The decision to include these activities in Annex 1 is based on the results of pilot actions on other financial intermediation , pension funds and financial auxiliaries .

( 2 ) Financial intermediation services indirectly measured .

There is also an intermediation problem.

( ii ) a narrowing of interest rate margins

In some Member States some efforts to compile statistics on other financial intermediation and financial auxiliaries will be necessary .

Financial auxiliaries which are engaged in activities closely related to financial intermediation but not financial intermediation itself are also included ( 11 ) .

In some Member States , some efforts to compile statistics on other financial intermediation and financial auxiliaries will be necessary .

( Closed funds ) Decreto legislativo Testo unico delle disposizioni in materia di intermediazione finanziaria

The collection and compilation of statistics on annex 1 variables for other financial intermediation activities and financial auxiliaries may result in additional costs .

Information on other financial intermediaries and financial auxiliaries will be useful for compilers of national accounts and related statistics .

( enterprises ) or send reduced questionnaires ( in particular , on other financial intermediation , financial auxiliaries and environment ) .

It extends Annex 1 of the SBS Regulation to other financial intermediation and financial auxiliaries and it adds two characteristics on environmental expenditures to Annex 2 ( on industry ) .

Instead, they should establish intermediation channels for long term financing.

Moreover , it will extend the coverage of the horizontal module ( Annex 1 ) to the following activities that are not yet included other financial intermediation services , pension funds and financial auxiliaries .

23 financial intermediation , financial auxiliaries and environment that is comparable among Member States .

Developments in Community monetary , economic and social integration require the extension of the aforesaid framework to credit institutions , pension funds , other financial intermediation and activities auxiliary to financial intermediation

4.1 DESCRIPTION OF OPERATION General objective This Council Regulation aims to make available harmonised statistical information on credit institutions , pension funds , other financial intermediation , financial auxiliaries and environment .

The economic effects will be indirect in so far as it is expected that the Regulation will improve the quality and the availability of statistics on credit institutions , pension funds , other financial intermediation , financial auxiliaries and environment at Community level .

In particular , severe disruptions in the financial intermediation process are more likely to have macroeconomic repercussions .

The sale of statistics on credit institutions , pension funds , other financial intermediation and financial auxiliaries ( publications , databases etc .) will lead to some revenue , which is estimated about 50.000 Euro per year .

With respect to other financial intermediation ( NACE Rev. 1 group 65.2 ) and financial auxiliaries ( NACE Rev. 1 division 67 ) , only a limited number of main variables must be compiled .

In a few Member States , where some of the other financial intermediation activities and financial auxiliaries are not supervised , the collection of additional data could cause extra burden on certain categories of financial services enterprises concerned .

The development and operation of the internal market increase the need for information measuring its effectiveness , in particular in the sectors of credit institutions , pension funds , other financial intermediation and activities auxiliary to financial intermediation The liberalisation process of international trade in financial services necessitates business statistics in the financial services area to support the trade negotiations

In Member States where there is currently a lack of information on other financial intermediation services , financial auxiliaries and environmental expenditures , the national data providers may choose the manner in which they will collect and compile the statistics .

Yet reserve requirements are a rather crude monetary policy tool and thus entail costs to the efficiency of financial intermediation .

include the activities of other financial intermediation and financial auxiliaries in the scope of Annex 1 of the SBS Regulation in order to analyse the ( 2 )

Financial corporations and quasi corporations principally engaged in financial intermediation as the consequence of the pooling of risks ( the ESA 95 , paragraphs 2.60 2.67 )

The size of these systems has doubled in several countries and their efficiency in intermediating funds has increased significantly .

Insurance corporations and pension funds Financial corporations and quasi corporations principally engaged in financial intermediation as the consequence of the pooling of risks ( the ESA95 , paragraphs 2.60 to 2.67 )

In most acceding countries financial intermediation has grown substantially in recent years , albeit starting from a very low base .

Corporations and quasi corporations not engaged in financial intermediation but principally in the production of market goods and non financial services ( the ESA95 , paragraphs 2.21 to 2.31 )

Corporations and quasi corporations not engaged in financial intermediation but principally in the production of market goods and non financial services ( the ESA 95 , paragraphs 2.21 to 2.31 )

4 This model includes an explicit banking sector that provides intermediation services between borrowers and lenders , and generates a nontrivial role for monetary aggregates in the economy .

That is why the FSB report pinpoints the shadow banking system, together with the large global banks, as sources of systemic risk.

Recognizing that illicit brokering in small arms and light weapons is a serious problem that the international community should address urgently,

Nonetheless, there are a number of further amendments which do present some difficulties.

This means that the financial base of real economic activity in Europe is largely founded on bank intermediation , which is also a feature of the Japanese economy .

Also included are financial auxiliaries consisting of all financial corporations and quasicorporations that are principally engaged in auxiliary financial activities ( the ESA 95 , paragraphs 2.57 to 2.59 ) .

Non monetary financial corporations and quasi corporations principally engaged in financial intermediation as the consequence of the pooling of risks ( ESA 95 , paragraphs 2.60 2.67 ) , non financial corporations .

Corporations and quasi corporations not engaged in financial intermediation but principally in the production of market goods and non financial services ( ESA 95 , paragraphs 2.21 2.31 ) , households .

Non financial corporations comprise corporations and quasi corporations not engaged in financial intermediation but principally in the production of market goods and non financial services ( 13 ) .

Including the other financial intermediation activities ( covered by the NACE Rev. 1 group 65.2 ) , pension fund activities ( covered by the NACE Rev. 1 class 66.02 ) and financial auxiliaries ( covered by NACE Rev. 1 division 67 ) in Annex 1 of the SBS Regulation means that the limited number of main structural statistics will also be collected for those activities .

The EU banking systems , although still growing , have been losing their relative share of financial intermediation to institutional investors ( investment funds , insurance companies and pension funds ) .

Non financial corporations Corporations and quasi corporations not engaged in financial intermediation but principally in the production of market goods and non financial services ( ESA 95 , paragraphs 2.21 2.31 ) .

Second, much of the financing for Greece s debts came from German and French banks that earned huge profits by intermediating loans from their own countries and from Asia.