Monetary Financial Institutions And Markets Statistics Sector Manual .
M O N E TA RY F I N A N C I A L I N S T I T U T I O N S A N DM A R K E T S S TAT I S T I C S S E C TO R M A N UA LMARCH 2007ISSN 1830703-59 771830 703003G U I DA N C E F O RT H E S TAT I S T I C A LC L A S S I F I C AT I O NO F C U S TO M E R STHIRD EDITION
M O N E TA RY F I N A N C I A L I N S T I T U T I O N S A N DM A R K E T S S TAT I S T I C S S E C TO R M A N UA LMARCH 2007G U I DA N C E F O RT H E S TAT I S T I C A LC L A S S I F I C AT I O NO F C U S TO M E R SIn 2007 all ECBpublicationsfeature a motiftaken from the 20 banknote.THIRD EDITION
European Central Bank, 2007AddressKaiserstrasse 2960311 Frankfurt am MainGermanyPostal addressPostfach 16 03 1960066 Frankfurt am MainGermanyTelephone 49 69 1344 0Websitehttp://www.ecb.intFax 49 69 1344 6000Telex411 144 ecb dAll rights reserved. Reproduction foreducational and non-commercial purposesis permitted provided that the source isacknowledged.ISSN 1830-7035 (online)
CONTENTSCONTENTSFOREWORD4PART ONE – INTRODUCTION71General principles of sectorisation 72Residence principles73Sectorisation in the euro area84Sectorisation in the “Rest of theworld”105Borderline cases in the delimitationof the euro area116Additional sources of informationand contact persons11Annex: International organisations12Summary table of the sectoral breakdownof euro area monetary, financialinstitutions and markets statistics14PART TWO – COUNTRY-BY-COUNTRYEXPLANATORY NOTESBelgiumBulgariaCzech ovakiaFinlandSwedenUnited 145151156166175181187194201207In accordance with Communitypractice, Member States are listed usingthe alphabetical order of the nationallanguages.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 20073
FOREWORDBACKGROUNDThe ECB Regulation concerning theconsolidated balance sheet of the “Monetaryfinancial institutions” sector (ECB/2001/13),as amended, requires monetary financialinstitutions (MFIs) to report statistical data forthe purposes of compiling euro area MFIbalance sheet statistics from 1 January 1999onwards. In this context, reporting MFIs haveto classify their domestic counterparties andthose in other euro area Member Statesaccording to the same sectoral breakdownfollowing classification principles in line withthe European System of Accounts 1995 (theESA 95). With regard to the monthly dataneeded to compile the consolidated balancesheet of the euro area MFI sector as well as themonetary aggregates and counterparts for theeuro area, an initial breakdown into MFIs andnon-MFIs is required, with a further breakdownof non-MFIs into the “General government”sector (with “Central government” identifiedseparately in deposit liabilities) and the “Otherresidents” sector. A more detailed breakdownof the “General government” sector is requiredon a quarterly basis. A further disaggregationof the “Other residents” sector is required at amonthly frequency for deposits held and loansgranted by MFIs, whereas this level of detail isonly required for other financial instruments ata quarterly frequency.In practical terms, reporting MFIs can identifycounterparties that are also defined as MFIs forstatistical purposes by using the EU List ofMFIs. This list provides a full enumeration ofall MFIs located in the EU. 1Reporting MFIs can also identify other domesticcounterparties classified under the non-MFIsector by using the existing instructions of thenational central banks (NCBs) on theclassification of resident customers.MFIs may, however, face difficulties incorrectly classifying non-MFI counterparties4located in other EU Member States by sector.The requirement that all EU Member States hadto implement the ESA 95 in 1999 and 2000 hasfacilitated EU-wide conceptual consistencyconcerning the national rules for domesticsectorisation. However, the practical problemof how to classify counterparties located inother EU Member States still remains, owing tothe lack of a common and easily accessibleEU-wide source of information on the domesticsector classification of non-MFIs.AIMThe “Sector Manual – Guidance for thestatistical classification of customers (thirdedition)” is intended to assist reporting MFIsin classifying their non-MFI counterpartieslocated in other EU Member States by sector.In comparison with the previous editions of theManual, which were published in November1999 and April 1998, this third editionincorporates the country chapters of the tenMember States that joined the EU in May 2004,as well as Bulgaria and Romania, which joinedin January 2007. In addition, the fullimplementation of the ESA 95 has resulted infurther amendments to the country-by-countryexplanatory notes and definitions. Finally, thisthird edition also incorporates numerouswebsite references and online registers,providing its readers with useful and efficienttools concerning how to obtain furtherinformation.The Manual complements but is not intendedto replace more detailed national instructionson the classification by MFIs of domesticcounterparties.In addition, the Manual presents the currentnational rules for the domestic sectorisation ofcounterparties in accordance with ECB/2001/13,as amended, following classification principlesthat are consistent with the ESA 95 as far aspossible.1A complete “List of MFIs” is published on the ECB’s websiteunder .en.htmlECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 2007
FOREWORDSTRUCTUREThe Manual is composed of two parts.Part One consists of an introduction preparedby the ECB, which includes general referencesto the sectoral classification as presented inRegulation ECB/2001/13, as amended, and inthe ESA 95. It aims to provide general guidanceon the practical classification of institutionalunits, and additionally makes a clear-cutdistinction between the euro area and the“Rest of the world”, following internationalstandards.Part Two contains explanatory notes for eachEU Member State respectively on the sectoralclassification of resident institutions, based onnational contributions provided by NCBs,where necessary in cooperation with nationalstatistical institutes (NSIs). These nationalexplanatory notes provide the followinginformation for each sector/sub-sector:(i)Definition: A short description is given,according to national features, of thedelimitation of the domestic sectors/subsectors.(ii) Types of entities belonging to the sector:Groups and classes of entities of the sametype which are more likely to be involvedin intra-EU business are enumerated,together with a short description wherepossible. This list of examples, which is asexhaustive as possible, is presented in thenational language and, where appropriate,a translation is given in brackets in orderto help reporting institutions whensearching for a particular type of entity.(iii) Entities belonging to the sub-sector(illustrative list): This contains the largestresident entities and/or those consideredby the NCBs and NSIs as the most likelyto be involved in intra-EU business. Thislist contains the full names of the entitiesin the national language and, whereappropriate, a translation is given inbrackets in order to facilitate any searchfor a particular entity. This list is notintended to be exhaustive.(iv) Borderline cases: The main inclusions/exclusions (if any) are mentioned here. Inthe case of exclusions, reference is madeto their appropriate classification.References to national peculiarities, interms of individual existing institutionsand their classification, are also covered.In addition, the country-by-country explanatorynotes provide guidance on how to identify theboundaries of the domestic area in cases wheredifficulties are likely to arise owing to theexistence of offshore financial centres or thetreatment of any other territories attached to, orassociated with, the Member State in question.Finally, the Manual refers to further sources ofinformation available at the national level (e.g.website references, online registers, exhaustivelists of certain sectors available from NSIs), aswell as the details of contact persons at thenational level to be contacted in the event ofquestions regarding specific classificationcases.STATUS OF THE MANUALThe Manual is available to all reporting MFIsin the EU Member States from their respectiveNCB. Other interested parties can also requestcopies from the ECB or any of the EU NCBs.The Manual can also be viewed on the ECB’swebsite ml). It is only available in English(with the exception of the names of individualinstitutions or groups of institutions of thesame kind, all of which are presented in thenational language). Translations into nationallanguages are left to the discretion of the NCBsconcerned.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 20075
For more information on the status of theManual, please contact:European Central BankPress DivisionKaiserstrasse 29D - 60311 Frankfurt am MainTel.: 49 (69) 13 44 7455Fax: 49 (69) 13 44 7404E-mail: info@ecb.int6ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 2007
INTRODUCTIONINTRODUCTION1GENERAL PRINCIPLES OF SECTORISATIONFor the purposes of compiling the consolidatedbalance sheet of the euro area “Monetaryfinancial institutions” (MFI) sector and themonetary and credit aggregates for the euroarea (henceforth “monetary statistics”), thepositions of customers on the books of MFIsare classified according to their sector ofeconomic activity, on the basis of their principalactivity and function. The table presented at theend of this chapter contains the summary formatfor the data to be transmitted from nationalcentral banks (NCBs) to the European CentralBank (ECB), based on the data collected fromreporting MFIs.Although they do not meet the above-mentionedconditions, the following entities are alsoconsidered to be institutional units:i)households;ii)quasi-corporations (entities withoutindependent legal status, but which keep acomplete set of accounts and have decisionmaking autonomy vis-à-vis the units thatlegally control them).Each customer should be classified byreporting MFIs as belonging to one and onlyone sector, according to its principal activityand function.2The ECB Regulation of 22 November 2001, asamended, concerning the consolidated balancesheet of the “Monetary financial institutions”sector (ECB/2001/13) constitutes the referencefor monetary statistics in the euro area. Thesectorisation follows the European System ofAccounts 1995 (the ESA 95) 2 as a tool forachieving consistency in definitions acrossdifferent, but related, national statisticalsystems.In this context, it is important to introduce theESA concept of an institutional unit, i.e. anentity with: i) autonomy of decision in respectof its principal activity and function; and ii) acomplete set of accounts (or the capacity tocompile these, if required). 3The country of residence of a customer isdetermined by its centre of economic interest.This means that a company is consideredresident in a territory when it has engaged fora year or more in economic activity in thatterritory, or when it has registered or indicatedan intention to operate permanently in thatterritory. The same applies to natural persons,which means that they may or may not benationals of the territory in which theyoperate.The following are examples of borderline casesin the determination of residence:(i)The most common entities deemed to beinstitutional units are:(i)public and private corporations;(ii) units recognised as independent legal entities(e.g. cooperatives and partnerships).RESIDENCE PRINCIPLES23Staff of embassies or military bases are tobe classified as residents of their countryof origin, thereby ensuring that a distinctionis made between local (host country) staffand staff from the country which theembassy or military base represents;Council Regulation (EC) No 2223/96 of 25 June 1996 on theEuropean system of national and regional accounts in theCommunity, Official Journal of the European Communities,L 310, Volume 39, 30 November 1996.For the purposes of this Manual, the term “entities” is also usedto denote “institutional units”.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 20077
(ii) Whenundertakingcross-bordertransactions in land and/or buildings (e.g.holiday homes), the owner is treated as ifhe has transferred his ownership to anotional institutional unit that is actuallyresident in the country where the propertyis located. The notional unit is to be treatedas being owned and controlled by the nonresident owner;(iii) In the absence of any significant physicaldimension to an entity, e.g. investmentfunds (as distinct from their managers),securitisation vehicles, and some specialpurpose entities, its residence is determinedaccording to the economic territory underwhose laws the entity is incorporated. Ifthe entity is not incorporated, legaldomicile is used as a criterion, namely thecountry whose legal system governs thecreation and continued existence of theentity.3SECTORISATION IN THE EURO AREAfrom entities other than MFIs and, on their ownaccount, to grant credits and/or invest insecurities (e.g. money market funds). Aspreviously noted, the EU NCBs and the ECBare also classified as MFIs.The institutions contained in the list are allMFIs, regardless of whether or not the MemberState in which they are located belongs to theeuro area. However, in the data reported forcompiling euro area statistics, MFIs located inEU Member States not participating in MonetaryUnion are classified under the “Rest of theworld”, and are referred to as banks rather thanas MFIs, in order to conform to the methodologyapplied to the “Rest of the world” (see summarytable and Section 4).b. Non-MFIsThe category of non-MFIs comprises thefollowing sectors and sub-sectors (see examplesof types of entities in the summary table at theend of Part One): The “General government” sector, whichcomprises all resident units that areprincipally engaged in the production ofnon-market goods and services that areintended for individual and collectiveconsumption and/or in the redistribution ofnational income and wealth (the ESA 95,paragraphs 2.68 to 2.70). The “Generalgovernment” sector is sub-divided into thefollowing sub-sectors:– “Central government”, which containsthe administrative departments of theState and other central agencies whosecompetence extends over the wholeeconomic territory, except for the4The Council of the European Union (EU Council), unanimouslydecided on 3 May 1998 that 11 Member States, namely Belgium,Germany, Spain, France, Ireland, Italy, Luxembourg, theNetherlands, Austria, Portugal and Finland, had fulfilled thenecessary conditions for the adoption of the single currency on1 January 1999. The number of participating Member States inthe euro area increased first to 12 on 1 January 2001, whenGreece entered the third stage of EMU, and most recently to 13on 1 January 2007, with the adoption of the euro by Slovenia.List published on the ECB website: .en.htmlThe euro area corresponds to the territory ofthe EU Member States participating inEconomic and Monetary Union (EMU) 4 and theECB. The ECB is classified as a central bankwithin the MFI sector of the euro area. However,for convenience in the classification within thereporting scheme for monetary statistics, theclassification of the ECB as an MFI resident inGermany has been adopted as a convention.For customers resident in the euro area, themain distinction required in the sectoralclassification is between MFIs and non-MFIs(see summary table at the end of Part One).a. MFI sectorThe EU List of MFIs comprises an exhaustiveenumeration of MFIs located in the EU. 5 MFIsinclude not only banks and other creditinstitutions as defined in Community Law, butalso other financial institutions located in theeuro area whose business is both to receivedeposits and/or close substitutes for deposits85ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 2007
INTRODUCTIONadministration of social security funds(ESA 95, paragraph 2.71).– “State government” (also named“Regional government” according to theESA 95), which consists of separateinstitutional units exercising some of thefunctions of government at a level belowthat of central government and abovethat of local government, except for theadministration of social security funds(ESA 95, paragraph 2.72). This level ofgovernment does not exist in all EUMember States (see Part 2 of the countryby-country explanatory notes).– “Local authorities” (also named “Localgovernment” according to the ESA 95),which covers those public administrationswhose competence only extends to alocal part of the economic territory,excluding local agencies of socialsecurity funds (ESA 95, paragraph 2.7).– “Social security funds”, which comprisesschemes managed by central entities,state entities or local public institutionalentities, the principal objective of whichis to provide the population of thecountry with social benefits (ESA 95,paragraph 2.74). Certain populationgroups are obliged to pay contributionsto these schemes. Social security fundsare not separately identifiable as beingprovided by the central, state/regional orlocal government in some EU MemberStates (see Part 2 of the country-bycountry explanatory notes). The “Other residents” sector, which consistsof all institutional units located in the euroarea, other than MFIs and entities belongingto the “General government” sector. Thissector is sub-divided into the following subsectors:– “Other financial intermediaries (OFIs)and financial auxiliaries”, whichcomprises all non-monetary financialcorporations and quasi-corporations(excluding insurance corporations andpension funds) principally engaged infinancial intermediation by incurringliabilities in forms other than currency,deposits and/or close substitutes fordeposits from institutional units otherthan MFIs (ESA 95, paragraphs 2.53 to2.56). Also included in this category arefinancial auxiliaries consisting of allfinancial corporations and quasicorporations that are principally engagedin auxiliary financial activities (e.g.financial consultants and advisers,managers of pension funds and mutualfunds, entities providing guarantees,brokers, etc.), but which are notthemselves financial intermediaries(ESA 95, paragraphs 2.57 to 2.59).– “Insurance corporations and pensionfunds”, which contains all non-monetaryfinancial corporations and quasicorporations, the main activity of whichis financial intermediation as aconsequence of the pooling of risks(ESA 95, paragraphs 2.60 to 2.67). Thiscategory covers both life and non-lifeinsurance activity. Only pension schemeswith autonomy of decision and acomplete set of accounts are includedhere; otherwise they remain part of theentity that has set them up (e.g. companypension funds). Also excluded areschemes classified within “Socialsecurity funds” (see above).– “Non-financial corporations”, whichconsists of those corporations and quasicorporations that are not engaged infinancial intermediation but rather in theproduction of goods and non-financialservices (ESA 95, paragraphs 2.21 to2.31).– “Households”, which contains individualsor groups of individuals acting as: i)consumers; ii) producers of goods andnon-financial services exclusively fortheir own final consumption; and iii)small-scale market producers (such assole proprietorships and partnershipswithout independent legal status, usuallydrawing on own labour and financialresources). For the purposes of monetarystatistics (Regulation ECB/2001/13),ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 20079
non-profitinstitutionsservinghouseholds are merged within the“Households”sub-sector.Thesecomprise those institutions principallyengaged in the production of non-marketgoods and services intended for particulargroups of households (ESA 95,paragraphs 2.75 and 2.88).entity (the parent institution) owns a majorityor has full participation, whereas branches areentities without independent legal status(i.e. wholly owned by the parent institution).However, when branches are located in adifferent country from that in which thecompany controlling them is located, they aredeemed to be separate institutional units.For more details on the sectoral classificationand definitions, please refer to RegulationECB/2001/13 and to Chapter II entitled “Unitsand groupings of units” of the ESA 95.Central banks located outside the euro area areclassified as banks in the “Rest of the world”,including the NCBs of EU Member Statesnot participating in Monetary Union. Someinternational organisations that undertakebanking activities as central monetaryauthorities (i.e. the BIS and the IMF), are alsoto be classified under the “Rest of the world”within the “Banks” sector for the purpose ofcompiling monetary statistics.4SECTORISATION IN THE “REST OF THEWORLD”The “Rest of the world” corresponds to theterritory outside the euro area (EU MemberStates not participating in Monetary Union,plus non-EU countries).For customers located in the “Rest of theworld”, a breakdown is required between banksand non-banks, this latter one sub-divided intoGeneral Government and Other resident sectors(see summary at the end of Part One).a. BanksMFIs located in EU Member States that are notin the euro area and banks outside the EU arereferred to as “banks” rather than as MFIs.Institutions that are classified as banks in the“Rest of the world” comprise:(i)MFIs located in EU Member States notparticipating in Monetary Union, includingsubsidiaries and branches, the parentinstitution of which is an MFI located inthe euro area;(ii) banks located outside the EU, includingthose subsidiaries and branches, the parentinstitution of which is an MFI located inthe euro area.Subsidiaries are separate institutional unitswith independent legal status, of which another10Should there be any doubt as to whether toclassify a financial institution outside the EUas a bank, readers should firstly contact theirhome NCB and request that the necessarymeasures be taken to clarify the classification.b. Non-banksThe term “non-MFI” only applies to those inMember States participating in MonetaryUnion; for other countries, the term “nonbanks” is to be used.A further breakdown into the sectors “Generalgovernment” and “Other residents” is required(see summary table). In this respect, thestandard for sectoral classification is the sameas that described in Section 3 on sectorisationin the euro area: General government, encompassing thesub-sectors “Central government”, “Stategovernment”, “Local authorities” and “Socialsecurity funds” as defined in Section 3; and Other residents, comprising the sub-sectors“OFIs and financial auxiliaries”, “Insurancecorporations and pension funds”, “Nonfinancial corporations” and “Households”as defined in Section 3.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 2007
INTRODUCTIONMost of the international organisations listed inthe annex at the end of this introduction(including those physically located in the euroarea), are classified within the “Generalgovernment” in the “Rest of the world” for thepurposes of euro area monetary statistics.Several other international organisations whichundertake some type of “banking activities” asdevelopment banks, mainly providing longterm financing for capital investment projects(i.e. the EIB and the EBRD), are to be classifiedwithin the “Other Sector Residents” in the“Rest of the world”.5BORDERLINE CASES IN THE DELIMITATIONOF THE EURO AREASome territories belonging to, or countriesassociated with, EU Member States give riseto some difficulties in terms of statisticalclassification. These can be divided into threegroups:a. Territories forming part of the euro areaHelgoland: GermanyIslas Canarias, Ceuta and Melilla: SpainMonaco, French overseas departments(Guyana, Guadeloupe, Martinique andRéunion), Saint-Pierre-et-Miquelon andMayotte: FranceMadeira, the Azores: PortugalThe Åland Islands: Finlandc. Territories associated with EU MemberStates not participating in the euro area tobe included in the “Rest of the world” The Channel Islands, the Isle of Man,Anguilla, Montserrat, the British VirginIslands, the Turks and Caicos Islands andthe Cayman Islands (not the UnitedKingdom) The Faroes, Greenland (not Denmark)6ADDITIONAL SOURCES OF INFORMATIONAND CONTACT PERSONSFor further details concerning the generalprinciples of sectoral classification anddefinitions, see Regulation ECB/2001/13 andChapter II entitled “Units and groupings ofunits” of the ESA 95.In respect of the residence principles, furtherguidance is provided by the SNA 93, ChapterXIV; the ESA 95, Chapter 2; and the IMFBalance of Payments Manual, 5th edition (from1993; a revised version of the Manual will bepublished by end-2008), Chapter 4 (6th editionavailable by end-2008). 6For additional details referring to EU MemberStates, see Part 2 of this Manual (the countryby-country explanatory notes). Readers shouldconsult the contact persons indicated in theseexplanatory notes (Section 5) via their homeNCB in the event of any outstanding queries.b. Territories associated with euro areaMember States to be included in the “Restof the world” Büsingen (not Germany) Andorra (neither Spain nor France) The Netherlands Antilles and Aruba (not theNetherlands) French overseas territories (FrenchPolynesia, New Caledonia and the Wallisand Futuna Islands) (not France) San Marino and the Vatican City (not Italy) Macao (not Portugal)6These sources refer to national residency concepts. Euro areaMFI statistics and the “Sector Manual” address residency froma euro area perspective.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 200711
ANNEX: INTERNATIONAL nisations, including those physicallylocated within the euro area, are to be classifiedunder the “Rest of the world”, within the“General government” sector for the purposesof compiling monetary statistics.However, exceptions exist for a number ofinternational organisations that undertake sometype of “banking activities”. This type oforganizations are not to be classified as “RoWGeneral government” but rather as “RoWBanks”, if they undertake banking activities ascentral monetary authorities, or as “RoW-Otherresident sectors”, if their activities havefeatures of a development bank (mainlyinvolving long-term financing for capitalinvestment projects).The list below classifies the most importantinternational organisations according to thesecategories. It is not intended to be exhaustive.“ROW-BANKS” 1 Bank for International Settlements (BIS)International Monetary Fund (IMF)Arab Monetary Fund (AMF)West African Monetary Agency (WAMA)Latin American Reserve Fund (LARF)Central Bank of West African States(BCEAO)Banque des Etats de l’Afrique Central(BEAC)“ROW-NON-BANKS, GENERAL GOVERNMENT”EU 12INSTITUTIONS AND BODIESEuropean CommissionEuropean ParliamentCouncil of the European Union–PresidencyCourt of Justice of the EuropeancommunitiesEuropean Court of AuditorsEuropean OmbudsmanEuropean Data Protection Supervisor European Economic and Social CommitteeCommittee of the RegionsOffice for Official PublicationsEuropean Personnel Selection OfficeEuropean Administrative SchoolOTHER EUROPEAN ORGANISATIONS European Atomic Energy Community(Euratom) Council of Europe (CE) European Free Trade Association (EFTA) European Organization for Nuclear Research(CERN) European Space Agency (ESA) European Telecommunications SatelliteOrganization (EUTELSAT) Western European Union (WEU)INTERGOVERNMENTAL ORGANISATIONS African Union (AU) Association of Southeast Asian Nations(ASEAN) Caribbean Community and Common Market(CARICOM) Central American Common Market(CACM) Economic Community of West AfricanStates (ECOWAS) Latin American Integration Association(LAIA) League of Arab States (LAS) North Atlantic Treaty Organisation(NATO) Organisation for Economic Co-operationand Development (OECD) Organization of American States (OAS) Organization of Central American States(OCAS) Organisation of Eastern Caribbean States(OECS) South Asian Association for RegionalCooperation (SAARC) West African Economic Community(WAEC)1By convention in the IT systems, it can be specified that theseinternational organisations are located in Switzerland, UnitedStates, United Arab Emirates, Sierra Leone, Colombia, Senegaland Cameroon respectively. However, owing to their status asinternational organisations they are not residents of thementioned countries.ECBMonetary financial institutions and markets statistics sector manual – Guidance for the statistical classification of customersMarch 2007
INTRODUCTIONUNITED NATIONS (UN) United Nations Conference on Trade andDevelopment (UNCTAD) United Nations Children’s Fund (UNICEF) Food and Agriculture Organization (FAO) International Atomic Energy Agency(IAEA) International Civil Aviation Organization(ICAO) International Fund for AgriculturalDevelopment (IFAD) I
financial institutions" sector (ECB/2001/13), as amended, requires monetary financial institutions (MFIs) to report statistical data for the purposes of compiling euro area MFI balance sheet statistics from 1 January 1999 onwards. In this context, reporting MFIs have to classify their domestic counterparties and
The term 'monetary integration' presents some definitional difficulties in international monetary theory. It has been described as a generic term connoting various categories of cooperation on monetary matters between or among countries.2 The International Monetary Fund (IMF) describes these categories of monetary integration as Exchange
Readings in monetary theory, ed« by lioyd Mints Fhila. Blakistonjl iU 5lUp. . over monetary policy11 in REVIEW OF ECONOMIC STATISTICS, XXXIII, Nov* 1951. Contents Chandtor, L*V. The place of monetary policy in the . in AMERICAN FINANCIAL INSTITUTIONS, ed. by Herbert V. Prochnow. New York: Prentice-Hall, 1951, pp. 505-528. .
Monetary policy Framework of Ethiopia Economic Research and Monetary Policy Process, NBE 2 II. Monetary Policy Objective The principal objective of the monetary policy of the National Bank of Ethiopia is to maintain price & exchange rate stability and support sustainab
disregarding non-monetary incentives or vice versa. The study therefore looks at the need to investigate whether both monetary and non-monetary incentives have an impact in motivating staff (Non-Teaching) of Kumasi Polytechnic. II. LITERATURE REVIEW Incentives Incentive is a deed or a potential possibility that will yield a
The Monetary Approach The monetary approach is one of the central pillars of international macroeconomics. Its point of departure is the so called monetary model, which identifies the factors affecting long-term nominal exchange rates. The monetary model was originally used as a framework of analy
The Monetary Approach to International Macroeconomics The monetary approach is one of the central pillars of international macroeconomics. Its point of departure is the so called monetary model, which identifies the factors affecting long-term nominal exchange rates. The monetary model was originally used a
ior of Federal Reserve credit and the monetary aggregates in 2008-09. Although the Fed did not increase the monetary base significantly until September 2008, the broader monetary aggregates continued to grow and the price level continued to rise, albeit slowly, throughout the financial crisis. 21. In addition, the monetary base rose
(Corporate Officer). Full day event, get a hamper and 10 via expenses for drinks. Andrew Tamplin is doing a morning session, breakout rooms including a live band, quiz, virtual Christmas choir, guided meditation/yoga, virtual pub, pets corner, creative room (cooking workshops, magic tricks, circus skills). Dec 11th.
