Eyal

Horowitz
 Introduction
Sources and Methods
Main findings - 2011

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 Thenational balance sheet accounts
were first published in 2002 for the year
1995.

Since then the balance sheets have been

prepared for the years 2001 to 2011.
Over the years some changes have
been made (no of sub sectors and types
of instruments).

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 Thevalue of asset/liability can be
derived from :
- method related to an institutional
sector
- distribution of the total value of
an asset/liability among various
sectors.

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 First phase: assets and liabilities are
recorded in accordance with the data in
each sectors financial statements.
Second phase: comparison between the
sums of assets and the corresponding
liabilities. Choosing the most reliable
estimate.
Third phase: if no information is available
we use the counterpart method or the
residual derivation method.

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 Non Financial Corporations, Other
Financial Intermediaries and Financial
Auxiliaries based on the analysis of
the balance sheets of the corporations.
Households balance sheets of other
sectors and information about specific
assets known for the households
(deposits and loans).

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 Deposit Money Corporations the main
source is the Central Bank, Supervisor of
banks, and some details are collected
directly from the large banks.
Pension and Provident Funds and
Insurance Corporations the source is
the report of Capital Market of the
Insurance and Saving division of the
Ministry of Finance.
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 Central Government the source is the
Ministry of Finance, Office of the
Accountant General.
NPISH and GNPI survey of balance
sheets for public and private NPI held by
the CBS.

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 The Tel Aviv Stock Exchange is the source
for the market values of the quoted
governmental bonds, quoted private bonds
and shares.

The source for the non financial assets is the

net capital stock calculated in the NA using
the PIM method (doesnt include land).

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 Breakdown of assets and liabilities by
maturity (to analyze liquidity risks).

Compilation of up-to-date full quarterly

national balance sheets.
Adjustment to SNA 2008

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 Israelstotal national wealth NIS 2,091
billion, which is 2.4 times GDP.

Thetotal assets NIS 7,250 billion,

which is 8.3 times GDP.

Thegovernment debt (mainly bonds)

NIS 656 billion.

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 The total credit NIS 1,763 billion.
The loans from the banks 44% from the total
credit. Were mainly given to Non-Financial
Corporations (33%) and the households
(42%).
Total credit to Non-Financial Corporations -
NIS 502 billion
Total credit to the Households NIS 413 billion.

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 Non
Financial
Corporation
s 17.6%
Households
and NPISH
42.1%

Governmen
Financial t, Local
Corporation Authorities
s 32.6% and GNPI,
7.7%

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 Non Households
Financial and NPISH
Corporations 10%
17%
Government,
Local
Authorities
and GNPI
21%

Financial
Corporations
52%

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3.20 3.09 3.05
3.10 3.00
3.00
2.90
2.80
2.70 2.62
2.60
2.50
2.40
2.30

YEAR

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 The balance sheets were first developed within
the NA.
The collaboration with the Central Bank has
proved fruitful and has lead to wider use of the
balance sheets, mainly for financial stability.
The constant development of the balance
sheets will make it possible to have further
analyses in the future.

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