1. 1 EXPORT AND IMPORT OF FISIM Jacques Bournay INSEE, France

2. 2 THE NECESSARY DATA TO COMPILE FISIM Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) IDDI NFR (2) CxxC NFNR (3) Cx00 FNR (4) ID00 TOTAL Assets and Rec. Int. The bank point of view

3. 3 AVERAGE STOCKS, France, 1996 Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 631.0736.041.8317.11726.0 NFR (2) 1036.39.2 NFNR (3) 63.7 FNR (4) 325.041.9366.9 TOTAL Assets and Rec. Int. 2056.0326.3 Billions Euros

4. 4 ACCRUED INTERESTS, France, 1996 Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 37.923.62.020.984.4 NFR (2) 77.50.3 NFNR (3) 5.4 FNR (4) 17.91.419.3 TOTAL Assets and Rec. Int. 138.721.2 Billions Euros

5. 5 DETAILS FOR EXPORTS AND IMPORTS STOCKSINTERESTS FNR CREDITS from 9.20.3 S114.30.3 S134.90.0 FNR DEPOSITS to 41.91.4 S111.60.1 S1250.40.02 S131.50.1 S1438.41.2

6. 6 APPARENT RATES, France, 1996 Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 6.003.214.756.584.89 NFR (2) 7.483.19 NFNR (3) 8.47 FNR (4) 5.513.325.26 TOTAL Assets and Rec. Int. 6.756.48%

7. 7 REFERENCE RATES, France, 1996 INTERNAL REFERENCE RATE: 37.9 / 631.0 = 6.00 % EXTERNAL REFERENCE RATE: (17.9+20.9) / (325.0+317.1) = 6.04 % or (5.51%*325.0+6.58%*317.1) / (325.0+317.1) = 6.04 %

8. 8 FR-FISIM, France, 1996 Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 020.50.5-1.719.3 NFR (2) 15.3 NFNR (3) 1.5 FNR (4) -1.7 TOTAL Assets and Rec. Int. 15.1 Billions Euros

9. 9 FNR-FISIM, France, 1996 Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 1.7 NFR (2) -0.3 NFNR (3) FNR (4) 1.71.12.8 TOTAL Assets and Rec. Int. 1.4 Billions Euros

10. 10 BALANCE Resources / Uses OF FISIM P1 : Production19.3 + 15.1 = 34.4 P7 : Import2.8 + 1.4 = 4.2 TOTAL Resources38.6 P2+P3 : Internal Uses20.5 + 15.3 + 1.1 - 0.3 = 36.6 P6 : Export0.5 + 1.5 = 2.0 TOTAL Uses38.6

11. 11 RELATIONS BETWEEN FR AND FNR >> Between two banks, there are simultaneously credit and deposit and then production and intermediate consumption of FISIM. But one is a net producer and the other one is a net intermediate consumer. >> Between all resident banks, there is exactly the same amount of production and intermediate consumption, so they both net to 0. >> Our conventional measure of FISIM with interests margins is a net one. It impossible to calculate a gross value of FISIM. >> Between resident banks and non resident banks, it is the same. If the resident banks are net producers, this is an export, and if they are net intermediate consumers, this is an import, depending on the sign of the interest margin.

12. 12 TWO DIFFICULT BREAKDOWNS Both are very much data demanding: >> Breakdown between EU, MU and Rest of the World >> Quarterly calculations of FISIM In this case, a first step may be a regular quarterly allocation of the annual calculation.

13. 13 SYMMETRY BETWEEN EXPORT AND IMPORT ? >> The external reference rate is calculated with a symmetric formula. >> In The NL, a symmetry assumption is made with the use of the same percentage of FISIM (relatively to stocks of loans and deposits) on import than on export. >> This treatment seems correct for countries with approximately balanced exchanges of funds, but not for others. >> In those cases, it would probably be better to have two external reference rates, one for import and one for export, calculated from the interbank apparent rates on each side. >> In the example, instead of a unique 6.04%, take 5.51% on export and 6.58% on import.

14. 14 FR-FISIM, France, 1996, 2 ext ref rates Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 020.50.8021.3 NFR (2) 15.3 NFNR (3) 1.9 FNR (4) 0 TOTAL Assets and Rec. Int. 17.2 Billions Euros

15. 15 FNR-FISIM, France, 1996, 2 ext ref rates Liabilities and Pay.Int.  Assets and Rec. Int.  FR (1) NFR (2) NFNR (3) FNR (4) TOTAL Liabilities and Pay.Int. FR (1) 0 NFR (2) -0.3 NFNR (3) FNR (4) 00.9 TOTAL Assets and Rec. Int. -0.3 Billions Euros

16. 16 BALANCE Resources / Uses OF FISIM with 2 external reference rates P1 : Production21.3 + 17.2 = 38.5 P7 : Import0.9 –0.3 = 0.6 TOTAL Resources39.1 P2+P3 : Internal Uses20.5 + 15.3 + 0.9 - 0.3 = 36.4 P6 : Export0.8 + 1.9 = 2.7 TOTAL Uses39.1