, 
maturity date and pricing information.  

GR  Monthly stocks (security-by-security) + derived monthly flows 

Super-dividends are not recorded in portfolio investment. 

(security-by-security). 

The CSDB is used to compile information on counterpart 
institutional sector, geographical allocation and instrument 
classification.  

The geographical allocation criterion for liabilities is based on 
the first known counterpart principle. 

Stocks and flows are reconciled by approximating other flow 
adjustments, such as changes in market valuation. 

Government securities under repo are identified separately, 
and information on repo amounts is also collected separately 
for MFIs. 

IMF CPIS data are used for monitoring (mirror data for 
liabilities) on a semi-annual basis. 

ES  Monthly stocks (s-b-s) + (derived) monthly transactions (s-b-

s). For MFI holdings of equity and investment fund shares, the 
monthly transaction data declared are compared with the 
derived monthly transactions and revaluations (prices and 
exchange rates). 

Super-dividends are identified and treated accordingly in 
portfolio investment when possible. For liabilities, the most 
significant amounts of paid dividends are reviewed. If they are 
considered a super dividend, the relevant amount is classified 
as a transaction. 

Spanish securities issued abroad and acquired by Spanish 
residents are covered by the aforementioned sources (s-b-s) 
and are included in the calculation using the residual 
approach. 

Custodians provide data based on legal ownership. Separate 
s-b-s data are collected from banks on repos, securities 
lending operations and guarantees in the form of securities in 
order to correct/adjust the data reported by custodians. 

The CSDB is used to obtain prices, income and the country, 
currency and sector of the non-resident issuer (for assets) 
and to check the quality of other variables. 

FR  Data reported by custodians are processed on a security-by 

IMF CPIS is not used. 

Super-dividends are not detected. 

security basis. This includes a comparison with balance sheet 
information (for financial institutions) and scrutiny of cases 
where the actual ownership of the security may differ from the 
information provided by the custodian (securities lending, 
short-selling, repos, etc.), which is excluded from the 
b.o.p./i.i.p. 

Liabilities are computed by subtracting the amount held by 
residents from the total amount issued by residents (data 
available in the bond database managed by the central bank), 
except for government bonds. The residual approach is used 
to calculate liabilities not covered by custodian reporting. 
Regarding monthly key items, estimations are made using 
custodian data adjusted when the discrepancy with issues is 
significant.   

For government bonds, coverage of the collection (total 
amounts reported by the custodians compared to amounts 
issued) is sufficiently high (around 90-95% of the total) for the 
liabilities to be calculated directly from the data collected 
(securities held directly by a custodian abroad are ignored). 

Data on portfolio investment assets are calculated directly.  

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Model applied  

Adjustments/checks: 

Foreign securities held abroad by non-bank residents are 
partially covered through the use of Securities Holdings 
Statistics and estimations based on data published by the 
Swiss Ministry of Finance about withholding taxes transferred 
to the holders’ countries (the methodology is described here: 
link).  

HR  Monthly stocks (security-by-security) + derived monthly flows 

CPIS is not used for data compilation purposes. 

(security-by-security).  

Securities holdings statistics are used for flows and stocks 
(including changes in volume) on the asset side. For liabilities, 
the residual approach is applied. Domestic issues held by 
residents are deducted from resident issuances obtained from 
securities issues statistics. 

Liabilities on debt securities are reported at nominal value 
(including accruals). 

IT  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

A mixed model is used for the liability side. The aggregate 
liabilities are calculated as the sum of the total amount of 
Italian securities held in custody on behalf of non-residents 
and the total amount of those issued abroad, minus the total 
amount of Italian securities deposited abroad by residents. 

Super-dividends are not identified and treated within portfolio 
investment 

Super-dividends are identified if they are available in the 
CSDB. 

On a monthly basis for accrued interest on debt securities. 

For securities moving as collateral in repo or reverse repo 
transactions. Information on securities under repo and lending 
arrangements are provided by MFIs s-b-s, with details on the 
residence and sector of the counterpart. 

Data from the IMF’s CPIS are used only for checks and 
analysis. 

CY  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security):  

Super-dividends are identified insofar as they are available in 
the CSDB. 

On the asset side, data provided by the custodian (i.e. stocks, 
transactions, changes other than transactions) are used for 
unlisted shares. 

IMF CPIS is not used.  

Securities under repo are not part of the SHS survey. 

Liability side: 

•  Debt securities issued by the government and banks are 

linked to the CSDB. 

•  Banks’ listed equity is measured at market value, while 
OFBV is used for unlisted equity falling under portfolio 
investment liabilities. 

•  Listed equity of all other sectors is reported at market 
value using the closing prices of the Cyprus Stock 
Exchange, while OFBV is used for unlisted equity falling 
under portfolio investment liabilities.  

•  Data on investment fund shares are collected through the 
investment fund survey, which distinguishes holdings of 
residents from those of non-residents (the country of the 
non-resident is also provided). The valuation method used 
is NAV (net asset value). 

LV  CSDB information on prices is used to value transactions and 

There are no super-dividends for portfolio investment 

positions. 

LT  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

MFI aggregate monthly data on securities (assets and 
liabilities) are cross-checked with the custodian data. 

Custodian data are used for securities issued in local market 
and Bloomberg data for holders of securities issued in foreign 
markets to estimate portfolio investments liabilities. 

Monthly reports of collective investment and MMFs are the 
main source used to estimate fund holdings on debt securities 
and equities as well as the holders of fund units issued in 
Lithuania.  

Monthly data from the Ministry of Finance of the Republic of 
Lithuania on securities issued by the central government, and 
Central Securities Depository of Lithuania monthly data on 
issued securities, are cross-checked with custodian data. 

Securities lent or held for sale under repurchase agreements 
are reported as securities held by the original owner in the 
monthly custodians’ surveys  

Solvency II reports are used to estimate insurance company 
assets on portfolio investments.  

CPIS data may be used to estimate the geographical 
breakdown of liabilities  

Central bank data are derived on an aggregate basis from the 
central bank’s balance sheet. 

LU  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

For ISIN securities only the number of shares (nominal value 
in the case of bonds) is collected, along with the outstanding 
amount. These data are then enriched with CSDB information 
on coupon rate, issuer country, issuer sector and maturity for 
bonds and bills, and on dividend rate, issuer country and 
issuer sector for equities. 

The central bank uses government data on general 
government issuances.  

Super-dividends are identified usually from supplementary 
sources such as media and recorded as a withdrawal of 
equity. 

The central bank performs a correction for non-response 
whenever either the monthly security-by-security or the 
quarterly balance sheet report is sent too late or is of bad 
quality.  

The central bank does not use CPIS data.  

Super-dividends are not recorded in portfolio investment 
transactions (but in direct investment).  

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Model applied  

Adjustments/checks: 

The residual approach is used for liability positions, 
transactions (including investment income) and revaluations. 

For each institutional sector and type of instrument, resident 
holdings (counterpart sector) are removed from total issues 
(resident sector). 

Transactions in resident investment funds (liability) include 
unpaid accrued income (recorded on an accrual basis). 

HU  Monthly stocks (security-by-security) + derived monthly flows 

Accrued income is included in transactions and positions. 

(security-by-security). 

Debt securities revaluations and other changes in volume are 
reported directly, while transaction data are calculated 
residually. Revaluation resulting from market price changes is 
the product of the average stock at face value and the change 
in the clean price in the period. This ensures that the accrual 
of interest and interest payment do not affect price changes 
but are recorded in transactions. 

Transactions in equity-type securities and other changes in 
volume are calculated using a direct method, while 
revaluation is derived as residuum. The change in the number 
of pieces multiplied by the average price yields the 
transaction data. In the case of investment fund shares, the 
accumulation (reinvestment) of the property income is also 
calculated as transaction data. 

Flow data are calculated in the original currency. When 
converting the stocks and flows data of securities 
denominated in foreign currency into forints, foreign-exchange 
rate changes are shown as revaluations.  

MT  Reports provide details of transactions, stocks and other flows 

such as exchange rate changes, market price changes and 
other changes. The security-by-security compilation considers 
interest income.  

Liabilities are provided by the MSE by geographical area 
under a stock-flow-income model for all securities issues 
bought by non-residents. Based on the ISIN, reported data 
are complemented by data retrieved from the CSDB on a 
security-by-security basis.  

NL  Monthly stocks (security-by-security) + (derived) monthly 

flows (security-by-security). 

The survey is a sample, including SPEs and government. The 
residual approach is used to compile data on portfolio 
investment liabilities. The concept of super-dividends is 
explained in the reporting instruction (which states that these 
receipts/payments should be reported as transactions; see 
above). Reporting is based on economic ownership. 

AT  Monthly stocks (security-by-security) + monthly flows 

(security-by-security). 

Portfolio investment (asset and liabilities) data are compiled 
on a security-by-security basis using the ISIN code.  

The residual approach is used for portfolio liabilities. 

IMF CPIS data are not used for cross-checking. 

Super-dividends under portfolio investment equity income are 
not identified or recorded, since this information needs to be 
separated only for FDI. 

End-month stocks are corrected with repo and security 
lending transactions (reported by custodians). 

Super-dividends are not common in Malta. When they do 
occur, they are recorded in the financial account as 
withdrawals of equity.  

CPIS data provided to the IMF are computed from the b.o.p. 
data. 

Reported data on liabilities are checked with the CSDB, which 
is the primary source for compiling data on liabilities. Data on 
assets are grossed up and some sectors are based on 
supervisory data. 

Duplicates of securities issued by domestic entities are 
identified on a security-by-security basis. In other words, 
reported holdings cannot exceed issued nominal amount. 

Government data on government securities are used for 
reconciliation.  

Accrued income is included in aggregate transactions and 
stocks and can be disentangled from regular transactions and 
stocks. 

IMF CPIS and SHS mirror data are used to allocate portfolio 
investment liabilities and for plausibility checks. 

Super-dividends are not identified in the portfolio investment.  

Securities under repo are reported in the custodian group of 
the lender 

PL  Monthly stocks (security-by-security) + monthly flows 

(security-by-security). 

Data on transactions and stocks are adjusted on a security-
by-security basis to exclude repo transactions.  

IMF CPIS (mirror data) is used in the data verification 
process. 

Super-dividends are not identified in the portfolio investment. 

For securities with an ISIN code, data on security 
characteristics (coupons, prices, corporate events, etc.) are 
derived from the central bank’s securities database.  

The market value of transactions and positions (including 
interest accrued and paid) is calculated on a security-by-
security basis using information from the securities database. 

The residual approach is applied in the case of debt securities 
with an ISIN code issued by domestic entities on external 
markets. In the compilation process, these issuances are 
linked with transactions from domestic holders of these 
securities.  

Security-by-security calculations include the value of interest 
(accrued and paid; also for non-ISIN securities). 

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Model applied  

Adjustments/checks: 

Government data on government securities are used for data 
compilation. 

PT  Monthly stocks (security-by-security) + monthly flows 

(security-by-security). 

 Price changes are the residual data.  

ITRS, MFI balance sheets, securities issues statistics, mutual 
fund balance sheets and data obtained from the supervisory 
authority of the insurance companies concerned are used for 
checking and quality control purposes.  

CPIS data are used to obtain the geographical breakdown for 
portfolio investment liabilities. 

RO  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

B.o.p./i.i.p. portfolio investment flows, stocks and income are 
compiled by an s-b-s IT application developed by the central 
bank. 

For liabilities, the breakdown by country and institutional 
sector is estimated based on the IMF’s CPIS mirror data on 
holdings of Romanian debt securities among non-residents. 

Super-dividends are not identified separately from other types 
of dividends in data sources. 

Flows are derived as the difference between current and 
previous stocks. Price changes, exchange rate changes and 
other changes are also compiled by the central bank. 

Securities under repo and lending arrangements are reported 
directly and there is a breakdown by transaction type 
(purchases, repo operations, etc.). 

Reference data on securities are extracted from the CSDB 
and used for assets.  

Non-ISIN securities data are collected according to 
Regulation (EU) No 1011/2012 concerning statistics on 
holdings of securities. Information about holders, issuers and 
currency is available as of 2014. Values for transactions of 
non-ISIN securities with non-residents are negligible.  

Romanian debt instruments purchased by non-residents and 
held by external custodians are not covered.  

The residual approach is used to calculate liabilities. The 
difference between domestic issuances and domestic 
holdings of resident issuances is allocated automatically to 
the “Rest of the World” segment. SHSDB information supplied 
by custodians resident in the euro area (third-party holdings) 
has also been used since 2020.  

SI 

The residual approach is used to calculate liabilities on 
securities issued abroad (reported in VRP report). 

Mirror data for Slovenia data are insignificant in the CPIS. 

Accrued income is included in transactions and positions.  

There are no instances of securities without an ISIN code. 

Super-dividends are not detected. 

SK  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security). 

CPIS data are not used for compilation, but for comparison, 
and partly as a quality benchmark. 

The residual approach is used to calculate liabilities. 

Super-dividends are not identified in portfolio investment 

Government data are partially used for government securities, 
for repurchases of own issuances and for issuances and 
redemptions. 

FI  Monthly stocks (security-by-security) + derived monthly flows 

(security-by-security).  

For debt securities and listed shares, the residual approach is 
used to compile information on liabilities. 

Recording practices of debt securities factor in 
premiums/discounts on the issue price. 

SE  Quarterly stocks (security-by-security) + derived quarterly 

flows (security-by-security). 

Duplications between investors and custodians are handled 
on an ISIN-level. 

MFI stocks are reported monthly, and flows are derived on a 
monthly basis. All other sectors are only reported quarterly 
and monthly flows for these sectors are forecasted. 

For debt securities, the residual approach is used to compile 
information on liabilities. The calculation is done on an 
aggregated level, per resident sector, per nominal currency 
and per original maturity. 

For equity shares and investment fund shares, custodian data 
on holdings of domestic securities among non-residents are 
used. 

Price changes, exchange rate changes and other changes 
cannot yet be calculated using the Swedish securities 
holdings database. 

All instruments (both flows and stocks) are reported at market 
value (dirty price). 

CPIS data are not used for compilation.  

Super-dividends under portfolio investment equity income are 
not identified or recorded, since this information needs to be 
separated only for FDI. 

Government data on government securities are not used for 
portfolio investment but are an important source of 
comparison. 

Respondents are asked not to report securities accepted as 
collateral in reverse repo operations and to report as holdings 
securities provided as collateral in repo operations 

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8 

Financial derivatives and employee 
stock options (other than reserves) 

(As of October 2023)  

8.1 

Methodology 

8.1.1 

Definition and coverage  

The functional category of financial derivatives and employee stock options (other 
than reserves) largely coincides with the corresponding financial instrument class, 
with the exception of financial derivatives included in reserve assets.  

A financial derivative contract is a financial instrument that is linked to another 
specific financial instrument, indicator or commodity, and through which specific 
financial risks (such as interest rate risk, foreign exchange risk, equity and 
commodity price risks, credit risk, etc.) can be traded in their own right in financial 
markets. Transactions and positions in financial derivatives are treated separately 
from the underlying items to which they are linked. Unlike other functional categories, 
no primary income accrues on financial derivatives; net flows associated with interest 
rate derivatives are recorded as financial derivatives, not as investment income.  

There are two broad types of derivatives contracts: forward-type contracts and 
options. A forward-type contract is an unconditional contract whereby two 
counterparties agree to exchange a specified quantity of an underlying item (real or 
financial) at an agreed contract price (the strike price) on a specified date. Forward-
type contracts include futures, forwards and swaps. In an option contract, the 
purchaser acquires from the seller the right to buy or sell (depending on whether the 
option is a call (buy) or a put (sell)) a specified underlying item at a strike price on or 
before a specified date. The main difference between the two categories is that in an 
option contract, one of the counterparties acquires a right but not an obligation 
towards the other party.  

There are some special cases of financial derivatives. 

1.  Swap contracts, whereby the counterparties exchange, in accordance with 

prearranged terms, cash flows based on the reference prices of the underlying 
items. Swap contracts classified as forward-type contracts include currency 
swaps, interest rate swaps and cross-currency interest rate swaps, among 
others; other types of arrangements also known as swaps, but that do not meet 
the definition above, include gold swaps, central bank swap arrangements and 
credit default swaps. 

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2.  Credit derivatives, which are financial derivatives whose primary purpose is to 

trade credit risk. They are designed for trading loans and securities default risk. 
Credit derivatives take the form of both forward-type (total return swaps) and 
option-type contracts (credit default swaps). Under a credit default swap, 
premiums are paid in return for a cash payment in the event of a default by the 
debtor of the underlying instrument.  

3.  Non-repayable margin payments (also known as variation margin) are classified 
as transactions in financial derivatives as they reduce the financial liability 
created through a derivative, while repayable margin payments are classified as 
deposits or loans under other investments depending on whether the debtor is a 
deposit-taking corporation or another sector respectively.  

Positions in financial derivatives should be valued on a marked-to-market basis. 
The accumulation of transactions should never be used to estimate financial 
derivative positions. Transactions relate largely to those in options and to 
settlements. Settlements eliminate positions, while the value of derivatives positions 
emerges largely from revaluation. Changes in the prices of derivatives are recorded 
as holding gains or losses (revaluations due to price changes). The value of 
derivatives contracts can switch from positive to negative and vice versa throughout 
the life of the contract, depending on how the price of the underlying behaves in 
comparison to the contractual price.  

Employee stock options are options to buy the equity of a company offered to 
employees of the company as a form of remuneration. If a stock option granted to 
employees can be traded on financial markets without restriction, it is classified as a 
financial derivative. 

8.2 

Sources 

Compilers use the following main data sources to collect data on derivatives 
positions and transactions and related information (e.g. price and exchange rate 
changes) from the various players involved in this market segment: 

Direct reporting: direct reporting is the most widely used collection system as it 
typically covers financial corporations, which are among the most active players in 
this area (monetary financial institutions (MFIs), investment funds, financial 
intermediaries and auxiliaries), and non-financial corporations as well. In most cases, 
stocks and flows are reported on a monthly basis. Respondents report their own 
positions/transactions and/or those of their clients. Data from trade repositories 
(EMIR) are explored when compiling information on financial derivatives. 

Surveys: surveys are often used, either as a primary source of data or as a 
complement to other data sources. Their periodicity and coverage (in terms of the 
population surveyed and/or of the information targeted) may vary, depending on the 
circumstances of individual countries. 

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Administrative sources: when it comes to financial derivatives, administrative 
sources, strictly speaking, are rarely used. Although general governments are 
frequently involved in financial derivatives transactions, their data are usually 
reported via direct reporting or surveys. 

A few countries also use international transaction reporting system (ITRS) data. 

Specific features 

Data sources for financial derivatives and employee stock options (other than reserves) 

EA 

Euro area country contributions as determined by the ECB Guideline on External Statistics. 

ECB, EFSF and ESM accounting data. 

BE 

Data on financial derivatives are collected via monthly, quarterly and annual surveys. Over-the-counter (OTC) and 
exchange-traded contracts are covered. The collection process differs depending on the sector: 

•  For the central bank, detailed information is used from the market operations department to calculate stocks and flows, 

contract by contract on a monthly basis. 

•  For the government sector, these data are obtained via the database of the central bank’s government debt statistics 

department, also on a contract basis. 

•  The MFI sector delivers monthly reports about the settlement of their derivatives transactions by counterparty country 

and type of derivative on an aggregate basis. Outstanding amounts are derived from monthly accounting reporting, also 
by counterpart country. 

•  For the insurance sector, Solvency II information on a quarterly basis is used. 

•  Other financial and non-financial corporations report their transactions and outstanding amounts monthly or annually via 
other investment surveys. Under-reporting is a risk because some firms may forget to report derivatives (e.g. energy 
trading companies must often be reminded to report their future transaction margin payments as they sometimes treat 
them as real energy contracts). 

•  Household transactions are not taken into account. 

BG 

Data on financial derivatives are obtained from: 

•  balance sheets of MFIs (monthly);  

•  balance sheets of insurance companies and pensions funds (quarterly);  

• 

the Central Depository for the general government (quarterly). 

Other sectors are not covered. 

CZ 

The monthly cross-border stocks and transactions of MFIs are taken from the “Monthly statement of foreign exchange and 
CZK positions of the central bank and commercial banks”. 

Government quarterly cross-border stocks are taken from the database of the Ministry of Finance (SP PAP). 

Government quarterly cross-border transactions are taken from the “Quarterly statement on cross-border transactions of 
central government”. 

Stocks and transactions for non-bank entities are taken from the “Monthly and quarterly statement of foreign assets and 
liabilities of non-bank entities” for the most important entities that engage in foreign trade (approximately 500 entities), of 
which around 30 respondents report data on derivatives positions and transactions. 

DK 

DE 

Monthly direct reporting of financial derivatives stocks and flows (transactions, exchange rate changes and price changes) 
for all reporting agents. Financial companies (central bank, deposit-taking corporations, mortgage-credit banks, insurance 
companies and pension funds, investment funds and other financial corporations) and central government (reports monthly) 
are fully covered. For other sectors only a sample of companies reports data.  

Both OTC and traded contracts are covered. 

•  Monthly b.o.p. data on cross-border derivative transactions are reported directly by all resident entities, banks and non-
banks that carry out such transactions with non-residents (banks also report transactions on behalf of their customers). 
The general reporting threshold of €12,500 applies to derivatives. For transactions, a breakdown by instrument type is 
provided.  

•  Positions for banks are taken from the monthly report on stocks of external assets and liabilities of domestic MFIs. 

However, only trading book positions are covered.  

•  For domestic enterprises and general government, positions are collected via the central bank’s quarterly non-bank 
survey on external claims and liabilities arising from derivatives, covering both OTC and exchange-traded contracts. 

•  Resident non-banks (including government) are required to report only quarterly derivative positions if aggregated 

external claims or liabilities arising from financial relationships with non-residents exceed €500 million (or the equivalent 
in other currencies). 

•  Private households and investment funds are not covered by the reporting system for positions in derivatives. 

EE 

The main data sources are the central bank’s enterprise survey and credit institution statistics. Both OTC and exchange-
traded contracts are covered. 

IE 

Data on financial derivatives are collected directly from respondents: 

•  Assets and liabilities are collected, as opposed to net positions. 

•  Monthly balance sheet data for MFIs resident in Ireland. 

•  Monthly money market fund return, providing information on the transactions and positions of these funds vis-à-vis 

residents and non-residents, and including security-by-security information on derivatives. 

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Data sources for financial derivatives and employee stock options (other than reserves) 

•  Quarterly information on positions and associated transactions, covering all sectors except non-money market funds. 

•  At present, no central bank financial derivatives positions are reported in the monthly internal template obtained from the 

Financial Control and Procurement Department. 

GR 

Information on financial derivatives transactions is based on direct reporting and ITRS data. It is, therefore, disconnected 
from the estimation of stocks. General government financial derivatives transactions are derived from data provided by the 
central bank’s Financial Operations Department.  

The recording of financial derivatives stocks is based on balance sheet information obtained from the central bank’s Money 
and Banking Statistics. General government financial derivatives data are provided by the government on a quarterly basis. 
Information is provided on assets and liabilities on a gross basis for all sectors except households and non-profit institutions 
serving households (NPISH). However, holdings of households and NPISH are considered insignificant. 

In parallel with Statistics on Holdings of Securities by reporting banking groups (SHSG) data collection, a financial 
derivatives (assets) microdata collection process has been up and running since year-end 2018, on an s-b-s basis, for 
deposit-taking corporations on the basis of FINREP/COREP data. This information is also used to compile i.i.p. figures. 

ES 

Financial derivatives data are reported by instrument: options and futures (with the market or OTC breakdown). 

The central bank’s Operations Department provides the data for this item with the frequency and details required, covering 
both stocks and flows.  

Data on stocks and flows of other MFIs are reported monthly by the major players and included quarterly in the financial 
statements they declare to the central bank. Other sectors report stocks and flows monthly or quarterly, depending on the 
respective threshold, doing so directly to the central bank in the declaration of external transactions and positions. The 
Spanish Central Counterparty CCP reports stocks and flows of derivatives with non-residents directly to the national central 
bank. 

FR 

Financial intermediaries directly report transactions and revaluation flows (monthly) and outstanding amounts (quarterly) to 
the central bank. Exchange rate changes and price changes are distinguishable and stock flow consistency is ensured. 
Financial intermediaries also declare the financial instrument, underlying market, counterparty countries, currency, and 
trading venue. Government is also interrogated. 

Participants have not reported any major difficulties, expect for new entities that do not yet have standard accounting data. 

HR 

Data on financial derivatives are collected from: 

•  Commercial banks and other financial institutions (monthly positions, quarterly transactions). 

•  Other non-financial institutions (monthly, stocks and positions). 

•  General government (quarterly, stocks and positions). 

•  The central bank is not involved in transactions concerning financial derivatives. 

IT 

In their integrated reports, banks report monthly on the premiums, variation margins and differences paid or received in the 
reference period for derivatives contracts with non-residents. Data on monthly financial derivative stocks must be provided 
for both assets and liabilities. 

Other financial intermediaries must report their stocks of derivatives (non-bank financial intermediaries and securities 
investment firms must submit their reports on a quarterly basis, while asset management companies must do so half-
yearly). The information on the residence (Italian or foreign, with no further breakdown) of the counterpart allows us to 
compile information on financial derivatives without a breakdown by geographical area. 

For the non-financial and insurance sectors, data on transactions and positions in financial derivatives are collected via 
monthly and annual questionnaires (respectively), with the information reported directly. The monthly questionnaire collects 
information on derivatives contracts with foreign counterparties. Separate data are collected for initial margins, performance 
bonds and other refundable margins (which must be classified under “other investment”) and for non-refundable variation 
margins, payoffs and premiums (which must be classified under “financial derivatives”). The annual questionnaire, which is 
administered to a larger sample, collects information on derivatives contracts entered into with foreign counterparties. 

The information needed to compile the central bank’s financial derivatives is taken from its monthly accounting data. 

For households, the information is provided annually by the tax authorities, and includes data on end-of-year stocks of 
derivatives held abroad by resident natural persons. 

For the general government sector, the information is taken from the database on settlements of international transactions 
kept by the central bank on behalf of the Ministry of Economy and Finance. Stock data are provided directly by the Ministry, 
which publishes a quarterly report on the stock of derivatives held by general government, reported at market value. 

The b.o.p. and the i.i.p. also include transactions and stocks relating to amortising swaps entered into by local government 
entities with non-resident counterparties (source: central bank internal data, both stocks and flows, based on information on 
outstanding contracts collected in accordance with Italian legislation (Law 133/2008)). 

All reports cover both OTC and exchange-traded contracts. 

CY 

Information on financial derivatives assets and liabilities is obtained from the following sources for the relevant sectors: 

•  For the central bank, stocks and revaluations are collected internally, while transactions are derived as a residual.  

•  For the government, derivatives are included in the data obtained from the Ministry of Finance. 

•  For investment funds, derivatives are collected from the investment funds survey.  

•  For banks, derivatives are provided by resident MFIs at a monthly frequency through the monthly balance sheet items 

(BSI) and include stocks and revaluations. Transactions are derived as a residual. 

For the remaining sectors, there are two sources: 

•  The NCB’s quarterly “EFS” survey, which collects information on stocks, reclassifications and transactions for all type of 

financial instruments (for smaller companies, the survey is runs on an annual basis), including derivatives.  

•  Annual financial statements. Here information on stocks is available and transactions are assumed to be the difference in 
stocks. It should be noted that financial statements are used for SPEs (with exception of certain very large SPEs, which 
are covered instead by the EFS survey) and small investment firms (medium and large investment firms are covered by 
the EFS survey). 

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Data sources for financial derivatives and employee stock options (other than reserves) 

Employee stock options are collected either via the EFS survey or from financial statements. 

LV 

LT 

LU 

Data on financial derivatives are derived from MFI statistics and non-bank external payment data compiled by the NCB, 
balance sheet and profit and loss statements of the NCB, and treasury data on the general government sector. 

The main data sources are monthly and quarterly reports provided by MFIs (both transactions and stocks). The central bank 
data on financial derivatives are based on its balance sheet and profit and loss statement. General government data are 
based on a profit and loss statement, while for investment funds and pension funds information on derivatives is taken from 
their financial statements. 

The source for financial derivatives data is the harmonised quarterly survey, covering the entire financial industry. The NCB 
collects quarterly derivatives transactions and positions including details by country. Investment funds are the biggest 
contributor. 

HU 

Data on stocks and flows are collected monthly via direct reporting from economic entities on their own positions and 
transactions. Both OTC and exchange-traded contracts are covered. 

•  For non-financial corporations, positions have been available since 2008. 

•  The biggest government unit provides monthly reports on the positions, transactions and price changes of financial 

derivatives vis-à-vis non-residents. 

•  The central bank is also a monthly reporting agent, among other major contributors. 

MT 

NL 

Direct reporting questionnaires are used to collect financial derivatives data from all sectors of the economy. Data are 
collected on a monthly, quarterly and annual basis for both stocks and flows. Both the financial and non-financial sectors are 
covered. Both OTC and exchange-traded contracts are covered but are not separately identified. Derivatives of the central 
bank are provided by its Finance Department to the b.o.p. section. 

No government data are used. 

Data on financial derivatives are collected on a quarterly basis through the general direct reporting system. This applies to 
all sectors, including S.121, except for S.13, S.14 and S.15. For reserve assets the statistical department also receives data 
on financial derivatives from the financial market department on a monthly basis. Different categories of derivatives are 
distinguished in the reporting framework: employee stock options (except for S.11), options, futures, interest rate swaps, 
forward rate agreements, credit default swaps, cross-currency interest rate swaps, FX forward contracts and other forward 
contracts. Reporting agents must report closing balances for assets and liabilities. For options and futures, transactions, 
revaluations/nominal holding gains and losses and other changes in volume for assets and liabilities are distinguishable. For 
other categories only net figures for these items are available (and reported). Reporting generally runs smoothly. 

 Good source data are missing for S.14 and S.15. For S.13, missing data are mainly provided by the Dutch State Treasury 
Agency. FX swaps and interest rate swaps are used. Closing balances (complete geographical breakdown) are reported. 
Total financial transactions of FX swaps are reported (domestic plus foreign). Data on financial transactions for interest rate 
swaps are available from the state budget. 

AT 

Information on cross-border financial derivatives must be reported monthly if net payments exceed €1 million. Direct 
reporting covers all sectors (including central bank) except investment funds (for S.124, data from investment fund survey 
are used), including both OTC and exchange-traded contracts. Reporting on financial derivatives has recently been adapted 
to satisfy the requirements set out in the handbook of the task force on financial derivatives. This direct reporting is the main 
source and is accompanied by the following data sources: 

• 

• 

Information on stocks is collected on a quarterly basis from enterprises that draw up their balance sheet in accordance 
with IAS/IFRS if their assets or liabilities exceed €1 million at the end of the reporting period.  

Information on financial derivatives with an ISIN code is reported security-by-security and identified as financial 
derivatives via master data. 

•  Furthermore, data for central government are received from Österreichische Bundesfinanzierungsagentur (Austrian 

Federal Financing Agency). 

The main difficulties lie in identifying whether the item is an asset or liability (when both sides are reported) and in ensuring 
extensive communication with reporters on how to report properly. To aid in this task, EMIR data are used for reference and 
also to identify new reporters. 

PL 

Data are reported directly by all sectors on a gross basis. Each resident entity to have carried out transactions in financial 
derivatives with non-residents is obliged to report. The general threshold for all reporting entities is applied. Data on 
transactions and stocks are collected on a monthly basis for large reporting entities (including all banks and most other 
financial entities) or on a quarterly basis for smaller reporting entities. Financial institutions (MFIs, brokers, etc.) report only 
transactions and open positions on their own account (not for their clients – to avoid double-counting). Non-financial 
corporations, the government and the NCB must report data themselves. The reporting system covers both OTC and 
exchange-traded contracts. 

PT 

The NCB collects data on financial derivatives in a monthly survey among resident banks, including both flows and positions 
for assets and liabilities. Banks are required to report both their own positions and positions opened by their clients. Data on 
financial derivatives transactions are also captured through the ITRS.  

The Markets and Reserve Management Department of the central bank provides data on stocks, transactions, exchange 
rate changes, price changes and other volume changes for the central bank sector.  

Data for the general government sector are collected from the Treasury (stocks and transactions on a monthly basis).  

The data covers both OTC and exchange-traded derivatives. 

RO 

Data on financial derivatives are reported monthly by banks, which report stocks at the beginning and at the end of the 
reference period, by currency and by partner country. 

Data on financial derivatives from the non-financial sector and non-banking financial institutions are collected quarterly 
through a direct survey titled “Financial information related to non-residents (excluding foreign direct investment and 
portfolio investment)”. For options contracts and futures/forward contracts, the reporting units send data on premiums 
paid/received, differences from revaluation of contracts, and effective gains or losses from operations with financial 
derivatives. 

Data on cross-border derivatives are reported monthly by the resident investment funds. 

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Data sources for financial derivatives and employee stock options (other than reserves) 

Both OTC and exchange-traded contracts are covered. 

SI 

Since 2007, quarterly data on financial accounts statistics (based on quarterly direct reporting) have been the source for 
financial derivatives for all sectors except the central bank. The data of the central bank for external statistics are provided 
on a monthly basis by its market operations department in a detailed matrix. 

For financial derivatives of banks, since 2011 the data source has been the monthly reports on stocks and flows of those 
institutions. From 2007 to 2010 the data were taken from the above-mentioned “financial accounts statistics”. 

Government data on financial derivatives are fully covered by financial accounts statistics and are closely monitored by 
Eurostat.  

SK 

FI 

Data sources are direct reporting surveys tailored to individual sectors (Central bank, Government, Other MFIs, Other 
sectors) and a survey from the Debt and Liquidity Management Agency for the Government sector. The central bank’s 
treasury department provides monthly stocks and flows, which are used to compile information on derivatives for both 
functional categories (financial derivatives and reserves). Stocks and flows are collected monthly. Both OTC and exchange-
traded contracts are covered. 

Financial derivatives data are collected via monthly and annual surveys delivered to non-financial companies, monetary 
financial institutions, general government, the central bank and other financial institutions (including insurance 
companies). Aggregated data – both stocks and flows – are collected on a gross basis. The information collected for 
derivatives covers both exchange-traded and bilateral, OTC-type derivatives. No breakdowns by instrument type are 
provided. 

SE 

Data on financial derivatives are collected in a highly aggregated form and on a gross basis. 

Monthly data on stocks and flows are collected via monthly surveys of MFIs and other major players, including the Swedish 
clearing house, Nasdaq OMX, and social security funds. 

As from 2003, non-financial enterprises report stocks and flows on a quarterly basis to Statistics Sweden. The survey, which 
collects not only financial cross-border data but also domestic data, is addressed to approximately 2,600 companies in the 
first quarter of every year. Only large companies with assets or liabilities above the threshold of SEK 5 million 
(approximately 500) report every quarter. Values for corporations below the threshold are estimated by grossing up. 

Since 2010, reported data on transactions and stocks are broken down by: (i) instrument type: options, forwards, futures, 
swaps and also employee stock options; (ii) the realised value of derivative contracts redeemed/matured; and (iii) net flows 
of other changes.  

The Swedish National Debt office reports financial derivatives. 

Both OTC and exchange-traded contracts are covered.  

The central bank’s derivatives are not surveyed. 

8.3 

Compilation methods 

Owing to practical impediments in separating asset and liability flows in a meaningful 
way for certain derivative instruments, all financial derivative transactions in the euro 
area b.o.p. are recorded on a net basis. Financial derivative asset and liability 
positions in the i.i.p. statistics are recorded on a gross basis (with the exception of 
those financial derivatives that fall into the category of reserve assets, which are 
recorded on a net basis).  

Financial instruments with embedded derivatives are not financial derivatives. If a 
primary instrument, such as a security or loan, contains an embedded derivative, the 
instrument is valued and classified according to its primary characteristics. However, 
detachable warrants are treated as separate financial derivatives, because they can 
be detached and sold in financial markets.  

With regard to the geographical allocation of financial derivative transactions and 
positions, the following cases need to be distinguished:  

• 

For financial derivatives traded in specifically organised markets (e.g. futures 
and options, with the exception of OTC paper), information on the residency of 
the ultimate investor is usually not available. The clearing houses search the 
market for opposite orders that match each other. Since each market participant 
holds a position vis-à-vis the market, which requires all participants to provide 

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margins for open positions, usually day-by-day, the ultimate risk of the 
counterparty is determined solely by the central clearer. Therefore, the country 
in which the clearing house is located should determine the geographical 
allocation of assets and liabilities associated with such financial derivatives. 
Where such practices are significant, it is recommended that the clearing 
houses themselves be included in the population of reporting agents in order to 
ensure full coverage and correct allocation between domestic and external 
transactions/positions. 

• 

Non-negotiable OTC financial derivatives (e.g. most types of swaps and forward 
rate agreements (FRAs)) are, in principle, not traded in organised markets, 
since they are designed to meet the specific needs of the parties involved. For 
these kinds of contracts, the counterparty and its actual location can usually be 
identified.  

•  Other negotiable financial derivatives (certain types of options, warrants, etc.) 
are instruments that may be actively traded in secondary markets. Identifying 
the ultimate holder of liabilities poses the same problem as identifying the 
ultimate holder of financial instruments in the portfolio investment account, 
meaning that only the counterparty to which the financial derivative was initially 
sold might be known. 

Specific features and deviations 

Compilation methods for financial derivatives and employee stock options (other than reserves) 

EA 

Addition of euro area country data (incl. ECB, ESM, and EFSF) vis-à-vis extra euro area counterparts. 

Adjustment may be included to reduce simultaneously net errors and omission and vertical discrepancies in EAA statistics. 
See further info. 

BE 

BG 

CZ 

DK 

DE 

EE 

Embedded derivatives remain attached to the basic instrument. 

Transactions are derived from balance sheet items. They are calculated as the difference between the opening and 
closing positions after adjusting for the revaluations and reclassifications reported. 

The possible usage of EMIR data is currently being evaluated, focusing on data quality, in order to enhance the current 
compilation method. Embedded derivatives are not recorded separately. 

Data are collected on a gross basis but disseminated on a net basis. 

Following a decision of the board, the central bank does not carry out any business in financial derivatives. 

Derivatives embedded in other primary instruments, such as securities or loans, are not recorded separately. 

Realised profit related to derivatives is recorded separately in the quarterly enterprise survey and the central bank’s 
monthly financial statement, as the difference between the market price and the strike price. For units covered in the 
enterprise survey, any unrealised gains/losses resulting from exchange rate or price changes are derived as the difference 
between changes in stocks and transactions. For the central bank, the above-mentioned gains/losses are reported 
separately. For credit institutions, transactions are derived as a residual item from the monthly report on revaluations and 
stocks. In principle, credit institutions do not earn from market risk but from the intermediation of the risk between 
Estonia’s enterprises and foreign parent banks. Therefore, their balance sheets include positions against both 
counterparties.  

The general government sector does not hold derivative positions against non-residents. 

The main difficulties experienced by reporting agents include the problem in distinguishing transactions from other flows. 
For example, in the case of a change in assets or liabilities, it is necessary to examine whether the recorded change is an 
option premium or another flow component. 

Instruments with embedded derivatives are recorded and classified according to the characteristics of the primary 
instrument. 

IE 

Information on derivatives is collected directly from firms as part of their financial accounts. There is no breakdown by type 
of financial derivative. Data on derivatives with an ISIN code are collected security-by-security and then enriched with 
CSDB information on issuer country, issuer sector, issue date, maturity date and pricing information. Embedded 
derivatives are not recorded separately.  

GR 

Valuation is an issue that has yet to be fully resolved for OTC transactions. Embedded derivatives are not recorded 
separately. Financial derivatives data are consistent between b.o.p./i.i.p. and financial accounts. 

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ES 

FR 

HR 

IT 

CY 

LV 

LT 

LU 

HU 

MT 

NL 

AT 

PL 

Compilation methods for financial derivatives and employee stock options (other than reserves) 

Data are available since 2006 in relation to the stocks of MFIs and the general government and since December 2012 for 
other sectors. Due to the characteristics of certain derivatives (in particular, derivatives not traded on organised markets) 
and the difficulty of measuring them in gross terms, net data are considered more reliable. Nonetheless, stocks are 
available in gross terms. Financial derivatives data are reported by instrument: options and futures (with the market or 
over the counter (OTC) breakdown). Reporting agents must submit a reconciliation of stocks, transactions and/or 
revaluation on a monthly/quarterly basis. 

Reporting by financial intermediaries can be used to determine whether the derivative should be recorded as an asset or a 
liability. They also identify the type of instrument used (options, swaps or forwards) and whether the instrument was traded 
on an organised market or on the over-the-counter market. 

Data are compiled on the basis of direct reporting. There are no issues in the reporting and compilation of financial 
derivatives. 

In September each year, once the data gathered via the annual questionnaire for the end of the previous year have been 
processed, the intermediate flows and stocks for the whole year are revised and consolidated. 

The only difficulty observed refers to the correct value to be indicated in the annual stock questionnaire. 

Apart from the data collected from financial statements, all other sources are able to distinguish between transactions and 
revaluations, either directly (transactions, revaluations and stocks are reported by the respondent) or indirectly 
(transactions are derived as a residual taking into account the stocks and revaluations reported). For data obtained from 
financial statements, transactions are derived as the difference in stock between two consecutive periods (i.e. revaluations 
are implicitly assumed to have a value of 0). 

Embedded derivatives are not recorded separately. 

Realised profit/loss and interest income/expense included in the profit and loss account is considered a financial derivative 
flow. Realised profit and interest income is recorded as net transactions on the asset side, and realised loss and interest 
expense as net transactions on the liability side. Data are compiled on a gross basis. 

For the government sector and non-financial corporations, no monthly or quarterly financial derivatives data for balance of 
payments are available. The central bank is currently working to improve data collection through the use of government 
sector data on financial derivatives. Data from profit and loss statements includes the general government. No reliable 
data source has been found yet in relation to non-financial corporations. 

ETC (exchange-traded contracts) are covered under financial derivatives. Embedded derivatives are not recorded 
separately. The main difficulty is communicating with respondents on the b.o.p. methodological requirements. 

Price changes are derived as a residual. There is sometimes a blurred distinction between derivatives and other 
assets/liabilities. 

There are no issues in reporting and compiling data on financial derivatives. 

There are no issues in reporting and compiling data on financial derivatives. Embedded derivatives are not recorded 
separately. 

There are no general difficulties in obtaining data from reporting agents and in compiling statistics on derivatives. It is not 
possible to separate exchange rate changes and price changes. It is not possible to distinguish transactions in assets or 
liabilities and other changes in assets or liabilities for all derivatives, although this information is not needed. Embedded 
derivatives are not recorded under derivatives, in line with BPM6. 

Embedded derivatives are not recorded separately. Exchange rates and price effects are not separated and recorded in 
price changes.  

Data on stocks (fair value and nominal value), gross transactions, valuation changes, exchange rate changes and other 
changes are reported directly by reporting agents. Data on nominal value of positions are used to verify data on fair value 
and transactions. Data on the type of underlying instrument are available: interest rate, foreign exchange, equity, 
commodities, credit risk and other. For instruments cleared via the delivery of the underlying instrument (other than foreign 
exchange), no transactions in financial derivatives are reported (though transactions in the underlying instrument are). 
Currency breakdowns are available. For FX derivatives, directional data are collected (currency bought and currency 
sold). 

The main difficulty for reporters is ensuring the availability of sufficiently frequent data on the fair value of financial 
derivatives for small non-financial reporting agents (e.g. a reporting agent may receive position valuations from a non-
resident counterparty, such as a bank, on a semi-annual basis, but is obliged to report to the NCB on a quarterly basis). 
Financial institutions and larger non-financials usually value positions in-house, while for small entities this may pose a 
problem. The NCB provides training and additional information on financial derivative reporting, including valuation 
methods. 

PT 

For some non-bank entities, doubts may arise on what to report as a transaction in financial derivatives, such as whether 
settlement transactions should be reported, or if only transactions involving new contracts should be considered. 

RO 

For transactions, a breakdown by instrument type is available. 

A mathematical algorithm has been added to the IT system to calculate the related stock and flows, based on the 
individual reports, by partner country (Geo 6) and by currency. 

SI 

SK 

FI 

From 2009 onwards, the financial derivatives of the central bank are included either in the financial derivatives category or 
in reserve assets (depending on the currency of denomination and the residency of the counterparty). 

Payments related to all swaps, FRAs (options premiums included) and non-repayable margin payments (if these can be 
distinguished) are classified as transactions in financial derivatives. All repayable margin payments (including initial 
margins and option-style variation margins) and collateral deposits are reported as transactions in deposits. If repayable 
and non-repayable margin payments cannot be separated by the respondent, they will typically be reported as 
transactions in deposits. 

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Compilation methods for financial derivatives and employee stock options (other than reserves) 

The valuation of stock positions for derivatives is based on market values. There are no deviations from the agreed 
definitions at a conceptual level because the survey instructions for respondents are based on these definitions. In 
practice, however, it may not always be possible for respondents to fully follow the instructions. For example, if the 
underlying instrument is to be delivered under the terms of the contract, some respondents may find it very difficult to 
report the difference between the contract (or strike) price and the prevailing market price as a transaction in derivatives.  

SE 

In general, there are no difficulties in obtaining data from reporting agents and in compiling statistics on derivatives. It is 
not possible to separate exchange rate changes and prices changes. Embedded derivatives are not separately recorded. 

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9 

Other investment  

(As of October 2023) 

9.1 

Methodology 

Other investment is a residual category that includes positions and transactions 
other than those included in the other functional categories. Therefore, to the extent 
that the following classes of financial assets and liabilities are not included under 
direct investment or reserve assets, other investment includes (a) other equity; (b) 
currency and deposits; (c) loans (including use of IMF credit and loans from the 
IMF); (d) insurance, pension and standardised guarantee schemes; (e) trade credits 
and advances; (f) other accounts receivable/payable; and (g) SDR allocations (SDR 
holdings are included in reserve assets). The valuation of positions in non-negotiable 
instruments, i.e. loans, deposits and other accounts receivable/payable (including 
trade credits and advances) is at nominal value. Nevertheless, transactions in loans, 
deposits and other accounts receivable/payable should be valued at market prices. 
The use of nominal values for positions is partly influenced by pragmatic concerns 
about data availability and the need to maintain symmetry between debtors and 
creditors. These instruments should be recorded at their nominal value until they are 
written off. However, when loans, deposits and other accounts receivable/payable 
are sold, the transaction values recorded in the financial account may differ from the 
nominal values recorded in the i.i.p. Such differences are recorded as valuation 
changes in the other changes in financial assets and liabilities account. 

Other equity includes equity not in the form of securities and therefore not included 
in portfolio or direct investment. Participation in the capital of some international 
organisations (IOs) is generally not in the form of securities and thus is classified as 
other equity. However, considering that the participation/subscription of a country in 
the capital of IOs is due to the “political” nature of IOs, members’ capital 
subscriptions are determined based on economic and/or demographical indicators of 
the member countries and hence are usually not readily available to the holder. 
Therefore, all the capital subscriptions of IOs that are not tradable should be 
reported under other investment without making any distinction based on the legal 
form of the IOs’ capital. The related income should be recorded under other 
investment income as “withdrawals from income of quasi-corporations” (D420).  

Currency and deposits include currency in circulation and deposits. Currency may 
include an estimation of the domestic currency (euros) that is exported or imported to 
other countries. In the case of the euro area, the member countries include an 
estimation in other investment liabilities/central bank when the amount of euros in 
circulation domestically is estimated to be lower than the amount issued by the 
central bank and in other investment assets/households when the amount of euros in 
circulation domestically is estimated to be larger than the amount issued by the 
central bank of the member country. By convention, the counterpart of the claim or 

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liability is other euro area residents. Deposits are standardised, non-negotiable 
contracts generally offered by deposit-taking corporations which allow the placement 
and the later withdrawal of a variable amount of money by the creditor. Deposits 
usually involve a guarantee by the debtor to return the principal amount to the 
investor.  

Loans are financial assets that are (a) created when a creditor lends funds directly 
to a debtor, and (b) evidenced by documents that are not negotiable. This category 
includes all loans, including mortgages, financial leases and repo-type operations. All 
repo-type operations, i.e. repurchase agreements, sell/buyback operations and 
securities lending (with exchange of cash as collateral), are treated as collateralised 
loans, not as outright purchases/sales of securities, and are recorded under other 
investment within the resident sector that carries out the operation. This treatment, 
which is also in line with the accounting practice of banks and other financial 
corporations, is intended to more accurately reflect the economic rationale behind 
these financial instruments. General government assets include long-term loans 
granted under bilateral and multilateral assistance arrangements or under Paris Club 
bilateral consolidation agreements.  

The distinction between “loans” and “currency and deposits” depends on the nature 
of the borrower. On the assets side, this implies that money granted by residents to 
non-resident deposit-taking corporations (i.e. banks) is to be classified as deposits 
and money granted to non-resident non-banks is to be classified as loans. On the 
liability side, money taken by resident non-banks is always to be classified as loans 
and money taken by resident banks is to be classified as deposits. Interbank 
transactions are always classified as deposits. 

Insurance, pension and standardised guarantee schemes include the following: 
(a) non-life insurance technical reserves; (b) life insurance and annuity entitlements; 
(c) pension entitlements, claims of pension funds on pension managers, and 
entitlements to non-pension funds; and (d) provisions for calls under standardised 
guarantees. 

Trade credits and advances are financial claims arising from the direct extension of 
credit by the suppliers of goods and services to their customers, and from advances 
for work that is in progress or yet to be undertaken, in the form of prepayment by 
customers for goods and services not yet provided. Trade credit and advances arise 
when payment for goods or services is not made at the same time as the change in 
ownership of a good or the provision of a service. 

Other accounts receivable or payable comprise financial assets and liabilities 
created as counterparts to transactions where there is a timing difference between 
these transactions and the corresponding payments. This includes temporary 
liabilities for taxes, purchase and sale of securities, securities and gold lending fees, 
wages and salaries, dividends, and social contributions that have accrued but have 
not yet been paid. 

SDR allocations to IMF members is shown as a liability incurred by the recipient of 
the SDR in other investment, with a corresponding entry under SDRs (holdings) in 

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reserve assets. With the exception of Greece and Latvia, SDR allocations are shown 
as a liability of the central bank in the EU countries.  

9.1.1 

Repurchase agreements, bond lending and other related 
instruments  

Repurchase agreements (repos), securities lending with cash collateral and sale-
buybacks are different terms for arrangements with the same economic effect as a 
securities repurchase agreement: all involve the provision of securities as collateral 
for a loan or deposit. These transactions are often a way of raising or lending short-
term capital which is secured against securities. Gold swaps have a similar 
arrangement, but the lending is secured against monetary gold. 

Under repos and sale-buybacks, there is an obligation to return the securities. Such 
instruments are “genuine” repurchase agreements. In some EU Member States, 
there are instruments which appear to be similar to genuine repos or have the same 
name, but which do not entail an obligation to return the underlying securities; 
instead, there is an “option” to return them. These instruments are, for example, 
“unechte Wertpapierpensionsgeschäfte” or “spurious repurchase agreements” 
(Germany, Luxembourg, Austria and Italy), “réméré” (France) and “outright sale with 
an option to buy back” (Denmark and Portugal). Such transactions should be 
recorded under portfolio investment.  

Under a repo, the holder of a security provides it in exchange for cash with the 
commitment to repurchase the same or an equivalent security at a fixed price. The 
commitment may be to repurchase either on a specified future date (often one or a 
few days hence, but also further in the future) or an “open” maturity. There is a 
formal contract between the two parties which sets out the legal standing of the 
transaction. If a coupon is paid during the life of the repo, it is passed on to the 
original holder (lender) of the securities. 

Bond lending may or may not involve the provision of cash or marketable paper as 
collateral or the payment of the fee for the bonds lent without any capital transfer 
involved. Under lending of securities collateralised by cash or marketable paper, the 
borrower can sell or hold these securities, or deliver the securities under a futures or 
options contract. The collateral, if it is cash, will most likely be invested and the 
borrower of the securities will be paid a rate of interest. Coupon payments on the 
bonds belong to the original owner. The supply and receipt of funds under a 
securities repurchase agreement is treated as a loan or deposit. It is generally a 
loan, but it is classified as a deposit if it involves the liabilities of a deposit-taking 
corporation and is included in national measures of broad money, which is the case 
in the euro area. Margin calls in cash under a repo are also classified as loans. 

The treatment recommended by the ECB is based on the notion of the transfer of 
“economic” or “beneficial” ownership as distinct from the transfer of “legal” 
ownership. All repo-type operations, i.e. “genuine” repos, sale-buyback operations 
and bond lending with cash collateral are treated as collateralised loans in the euro 

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area b.o.p. and i.i.p., not as outright purchases/sales of securities, and are recorded 
under other investment. This treatment, which is also in line with the accounting 
practices of banks and other financial corporations, is intended to reflect the 
economic rationale behind these financial instruments. The firm commitment to 
repurchase the securities implies that the economic ownership remains with the 
original owner, who retains the risks and rewards associated with that ownership 
while not necessarily retaining legal title. Such a procedure is, in addition, consistent 
with the recommended treatment in money and banking statistics and with the 
general practice in the MFI sector. 

9.1.2 

Non-euro area holdings of euro banknotes 

Both the b.o.p. and the i.i.p. of the euro area incorporate an adjustment for the 
holdings of euro banknotes by non-euro area residents. This adjustment is recorded 
under “other investment/liabilities/currency and deposits/central bank”. Initially, the 
adjustment was mostly intended to take into account the effect of the euro cash 
changeover on b.o.p. transactions in 2002 and was based on euro banknote 
shipments from/to euro area MFIs.  

Since 2003, holdings of euro banknotes by non-residents have been estimated using 
a statistical method, which was updated in 2017. The method is based on the 
average of two components.  

Lower bound: accumulated shipments of high denomination banknotes since 2003. 
This bound is based on observed data and relies on three assumptions.  

1.  The demand for low and high denominations is structurally different; low 

denominations are mainly used for transaction purposes (and are therefore 
more likely to remain within the euro area), whereas high denominations are 
mostly used for hoarding purposes.  

2.  High denominations (i.e. €100, €200 and €500 banknotes) are more likely to 
follow the official migration channel as regards inflows (re-imports), meaning 
that other channels are more likely to present net positive outflows for these 
denominations.  

3.  The structure of external demand by denomination over the past three years is 

representative of the demand structure for the overall period. 

Upper bound: ratio of coins to banknotes. This bound is based on the proportion of 
coins to banknotes in circulation inside the euro area. The estimation relies on two 
assumptions. 

1.  Coins do not circulate outside the euro area.  

2.  The proportion of coins to banknotes circulating inside the euro area remains 
stable over time. The fixed proportion (4.16%) was calculated on the basis of 
the weighted average of the currency in circulation before the changeover to the 
euro in those euro area countries whose legacy currencies were not frequently 

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circulating outside their respective countries (i.e. all original euro area countries 
excluding Germany and France).  

By using the actual coins in circulation (seasonally adjusted) and calculating the 
proportion of this to the total banknotes issued (also seasonally adjusted), banknotes 
in circulation outside the euro area can be obtained as a residual. 

9.1.3 

Balances from TARGET operations 

Since the start of Stage Three of EMU in 1999, cross-border transactions within the 
ESCB have largely been executed via the Trans-European Automated Real-time 
Gross settlement Express Transfer system (TARGET16), giving rise to daily intra-
ESCB balances. The economic and functional rationale behind these intra-ESCB 
transactions/balances, which are denominated in euro, is similar to that behind the 
movements of “nostro/vostro” accounts.  

In order to simplify the recording procedures, it was agreed17 that all TARGET-
related bilateral claims and liabilities would be netted at the end of each day within 
the ESCB in such a way that each participant would hold only one single (net) 
position exclusively vis-à-vis the ECB. The ECB performs the role of a central 
clearing house within the Eurosystem and is the sole holder of overnight TARGET 
balances vis-à-vis the NCBs of non-euro area countries. In other words, the 
TARGET balances of the ECB represent the euro area TARGET balances vis-à-vis 
those EU Member States which are not participating in the euro area.  

The changes in the intra-Eurosystem balances should be recorded in the national 
b.o.p. under “other investment/currency and deposits/central bank/short-term”; the 
intra-Eurosystem account should be recorded as an asset when the balance is 
positive and as a liability when the balance is negative. The TARGET account 
balances should be consistently treated in the i.i.p.  

The remuneration of TARGET balances should be recorded consistently with the net 
basis treatment of the TARGET balance, i.e. as income credit when the balance is 
positive (assets) and as income debit when the balance is negative (liability). The 
income should be reported under “current account/primary income/investment 
income/other investment/interest/central bank”. 

For non-euro area countries, the TARGET account balances will always be positive 
by law, therefore these TARGET accounts should always be recorded as an asset 
by the non-euro area NCB. This asset should be reported under “other 
investment/currency and deposits/central bank/short-term/financial assets” or under 

16  

In May 2008 this first generation of TARGET was fully replaced by TARGET2, which ran smoothly for 
over a decade, ensuring safety and efficiency in European payments. In response to changing market 
demands, however, the advanced T2 system was introduced in March 2023 with the objective of 
consolidating the technical and functional aspects of its predecessors. T2 is used to carry out monetary 
policy operations in the euro area. The central banks of EU Member States which have not yet adopted 
the euro also have the option to participate in T2 and settle transactions in euro via the platform. T2’s 
additional multi-currency feature also allows settlement in other currencies should the respective 
central bank opt for this. 

17  As of 30 November 2000. 

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“reserve assets/other reserve assets/currency and deposits”. The remuneration of 
these balances should be recorded consistently with the net basis treatment of the 
TARGET balances; these transactions are evidently considered extra-euro area 
transactions. 

9.1.4 

Treatment of specific intra-ESCB transactions 

Most of the transactions between the members of the ESCB (“intra-ESCB” 
transactions) are intra-euro area transactions, and only those involving the NCB of a 
euro area country or the ECB and the NCB of a non-euro area country are, in 
principle, relevant for the compilation of the euro area aggregates. However, 
asymmetric statistical treatments, even within the Eurosystem, would lead to 
distortions or asymmetries in the euro area b.o.p. that may generate national ad hoc 
adjustments or difficulties in analysing the figures. As all intra-ESCB transactions are 
settled via TARGET, the treatment of the required offsetting entries, as required by 
the quadruple-entry structure of the b.o.p., is conducted in line with the agreed 
treatment of changes or positions in TARGET balances. The treatment of specific 
intra-ESCB transactions (and positions where appropriate) is the following: 

Initial transfer of reserve assets: EUR claims on the ECB resulting from the initial 
transfer of international reserves from NCBs to the ECB should be recorded by the 
central bank under “other investment/currency and deposits/long-term/financial 
assets” (see also paragraph A3.45 of BPM6). This initial transfer should be reflected 
by the ECB as a financial liability. Remuneration of the claims on the ECB 
resulting from the transfer by NCBs of pooled reserve assets is considered to be an 
intra-euro area income payment and recorded under “current account/primary 
income/investment income/other investment/interest/central bank”. 

Shares of the ECB: the NCBs should record their paid-up participation in the ECB’s 
capital as transactions under “other investment/other equity/central bank/financial 
assets” (see also paragraph A3.44 of BPM6). The treatment corresponding to the 
ECB’s capital should be also applied to any increase or decrease in the ECB’s 
shares derived from the quinquennial review of the ECB capital keys according to 
Article 29.3 of the ESCB Statute, from the accession of new countries to the 
European Union, or from the total disbursement when a new country joins the euro 
area. Distribution of ECB profit to NCBs and coverage of ECB financial losses 
by NCBs are considered as positive or negative income (as appropriate) accruing on 
the share of each NCB in the capital of the ECB. Thus, they are recorded as intra-
euro area transactions under “current account/primary income/investment 
income/other investment/withdrawals from income of quasi-corporations”.  

Intra-Eurosystem “technical” balances are the difference between the value of 
euro banknotes allocated to each NCB in accordance with the banknote allocation 
key and the value of the euro banknotes that such NCB actually puts into circulation. 
The ECB holds intra-Eurosystem claims on NCBs in proportion to their shares in the 
subscribed capital key, for a value equivalent to the total value of euro banknotes in 
circulation that are allocated to the ECB (8%). The intra-Eurosystem “technical” 

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balances should be recorded under “other investment/currency and deposits/central 
bank/short-term” as an asset or liability vis-à-vis the Eurosystem. Any remuneration 
related to intra-Eurosystem “technical” balances should be treated as “current 
account/primary income/investment income/other investment/interest/central bank” 
credit or debit, respectively.  

9.1.5 

Operations providing liquidity in foreign currency 

On 12 December 2007 the ECB together with the Bank of Canada, the Bank of 
England, the Bank of Japan, the Federal Reserve System and the Swiss National 
Bank announced special measures designed to address elevated pressures in short-
term funding markets. A network of temporary bilateral liquidity swap arrangements 
between the six above-mentioned central banks was created. On 29 October 2013 it 
was announced that the existing temporary bilateral liquidity swap arrangements 
were being converted to standing arrangements, i.e. arrangements that will remain in 
place until further notice.  

The structure of the common framework to provide liquidity in foreign currency18, 
most commonly in USD (therefore used for the example), has the following steps: (i) 
USD-EUR swap between the ECB and the Federal Reserve System, (ii) USD-EUR 
swap between the NCBs and the ECB depending on the results of the liquidity 
tender, (iii) distribution of USD by the NCBs from the Federal Reserve System 
account to the resident banks, and (iv) receipt by the NCBs of ECB-eligible collateral 
in EUR that is not reflected in the NCBs’ balance sheets (treated as a reverse repo).  

Due to the structure of the operation, the inflows and outflows of USD in the ECB’s 
and NCBs’ USD accounts should net out; however, in case of mismatch they should 
not be considered official reserve assets of the NCBs or of the ECB, as the purpose 
of the swap is to inject liquidity in the financial system (i.e. it falls under monetary 
policy). The flows should therefore be considered deposits under other investment.  

The NCBs involved in the swap agreement will record a payment in EUR vis-à-vis 
the ECB through the TARGET balances. Simultaneously, the NCBs will distribute the 
USD to their resident banks, meaning the immediate counterpart of the TARGET 
flow will be reflected in the deposit-taking corporations sector as an increase in 
assets under “other investment/currency and deposits/other MFIs/short-term”.  

The ECB will record an increase in other investment assets due to the TARGET 
balances, and the counterpart of this increase will be an increase in liabilities with the 
Federal Reserve System under “other investment/currency and deposits/central 
bank”. Upon maturity of the swap, the transactions will be reversed, and the resulting 
differences due to the evolution of the exchange rate as well as the interest rate 
element associated with the cross-currency swaps should be reflected under 
“financial derivatives (other than reserves) and employee stock options/central 
bank”. 

18   More details are available on the ECB’s website under Central bank liquidity lines. 

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9.2 

Sources 

Direct reporting is by far the main overall data source for the other investment 
account. In all EU countries, MFIs (including the central bank) report balance sheet 
data on a monthly basis for the primary purposes of monetary and financial statistics; 
their reports also directly serve the needs of the i.i.p., as they are stocks data, and 
indirectly the b.o.p., as flows are derived from the reported stocks. In many 
countries, direct reporting is also the main data source for the other sectors, usually 
in combination with other data sources. 

Surveys used in the context of the other investment account are usually broader 
surveys that cover other components of the financial account (direct investment, 
portfolio investment, financial derivatives) for non-MFIs; in some cases, however, 
surveys are targeted at specific items of other investment (e.g. insurance, pension 
and standardised guarantee schemes, or trade credits).  

Administrative sources are used in several countries to collect data on other 
investment transactions and/or positions of general government entities, and in some 
cases of the household sector (information from the tax authorities on accounts 
abroad held by resident households) or SPEs.  

Other datasets may be used to enrich information for sectors that are covered by 
ECB regulations or national collections, such as investment and pension funds and 
insurance companies. Data from other datasets can therefore be a very good and 
timely source of investment fund statistics, insurance corporation statistics and 
pension fund statistics.  

Mirror data are used in most countries either as direct inputs or as a reference 
against which to check domestic data. This is the case for the BIS locational banking 
statistics and BSI bilateral data, which are widely used to compile/check deposits 
abroad held by non-MFIs, and data from Regulation (EU) No 1374/2014 of the ECB 
on statistical reporting requirements for insurance corporations (ECB/2014/50) and 
Regulation (EU) 2018/231 of the ECB on statistical reporting requirements for 
pension funds (ECB/2018/2) to compile insurance, pension schemes and 
standardised guarantees in particular for households. Some data from EU 
institutions (Eurostat) or the ECB ESM and EFSF data are also used by compilers. 

Finally, ITRS data are also still used in a few countries. 

Specific features  

Direct reporting 

Surveys 

EA 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Euro area country contributions as 
determined by the ECB Guideline on 
External Statistics. 

ECB, EFSF and ESM accounting data. 

Banknote shipments statistics. 

Euro coins and banknotes in circulation 
(BSI). 

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Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

After five months, data on assets and 
liabilities are enriched with BIS mirror 
data to cover households’ deposits held 
abroad that are not captured by the 
surveys and undercovering of other 
sectors due to the non-exhaustiveness 
of the reporting. 

Government assets and liabilities are 
included in the b.o.p./i.i.p. via the 
central bank database on government 
finances. 

Deposits of resident non-MFIs held with 
non-resident banks are estimated using 
BIS mirror statistics on the liabilities of 
non-resident banks vis-à-vis Bulgarian 
residents (Q+4m). Information on 
general government loans (stocks, 
disbursements and payments) is 
provided monthly by the Ministry of 
Finance (data from the Register of 
Government and Government-
guaranteed Debt).  

Investment and pension funds’ and 
insurance companies’ balance sheet 
data. 

Stocks of the deposits of Czech 
households abroad are estimated on a 
yearly basis using data obtained from 
the General Finance Directorate 
(according to Directive 2014/107/EU). 

Direct reporting 

Surveys 

Specific surveys for other sectors: other 
investment survey on flows, with 
monthly or yearly frequency, and yearly 
other investment survey on stocks. 

Insurance and reinsurance companies, 
investment firms, pension funds and 
collective investment institutions are 
covered exhaustively by quarterly 
surveys.  

For the non-financial sector, the 
reporters are selected on a cut-off 
basis.  

The sample for trade credits is drawn 
from the population of the International 
Trade in Goods Statistics survey and is 
updated yearly. The survey is stratified 
by region (intra-EU, extra-EU and a 
mixture of both) and by size. Each 
stratum has a threshold above which 
the data collection is exhaustive. 
Beneath the threshold, the number of 
selected respondents is determined by 
the “Neyman allocation”, with a 
minimum of ten respondents per 
stratum. 

Together with BIS locational statistics, 
data from the NSI’s annual balance 
sheet reports collected from non-MFIs 
(Y+9m) are also used. 

BE 

For the MFI sector, monthly balance 
sheet data reported to the NCB are 
used. Central bank sector data are 
obtained from the accounting 
department of the NCB. 

The data concerning the import and 
export of EUR banknotes are provided 
by the accounting unit of the NCB, 
supplemented with data from the 
financial accounts unit and from the 
ECB. 

BG 

MFIs’ monthly balance sheet data are 
provided by the monetary and banking 
statistics division of the NCB.  

NCB’s register of financial loans 
between residents and non-residents 
that are subject to declaration for 
statistical purposes under the Foreign 
Exchange Act: outstanding amounts, 
principal and interest payments, 
interest accrued, etc. are reported 
monthly by the banks, quarterly by 
companies with loans ≥ BGN 500,000 
or the equivalent in foreign currency, 
and annually by physical persons and 
companies with loans between BGN 
50,000 and 500,000.  

Trade credits and advances and other 
accounts receivable/payable are 
reported quarterly by resident 
enterprises with claims/liabilities to non-
residents above BGN 200,000 or the 
equivalent amount in foreign currency. 

CZ 

Stocks and transactions in the central 
bank sector are provided by the 
accounting division of the NCB.  

Stocks of technical reserve assets and 
liabilities are taken from quarterly 
surveys of insurance companies. 

MFIs’ monthly BSI statistics: detailed 
data on banks’ stocks of assets and 
liabilities vis-à-vis non-residents. 

General government data are received 
from the Ministry of Finance’s (MoF’s) 
Central System of Accounting 
Information of State. The MoF’s data 
are enriched by data (e.g. partner 
country, original currency) individually 
reported by several government 
institutions (e.g. the Ministry of Foreign 
Affairs). 

Financial corporations (other than 
MFIs) and non-financial corporations: 
monthly direct reporting on stocks of 
external assets/liabilities, and stocks 
and flows of financial loans and 
quarterly reporting on asset/liabilities 
stocks of trade credits with maturity of 
up to and including one year (flows are 
estimated), and stocks and flows of 
trade credits with maturity of over one 
year. 

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Direct reporting 

Surveys 

For other sectors, only a sample of 
companies report stocks and flows. 
There is no threshold for other 
investment; the sample is based on 
total foreign assets/liabilities.  

DK 

Monthly direct reporting for stocks and 
flows (transactions, exchange rate 
changes and price changes) is used for 
all reporting agents. 

DE 

Financial companies are fully covered 
and so is central government (monthly 
reports).  

Insurance, pension and standardised 
guarantee schemes: quarterly reports. 

Monthly stock statistics on the external 
assets and liabilities of domestic MFIs, 
any domestic enterprises, and general 
government: loans, currency and 
deposits and trade credits and 
advances.  

In addition, direct reporting of all 
transactions over a threshold of 
€12,500 in long-term loans (non-
banks), other equity and other accounts 
r/p – other (all sectors).  

EE 

Monthly financial statements from the 
NCB are used as a data source for the 
central bank sector. 

Other MFIs: monthly reports on the 
balance of loans and resources, and 
non-transactional financial flows. 

For non-financial corporations and 
financial corporations other than MFIs, 
the NCB’s quarterly enterprise survey is 
used, which covers stocks, transactions 
and other flows. Data from other 
sectors also include monthly reports of 
leasing companies and investment and 
pension funds. 

IE 

GR 

ES 

Monthly balance sheet data from MFIs 
(including the central bank sector) and 
non-money market investment funds 
reported to the NCB are used for 
stocks. 

Quarterly positions and associated 
transactions of financial vehicle 
corporations and insurance 
corporations are reported to the NCB. 

Transactions, opening positions, 
closing positions, market price 
changes, exchange rate changes and 
other volume changes are reported to 
the NSI by non-financial corporations. 
Other investment data are collected 
from all national surveys, which collect 
granular data from all institutional 
sectors. 

Data on loans and deposits are 
collected monthly (transactions), as 
well as the consolidated balance 
sheets of investment funds, insurance 
corporations and MFIs (including the 
central bank sector) (stocks). 

General government data on loan 
contracts and repayments are obtained 
monthly on a cash basis from the 
government financial operations and 
accounts department of the NCB. 

Central bank sector: the operations 
department of the NCB declares stocks 
and flows with the frequency needed 
for i.i.p. and b.o.p. monthly and 
quarterly transactions and quarterly 
stocks. 

Other MFIs: direct declaration of 
monthly and quarterly stocks with the 
details needed to derive flows. 

Central government, state and local 
government and other resident sectors: 
all residents other than payment 
services providers are obliged to report 
monthly, quarterly or annually, 
depending on the threshold, their 
transactions, other flows and positions 
with non-residents based on Circular 
4/2012 of the NCB. 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Grossing up for trade credits is based 
on data in the sample combined with 
trade statistics. 

BIS mirror data are used to identify 
assets held with foreign banks which 
were not reported directly by residents. 
All data for the central bank’s other 
investment positions are, in general, 
extracted from its monthly balance 
sheet. 

Investment fund statistics are used to 
complement the monthly external stock 
statistics of non-banks (see column 1). 

Public sector financial statements 
system.  

ITRS and MFI statistics. 

BSI mirror data are used to 
complement information about 
residents’ assets and liabilities vis-à-vis 
euro area MFIs. BIS banking statistics 
have not yet been directly integrated 
into the estimations. 

Data are also collected from the NCB 
and the National Treasury Management 
Agency. BIS mirror data are not used.  

Besides direct reporting, the 
compilation of b.o.p/i.i.p. residents’ 
deposits abroad is collected from ITRS 
data.  

BIS locational banking by residence 
data are also monitored. 

Insurance, pension and standardised 
guarantee scheme data are collected 
from insurance corporations’ Solvency 
II quarterly stock data. 

Other resident sectors (deposits): BIS 
locational banking statistics by 
residence and BSI statistics of EU 
countries as mirror data. Form 720 of 
the Spanish Tax Administration Agency 
with information regarding assets held 
abroad for countries not covered by the 
former. 

Households (liability loans): BSI 
statistics of EU countries as mirror 
data. 

Households (insurance and pension 
fund technical reserves): insurance 
corporation and pension fund statistics 
as mirror data. 

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Direct reporting 

Surveys 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Deposit, loan and trade credit positions 
of industrial and commercial 
enterprises and insurance corporations 
vis-à-vis non-residents are collected via 
a quarterly enterprise survey.  

Data from other sectors also include 
reports from investment firms, clearing 
houses and investment funds. There is 
no collection of data on the deposits 
and loans of households and NPISHs. 

The NCB’s monthly survey on external 
debt statistics contains detailed loan-
by-loan data on stocks, flows and 
adjustments. 

The other sectors’ external assets are 
compiled using the BIS quarterly 
locational banking statistics, without 
monthly estimates.  

Data on short-term trade credits are 
collected using a survey where the 
selected companies, regardless of their 
size (stratified sample), are obliged to 
submit data. Data on long-term trade 
credits are collected from the central 
bank’s external debt statistics. 

Monthly (detailed balance sheet 
positions and adjustments data) and 
quarterly (detailed profit and loss 
statements data) monetary statistics 
represent a data source for other 
monetary financial institutions, including 
money market funds. 

For households, the information is 
provided annually by the tax authorities 
and includes data on end-of-year 
stocks of financial assets held abroad 
by resident natural persons. 

BIS data are used for checking 
purposes only. 

Insurance, pension and standardised 
guarantee scheme data are collected 
from the Directorate-General for 
Insurance and Pension Funds 
(DGSFP). 

The national audit office also provides 
some relevant information. 

FR 

The central bank sector positions are 
taken from the NCB’s balance sheet.  

General government loans and 
deposits are also tracked through direct 
reporting to the NCB. 

MFI flows, including export credits, are 
derived from monthly and quarterly 
statements of positions directly 
reported by banks and money market 
funds through the unified financial 
reporting system operated jointly with 
the French Prudential Supervision and 
Resolution Authority. 

MFIs’ quarterly statements relate to 
their claims and liabilities, broken down 
by currency, on the accounts of foreign 
correspondent banks. The same 
applies to their claims and liabilities on 
non-resident customer accounts. For 
each quarter, the data are broken down 
by country for major currencies. 

Prepayments of premiums and 
reserves for outstanding claims for non-
life insurance, entitlements of 
beneficiaries under life insurance 
policies and pension schemes and 
provisions for calls under standardised 
guarantees are compiled based on 
data submitted by insurance 
companies and include changes in life 
insurance mathematical reserves. 

HR 

IT 

MFIs report on stocks monthly.  

Non-bank financial intermediaries, 
securities investment firms and asset 
management companies submit reports 
on their stocks on a quarterly and semi-
annual basis respectively. The only 
detail provided is the residence of the 
counterparty (Italian or foreign). 

Non-financial and insurance sectors: 
direct reporting of transactions and 
positions (monthly and annually 
respectively. 

General government sector: database 
on the settlements of international 
transactions kept by the central bank 
on behalf of the Ministry of Economy 
and Finance. 

The information needed for the 
compilation of the central bank sector 
other investment is taken from the 
monthly accounting data of the NCB. 

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Direct reporting 

Surveys 

CY 

Data for the central bank sector are 
directly sourced from the NCB monthly 
financial statements, as provided by the 
accounting department. This covers all 
the instruments reported under other 
investment with the exception of SDR 
liabilities. 

The compilation of the MFIs sector 
uses the BSI data as directly reported 
by banks, which include transactions, 
stocks and reclassifications.  

Data on sectors other than MFIs, 
pension and investment funds, 
households, specific subsectors 
mentioned under other government 
(with the exception of semi- 
governmental organisations) and partly 
insurance are collected from the 
External Financial Statistics (EFS) 
survey. The data collected are broken 
by instrument and can also help to 
identify whether such data could fall 
under FDI or other investment. Data on 
stocks, transactions, revaluations, 
reclassifications and income data are 
also collected. 

Regarding the insurance sector, data 
for all instruments apart from F6 are 
sourced from a combination of the EFS 
survey and a survey on insurance 
companies (companies not surveyed 
through the EFS; i.e. companies with 
no FDI transactions) as well as a more 
general insurance survey conducted by 
another section of the statistics 
department). As regards instrument F6 
for the insurance corporations, data are 
collected from the more general survey. 

Data on investment funds are collected 
through the investment funds survey. 
This includes all data and not just other 
investment data.  

Survey addressed to credit-acquiring 
companies. 

LV 

Central bank sector: monthly balance 
sheet data from the NCB. 

Other MFIs: monthly balance sheet 
stocks reported to the NCB.  

General government sector: monthly 
stocks and flows data on the 
government’s external debt and 
monthly balance of government 
accounts abroad provided by the 
Treasury. 

LT 

Central bank sector: data compiled 
based on NCB accounts. 

MFIs: monthly (flows) and quarterly 
(stocks and flows) reports on 
commercial bank cross-border 
transactions for the compilation of the 
balance of payments. Additionally, data 
are compared with monthly BSI 
statistics. 

Monthly data from the Ministry of 
Finance on government loans and 
loans guaranteed by the government 
(stocks and flows). 

Quarterly surveys of financial (excl. 
MFIs) and non-financial corporations 
run by the central bank. 

Financial and Capital Market 
Commission’s data on the assets and 
liabilities of insurance companies, 
private pension funds, pension plans 
managed by private pension funds, 
state-funded pension scheme funding, 
and on direct insurance and 
reinsurance technical reserves. 

Quarterly surveys (reports from around 
4,000 enterprises) of non-financial 
enterprises on cross-border 
transactions, conducted by Statistics 
Lithuania, are used to calculate 
services, trade credits, deposits and 
amounts receivable/payable. 
Monthly survey on non-financial 
enterprises (direct reports from about 
200 enterprises to the NCB. 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Data for households’ deposits abroad 
are collected from BIS data as well as 
from the ECB SDW (mirror data). BIS 
data are available with one quarter lag. 
Until the data become available, the 
stocks from the previous period are 
carried forward. 

The IMF website’s data on Cyprus’ 
SDRs. 

Importing/exporting of EUR banknotes 
is based on estimations explained in 
the specific features and deviations 
table on OI compilation methods.  

Relevant data from annual financial 
statement. Here the stocks are 
available and the difference in stocks is 
assumed to be transactions.  

Trade credit data related to 
imports/exports of goods are estimated 
based on the exports and imports of 
goods. 

As regards the shipping sector, a 
survey along with assumptions are 
used (both ship management and ship 
owning). 

Data on the general government are 
collected from a number of sources. 

Data on the central government are 
collected from the Ministry of Finance 
(loans). 

Euro Medium Term Note Programme 
(EMTN) (this is combined with the 
Centralised Securities Database to 
make it market value). 

Data on semi-governmental 
organisations are collected through the 
quarterly EFS survey (e.g. loans, trade 
credits). 

Data on deposits of CY embassies 
abroad are collected from the Treasury 
of the Republic of Cyprus. 

Equity positions in the ESM are 
collected from the ECB. 

Subscriptions to foreign organisations 
are collected from the Treasury of the 
Republic of Cyprus. 

EFSF data. 

Information from the BIS Quarterly 
Review on resident deposits with 
foreign banks.  

BIS mirror banking statistics data are 
used to estimate residents’ deposits 
held directly abroad. Data with a lag of 
one quarter are used to estimate data 
for the current reference period. 

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Direct reporting 

Surveys 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Trade credits are covered by a specific 
quarterly survey on stocks, from which 
flows and revaluations are derived. 

BIS locational banking statistics are 
used to cover deposits and loans of 
Luxembourg households vis-à-vis 
foreign banks. 

No specific surveys are used for 
insurance, pension and standardised 
guarantee schemes; the direct 
reporting system covers these specific 
items of other investment as well. 

Households’ external positions and 
flows in loans and deposits are 
estimated using the mirror data 
received from partner central banks on 
a bilateral basis and the BIS banking 
statistics, while their foreign currency 
transactions are estimated using the 
monthly currency exchange reports of 
credit institutions. 

For the household sector, the use of 
BIS mirror data has been initiated. 

SPE data are compiled on the basis of 
administrative sources and also 
surveys.  

Mirror data from the BIS locational 
statistics will be used retroactively 
starting from June 2024. 

Data on general government comprise 
a mix of direct reporting and 
administrative sources. 

The NCB registers data on foreign 
loans received by data providers 
without a state guarantee and loans 
granted to foreign natural or legal 
persons. Monthly and quarterly data on 
loans and interests are integrated 
under “other investment/other sectors”. 

LU 

Central bank sector: monthly data from 
the NCB’s accounting department. 

HU 

MT 

NL 

Other MFIs: monthly detailed balance 
sheet data. 

Investment funds, insurance 
corporations, securitisation vehicles 
and captive financial companies (with 
total assets above €500 million) report 
quarterly detailed balance sheet data. 
The NCB derives FX and transactions 
from positions by country and currency, 
taking into account possible 
reclassifications. 

Central bank, other MFIs and general 
government sector: monthly reports 
with stocks and flows (transactions, 
price changes, other volume changes) 
by instruments, currencies and 
countries.  

For the remaining sectors, data are 
reported monthly by big players and 
quarterly by smaller companies except 
households. All these reports contain 
the same information on both stocks 
and flows (transactions, price changes, 
other volume changes), except for 
households. 

Insurance and pension scheme data 
are collected with direct reports as well. 

Financial and non-financial sectors, 
except the household sector and SPEs: 
direct reporting questionnaires 
(monthly, quarterly and annual 
frequency, depending on the size of the 
enterprise).  

Data for deposit-taking corporations are 
extracted from the BSI on a monthly 
basis. The NCB also provides data on 
a monthly basis for the central bank 
sector. 

Other sectors, excluding households 
(S.14) and non-profit institutions 
serving households (S.15), must report 
the opening and closing balance, 
financial transactions, exchange rate 
changes, other price changes and 
other changes in volume covering 
several instruments, including a split in 
maturity. Only for deposits must a 
currency split be reported. 

Data on insurance, pension and 
standardised guarantee schemes are 
also reported on a quarterly basis (with 
more detail). Supervisory data are used 
to gross up this item. 

AT 

Central bank sector: monthly data from 
NCB departments.  

MFIs: monthly BSI statistics.  

Insurance, pension and standardised 
guarantee schemes: household assets 
are based on the EIOPA information 
(“mirror data” of non-resident insurance 
companies), insurance company assets 
and liabilities are based on Solvency II 
information as well as data from and 
collected by the financial market 
authority. 

BIS data are used on a quarterly basis 
for the compilation of cross-border 
loans and deposits of domestic non-
MFIs. 

For the quarterly data (transactions and 
stocks) on general government, the 
government finance statistics prepared 
by the NSI are used. 

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Direct reporting 

Surveys 

Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

Monthly reports by all reporting units of 
the other sectors on stocks and 
possible write-offs, broken down by 
country and by currency. Two separate 
reports: one for trade credits and 
another for other instruments. For each 
report, a threshold of €10 million of 
foreign assets or foreign liabilities 
applies. Above the threshold, a full 
report of cross-border assets and 
liabilities is required (also for other 
b.o.p./i.i.p. categories). The reports are 
broken down into assets and liabilities 
as well as into counterparts within or 
outside the enterprise group. 

Monthly and quarterly data are 
submitted to the NCB by Polish 
reporting entities (including MFIs and 
the financial agents of the government). 
Data on stocks and transactions are 
collected (only stocks for deposits and 
trade credits). 

A regulation issued by the Ministry of 
Economic Development and Finance 
introduces different (lower) thresholds 
of assets or liabilities related to foreign 
trade operations for being a trade 
credits reporter only. A wider coverage 
is obtained as a result. 

PL 

PT 

MFIs (incl. the central bank sector): 
stock data from monthly balance 
sheets. 

General government: monthly data on 
stocks and flows on external loans, 
borrowings and deposits, from the 
Treasury. 

The collection system for other sectors 
relies mainly on direct reporting, except 
for the household sector. Direct 
reporting provides information for 
stocks and flows. 

RO 

MFIs: monthly monetary balance 
sheets. 

Government: Ministry of Finance 
monthly reporting. 

Central bank sector: monthly stocks 
data from the NCB’s market operations 
department for other equity in foreign 
organisations and SDR allocations. 

Debt Management and Financial 
Analysis System (DMFAS) – data on 
long-term loans (liabilities) are directly 
collected by the NCB from borrowers 
on a loan-by-loan basis for all sectors. 
The information collected refers to 
stocks and flows. By law, the reporters 
to DMFAS have to send data regarding 
long-term loans and financial leasing 
after the conclusion of the initial 
agreement between resident and non-
resident party and also after each 
drawing and/or reimbursement takes 
place. 

Data on public debt are provided by the 
Ministry of Finance. 

SI 

Central bank sector: detailed monthly 
data matrix provided by the NCB’s 
accounting department. 

The stocks and transactions related to 
pension schemes and standardised 
guarantee schemes are calculated in 
the estimation process performed for 
the needs of insurance services. 

BIS locational banking statistics data 
are used for cross-validation. 

Quarterly survey on financial 
information related to non-residents 
(excl. FDI and portfolio investments): 
stocks and flows for currency and 
deposits, loans, trade credits and 
advances (incl. the government) and 
other accounts receivable/payable. The 
survey covers all sectors, except MFIs, 
households and NPISHs. 

International trade in services survey 
and information from insurance 
corporations’ quarterly balance sheets 
are data sources for a model to 
estimate insurance, pension and 
standardised guarantee schemes. 

BIS locational banking statistics (mirror 
data) are used to estimate deposits 
abroad of the household sector. This 
information is enriched with direct 
reporting from banks (settlements data) 
and other entities (wealth managers). 

BIS locational statistics for deposits of 
residents abroad.  

Data on loans of households borrowed 
from banks abroad (Austria, Italy, 
Germany) are included from 2012 
onwards, from the ECB BSI database. 

Mirror data from the BIS on deposits 
abroad of domestic households have 
been included since 2002.  

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Other 
(administrative sources, mirror data, 
ITRS, other datasets, etc.) 

OECD tax exchange data are used to 
verify the level of assets held in the rest 
of the world by households. 

Other equity: Ministry of Finance report. 

Currently, preparations are under way 
of a system for households based on 
BIS banking statistics, as well as 
partners data for household’s deposit 
abroad. 

Data on household loans and deposits 
from and into banks abroad are 
gathered from the ECB BSI database 
and from bilateral exchange with Nordic 
central banks.  

General government loans from and 
into the EFSF are obtained from 
Eurostat. 

Information on trade credits in the 
public sector is reported by the 
Swedish National Financial 
Management Authority. 

Direct reporting 

Surveys 

For sectors other than households, 
banks and the central bank: monthly 
reports (KRD) on credits received and 
granted, deposits and trade credits with 
non-residents, with full reconciliation 
between stocks and flows. KRD 
reporting is a direct reporting survey 
which covers about 95% of the 
population. Grossing up is performed to 
estimate the remaining part of the 
population. 

SK 

Central bank sector: monthly and 
quarterly extractions of stocks data 
from the NCB’s balance sheet.  

Other MFIs: monthly and quarterly 
reports (stocks and flows data).  

General government: monthly reports 
by the Debt and Liquidity Management 
Agency for deposits and loans. 

Other sectors: monthly and quarterly 
reports (stocks, flows and other 
changes).  

Quarterly reports for all sectors include 
further geographical breakdowns. 

FI 

The NCB collects monthly balance 
sheet data from banks (including its 
own balance sheet) and investment 
funds.  

Quarterly and annual data collection is 
conducted for other financial 
institutions, and the central bank 
collects quarterly and annual data for 
pension funds.  

SE 

MFIs: stocks extracted from money and 
banking statistics. 

Government and central bank sector: 
monthly and quarterly reports, both 
stocks and flows. 

Other sectors, including general 
government: quarterly (BOPQ) and 
annual (BOPA) surveys on foreign 
assets and liabilities conducted by 
Statistics Finland. The quarterly 
respondents report data on stocks, 
flows, exchange rate changes and 
other valuation changes during the 
reporting period. Annual respondents 
only report stocks and flows. 

The cut-off sampling method is used for 
the annual surveys, covering the 
largest institutional units with an FDI 
connection. 

Monthly cut-off surveys allow for data 
collection (for both stocks and flows) 
from other major players in the financial 
sector, including insurance, pension 
and standardised guarantee scheme 
data. 

Data for both stocks and flows of non-
financial enterprises are collected on a 
quarterly basis in the same survey as 
financial derivatives. 

Data on trade credits are collected on a 
quarterly basis in a separate survey 
that addresses approximately 611 
companies. 

9.3 

Compilation methods 

Information may be collected from balance sheets, as is usually the case for banking 
information, and the transactions then derived if the currency of denomination is 
known. In some cases, annual stock data are collected, and the subsequent stocks 
are calculated by accumulating monthly reporting flows. Some members base their 
preliminary calculations on models for certain sectors or instruments. The EU 
members show a large variety of compilation methods, as reflected in the table 
below. 

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B.o.p./i.i.p. information is compiled following the debtor/creditor approach, rather 
than the transactor approach. In other words, assets/credits are geographically 
allocated based on the residency of the issuer/debtor and not of the transactor. This 
is particularly relevant for currency union aggregates. For instance, in the case of a 
deposit/bank account at a bank, the bank will report transactions in liabilities when 
the balance is reduced vis-à-vis the holder of the account and not vis-à-vis the 
recipient of the payments ordered by the holder of the account. This approach is to 
be followed consistently in the geographical and sector allocation of investment 
income, financial transactions and stocks. 

Specific features and deviations  

Compilation of transactions/stocks 

Estimation of exports and imports of 
domestic banknotes 

Other 

Exports and imports of euro banknotes 
are estimated at the euro area 
aggregated level based on two 
variables: accumulated shipments of 
high denomination banknotes since 
2003 and ratio of coins to banknotes. 

The holdings of euro banknotes by 
foreign countries are model based on 
the ECB’s capital key share and expert 
estimates. Exports and imports of euro 
banknotes are estimated by applying 
the evolution of the Shipment of Euro 
Banknotes Statistics to the holding 
estimates. 

Exports and imports of euro banknotes 
are currently not estimated. 

EA  Aggregation of euro area country 

transactions for most of the items.  

MFI deposits are benchmarked with BSI 
statistics for transaction assets and 
liabilities. 

BE  All data are reported in the original 
currency to allow the exchange rate 
variation and the stock variation to be 
calculated separately. 

BG  MFIs report monthly stocks, 

reclassifications, exchange rates and 
price changes, which allows the 
transactions to be calculated. 

Non-MFIs’ stocks of deposits abroad 
are estimated based on the latest 
available data and subsequently revised 
together with the monthly flows after the 
source data are updated.  

Quarterly stocks and other changes in 
volume are reported in the forms, and 
quarterly and monthly flows and 
exchange rate changes are derived on 
the basis of the reported data. 

CZ 

For the NCB, flows on accounts abroad 
are derived from stocks.  

Exports and imports of domestic 
banknotes are not estimated. 

For MFIs, as data are available with 
currency and geographical detail, the 
monthly flows are derived from the 
changes in stocks adjusted for foreign 
exchange rate movements. 

General government: the Ministry of 
Finance’s Central System of Accounting 
Information of State provides data on 
stocks, transactions, exchange rates 
and price changes.  

For financial corporations (other than 
MFIs) and non-financial corporations, 
flows are derived from stocks on a 
monthly basis. 

Transactions in pension entitlements 
are calculated on the basis of data 
obtained from the NSI. A standardised 
guaranteed scheme has not yet been 
calculated and implemented. 

Adjustment may be included to reduce 
simultaneously net errors and omission 
and vertical discrepancies in EAA 
statistics. See further info. 

Accrued interest are not included in the 
financial instrument.    

Resident deposit-taking corporations 
assets vis-à-vis non-resident non-
banking sectors are reported as loans, 
all resident deposit-taking corporations 
liabilities vis –a-vis non-resident non-
banking sectors are reported as 
deposits.   

Creditor/debtor approach is followed.   

Interest accrued is calculated using the 
information available for the loans and 
deposits. The distinction between loans 
and deposits is based on separate 
reporting forms (and partly based on 
convention, e.g. resident non-bank 
assets vis-à-vis non-resident banks are 
always classified as deposits). The 
debtor/creditor approach is followed 
consistently for all sectors, for all 
instruments. 

Interest receipts and payments are 
reported as accrued according to the 
nature of the instruments. For the MFI 
sector they are reported as accrued, but 
without distinction if related to deposits 
or loans. 

General government: interest is accrued 
with the instrument in the case of loans. 
In the case of deposits, this is not 
significant. 

Deposits and loans are identified 
according to data derived from balance 
sheets or administrative data sources 
based on the creditor/debtor approach 
and according to the instrument in order 
to identify the counterparty country. All 
resident MFI assets vis-à-vis non-
resident non-banking sectors are 
reported as loans, all resident MFI 
liabilities vis-à-vis non-resident non-
banking sectors are reported as 
deposits.  

General government: deposits and 
loans are distinguished according to 
numbers of accounts (which correspond 
to balance sheets). 

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Compilation of transactions/stocks 

Estimation of exports and imports of 
domestic banknotes 

Other 

Deposits and loans are reported by non-
financial institutions via direct reporting 
according to the instruments broken 
down by country and currency. 

DK  Direct reporting of stocks and flows with 

counterpart information. 

Exports and imports of domestic 
banknotes are not expected/estimated. 

NCB: Exports/imports of euro 
banknotes are basically estimated from 
MFIs’ banknote shipments (as reported 
by MFIs) to and from abroad and the 
use of cash for travel expenditures.  

The distinction between deposits and 
loans is fully observed (and partly based 
on convention, e.g. resident non-bank 
assets vis-à-vis non-resident banks are 
always classified as deposits). 

Accrued interest is not included in the 
financial instrument. 

The creditor/debtor approach is followed 
to identify the counterparty country.  

In addition, data are complemented by 
direct reporting (transactions) of 
purchases and assignments of 
undisclosed loans. 

The difference between amounts put 
into circulation according to the 
banknote key (capital share) and the 
amounts that remain in circulation in the 
country is considered to be in the hands 
of non-residents and is recorded as an 
export of euro banknotes (an increase 
in the liabilities of the central bank). 

Transactions under other investment 
are shown together with accrued 
interest. The distinction between 
deposits and loans is based on the 
counterpart sector.  

The creditor/debtor approach is 
followed. 

DE  BIS data are only available with a time 

lag of 4½ months after the reference 
quarter and can only be incorporated in 
the i.i.p. and b.o.p. by means of 
revisions. For the most recent quarter 
under review, it is assumed that the 
stock of BIS data of the previous quarter 
remains stable for the i.i.p. Thus, no 
variation for the respective b.o.p. flow is 
calculated at that stage. The 
transactions are only compiled in the 
course of the next revisions. 

EE 

The transaction method (flows collected 
directly from reporting agents) is used in 
the case of the central bank’s quarterly 
enterprise survey, its monthly financial 
statement and the public sector financial 
statements system. Other flows are also 
taken directly from these reports.  

The balance sheet method (monthly 
transactions derived from stocks) is 
used for other MFIs. Their transactions 
are derived as a residual item between 
changes in stocks and estimated 
exchange rate revaluations (considering 
the positions in currency of 
denomination) and other changes in 
volume that are directly collected from 
the surveys on the balance of loans and 
resources, and non-transactional 
financial flows. An estimation model is 
used for the household sector, taking 
into account changes in households’ 
domestic deposits, ITRS data on 
deposits and loans. 

IE 

Separate information for opening and 
closing positions, positive and negative 
transactions, market price changes, 
exchange rate changes and other 
volume changes is collected. 

Estimates of exports/imports of euro 
banknotes are based on banknote data 
provided by the currency management 
division of the NCB. 

GR  For financial corporations, flows are 
derived from monthly stocks.  

For the general government, stocks are 
derived from the accumulation of flows. 
Central government data are also 
monitored by the Hellenic Republic 
Public Debt Bulletin. 

Loans transferred to foreign financial 
corporations and whose servicing has 
been assigned to domestic credit 
servicing firms operating according to 
Law 4354/2015 are included in the data. 

Instrument-level data are collected from 
firms. Deposits and loans are reported 
separately by respondents. Accrued 
income, interest and dividends are 
collected at instrument level. However, 
to reduce the response burden, sub-
classifications such as geography or 
counterpart are not collected. The 
presumably sound assumption that the 
accrued income has been accrued on 
the profile collected at instrument level 
is made. This profile is applied to the 
accrued income. 

The distinction between deposits and 
loans is based on counterpart sector 
information. 

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Estimation of exports and imports of 
domestic banknotes 

Other 

The distinction between deposits and 
loans is fully observed as counterparty 
sector is identified. 

For MFIs, accrued interest is not 
included with the instrument as it is 
used the same information as for BSI 
data (balance sheets). 

The creditor/debtor approach is followed 
for all sectors and instruments to 
identify the counterparty country. 

Imported euro banknotes are estimated 
on the basis of (i) the seasonality of 
cash put into circulation by the central 
bank, compared with its behaviour 
before Spain joined the euro area; and 
(ii) changes in the relative weight of 
Spain in the total issues of the euro 
area. In both cases, imports of 
banknotes are usually observed in the 
third quarter and, to a lesser extent, the 
first, coinciding with the months of 
greater tourist inflow. 

Flows and positions in euro banknotes 
within EMU are recorded using a 
special double-entry accounting 
treatment. The first entry is the 
difference between the theoretical 
issuance amount allocated to the 
central bank according to the capital key 
and the euro banknotes that are actually 
put into circulation by the central bank. 
The second entry records the difference 
between the same theoretical issuance 
amount and residents’ holdings of euro 
banknotes (assessed by the central 
bank’s survey on banknote shipments). 
The net position corresponds to the 
difference between residents’ holdings 
of euro banknotes and the banknotes 
put into circulation by the central bank, 
which is recorded as either an asset (if 
positive) or a liability (if negative) of the 
central bank.  

The estimation of euro banknotes in 
circulation is calculated as the sum of 
the amount of currency actually put into 
circulation by the NCB and the net 
inflows, which in turn are derived from 
an estimation of the share of travel cash 
flows (based on the NCB’s Survey on 
International Travel), minus euro 
banknote shipments. 

The distinction between deposits and 
loans is directly reported by reporting 
agents. 

Accrued interest is not shown with the 
instrument and is calculated separately 
on the basis of an estimation model. 

The creditor/debtor approach is followed 
for all sectors and instruments to 
identify the counterparty country 

ES 

Compilation of transactions/stocks 

For the central bank, general 
government and other resident sectors, 
flows and stocks are directly collected 
(except insurance and pension fund 
technical reserves, whose transactions 
are derived from stocks taking into 
account exchange rate changes and 
other volume changes (OCV)). 

For MFIs, transactions are derived from 
stocks and other flows (taking into 
account exchange rate changes and 
OCV). 

FR 

For non-financial corporations, flows are 
derived from the collected stocks. 

HR 

IT 

For MFIs, monthly flows are derived 
from stocks, taking account of exchange 
rate changes.  

For the non-financial sector, stock data 
for the intermediate quarters are 
calculated by combining the data on 
monthly flows with the latest available 
data on stocks; in September each year, 
once the data of the annual 
questionnaire are processed, the 
intermediate flows and stocks for the 
whole year are revised. 

For the general government, stocks are 
obtained by cumulating flows. 

A component related to life insurance 
policies is also taken into account: 
transactions are obtained by applying a 
coefficient, supplied by the Italian 
National Institute of Statistics, to 
premium paid and benefit received 
collected via the quarterly 
questionnaire; stock data are obtained 
by cumulating flows to the last available 
stock (2007 data) calculated on the 
basis of the old ITRS data collection 
system. 

CY 

For data collected from surveys and 
direct reporting, stocks, revaluations 
and transactions are directly available.  

The estimation of euro banknotes takes 
into account tourism expenditure. The 
estimation is currently under revision. 

For data from financial statements, 
transactions are derived as differences 
in stocks (i.e. implicitly assuming that 
revaluations/reclassifications are 0). 

For household data from the BIS, an 
assumption is made as to the currency 
(this is based on the counterpart 
country), and in order to derive 
transactions, the exchange rate is taken 
into account.  

Accrued interest is embedded in the 
original instrument.  

The distinction between loans and 
deposits is directly observed and cross-
checked with the relevant sector. 

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Compilation of transactions/stocks 

As regards the estimation of trade credit 
data related to imports/exports of 
goods, stocks are derived and their 
differences are transactions.  

LV 

For the NCB, flows are calculated using 
stocks broken down by currencies. 

For other MFIs, flows are derived by the 
NCB using reported stocks broken 
down by currencies. 

LT 

For the NCB, flows are derived from 
stocks adjusted for revaluation on a 
quarterly basis. Stocks, flows and other 
adjustments are compiled directly from 
quarterly reporting forms. In cases 
where only stocks are provided, NCB 
compilers calculate these flows. 

LU 

For MFIs, transactions are derived from 
stocks by correcting variation in stocks 
by FX and reclassifications. 

HU  For the central bank, exchange rate 

changes are calculated by the compiler. 

Estimation of exports and imports of 
domestic banknotes 

Other 

Flows and positions of imports and 
exports of euro banknotes are recorded 
as the difference between the value of 
euro banknotes allocated to Lithuania in 
accordance with the ECB’s capital key 
share for Lithuania and the value of 
euro banknotes that it actually puts into 
circulation. 

For b.o.p. transactions if market prices 
are not available, financial accounting 
records are used. Interest is compiled 
based on the accrual principle.  

Data are compiled using the debtor 
approach for all sectors.  

Quarterly reports on commercial banks’ 
cross-border transactions provide 
separate data on deposit and loan 
categories, and the data are broken 
down geographically. If a geographical 
breakdown for some data sources is not 
available, estimations are made by the 
NCB. 

The distinction between deposits and 
loans is based on the counterpart 
sector. 

Estimated financial flows offsetting the 
accrual-based EU transfers are 
recorded as receivables/payables vis-à-
vis the EU.  

Accrued interest (positions, accrued 
interest, received/paid interest and other 
changes) are reported separately.  

Deposits and loans are reported 
separately by the data suppliers, for 
MFIs even in separate reporting forms. 

The debtor/creditor approach is followed 
consistently for all sectors and for all 
instruments. 

MT 

The estimations of imports and exports 
of euro banknotes are based on the 
Travel Survey implemented by the NSI. 

Accrued interest is mostly provided 
separately by respondents and is thus 
not included with the instrument. 

NL 

Transaction and stock data are 
reported. For some sectors, supervisory 
data are used for grossing up.  

Trade credit is estimated based on 
trade in goods and services (payment 
terms are estimated). 

AT 

Transactions are derived from 
differences in stocks, taking into 
account exchange rate and other (when 
applicable) valuation changes, for all 
sectors and instruments, on a monthly 
basis. 

Figures for euro banknotes issued by 
the NCB that are held by non-residents 
are obtained as a residual: total issues 
minus the net increase in euro 
banknotes held by resident banks minus 
the net amount that residents withdrew 
from banks. All these data are reported 
on a monthly basis to the NCB (for 
various purposes). To obtain the 
positions, the cumulated flows are 
added to the positions that were 
registered just before the introduction of 
the euro currency.  

Austria issues fewer banknotes than the 
banknote allocation key and therefore 
“exports” euro banknotes, which are 
recorded as a liability by the NCB. 
Residual compilation: if the total 
holdings of domestic holders do not 
exceed the liabilities of the NCB 
according to the clearing and settlement 
mechanism, the remaining cash is 
allocated as holdings of non-residents. 

Deposits and loans are provided by the 
respondents. 

The geographical counterparty is 
provided by the respondents in the 
relevant sectors. 

Accrued interest (positions, accrued 
interest, received/paid interest and 
revaluation and other changes) and 
principal amounts are reported 
separately.  

The debtor/creditor approach is followed 
consistently for all sectors and all 
instruments.  

There are separate reporting forms for 
various items such as deposits and 
loans. 

The distinction between deposits and 
loans is based on the counterpart 
sector. 

Reporting requires credit and debit 
balances arising from cross-border 
transactions, including interest rates 
accrued and changes not related to 
transactions, broken down by 
country/region, foreign group entities or 
counterparty. The creditor/debtor 
approach is followed.  

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Estimation of exports and imports of 
domestic banknotes 

Other 

Exports and imports of domestic and 
foreign banknotes are not currently 
estimated.  

The NCB estimates “exports/imports” of 
euro banknotes using several sources: 
(i) deposits, withdrawals and 
international purchases with payment 
cards provided by payment cards 
issuers on a monthly basis; (ii) 
acquisitions and sales of foreign 
currencies reported by exchange 
operators; and (iii) tourism expenditures 
and accommodation, directly reported 
by travel agencies to the central bank. 

The distinction between loans and 
deposits is based on the contracts, 
which allow the entities to properly 
recognise in accounting books the loans 
and deposits. Residents report data on 
loans extended/received on separate 
reporting forms to the central bank. 
Deposits placed abroad/accepted from 
non-residents are also reported on 
separate reporting forms. 

In other investment, on the reporting 
forms, data on incomes (between 
others, accrued interest and 
received/paid interest) for individual 
instruments are collected and refer to 
deposits, loans or other assets and 
liabilities. Accrued interest is shown with 
the instrument.  

The creditor/debtor approach is followed 
for all sectors and instruments. 

Accrued interest is estimated and 
included with the respective financial 
instrument. 

The creditor/debtor approach is used to 
identify the counterpart country of other 
investment operations. 

PL 

Compilation of transactions/stocks 

For deposits, flows are derived from 
stocks. For the main instruments, such 
as deposits, loans, trade credits or other 
assets/liabilities, data on stocks and 
transactions are collected (excluding 
deposits and trade credits). For trade 
credits and deposits, the flows are 
estimated based on stocks. The stocks 
and transactions related to pension 
schemes and standardised guarantee 
schemes are calculated in the 
estimation process performed for the 
needs of insurance services. 

PT 

For MFIs, flows are derived from 
monthly balance sheet data, taking into 
account exchange rate changes and 
other adjustments, such as write-offs. 

For other institutional sectors, the main 
source is information coming from the 
b.o.p. collecting system (Comunicação 
de operações e posições com o 
exterior, COPE), which has information 
on stocks and transactions. 

Households’ deposits abroad are 
estimated using mirror data from the 
BIS, which are available with a time lag 
after initial publication. 

Trade credits are estimated combining 
information on imports and exports of 
goods and services (excluding travel) 
with information on the change in the 
average number of days for payment or 
receipt obtained through a quarterly 
survey of major exporters and importers 
and adjusted on an annual basis when 
IES becomes available.  

RO  Transactions are derived from stocks 

(MFIs).  

Exports and imports of domestic 
banknotes are not estimated. 

BIS locational statistics (for deposits 
abroad) are integrated when the data 
become available. Estimates are made 
for each month of the year. 

For trade credits and advances 
(including for the government), flows, 
exchange rate changes and other 
changes are derived based on the 
stocks reported.  

Data on flows are collected for the rest 
of the sectors/instruments. The results 
of the IFRN survey (stocks) are cross-
checked with yearly non-financial 
companies’ balance sheet stocks. 

Data are compiled according to the 
accrual principle for all 
instruments/sectors. 

On the assets side, money granted by 
the resident money-holding sector to 
non-resident banks is classified as 
deposits and money granted by the 
resident money-holding sector to non-
resident non-banks (i.e. institutional 
units other than banks) is classified as 
loans. On the liabilities side, money 
taken by resident non-banks is always 
classified as loans. All liabilities of 
resident MFIs and non-resident banks 
are classified as deposits. 

The debtor/creditor approach is followed 
for all sectors and instruments.  

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Compilation of transactions/stocks 

Estimation of exports and imports of 
domestic banknotes 

Other 

SI 

Monthly data are derived by dividing 
quarterly data equally within separate 
months within each quarter. For periods 
with no quarterly data yet available, the 
last available position data are used. 

SK 

For the NCB, monthly flows are derived 
from stocks. 

For other sectors, monthly flows are 
collected directly. 

FI 

The NCB reports transactions, balance 
sheet differences, exchange rates and 
price changes. 

Other sectors, including general 
government: the quarterly respondents 
report the entire reconciliation while the 
annual respondents report the balance 
sheet difference. 

SE 

Transactions, adjusted for exchange 
rate effects, are calculated from the 
MFIs’ balance sheet items.  

The same applies for other sectors. 

For the period after the introduction of 
the euro, the value of cash in circulation 
in Slovenia was estimated by 
establishing a time series which took 
into account the initial estimated value 
of cash in circulation as at 1 January 
2007 and the observed increase in 
circulation of the whole Eurosystem, 
reduced for the estimated amount of 
cash held (used, hoarded) by residents 
outside the euro area. In 2014 the latter 
was estimated to be roughly around 
30% of the overall Eurosystem value. 
The banknote recording system, relying 
on the estimate of the level of currency 
in circulation, is likely to add to errors 
and omissions because the estimate of 
the currency in circulation is very rough. 

Exports/imports of euro banknotes are 
estimated on the basis of travel 
expenditure, excluding the use of credit 
cards. 

Estimates of imports/exports of euro 
banknotes are produced by Statistics 
Finland based on the ECB’s capital key 
share for Finland and experts’ 
estimation. The basis of estimation is 
data obtained from the money and 
banking statistics. 

Loans and trade credits have been 
calculated according to the accrual 
principle since 2002.  

Since 2005, loans/deposits of the 
banking sector, regardless of capital 
affiliation to non-residents, are always 
recorded in other investment (the direct 
investment relationships are not 
distinguished in the data source). 

Accrued interest are shown with the 
instruments. 

The distinction between deposits and 
loans is based on the counterpart 
sector. 

The creditor/debtor approach is used for 
all sectors and instruments. 

Accrued interest is shown with the 
instruments. 

Reporters report deposits and loans 
separately. The distinction between 
deposits and loans is fully observed. 

The debtor/creditor approach is followed 
consistently for all sectors and 
instruments.  

Accrued interest is not shown with the 
instrument. 

For MFIs, deposits and loans (if any) 
are identified on the reporting form. 

The debtor/creditor approach is followed 
consistently for all sectors and for all 
instruments. 

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10 

Reserve assets 

(As of October 2023)  

10.1 

Methodology 

10.1.1 

Definition of the Eurosystem’s reserve assets 

The definition of the Eurosystem’s international reserves was approved by the ECB’s 
Governing Council in March 1999. The reserve assets of the euro area consist of the 
Eurosystem’s reserve assets, i.e. the ECB’s reserve assets and the reserve assets 
held by the national central banks (NCBs) of the participating Member States.19 

Reserve assets are those external assets that are readily available to, and controlled 
by, monetary authorities and that are used for meeting b.o.p. financing needs, 
intervening in exchange markets to manage the currency exchange rate, and for 
other related purposes (such as maintaining confidence in the currency and the 
economy or serving as a basis for foreign borrowing). Reserve assets must be 
foreign currency assets, claims vis-à-vis non-residents and other assets that actually 
exist. Potential assets are excluded. Underlying the concept of reserve assets are 
the notions of “control” and “availability for use” by the monetary authorities. Reserve 
assets must (i) be under the effective control of the relevant monetary authority, 
either the ECB or the NCBs of the participating Member States; and (ii) be highly 
liquid, marketable and creditworthy foreign (i.e. non-euro) currency-denominated 
claims on non-residents of the euro area, in addition to monetary gold, special 
drawing rights (SDRs) and IMF reserve positions. This definition expressly excludes 
foreign-currency claims on euro area residents, and euro-denominated claims on 
non-residents of the euro area from being considered reserve assets either at 
national or euro area level. 

Although governments may hold working balances and other assets in foreign 
currencies, foreign exchange positions of central governments and/or of the 
ministries of finance are not included in the reserve assets definition for the euro 
area in accordance with the institutional arrangements in the Treaty establishing the 
European Community. Article 105 (2) of the Treaty, in conjunction with Article 116 
(3), gives the Eurosystem the exclusive right to hold and manage the official foreign 
reserves of the participating Member States from the beginning of Stage Three of 
EMU.  

Reserve assets of the ECB are pooled in accordance with Article 30 of the Statute of 
the European System of Central Banks and are thus considered to be under the 
direct and effective control of the ECB. As long as no further transfer of ownership 

19   See also ECB (2000), “Statistical treatment of the Eurosystem’s international reserves”, October 

(to be updated). 

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takes place, reserve assets retained by the NCBs are under their direct and effective 
control and are treated as reserve assets of each individual NCB.  

The concept of usable reserves has become increasingly important in the wake of 
the financial crisis of the late 1990s. This concept supplements data on gross 
reserves with information about commitments relating to reserves, i.e., the so-called 
reserve-related liabilities20, and might be an important indicator of a country’s ability 
to meet its foreign exchange obligations. However, it was agreed that reserve assets 
presented on a gross basis without any netting-off of reserve-related liabilities should 
remain the central indicator of a country’s ability to honour its foreign exchange 
obligations. Financial derivatives are the only exception to gross reporting, as they 
are recorded on a net basis.  

Monthly data on (gross) reserve assets of the Eurosystem are therefore 
supplemented with information on other foreign currency assets, and on 
predetermined and contingent short-term net drains on the gross reserve assets 
classified according to residual maturity. Moreover, a currency distinction is required 
between gross reserve assets denominated in SDR currencies (in total) and other 
currencies (in total) with a quarter’s lag.  

The valuation of reserve assets (and other foreign currency assets) is no different 
from similar instruments classified under other functional categories, in the sense 
that it is based on market prices for all tradable instruments and nominal value (for 
positions) in non-tradable instruments. Gold is valued at the closing market price 
prevailing at the end of the reference period. The ECB uses the end-of-month gold 
market reference price published by the ECB, quoted in terms of EUR per fine troy 
ounce. The offsetting entries for accrued interest on reserve assets should be 
recorded within the relevant reserve assets items with the exception of SDRs 
accrued interest which are only included at payment following the updated 
international reserve assets guidelines.  

Prevailing market exchange rates at the time when the transaction takes place and 
closing mid-market exchange rates at the end of the reference period are used to 
convert transactions and holdings of foreign currency-denominated assets into euro, 
respectively.  

10.1.2 

Specific issues related to gold 

Monetary gold is gold to which the monetary authorities (or others who are subject 
to the effective control of the monetary authorities) have title and is held as reserve 
assets. It includes gold bullion and unallocated gold accounts of non-residents that 
give title to claim the delivery of gold.  

Gold bullion takes the form of coins, ingots or bars with a purity of at least 995 parts 
per 1,000, including such gold bullion held in allocated gold accounts.  

20   This concept has been developed by the IMF in the context of the Special Data Dissemination 

Standard. 

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Unallocated gold accounts represent a claim against the account operator to deliver 
gold. For these accounts, the account provider holds title to a reserve base of 
physical allocated gold and issues claims to account holders denominated in gold. 
Unallocated gold accounts not classified as monetary gold are included as currency 
and deposits in other investment. 

Gold bullion can be a financial asset (monetary gold) or a good (non-monetary gold), 
depending on the holder and the motivation for holding. Monetisation is the change 
in the classification of gold bullion from non-monetary to monetary. De-monetisation 
is the change in the classification of gold bullion from monetary to non-monetary.  

With regard to outright purchases and sales of gold, only gold transactions in 
which both counterparts belong to the “monetary authorities” institutional sector 
(including international monetary organisations) should be recorded under reserve 
assets (sub-item “monetary gold”) in the b.o.p. When at least one counterpart is not 
a monetary authority, gold transactions vis-à-vis non-residents should be recorded 
under the goods item of the b.o.p. current account. The consequent monetisation/de-
monetisation of the gold would induce increases/decreases in the monetary gold 
position of the monetary authority involved. This reclassification of the gold should be 
recorded as “other flows (other changes in volume)”, not in the b.o.p. as a 
transaction.  

As regards reversible transactions in gold (swaps, repos, loans and deposits), 
the statistical treatment of the gold is similar to that of securities: neither lending of 
gold nor delivery of securities as collateral involves any recording in the b.o.p. or the 
i.i.p., i.e. holdings of monetary gold should remain unchanged in all reversible gold 
transactions. Only the foreign exchange cash delivered in gold swaps/repos is 
recorded under reserve assets (sub-item “foreign exchange/currency and deposits” 
matched by an entry in “other investment/central bank/liabilities”). 

10.1.3 

Specific issues related to positions vis-à-vis the IMF (including 
SDRs) 

For statistical purposes, SDR accounts reflect the same rationale as traditional 
correspondent bank accounts, i.e. variations in SDR holdings may constitute 
offsetting entries for the rest of the cross-border b.o.p. flows. Transactions/positions 
in these accounts should be recorded under reserve assets (sub-item “SDRs”). 
Allocation/cancellation of SDRs should be recorded as a b.o.p. transaction and as an 
increase/decrease in the i.i.p. under “other investment/ SDRs”. Transactions related 
to the reserve position at the IMF should be recorded under the sub-item of the same 
name. Consequently, no entry under sub-item “SDRs” should be derived from 
movements in this position, even though they may be denominated in SDRs.  

Purchases of foreign currency using the IMF’s General Resources Account by 
drawing on the position in the IMF do not alter the total level of reserves. Such 
transactions cause increases in holdings of foreign exchange and symmetrical 

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decreases in the reserve position in the IMF. Repurchases represent reverse 
transactions and would therefore give rise to similar but reverse entries.  

Claims on the IMF arising from Fund financing under the New Arrangements to 
Borrow (NAB) and the General Arrangements to Borrow (GAB) should be reflected in 
the sub-item “Reserve position in the IMF”. However, claims arising from 
commitments under the Enhanced Structural Adjustment Facility (ESAF)21 should 
be treated statistically as loans to non-banks, and should thus be allocated to the 
sub-item “other reserve assets/other claims”. 

10.2 

Sources 

In all EU countries, reserve assets are currently managed by their central bank. 
Accordingly, data for the compilation of the b.o.p. and i.i.p. are sourced directly from 
the relevant departments of the central bank (e.g. Accounting, Market Operations, 
Payment Systems). Occasionally, the IMF’s website may be used to collect data on 
SDR transactions and positions. 

Specific features 

EA 

Euro area country contributions as determined by the ECB Guideline on External Statistics. 

ECB accounting data. 

Data sources for reserve assets 

BE 

BG 

Monthly reports from the Accounting and Market Operations Unit of the NCB, including a detailed list of assets, on a 
security-by-security basis. 

Data on monthly stocks, flows and income are obtained from the Monetary and Financial Statistics Division with their 
primary data source being the Accounting Department of the NCB. 

CZ 

The main source of stock, transaction and income data is the Accounting Division of the central bank on a monthly basis.  

DK 

The NCB reports stocks, flows (transactions, exchange rate changes and price changes) on a monthly basis. Securities are 
reported on a security-by-security basis. 

DE 

Two main data sources are the Payments System Division, and the Accounting Division, via monthly reporting. 

EE 

Data are based on the monthly balance sheet and income statement of the NCB. 

IE 

Data is obtained monthly from the Financial Control & Procurement Division of the NCB using an internal template.  

GR 

ES 

FR 

HR 

Monthly information is provided by the NCB’s Financial Operations Department on an s-b-s basis and by the Accounting 
Department on gold ounces.  

Monthly stock and flows data are provided by the Operations Department of the NCB (for securities, on an s-b-s basis 
enriched with centralised securities database (CSDB) data) following the international methodology (ECB and IMF). 

Monthly data are provided by the accounting and operational unit of the NCB’s Financial Directorate (stocks and flows 
broken down by type of asset and currency). 

The International Reserves and Foreign Exchange Liquidity Department of the NCB provides data on transactions, and the 
Accounting Department provides data on reserve assets stocks. There are no financial derivatives in the reserve assets 
portfolio. 

IT 

The Accounting database of the NCB provides monthly stock data on foreign financial assets and liabilities, plus any further 
information that may be required. 

CY 

Reserve assets are compiled using monthly data from the following sources: 

•  The NCB’s Financial Markets Department provides information concerning the financial instruments included in the 

reserves assets (e.g. securities and derivatives), end-of-period exchange rates and market prices. The NCB’s holdings 
are calculated security-by security. Derivatives are recorded on a net basis, at market value. 

•  The NCB’s Payment Systems & Accounting Services Department monthly information concerning deposits and credit 

loans in foreign currency, gold reserves and foreign currency holdings. 

•  The IMF website’s data on Cyprus’ special drawing rights. 

21   Replaced from 2000 onwards by the Poverty Reduction and Growth Facility (PRGF). 

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All transactions in reserve assets are recorded at market price and converted into euro using prevailing market exchange 
rates at the time of the transaction. 

Data sources for reserve assets 

Data on reserve assets are derived from the NCB’s monthly balance sheet.  

The main data source for flows and stocks is the monthly balance sheet data received from the NCB’s Financial Accounting 
Information System. 

LV 

LT 

LU 

Positions, transactions and other flows are obtained monthly from the NCB’s Accounting Department. 

HU 

MT 

Data source: the NCB’s monthly balance sheet. Net transactions in current accounts, monetary gold, SDR holdings, 
deposits and other assets are reported directly by the NCB’s accounting department. 

The NCB’s Finance Department compiles external reserve assets on a daily basis and makes them available to the b.o.p. 
compilers on a monthly basis.  

NL 

Data are provided monthly by the NCB’s financial accounting department and financial markets department. 

AT 

PL 

PT 

Monthly reports by the NCB’s Accounting and Cash Audit Division: stocks and flows (transactions, exchange rate changes, 
price changes and other changes in volume) reported in euro equivalent. 

Data from the NCB’s accounting system: information about transactions, stocks, exchange rate changes, valuation changes 
and other changes is reported on a monthly basis. 

Data from the NCB’s Accounting and Markets, and Reserve Management Departments. These departments provide monthly 
information for all phenomena (transactions, price changes, exchange rate changes, other volume changes and stocks). 
There is also information available for all types of instruments. 

RO 

Monthly stock figures are reported by the NCB’s Market Operations Department.  

SI 

Data from the NCB’s Accounting Department, on a monthly basis (fully reconciled between stocks and flows). 

SK 

Data provided by the NCB’s Risk Management Department on a monthly basis. Stocks for securities, and transactions for 
the other items.  

FI 

Reserve asset stocks are based on the accounting records from the monthly balance sheet item (BSI) reporting of the NCB. 

SE 

Monthly NCB’s accounting records: stocks, transactions, and income. 

10.3 

Compilation methods 

Specific features and deviations 

EA 

BE 

BG 

Addition of the reserve assets data of the euro area countries (incl. ECB).  

Compilation methods for reserve assets 

Embedded financial derivatives are recorded together with the underlying financial instruments and are not recorded and 
valued separately. 

All transactions in reserve assets are registered at market price and converted into euro using prevailing market exchange 
rates at the time of the transaction. 

Reserve assets statistics are calculated on the basis of balance sheet data where detailed information on transactions and 
other flows is available. International reserves are revalued daily at market exchange rates. Securities positions are 
revalued daily at the previous working day market prices of the instruments concerned. Monetary gold is revalued daily at 
the current market price. Interest accrues daily.  

There are currently no financial derivatives included in the Balance sheet of the NCB and respectively in the reserve 
assets. 

CZ 

S-b-s direct reports on holdings are available from the NCB, although reserve assets statistics are calculated on the basis 
of balance sheet data.  

DK 

DE 

Derivatives valuation is approximate market value at the date of the compilation of the statement. 

Reserve assets are compiled on a gross basis.  

For securities with ISIN code, information from the CSDB is used to enhance the data. 
Financial derivatives are reported at market value. 

The detailed data from the Payments System Division are used to separate valuation changes from changes due to 
transactions, for a geographical allocation of the transactions, and to value the stocks on a monthly basis. These data are 
reconciled with the Daily Accounting Balance Sheet of the NCB. 

The NCB’s holdings of securities within reserve assets are compiled “security by security” at market values.  

Following a decision of the NCB’s Board, transactions in financial derivatives are excluded from the management of 
reserve assets. 

EE 

Flows are not derived from stocks, but are taken directly from the accounting records. Derivatives are measured at market 
value. 

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Compilation methods for reserve assets 

IE 

GR 

ES 

FR 

HR 

IT 

Securities, deposits, gold and SDRs are valued at mid-market prices and exchange rates, and are revalued on a quarterly 
basis. 

There are no stocks/transactions in financial derivatives. Were they to exist, they would be valued at market prices. 

The NCB’s holdings of securities are valued at market prices, with the exception of securities held for monetary policy 
purposes and securities held to maturity, which are valued at amortised cost.  

The price of gold is derived monthly from the ECB data source. 

Securities (data provided on a security-by-security basis) are valued monthly at market prices. Monetary gold is valued at 
the prevailing end-of-month market price published on the ECB's website. 

Figures for derivatives are not relevant. They are valued at market prices. 

Reserve assets are recorded on a gross basis. Flows correspond to the changes in reserve assets, including the accrued 
interest and are valued at average monthly exchange rates, as published each month by the Treasury and the NCB. 
Monthly reserve assets positions are valued at month-end, as in accounting. 

Derivatives positions and transaction flows are negligible. 

Securities are compiled on a security-by-security basis (stocks at market prices, exchange rate, price and other changes 
in volume). Transactions are also valued at market prices. 

There are no financial derivatives in the reserve assets portfolio. 

Flow data are derived from the corresponding stock data, taking into account exchange rate, price and other adjustments. 
Stocks are revalued monthly at market prices. The NCB’s holdings of securities are calculated s-b-s and valued using 
internal databases.  

No relevant figures on derivatives instruments are included in the i.i.p. 

CY 

In the template on international reserves and foreign currency liquidity, data obtained from the Ministry of Finance’s Public 
Debt Management Office in relation to short-term debt payments in foreign currency are also used. 

LV 

For instruments other than securities, flows are derived from stocks broken down by currency. 

Gold, debt securities (except held-to-maturity debt securities and securities held for monetary policy purposes, which are 
measured at amortised cost), participating interest (except the participating interest in the ECB) are accounted for at fair 
value. 

LT 

Reserve assets are compiled on a gross basis. Flows are derived from stocks. 

Gold holdings and securities are valued monthly at mid-market exchange rates and prices. Holdings of foreign exchange 
are revalued on each business day at the official ECB foreign exchange reference rate on that day. The value of securities 
and deposits at the reference date includes accrued interest. Data on securities held as foreign exchange reserve assets 
are not compiled on an s-b-s basis but are derived from the NCB’s balance sheet. Market prices are calculated on the 
basis of the data on profitability ratios of securities provided by Bloomberg to the Market Operations Department of the 
NCB.  

Reserve assets do not include any derivatives instruments.  

Securities are valued at market prices. The respective income is also derived from the security-by-security reporting and 
the CSDB. 

In the case of securities, transactions in reserves are based on the change in stocks adjusted for revaluation and other 
volume changes taken from the securities statistics. 

Both gold and securities are published at market value. The central bank’s holdings of securities are calculated s-b-s. The 
data source for prices is regulated and given by the NCB’s risk management unit. 

There are no financial derivatives under reserve assets. 

Securities are valued at market price and calculated on an s-b-s basis. The Data source for Market prices is BVAL 
Bloomberg. Derivatives are valued at market prices. 

Monetary gold holdings are valued monthly at market prices. Transactions and stocks are available from the source data 
and are valued at market prices. Foreign currencies are converted into euro at the exchange rates prevailing on the last 
day of the reported month. The NCB’s securities holdings are valued using data from the CSDB. 

All stocks are valued at market prices. Foreign currencies are converted into euro at the exchange rate prevailing on the 
last day of the reported month. 

The NCB’s securities holdings are calculated on an s-b-s basis. The data are reported on an aggregated level (sum of 
short-term debt securities, long-term debt securities, equity and investment fund shares per country and per currency). 

Financial derivatives are reported in euro equivalent, valued at market prices. The report includes stocks and flows 
(transactions, price changes and other changes in volume). 

All stocks are consistent with the stock values reported in the monthly international reserves template. 

All instruments of the official reserve assets (with the exception of held-to-maturity debt securities) are measured at 
market price. 

For debt securities, data are reported s-b-s and are valued at market price. Financial derivatives are also valued at market 
price. 

LU 

HU 

MT 

NL 

AT 

PL 

PT 

RO 

Flows are derived from stocks. Price changes and exchange rate changes are also calculated. 

The NCB’s holdings are calculated s-b-s. Market prices are supplied by Bloomberg. 

SI 

Reserve assets and related income have been calculated according to the accrual principle since 2002 (on a cash basis 
principle prior to that date). 

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All instruments are valued at nominal value, except securities, which are valued at market value (data on securities are at 
ISIN code level). 

Compilation methods for reserve assets 

Derivatives are valued at market value. 

Data break: following Slovenia’s entry to the euro area in 2007, claims on other euro area residents (denominated in all 
currencies) and claims on non-euro area residents (denominated in euro) are not included in international reserves. From 
2007 onwards, these transactions/positions are shown in the relevant categories of the NCB’s financial account sector 
(portfolio investment and other investment) within the b.o.p. statistics or the appropriate instrument within the i.i.p. 
statistics.  

SK 

The absolute majority of reserve assets is represented by securities, thus the same approach as for portfolio investment 
calculations is used: transactions and income is calculated, as well as rest of reconciliation from collected stocks. 

Since 2002, monetary gold is valued monthly at market price. 

Securities are valued monthly at market prices. The prices are obtained from the CSDB, as they are extremely close to 
those reported by our own sources. 

Government debt data are used in the Data Template on International Reserves and Foreign Currency Liquidity. 

Derivatives are valued at market price. 

FI 

SE 

Flows are derived from the monthly reported balance sheet data and securities are valued at market price. The data 
source for prices is the BSI-report. 

For debt securities, data is available s-b-s and is valued at market price. There are no financial derivatives under reserve 
assets. 

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Special purpose entities (SPEs) 

(As of October 2023) 

In a complex global financial system with increasing cross-border linkages, entities 
known as special purpose entities (SPEs) play an important role. Multinational 
enterprises (MNEs) establish SPEs to channel their financial investments, increase 
access to multiple financial markets, and organise their tangible and intangible 
assets globally. SPEs have become increasingly relevant in external statistics as 
they may take the form of financial specialised entities, or, more recently, also non-
financial specialised entities that MNEs establish to manage intellectual property 
rights, research and development, trade and other activities as part of a group-wide 
financial and profit maximisation strategy. 

The statistical information relating to SPEs allows the Eurosystem to obtain a better 
understanding of the role of these entities in the economic and financial system of 
the euro area. In particular, the statistical information on the activity of SPEs in 
Member States whose currency is the euro with a high concentration of SPEs 
enables the Eurosystem to analyse and interpret cross-border interconnectedness 
from flows and positions of SPEs and to assess the associated financial and 
economic risks for the purpose of financial stability analysis.  

The definition of SPE provided by the IMF Task Force on Special-Purpose Entities 
(TFSPE) is reflected in Article 1(18) of Guideline ECB/2022/23: “special purpose 
entity” or “SPE” means a formally registered and/or incorporated legal entity which: 

1. 

is recognised as an institutional unit; 

2. 

employs no, or no more than five, employees; 

3. 

has no or minimal physical presence; 

4. 

has no or minimal physical production in the economy where it is resident (“host 
jurisdiction”); 

5. 

is directly or indirectly controlled by non-residents of the host jurisdiction; 

6. 

has been established to obtain specific advantages provided by the host 
jurisdiction with one or more of the following objectives: (i) to grant its owner(s) 
access to capital markets or sophisticated financial services; (ii) to isolate 
owner(s) from financial risks; (iii) to reduce regulatory and tax burden; (iv) to 
safeguard confidentiality of their transactions and owner(s); 

7. 

transacts almost entirely with non-residents of the host jurisdiction; 

8. 

has a financial balance sheet of which a large part consists of cross-border 
claims and liabilities, except in the case of entities issuing marketable debt 
securities where this information may not be available. 

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The Guideline ECB/2022/23 also requires Member States whose currency is the 
euro to transmit data relating to cross-border transactions and stocks of resident 
SPEs to the ECB so that the latter can compile an euro area aggregate. 

Methodology 

As the above-mentioned definition leaves some room for interpretation, certain 
specificities on the operational implementation of the SPEs definition were agreed by 
the Working Group External Statistics (WG ES) to facilitate the identification and 
proper classification of SPEs within the EU. 

1. Legal entities with SPEs characteristics 

According to the System of National Accounts (SNA) 200822 and the sixth edition of 
the Balance of Payments and International Investment Position Manual (BPM6)23, 
SPEs are institutional units only because they are resident in a territory different from 
that of their owners. In line with these manuals, an entity with a domestic parent 
should not be classified as an SPE as it does not have autonomy of decision and the 
exception for cross-border relations does not apply and hence does not match the 
definition of institutional unit. However, according to the IMF, SPEs indirectly 
controlled by non-residents through a chain of domestic owners (which may also be 
SPEs) should not be consolidated with their domestic non-SPE parent and be 
included – to the extent feasible and subject to data availability – in the SPE 
population even if they have no autonomy of decision. Some EU countries would be 
able to separate these entities for reporting purposes while other countries would not 
as those legal entities are already consolidated in the existing reporting process. 
Therefore, EU countries keep the definition of institutional units as this is one of the 
fundamental principles of the macroeconomic statistics framework. Also, a change 
would increase the reporting burden and generate unwanted inconsistencies for 
most countries were they to include, in the SPE population, entities with SPE 
characteristics but having a domestic parent. 

2. Five-employee threshold 

One criterion of the international definition of SPEs is the five-employee threshold. 
More than five employees would imply a certain degree of physical presence and 
would also trigger certain contributions to the resident country such as income tax 
payments. As a number of countries raised concerns over this threshold, the IMF 
confirmed in December 2020 that in very exceptional and well justified cases based 

22   SNA §4.61 on SPEs: An entity of this type that cannot act independently of its parent and is simply a 

passive holder of assets and liabilities (sometimes described as being on auto-pilot) is not treated as a 
separate institutional unit unless it is resident in an economy different from that of its parent. If it is 
resident in the same economy as its parent, it is treated as an “artificial subsidiary” as described 
immediately below. 

23   BPM6 §4.52 on SPEs: These entities are always treated as separate institutional units if they are 

resident in a different territory to that of their owners. 

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on the compiler’s expert judgement, a unit with more than five employees (including 
part-time and non-resident ones) and fully operating as an SPE may be included in 
the SPE population. A case in point would be Holding Companies, where the number 
of employees often fluctuates. However, these entities may still be considered SPEs 
based on expert judgement. 

EU countries treat the five-employee threshold as a strict criterion (as it is included in 
the internationally agreed definition) but may make exceptions in rare instances 
based on the compiler’s expert judgement to keep the SPEs population stable. The 
five-employee threshold should be understood as a headcount of five or where the 
company has five full-time equivalents when the information is being collected. 

3. Physical production/physical presence  

No or little physical production and no or little physical presence may be defined 
according to the following proposed constraints: 

• 

• 

• 

Limitation of physical production (e.g. employees, physical capital, goods and 
services to produce outputs that are derived or supplied to other institutional 
units); 

Absence of physical assets (e.g. buildings, land, machinery and equipment); 

Limited to a physical address or even just an electronic communication 
address. If legally required or otherwise necessary, small-scale premises may 
be permitted. 

Aside from the five-employee threshold and expert judgement, the following 
indicative thresholds may be used by EU compilers to determine domestic 
productivity and physical presence: 

•  Material fixed assets <5% of total assets; 

• 

• 

Trade receivables <5% of total assets; 

Turnover <5% of total assets. 

Material fixed assets do not include intangible assets such as intellectual property 
and mobile tangible assets such as leased aircrafts. 

These thresholds are on the high side to give countries some leeway to avoid 
frequent reclassifications of SPEs/non-SPEs due to the high volatility of this ratio. 
These indicators are also recommended by the IMF Operational Guidance, though 
without defining a specific threshold. 

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4. External assets and liabilities 

According to the internationally agreed definition, SPEs transact almost entirely with 
non-residents and a large part of their financial balance sheet typically consists of 
cross-border claims and liabilities, though no threshold is given. The following 
indicative threshold may be used in the EU to filter down the number of entities that 
might be classified as SPEs: threshold of >80% of total financial assets and total 
financial liabilities vis-à-vis non-residents as a benchmark.  

Exceptions shall be accepted in the case of entities that issue marketable debt 
securities where this information is not available, such as conduits and securitisation 
vehicles (especially when debt securities are sold and the counterpart information is 
not available). In addition to the threshold, the classification of SPEs on the basis of 
the external financial assets/liabilities criterion should be based on expert judgement. 

5. Time of reclassification 

The reclassification of an entity as a non-SPE – especially when based on the five-
employee threshold – could lead to an unstable reporting population and cause the 
wrong data to be analysed. In addition, the registers (e.g. EGR or RIAD) that would 
include those flags should be updated in a harmonised way to avoid inconsistencies 
between countries. For that reason, it was proposed to establish the five-employee 
threshold over a period of three years. 
To achieve and keep b.o.p./NA, RoW consistency is crucial. Therefore, it is essential 
to align the reclassification of entities with National Account compilers and to stick to 
national reclassification practices. In the absence of national practices, countries 
may apply – as an additional indicator – a three-year average on the five-employee 
threshold for already established entities that experience a fluctuation in the number 
of employees. For new entities that classify as SPEs, the three-year average on the 
five-employee-threshold should not be applied. 

6. Types of SPEs relevant for Europe 

While SPEs owning financial assets only are relatively common and hence easily 
identified, SPEs owning non-financial assets may be harder to detect. SPEs can be 
identified in any sector and can take different forms and business activities. In 
general, financial SPEs are more relevant in Europe than non-financial SPEs. 
Holding companies and intragroup lending companies – the most recurrent types of 
SPEs in Europe – are used for typical foreign direct investment (FDI) pass-through 
investments. However, SPEs are sometimes used for purposes beyond FDI pass-
through investments. Types of non-financial SPEs relevant in Europe are royalty and 
licencing, merchanting and operational leasing companies. Identifying the type of 
SPEs hosted in one’s economy makes it easier to cover all relevant stocks and 
flows. It is sometimes challenging to collect data on SPEs that are not featured in 
regular surveys and/ or newly created. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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208 

 
 
The following chart depicts the types of SPEs relevant in Europe, by number of 
countries in which they have been identified. 

Chart 1 
Types of SPEs relevant in Europe 

Note: Other types of SPEs listed by WG ES members are investment funds, drilling companies, financial leasing companies and 
resolution vehicles.  

7. Indicators to assess the relevance of SPEs in a country’s 
economy 

To evaluate the entity’s specific “purpose”, it is important to understand the 
incentives provided by specific jurisdictions, identify the residency of the ultimate 
controlling parent, assess the financial risks based on financial ratios, inspect the 
impact of tax-free zones and the links to MNEs, and examine the difficulties related 
to data confidentiality and legal constraints.  

The following indirect indicators could be helpful in assessing whether a country is 
attracting SPEs and therefore in identifying whether SPEs are material within a 
country’s economy: 

• 

Presence of highly specialised law and tax firms. 

• 

• 

• 

An employment share in the legal and financial service sector that 
exceeds the European average may indicate the presence of a strong, 
internationally-oriented financial sector. 

Special tax regimes for dividends, interest, royalties, income from 
intellectual property protection (IPP) and tax-free zones. 

Low headline corporate tax rates in general or for certain 
companies/regions.24 

24   Within the EU, or for federal states such as the United States, there will be an economic incentive for 

specific countries or states to specialise in hosting SPE-type enterprises. A clear entry point is 
knowledge of particular legal provisions in a specific jurisdiction that sets SPEs apart from non-SPEs. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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209 

233445557131745605101520Special-purpose units of general governmentLoan originationOtherCaptive financial leasingCaptive insurance corporationsOperational leasing companiesCaptive factoring and invoicingSecuritisation vehicles / Financial vehicle corporationsMerchantingCompanies established to manage personal and family wealthRoyalty and LicensingConduitsIntragroup lendingHolding corporationsFinancial SPEsNon-financial SPEsNumber of countries 
 
 
 
• 

Larger financial balance sheet vis-à-vis the rest of the world or larger FDI 
transactions in relation to GDP. 

Specificities and deviations from the operational implementation of the SPEs 
definition 

Legal vs statistical 
unit 

External assets and 
liabilities (>80%) 

Other deviations 

Most common type  

Borderline cases25 

EA 

Statistical unit. 

BE 

BG 

CZ 

DK 

The NSI is responsible 
for identifying SPEs 
and for providing the 
list to the national 
central bank (NCB). 

Legal unit; data from 
business register used 
to identify possible 
SPEs. 

No deviation – the 
80% threshold is 
applied. 

In most cases based 
on direct reporting for 
FDI purposes. 

DE 

Legal unit. 

Applied with a 90% 
threshold. 

EE 

Legal unit. 

No deviation – the 
80% threshold is 
applied. 

IE 

In line with ECB 
guidance to adhere to 
the definition of an 
institutional unit. 

80% threshold applied 
to assets and liabilities 
individually. 

GR 

Broadly speaking, the 
information needed for 
the SPE definition is 
only available for 
direct investment 
reporters and their 
enterprises, so the 
definition cannot be 
checked for all 
domestic units. 
Regarding the criterion 
of physical 
production/physical 
presence, the 
following approach is 
used: annual turnover 
is transformed to a 
standard normal 
distribution and then 
adjusted for outliers.  

SPE criteria would be 
difficult to apply to 
foreign-owned 
enterprises with 
unreported annual 
reports, due to 
insufficient information 
on foreign assets and 
debt liabilities. 

When identifying non-
Irish control, the 
sponsor concept is 
used where data 
originates from the 
Central Bank’s 
financial vehicle 
corporation (FVC) and 
special purpose 
vehicle (SPV) 
population. 

Holding companies. 

SPEs have yet to be 
identified. 

Holding companies. 

Activities of holding 
companies and head 
offices, other financial 
service activities and 
activities auxiliary to 
financial services and 
insurance activities. 

Activities of holding 
companies, and 
companies set up to 
manage personal and 
family wealth. 

Investment fund-linked 
vehicles. 

Large balance sheet 
positions and number 
of employees 
somewhere above five 
(but below 10). 

Some securitisation 
companies fail the 
SPE test due to high 
amounts of derivative 
positions affecting the 
cross-border 
assets/liabilities 
criterion. Nonetheless, 
these entities are 
included in SPE 
reporting manually. 

Orphan entities are not 
included in the SPE 
population. These 
make up a large share 
of Irish FVCs/SPVs but 
are not in line with the 
IMF definition. 

25   Please list borderline cases and categorise whether they are included or excluded from your SPEs 

reporting. 

EU Balance of Payments and International Investment Position – Statistical sources and 
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210 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Legal vs statistical 
unit 

External assets and 
liabilities (>80%) 

Other deviations 

Most common type  

Borderline cases25 

ES 

The institutional unit 
criterion is applied. 

No deviation – the 
80% threshold is 
applied. 

Holding companies. 

There is no recorded 
deviation from 
established criteria, 
although expert 
judgement is always 
considered when 
classifying SPEs.  

FR 

HR 

Legal unit. 

Applied with a 90% 
threshold. 

SPEs have yet to be 
identified. 

No entity in Italy has 
yet to satisfy all of the 
criteria required by the 
internationally agreed 
definition of SPE. 

Holding and other 
financial companies 
are the most common 
type of SPEs.  

In addition, a special 
category of non-
financial SPEs has 
been identified, 
namely ship-owning 
entities. 

Applied with a 90% 
threshold. 

Concerning the 
criterion on the 
number of employees, 
the threshold is set to 
three employees 
(since the upper limit 
of five persons is not 
representative in the 
case of Cyprus). 

A few financial firms 
that do not pass the 
employee (even with 
the upper limit set at 
five) and physical 
presence criterion for 
SPEs, even though 
they have huge assets 
and liabilities held 
almost exclusively with 
non-residents, are 
excluded from the SPE 
category. 

In addition, certain 
holding companies in 
Cyprus, despite 
passing all the criteria 
for SPEs apart from 
the last one on 
external assets and 
liabilities (which they 
narrowly fail), are not 
included in the SPE 
population.  

One entity with six 
employees was initially 
kept in the SPE 
population, but was 
removed upon 
reaching seven 
employees. Changes 
in the entity type were 
recorded in that year 
as reclassification in 
b.o.p./i.i.p. 

Holding companies. 

The list of SPEs is 
expected to be 
expanded, as the SPE 
identification working 
group in Lithuania is 
set to include all types 
of SPEs and the entire 
statistical population. 

Until 2022 a 90% 
threshold for the 
largest holding type of 
entities was applied. 

Since 2023, the 
process of identifying 
SPEs has been 
reviewed and the 80% 
criterion has been 
applied by the NCB 
and Statistics 
Lithuania’s working 
group on SPE 
identification in 
Lithuania. 

IT 

CY 

Mainly legal unit. If we 
have more information 
on the group, the 
statistical unit is used. 
This mainly happens 
when an SPE parent 
(the company sitting at 
the top of the group in 
Cyprus) has 
subsidiaries in Cyprus 
that do not also have 
autonomy of decision. 
In this case we 
consolidate these 
companies. 

LV 

The Central Statistical 
Bureau is responsible 
for identifying SPEs 
and provides the 
resulting list to the 
NCB. 

LT 

Legal unit: most 
entities are not 
consolidated. 

LU 

EU Balance of Payments and International Investment Position – Statistical sources and 
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211 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other deviations 

Most common type  

Borderline cases25 

Legal vs statistical 
unit 

External assets and 
liabilities (>80%) 

HU 

Legal unit. 

>90% is the threshold 
applied. 

MT 

Legal unit. 

NL 

Legal unit. 

No deviation – the 
80% threshold is 
applied. 

A stricter definition is 
applied (close to 
100%). 

Holding companies 
and intragroup lending 
companies. 

Holding companies. 

Holding companies 
and intragroup lending 
companies. 

For SPEs identified 
with the above 
commonly agreed 
criteria, statistically the 
NCB continues to 
recognise only 
financial instruments, 
as – in a few cases – 
these SPEs holds non-
financial assets, 
although the economic 
owners of these non-
financial assets 
according to their 
balance sheet are still 
non-resident 
companies. These 
non-financial assets 
are recognised as 
foreign direct 
investment in foreign 
affiliated firms, and 
their income is 
recorded as income on 
equity. 

No non-financial SPEs 
have been identified. 
Royalty and licencing 
entities are recorded in 
the non-financial 
corporations sector but 
are not tested if they 
meet the SPE 
definition (although it 
is unlikely that many 
non-financial SPEs 
exist). 

AT 

Legal unit. 

No deviation – the 
80% threshold is 
applied. 

Holding companies. 

Listed entities are not 
classified as SPEs, 
even in the absence of 
domestic economic 
activities. Such listed 
entities could have a 
foreign shareholder 
owning more than 50% 
of the shares (in very 
rare cases). These 
listed entities without 
or with very limited 
economic activities are 
recorded under S127.  

In one particular case, 
an enterprise was 
reclassified several 
times as SPE/Non-
SPE, although this 
was down to a 
succession of 
intragroup 
restructuring events, 
rather than 
methodological 
concerns. 

PL 

Legal unit. 

The threshold is not 
applied. 

Holding and lending 
companies. 

Information needed for 
the identification is 
only available for 
direct investment 
reporters. A few SPEs 
have been identified 
based on commonly 
agreed criteria. The 
identification method is 
in the process of 
improvement. 

PT 

Legal unit. 

Threshold not applied, 
because the individual 
data available for 
potential SPEs on 
external assets and 
liabilities is limited in 
terms of completeness 
and quality. 

S12: Financial service 
activities, except 
insurance and pension 
funding; non-financial 
holding companies; 
trusts, funds and 
similar financial 
entities. 

Some companies with 
more than five 
employees may qualify 
as an SPE if available 
information indicates 
that the entity operates 
almost entirely with 
non-residents and is 
controlled by non-
residents. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Special purpose entities (SPEs) 

212 

 
 
 
 
 
 
 
 
 
Legal vs statistical 
unit 

External assets and 
liabilities (>80%) 

Other deviations 

Most common type  

Borderline cases25 

Non-financial 
corporations: non-
specialised wholesale 
trade. 

SPEs and offshore 
financial institutions 
have yet to be 
identified operating in 
the domestic 
economy. 

So far, no SPEs have 
been identified 
operating in the 
domestic economy. 

Activities of holding 
companies and head 
offices. 

Holding companies 
and intragroup lending 
companies. 

In our business 
register, the employee 
count is an estimated 
variable. Data for a 
direct employee count 
are not available. If all 
other criteria are met 
and the employee 
count is near the 
threshold, the 
company will be 
classified as an SPE. 

RO 

SI 

SK 

FI 

Legal unit. 

No deviation – the 
80% threshold is 
applied. 

As the information 
needed for SPE  

flagging is only 
available for direct 
investment reporters, 
the criterion cannot be 
checked for all 
domestic units.  

SE 

Legal units. 

The 80% threshold is 
not strictly applied, as 
a substantial portion of 
the current SPE 
population transacts 
with non-residents and 
more than 50% of their 
financial balance sheet 
consists of cross-
border assets and 
liabilities. 

EU Balance of Payments and International Investment Position – Statistical sources and 
methods – Special purpose entities (SPEs) 

213 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
© European Central Bank, 2023 

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