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Classification

Classification criteria

The Statistical Classification of Financial Assets and Liabilities 2013 is based primarily on two concepts: (1) the liquidity of the asset or liability, and (2) the legal characteristics of the underlying creditor/debtor relationship.

The concept of liquidity comprises the more specific characteristics of financial instruments, such as negotiability, transferability, marketability, or convertibility. These characteristics play a major role in determining the categories, although they are not separately identified in a systematic way.

The legal characteristics of a financial instrument represents legal and technical arrangements which are defined by the issuer (or writer) of a financial instrument. These include but are not limited to; the day of issuance, trading criteria, payment schedules, maturity, right of transfer with or without authorisation from the issuer, and quotation in structured markets. These arrangements are usually defined in a contract.

Maturity distinction is recognised as a secondary criterion in the classification of financial assets and liabilities. ‘Short-term’ is defined as the instrument having an original maturity of one year or less, while ‘long-term’ is defined as an original maturity of more than one year.

Classification

The Statistical Classification of Financial Assets and Liabilities 2013 is a three-level hierarchical classification. Level 1 has 8 categories, level 2 has 20 categories, and level 3 has 24 categories.

1 Monetary gold and Special Drawing Rights 
        11 Monetary gold 
                111 Monetary gold 
        12 Special Drawing Rights 
                121 Special Drawing Rights

2 Currency and deposits 
        21 Currency 
                211 Currency 
        22 Transferable deposits 
                221 Interbank positions 
                222 Other transferable deposits 
        23 Other deposits 
                231 Other deposits

3 Debt securities 
        31 Short-term debt securities 
                311 Short-term debt securities 
        32 Long-term debt securities 
                321 Long-term debt securities

4 Loans 
        41 Short-term loans 
                411 Short-term loans 
        42 Long-term loans 
                421 Long-term loans

5 Equity and investment fund shares 
        51 Equity 
                511 Listed shares 
                512 Unlisted shares 
                513 Other equity 
        52 Investment fund shares 
                521 Money market fund shares 
                522 Other investment fund shares

6 Insurance, pension, and standardised guarantee schemes 
        61 Non-life insurance technical provisions/reserves 
                611 Non-life insurance technical provisions/reserves 
        62 Life insurance and annuity entitlements 
                621 Life insurance and annuity entitlements 
        63 Pension entitlements 
                631 Pension entitlements 
        64 Claims of pension funds on pension managers 
                641 Claims of pension funds on pension managers 
        65 Provisions for calls under standardised guarantees 
                651 Provisions for calls under standardised guarantees

7 Financial derivatives and employee stock options 
        71 Financial derivatives 
                711 Financial derivatives 
        72 Employee stock options 
                721 Employee stock options

8 Other accounts receivable/payable 
        81 Trade credits and advances 
                811 Trade credits and advances 
        82 Accounts receivable/payable nec 
                821 Accounts receivable/payable nec

The classification is stored in the Classifications and Related Standards System (CARS) under the subject ‘financial' and the topic 'financial assets and liabilities'. It replaces the previous ‘Financial Assets and Liabilities – New Zealand Standard Classification (FINASS) 1996’.

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