Explanatory Notes - Banks in the United Kingdom: geographic breakdown of gross service earnings from non-residents
OVERVIEW
AVAILABILITY
SOURCES
REVISIONS
DEFINITIONS
VALUATIONS AND BREAKS
FURTHER INFORMATION
This table contains selected income and expenditure data of banks in the UK receivable from and payable to non-residents comprising data series on commissions and fees. These data break down gross trade in services data by residency of counterparty.
Transactions in currencies other than sterling are translated into sterling at either the average rate during the period, or the rate at the time of the transaction.
The sign convention used is also consistent with that used by the Office for National Statistics (ONS) in their Balance of Payments accounts. This shows both amounts receivable (called ‘credits’ by the ONS) and payable (‘debits’) with a positive sign.
Data are available annually for almost all series from 1998. Publication of data will usually occur annually on the last working day of October. The level of geographic breakdown shown is broadly consistent with ONS requirements; data for other countries may be supplied on request. A full country analysis cannot be published due to confidentiality constraints.
These data are reported by all UK-resident banks directly to the Bank of England annually on Form BG which gives a full country breakdown of selected items received on the Form PL. The data were reported by all UK-resident banks at least annually up to 2006. There is now around 98% coverage from banks reporting at least annually.
All data are subject to revision if and when new information becomes available. For more information on revisions practices see the Explanatory Note on revisions, available here.
Non-residents are defined as economic units that have a centre of economic interest outside the domestic economic territory. UK economic territory excludes the Channel Islands and the Isle of Man.
Commissions and fees: examples include commissions and fees related to foreign exchange transactions, new issues of securities, portfolio management, derivative transactions etc.
Data are collected on an accruals accounting basis. The data are presented according to the guidelines in the International Monetary Fund’s (IMF) Balance of Payments Manual (fifth edition). The data are therefore compatible with the data published by the Office for National Statistics (ONS). However, the ONS banking sector data may include estimates for data that were not collected on the BG Form and other adjustments.
Relevant articles published in Bankstats:
- UK banks’ income and expenditure by Will Kerry and Daniel Wallace – March 2001
