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Appendix 1

Differences between 2008 System of National Accounts (SNA) and the Statistical Classification of Financial Assets and Liabilities 2013 (SCFAL)

Overall the classification aligns with 2008 SNA, with the following minor differences to account for 2008 SNA classes that are considered immaterial in New Zealand, or not sufficiently large to justify additional data collection:

  1. This classification splits transferable deposits into (a) interbank positions, and (b) other transferable deposits. Interbank positions are those that facilitate financial intermediation within New Zealand and abroad, and are usually very short-term. A key feature of New Zealand’s banking system is that many registered banks are foreign owned and borrow from their overseas parents in the legal form of a long-term loan. Given this characteristic, interbank positions in New Zealand do not align well with the definition set out in the 2008 SNA. Related interbank loans with offshore lenders do not meet the definition of a transferable deposit outlined in this standard. As ‘other transferable deposits’ is a residual category, its definition also differs from the 2008 SNA definition. See Appendix 2 for definition details.
  2. Schemes included under pension entitlements in the 2008 SNA are designated by employers. In the SCFAL, employee-designated schemes are included as New Zealand workplace pension arrangements often involve a number of choices for employees.
  3. In the 2008 SNA, financial derivatives are split into options and forwards. This breakdown was not included in the SCFAL as data will not be sourced at this classification level.
  4. The 2008 SNA category entitlements to non-pension benefits is not included within the breakdown of insurance, pension, and standardised guarantee schemes in SCFAL. These are not common in New Zealand and are not currently collected in any Statistics NZ surveys.
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