Answer from the Banque de France to the questionnaire on unquoted share

Transcription

1 DIRECTION GÉNÉRALE DES ÉTUDES ET DES RELATIONS INTERNATIONALES DIRECTION DES ÉTUDES ET STATISTIQUES MONÉTAIRES SERVICE D ÉTUDES ET DE STATISTIQUE DES OPÉRATIONS FINANCIÈRES PARIS, 16/10/02 Dominique DURANT N. /Réf. : F02-63z Answer from the Banque de France to the questionnaire on unquoted share Box 1S Sector Non-Financial Corporations Stocks / Liabilities / Non-consolidated on unquoted shares The reference population includes all the corporations and excludes own-account CODE COURRIER : XX-XXXX TÉL : XX XX XX XX XX TÉLÉCOPIE : XX XX XX XX XX

2 basic 6. Large unquoted corporation (definition, if any) workers. Further distinction has to be made between quoted companies, unquoted companies, and companies issuing other equities. Shares are distinguished from other equities on the basis of the legal status. Shares are issued by limited companies (SA), simplified limited companies (SAS), limited partnership issuing shares (SCA). Other equities are issued by limited liability companies (SARL) simple limited partnership (SCS) cooperative companies and general partnership (SNC), state owned companies. The sample (database FICUS, which is a subset of the database SIE from the statistical office INSEE) includes about companies out of 1.1 million. A grossing-up is made by the INSEE. The is updated every year and transmitted with a two-year delay. The Banque de France uses 11 branches breakdowns. The data come from fiscal sources but are completed by a survey. They have the form of balance sheet items. The database (FICUS) is based on a 700- branch breakdown, and includes an on the legal status of the firms. The own funds are registered at book value. Not used. Stocks are established with a two-year delay (Y-2 or permanent accounts). The Y-1 (or halfpermanent) and Y (or provisory) accounts are established by adding to the two years back. However, the are derived from stock data from a different source (see Box 1T).

3 Box 2S Sector Monetary Financial Institutions Stocks / Liabilities / Non-consolidated on unquoted shares basic The reference population is the total population of credit institutions (monetary mutual funds don t issue shares). Further distinction is made between quoted credit institutions, unquoted credit institutions, and credit institutions issuing other equities (see Box 1S). The data are exhaustive. They are updated on a regular basis. The credit institutions are split by economic categories: banks, specialised financial firms, other types of financial institutions, Caisse des dépôts et consignations. For supervisory purposes, all the credit institutions transmit their balance sheet to the Banking commission quarterly. The financial statistics unit of the Banque de France uses these individual balance sheets. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The Banking commission database includes the relevant on the economic category of the credit institutions and their legal status. The own funds are registered at book value. Stocks are the staring point for transaction.

4 Box 3S Sector Other Financial Intermediaries Stocks / Liabilities / Non-consolidated on unquoted shares basic The investment firms may issue shares. Further distinction is made between quoted and unquoted companies, and companies issuing other equities (see Box 1S). Some other OFIs may issue other equities (government owned institutions granting credit including instituts régionaux de participation, mutual guaranty firms, and professional organisations for financial operations). Mutual funds are excluded as they issue mutual fund shares. Special purpose vehicules issue bonds. The coverage is almost exhaustive (however, there is no on the Instituts régionaux de participation which activity is limited). The list of investment firms and of mutual guaranty firms is updated regularly by the supervisory unit. The other types of OFI s are listed by the INSEE and updated from time to time. The different types of OFIs are considered separately. The investment firms and the mutual guaranty firms transmit to the Banking commission a quarterly balance sheet for supervisory purpose. Regarding government owned institutions granting credit, the published is used, including balance sheet and issuance notes. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The includes the legal status and the economic activity of the diverse firms. The own funds are registered at book value. Stocks are the starting point for. The Banking commission data are available without delay. The published data are available with a one-year delay. As a consequence, the of the year Y are derived from the of year Y-1 using the. However, are derived from (see Box 3T).

5 Box 4S Sector Insurance Corporations and Pension Funds Stocks / Liabilities / Non-consolidated on unquoted shares : partial basic The total population of insurance companies is considered. Further distinction is made between quoted companies, unquoted companies and companies issuing other equities: cooperative insurance companies are supposed to issue other equities and other insurance companies are supposed to issue shares. Pension funds don t exist in France at the moment. The sample is exhaustive for limited insurance companies and regularly updated. The data on cooperative companies are estimated. The limited insurance companies transmit yearly their balance sheet to the Commission de contrôle des assurance for supervisory purpose. The Banque de France receives aggregated data on the own funds. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The Ministry of social affairs transmits some estimates about cooperative companies. The Banque de France receives separate for cooperative companies that issue other equities and for limited companies that issue shares. The own funds are registered at book value. In definitive accounts, are the starting point for. For more recent accounts (provisional) are derived from the of the previous year plus the more recent. However, are derived from (see Box 4T).

6 Box 5S Sector Rest of the World Stocks / Liabilities / Non-consolidated Characteristics of the statistical on unquoted shares basic Description/ Comment The reference population includes all the foreign companies that are owned partially or totally by a resident. The transmission of about crossborder to the BOP Directorate is subject to a threshold of EUR 12,500. Moreover, as unquoted shares are computed only from Foreign direct investment, a is transmitted to the BOP only if more than 10% of the equity capital of the resident company is held by the foreign investor. However, the activity on foreign is very concentrated. Thus the coverage is almost exhaustive. The relies on data from the BOP Directorate. The main non-financial companies (direct reporting companies) transmit data on their on foreign directly to the BOP Directorate. The credit institutions also transmit monthly to the BOP Directorate data on sold or bought by them or by their clients. Reporting is made on a securityby-security basis. Due to a lack of data about foreign companies, there is no on the economic sector or the legal status of the company owned. Thus unquoted shares and other equities can t be distinguished, except when the investments of the state in international organisation is concerned. Moreover, quoted companies are isolated. Transactions are recorded at market value (transaction price). Stocks are calculated by cumulating transaction data to the last available stock using revaluation indices, that include foreign exchange as well as equity market revaluations.

7 Box 6S Sector Rest of the World Stocks / Assets / Non-consolidated Characteristics of the statistical on unquoted shares basic Description/ Comment 6. Large unquoted corporation Not available. The reference population includes any resident company issuing unquoted share or other equities and owned partially or totally by a nonresident. The database relating to direct investment includes all the companies that have once declared a foreign direct. An is transmitted to the BOP only if more than 10% of the equity capital of the non-resident company is held by the resident investor. It is updated every year and available to the financial account unit in a one-year and a half delay. The coverage is almost exhaustive. The on relies on foreign direct investment statistics from the BOP Directorate, which are crossed with stock data from balance sheet transmitted by the Banking Commission for credit institutions, by the Commission de contrôle des assurances for insurance companies and by FIBEN (see Box 1T) for non financial corporations. They are available in a one year-and-a-half delay. The are used to compile preliminary figures by cumulating flows to the last available. The BOP Directorate transmits to the financial accounts unit the part of the own funds of each ESA95 sector that is foreign owned. As no is transmitted on the legal status of the firms owned, it s not possible to depart shares from other equities. Thus, the rest of the world is said to own only shares and no other equity. For the provisory account (Y), the BOP Directorate transmits flow data with a simplified sector breakdown (financial corporations/nonfinancial corporations) and without any legal status (see Box 5S). In any case, quoted companies are isolated. Direct investment are first compiled at book value. The market value is computed by the mean of a capitalisation ratio (market value/own funds at book value for quoted companies). Transactions are recorded at market value (transaction price). Final are collected as actual. However, they are compiled with a one-year-

8 and-a-half-delay. As a consequence, the of the more provisory accounts are derived from the of half-definitive accounts by cumulating flows to the last available using revaluation indices that include foreign exchange as well as equity market revaluations. The transaction data are those collected for BOP purposes.

9 Box 7S Sector Central and State Government Stocks / Assets / Non-consolidated on unquoted shares basic The reference population includes all the corporations whatever economic sector they belong to, that are owned partially or totally by the Central Government (State Government don t exist in France). The is exhaustive with a six-month delay. For more recent accounts (provisory account) only the main investments of the State are taken into account. The French Ministry of Finance (Direction de la Comptabilité publique) publishes every year the list and amount of the State investments in own funds of firms as well as the that have modified these investments (compte 26). This publication is available in a six-month delay. Meanwhile, the Ministry of Finance gives to the financial accounts unit an on the main investments of the State. A global amount of holdings () is available for other central government organisations in a one-year delay from the same source. The data is available on an individual basis thus includes an on the economic sector and the legal status of the firms owned. Distinction between quoted companies, unquoted companies and companies issuing other equities, that are especially important among public owned companies, are computed. The companies owned are not split by economic sector (we don t build who-towhom when are concerned). The own funds are available at book value. Final are collected as actual and are valued by the capitalisation ratio method. However, they are compiled with a one-year delay. For the State s holdings in unquoted shares, the of the provisory accounts are derived from the of half-definitive accounts by cumulating to the last available using revaluation indices. Transactions are not available regarding other central government organisations holdings.

10 Box 8S Sector Social Security Funds Stocks / Assets / Non-consolidated Characteristics of the statistical on unquoted shares Description/ Comment The social security funds don t own any unquoted shares and don t hold any investments in France. basic 6. Large unquoted corporation (definition, if any)

11 Box 9S Sector Monetary Financial Institutions Stocks / Assets / Non-consolidated on unquoted shares basic The reference population includes all the credit institutions (monetary mutual funds are not supposed to own unquoted shares). The data are exhaustive. They are updated on a regular basis. For supervisory purposes, all the credit institutions transmit their balance sheet to the Banking commission quarterly. The financial statistics unit of the Banque de France uses these individual balance sheets. The bank transmission includes a distinction between quoted and unquoted companies. However, the unquoted shares can t be distinguished from the other equities. The amount of the later is calculated as a fixed part of the total on the liability side and deduced from the total equities at the asset side of the IFM balance sheet. The companies owned are not split by economic sector (we don t build who-to-whom when are concerned). The data are valued : - for fixed assets, at the minimum of the usage value and the price they have been purchased - for portfolio assets, at the minimum of the price they could be sold at the settlement of accounts and the price they have been purchased Due to the inadequacy of accounting valuation method: - the transaction at market value are the result of the following calculation: variation of gross of provisions +/-profit and loss on sales from profit and loss account - the stock at market value is obtained this way : (stock at Y-1 + 1/2 at Y)*(1+growth rate) + 1/2 at Y

12 Box 10S Sector Other Financial Intermediaries Stocks / Assets / Non-consolidated on unquoted shares The reference population includes investment firms, mutual guaranty firms, mutual funds, government owned institution granting credit (including instituts régionaux de participation ), special purpose vehicles, and professional organisations for financial operations. basic The coverage is limited to the mutual funds and the mutual guaranty companies. The investment firms, the government owned institution granting credit (however there is no on instituts régionaux de participation ), the special purpose vehicles, and the professional organisations for financial operations are not supposed to hold unquoted shares. However, they don t display this in the available documents. The lists of mutual guaranty companies and of mutual funds are updated regularly by the supervisory units (Banking commission and Commission des opérations de bourse ). The mutual guaranty firms transmit to the Banking commission a quarterly balance sheet for supervisory purpose. The mutual funds transmit to the Banque de France their portfolio on a security by security basis. The mutual funds transmit to the Banque de France their portfolio on a security by security basis. However because of a lack of working resources, this is not used at the moment. As a consequence, the amount of unquoted shares held by mutual funds is currently estimated at 2% (see Box 12S) of the net asset of equity funds. In the accounting documents of mutual guaranty companies, the split between shares and is not available. Unquoted shares are estimated as 6.75% (see Box 12S) of the current portfolio plus the fixed financial assets. The mutual funds register at market value: concerning the unquoted shares, this value is calculated by the funds.

13 The mutual guaranty companies value the shares following two methods : - for fixed assets, at the minimum of the usage value and the price they have been purchased - For portfolio assets, at the minimum of the price they could be sold at the settlement of accounts and the price they have been purchased. For mutual guaranty companies, the are supposed to be equal to the variation in, in order to make the treatment simpler. Stocks are calculated the same way as for MFI (see Box 10S) For mutual funds, the at market value are directly available from the balance sheet data.

14 Box 11S Sector Insurance Corporations and Pension Funds Stocks / Assets / Non-consolidated on unquoted shares basic The reference population includes all the insurance corporations. The main insurance companies. The sample is considered to be very narrow. As a consequence, the insurance asset is widely used to balance the total of operations on and equities. The A5 documents are a compulsory publication for insurance companies, which lists their holdings, security by security. The A5 documents include a distinction between quoted and unquoted companies. However, the unquoted shares can t be distinguished from the other equities. The amount of the later is calculated as a fixed part of the total on the liability side (see Box 12S) and deduced from the total equities at the asset side of the insurance balance sheet. In the document A5, the shares are recorded at market value. The basic is on. The transaction at market value result from the following calculation: variation of stock at market value- (stock at Y-1+stock at Y)*growth rate/(2+growth rate). The stock at market value is obtained this way : (stock at Y-1 + 1/2 at Y)*(1+growth rate) + 1/2 at Y

15 Box 12S Sector Non-Financial Corporations Stocks / Assets / Non-consolidated Characteristics of the statistical on unquoted shares basic Description/ Comment The reference population includes all the nonfinancial corporations. The sample consists of the nonfinancial companies recorded in the database liens financier from the Banque de France. This database includes an on the sector of the owners of the companies. However, it includes no financial company. The ratios of unquoted shares () held by each sectors have been calculated on the 1996 data and are used until now. The later ratio are applied to the remaining amount of transaction resulting from the liability side of the resident companies, after the other sectors (Government, rest of the world, IFM, OFIs, Insurance companies) holdings are deduced. This ratio used to calculate the holdings of nonfinancial companies is currently fixed at 49%. The indicator is calculated with the balance sheet of the companies held. The sample is not adequate, as it includes no financial companies. However, it distinguishes companies by legal status. Thus, oher equities are parted from unquoted shares. Own funds are recorded at book value. Flows are a percentage of the total flow on the liability side of companies issuing unquoted shares (see Box 12T). The stock at market value is obtained by cumulating the flows on the asset side of the non-financial corporation sector using this formula : (stock at Y-1 + 1/2 at Y)*(1+growth rate on the stock market) + 1/2 at Y

16 Box 13S Sector Households and NPISH Stocks / Assets / Non-consolidated Characteristics of the statistical on unquoted shares Description/ Comment The reference population includes all the households (NPISH are not supposed to hold unquoted shares). basic The sample consists of the nonfinancial companies recorded in the database liens financier from the Banque de France. This database includes an on the sector of the owners of the companies. However, it includes no financial company. The ratios of unquoted shares () held by each sectors have been calculated on the 1996 data and are used until now. The later ratio are applied to the remaining amount of transaction resulting from the liability side of the resident companies, after the other sectors (Government, rest of the world, IFM, OFIs, Insurance companies) holdings are deduced. This ratio used to calculate the holdings of households is currently fixed at 51%. The indicator is calculated with the balance sheet of the companies held. The sample is not adequate, as it includes no financial companies. Own funds are recorded at book value. Flows are a percentage of the total flow on the liability side of companies issuing unquoted shares (see Box 13T). The stock at market value is obtained by cumulating the flows on the asset side of the NPISH sector using this formula : (stock at Y-1 + 1/2 at Y)*(1+growth rate on the stock market) + 1/2 at Y

17 Box 1T Sector Non-Financial Corporations Transactions / Liabilities / Non-consolidated on unquoted shares basic 6. Large unquoted corporation Not in use. The reference population is the same as the one defined in Box1S. The database includes about 1 million firms. The stratification by the economic sectors used in the French financial accounts which is a little bit more precise than the stratification proposed by the ESA95- is available and transmitted to the financial accounts unit. The data comes from the database FIBEN- Centrale de bilans that is completed by several sources (balance sheet transmitted on a voluntary basis by the non-financial firms to the Banque de France, published, and administrative ). Transactions are calculated in the OKAPI database. They are defined as the variation of own funds of the firms that are recorded in FIBEN. The split between unquoted shares and other equities is not available and must be estimated from. The are calculated as a variation of (Capital paid up in cash+premiums) on a company by company basis. Stocks are recorded at book value. The are derived from the variation of the balance sheet items, thus from.

18 Box 2T Sector Monetary Financial Institutions Transactions / Liabilities / Non-consolidated on unquoted shares basic The reference population is the same as the one defined in Box 2 S. The data are exhaustive. They are updated on a regular basis. The credit institutions are split by economic categories: banks, specialised financial firms, other types of financial institutions, Caisse des dépôts et consignations. For supervisory purposes, all the credit institutions transmit their balance sheet to the Banking commission quarterly. The financial statistics unit of the Banque de France uses these individual balance sheets. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The Banking commission database includes the relevant on the economic category of the credit institutions and their legal status. Uoted and unquoted shares are parted using Euronext data. The own funds are registered at book value. 6. Large unquoted corporation Not in use. The are derived from the variation of the balance sheet items capital paid-up in cash+premium, thus from.

19 Box 3T Sector Other Financial Intermediaries Transactions / Liabilities / Non-consolidated on unquoted shares basic The reference population is the same as the one defined in Box3S. The coverage is almost exhaustive (however, there is no on the Instituts régionaux de participation which activity is limited). The list of investment firms and of mutual guaranty firms is updated regularly by the supervisory unit. The other types of OFI s are listed by the INSEE and updated from time to time. The different types of OFIs are considered separately. The investment firms and the mutual guaranty firms transmit to the Banking commission a quarterly balance sheet for supervisory purpose. Regarding government owned institutions granting credit, the published is used, including balance sheet and issuance notes. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The includes the legal status and the economic activity of the diverse firms. The own funds are registered at book value. The are derived from the variation of the balance sheet items paid-up capital+premiums, thus from.

20 Box 4T Sector Insurance Corporations and Pension Funds Transactions / Liabilities / Non-consolidated on unquoted shares basic The reference population is the same as the one defined in Box4S. The sample is exhaustive for limited insurance companies and regularly updated. The data on cooperative companies are estimated. The limited insurance companies transmit yearly their balance sheet to the Commission de contrôle des assurance for supervisory purpose. The Banque de France receives aggregated data on the own funds. Moreover, the Euronext data are used to distinguish quoted and unquoted corporation. The Ministry of social affairs transmits some estimates about cooperative companies. The Banque de France receives separate for cooperative companies that issue other equities and for limited companies that issue shares. The own funds are registered at book value. The are derived from the variation of the balance sheet items, thus from.

21 Box 5T Sector Rest of the World Transactions / Liabilities / Non-consolidated on unquoted shares basic The reference population includes all the foreign companies that are owned partially or totally by a resident. The transmission of the about cross-boarder to the BOP is subject to a threshold of 12,500 Euros investment. Moreover, as unquoted shares are computed only from Foreign direct investment, an is transmitted to the BOP only if more than 10% of the resident company is held by the foreign investor. However, the activity on foreign is very concentrated. Thus the coverage is almost exhaustive. The main non-financial companies (direct reporting companies) transmit data on their on foreign directly to the BOP Directorate. The credit institutions also transmit monthly to the BOP Directorate data on sold or bought by them or by their clients. Reporting is made on a security-bysecurity basis. Due to a lack of data about foreign companies, there is no on the legal status or the economic sector of the companies owned. Thus unquoted shares and other equities can t be distinguished, except when the participation of the state in international organisation. Moreover, quoted companies are isolated. The is recorded at the transaction price. 6. Large unquoted corporation Not available. The data are directly collected as.

22 Box 6T Sector Rest of the World Transactions / Assets / Non-consolidated on unquoted shares basic The reference population includes any resident company issuing unquoted share or other equities and owned partially or totally by a nonresident. The transmission of the about cross-boarder to the BOP is subject to a threshold of EUR 12,500 investment. Moreover, as unquoted shares are computed only from Foreign direct investment, an is transmitted to the BOP only if more than 10% of the non-resident company is held by the resident investor. However, the activity on foreign is very concentrated. Thus the coverage is almost exhaustive. The main non-financial companies (direct reporting companies) transmit data on their on foreign directly to the BOP Directorate. The credit institutions also transmit monthly to the BOP Directorate data on sold or bought by them or by their clients. Reporting is made on a security-bysecurity basis. Quoted companies are isolated. Portfolio investment in non-listed shares is considered as negligible. There is no on the legal status of the company owned and the on its economic sector cannot be used by the financial account unit at the moment. Thus unquoted shares and other equities can t be distinguished and the split between the economic sectors of the ESA95 has to be estimated. Transactions are recorded at market value at the time they take place (transaction price). 6. Large unquoted corporation Not available. The data are directly collected as.

23 Box 7T Sector Central and State Government Transactions / Assets / Non-consolidated on unquoted shares basic The reference population includes the Central Government (State Government don t exist in France). The is exhaustive with a six-month delay. For more recent accounts (provisory account) only the main investments of the State are taken into account. The French Ministry of Finance (Direction de la Comptabilité publique) publishes every year the list and amount of the State s investments in own funds of firms as well as the that have modified these investments (compte 26). This publication is available in a six-month delay. Meanwhile, the Ministry of Finance gives to the financial accounts unit an on the main investments of the State. A global amount of holdings () is available for other central government organisations in a one-year delay from the same source. The data is available on an individual basis and includes an on the economic sector and the legal status of the firms owned. The are recorded at transaction price. For the central government, the data are directly collected as. For other central government organisations, the result from a difference in.

24 Box 8T Sector Social Security Funds Transactions / Assets / Non-consolidated on unquoted shares The social security funds don t own any unquoted company and don t hold any investments in France. basic 6. Large unquoted corporation (definition, if any)

25 Box 9T Sector Monetary Financial Institutions Transactions / Assets / Non-consolidated on unquoted shares The reference population includes all the credit institutions (monetary mutual funds are not supposed to own unquoted shares). basic The data are exhaustive. They are updated on a regular basis. For supervisory purposes, all the credit institutions transmit their balance sheet to the Banking commission quarterly. The financial statistics unit of the Banque de France uses these individual balance sheets. The bank transmission includes a distinction between quoted and unquoted companies. However, the unquoted shares can t be distinguished from the other equities. The amount of the later is calculated as a fixed part of the total on the liability side and deduced from the total equities at the asset side of the IFM balance sheet. The basic rely on, which are valued : - for fixed assets, at the minimum of the usage value and the price they have been purchased - for portfolio assets, at the minimum of the price they could be sold at the settlement of accounts and the price they have been purchased The at market value are the result of the following calculation: variation of stock gross of provision +/-profit and loss on sales.

26 Box 10T Sector Other Financial Intermediaries Transactions / Assets / Non-consolidated on unquoted shares The reference population includes all the investment firms, mutual guaranty firms, mutual funds, government owned institution granting credit (including instituts régionaux de participation ), special purpose vehicles, and professional organisations for financial operations. basic The coverage is limited to the mutual funds and the mutual guaranty companies. The investment firms, the government owned institution granting credit (there is no on instituts régionaux de participation ), the special purpose vehicles, and the professional organisations for financial operations are not supposed to hold unquoted shares. However, they don t display this in the available documents. The lists of mutual guaranty companies and of mutual funds are updated regularly by the supervisory units (Banking commission and Commission des opérations de bourse ). The mutual guaranty firms transmit to the Banking commission a quarterly balance sheet for supervisory purpose. The mutual funds transmit to the Banque de France their portfolio on a security by security basis. The mutual funds transmit to the Banque de France their portfolio on a security by security basis. However because of a lack of working resources, this is not used at the moment. As a consequence, the on unquoted shares held by mutual funds are currently estimated at 2% (see Box 12S) of the net asset of equity funds variation. In the accounting documents of mutual guaranty companies, the split between shares and is not available. Unquoted shares are estimated as 6.75% (see Box 12S) of the held for sale portfolio s variation plus the fixed financial assets variation. The basic relies on. The mutual funds register at market

27 value: concerning the unquoted shares, this value is calculated by the funds. The mutual guaranty companies value the shares following two methods : - for fixed assets, at the minimum of the usage value and the price they have been purchased - for portfolio assets, at the minimum of the price they could be sold at the settlement of accounts and the price they have been purchased. For mutual guaranty companies, the are supposed to be equal to the variation in, in order to make the treatment simpler. For mutual funds, the transaction at market value result from the following calculation: variation of stock at market value- (stock at Y- 1+stock at Y)*growth rate/(2+growth rate).

28 Box 11T Sector Insurance Corporations and Pension Funds Transactions / Assets / Non-consolidated on unquoted shares The reference population includes all the insurance corporations. The main insurance companies. The sample is considered to be very narrow. As a consequence, the insurance asset is widely used to balance the total of operations on and equities. basic The A5 documents are a compulsory publication for insurance companies, which lists their holdings, security by security. The basic is. The A5 documents include a distinction between quoted and unquoted companies. However, the unquoted shares can t be distinguished from the other equities. The amount of the later is calculated as a fixed part of the total on the liability side (see Box 12S) and deduced from the total equities at the asset side of the insurance balance sheet. In the document A5, the shares are recorded at market value. The transaction at market value result from the following calculation: variation of stock at market value- (stock at Y-1+stock at Y)*growth rate/(2+growth rate).

29 Box 12T Sector Non-Financial Corporations Transactions / Assets / Non-consolidated on unquoted shares basic 8. Other remarks The reference population includes all the nonfinancial corporations. The sample consists of the nonfinancial companies recorded in the database liens financier from the Banque de France. This database includes an on the sector of the owners of the companies. However, it includes no financial company. The ratios of unquoted shares () held by each sectors have been calculated on the 1996 data and are used until now. The later ratio are applied to the remaining amount of transaction resulting from the liability side of the resident companies, after the other sectors (Government, rest of the world, IFM, OFIs, Insurance companies) holdings are deduced. This ratio used to calculate the holdings of nonfinancial companies is currently fixed at 49%. The indicator is calculated with the balance sheet of the companies held. The sample is not adequate, as it includes no financial companies. Own funds are recorded at book value. The are a percentage of the total flow on resident unquoted shares. See Box 1T for its calculation.

30 Box 13T Sector Households and NPISH Transactions / Assets / Non-consolidated on unquoted shares basic The reference population includes all the households. The sample consist of the nonfinancial companies (out of 1.1 million) recorded in the database liens financier from the Banque de France. This database includes an on the sector of the owners of the companies. However, it includes no financial company. The ratios of unquoted shares () held by each sectors have been calculated on the 1996 data and are used until now. The later ratio are applied to the remaining amount of transaction resulting from the liability side of the resident companies, after the other sectors (Government, rest of the world, IFM, OFIs, Insurance companies) holdings are deduced. This ratio used to calculate the holdings of households is currently fixed at 51%. The indicator is calculated with the balance sheet of the companies held. The sample is not adequate, as it includes no financial companies. Own funds are recorded at book value. The are a percentage of the total flow on resident unquoted shares. See Box 1T for its calculation.