t.c. başbakanlık hazine müsteşarlığı slide 1 t.c. başbakanlık hazine müsteşarlığıthe...

T.C. Başbakanlık Hazine Müsteşarlığı Slide 1T.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 DERYATurkish 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

The Undersecretariat Of Treasury Slide 2

Presentation Plan

The Underseretariat of Turkish Treasury

Treasury’s 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


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


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


Directorate General of Public Finance Debt and Risk Management Policies

Principles

Sustainability

Transperency

Accountability

Predictability



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



Practices

Borrowing strategies are conducted based on the medium-long term programs while considering the trade-off between cost and risk

Keeping strong cash reserveSmoothing out the redemption profileExtending the maturity of borrowing Issuing mainly fixed rate and TL denominated instruments



Practices

In order to ensure accountability, transperency and predictability;

Annual & 3-month financing programs are preparedMonthly auction calendar is preparedAnnual and monthly debt management reports are prepared and

presented to Council of Ministers and publicPlanning and Budget Commission of the Parliament is regularly

informed about developments in debt management through private meetings.



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.



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



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.


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)


Central Government Total Debt for PSDS

Responsible Institution : Turkish Treasury

Reported to: OECD and Worldbank, member of database since Dec. 2010

Institutional Coverage : Central Government

Data : Debt Stock

Frequency : Quarterly

Period : 2005Q4 - 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 Debt and External Debt Information Systems

Manual : Public Sector Debt Statistics Guide, 2011 < SNA 2008


Central Government Total Debt for SDDS

Responsible Institution : TURKSTAT

Reported to : IMF, member of database since Aug. 1996


Data : Debt Stock

Frequency : Monthly

Period : 2013M6 – 2013M7


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


Central Government Stock of Debt Securities

Responsible Institution : Central Bank

Reported to: Bank for International Settlements, member of database since Apr. 2010


Data : Stock of Debt Securities


Period : 2005Q1-2013Q1


Data Source : Administrative Register, Treasury Domestic and External Debt Information Systems

Manual : HSS < SNA2008 & BPM6


Maastricht Debt for EDP Tables


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 <ESA 95 & CR479/2009


Government Guaranteed Debt for EDP Questionnaire


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 <ESA 95 & CR479/2009


Central Government Debt for GFS Tables

Responsible Institution : Ministry of Finance

Reported to: IMF, member of database since Sep. 2011


Data : Outstanding Debt and Receivables

Frequency : Yearly

Period : 2008 - 2011

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


Gross external debt of Turkey for SDDS

Responsible Institution : Turkish Treasury

Reported to : WB, member of database since Aug. 1996

Institutional Coverage : All sectors of economy

Data : Outstanding Debt


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


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


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.


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)


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 (-)


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).


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


Thank you very much for your attention..

t.c. başbakanlık hazine müsteşarlığı slide 1 t.c. başbakanlık hazine müsteşarlığıthe...

Documents