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Published: 20 December 2019

General government’s net financial assets increased in the third quarter of 2019

At the end of the third quarter of 2019, general government's net financial assets, i.e. the difference between assets and liabilities, amounted to EUR 143.6 billion. Net financial assets grew by EUR 0.6 billion from the previous quarter, mainly due to employment pension schemes' positive holding gains. These data derive from general government financial accounts compiled by Statistics Finland.

General government’s net financial assets

Central government's net financial assets fell by EUR 0.6 billion from the previous quarter's level, being EUR -56.9 billion at the end of the quarter. Assets declined by EUR 1.3 billion, especially as a result of a drop in the stock of transferable deposits. Liabilities decreased by EUR 0.6 billion mainly due to a decline in the stock of long-term debt securities. Central government receivables were revised in terms of the Bank of Finland’s initial capital starting from the fourth quarter of 1997. The effect of the revision, for example, on the net financial assets in the second quarter of 2019 was EUR 9.3 billion positive.

Local government's net financial assets fell by EUR 2.2 billion from the previous quarter to EUR -7.6 billion. Assets declined by EUR 0.8 billion, while liabilities increased by EUR 1.4 billion. The liabilities stock of short-term and long-term loans was EUR 20.3 billion at the end of the quarter.

Employment pension schemes' net financial assets stood at EUR 205.6 billion at the end of the quarter. Employment pension schemes’ net financial assets grew by EUR 3.3 billion compared to the previous quarter. Holding gains from mutual fund shares amounted to EUR 3.1 billion and their net purchases were EUR 1.3 billion positive. Employment pension schemes accrued EUR 0.9 billion in holding gains from long-term debt securities and during the quarter they resigned from them to the tune of EUR 1.9 billion on net.

The net financial assets of other social security funds went up by EUR 0.2 billion during the quarter. The total stock of liabilities contracted by EUR 0.4 billion and the structure of the stock of liabilities changed as the stock of long-term debt securities dropped to zero. However, short-term debt securities increased by EUR 0.2 billion.

Source: General government financial accounts, Statistics Finland

Inquiries: Olli-Pekka Aaltonen 029 551 3090, Aaro Hottinen 029 551 3231, rahoitus.tilinpito@stat.fi

Director in charge: Ville Vertanen

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Appendix tables

• Appendix table 1. General government financial assets, liabilities and net assets, EUR billion (20.12.2019)

Figures

• Appendix figure 1. Shares and other equity held by employment pension schemes (20.12.2019)
• Appendix figure 2. Financial assets of central government (20.12.2019)

Revisions in these statistics

• Revisions in these statistics (20.12.2019)

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Updated 20.12.2019