OREANDA-NEWS. November 11, 2007. This month, in order to satisfy growing needs of the users of statistical information, the Bank of Lithuania will start to publish quarterly financial accounts of the institutional sectors of Lithuania adhering to the euro area standards, reported the press-centre of Bank of Lithuania.

“Financial accounts are the most important area of financial statistics since it covers all main financial instruments, provides an overall picture of all financial assets and their developments in the country, and allows evaluation of the developments of all liabilities. This economic statistics will become an indispensable source of economic analysis for the Lithuanian and foreign analysts,” Rimantas Juozas Vaicenavicius, director of the Statistics Department of the Bank of Lithuania pointed out.

Quarterly financial accounts present data on financial assets and liabilities (amounts outstanding) of institutional sectors at the end of a quarter, and changes in financial assets and liabilities (transactions, revaluation and other volume changes) over a quarter.

Financial accounts constitute an integral part of the national accounts, the methodology, main concepts and accounting rules of which are based on the European System of National and Regional Accounts (ESA 95).

Financial accounts explain how various institutional sectors of the national economy invest their surpluses or finance their deficits. They cover all financial claims, debts, and liabilities in the economy: cash and deposits, loans, securities, insurance technical reserves, and other accounts receivable/payable.

Data on quarterly financial accounts of the institutional sectors of Lithuania will be released for the first time on 20 November 2007.

The Bank of Lithuania is going to publish quarterly information about financial assets and liabilities and transactions in financial assets and liabilities of a whole economy and of a particular institutional sector, broken down by financial instrument and a counterpart sector. The methodological notes serve for explanation of national practice.

The data of financial accounts will commence from the fourth quarter of 2003 for amounts outstanding and from the first quarter of 2004 for transactions.

In June 2007, Eurostat and the European Central Bank published for the first time the quarterly sector accounts of the euro area and the European Union.