Financial accounts: documentation of statistics
21.11.2024 valid documentation
Basic data of the statistics
Data description
Financial accounts describe the financial balance sheets and financial transactions of all sectors of the national economy. The financial balance sheets refer to the stocks of financial receivables and debts at the end of the statistical reference period, while the financial transactions refer to the transactions made during the statistical reference period which influence the financial balance sheets. Financial accounts are part of the system of national accounts.
In connection with the financial accounts statistics, data on non-financial assets are also published annually. Non-financial assets include produced assets such as buildings and inventories and non-produced assets such as land. The total assets of the sector are obtained by adding up the financial and non-financial assets.
In connection with the financial accounts statistics, data on non-financial assets are also published annually. Non-financial assets include produced assets such as buildings and inventories and non-produced assets such as land. The total assets of the sector are obtained by adding up the financial and non-financial assets.
Statistical population
The population of financial accounts is exhaustive. This means that all resident statistical units are covered.
The source data concerning all sectors of the economy are adjusted in financial accounts into a balanced whole.
The source data concerning all sectors of the economy are adjusted in financial accounts into a balanced whole.
Statistical unit
An institutional unit is an economic entity characterised by decision-making autonomy in the exercise of its principal function. A resident unit is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it has decision-making autonomy and either keeps a complete set of accounts, or is able to compile a complete set of accounts.
Financial accounts are statistics that are mainly derived from other statistics. In addition to financial statistics, other statistics and data containing sector-specific or asset-specific balance sheet and flow data are used as sources in the compilation of the statistics. Most of the data sources are available quarterly but some sources can be used only on the annual level.
Financial accounts are statistics that are mainly derived from other statistics. In addition to financial statistics, other statistics and data containing sector-specific or asset-specific balance sheet and flow data are used as sources in the compilation of the statistics. Most of the data sources are available quarterly but some sources can be used only on the annual level.
Unit of measure
The used unit of measure is EUR million.
Base period
1995-
Reference period
In financial accounts, the reference period is a calendar year for annual data and a quarter for quarterly data.
The quarterly financial accounts are published at a lag of around three months. The annual level StatFin database is also always updated then. Starting from the statistical reference year 2017, the annual financial accounts release is produced at a lag of around nine months in September. When compiling the annual publication, more exhaustive sources than when compiling quarterly data are available for the previous year. The data are published starting from 1995. Quarterly and annual data are always consistent with each other.
The quarterly financial accounts are published at a lag of around three months. The annual level StatFin database is also always updated then. Starting from the statistical reference year 2017, the annual financial accounts release is produced at a lag of around nine months in September. When compiling the annual publication, more exhaustive sources than when compiling quarterly data are available for the previous year. The data are published starting from 1995. Quarterly and annual data are always consistent with each other.
Reference area
The reference area of financial accounts is the total economy of the country.
Financial accounts according to the European System of Accounts (ESA 2010) include statistics on financial assets and liabilities between the sectors of the Finnish national economy and between Finland and the rest of the world at the end of the year (reserves) and on financial transactions and other flows directed to them during the year. Financial accounts are part of the sector accounts of the system of national accounts and they consist of the financial account, the account of other changes in financial assets and financial account balances.
The statistics are compiled in accordance with the European System of Accounts (ESA 2010) and thus in an internationally comparable manner. The European System of Accounts is described in the Manual ESA 2010, Eurostat, the Statistical Office of the European Union, 2010. Chapters 5 to 7 of the Manual discuss financial accounts. Financial accounts follow the Institutional Classification of Sectors (Classification of Sectors 2012) in the classification of economic units.
The production of quarterly financial accounts data is based on the European Central Bank's guidelines (ECB/2013/24). The production of annual data is based on Regulation (EC) No 549/2013 of the European Parliament and of the Council and on the data transmission programme related to this Regulation.
Financial accounts according to the European System of Accounts (ESA 2010) include statistics on financial assets and liabilities between the sectors of the Finnish national economy and between Finland and the rest of the world at the end of the year (reserves) and on financial transactions and other flows directed to them during the year. Financial accounts are part of the sector accounts of the system of national accounts and they consist of the financial account, the account of other changes in financial assets and financial account balances.
The statistics are compiled in accordance with the European System of Accounts (ESA 2010) and thus in an internationally comparable manner. The European System of Accounts is described in the Manual ESA 2010, Eurostat, the Statistical Office of the European Union, 2010. Chapters 5 to 7 of the Manual discuss financial accounts. Financial accounts follow the Institutional Classification of Sectors (Classification of Sectors 2012) in the classification of economic units.
The production of quarterly financial accounts data is based on the European Central Bank's guidelines (ECB/2013/24). The production of annual data is based on Regulation (EC) No 549/2013 of the European Parliament and of the Council and on the data transmission programme related to this Regulation.
Sector coverage
Concerning the institutional sector breakdown, ESA 2010 distinguishes five mutually exclusive domestic institutional sectors: (a) non-financial corporations; (b) financial corporations; (c) general government; (d) households; (e) non-profit institutions serving households. The five sectors together make up the total domestic economy. Each sector is also divided into subsectors.
Financial accounts cover all sectors of the national economy, as well as financial accounts and financial transactions between Finland and the rest of the world.
Financial accounts cover all sectors of the national economy, as well as financial accounts and financial transactions between Finland and the rest of the world.
Time coverage
In general, the ESA 2010 transmission programme requires data starting from 1995 (years) and 1995Q1 (quarters) but some series can start later. If backwards data exist, they may have been compiled according to earlier versions of ESA and can present conceptual breaks.
Monthly, quarterly and annual time series on financial accounts are available on the web pages starting from 1995. Annual level balance series that are not in accordance with ESA 2010 are available for the 1970 to 1994 period.
Monthly, quarterly and annual time series on financial accounts are available on the web pages starting from 1995. Annual level balance series that are not in accordance with ESA 2010 are available for the 1970 to 1994 period.
Frequency of dissemination
Financial accounts are published five times per year on Statistics Finland's website. Quarterly data are typically released by quarter at the end of March, June, September and December. Annual financial accounts are released towards the end of September, in which connection annual data on non-financial assets are also published. Quarterly and annual time series are available on the web pages starting from 1995.
Concepts
Consolidated financial balance/flows
Financial assets and liabilities can be presented in consolidated form, i.e., after elimination of intra-sectorial transactions within sub-sectors (e.g. debts between municipalities) and between sub-sectors (including municipalities' debts to the state, employment pension corporations and other social security institutions within the general government sector). Consolidated data only show the relative positions of the sectors.
Debt securities
Debt securities comprise all marketable debt instruments, such as Treasury bills, securities issued by municipalities, bank certificates of deposit, commercial papers, bonds and convertible bonds.
ESA 2010
ESA 2010 = European System of Accounts 2010, the EU's revised Regulation that steers the compilation of economic statistics.
Financial accounts
The system of financial accounts (i.e. the financial accounting system) shows the financial assets and liabilities of the different sectors of the economy, as well as financial transactions that have an impact on these financial assets and liabilities. The financial accounts consist of 1) the financial balance at the end of the year, and 2) a record of the financial transactions involving financial assets and liabilities during the year. The financial accounts are part of the national accounts.
The financial accounts are statistical tables which are based on other financial statistics as well as e.g. sector statistics containing data on balances and flows.
The financial accounts are statistical tables which are based on other financial statistics as well as e.g. sector statistics containing data on balances and flows.
Financial assets
Financial assets are economic assets, comprising means of payment, financial claims and economic assets which are close to financial claims in nature.
Financial claims entitle their owners, the creditors, to receive a payment or series of payments without any counter-performance from other institutional units, the debtors, who have incurred the counterpart liabilities.
Financial assets are divided into eight sub-categories: Monetary gold and special drawing rights (AF1), Currency and deposits (AF2), Debt securities (AF3), Loans (AF4), Equity and investment fund shares or units (AF5), In-surance, pension and standardised guarantee schemes (AF6), Derivatives and employee stock options (AF7), and Other assets and liabilities (F8).
Financial claims entitle their owners, the creditors, to receive a payment or series of payments without any counter-performance from other institutional units, the debtors, who have incurred the counterpart liabilities.
Financial assets are divided into eight sub-categories: Monetary gold and special drawing rights (AF1), Currency and deposits (AF2), Debt securities (AF3), Loans (AF4), Equity and investment fund shares or units (AF5), In-surance, pension and standardised guarantee schemes (AF6), Derivatives and employee stock options (AF7), and Other assets and liabilities (F8).
Financial assets category
The financial assets category includes all financial instruments that are described in the financial accounts.
The main classification criteria are the asset's liquidity and the laws that regulate its use. The asset must correspond to an unconditional liability; contingent assets are included only if they have a market value or can be offset against other liabilities.
The main classification criteria are the asset's liquidity and the laws that regulate its use. The asset must correspond to an unconditional liability; contingent assets are included only if they have a market value or can be offset against other liabilities.
Financial liabilities
Financial liabilities are economic liabilities that are categorised in the same manner as financial assets. Liabilities represent the counterpart of assets, i.e., an asset of one sector is always recorded as a liability of another sector.
Financial transactions
Financial transactions are transactions in financial assets and liabilities be-tween institutional units, and between them and the rest of the world.
The item shows which sectors are net lenders and which sectors are net bor-rowers, the form of the financial asset or liability and the amount .
Financial transactions are classified into eight main categories, which are subdivided into subcategories. The classification is consistent with the classi-fication of the balance sheet totals of financial assets and liabilities.
The item shows which sectors are net lenders and which sectors are net bor-rowers, the form of the financial asset or liability and the amount .
Financial transactions are classified into eight main categories, which are subdivided into subcategories. The classification is consistent with the classi-fication of the balance sheet totals of financial assets and liabilities.
Financial transactions, net
Finansiella nettotransaktioner utgör differensen mellan nettoanskaffningen av finansiella tillgångar och nettoanskaffningen av finansiella skulder. En sektor är nettoutlånare under perioden, om sektorns finansiella tillgångar ökar mer än dess finansiella skulder. Begreppet motsvarar begreppet netto-utlåning/-upplåning i nationalräkenskaperna.
Holding gain and loss
Holding gains and losses result from changes in the prices of assets. They occur on all kinds of financial and non-financial assets, and on liabilities. Holding gains and losses accrue to the owners of assets and liabilities purely as a result of holding the assets or liabilities over time, without transforming them in any way.
Holding gains and losses measured on the basis of current market prices are called nominal holding gains and losses. These may be decomposed into neutral holding gains and losses, reflecting changes in the general price level, and real holding gains and losses, reflecting changes in the relative prices of assets.
Holding gains and losses measured on the basis of current market prices are called nominal holding gains and losses. These may be decomposed into neutral holding gains and losses, reflecting changes in the general price level, and real holding gains and losses, reflecting changes in the relative prices of assets.
Households' indebtedness ratio
Households' indebtedness ratio is calculated as the ratio of their loan debts at end of a quarter to their total disposable income during the preceding four quarters
Net acquisition of debt
Net amount of debt incurred during a specific period of time.
Net acquisition of financial assets
Net amount of financial assets acquired during a specific period of time.
Net lending/net borrowing
Net lending/borrowing is a balancing item in the capital account and the fi-nancial account.
Net lending/borrowing corresponds to the amount available to a unit or sec-tor for financing, directly or indirectly, other units or sectors, or the amount which a unit or sector is obliged to borrow from other units or sectors.
The corresponding concept to net lending/borrowing in financial accounts is financial transactions, net. It is the difference between net acquisition of fi-nancial assets and liabilities. If a sector acquires financial assets in excess of the amount of new debt incurred during the period it is a net lender.
Net lending/borrowing corresponds to the amount available to a unit or sec-tor for financing, directly or indirectly, other units or sectors, or the amount which a unit or sector is obliged to borrow from other units or sectors.
The corresponding concept to net lending/borrowing in financial accounts is financial transactions, net. It is the difference between net acquisition of fi-nancial assets and liabilities. If a sector acquires financial assets in excess of the amount of new debt incurred during the period it is a net lender.
Non-consolidated financial balance/flows
Financial assets and liabilities can be presented in non-consolidated form, i.e. all transactions are shown in full, including intra-sectorial and intra-sub-sectorial transactions. Intra-sectorial transactions in sectors consisting of a single institutional unit are nevertheless eliminated (e.g. borrowing within the central government sector). Intra-sectorial transactions do not have any impact on the sector's net worth or net lending.
Statistical discrepancy
Statistical discrepancy is the difference between demand and supply in na-tional accounts. Even though by definition the items should be equal in the national economy, they usually deviate from one another due to deviation in statistical sources and they are not forced to be equal in the Finnish system of accounts.
In financial accounts, the statistical discrepancy describes the difference be-tween net lending in financial accounts and non-financial national accounts.
In financial accounts, the statistical discrepancy describes the difference be-tween net lending in financial accounts and non-financial national accounts.
Accuracy, reliability and timeliness
Overall accuracy
Financial accounts are statistics that are mainly derived from other statistics. Therefore, the quality of the source statistics is crucial for the reliability of the statistics. Because there are different types of source statistics, there are also various uncertainty factors.
In the summary process, sector-specific data are adjusted into a balanced whole. The reliability of alternative data sources is evaluated in the process. This helps to manage uncertainty factors and reveal sources of error. The summary plays a key role in the reliability of the statistics.
One way to assess the accuracy of financial accounts is to examine financial accounts relative to entries of non-financial national accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
In the summary process, sector-specific data are adjusted into a balanced whole. The reliability of alternative data sources is evaluated in the process. This helps to manage uncertainty factors and reveal sources of error. The summary plays a key role in the reliability of the statistics.
One way to assess the accuracy of financial accounts is to examine financial accounts relative to entries of non-financial national accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
Timeliness
The quarterly financial accounts are published at a lag of around three months. The annual level StatFin database is also always updated then. Starting from the statistical reference year 2017, the annual financial accounts release is produced at a lag of around nine months in September. When compiling the annual publication, more exhaustive sources than when compiling quarterly data are available for the previous year.
Time series corrections caused by methodological changes are made even far back if necessary and because of them the figures may change significantly. The exact release dates of Statistics Finland's next releases can be found under Future releases.
Time series corrections caused by methodological changes are made even far back if necessary and because of them the figures may change significantly. The exact release dates of Statistics Finland's next releases can be found under Future releases.
Punctuality
There are no delays between the release calendar and the actual release date.
Data revision - practice
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
Comparability
Comparability - geographical
The statistics are compiled in accordance with the European System of Accounts (ESA 2010) and thus in an internationally comparable manner. The European System of Accounts is described in the Manual ESA 2010, Eurostat, the Statistical Office of the European Union, 2010. Chapters 5 to 7 of the Manual discuss financial accounts.
ESA 2010 is based on the UN's global SNA 2008 and thus comparability is even wider.
The production of quarterly financial accounts data is based on the European Central Bank's guidelines (ECB/2013/24).
The production of annual data is based on Regulation (EC) No 549/2013 of the European Parliament and of the Council and on the data transmission programme related to this Regulation.
ESA 2010 is based on the UN's global SNA 2008 and thus comparability is even wider.
The production of quarterly financial accounts data is based on the European Central Bank's guidelines (ECB/2013/24).
The production of annual data is based on Regulation (EC) No 549/2013 of the European Parliament and of the Council and on the data transmission programme related to this Regulation.
Comparability - over time
The financial accounts time series data are mainly comparable from one year to the next. The balance time series for 1970 to 1994 differ significantly from the time series according to ESA 2010 in terms of coverage, classification of units, valuation of assets and compilation methods. The main deviations are:
- Life and pension insurance savings and other insurance technical reserves are not recorded as financial assets.
- Financial derivatives are not described in statistics.
- Shares and other securities are mainly valued at nominal value or at other book value.
- The coverage of shares and equity is deficient.
- Other assets and liabilities (AF.8) include items that could not be allocated to other claims.
- Employment pension schemes are classified into insurance corporations (S.128).
- Non-profit institutions serving households are included in the non-financial corporations sector (S.11).
- Sector S.124 + S.125 + S.126 also includes other credit institutions than banks.
- In 1970 to 1975, state-owned enterprises are included in the central government sector.
- The data on households and enterprises are partly based on estimates.
- The coverage of the assets and liabilities inside the non-financial corporations sector is deficient.
Coherence - cross domain
Quarterly and annual financial accounts data are compiled in the same process and they are fully congruent with each other.
Statistics Finland compiles and publishes quarterly general government financial accounts at a lag of three months. The statistics on financial accounts also contain data on general government and they are fully congruent with the data of general government financial accounts.
Financial accounts consist of data from many different source statistics. Because of conceptual deviations and balancing, the statistics are not in all respects congruent with the source statistics. For these reasons, it is not always sensible to compare the data with the data of the source statistics.
Financial accounts are part of the system of national accounts. Financial accounts can be examined relative to the entries of non-financial national accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
Statistics Finland compiles and publishes quarterly general government financial accounts at a lag of three months. The statistics on financial accounts also contain data on general government and they are fully congruent with the data of general government financial accounts.
Financial accounts consist of data from many different source statistics. Because of conceptual deviations and balancing, the statistics are not in all respects congruent with the source statistics. For these reasons, it is not always sensible to compare the data with the data of the source statistics.
Financial accounts are part of the system of national accounts. Financial accounts can be examined relative to the entries of non-financial national accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
Coherence - internal
See section Coherence between Statistics.
Source data and data collections
Source data
Financial accounts are statistics that are mainly derived from other statistics. In addition to financial statistics, other statistics and data containing sector-specific or asset-specific balance sheet and flow data are used as sources in the compilation of the statistics. Most of the data sources are available quarterly but some sources can be used only on the annual level. The source data are adjusted into a balanced whole. The main data sources for financial accounts are listed below.
Data on monetary financial institutions:
Data on financial institutions' balance sheets and flows are obtained quarterly from the Bank of Finland's data on monetary financial institutions.
Data on investment funds:
The Bank of Finland's data on mutual funds provide the structure of the portfolio of investment funds and private equity funds and the owner sector distribution of mutual fund shares at the end of the quarter. In addition, data are obtained on the flows related to the portfolio of investment funds during the quarter.
Balance of payments:
Statistics Finland compiles Finland's balance of payments statistics, which are the main data source for the rest of the world sector in financial accounts.
The balance of payments statistics describe the external balance of the national economy, i.e. economic relations between Finland and the rest of the world. The recordings of the balance of payments statistics are congruent with the principles of the national accounts.
Securities holding statistics:
The Bank of Finland's securities holdings statistics are used in the calculation of debt securities and quoted shares. The statistics contain the securities held by each sector at the end of the quarter and financial transactions during the quarter. The classifications of the securities holdings statistics correspond with the classifications of financial accounts.
Solvency II:
The quarterly Solvency II data of the Financial Supervisory Authority and the Bank of Finland are an important data source for financial accounts in the compilation of statistics on insurance corporations.
Central government accounting data:
The central government accounting submitted monthly includes the accounting of central government agencies and funds.
Balance sheet accounts of accounting are used as the main data source in the compilation of central government's financial accounts. The data are maintained by the State Treasury.
State Treasury's debt reports:
The calculation of central government debt is largely based on the central government debt report published by the State Treasury. The quarterly report contains data on debt at nominal and market prices, transactions and accrued interest.
Local government finances by quarter:
The main data source for local government was Statistics Finland's statistics on the local government finances by quarter, which described the development of the finances of municipalities and joint municipal authorities in Mainland Finland by quarter in accordance with the realisation of budgets. The statistics contained data on the debt of municipalities and joint municipal authorities and certain assets by type of claim.
Statistics on finances of municipalities:
Another data source for local government was the finances and activities of municipalities and joint municipal boards produced by Statistics Finland that contained annual data on the income and expenses, assets and debts, and activities of municipalities and joint municipal authorities.
State Treasury's report on local government finances:
At the beginning of 2021, the collection of data on municipalities and joint municipal authorities as well as municipal and joint municipal authority enterprises was transferred from Statistics Finland to the State Treasury. The State Treasury collects corresponding data from the municipalities and joint municipal authorities that Statistics Finland previously collected on local government finances on a quarterly and annual basis. Collected information include profit and loss accounts, balance sheets as well as cash flow statements among others.
Employment pension schemes' data collection on assets:
The main data source for employment pension schemes is the joint data collection of Statistics Finland and the Finnish Pension Alliance TELA on the assets of employment pension schemes. The quarterly data collection was started with the data for the first quarter of 2016 and its respondents include pension companies, funds, foundations and special institutions providing statutory employment pension, and Keva, the State Pension Fund, the Church Pension Fund, the Social Insurance Institution of Finland and the Bank of Finland. The content inquired covers the units’ financial assets, other assets and some data on their liabilities. The data cover a breakdown into asset types and counterpart sectors and for foreign items a country division. In addition to balance sheets, flow data are also inquired.
Business structures statistics:
The main data source for the financial account of the non-financial corporations sector is Statistics Finland's database of business structures statistics, which contains financial statement data on enterprises. The balance sheet data of the structures statistics provide the aggregates of financial assets and liabilities at book value determined for the whole sector, as well as some data by asset. The data of the business structures statistics are on the annual level. When calculating the latest quarters of financial accounts, annual level data are used as estimates and basic data for other calculation.
Data on monetary financial institutions:
Data on financial institutions' balance sheets and flows are obtained quarterly from the Bank of Finland's data on monetary financial institutions.
Data on investment funds:
The Bank of Finland's data on mutual funds provide the structure of the portfolio of investment funds and private equity funds and the owner sector distribution of mutual fund shares at the end of the quarter. In addition, data are obtained on the flows related to the portfolio of investment funds during the quarter.
Balance of payments:
Statistics Finland compiles Finland's balance of payments statistics, which are the main data source for the rest of the world sector in financial accounts.
The balance of payments statistics describe the external balance of the national economy, i.e. economic relations between Finland and the rest of the world. The recordings of the balance of payments statistics are congruent with the principles of the national accounts.
Securities holding statistics:
The Bank of Finland's securities holdings statistics are used in the calculation of debt securities and quoted shares. The statistics contain the securities held by each sector at the end of the quarter and financial transactions during the quarter. The classifications of the securities holdings statistics correspond with the classifications of financial accounts.
Solvency II:
The quarterly Solvency II data of the Financial Supervisory Authority and the Bank of Finland are an important data source for financial accounts in the compilation of statistics on insurance corporations.
Central government accounting data:
The central government accounting submitted monthly includes the accounting of central government agencies and funds.
Balance sheet accounts of accounting are used as the main data source in the compilation of central government's financial accounts. The data are maintained by the State Treasury.
State Treasury's debt reports:
The calculation of central government debt is largely based on the central government debt report published by the State Treasury. The quarterly report contains data on debt at nominal and market prices, transactions and accrued interest.
Local government finances by quarter:
The main data source for local government was Statistics Finland's statistics on the local government finances by quarter, which described the development of the finances of municipalities and joint municipal authorities in Mainland Finland by quarter in accordance with the realisation of budgets. The statistics contained data on the debt of municipalities and joint municipal authorities and certain assets by type of claim.
Statistics on finances of municipalities:
Another data source for local government was the finances and activities of municipalities and joint municipal boards produced by Statistics Finland that contained annual data on the income and expenses, assets and debts, and activities of municipalities and joint municipal authorities.
State Treasury's report on local government finances:
At the beginning of 2021, the collection of data on municipalities and joint municipal authorities as well as municipal and joint municipal authority enterprises was transferred from Statistics Finland to the State Treasury. The State Treasury collects corresponding data from the municipalities and joint municipal authorities that Statistics Finland previously collected on local government finances on a quarterly and annual basis. Collected information include profit and loss accounts, balance sheets as well as cash flow statements among others.
Employment pension schemes' data collection on assets:
The main data source for employment pension schemes is the joint data collection of Statistics Finland and the Finnish Pension Alliance TELA on the assets of employment pension schemes. The quarterly data collection was started with the data for the first quarter of 2016 and its respondents include pension companies, funds, foundations and special institutions providing statutory employment pension, and Keva, the State Pension Fund, the Church Pension Fund, the Social Insurance Institution of Finland and the Bank of Finland. The content inquired covers the units’ financial assets, other assets and some data on their liabilities. The data cover a breakdown into asset types and counterpart sectors and for foreign items a country division. In addition to balance sheets, flow data are also inquired.
Business structures statistics:
The main data source for the financial account of the non-financial corporations sector is Statistics Finland's database of business structures statistics, which contains financial statement data on enterprises. The balance sheet data of the structures statistics provide the aggregates of financial assets and liabilities at book value determined for the whole sector, as well as some data by asset. The data of the business structures statistics are on the annual level. When calculating the latest quarters of financial accounts, annual level data are used as estimates and basic data for other calculation.
Data collection
Financial accounts are statistics that are mainly derived from other statistics. There are separate agreements on the delivery of data with the most important suppliers of source data, such as the Bank of Finland and the State Treasury.
Frequency of data collection
Depending on the source data, data are collected monthly, quarterly or annually. In general, the frequency of the data collection is quarterly.
Methods
Data compilation
Source data received from the Bank of Finland are processed in a uniform process with the balance of payments. All incoming data are processed and edited uniformly in the database architecture of the rest of the national accounts. At the compilation stage of financial accounts, sector data are no longer imputed, although imputed data may be included in different source data.
Data validation
The data are validated horizontally and vertically in connection with compiling and reporting. In addition, Eurostat and the ECB validate and check the data received quarterly in detail.
Principles and outlines
Contact organisation
Statistics Finland
Contact organisation unit
Economic Statistics
Legal acts and other agreements
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
Financial accounts are statistics mainly derived from other statistics. There are memoranda of understanding and cooperation agreements with the suppliers of source statistics and statistical data, such as the Bank of Finland, the State Treasury and the Finnish Centre for Pensions.
The most important source statistics and statistical data are the Bank of Finland's statistics and statistical data. Statistical cooperation between the Bank of Finland and Statistics Finland is defined in the memorandum of understanding. Statistics Finland is responsible for the compilation of annual financial accounts in Finland in accordance with the ESA 2010 transmission programme. Statistics Finland is also responsible for compiling quarterly financial accounts for general government in accordance with EU Regulation 501/2004. The statistical unit of the Bank of Finland is obliged to provide quarterly financial accounts data to the ECB to the extent required by the MUFA Guideline (hereinafter referred to as the Guideline). Statistics Finland compiles these data.
Statistics Finland is responsible for the national release of financial accounts. The legal or contractual background concerning financial accounts and statistics on general government finances and closely related to them is as follows:
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
Financial accounts are statistics mainly derived from other statistics. There are memoranda of understanding and cooperation agreements with the suppliers of source statistics and statistical data, such as the Bank of Finland, the State Treasury and the Finnish Centre for Pensions.
The most important source statistics and statistical data are the Bank of Finland's statistics and statistical data. Statistical cooperation between the Bank of Finland and Statistics Finland is defined in the memorandum of understanding. Statistics Finland is responsible for the compilation of annual financial accounts in Finland in accordance with the ESA 2010 transmission programme. Statistics Finland is also responsible for compiling quarterly financial accounts for general government in accordance with EU Regulation 501/2004. The statistical unit of the Bank of Finland is obliged to provide quarterly financial accounts data to the ECB to the extent required by the MUFA Guideline (hereinafter referred to as the Guideline). Statistics Finland compiles these data.
Statistics Finland is responsible for the national release of financial accounts. The legal or contractual background concerning financial accounts and statistics on general government finances and closely related to them is as follows:
- EU legislation binding Statistics Finland: Annual financial accounts and quarterly general government financial accounts: ESA 2010 Regulation and its transmission programme. Annual data must be supplied at a delay of nine months.
- Regulations binding the Bank of Finland: Monetary Union Quarterly Financial Accounts (MUFA): Guideline of the European Central Bank on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (recast) (ECB/2013/24).
Confidentiality - policy
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.
Further information: Data protection | Statistics Finland (stat.fi)
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. The European Statistics Code of Practice provides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).
The data protection principles of Statistics Finland are described at: http://tilastokeskus.fi/meta/tietosuoja/index_en.html
Concerning the units whose data on financial accounts may be directly inferred, the unit concerned is asked to consent to the publication and delivery of data for international data needs.
Further information: Data protection | Statistics Finland (stat.fi)
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. The European Statistics Code of Practice provides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).
The data protection principles of Statistics Finland are described at: http://tilastokeskus.fi/meta/tietosuoja/index_en.html
Concerning the units whose data on financial accounts may be directly inferred, the unit concerned is asked to consent to the publication and delivery of data for international data needs.
Confidentiality - data treatment
The data materials are protected at all stages of processing with the necessary physical and technical solutions. Unit-specific data of the calculation data must be kept undisclosed.
Data are handled only by persons who need the data in their work. The use of data is restricted by usage rights. The statistics are formed by processing a large number of different statistics and other data sources. The aggregation of data in the process, the compilation time evaluation related to data quality, detailed prioritisation of sources and measures related to total level balancing produce an end result that does not enable identification of individual data producers.
All employees compiling financial accounts have signed a pledge of secrecy, where they have obliged to keep secret the data prescribed as confidential by virtue of the Statistics Act or the Act on the Openness of Government Activities.
Data are handled only by persons who need the data in their work. The use of data is restricted by usage rights. The statistics are formed by processing a large number of different statistics and other data sources. The aggregation of data in the process, the compilation time evaluation related to data quality, detailed prioritisation of sources and measures related to total level balancing produce an end result that does not enable identification of individual data producers.
All employees compiling financial accounts have signed a pledge of secrecy, where they have obliged to keep secret the data prescribed as confidential by virtue of the Statistics Act or the Act on the Openness of Government Activities.
Release policy
Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data are public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
Financial accounts are published five times per year on Statistics Finland's website. Quarterly data are typically released by quarter at the end of March, June, September and December. Annual financial accounts are also released in September.
Further information: Publication principles for statistics at Statistics Finland
Financial accounts are published five times per year on Statistics Finland's website. Quarterly data are typically released by quarter at the end of March, June, September and December. Annual financial accounts are also released in September.
Data sharing
Statistics Finland compiles and publishes quarterly general government financial accounts at a lag of three months. The statistics on financial accounts also contain data on general government and they are fully congruent with the data of general government financial accounts.
The European Central Bank quarterly releases data on the euro area financial accounts based on national financial accounts as well as national financial accounts data on their web pages. In addition, the Bank of Finland can use data from general government financial statistics for other purposes than statistical purposes to the extent indicated in the ECB's guideline. Closely associated with financial accounts, Statistics Finland is responsible for general government deficit and debt statistics and the Bank of Finland for the ECB's government finance statistics.
The European Central Bank quarterly releases data on the euro area financial accounts based on national financial accounts as well as national financial accounts data on their web pages. In addition, the Bank of Finland can use data from general government financial statistics for other purposes than statistical purposes to the extent indicated in the ECB's guideline. Closely associated with financial accounts, Statistics Finland is responsible for general government deficit and debt statistics and the Bank of Finland for the ECB's government finance statistics.
- The European Central Bank's guideline on government finance statistics (recast) (ECB/2014/21) obliges the Bank of Finland to deliver fixed-format statistics on general government financial accounts to the ECB twice a year.
- EDP deficit and debt reporting: Council Regulations 479/2009 and 679/2010 and Commission Regulation 220/2014. The data concerning the previous year must be reported by 1 April and 1 October.
- Quarterly EDP debt: ESA 2010 Regulation and transmission programme. The data must be submitted at a lag of 90 days.
Accessibility and clarity
Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
The statistical releases and the statistical database updates of financial accounts are published on Statistics Finland's website. Data users can subscribe to emails concerning releases on desired topics (so-called news notification service).
https://www.stat.fi/en/statistic/rtp
https://www.stat.fi/en/statistic/jyrt
https://www.stat.fi/en/statistic/jyev
The releasing of topical news, such as news contents, is decided on a case-by-case basis. The channels of topical news are:
www.stat.fi
www.facebook.com/Tilastotohtori
https://twitter.com/StatsFinland
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
The statistical releases and the statistical database updates of financial accounts are published on Statistics Finland's website. Data users can subscribe to emails concerning releases on desired topics (so-called news notification service).
https://www.stat.fi/en/statistic/rtp
https://www.stat.fi/en/statistic/jyrt
https://www.stat.fi/en/statistic/jyev
The releasing of topical news, such as news contents, is decided on a case-by-case basis. The channels of topical news are:
www.stat.fi
www.facebook.com/Tilastotohtori
https://twitter.com/StatsFinland
Data revision - policy
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
Quality assessment
The Official Statistics of Finland (OSF) are a comprehensive collection of statistics describing the development and state of society. They comprise nearly 300 sets of statistics on 26 different topics. The producers of Official Statistics of Finland have approved a common quality assurance in which they commit to common quality criteria and quality assurance measures. The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice. The good practices followed in the statistics are presented in Statistics Finland's Quality Guidelines for Official Statistics handbook.
Also see Section Quality Assurance.
Also see Section Quality Assurance.
Quality assurance
Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are also compatible with the European Statistics Code of Practice.
Further information: Quality management | Statistics Finland (stat.fi)
User access
Data are released to all users at the same time. Statistical data may only be handled at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.
Further information: Publication principles for statistics
Unless otherwise separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.
Statistics that affect capital and financial markets: the Act on the Openness of Government Activities (Section 24, Paragraph 1, Sub-paragraph 13) prescribes that statistics describing the development of the national economy and other documents containing data that apparently could have an effect on the capital and financial markets are secret before the data are published. For these statistics, statistics-specific lists are maintained on the persons that have the right to handle the data.
In special cases data can be released before the official release under the so-called embargo principle. These situations are such as data releases based on EU regulations or agreements to Eurostat, the European Central Bank or the Bank of Finland, and releasing of data based on separate agreements to other authorities producing statistics and other producers of official statistics for the compilation of a publication that is released after Statistics Finland's release, or for mandatory EU reporting. In such cases, the data must be indicated as confidential until their release (the embargo principle, i.e. the recipient may not publish the data before the agreed time).
Further information: Publication principles for statistics
Unless otherwise separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.
Statistics that affect capital and financial markets: the Act on the Openness of Government Activities (Section 24, Paragraph 1, Sub-paragraph 13) prescribes that statistics describing the development of the national economy and other documents containing data that apparently could have an effect on the capital and financial markets are secret before the data are published. For these statistics, statistics-specific lists are maintained on the persons that have the right to handle the data.
In special cases data can be released before the official release under the so-called embargo principle. These situations are such as data releases based on EU regulations or agreements to Eurostat, the European Central Bank or the Bank of Finland, and releasing of data based on separate agreements to other authorities producing statistics and other producers of official statistics for the compilation of a publication that is released after Statistics Finland's release, or for mandatory EU reporting. In such cases, the data must be indicated as confidential until their release (the embargo principle, i.e. the recipient may not publish the data before the agreed time).