1. Observed differences for net lending / net borrowing between annual non-financial and financial accounts (ESA tables 6 and 8 compared)
Item 7 Eurostat Task Force on Annual Financial Accounts Frankfurt, 4 March 2016

2. Background
Net lending or borrowing is conceptually the same as in the non-financial accounts (capital account (B.9)) as in the financial account (B.9F)
In practice, if the measure is derived independently, it could differ significantly for the various institutional sectors, including the rest of the world.
Affect the interpretation of the institutional sector accounts.
TF AFA

3. Comparison
Differences in net lending/net borrowing between ESA 2010 annual non-financial accounts and financial accounts by institutional sector and by EU Member States.
Years
TF AFA

4. differences between net lending/net borrowing of non-financial and financial accounts by institutional sectors (2012, 2013, 2014, % of GDP) S1
S11
S12
S13
S14_15 S2
2012
2013
2014
EU 28
0,65%
1,13%
-0,42%
-0,32%
-0,05%
-1,54%
-0,38%
0,15%
-0,06%
0,06%
0,05%
0,03%
1,29%
0,98%
1,15%
-0,65%
-1,13%
0,42%
Belgium
0,00%
3,05%
-1,99%
1,25%
-5,47%
0,78%
-2,80%
-0,07%
-0,16%
-0,28%
2,49%
1,37%
1,84%
Bulgaria
-0,09%
8,30% :
-9,03%
-10,09%
-9,46%
5,16%
0,17%
0,68%
18,23%
12,55%
0,09%
-8,29%
Czech Republic
Denmark
Germany
1,33%
2,48%
-6,39%
0,59%
1,67%
-7,19%
0,54%
0,40%
0,37%
0,18%
0,26%
0,33%
0,16%
0,10%
-1,33%
-2,48%
6,39%
Estonia
1,58%
0,08%
-0,26%
-3,62%
-1,50%
-0,35%
-0,54%
0,20%
0,11%
0,30%
3,42%
0,55%
2,22%
-1,58%
-0,08%
Ireland
-0,13%
1,09%
-1,85%
-1,80%
-0,24%
-1,47%
0,07%
2,03%
2,58%
3,45%
0,13%
-1,09%
Greece
-9,65%
-4,30%
-7,40%
-9,47%
-12,02%
-8,45%
-3,38%
-0,15%
-4,14%
-0,04%
0,62%
3,11%
7,91%
4,56%
9,65%
4,30%
7,40%
Spain
-0,53%
0,47%
0,53%
-0,47%
-0,59%
France
-0,03%
-0,01%
0,02%
0,01%
0,21%
-0,19%
-0,11%
Croatia
-0,10%
-3,01%
3,49%
-1,76%
1,76%
-1,14%
-0,67%
1,43%
-0,14%
-0,55%
-2,31%
-0,91%
-2,74%
3,01%
Italy
-1,34%
0,89%
1,22%
-1,60%
-0,71%
-2,34%
2,43%
0,32%
1,34%
-0,89%
-1,22%
Cyprus
2,93%
2,53%
6,26%
1,94%
14,08%
-30,62%
-13,55%
3,28%
31,54%
-2,95%
Latvia
5,55%
-2,04%
14,75%
6,41%
-8,79%
-0,99%
1,42%
-1,59%
0,12%
-3,36%
25,23%
-5,55%
2,04%
-14,75%
Lithuania
-0,58%
-1,38%
-5,86%
-7,55%
-5,48%
-8,36%
1,39%
1,47%
-1,15%
5,53%
3,65%
0,58%
1,38%
5,86%
Luxembourg
Hungary
0,56%
-1,19%
-1,10%
-1,21%
-3,40%
-3,44%
-0,52%
-1,37%
0,14%
2,32%
2,26%
3,62%
-0,56%
1,19%
1,10%
Malta
-10,81%
11,81%
9,36%
Netherlands
-0,49%
-0,27%
-0,33%
0,04%
0,60%
0,49%
0,27%
Austria
-2,16%
-2,19%
1,52%
-0,02%
-0,12%
-1,42%
0,91%
Poland
2,66%
-3,49%
-10,36%
-8,94%
-6,97%
1,51%
-1,95%
1,14%
11,48%
7,36%
6,69%
-2,66%
Portugal
0,72%
0,79%
0,35%
-0,72%
Romania
1,50%
-0,23%
-0,81%
-14,68%
-5,96%
-9,32%
-3,06%
-3,42%
-5,41%
19,48%
9,23%
13,87%
0,23%
0,81%
Slovenia
-2,71%
-1,77%
1,31%
-3,64%
-4,95%
2,71%
1,77%
Slovakia
Finland
-1,25%
-4,65%
-1,01%
-4,98%
-7,29%
3,87%
0,31%
0,46%
-0,46%
-0,20%
-0,93%
4,65%
1,01%
Sweden
-1,23%
-1,71%
-1,41%
3,27%
2,56%
2,27%
-2,90%
-2,08%
1,23%
United Kingdom
-0,45%
-0,63%
0,50%
0,69%
0,84%
-0,60%
0,45%
TF AFA

5. Differences between net lending/net borrowing for Total economy (S1) (2014, % of GDP)
TF AFA

6. Differences between net lending/net borrowing for Non-financial corporations (S11) (2014, % of GDP)
TF AFA

7. Differences between net lending/net borrowing for Households and non-profit institutions serving households (S14_S15) (2014, % of GDP)
TF AFA

8. Possible origin of differences
Cycles of revisions of non-financial/financial accounts and primary statistics.
Non-harmonised sector delimitation.
Non-harmonised compilation methods.
Difficulties of identifying creditors of some financial assets
TF AFA

9. Conclusions
Households and non-profit institutions serving households: differences are often significant. Some countries have decided to reconcile this sector.  
Non-financial corporations: differences also large 
Financial corporations: data availability is typically better
Rest of the world: differences related to the “net errors and omissions” stemming from the balance of payments (b.o.p).
TF AFA

10. Suggested approach Institutional arrangements Reconciliation practices
Information on unquoted shares held by the households sector
Information on acquisition of non-financial assets
Information on non-harmonised compilation methods
TF AFA

11. Suggested approach
Methodological notes
Transparency
TF AFA