CENTRAL BANK OF CYPRUS
Guidelines on the classification of Institutional Units into Institutional Sectors and Sub-sectors in accordance with the European System of Accounts (ESA 2010)
1. Purpose of the Guidelines
The Central Bank of Cyprus (CBC) issues the “Guidelines on the classification of institutional units into institutional sectors and sub-sectors in accordance with the European System of Accounts (ESA 2010)” (ESA 2010 Guidelines), which apply to all Monetary Financial Institutions (MFIs) operating in Cyprus.
The ESA 2010 Guidelines aim to implement the classification principles described in “Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union” (ESA 2010) along with certain amendments deemed necessary at national level. They are intended to provide the necessary explanations to the MFIs concerning the classification of their customers and other counterparties into institutional sectors and sub-sectors, in accordance with the ESA 2010.
2. Structure of the Guidelines
The ESA 2010 Guidelines are composed of two parts. Part 1 provides the general principles on the definition of residency and the definitions of institutional units and sectors and Part 2 provides the description of each sector classification. Annex 1 provides the CBC Directive on the definition of the term “resident of Cyprus”, Annex 2 includes the table with the ESA 2010 codes for each sector and Annex 3 provides for a Decision tree with more practical criteria to be used for the classification of units into institutional sectors and the identification of Special Purpose Entities (SPEs).
3. Electronic Register
The ESA 2010 Guidelines are accompanied by an “Electronic Register”, which aims to facilitate MFIs in the classification of their customers and counterparties. It includes lists of institutional units resident in Cyprus and their classification in the financial corporations’ sub-sectors, as well as some non resident units and their sector and country classification, as described in Part 2 of the Guidelines.
It should be clarified that the lists in the Electronic Register are non exhaustive and include only those units that have been identified and classified by the CBC. In this respect, for those institutional units not covered in the Electronic Register, the MFIs should follow the classification principles of the ESA 2010 Guidelines and contact the responsible CBC officers, when necessary.
The Electronic Register will be updated on a regular basis, and no less than a year.
4. Implementation of the Guideline
As a first step, MFIs should classify their customers and other counterparties, by country of residence by following the principles described in paragraphs 1.1 – 1.8 of Part 1 of the Guidelines entering the ISO country code or, in the case of international organisations, the codes provided by the Central Bank of Cyprus in the Electronic Register. A list of country ISO codes may be found at .
Following the country classification, MFIs should classify their customers and other counterparties at the lowest level of the sectors, sub-sectors or categories of the ESA 2010, as presented in Annex 2 and in accordance with the principles presented in Part 1 and Part 2 of the Guidelines. The MFIs should also flag as SPEs those customers and counterparties that satisfy the criteria of an SPE. The Decision Tree (Annex 3) and the Electronic Register can be consulted for the identification of SPEs and the classification of units into sectors and sub-sectors.
It is to be understood that MFIs should review the country and ESA 2010 classification of their counterparties from time to time, so that the codes used are up to date.
5. Obligations of the MFIs
MFIs should make all the necessary arrangements for the implementation of these Guidelines and exert every necessary effort for the correct and timely classification of their customers and other counterparties into institutional sectors, sub-sectors or categories
The “Guidelines on the Classification of Institutional Units into Institutional Sectors and Sub-sectors in accordance with the ESA 95” issued in June 2010 shall be repealed with effect the 31st December 2014.
It is to be understood that the following:
“Reporting Instructions on the Monthly Balance Sheet Return by MFIs”
“Reporting Instructions on the Monthly Flows adjustments data of MFIs”
“Reporting instructions on the Monthly Interest Rates statistics of MFIs”
which will enter into force in 31 December 2014, will be based on the classification principles included in these Guidelines.
PART 1
General principles on ESA 2010 classifications
Definition of residency
1. The statistical definition of residency should be applied. For statistical purposes, an institutional unit is resident in a country when it has its centre of predominant economic interest in the economic territory of that country, irrespective of nationality, legal form or presence on the economic territory.
2. The economic territory consists of the following:
a) The area (geographic territory) under the effective administration and economic control of a single government;
b) Any free zones, including bonded warehouses and factories under customs control;
c) The national air-space, territorial waters and the continental shelf lying in international waters, over which the country enjoys exclusive rights;
d) Territorial enclaves (i.e. geographic territories situated in the rest of the world and used, under international treaties or agreements between States, by general government agencies of the country (embassies, consulates, military bases, scientific bases, etc);
e) Deposits of oil, natural gas, etc. in international waters outside the continental shelf of the country, worked by units resident in the territory as defined in the preceding sub-paragraphs.
3. The economic territory excludes extraterritorial enclaves.
Also excluded are the parts of the country’s own geographic territory used by the following organisations:
a) General government agencies of other countries;
b) Institutions and bodies of the EU; and
c) International organisations under international treaties between States
The territories used by the institutions and bodies of the EU and international organisations are separate economic territories. A feature of such territories is that the only residents are the institutions.
4. ‘Centre of predominant economic interest’ indicates that a location exists within the economic territory where a unit engages in economic activities and transactions on a significant scale, either indefinitely or over a finite but long period of time (a year or more). The ownership of land and buildings within the economic territory is deemed to be sufficient for the owner to have a centre of economic interest there.
In the absence of any physical dimension to an enterprise, its residence is determined according to the economic territory under whose laws the enterprise is incorporated or registered.
5. For units other than households, in respect of all their transactions except those relating to ownership of land and buildings, the following two cases may be distinguished:
a) activity is conducted exclusively on the economic territory of the country: units which carry out such activity are resident units of the country;
b) activity is conducted for a year or more on the economic territories of several countries: only that part of the unit that has a centre of economic interest in the economic territory of the country is deemed to be a resident unit of that country.
A resident institutional unit may be a notional resident unit, in respect of the activity conducted in the country for a year or more by a unit which is resident in another country. When the activity is carried on for less than a year, the activity remains part of the activities of the producer institutional unit and no separate institutional unit is recognised. When the activity is insignificant, even though lasting longer than a year, and for the installation of equipment abroad, no separate unit is recognised and the activities are recorded as that of the producing institutional unit.
6. Households are resident units of the economic territory where they have a centre of predominant economic interest, irrespective of periods spend abroad of less than one year. Resident households shall include, in particular, the following:
a) Border workers, defined as people who cross the frontier daily to work in a neighbouring country.
b) Seasonal workers, defined as people who leave the country for several months according to season, but less than a year, to work in another country;
c) Tourists, patients, students, visiting officials, businessmen, salesmen, artists and crew members who travel abroad;
d) Locally recruited staff working in the extraterritorial enclaves of foreign governments;
e) The staff of the institutions of the EU and of civilian or military international organisations which have their headquarters in extraterritorial enclaves;
f) The official, civilian or military representatives of the government of the country (including their households) established in territorial enclaves.
Students are always treated as residents, irrespective of the length of their studies abroad.
7. All units (including households) in their capacity as owners of land and/or buildings that form part of the economic territory are resident units or notional resident units of the country in which the land or buildings in question are located.
8. The term resident of Cyprus, for statistical purposes, is defined in the “Definition of the Term “resident of Cyprus” for Statistical Purposes Directive of 2008”, entered into force on 1 July 2008, which can be found in Annex 1. Concerning the classification of residents of countries other than Cyprus, the principles defined in the above mentioned Directive should be applied.
Definition of the institutional Units
9. An economic entity is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it is characterised by:
a) decision making autonomy in the exercise of its principal function. i.e.
i. it is entitled to own goods and assets in its own right; it will be able to exchange the ownership of goods and assets in transactions with other institutional units;
ii. it is able to take economic decisions and engage in economic activities for which it is responsible and accountable at law; and
iii. it is able to incur liabilities on its own behalf, to take on other obligations or further commitments and to enter into contracts; and
b) either keeps a complete set of accounts or is able to compile a complete set of accounts.
10. The following principles apply whenever an entity does not possess the characteristics of an institutional unit:
a) households are deemed to enjoy autonomy of decision in respect of their principal function and are, therefore, institutional units even though they do not keep a complete set of accounts;
b) entities forming part of a group of units engaged in production and keeping a complete set of accounts are deemed to be institutional units even if they have partially surrendered their autonomy of decision to the central body (the head office) responsible for the general direction of the group; the head office itself is deemed to be an institutional unit distinct from the units which it controls;
c) quasi-corporations are entities which keep a complete set of accounts and have no legal status. They have an economic and financial behaviour that is different from that of their owners and similar to that of corporations. They are deemed to have autonomy of decision and are considered as distinct institutional units;
d) entities which, while keeping a complete set of accounts, have no autonomy of decision, are part of the units which control them;
e) entities do not need to publish accounts to be institutional units.
Head offices and holding companies
11. A head office is a unit that exercises managerial control over its subsidiaries. Head offices are allocated to the dominant non-financial corporations sector of their subsidiaries, unless all or most of their subsidiaries are financial corporations, in which case they are treated as Financial Auxiliaries (S.126) in the financial corporations sector;
Where there is a mixture of non-financial and financial subsidiaries, then the predominant share by value added determines the sector classification.
12. Head offices are described under NACE Rev.2, M.70.1 as follows:
This class includes the overseeing and managing of other units of the company or enterprise; undertaking strategic or organisational planning and decision-making role of the company or enterprise; exercising operational control and managing the day-to-day operation of their related units.
13. A holding company that holds the assets of subsidiary corporations but does not undertake any management activities is a Captive Financial Institution (S.127) and is classified as a financial corporation.
14. Holding companies are described under NACE Rev.2, K.64.2 as follows:
This class includes the activities of holding companies, i.e. units that hold the assets (owning controlling-levels of equity) of a group of subsidiary corporations and whose principal activity is owning the group. The holding companies in this class do not provide any other service to the businesses in which the equity is held, i.e. they do not administer or manage other units.
Groups of corporations
15. Large groups of corporations are created when a parent controls several subsidiaries, which may in turn control their own subsidiaries, and so on. Each member of the group is treated as a separate institutional unit if it satisfies the definition of an institutional unit.
Special Purpose Entities
16. A special purpose entity (SPE) or special purpose vehicle (SPV) is usually a limited company or a limited partnership, created to fulfil narrow, specific or temporary objectives, to isolate a financial risk, a specific taxation or a regulatory risk.
17. There is no precise definition of SPEs. However, an entity is considered as an SPE, if it meets most of the following criteria:
a) The legal entity is
i. formally registered with a national authority
ii. subject to fiscal and other legal obligations of the economy in which it is resident;
a) The entity is ultimately controlled by a non-resident parent, directly or indirectly;
b) The entity has no or few employees, little or no production in the host economy and little or no physical presence in the economy in which it is created by its parent, which is typically located in another country;
c) Almost all the assets and liabilities of the entity represent investments in or from other countries;
d) The core business of the entity consists of group financing or holding activities, i.e. channelling of funds from non-residents to other non-residents. However, in its daily activities, managing and directing play only a minor role.
18. Whether a unit is described as an SPE or some similar designation or not, it shall be treated in the same way as any other institutional unit by being allocated to sector and industry according to its principal activity unless the SPE has no independent rights of action.
Captive financial institutions
19. A holding company that simply owns the assets of subsidiaries is one example of a captive financial institution. Examples of other units that are also treated as captive financial institutions are units with the characteristics of SPEs as described above including investment and pension funds and units used for holding and managing wealth for individuals or families, issuing debt securities on behalf of related companies (such a company may be called a conduit) and carrying out other financial functions.
20. The degree of independence from its parent may be demonstrated by exercising some substantive control over its assets and liabilities to the extent of carrying the risks and reaping the rewards associated with the assets and liabilities. Such units are classified in the financial corporations sector.
21. An entity of this type that cannot act independently from its parent and is simply a passive holder of assets and liabilities (sometimes described as being on autopilot) is not treated as a separate institutional unit unless it is resident in an economy different from that of its parent. If it is resident in the same economy as its parent, it is treated as an “artificial subsidiary”, as described below.
Artificial subsidiaries
22. A subsidiary, wholly owned by a parent corporation, may be created to provide services to the parent corporation, or other corporations in the same group, in order to avoid taxes, to minimise liabilities in the event of bankruptcy, or to secure other technical advantages under the tax or corporation legislation in force in a particular country.
23. In general, such types of entities do not satisfy the definition of an institutional unit because they lack the ability to act independently from their parent corporation and may be subject to restrictions on their ability to hold or transact assets held on their balance sheets (sometimes described as being on auto-pilot). Their level of output and the price they receive for it are determined by the parent that (possibly with other corporations in the same group) is their sole client. These artificial subsidiaries are thus not treated as separate institutional units but are treated as an integral part of the parent.
24. A distinction must be made between artificial subsidiaries as just described and a unit undertaking only ancillary activities. Ancillary activities are limited in scope to the type of service functions that virtually all enterprises need to some extent or another such as cleaning premises, running the staff payroll or providing the information technology infrastructure for the enterprise.
Special purpose units of general government
25. General government may also set up special units, with characteristics and functions similar to the captive financial institutions and artificial subsidiaries. Such units do not have the power to act independently and are restricted in the range of transactions they can engage in. They do not carry the risks and rewards associated with the assets and liabilities they hold. Such units, if they are resident, shall be treated as an integral part of general government and not as separate units. If they are non-resident they shall be treated as separate units. Any transactions carried out by them abroad shall be reflected in corresponding transactions with government. Thus a unit that borrows abroad is then regarded as lending the same amount to general government, and on the same terms, as the original borrowing.
26. So captive financial institutions, artificial subsidiaries and special purpose units of general government with no independence of action are allocated to the sector of their controlling body. The exception occurs when they are non-resident, when they are recognised separately from their controlling body. But in the case of government, the activities of the subsidiary shall be reflected in the government accounts.
Notional resident units
27. Notional resident units shall be defined as:
a) Those parts of non-resident units which have a centre of predominant economic interest (being in most cases, units which engage in economic production for a year or more) on the economic territory of the country;
b) Non-resident units in their capacity as owners of land or buildings on the economic territory of the country, but only in respect of transactions affecting such land or buildings.
Notional resident units, irrespective of only keeping partial accounts and irrespective of autonomy of decision, shall be treated as institutional units.
28. In conclusion, the following shall be considered as institutional units:
a) units that have autonomy of decision and a complete set of accounts, such as:
i) private and public corporations;
ii) cooperatives or partnerships recognised as independent legal entities;
iii) public producers which, by virtue of special legislation, are recognised as independent legal entities;
iv) non-profit institutions recognised as independent legal entities
v) agencies of the general government
b) units which have a complete set of accounts and which are deemed to have autonomy of decision, despite not having separate incorporation from their parent: quasi-corporations
c) units which do not necessarily keep a complete set of accounts, but which are deemed to have autonomy of decision, namely:
i) households
ii) notional resident units
Institutional sectors
29. The institutional units are grouped into sectors, sub-sectors and categories on the basis of the type of producer they are and depending on their principal activity and function, both of which are considered to be indicative of their particular economic behaviour. Each institutional unit belongs to only one sector or sub-sector or category.
Control
30. Control over a financial or non financial corporation shall be defined as the ability to determine general corporate policy, for example by choosing appropriate directors if necessary.
31. A single institutional unit (another corporation, a household, a non-profit institution or a government unit) secures control over a corporation or quasi-corporation by owning more than half the voting shares or otherwise controlling more than half the shareholders’ voting power.
32. General government secures control over a corporation as a result of special legislation, decree or regulation which empowers the government to determine corporate policy. The following indicators are the main factors to consider in deciding whether a corporation is controlled by government:
a) government ownership of the majority of the voting interest
b) government control of the board or governing body
c) government control of the appointment and removal of key personnel
d) government control of key committees in the entity
e) government possession of a golden share
f) special regulations
g) government as a dominant customer
h) borrowing from government
A single indicator may be sufficient to establish control, but, in other cases, a number of separate indicators may collectively indicate control.
33. For non-profit institutions recognised as independent legal entities, the five indicators of control to be considered are:
a) the appointment of officers
b) the provisions of enabling instruments
c) contractual agreements
d) the degree of financing
e) the degree of government risk exposure
Differentiation between market and non-market
34. The following rule should be used to differentiate between market and non-market for public sector entities, in order to classify them into the general government sector or the corporations sector:
An activity shall be considered as a market activity when the corresponding goods and services are traded under the following conditions:
1) sellers act to maximise their profits in the long term, and do so by selling goods and services freely on the market to whoever is prepared to pay the asking price;
2) buyers act to maximise their utility given their limited resources, by buying according to which products best meet their needs at the offered price;
3) effective markets exist where sellers and buyers have access to, and information on, the market. An effective market can operate even if theses conditions are not met perfectly.
35. When the principal function of an institutional unit is the production of goods and services, the type of producer must be decided first, in order to allocate it to a sector.
36. Table 1 below shows the type of producer and the principal activities and function that are characteristic for each sector:
Table 1
|Type of producer |Principal activity and function |Sector |
|Market producer |Production of market goods and non financial services |Non financial corporations |
| | |(S.11) |
|Market producer |Financial intermediation including insurance. |Financial corporations (S.12) |
| |Auxiliary financial activities | |
|Public non-market producer |Production and supply of non-market output for collective and |General government (S.13) |
| |individual consumption, and carrying out transactions intended to | |
| |redistribute national income and wealth | |
|Market producer or private producer for| |Households (S.14) |
|own final use |Consumption |As consumers |
| |Production of market output for own final use |As entrepreneurs |
|Private non market producer |Production and supply of non-market output for individual |Non profit institutions |
| |consumption |serving households (S.15) |
PART 2
Allocation of units into institutional sectors and sub-sectors
1. The institutional sectors and sub-sectors, as defined in the ESA 2010, as well as some further breakdowns which have been deemed necessary at a national level, are presented in Annex 2.
2. A decision tree including certain practical criteria for the identification of SPEs and the classification of units into the ESA 2010 sectors/sub-sectors is presented in Annex 3.
S.1 DOMESTIC SECTOR
3. This sector comprises all residents of Cyprus, as defined in Annex 1.
S.11 NON FINANCIAL CORPORATIONS
4. This sector consists of independent legal entities, which can take the following form:
a) private and public corporations,
b) co-operative corporations and partnerships recognised as independent legal entities;
c) public producers which are recognised as independent legal entities;
d) non-profit institutions or associations serving non-financial corporations, which are recognised as independent legal entities;
e) head offices controlling a group of corporations which are market producers, where the predominant type of activity of the group of corporations as a whole — measured on the basis of value added — is the production of goods and non-financial services;
f) specific types of SPEs, as described in paragraph 2.5.
g) private and public quasi-corporations and are market producers
whose principal activity is the production of goods and non-financial services.
5. Some examples of SPE-type companies included in S.11 are:
a) Royalty and licensing companies, which concentrate group receipts concerning royalties or similar flows received from intellectual property rights and trademarks.
b) Merchanting companies, which purchase goods from a non-resident country and re-sell the goods to another non-resident country (they acquire the ownership of the goods traded). Merchanting companies provide non-financial services to a group by being used for the procurement and delivery of merchandises.
c) Operational leasing companies
6. This sector also includes notional resident units, which are treated as non financial quasi-corporations. Non financial quasi-corporations must keep enough information to enable a complete set of accounts to be drawn up, and operated as if they were corporations. The de facto relationship to their owner is that of a corporation to its shareholders.
S.12 FINANCIAL CORPORATIONS
7. This sector consists of institutional units which are independent legal entities and market producers and whose principal activity is the production of financial services. Such insitutitonal units comprise all corporations and quasi-corporations which are principally engaged in:
a) financial intermediation; and/or
b) auxiliary financial activities.
Also included are institutional units providing financial services, where most of either their assets or their liabilities are not transacted on open markets.
8. Financial intermediation is the activity in the context of which an institutional unit acquires financial assets and incurs liabilities on its own account by engaging in financial transactions on the market. The assets and liabilities of financial intermediaries are transformed or repackaged in relation to, for example, maturity, scale, risk etc in the financial intermediation process. The financial intermediation process channels funds between third parties with a surplus and those with a lack of funds. A financial intermediary does not only act as an agent for other institutional units, but places itself at risk by acquiring financial assets and incurring liabilities on its own account.
Financial intermediation is limited to acquiring assets and incurring liabilities with the general public or specified and relatively large sub-groups thereof. Where the activity is limited to small groups of persons or families, no financial intermediation takes place. Exceptions to this may exist, for example, financial lease corporations that depend on a parent group of companies for acquiring funds or investing funds.
9. Auxiliary financial activities are activities related to financial intermediation, but which do not involve financial intermediation themselves. They comprise auxiliary activities for realising transactions in financial assets and liabilities or the transformation or repackaging of funds. Financial auxiliaries do not put themselves at risk by acquiring financial assets or incurring liabilities. They facilitate financial intermediation.
Head offices, of which all or most of their subsidiaries are financial corporations, are financial auxiliaries.
10. Financial corporations (other than financial intermediaries and financial auxiliaries) are institutional units providing financial services, where most of either their assets or their liabilities are not transacted on open markets.
11. The Institutional units included in this sector can take the following forms:
a) private or public corporations, which are principally engaged in financial intermediation and/or in auxiliary financial activities;
b) cooperatives and partnerships which are recognised as independent legal entities, which are principally enganged in financial intermediation and/or in auxiliary financial activities;
c) public producers recognised as legal entities, which are principally engaged in financial intermediation and/or in auxiliary financial activities;
d) non-profit institutions recognised as independent legal entities which are principally engaged in financial intermediation and/or auxiliary financial activities or which are serving financial corporations;
e) head offices when all or most of their subsidiaries are, as financial corporations, engaged in financial intermediation and/or financial auxiliary activities. They are classsified as financial auxiliaries (S.126);
f) holding companies, where then main role is the holding of assets or a group of subsidiary corporations. The make-up of the group can be financial or non financial and they are classified as captive financial institutions (S.127);SPEs whose principal activity is the provision of financial services;
g) unincorporated investment funds comprising investment portfolios owned by a group of participants, and whose management is undertaken, in general, by other financial corporations. Such funds are institutional units, separate from the managing financial corporation;
h) unincorporated units principally engaged in financial intermediation and subject to regulation and supervision are deemed to enjoy autonomy of decision and to have autonomous management independent of their owners. Examples are branches of non-resident financial corporations.
S.121 Central Bank
12. The Central Bank of Cyprus (CBC) should be classified in this sub-sector.
S.122 Other Monetary Financial Institutions
This subsector is broken down into:
a) Deposit-taking corporations, except the Central Bank (S.122N)
b) Money market funds (S.123N)
S.122N Deposit-taking corporations except the Central Bank.
13. This sector includes all financial corporations and quasi-corporations, except those classified in the central bank and in the MMF subsectors, whose business is to receive deposits and/or close subsitutes for deposits from institutional units, and, for their own account, to grant loans and/or to make investments in securities.
14. The following financial intermediaries are classified in sub-sector S.122:
a) commercial banks, “universal” banks, “all-purpose” banks;
b) savings banks (including trustee savings banks and savings banks and loan associations);
c) post office giro institutions, post banks, giro banks;
d) rural credit banks, agricultural credit banks;
e) cooperative credit banks, credit unions;
f) specialised banks (e.g. merchant banks, issuing houses, private banks); and
g) electronic money institutions principally engaged in financial intermediation
15. The following financial intermediaries are classified in subsector S.122N where it is their business to receive repayable funds from the public, whether in the form of deposits or in other forms, such as the contituing issue of long-term debt securities:
a) corporations engaged in granting mortgages (including building societies, mortgage banks and mortgage credit institutions);
b) municipal credit institutions.
16. Subsector S.122 does not include:
a) head offices which oversee and manage other units of a group consisting predominantly of deposit-taking corporations, but which are not deposit-taking corporations. They are classified in subsector S.126.
b) non-profit institutions recognised as independent legal entities serving deposit-taking corporations, but not engaged in financial intermediation. They are classified in subsector S.126.
c) electronic money institutions not principally engaged in financial intermediation.
17. This sector is further broken down into:
a) Credit Institutions (S.122.1N)
b) Deposit taking corporations other than credit institutions (S.122.2.N)
S.122.1.N Credit Institutions
18. Credit institutions mean undertakings the business of which is to take deposits or other repayable funds from the public and to grant credit for their own account, as defined in Article 4(1)(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms.
19. For residents of Cyprus, the list of institutional units classified in this category can be found in the Electronic Register and at the CBC website ()
S.122.2.N Deposit taking corporations other than credit institutions
20. This subsector includes
a) electronic money institutions that are principally engaged in financial intermediation in the form of issuing electronic money within the meaning of Directive 2009/110/EC, or
b) other financial institutions which are principally engaged in financial intermediation and whose business is to receive deposits and/or close substitues for deposits from institutional units, not only from MFIs (the degree of substitutability between the instruments issued by other MFIs and the deposits placed with credit institutions shall determine their classifications as MFIs); and for their own account, at least in economic terms, to grant loans and/or make investments in securities
21. For residents of Cyprus, the list of institutional units classified in this category can be found in the Electronic Register and at the CBC website ()
S.123N Money Market Funds (MMFs)
22. The MMF sector consists of all financial corporations and quasi-corporations, whose business is to issue investment fund shares or units as close substitutes for deposits from institutional units, and, for their own account, to make investments primarily in money market fund shares/units, short-term debt securities, and/or deposits.
23. The following financial intermediaries are classified in this subsector : Investment funds including investment trusts, unit trusts and other collective investment schemes whose shares or units are close substitutes for deposits.
24. Subsector S.123N does not include:
a) Head offices which oversee and manage a group consisting predominantly of MMF, but which are not MMF themselves. They are classified in subsector S.126;
b) Non-profit institutions recognised as independent legal entities serving MMFs, but not engaged in financial intermediation. They are classified in subsector S.126.
25. For residents of Cyprus, the list of institutional units classified in this sector can be found in the Electronic Register and at the CBC website ()
S.124N Non-MMF investment funds
26. The subsector non-MMF investment funds (S.124N) consists of all collective investment schemes, except those classified in the MMF subsector, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units which are not close substitutes for deposits, and on their own account, to make investments primarily in financial assets other than short-term financial assets and in non-financial assets (usually real estate).
27. Non-MMF investment funds cover investment trusts, unit trusts and other collective investment schemes whose investment fund shares or units are not seen as close substitutes for deposits.
28. The following financial intermediaries are classified in this subsector :
a) Open-ended investment funds whose investment fund shares or units are, at the request of the holders, repurchased or redeemed directly or indirectly out of the undertaking’s assets;
b) Closed-ended investment funds with a fixed share capital, where investors entering or leaving the fund must buy or sell existing shares;
c) Real estate investment funds;
d) Investment funds investing in other funds (‘funds of funds’);
e) Hedge funds covering a range of collective investment schemes, involving high minimum investments, light regulation, and a range of investment strategies.
29. Units holding and managing the wealth of individuals and families (e.g. family trusts) are classified in subsector S.124N, only if the trust deals on the open markets. Otherwise, they are classified in sub-sector S.127.
30. Subsector S.124N does not include :
a) Pension funds which are part of the pension funds subsector;
b) Special purpose government funds, called sovereign wealth funds, which are classified as captive financial institutions, if it is a financial corporation;
c) Head offices which oversee and manage a group consisting predominantly of non-MMF investment funds, but which are not investment funds themselves. They are classified in subsector S.126;
d) Non-profit institutions recognised as independent legal entities serving non-MMF investment funds, but not engaged in financial intermediation. They are classified in subsector S.126.
31. Investment funds may be constituted pursuant to Community or national law under contract law (as a common fund managed by management companies), trust law (as a unit trust), company law (as an investment company) or any other similar mechanism or legal form.
32. For residents of Cyprus, the list of institutional units classified in this category can be found in the Electronic Register and at the CBC website ()
S.125N Other Financial Intermediaries, except Insurance Corporations and Pension Funds
33. This subsector consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits or investment fund shares, or in relation to insurance, pension and standardised guarantee schemes from institutional units.
34. This subsector includes financial intermediaries predominantly engaged in long-term financing. In most cases this predominant maturity distinguishes this subsector from the Other Monetary Financial Institutions (S.122N and S.123N). Based on the non-existence of liabilities in the form of investment fund shares which are not seen as close substitutes for deposits or insurance, pension and standardised guarantee schemes, the borderline with the non-MMF investment funds (S.124N), the insurance corporations (S.128), and the pension funds (S.129) subsectors can be determined.
35. Subsector S.125N does not include non-profit institutions recognised as independent legal entities serving other financial intermediaries, but not engaged in financial intermediation. They are classified in the subsector S.126.
36. Head offices which oversee and manage a group of subsidiaries principally engaged in financial intermediation and/or auxiliary financial activities are classified in subsector S.126.
37. The subsector financial intermediaries, except insurance corporations and pension funds (S.125N) is further subdivided into the following subsectors:
S.125.1N Financial Vehicle Corporations
38. This subsector includes the undertakings defined as financial vehicle corporations in Article 1 of the ECB Regulation ECB/2013/40, whose principal activity meets both of the following criteria:
a) it intends to carry out, or carries out, one or more securitisation transactions and its structure intends to isolate the payment obligations of the undertaking from those of the originator, or the insurance or reinsurnace undertaking; and
b) it issues, or intends to issue, debt securities, other debt instruments, securitsation fund units, and/or financial derivatives and/or legally or economically owns, or may own, assets underlying the issue of financial instruments that are offered for sale to the public or sold on the basis of private placements.
39. Securitisation means a transaction or scheme whereby an entity that is separate from the originator or insurance or reinsurance undertaking and is created for or serves the purpose of the transaction or scheme issues financing instruments to investors, and one or more of the following takes place:
f) an asset or pool of assets, is transferred to the said entity, either by the transfer of legal title or beneficial interest of those asssets from the originator or through sub-participation;
g) the credit risk of an asset or pool of assets, or part thereof, is transferred through the use of credit derivatives, guarantees or any similar mechanism to the investors in the financing instruments issued by the said entity;
h) insurance risks are transferred from an insurance or reinsurance undertaking to the said entity, whereby the entity fully funds its exposure to such risks through the issuance of financing instruments, and the repayment rights of the investors in those financing instruments are subordinated to the reinsurance obligations of the entity.
Where such financing instruments are issued, they do not represent the payment obligations of the originator, or insurance or reinsurnace undertaking.
40. Financial vehicle corporations shall be constituted according to EU Law or national regulatory provisions, either: (i) under the law of contract (as common funds managed by management companies), or (ii) under trust law, or (iii) under a statute (as a public limited company) or (iv) according to any other arrangement with similar effects.
41. Financial vehicle corporations should be classified in S.125.1.N only if they purchase assets and raise funds on the open markets. If they do not operate in the open markets on either assets liabilities, they should be classified in S.127.
42. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.125.2N Security and Derivative Dealers
43. This category consists of all investment firms which provide investment services for third parties by investing in securities on own account as their main business. Investment services are defined as follows: trading of new or outstanding financial instruments through the acquisition and sale of those financial instruments for the account and/or risk of the “security and derivative dealer” for the exclusive purpose of benefiting from the margin between the acquisition and selling price; this also includes market making activities. The security and derivative dealers on own account shall be constituted according to EU or national regulatory provisions.
44. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.125.3 Central Counterparties
45. This category consists of all financial institutions that act as intermediaries between security market participants. Central counterparties interpose themselves between the counterparties of the contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer.
S.125.4 Others
46. This category includes all remaining financial intermediaires not included elsewhere. Such intermediaries may be:
a) financial corporations engaged in lending, which include for example financial intermediaries engaged in financial leasing, hire purchase, factoring and the provision of personal or commercial finance.
b) specialised financial corporations, which include, for example, venture and development capital companies, export/import financing companies or financial intermediaries which acquire deposits and/or close substitutes for deposits, or incur loans vis-à-vis MFIs only.
47. Leasing, factoring and invoicing companies are classified under S.125.4 only if they operate or deal with counterparties on the open markets. If they operate or deal only with companies within a group, they should be classified in S.127.
48. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.126 Financial Auxiliaries
49. The subsector financial auxiliaries (S.126) consists of all financial corporations and quasi-corporations which are principally engaged in activities closely related to financial intermediation, but which are not financial intermediaries themselves.
50. The following financial corporations and quasi-corporations are classified in subsector S.126:
a) insurance brokers, salvage and average administrators, insurance and pension consultants, etc.;
b) loan brokers, securities and derivatives brokers, investment advisers, etc.
c) flotation corporations that manage the issue of securities;
d) corporations whose principal function is to guarantee, by endorsement, bills and similar instruments;
e) corporations which arrange derivative and hedging instruments, such as swaps, options and futures (without issuing them);
f) corporations providing infrastructure for financial markets;
g) central supervisory authorities of financial intermediaries and financial markets when they are separate institutional units;
h) managers of pension funds, mutual funds etc;
i) corporations providing stock exchange and insurance exchange;
j) non-profit institutions recognised as independent legal entities serving financial corporations, but not engaged in financial intermediation or auxiliary financial activities.
k) payment institutions (facilitating payments between buyer and seller)
l) head offices whose subsidiaries are all or mostly financial corporations.
51. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.127 Captive financial institutions and money lenders
52. The subsector captive financial institutions and money lenders (S.127) consists of all financial corporations and quasi-corporations which are neither engaged in financial intermediation nor in providing financial auxiliary services and where most of either their assets or their liabilities are not transacted on open markets.
53. The following specific types of SPE financial corporations and quasi-corporations are classified in subsector S.127:
a) Holding companies that hold controlling-levels of equity of subsidiary corporations and whose principal activity is owning the group without providing any other service to the businesses in which the equity is held, that is, they do not administer or manage these or other units;
b) Shell companies, which are passing through funds from non-residents to non-residents without conducting any operations in the economy. A shell company only deals with group enterprises;
c) Conduit companies, which raise or borrow funds, often from unrelated enterprises, and remitt those funds to its parent or another related enterprise. Conduits may also raise funds in open markets, but typically they do not transact on the open markets on the asset side;
d) Units as legal entities such as trusts (e.g. family trusts not dealing on the open market), estates or agencies accounts;
e) Securitisation companies, securitising assets for fund raising, provided that they do not operate in the open markets on either assets or liabilities;
f) Captive leasing companies (including mobile equipment renting companies), which provide financial or operational leasing within the group;
g) Factoring or invoicing companies, which concentrate sales clains and invoicing sales of enterprises, are classified under S.127 if they provide these services within a group;
h) SPEs carrying out other financial functions, providing financial services to group enterprises i.e. dealing with the financial needs of a group, financing particular projects;
i) Special purpose government funds, usually called sovereign wealth funds, if classified as financial corporations;
j) Units which provide financial services exclusively with own funds, or funds provided by a sponsor, to a range of clients and incur the financial risk of the debtor defaulting. Examples are money lenders, corporations engaged in lending to students or for foreign trade from funds received from a sponsor such as a government unit or non-profit institution, and pawnshops that predominantly engage in lending.
54. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.128 Insurance Corporations
55. The insurance corporations subsector consists of all financial corporations and quasi corporations, which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance
56. Insurance corporations provide services of:
a) Life and non-life insurance to individual units or groups of units;
b) Reinsurance to other insurance corporations.
57. Services of non-life insurance corporations may be provided in the form of insurance against the following:
a) fire (e.g. commercial and private property);
b) liability (casualty);
c) motor (own damage and third party liability);
d) marine, aviation and transport (including energy risks);
e) accident and health; or
f) financial insurance (provision of guarantees or surety bonds).
Financial insurance or credit insurance corporations, also called guarantee banks, provide guarantees or surety bonds to back securitisation and other credit products.
58. Insurance corporations are mainly incorporated or mutual entities. Incorporated entities are owned by shareholders and many are listed on stock exchanges. Mutuals are owned by their policyholders and return their profits to the “with profits” or “participating” policy holders through dividends or bonuses. ‘Captive’ insurers are normally owned by a non-financial corporation and mostly insure the risks of their shareholders.
59. This subsector does not include:
a) institutional units which fulfil the criteria of social security funds, and which are classified in subsector S.1314
b) head offices which oversee and manage a group consisting predominantly of insurance corporations, but which are not insurance corporations themselves. They are classified in subsector S.126
c) non-profit institutions recognised as independent legal entities serving insurance corporations, but not engaged in financial intermediarion. They are classified in subsector S.126
60. For residents of Cyprus, the list of institutional units identified so far and classified in this sector can be found in the Electronic Register.
S.129 Pension Funds
61. The pension funds subsector consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons. Pension funds provide income in retirement and often benefits for death and disability.
62. This subsector consists of only those pension funds that are institutional units separate from the units that create them. Such autonomous pension funds have autonomy of decision and keep a complete set of accounts. Non-autonomous pension funds are not institutional units and they remain part of the institutional unit that sets them up.
63. Examples of participants in pension fund schemes include employees of a single enterprise or a group of enetrprises, employees of a branch or industry and persons having the same profession.
The benefits included in the contract can be paid after the death of the insured to the widow(er) and children, paid after retirement or paid after the insured becomes disabled.
64. In contrast to life insurance corporations, pension funds are restricted by law to specified groups of employees and self-employed.
65. Pension fund schemes may be organised by employers or by general government. They may also be organised by insurance corporations on behalf of employees; or separate institutional units may be established to hold and manage the assets to be used to meet the pension entitlements and to distribute the pensions.
66. The subsector S.129 does not include:
a) institutional units which fulfil each of the two criteria listed for Social Security Funds. They are classified in subsector S.1314
b) head offices which oversee and manage a group consisting predominantly of pension funds, but which are not pension funds themeselves. They are classified in subsector S.126
c) non-profit institutions recognised as independent legal entities serving pension funds, but not engaged in financial intermediation. They are classified in subsector S.126
S.13 GENERAL GOVERNMENT
67. The sector general government (S.13) consists of institutional units which are non-market producers, whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.
68. The institutional units included in this sector are for example the following :
a) General government units which exist through a legal process to have judicial authority over other units in the economic territory, and administer and finance a group of activities, principally providing non-market goods and services, intended for the benefit of the community
b) A corporation or quasi-corporation which is a government unit if its output is mainly non-market, and a government unit controls it
c) Non-profit institutions recognised as independent legal entities which are non-market producers and which are controlled by general government
d) Autonomous pension funds, where there is a legal obligation to contribute, and where general government manages the funds with respect to the settlement and approval of contributions and benefits
69. The general government sector is divided into four sub-sectors:
a) Central government (S.1311);
b) State government (S.1312);
c) Local government (S.1313);
d) Social security funds (S.1314).
S.1311 Central Government (excluding social security)
70. This sub-sector includes all administrative departments of the state and other central agencies whose competence extends normally over the whole economic territory, except for the administration of social security funds.
Included in sub-sector S.1311 are those non-profit institutions which are controlled by central government and whose competence extends over the whole economic territory.
Market regulatory organisations which are either exclusively or principally distributors of subsidies, are classified in S.1311. Those organisations which are exclusively or principally engaged in buying, holding and selling agricultural or food products, are classified in S.11.
71. For residents of Cyprus, this sub-sector is further divided into the following categories:
S.1311.1 Ministries and Other Administrative Services
72. The list of institutional units classified in this category can be found in the Electronic Register.
S.1311.2 Semi-Government Organisations
73. This category includes those semi-government organisations, which are non market producers.
74. The list of institutional units classified in this category can be found in the Electronic Register.
S.1312 State Government (excluding social security)
75. In principle, the sub-sector S.1312 consists of those types of public administration, which are separate institutional units exercising some of the functions of the government (except for the administration of social security funds) at a level below that of the central government and above that of the governmental institutional units existing at a local level.
76. Under the Constitution of the Republic of Cyprus, this sub-sector does not apply.
S.1313 Local Government (excluding social security)
77. This sub-sector includes those types of public administration whose competence extends to only a local part of the economic territory, apart from local offices of social security funds. Non-profit institutions which are controlled by local governments and whose competence is restricted to the economic territories of the local government are also included.
78. For residents of Cyprus, this sub-sector is further sub-divided into the following categories:
S.1313.1 Local authorities (Municipalities)
79. The list of institutional units classified in this category can be found in the Electronic Register.
S.1313.2 Community Councils
80. The list of institutional units classified in this category can be found in the Electronic Register.
S.1314 Social Security Funds
81. This sub-sector includes all the central, state and local institutional units whose principal activity is to provide social benefits and which fulfill each of the following criteria:
a) by law or by regulation certain groups of the population are obliged to participate in the scheme or to pay contributions; and
b) the general government is responsible for the management of these units in respect of the settlement or approval of the contributions and benefits, independently from its role as supervisory body or employer.
Usually there is no direct link between the amount of the contribution paid by an individual and the risk to which this individual is exposed.
S.14 HOUSEHOLDS
82. This sector consists of individuals or groups of individuals in their capacity as
a) consumers
b) entrepreneurs producing market goods and non-financial and financial services (market producers), provided that the production of goods and services is not by separate entities treated as quasi-corporations
c) producers of goods and non-financial services for exclusively own final use.
83. Households, in their capacity as consumers, may be defined as small groups of persons who share the same living accommodation, who pool some or all of their income and wealth and who consume certain types of goods and services collectively, mainly housing and food.
84. The principal resources of households are the compensation of employees, property income, transfers from other sectors, receipts from the disposal of market products and imputed receipts from the output of products for own final consumption.
85. The “Households” S.14 sector includes:
a) individuals or groups of individuals whose principal activity is consumption;
b) persons living permanently in institutions who have little or no autonomy of action or decision in economic matters e.g. members of religious orders living in monasteries, long-term patients in hospitals, prisoners serving long sentences, old persons living permanently in retirement homes. Such people are treated as a single institutional unit i.e. a single household;
c) individuals or groups of individuals whose principal function is consumption and that produce of goods and non-financial services for exclusively own final use;
d) sole proprietorships and partnerships without independent legal status, other than those treated as quasi corporations, and which are market producers; and
e) non-profit institutions serving households, which either do not have independent legal status or have an independent legal status but are of minor significance;
86. The household sector is subdivided into the following subsectors:
a) Employers (including own-account workers) (S.14.1)
b) Private individuals (S.14.2)
87. Households are allocated to subsectors according to the largest income category of the household as a whole. If information on the relative contributions of the sources of income of the household as a whole is not available for sectoring purposes, the income of the reference person is used for classifying purposes. The reference persion of a household is the person with the largest income, or if the latter information is not available, the income of the person who states that he/she is the reference person is used for subsectoring households.
S.14.1 Employers (including own-account workers)
88. This sub-sector consists of the group of households who are owners of unincorporated enterprises, including own account workers, with or without paid employees. The largest source of income for the household as a whole, even if it does not always exceed the half of total household income, emanates from their activity as producers of market goods and services. For the purposes of these Guidelines, households who are employers of housemaids only, should be excluded from this sub-sector and included in sub-sector “Private Individuals (S.14.2)”.
S.14.2 Private individuals
89. This sub-sector consists of all units classified in the “Households (S.14)” sector, except those classified as “Employers (including own account workders) -S.14.1”, but includes those households who are employers of housemaids only.
90. It mainly consists of households for which the largest source of income is the income accruing from
a) their compensation as employees
b) property income
c) income accruing from their retirement and other pensions, including pensions from previous employers
d) income accruing from other current transfers. Other current transfers are all current transfers other than property income, pensions and income of persons living permanently in institutions.
S.15 NON PROFIT INSTITUTIONS SERVING HOUSEHOLDS (NPISHs)
91. This sector consists of non-profit institutions which are separate legal entities, which serve households and which are private non-market producers. Their principal resources are voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by the general government and from property income.
92. Where such institutions are not very important, they are not included in the NPISH sector, but in the households sector (S.14), as their transactions are indistinguishable from units in that sector. Non market NPISHs controlled by general government are classified in the general government sector (S.13),
93. The NPISHs sector includes the following main kinds of NPISHs that provide non-market goods and services to households:
a) trade unions, professional or learned societies, consumer associations, political parties, churches or religious societies (including those financed but not controlled by governments) and social, cultural, recreational and sports clubs; and
b) charities, relief and aid organisations financed by voluntary transfers in cash or in kind from other institutional units, including those serving non- resident units.
It excludes entities where membership gives a right to a predetermined set of goods and services.
S.2 NON RESIDENT SECTORS
94. This section provides description on the sector breakdown of the units that are:
a) residents of the Member States that have adopted the euro, other than Cyprus (Other Monetary Union Member States), or
b) residents of the Rest of the World i.e. residents in countries other than Cyprus and Other Member States of the Euro Area.
95. All non residents should be further classified by country based on the guidelines described in paragraphs 1.1 – 1.7 of these Guidelines and entering the ISO country code or, in the case of international organisations, the codes provided by the CBC in the Electronic Register. A list of ISO country codes can be found at .
S.211 Non-Financial Corporations
96. Classification under this sector should be based on the principles set out in paragraphs 2.4 - 2.6.
S.212 Financial Corporations
97. The principles under paragraphs 2.7 – 2.11 should be followed.
S.2121 Central Banks
98. This sector consists of the European Central Bank (S.2121.1) and the National Central Banks (S.2121.2)
S.2121.1 European Central Bank
99. This sector includes the European Central Bank which, by convention, should be classified as an MFI in Germany (ISO Country code: 4F).
S.2121.2 National Central Banks
This sub-sector consists of all financial corporations and quasi corporations whose principal function is to issue currency, to maintain the internal and external value of the currency and to hold all or part of the international reserves of a country.
100. The following financial intermediaries are classified in this subsector:
a) The national central bank, including when it is part of a European system of central banks
b) Central monetary agencies of essentially public origin (e.g. agencies managing foreign exchange or issuing currency), which keep a complete set of accounts and enjoy autonomy of decision in relation to central government. When these activities are performed either within central government or within the central bank, no separate institutional unit exist.
101. The International Organisations resident in the RoW and classified in sub-sector S.2121.2 are included in the Electronic Register. The relevant country codes are also included.
S.2122 Other Monetary Financial Institutions/Other Banks
102. This subsector is broken down into:
a) Deposit taking corporations except the Central Bank/Banks (S.2122N)
b) Money Market Funds (S.2123N)
S.2122N Deposit taking corporations except the Central Bank/Banks
103. Classification under this sector should be based on the principles in paragraphs 2.13 – 2.16.
S.2122.1N Credit Institutions
104. For residents in Other Monetary Union Member States, the principles under paragraphs 2.18 should be followed.
S.2122.2N Deposit taking corporations other than credit institutions
105. For residents in Other Monetary Union Member States, the principles under paragraphs 2.20 should be followed.
106. This sector also includes some supranational or international organisations that undertake “banking activities” as central monetary authorities. The Electronic Register includes the international organisations which should be included under the sector “S.2122.1 – Deposit taking institutions other than credit institutions”, indicating also the relevant country code.
S.2123N Money Market Funds (MMFs)
107. Classification under this sector should be based on the principles in paragraphs 2.22-2.24.
108. For resident in Other Monetary Union Member States, the country lists of institutional units identified and classified in sub-sectors S.2122N and S.2123N can be found at the ECB website (ecb.int).
S.2124N Non MMF Investment Funds
109. Classification under this sector should be based on the principles in paragraphs 2.26-2.31.
110. For residents in Other MU Member States, the country lists of institutional units identified and classified in sub-sector S.2124N can be found at the ECB website (ecb.int)
S.2125N Other Financial Intermediaries except Insurance Corporations and Pension Funds
111. The principles under paragraphs 2.33–2.37 should be followed.
S.2125.1.N Financial vehicle corporations
112. Classification under this sector should be based on the principles in paragraphs 2.38 – 2.41.
113. For residents in Other MU Member States, the country lists of institutional units identified and classified in sub-sector S.2124N can be found at the ECB website (ecb.int)
S.2125.2N Securities and Derivative Dealers
114. Classification under this sector should be based on the principles in paragraph 2.43.
S.2125.3 Central Counterparties
115. Classification under this sector should be based on the principles in paragraph 2.45.
116. The Central Counterparties resident in Other MU Member States identified are included in the Electronic Register. The relevant country code is also indicated.
117. Examples of Central Counterparties resident in countries other than the MU Member States are included in the Electronic Register. The relevant country code is also indicated.
S.2125.4 Others
118. Classification under this sector should be based on the principles in paragraphs 2.46-2.47.
119. The International Organisations resident in the RoW and classified in sub-sector S.2125.4 are included in the Electronic Register. The relevant country codes are also included.
S.2126 Financial Auxiliaries
120. Classification under this sector should be based on the principles in paragraphs 2.49 – 2.50.
121. The International Organisations resident in the RoW and classified in sub-sector S.2126 are included in the Electronic Register. The relevant country codes are also included.
S.2127 Captive financial institutions and money lenders
122. Classification under this sector should be based on the principles in paragraphs 2.52-2.53.
S.2128 Insurance corporations
123. Classification under this sector should be based on the principles in paragraphs 2.55-2.59.
124. The International Organisations resident in the RoW and classified in sub-sector S.2128 are included in the Electronic Register. The relevant country codes are also included.
S.2129 Pension Funds
125. Classification under this sector should be based on the principles in paragraphs 2.61-2.66.
S.213 General Government
126. The principles under paragraphs 2.67-2.69 should be followed.
S.21311 Central Government
127. Classification under this sector should be based on the principles in paragraph 2.70.
128. The International Organisations resident in the RoW and classified in sub-sector S.21311 are included in the Electronic Register. The relevant country codes are also included.
S.21312 State Government
129. Classification under this sector should be based on the principles in paragraph 2.75.
S.21313 Local Government
130. Classification under this sector should be based on the principles in paragraph 2.77.
S.21314 Social Security Funds
131. Classification under this sector should be based on the principles in paragraph 2.81.
S.214 Households
132. The principles under paragraphs 2.82-2.87 should be followed.
S.214.1 Employers (including own-account workers)
133. Classification under this sector should be based on the principles in paragraph 2.88.
S.214.2 Private individuals
134. Classification under this sector should be based on the principles in paragraphs 2.89-2.90.
S.215 Non-Profit Institutions Serving Households
135. Classification under this sector should be based on the principles in paragraph 2.91-2.93.
S.216 EU and International Organisations
136. This sector is divided into two sub-sectors:
a) EU Organisations (S.216.1)
b) International Organisations (S.216.2).
and include European or International organisations, not covered in paragraphs 2.101, 2.106, 2.119, 2.121, 2.124 or 2.128. The International Organisations resident in the RoW and classified in sub-sectors S.216.1 or S.216.2 are included in the Electronic Register. The relevant country codes are also included.
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