Explanatory Notes - Monetary financial institutions in the UK: income and expenditure
OVERVIEW
AVAILABILITY
SOURCES
REVISIONS
DEFINITIONS
VALUATIONS AND BREAKS
FURTHER INFORMATION
This table contains selected income and expenditure data of Monetary and Financial Institutions (MFIs) in the UK that feed into the National Accounts. It comprises data series on net interest receivable, net charges, fees and commissions receivable, net dividends received and other income less expenditure. The interest receivable and payable data are broken down into money market instruments, loans and advances, repos and reverse repos and bonds and FRNs (floating rate notes). Figures include business of the UK resident entity in both domestic and non-resident markets.
Data are available quarterly from 1998 Q1. Publication of data will usually occur on the 21st working day of the month in Table B3.1 in Monetary and Financial Statistics (Bankstats) with the most recent quarter available in the publication for the third month after the end of the quarter.
Following the transition of building societies statistical reporting from the FSA to the Bank of England on 1st January 2008, Table B3.1 includes building society data from 2008 Q1 data onwards.
Data up until end 2003 are taken from the Form A3. Data from 2004 Q1 are from the Form PL which replaced Forms A3 and BP. 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. Coverage from quarterly data is around 92% with estimates derived for the other banks.
Building society data reported on Form PL are included from 2008 Q1, with coverage similar to that for banks. Estimates are derived for other building societies.
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.
Dividend payments/receipts: cash dividends paid or received during the period. This includes any bonus/scrip issues (i.e. issues of new fully-paid shares to existing shareholders on a basis pro rata to existing holdings).
Net charges, commissions and fees: net receipts relating for example to the issue of new securities, investment management services, retail foreign exchange business, guarantees and payment transactions.
Other income less expenditure: includes rent received and paid on land and buildings, net payments on finance leases and other income less all current expenditure (such as wages, occupancy and restructuring costs). Expenditure excludes depreciation charges and provisions.
Net income: includes items included in National Accounts such as net dividends received, net interest income, net charges, fees and commissions and other income less expenditure. It excludes dealing profits and other revaluation profits/losses.
Interest receivable/payable on money market instruments: includes interest on certificates of deposit, promissory notes, commercial paper and other short-term negotiable paper.
Interest on loans and advances/deposits: interest debited from loan or overdrawn accounts/interest credited on deposit liabilities or accounts in credit.
Interest on repos/reverse repos: the difference between the sale and repurchase price of (reverse) repos and (for buy-sell back repos) the value of the interest/dividend that is receivable/payable from securities reverse repoed in/out.
Interest on bonds and FRNs (floating rate notes): includes interest on all bonds and floating rate notes.
Data are collected on an accruals accounting basis except for dividends which are collected on a cash basis. Data are collected according to the international statistical standards, which may not be comparable to data prepared in accordance with International Financial Reporting Standards.
Building societies are included with effect from 2008 Q1.
Relevant articles published in Bankstats:
- Transition of building society statistical reporting by Pat O'Connor - January 2008
- UK banks’ income and expenditure by Will Kerry and Daniel Wallace – March 2001
