Table Name | Romania |
1.0 Contact Information | |
1.1 Name | Doina Badea |
1.2 Designation (Job Title) | Expert |
1.3 Organization | National Bank of Romania |
1.4 Mailing Address | Lipscani, 25 |
1.5 Country | Romania |
1.6 Email | doina.badea@bnro.ro |
1.7 Telephone | 0040311322129 |
2.0 Concepts, Definitions and Scope | |
2.1 Statistical frameworks for the compilation of external debt data | 2013 External Debt Statistics Guide/6th Edition of Balance of Payments Manual (BPM6) |
2.2 Consistency with the external debt liabilities of the International Investment Position (IIP) | Yes |
2.3 Additional Information on Concepts, Definitions and Scope | (i) Compilation of individual categories of gross external debt is largely in accordance with sixth edition of the Balance of Payments Manual (BPM6) and External Debt Statistics: Guide for Compilers and Users (External Debt Guide) and ESA 2010 Manual on Government Deficit and Debt.
Historical data back to 2005 has been converted to BPM6 and published in the statistical section of the NBR website and disseminated to ECB, Eurostat, IMF, WB within current transmissions/revisions. The dissemination of external debt statistics complies with BPM6 format and methodology.
(ii) Gross external debt stocks are compiled on a monthly basis and consists of the following categories: for each four sectors (central bank, general government, deposit taking corporations except the central bank, other sectors) data is broken down by original maturity (short and long term) and by debt instruments (debt securities, trade credits and advances, loans, currency and deposits, other debt liabilities, SDR allocations). Data on inter-company lending (liabilities) under direct investment relationship is separately identified by type and by maturity, debt liabilities of direct investment enterprise to direct investors, debt liabilities of direct investors to direct investment enterprise and debt liabilities between fellow, short and long term. Gross external debt is disseminated on a quarterly basis breakdown by main institutional sectors and sub-sectors, structures used for national accounts compilation, fiscal notification and QEDS (Quarterly External Debt Statistics) tables. With respect to WB – QEDS tables, Romania is disseminating all prescribed ones, encouraged and supplementary items, except for S.3.2 table, for which the required detail level exceeds current calculations. Short term external debt statistics is calculated on original and remaining maturity, the latter being derived as a sum of short term debt stock on original maturity and long term debt repayments due within 12 months.
(iii) Gross External Debt of Romania is the outstanding amount of those actual current and not contingent, liabilities that require payments of principal and/or interest by the debtors at some points in the future and that are owed to non-residents by Romanian residents.
The stock of external liabilities is recorded at face value and market price (QEDS tables).
Outstanding positions are based on amounts received or paid, adjusted to reflect exchange rates at the end of the reporting period. Dividends due for payments but unpaid are also included in external debt - other liabilities. In case of portfolio investment the positions are all assessed at market prices. Market prices for foreign instruments and domestic bonds issued on external capital market are uploaded into the local system from Centralized Securities Database (CSDB) whereas Bucharest Stock Exchange supplies monthly information about domestic instruments.
Country allocation in case of portfolio investment liabilities is estimated based on IMF CPIS data, reporting custodians does not have a precise country breakdown by holder. Fixing the issue, data received from ECB, through Security Holdings Statistics Database, related to holdings by euro zone countries of the Romanian securities, will be a proxy .
(iv) The external debt position is fully recorded on accrual principle. External debt is recorded on a gross basis, separate from any related asset component. |
3.0 Sector Classification/Coverage | |
3.1 Data coverage for General Government | Partly covered, with some gaps |
3.2 Data coverage for Central Bank | Fully covered |
3.3 Data coverage for Deposit-taking corporations, except the Central Bank | Fully covered |
3.4 Data coverage for Other Sectors | Broadly covered (non-coverage insignificant) |
3.5 Data coverage for Other financial corporations | Broadly covered (non-coverage insignificant) |
3.6 Data coverage for Nonfinancial corporations | Broadly covered (non-coverage insignificant) |
3.7 Data coverage for Households and nonprofit institutions serving households (NPISHs) | Partly covered, with some gaps |
3.8 Data coverage for Direct Investment: Intercompany lending | Broadly covered (non-coverage insignificant) |
3.9 External debt statistics presented into Public and Publicly Guar. Private Sector and Private Sector Not Publicly Guar. Debt | Yes |
3.10 External debt include both foreign currency and domestic currency denominated debt instruments held by nonresidents | Yes |
3.11 Additional comments and explanations on Sector Classification/Coverage | The main deviation from international standards related to IIP/external debt statistics is the lack of recording the European funds received from European Commission (EC) according to the accrual principal. At present, the cash approach is used only for BOP (the flows are registered in current and capital account when received). NBR envisages that current work in progress with the Ministry of Finance will bring data to be incorporated in external statistics on accrual principle, being classified under other liabilities instrument.
Related to the case of domestic bonds portfolio investment, the difference between issued bonds and holdings of residents is allocated to non-residents, IMF-CPIS (Liability annexes) geographical and sector breakdown is used for the data compilation.
Households’ liability transactions are partially covered, since ITRS was abandoned by the end of 2016 in line with recent European regulations. New data sources methods to improve household sector position estimates shall be deemed in the near future.
Offshore financial institutions operating in domestic economy treated as non-residents don’t exist in Romania so far. |
4.0 Debt Instrument Classification/Coverage | |
4.1 Data coverage for Currency and deposits | Broadly covered (non-coverage insignificant) |
4.2 Data coverage for Debt Securities | Broadly covered (non-coverage insignificant) |
4.3 Data coverage for Loans | Broadly covered (non-coverage insignificant) |
4.4 Data coverage for Trade credit and advances | Broadly covered (non-coverage insignificant) |
4.5 Data coverage for Other debt liabilities | Partly covered, with some gaps |
4.6 Data coverage for Special drawing rights (allocations) | Fully covered |
4.7 Data coverage for Debt liabilities of direct investment enterprises to direct investors | Broadly covered (non-coverage insignificant) |
4.8 Data coverage for Debt liabilities of direct investors to direct investment enterprises | Broadly covered (non-coverage insignificant) |
4.9 Data coverage for Debt liabilities to fellow enterprises | Broadly covered (non-coverage insignificant) |
4.10 Arrears (including interest that accrues on arrears) reported in the same debt instrument | Yes |
4.11 Arrears separately identified in the memorandum items | Yes |
4.12 Classification of maturity for short-term/long-term debt instruments | Original Maturity |
4.13 Additional comments and explanations on Debt Instrument Classification/Coverage | (i) SDR allocations are included from 2008Q2. (ii) For other liabilities financial instruments there is consigned a partial coverage related to derived debt instruments on account of European Funding from European Commission on accrual basis, meaning that all funds recordings ask for accrual until the final receipts are cash-settled by the beneficiary and EC. |
5.0 Valuation and Basis of Recording | |
5.1 Main valuation method for debt securities (in main table) | Market Value |
5.2 Main valuation method for debt securities (in memorandum items) | Nominal Value |
5.3 Other methods and weights used for valuation of debt securities | None |
5.4 Basis for compiling external debt statistics | Accrual Basis |
5.5 Inclusion of accrued interest costs that are not paid | Yes |
6.0 Data sources/Compiling Organizations | |
6.1 Main data source(s) for the external debt statistics | The data sources for external debt are:
• Security by security data received from credit institutions, investment funds and money market investment funds, insurance corporations, pension funds, custodian residents, Clearstream, related to all types of issuances abroad and held by resident entities (SHDB )
• Short/long term trade credits – quarterly survey (IFRN - Other Financial Information vis-à-vis Nonresidents)
• Short term loans – quarterly survey (IFRN - Other Financial Information vis-à-vis Nonresidents)
• Short/long term deposits – balance sheets data (for deposit taking corporations except the central bank sector)
• Medium and long term loans - external debt database (DMFAS) - public direct and guaranteed debt monitored by the Ministry of Public Finance; private non-guaranteed debt monitored by NBR
• Insurance corporations’ balance sheets - quarterly info on short/long term liability side instruments
• Inter-company loans – annual and quarterly FDI surveys (data compared with external debt database for mother-to-subsidiary long term loans (DMFAS))
• Banks’ balance sheet data (an extra annex introduced starting with the middle of 2010) related to the stock of externalized loans to the private parent bank and BOP flows
• SDR allocations and other debt liabilities - balance sheet information related to amounts outstanding
• Central bank balance sheet (short term deposits)
• Other liabilities (survey IFRN - Other Financial Information vis-à-vis Nonresidents)
In survey cases (FDI, IFRN) where data is available with a time lag, preliminary estimates are made taking into account the results of previous surveys replenished by preliminary info available.
Deadlines for respondents are mandated by the Regulation no. 4/2014 regarding statistical reporting requirements to NBR, with the subsequent amendments and notices of the NBR for the quarterly/annual surveys. Respondent timeliness is monitored on an ongoing basis. The data is not adjusted for seasonal patterns. |
6.2 Link(s) to national website where the external debt statistics are being disseminated | http://www.bnr.ro/Statistica-datoriei-externe---BPM6-11353.aspx
http://www.bnr.ro/Interactive-database-1107.aspx |
6.3 Link(s) to relevant metadata that currently exists and is consistent with your external debt statistics | http://dsbb.imf.org/Pages/SDDS/DQAFBase.aspx?ctycode=ROU&catcode=EXD00 |
6.4 Primary agency responsible for compiling external debt statistics | The National Bank of Romania -The legal framework for public and publicly guaranteed debt is set out in Government Law No.109/2008 approving Emergency Ordinance No. 64/2007 on public debt referring to The Public Debt of Romania and methodological notes No.21/2004. The methodology used by the NBR for private debt not guaranteed is set out in NBR Regulation No.4/2014 regarding statistical reports of exchange capital operations to NBR concerning medium and long-term external private debt, modified and completed by Regulation no.6/2015 and Regulation no.6/2016. Within DMFAS interface (Debt Management and Financial Analysis System) the Ministry of Finance is monitoring direct and guaranteed public external debt and NBR is monitoring private non-guaranteed external debt on a loan by loan basis. |
6.5 Primary agency responsibile for disseminating external debt statistics | National Bank of Romania |
7.0 Periodicity and Timeliness | |
7.1 Frequency of external debt statistics compilation | Monthly, Quarterly and Annual - Any time when routine revisions occur (in March and September yearly) according to ECB, Eurostat, IMF, WB timetables. In 2019 a Benchmark revision performed covering 2013-2018 time-frame and affected few direct and other investment instruments. |
7.2 Frequency of external debt statistics dissemination | Monthly, Quarterly and Annual - Any time when routine revisions occur (in March and September yearly) according to ECB, Eurostat, IMF, WB timetables. In 2019 a Benchmark revision performed covering 2013-2018 time-frame and affected few direct and other investment instruments. |
7.3 Timeliness of the publication of the external debt statistics | Around T+45 days |
7.4 Additional comments on Periodicity and Timeliness | Table 3.2 which refers to projection on debt outstanding detailed by sectors, sub sectors, maturity and financial instruments was filled in when first time was required as an exercise for BPM6 purpose, not filled in anymore due to partially lacks in data schedules. It is expected to work on details related to instrument and maturity projection on outstanding structure. |
8.0 Revision Policy | |
8.1 Data revision policy | Regular schedule - There is a routine revision policy twice a year in March and September for previous/current year according to ECB, Eurostat, IMF calendar and any other back data revision when required (Benchmark revision). |
9.0 Unit of Measure | |
9.1 Unit of Measure | Data are in USD. |
10.0 Reference Period | |
10.1 Reference Period | (i) Data are available starting from 2008Q2. (ii) Data converted through generic conversion from 2003 EDS Guide/BPM5 to 2013 EDS Guide/BPM6 basis by the World Bank from 2008Q2 to 2013Q2. (iii) Data reported by country on a 2013 EDS Guide/BPM6 basis starting from 2013Q3. (iv) As per 2013 EDS Guide/BPM6 methodology, data includes SDR allocations sourced from IMF (the creditor) for period 2008Q2 to 2009Q2, and reported by the country from 2009Q3 onward. |
11.0 Table Reporting | |
11.1 Table 1 - Gross External Debt Position: by Sector (Prescribed component) | Yes |
11.2 Table 2 - Gross External Debt Position: Foreign Currency and Domestic Currency Denominated Debt (Encouraged component) | Yes |
11.3 Table 3 - Debt-Service Payment Schedule for Outstanding External Debt as of End-Period: by Sector (Encouraged component) | Yes |
11.4 Table 4-Gross External Debt Position:Principal and Interest Payments Due in 1 Yr or less -by Sector (Encouraged component) | Yes |
11.5 Table 1.1 - Gross External Debt Position: Debt Securities - Reconciliation of Nominal and Market Value | Yes |
11.6 Table 1.2 - Gross External Debt Position: Other Sectors | Yes |
11.7 Table 1.3 - Gross External Debt Position: Public Sector Debt and Publicly-Guaranteed Private Sector Debt | Yes |
11.8 Table 1.4 - Gross External Debt Position: Arrears by Sector | Yes |
11.9 Table 1.5 - Net External Debt Position: by Sector | Yes |
11.10 Table 1.6 - Gross External Debt Position: Reconciliation of Positions and Flows | Yes |
11.11 Table 2.1 - Gross External Foreign Currency and Foreign-Currency-Linked Debt Position | Yes |
11.12 Table 3.1 - Gross External Debt Position: Short-Term Remaining Maturity - by Sector | Yes |
11.13 Table 3.2 - Debt-Service Payment Schedule for Outstanding External Debt as of End-Period: by Sector and Instrument | No |
12.0 Metadata Update | |
12.1 Metadata last updated | 02/26/2020 |