Flow data generated through the common consent of economic entities (sales and purchase, or unrequited, unilateral transfers). It presents the value of economic events (production, transport of goods, services, income or financing transactions, trends) in the statistics.

Change in the value (price) of financial or non-financial instruments during a period as a result of changes in the eco-nomic environment (market prices or exchange rates).

Change in the value of financial or non-financial instruments (assets, liabilities) during a period due to reasons beyond the control of economic agents or the effects of the economic environment. A volume change component to describe statistical reclassifications and extraordinary events.

The statistics allocates economic agents to sectors based on their behaviour and role in the economy. Key sectors included in the statistics are as follows: non-financial corporations, financial corporations, general government, households, non-profit institution supporting households, non-resident sector. The key economic sectors can often be broken down into additional sub-sectors.

European System of Central Banks

European Central Bank

SDMX, which stands for Statistical Data and Metadata eXchange is an international initiative that aims at standardising and modernising ('industrialising') the mechanisms and processes for the exchange of statistical data and metadata among international organisations and their member countries. 

AnaCredit is a dataset with detailed information on individual bank loans in the euro area. The name stands for 'analytical credit datasets'. The ECB launched the project in 2011 – together with the euro area and some non-euro area national central banks. It uses data and national credit registers to achieve a harmonised database that supports several central banking functions, such as decision-making in monetary policy and macroprudential supervision.

XBRL (eXtensible Business Reporting Language) is a standard that is used to communicate information between businesses and other users of financial information. It provides a common, electronic format for business reporting

Framework Directive 2004/39/EC on markets in financial instruments (Markets in Financial Instruments Directive - MiFID). The MiFID was issued under the Lamfalussy process. It mainly regulates the conditions of capital market business. Compared to the original regulation, it contains a new concept of financial instruments and investment services, newly regulates the categorisation of clients and addresses in depth the rules of the best execution of orders given by clients. The MiFID also defines alternative market platforms and extends the concept of market transparency measures

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world.

Key Performance Indicator

The sitemap shows the structure of the website and links to subpages in a hierarchical list.

Dynamic, interactive reports created in Microsoft Power BI, typically for major announcements

The sector of monetary financial institutions comprise the central banks, credit institutions and money market funds. In abbreviated form these sectors are referred to as MFI. The Magyar Nemzeti Bank, as Hungary’s central bank, is also part of the sector. The MFI is a sub-sector within the financial corporations sector.

The sector is comprised of credit institutions and money market funds.

The sector is comprised of the central government, local governments – in the case of foreign countries – provincial governments and social security funds. The central government sector also includes, in addition to the central budgetary organisations, the institutions allocated here in statistical terms. Likewise, the local government sector also includes the municipal companies classified as such. The investor protection funds (such as NDIF and IPF) also form part of the general government sector.

Economic and Monetary Union', i.e. the euro area countries and the international organisations allocated to this category. The territories that form an integral part of the administrative system of their home country within the EMU zone are also EMU countries: Aaland Islands, French Guiana, Guadeloupe, Monaco, Martinique, Saint Pierre and Miquelon, Reunion and Mayotte.

Other foreign countries include the non-EMU countries.

Repo is a securities repurchase agreement, combining two sale and purchase transactions of opposite direction: a sale/purchase of a security and the repurchase/resale agreement concluded simultaneously. The repo security is not derecognised in the balance sheet in statistical (and usually accounting) terms, just as the repo security is also not included in the counterparty's balance sheet. The receivables arising in connection with the securities sale and purchase are shown as loans, while the related liabilities are shown as deposits in the statistics. Securities may move on the securities accounts, and thus they may call for statistical correction.

In the statistical data the principal receivable from the counterparty are stated for loans, i.e. the values stated under loans do not contain the balance of accrued interests, impairments and valuation differences, arising as a methodological difference in the accounting and statistical balance sheet. The disclosed deposits also do not include the accrued interests and valuation differences.

For loans and deposits the data providers must specify separately the gross principal amount of the individual stocks, the interest accrued (allocable to the period but not yet due) on the stock, and the amount of the accounting impairment. Valuation difference will include the amount obtained as the difference between the (net) accounting book value of loans and deposits and the sum of gross principal amount + accrued interests+ impairments.

Loans on the assets side include, in addition to loans granted, the deposits placed by the credit institutions with other monetary financial institutions, including also the security/escrow deposits. Receivables from repo and securities lending transactions are also recognised among loans. In the case of loans, the published data show the principal receivables from the counterparty. The interest accrued on loans – and deposits placed by credit institutions – are classified as Remaining assets. The impairments on loans and the balance of valuatios differences – incurred due to the different accounting and statistical measurement – in line with the international requirements – is transferred to the liability side of the balance sheet and published together with the balance of provisions. Due to this the balance sheet total published in the statistical series will be higher than the balance sheet total reported by the credit institutions, by the sum of the impairments and valuation differences related to the loans and deposits placed.

Deposits on the liability side also include the outstanding borrowing of the reporting agent credit institution. If the published time series do not name specifically the liabilities from repos, these balances are also included in the deposits. For deposits – similarly to loans – time series also include the gross principal amounts. Accrued interests and the balance of valuation differences are included in the time series of Remaining liabilities.

Overnight deposits from which upon request payments can be executed directly through credit transfers or cash withdrawal without significant delay, restriction or penalty. That is, most (traditional) overnight deposit are shown as transferable deposits in the publication. If an overnight deposit does not satisfy this requirement, its balance will be stated among non-transferable deposits. These may include savings accounts or passbooks.

The stock of debt securities and equity securities, other shareholdings not taking the form of securities, shares/units of money market and non-money market funds and investment units issued by venture capital funds, stated on the assets side, are included in the time series at the book value calculated in accordance with the credit institutions’ accounting policy. Where the stock of fund shares issued by money market and non-money market funds and venture capital funds are not specified separately in the time series, these stocks are stated together with the stock of shares and other equity, as equity securities. Although the accounting regulation permits recognition based on the trade date, in the statistical balance sheet all data providers must specify their securities holding for the settlement date, i.e. only those securities are included in the time series that in the published period are – already or still – possessed by the data provider credit institution, i.e. the portfolio is shown on their securities account.

The issued securities are stated at face value on the liability side of the balance sheet. The related valuation differences are stated among Remaining liabilities. The breakdown of issued securities by holder is performed based on the information coming from the securities statistical reports.

Gross principal amount of loans granted to non-residents and deposits placed with non-resident monetary financial institutions. In addition to the book value of securities issued by non-residents, the foreign currency cash holding of credit institutions is also stated here. There is no difference in the recognition of accrued interest, impairments and valuation differences related to non-resident and resident assets.

In addition to the deposits placed by non-resident counterparties and loans taken from them, debt securities issued by the credit institution, held by non-residents are also stated here. The breakdown of issued securities by holder is performed based on the information coming from the securities statistical reports. There is no difference in the recognition of accrued interest, impairments and valuation differences related to non-resident and resident liabilities.

Difference of external assets and external liabilities.

Tangible and intangible assets used under lease contracts – contrary to the international accounting standards – are stated in the statistical balance sheet among Remaining assets rather than among Tangible and intangible assets. Likewise, liabilities from such transactions are also stated together with Remaining liabilities in the time series.

The statistical balance sheet total reported by the data providers must correspond to the accounting balance sheet total. However, this correspondence no longer exists in the published time series, due to the fact that the impairments recognised on loans and the balance of valuation differences – incurred due to the different accounting and statistical recognition – in line with the international practice – is transferred to the liability side of the balance sheet and published together with the balance of provisions. Due to this the balance sheet total published in the statistical series will be higher than the balance sheet total reported by the credit institutions, by the sum of the impairments and valuation differences related to the loans and deposits placed. In the case of securities on the assets side, the balance of differences resulting from the different trade date and settlement date, are also stated in the balance of Remaining assets. Since this difference may also be negative, the balance arising as a result of the different methodology may reduce the balance of Remaining assets, or may even make it negative. The differences arising due to the different accounting and statistical treatment of operating lease are also stated in the balance of Remaining assets/Remaining liabilities in the publication.

The money-holding sector includes all sectors, apart from the resident monetary financial institutions, central government and non-resident counterparties, i.e. the non-financial corporations, the non-money market funds, other financial corporations, local governments, social security funds, households and non-profit institution serving households.

When defining the individual money supply categories, the categorisation of various financial instruments depends on their transaction costs, the extent to which they can be used to make payments and the extent to which they preserve their value. The components of monetary base (M0) are the currency in circulation, credit institutions’ bank accounts and overnight deposits with the MNB. Narrow money (M1) includes, in addition to the cash holding of the money-holding sectors, the balance of their overnight deposits. The intermediate money supply (M2) includes, in addition to the M1 components, the time deposits placed by the money-holding sectors with initial maturity of maximum two years. The broad monetary aggregate (M3) includes, in addition to M2, the funds from repos concluded with money-holding sectors, their holdings of shares/units issued by money market funds and their portfolio of debt securities issued by credit institutions with initial maturity of maximum two years.

The consolidated balance sheet does not include transactions between resident monetary financial institutions (MFIs), i.e. the loans granted to or taken from resident MFIs, the deposits placed by or with them, and of the securities other than shares issued by them those that are held by resident MFIs. On the other hand, the consolidated balance sheet includes the balance of receivables and payables arising from transactions concluded with non-resident MFIs, and the equity shares in resident MFIs are also not eliminated from the consolidated balance sheet.

Housing loans and consumer loans include only the loans granted to individuals, including the employees of credit institutions. Car financing loans and housing loans disbursed to sole proprietors and non-financial corporations are stated in the reports under Other loans. Outstanding loans also include outstanding leases. (Apart from the credit institutions, financial enterprises also grant loans to households. However, these portfolios are not shown in the publications compiled from the data of monetary financial institutions).

A loan linked to a credit card is classified as extended or convenience credit card debt based on whether or not the outstanding balance on the last day of the month bears interest. When a transaction has simultaneous interest-bearing and non-interest bearing parts, the interest-bearing balance is stated in the time series as extended credit card receivable, while the non-interest-bearing part of the same transaction is stated as convenience credit card receivables.

Passive pool of capital qualifying as financial corporation. Collective investment form, which collects capital from several investors by issuing mutual fund shares to invest them in assets complying with the defined investment policy.

Financial corporation holding a licence for investment fund management activity, pursuing collective portfolio management activity. In the Hungarian practice it is included in the statistics within the other financial intermediaries sub-sector.

Transferable securities, distributed in series by the investment fund manager as issuer, representing receivables and other rights stipulated in the management regulations of the investment fund.

The investment policy determines the range and type of investment instruments available for purchase by the funds. Investment funds are categorised based on their investment policy.

Total value of investment fund shares issued by the investment fund at the end of period. It is defined as the difference of the investment fund’s assets and liabilities other than investment fund shares.

Companies, associations or branch offices qualifying as financial enterprises, with insurance being their core activity. Their main liabilities are the insurance technical reserves.

The two main groups of insurances – categorised based on risk criteria – which may be non-life insurance and life insurance.

Homogenous groups of insurance and reinsurance risks for the purposes of recognising insurance technical reserves and calculating capital requirements, according to the minimum expected separate treatment of risks based on their nature, as defined in Annex I to the Regulation issued on the subject matter defined in Article 86(1)e) of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

Special long-term liability of insurance corporations and reinsurers vis-a-vis insured client and beneficiaries. This includes the insurance technical reserves, the outstanding loss reserves, the reserve for premium refund depending on or independent of profit, the claim fluctuation reserve and the insurance technical reserve recognised in respect of investments carried out to the benefit of unit-linked insurance policy-holders.

An insurance corporation entitled to pursue both life and non-life insurance activity. Since the Insurance Act’s entry into force on 1 January 1996, the establishment of composite insurers is not permitted in Hungary. However, insurers that already held a composite licence before the Insurance Act’s entry into force may continue to pursue both business lines.

An account, including bank accounts opened for one or several customers of a payment institution, for the purposes of executing payment transactions.

An equipment that facilitates payment (purchase) by payment cards or, sometimes cash withdrawal at the merchant acceptance points. The information related to the transactions is collected electronically (EFTPOS) or on paper (imprinter).

The automated teller machine is an equipment which provides payment cardholder customers with the opportunity to withdraw cash from, deposit cash to or initiate credit transfers from their bank account, or make enquiries on their payment account.

A payment transaction at an acceptance point that allows card payment via the internet and at acceptance points supporting payment by card for mail and telephone orders.

Authentication based on the use of two or more elements categorised - as knowledge (something only the user knows), - possession (something only the user possesses) - inherence (something the user is). These must be independent from one another, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data.

The interest rate specified in the contract concluded with the customer. If the interest rate on the loan is not yet known at the time of concluding the contract, the agreed interest rate is the same as the interest rate on first loan disbursement.

Projection of the agreed interest rate for a year, expressed as an annual percentage rate.

The actual (rather than the announced) interest rate applied on the last day of the reporting month on the outstanding amount.

Fixing the interest rate in advance for a certain period.

A coherent recording of all transactions of an economy (residents) vis-a-vis the rest of the world (non-residents). The key components are the current account, the capital account and the financial account. The current account contains residents’ goods, services, primary and secondary income transactions with non-residents, while the capital account includes capital transfers receivable and payable between residents and non-residents and acquisition and disposal of ownership rights of non-produced, non-financial assets. The financial account presents the financing of these transactions by functional categories: foreign direct investments, portfolio investments, financial derivatives, other investments and liquid foreign currency assets of the monetary authority vis-a-vis non-residents (in the form of reserves).

The current account contains residents’ goods, services, primary and secondary income transactions with the rest of the world.

Primary incomes comprise the credit and debit related to the use of non-financial and financial instruments as well as to taxes and subsidies on production. These include compensation of employees, investment income and other primary incomes (mostly taxes on products and production, subsidies from the EU).

Secondary incomes include the credit and debit related to the redistribution of incomes, current transfers between residents and non-residents, and unrequited transfers. These include taxes on income, social insurance contributions and benefits, aids and insurance premiums, current transfers by individuals and other organisations, benefits payable to and received from international organisations.

The capital account includes unrequited transfers and acquisitions/disposals of non-produced, non-financial assets between residents and non-residents.

The financial account records transactions that involve financial assets and liabilities and that take place be-tween residents and non-residents, according to functional and instrument categories: foreign direct invest-ments, portfolio investments, financial derivatives, other investments and international reserves.

International reserves are liquid financial and non-financial assets outstanding vis-a-vis the rest of the world controlled by and immediately available to the monetary authority (central bank). The financial assets classified as international reserve include the unallocated gold accounts within monetary gold, the SDR receivables, the RPF i.e. the Reserve Position in the Fund, the foreign currency assets: foreign currency cash, current account, deposit and securities, and other receivables. Of the international reserves non-financial assets include gold bullion as part of the monetary gold.

By the integrity rule of balance of payments, the total of the current- and the capital account corresponds to the net of the financial account (net lending or net borrowing). In practice, NEO, i.e. net errors and omissions, is the difference between the indicators calculated in two different ways (net lending or net borrowing), which arises due to different data sources (bank, corporate, government reports) the compilation based on. Because of the valuation-, timing- and other differences between the different data sources, or of potential errors in recording, the match re-sulting from the principle of double-entry bookkeeping may only be random, this is why a balancing item should be included, i.e. NEO.

Hungarian criteria to identify special purpose entities include: A company registered in Hungary and controlled directly or indirectly by non-residents. Its presence in the Hungarian economy is minimal, i.e. the number of employees is mostly 0 or maximum 5. However, the size of its balance sheet total is significant, amounting to several billion forints. There may be few types of assets and liabilities in the balance sheet. They are related to the enterprise-group or they are outstanding vis-a-vis few external partners, the revenues and expenditures are also within the group of companies or may only be related to some external partners, indicating limited activity, i.e. the company is not in contact with the market. Its core activity is typically passive financial or passive intermediary. Its sales revenue is minimal, not exceeding HUF 500 million per year, unless it pursues passive intermediary activity. The company’s assets and liabilities are mainly (above 90%) vis-a-vis non-residents, and its revenues and expenditures (if significant) are mainly from abroad and to abroad, respectively. Since their relation to the Hungarian economy is minimal, the MNB uses data excluding SPEs for the analysis of economic developments.

The measure of external balance, the total of the current account and the capital account. When the balance is positive it indicates net lending and when it is negative it indicates net borrowing.

A measure of external balance, the balance of the financial account, being the difference of the asset and liability transactions vis-a-vis the rest of the world. When the balance is positive it indicates net lending and when it is negati-ve it indicates net borrowing.

Time series describe the development of economic processes over time. The behaviour of time series can be greatly influenced by factors that affect the development of the time series in the same periods of the same year (month or quarter) and to the same extent. These factors may include the weather, various administrative impacts or social traditions. Collectively these are referred to as seasonal effects. Analysts are often curious about process characteristics that are obscured by the large seasonal effect, and therefore need to be removed. The elimination of seasonality is referred to as seasonal adjustment, and the data obtained by the elimination of seasonal effects are referred to as seasonally adjusted series.

Gross external debt is the outstanding amount of those actual current, and not contingent liabilities that require payment of principal and/or interest by the debtor at some point in the future and that are owed to nonresidents by residents of an economy.

Net external debt is the gross external debt less debt assets and monetary gold.

International reserves are liquid financial and non-financial assets outstanding vis-a-vis the rest of the world controlled by and immediately available to the monetary authority (central bank). The financial assets classified as international reserve include the unallocated gold accounts within monetary gold, the SDR receivables, the RPF i.e. the Reserve Position in the Fund, the foreign currency assets: foreign currency cash, current account, deposit and securities, and other receivables. Of the international reserves non-financial assets include gold bullion as part of the monetary gold.

Financial accounts form part of the national accounts, being a statistic presenting the financial relations of the entire economy and the economic sectors. It presents the stocks of the economic sectors’ financial assets and financial liabilities and the components of flows (transactions, revaluations and other changes in volume). Its most important indices are the net financial worth and net lending. It is compiled based on uniform global statistical standards (SNA, ESA).

Difference of the stock of financial assets and liabilities in a sector or in the whole economy.

In the financial accounts, the difference between the transactions in financial assets and liabilities over a given period, the change in net financial worth due to transactions, also known as financial savings.

Usually means the general government’s gross nominal consolidated (Maastricht) debt, which shows – of the general government’s liabilities – the stock of deposits, loans and debt securities.

The sum of Tier 1 capital (as the sum of the Common Equity Tier 1 and the Additional capital Tier 1) and Tier 2 capital. Own funds are intended to cover risks or losses arising from the operation of a credit institution as they occur. It must at all times exceed the capital requirement determined based on the risks. The most important element of own funds is the common equity Tier 1, comprising of capital instruments (mostly shares) satisfying certain conditions, the related share premium, retained earnings, accumulated other comprehensive income, other reserves and funds for general banking risks.

Capital requirement is the minimum own fund requirement prescribed for the credit institution, determined on the basis of the risks arising from its activity. This is the sum of the Pillar 1 minimum capital requirement, the supplementary capital requirement prescribed during the supervisory review process (Pillar 2) and statutory capital buffers. The capital requirement related to various risks may be determined based on the credit institution’s data in a manner and with the parameters stipulated in the law (standardised approach), as a result of a method approved by the competent Supervisory Authority at the request of the credit institution (internal models), provided that the legislative conditions are fulfilled, and by a decision of the Supervisory Authority based on its statutory mandate (e.g. Pillar 2, certain buffers).

In a previous stage of banks’ capital regulation, for the calculation of the capital regulation first the credit institution’s various exposures had to be multiplied by statutory values (weights), the sum of these products was the risk weighted assets (RWA), 8 percent of which was prescribed as capital requirement. The weights, as intended by the legislators, were proportional to the risks of the respective assets (loans, bonds, etc.). The capital requirement calculation methods introduced later – calculated in different ways for each risk type – differ from this. According the current regulation, the total risk-weighted exposure is defined as 12.5 times (as the inverse of 8 percent) the Pillar 1 (combined) capital requirement. The own funds to total risk-weighted exposure ratio is the capital adequacy ratio. Additional capital requirements are expressed as a percentage of the risk-weighted exposure.

The relative size of the institution’s assets, off-balance sheet obligations and contingent obligations related to payments, settlement or collateral, compared to the institution’s own funds. The leverage ratio shown in the publication is the inverse of this ratio, calculating in the numerator with the institution’s Tier 1 capital.

Institutions shall hold liquid assets (liquidity buffer), the sum of the values of which in a potential stress scenario covers the difference of liquidity outflows and liquidity inflows (net liquidity outflow) for 30 days. The ratio of the liquidity buffer and the net liquidity outflow is the Liquidity Coverage Ratio (LCR), which should exceed 100 percent.

Amount of capital available to the insurer or reinsurer, which may be immediately callable as capital to satisfy outstanding claims to the insurer or reinsurer, without the consent of a third party. Its purpose is to enable the insurer or reinsurer to discharge its obligations even if the premiums collected and the insurance technical provisions do not provide cover for it.

Amount of money required to ensure that the insurer is less than half a percent likely to become insolvent within one year. From the eligible solvency capital to cover this, the insurer can meet its payment obligations under its insurance contracts even if the future does not turn out as it planned when the technical provisions were recognised (i.e. as it would have been expected on the basis of its past experience).

Ratio of the eligible own funds and the solvency capital requirement showing whether the insurer has sufficient capital for sound operation. It is also called own funds ratio or solvency ratio.

A life insurance product, where the insurer places the insurance technical provision recognised under the insurance contract in the assets (asset funds) created by itself, with independent investment policy and managed separately – consisting of notional settlement units (investment units) –, or in other investment funds managed by a company licensed for investment fund management, for the purpose of investment, at the contracting party’s choice in accordance with the rules defined in the contract in advance.

Return on equity, i.e. the quotient of after-tax profit and equity – usually – stated in percentages.

Within the meaning of the Voluntary Mutual Insurance Funds Act, the fund register that serves as the basis for the fund's financial management and business and is kept by the fund for the fund members in accordance with its accounting policy. In the course of the financial management of the fund, the individual account contains that part of the fund members' regular membership fees, their other deposits and the employer member’s contribution that is credited to fund members as cover for benefits and recognised as members' receivables from the fund in accordance with the provisions laid down in the bylaws, as well as the amount to be credited from the donation to the member in accordance with the sponsor’s provision.

Within the meaning of the Voluntary Mutual Insurance Funds Act, a regular cash contribution that the fund members undertook to pay, that is used to finance the benefits payable by the fund and the operation of the fund. Employers may, subject to the provisions laid down in the Voluntary Mutual Insurance Funds Act, undertake to assume these contributions in part or in full under the title of employer's contribution. The lowest amount of the membership fee – compulsory for all members – is determined by the fund’s bylaw.

Within the meaning of the Voluntary Mutual Insurance Funds Act, the amount that the tax authority has transferred to the credit of the private individual based on the instruction of the private individual under Section 44/A of Act CXVII of 1995 on Personal Income Tax.

A period between the time of joining the pension fund and the time the amount of the pension benefit.

Within the meaning of the Voluntary Mutual Insurance Funds Act, a pension benefit or any lump-sum cash payment or a combination of the two that is disbursed to a fund member from his individual account as chosen by the fund member, after he reaches retirement age, from the methods specified in the bylaw.