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Home BUSINESSGeneral govt’s net financial assets down in Q3
Wed, 23 Dec, 2015 12:20:23 AM
FTimes Report, Dec 23
General government’s net financial assets. Source: General government financial accounts, Statistics Finland.
The net financial assets of central government and local government decreased in total by around EUR six billion during the third quarter of 2015, according to Statistics Finland’s data.
The general government's net financial assets i.e. difference between their assets and liabilities, amounted to EUR 110.5 billion at the end of the quarter.
Employment pension schemes' net financial assets contracted by EUR 6.8 billion. In total, general government's net financial assets went down by EUR 13.2 billion as per the data derived from general government financial accounts.
Central government's net financial assets fell by EUR five billion from the previous quarter's level, being EUR -64.2 billion at the end of the quarter.
The financial assets of employment pension schemes and other social security funds decreased by EUR 7.1 billion during the third quarter. At the end of the period, the difference between assets and liabilities was EUR 176.9 billion, the statistics show.
The decline in employment pension schemes' net financial assets was primarily due to holding losses of quoted shares and mutual fund shares.
At the same time, employment pension schemes transferred their ownership from deposits to quoted shares, mutual fund shares and securities.
Employment pension schemes' investments in quoted shares grew for the first time since 2013.
The fall in local government's net financial assets was caused by holding losses of mutual fund shares, decrease in deposits and growth in the loan stock.
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