איל הורוביץ-הנכסים וההתחייבויות נרשמים לפי הנתונים של המגזר כל דוחות כספיים

2.  Introduction
 Sources and Methods
 Main findings - 2011
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Eyal Horowitz

3.  The national 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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Eyal Horowitz

4.  The value 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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Eyal Horowitz

5.  First phase: assets and liabilities are
recorded in accordance with the data in
each sector’s 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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Eyal Horowitz

6.  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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Eyal Horowitz

7.  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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Eyal Horowitz

8.  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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Eyal Horowitz

9.  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 (doesn’t include land).
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Eyal Horowitz

10.  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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Eyal Horowitz

11.  Israel’s total national wealth – NIS 2,091
billion, which is 2.4 times GDP.
 The total assets – NIS 7,250 billion,
which is 8.3 times GDP.
 The government debt (mainly bonds) –
NIS 656 billion.
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Eyal Horowitz

12.  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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Eyal Horowitz

13. Households
and NPISH
42.1%
Governmen
t, Local
Authorities
and GNPI,
7.7%
Financial
Corporation
s 32.6%
Non
Financial
Corporation
s 17.6%
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Eyal Horowitz

14. Government,
Local
Authorities
and GNPI
21%
Households
and NPISH
10%
Non
Financial
Corporations
17%
Financial
Corporations
52%
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Eyal Horowitz

15. 2.62
3.00
3.09 3.05
2.30
2.40
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
YEAR
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Eyal Horowitz

16.  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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Eyal Horowitz