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T.C. Başbakanlık Hazine Müsteşarlığı Slide 1 T.C. Başbakanlık Hazine MüsteşarlığıThe Undersecretariat Of Treasury T H E U N D E R S E C R E T A R I A T.

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Presentation on theme: "T.C. Başbakanlık Hazine Müsteşarlığı Slide 1 T.C. Başbakanlık Hazine MüsteşarlığıThe Undersecretariat Of Treasury T H E U N D E R S E C R E T A R I A T."— Presentation transcript:

1 T.C. Başbakanlık Hazine Müsteşarlığı Slide 1 T.C. Başbakanlık Hazine MüsteşarlığıThe Undersecretariat Of Treasury T H E U N D E R S E C R E T A R I A T O F T R E A S U R Y Debt Statistics Compiled under International Standarts and Transition to SNA 2008 Eylem VAYVADA DERYA Turkish Treasury Directorate General of Public Finance National Seminar on Developing a Program for the Implementation of the 2008 SNA and Supporting Statistics in Turkey 10 September 2013 Ankara, Turkey

2 The Undersecretariat Of Treasury Slide 2 Presentation Plan The Underseretariat of Turkish Treasury Treasurys Debt and Risk Management Policies Debt statistics compiled for international organizations under SNA93 (ESA95) New Adjustments Required to Transmit SNA2008 (ESA 2010) in Current Statistics Things to do for SNA2008 Transformation in Debt Statistics

3 The Undersecretariat Of Treasury Slide 3 The Underseretariat of Turkish Treasury Mission to determine the economic policies and in accordance with the policies set; to regulate, to apply, to monitor and to improve the operations below; Treasury operations, Bilateral and multilateral foreign relations, Relations with national and international economic and financial institutions, Lending to and/or borrowing from foreign countries and/or institutions Protecting the value of Turkish currency and regulating the principles of exchange policy Exercising the ownership functions of the government related with State-Owned Enterprises and monitoring their activities Drafting, implementing, and monitoring the implementation of insurance legislation State Aids operations in cooperation with all other economic actors in a transparent, accountable and efficient way. Organisation: 7 Directorate General & Affiliated Units

4 The Undersecretariat Of Treasury Slide 4 The Underseretariat of Turkish Treasury Directorate General of Public Finance Responsible for Financing the Central Government Budget Debt Management Risk Management Cash Management Contingent Liabilities and Receivables Management

5 The Undersecretariat Of Treasury Slide 5 Directorate General of Public Finance Debt and Risk Management Policies Principles Sustainability Transperency Accountability Predictability

6 The Undersecretariat Of Treasury Slide 6 Directorate General of Public Finance Debt and Risk Management Policies Objectives Maintenance of borrowing policy consistent with monetary and fiscal policies, taking macroeconomic balances into account Fulfillment of financing requirements at the lowest possible cost in medium-long term in accordance with the levels of risk determined in consideration of domestic and external market conditions and cost factors

7 The Undersecretariat Of Treasury Slide 7 Directorate General of Public Finance Debt and Risk Management Policies Practices Borrowing strategies are conducted based on the medium-long term programs while considering the trade-off between cost and risk Keeping strong cash reserve Smoothing out the redemption profile Extending the maturity of borrowing Issuing mainly fixed rate and TL denominated instruments

8 The Undersecretariat Of Treasury Slide 8 Directorate General of Public Finance Debt and Risk Management Policies Practices In order to ensure accountability, transperency and predictability; Annual & 3-month financing programs are prepared Monthly auction calendar is prepared Annual and monthly debt management reports are prepared and presented to Council of Ministers and public Planning and Budget Commission of the Parliament is regularly informed about developments in debt management through private meetings.

9 The Undersecretariat Of Treasury Slide 9 Directorate General of Public Finance Debt and Risk Management Policies Practices In order to increase the efficiency of the primary and the secondary markets; Investor relations are developed via regular meetings with primary dealers on a monthly basis within the framework of Primary Dealership System Regular meetings with local and foreign investors are conducted to broaden the investor base. Financial instruments are diversified by developing new borrowing instruments. Efficient yield curve is generated by implementing security benchmarking policy.

10 The Undersecretariat Of Treasury Slide 10 Directorate General of Public Finance Debt and Risk Management Policies Practices Risk account was created to manage credit risks which may arise from Treasury guarantees and on-lent foreign debt Guarantee fee, partial guarantee and guarantee limit were implemented to manage credit risks Technical analyses and reports are conducted in order to control operational risks

11 The Undersecretariat Of Treasury Slide 11 Directorate General of Public Finance Debt and Risk Management Policies Statistics To maintain the effective functioning and in line with transparency objective, Turkish Treasury compiles and disseminates many public finance statistics via online bulletins and publications. These statistics are produced along with the national legal framework Some of the statistics, mainly debt figures, are produced and announced according to the «international standards» to enhance the comparability with other economies.

12 The Undersecretariat Of Treasury Slide 12 Debt statistics compiled for international organizations under SNA93 Central Government Debt for PSD (OECD & Worldbank, PSDS Guide < SNA 2008 & BPM6) Central Government Debt for SDDS (IMF, SDDS Guide < GFSM 2001) Central Government Stock of Debt Securities (BIS, HSS < SNA 2008) Maastricht Debt for EDP Tables (Eurostat, CR479/2009 < ESA95) Government Guaranteed Debt For EDP Questionnaire (Eurostat, CR479/2009 < ESA95) Central Government Debt for GFS Tables (IMF, GFS Manual 2001 < SNA93) Gross external debt of Turkey for SDDS (IMF, EDS Guide < SNA93 & BPM5)

13 The Undersecretariat Of Treasury Slide 13 Central Government Total Debt for PSDS Responsible Institution : Turkish Treasury Reported to: OECD and Worldbank, member of database since Dec Institutional Coverage : Central Government Data : Debt Stock Frequency : Quarterly Period : 2005Q Q1 Classifications: by original maturity, by day to maturity, by instrument type, by currency of denomination, by residence of creditor Data Source: Administrative Register, Treasury Domestic Debt and External Debt Information Systems Manual : Public Sector Debt Statistics Guide, 2011 < SNA 2008

14 The Undersecretariat Of Treasury Slide 14 Central Government Total Debt for SDDS Responsible Institution : TURKSTAT Reported to : IMF, member of database since Aug Institutional Coverage : Central Government Data : Debt Stock Frequency : Monthly Period : 2013M6 – 2013M7 Classifications: by original maturity, by day to maturity, by instrument type, by currency of denomination, by residence of creditor Data Source: Administrative Register, Treasury Domestic Debt and External Debt Information Systems Manual : The Special Data Dissemination Standard, Guide for Compilers and Users < GFSM 2001 < SNA93

15 The Undersecretariat Of Treasury Slide 15 Central Government Stock of Debt Securities Responsible Institution : Central Bank Reported to: Bank for International Settlements, member of database since Apr Institutional Coverage : Central Government Data : Stock of Debt Securities Frequency : Quarterly Period : 2005Q1-2013Q1 Classifications: by original maturity, by day to maturity, by instrument type, by currency of denomination, by residence of creditor Data Source : Administrative Register, Treasury Domestic and External Debt Information Systems Manual : HSS < SNA2008 & BPM6

16 The Undersecretariat Of Treasury Slide 16 Maastricht Debt for EDP Tables Responsible Institution : TURKSTAT Reported to: Eurostat, member of database since 2001 Institutional Coverage : General Government Data : Outstanding Debt Frequency : Yearly Period : Valuation : Face value (as defined in CR479/2009 ) Classifications: by institutional sector, by instrument type Data Source: Administrative Register, Treasury Domestic Debt and External Debt Information Systems (for debt of central government), CBRT Electronic Data Delivery System and Treasury External Debt Information System (for debt of local governments), Turkish State Mint (for Currency and Deposits), Information System of Public Sector Treasurership (for holders of debt securities, for consolidation purpose), Turkish Employment Agency (as holder of debt securities, for consolidation purpose) Manual : Manual on Government Deficit and Debt { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "http://images.slideplayer.com/2/706563/slides/slide_15.jpg", "name": "The Undersecretariat Of Treasury Slide 16 Maastricht Debt for EDP Tables Responsible Institution : TURKSTAT Reported to: Eurostat, member of database since 2001 Institutional Coverage : General Government Data : Outstanding Debt Frequency : Yearly Period : 2000 - 2012 Valuation : Face value (as defined in CR479/2009 ) Classifications: by institutional sector, by instrument type Data Source: Administrative Register, Treasury Domestic Debt and External Debt Information Systems (for debt of central government), CBRT Electronic Data Delivery System and Treasury External Debt Information System (for debt of local governments), Turkish State Mint (for Currency and Deposits), Information System of Public Sector Treasurership (for holders of debt securities, for consolidation purpose), Turkish Employment Agency (as holder of debt securities, for consolidation purpose) Manual : Manual on Government Deficit and Debt

17 The Undersecretariat Of Treasury Slide 17 Government Guaranteed Debt for EDP Questionnaire Responsible Institution : TURKSTAT Reported to : Eurostat, member of database since 2001 Institutional Coverage : General Government Data : Stock of Treasury Guaranteed Debt, amounts of new guarantees provided, guarantees called (undertaken), repayments relating to guarantees called, write-offs by Government, fees collected for providing Guarantees, Amounts included in the starting line of EDP 2A via Risk Account Frequency : Yearly Period : Classifications: By institutional sector Data Source: Administrative Register, Treasury External Debt Information Systems Manual : Manual on Government Deficit and Debt { "@context": "http://schema.org", "@type": "ImageObject", "contentUrl": "http://images.slideplayer.com/2/706563/slides/slide_16.jpg", "name": "The Undersecretariat Of Treasury Slide 17 Government Guaranteed Debt for EDP Questionnaire Responsible Institution : TURKSTAT Reported to : Eurostat, member of database since 2001 Institutional Coverage : General Government Data : Stock of Treasury Guaranteed Debt, amounts of new guarantees provided, guarantees called (undertaken), repayments relating to guarantees called, write-offs by Government, fees collected for providing Guarantees, Amounts included in the starting line of EDP 2A via Risk Account Frequency : Yearly Period : 2009 - 2011 Classifications: By institutional sector Data Source: Administrative Register, Treasury External Debt Information Systems Manual : Manual on Government Deficit and Debt

18 The Undersecretariat Of Treasury Slide 18 Central Government Debt for GFS Tables Responsible Institution : Ministry of Finance Reported to: IMF, member of database since Sep Institutional Coverage : Central Government Data : Outstanding Debt and Receivables Frequency : Yearly Period : Classifications: By instrument Data Source: Administrative Register, Treasury Domestic Debt and External Debt Information Systems, CBRT for market price of Domestic Debt Securities, Reuters for market price of Eurobonds, Receivables Management and Information System. Manual: Government Finance Statistics Manual, 2001 < SNA93

19 The Undersecretariat Of Treasury Slide 19 Gross external debt of Turkey for SDDS Responsible Institution : Turkish Treasury Reported to : WB, member of database since Aug Institutional Coverage : All sectors of economy Data : Outstanding Debt Frequency : Quarterly Period : 2012Q4 – 2013Q1 Classifications: By sectors (general government, central bank, banking sector, other sectors, direct investment) by original maturity, by instruments. Data Source: Administrative Register, Treasury External Debt Information Systems, CBRT for private sector external debt. Manual: External Debt Statistics Guide for Compilers and Users, 2003 < SNA93 & BPM5

20 The Undersecretariat Of Treasury Slide 20 New Adjustments Required to Implement SNA2008 for Current Debt Statistics Change in Sector Classification Change in Coverage of Debt Instruments Change in Valuation Other Changes

21 The Undersecretariat Of Treasury Slide 21 Change in Sector Classification The quantitative criterion is applied to check if a publicly controlled non-financial unit is able to undertake a market activity. A market producer must cover through sales more than %50 of its production costs. If a unit is not a market producer, it must be classified within general government sector Current System The «Financial Accounts Working Group», a group of co-worker agency, Treasury, CBRT, MoF and TURKSTAT was established and has been working cooperatively since 2008 The principles and procedures of the compilation and dissemination of general government financial statistics is determined with a regulation jointly prepared by this working group and revised every three years period.

22 The Undersecretariat Of Treasury Slide 22 Change in Scope of Debt Instruments Stock of Debt Under ESA95 = AF2 (Currency and Deposits) + AF3 (Securities other than shares) + AF4 (Loans) + AF5 (Shares and other equity, if any) + AF6 (Insurance technical reserves, if any) + AF7 (Other accounts payable) Stock of Debt Under ESA2010 = AF2 (Currency and Deposits) + AF3 (Debt Securities) + AF4 (Loans) + AF5 (Equity, if any) + AF6 (insurance, pensions and standardized guarantee schemes, if any) + AF7 (Financial Derivatives) + AF8 (Other accounts payable)

23 The Undersecretariat Of Treasury Slide 23 Change in Scope of Debt Instruments Maastricht Debt under CR479/2009 < ESA95 = AF2 (Currency and Deposits) + AF3 (Debt Securities / excluding AF34; Financial Derivatives) + AF4 (Loans) Maastricht Debt under proposed changes in CR479/2009 = AF2 Currency and Deposits + AF3 Debt Securities + AF4 Loans + AF 71 Financial Derivatives other than employee stock options (AF34 in ESA95) (?) + AF 81 Trade Credits and Advances (AF71 in ESA95) (?) + AF 6 Insurance, pension and standardised guarantee schemes (-)

24 The Undersecretariat Of Treasury Slide 24 Change in Valuation There is no change in valuation of debt instruments in SNA2008 (ESA2010). The stock of government liabilities should be recorded in national accounts at their market value at the end of the accounting period, in the closing balance sheet. So, the valuation technique for central government debt (for PSD), stock of debt securities (for BIS), Central Government Debt for GFS Tables, Central Government Debt for SDDS, Gross External Debt for SDDS will NOT change. But, valuation for Maastricht Debt may change within the proposed changes in CR479/2009 from face value to market value (or nominal value).

25 The Undersecretariat Of Treasury Slide 25 Things to do for SNA2008 Transformation in Debt Statistics Review non-financial public institutions in accordance with quantitative criteria Revision of the «Regulation on General Government Financial Statistics» in coordination with Financial Accounts Working Group Review of debt instruments; especially AF8 other accounts payable and decide its data source Revise the measurement of debt reported to international institutions, except government debt for GFS, Establishing the necessary infrastructure to provide debt at market value, through existing Treasury information systems. Continue close inter-agency coordination Ensure the sufficient and sustainable IT and human resources

26 The Undersecretariat Of Treasury Slide 26 Thank you very much for your attention..


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