The European System of National and Regional Accounts 1995 (ESA 1995) classifies all monetary financial institutions on the offshore islands of Jersey, Guernsey and the Isle of Man, as non-resident in the UK and National Financial Accounts. Aggregate balance sheet data for these institutions are available, split into the same economic sectors as the UK National and Financial accounts.
Data are available quarterly from 1997 Q4 and monthly from March 1998. The data are available not seasonally adjusted. Publication of data will usually occur on the 21st working day of the month in Table C5.1 in Monetary and Financial Statistics (Bankstats) and on the Statistical Interactive Database or subject to the published schedule of releases.
The data are sourced from the Isle of Man Treasury � Economic Affairs Division, Guernsey Financial Services Commission, and the Jersey Financial Services Commission.
The implementation of the European System of National and Regional Accounts 1995 (ESA 95) at end-September 1997 resulted in the Channel Islands and the Isle of Man being treated as non-residents for statistical purposes. Following the Green Paper on Monetary Control in 1980, the islands banks had the option either to be part of the UK banking sector, or to remain outside as Other (UK) Financial Institutions (OFIs). So, prior to September 1997, some of the islands� banking business was included in the M4 family of data, and some in domestic borrowing and lending in the National and Financial Accounts.
Monetary Financial Institutions (MFIs) are banks and building societies (building societies comprise branches of UK building societies and appropriate territorial corporations.
Guernsey Financial Services Commission covers the Bailiwick of Guernsey, which includes: Guernsey, Alderney, Sark (including Brecqou), Herm and Jethou.
Their balance sheet instruments are a summary of the items contained in the Other banks� balance sheet table, and are therefore comparable.
Deposits include sight and time deposits and any liabilities under sale and repurchase agreements from UK mainland, Jersey, Guernsey and Isle of Man.
Securities and other investments include British Government securities, overseas government securities, UK company securities/shares and overseas company securities/shares.
Foreign currency assets and liabilities are converted to sterling at end-period market exchange rates.
- Lamming, R and Thame J (2000) 'Monetary financial institutions' in Jersey, Guernsey and Isle of Man balance sheet', Monetary and Financial Statistics, April 2000.