New Insights from the Enhancements to Quarterly Financial Accounts

Mary Cussen

Quarterly Bulletin Articles, 2015, 91-101

Abstract: Throughout 2015 and 2016, the Quarterly Financial Accounts of Ireland (QFA) will be expanded to reflect enhanced user requirements, the changing economic environment and the implementation of the latest European System of National and Regional Accounts (ESA 2010) manual. The enhancements to the data will include the publication of whom-to-whom data for deposits and loans for the first time in end-April 2015. Other notable features of the enhancements to QFA include a change to the definition of non-financial corporations (NFCs) and the publication of NFCs trade credit liabilities, which is an important source of funding for NFCs. Further enhancements to the data will be made during 2016. This article analyses some of the insights which can be gained from the enhancements to the QFA data. It finds that since the financial crisis intensified in Q3 2008, there have been significant inflows into government deposit accounts by households and outflows from monetary financial institutions (MFIs) deposit accounts. The change in definition of NFCs under ESA 2010 markedly reduced Irish NFC debt, but it still remains quite elevated. Nearly half of NFC debt was with non-resident lenders, most likely reflecting the activities of multinational corporations (MNCs). The enhancements to the QFA data will be particularly useful in assessing financial stability risks to the economy and the potential transmission of risks between the institutional sectors of the economy.

Date: 2015-04
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