Debt service costs - comprising interest payments and debt amortisations - as a proportion of income. The DSR is a measure of the financial constraints imposed by indebtedness.

BIS debt service ratio

Debt service ratios

An index that measures the average change in the price of consumer items (goods and services) purchased by households in a given period. It is based on regular surveys of representative consumption baskets.

BIS long consumer prices

The consumer price index statistics track the average change in the price of goods and services purchased by households. This data set covers several decades.

Consumer prices

All countries that are BIS reporting countries. The BIS reporting area varies by data set. See also “BIS reporting country”.

BIS reporting area

Country with an authority that participates in a BIS-organised data collection. Countries with authorities that report the LBS and CBS are listed on the BIS website: www.bis.org/statistics/rep_countries.htm. The number of BIS reporting countries varies by data set.

BIS reporting country

Financial institution that participates in a BIS-organised data collection. See also “reporting bank” and “reporting dealer”.

BIS reporting institution

CBS-reporting country

Collection period

BIS debt securities statistics

Debt securities statistics

Used to specify the underlying currency if in UNIT_MEASURE e.g. XDC is used

Currency code used for compilation

This code is used when data for a given category are missing and are included in another category, sub-total or total. Generally where code “K” is used there should be a corresponding code "W - Includes data from another category" assigned to the over-covered category. Implementers and data reporters should use the COMMENT_OBS observation-level attribute to specify under which category the data are included.

Data included in another category

Observation status

Used to indicate slight deviations from the established methodology (footnote-type information); these divergences do not imply a break in time series.

Definition differs

Clause in an agreement (e.g. legal act, gentlemen’s agreement) stating that some provisions in the agreement are not to be implemented by designated parties; these derogations may affect the observation or cause a missing value. In general, derogations are limited in time.

Derogation

Dissemination organisation

Observation obtained through an estimation methodology (e.g. to produce back-casts) or based on the use of a limited amount of data or ad hoc sampling and through additional calculations (e.g. to produce a value at an early stage of the production stage while not all data are available). It may also be used in case of experimental data (e.g. in the context of a pilot ahead of a full scale production process) or in case of data of (anticipated/assessed) low quality. If needed, additional information can be provided through free text using the COMMENT_OBS attribute at the observation level or at a higher level .

Estimated value

Data collected on the basis of definitions or (alternative) collection methods under development. Data not of guaranteed quality as normally expected from provider.

Experimental value

Value deemed to assess the magnitude which a quantity will assume at some future point of time (as distinct from "estimated value" which attempts to assess the magnitude of an already existent quantity).

Forecast value

The BIS uses the term “global liquidity” to refer to the ease of financing in global financial markets. The BIS global liquidity indicators (GLIs) track credit to non-bank borrowers, covering both loans extended by banks and funding from global bond markets through the issuance of international debt securities (IDS). The main focus is on foreign currency credit denominated in three major reserve currencies (US dollars, euros and Japanese yen) to non-residents, ie borrowers outside the respective currency areas.

Global liquidity

The HP filter is a statistical tool used in macroeconomics, especially in real business cycle theory, to remove the cyclical component of a time series.

Hodrick-Prescott (HP) filter

Observation imputed by international organisations to replace or fill gaps in national data series, in line with the recommendations of the United Nations Committee for the Coordination of Statistical Activities (CCSA).

Imputed value (CCSA definition)

International debt securities (BIS-compiled)

See “international banking facility”.

Japan Offshore Market

LBS aggregated by nationality of the reporting bank. See also “locational banking statistics”.

LBS by nationality (LBSN)

LBS aggregated by the residence of the counterparty. See also “locational banking statistics”.

LBS by residence (LBSR)

LBS-reporting country

This indicates existing observations, but for which the user should also be aware of the low quality assigned.

Low reliability

This code is to be used when no breakdown is made between the reasons why data are missing. Data can be missing due to many reasons: data cannot exist, data exist but are not collected (e.g. because they are below a certain threshold or subject to a derogation clause), data are unreliable, etc.

Missing value

Used to denote empty cells resulting from the impossibility to collect a statistical value (e.g. a particular education level or type of institution may be not applicable to a given country's education system).

Missing value; data cannot exist

Used, for example, when some data are not reported/disseminated because they are below a certain threshold.

Missing value; data exist but were not collected

Missing value; holiday or weekend

Used, for example, when data are suppressed due to statistical confidentiality considerations.

Missing value; suppressed

To be used as default value if no value is provided or when no special coded qualification is assumed. Usually, it can be assumed that the source agency assigns sufficient confidence to the provided observation and/or the value is not expected to be drama

Normal

Used to indicate a value which is not a "real" zero (e.g. a result of 0.0004 rounded to zero).

Not significant

OTC derivatives turnover

Triennial Survey

The interest rate which best captures the monetary authorities' policy intentions.

Policy rate

It contains a data set on central bank policy rates that tracks the evolution of policy rates of around 40 central banks across the world.

Policy rates

An observation is characterised as "provisional" when the source agency – while it bases its calculations on its standard production methodology – considers that the data, almost certainly, are expected to be revised.

Provisional value

An observation is marked as revised when previously transmitted data are changed to inform the users that there has been a change. An additional comment (e.g. through the COMMENT_OBS attribute) may provide information on the change.

Revised value

Special circumstances (e.g. strike) affecting the observation or causing a missing value.

Strike and other special events

Observations are characterised as such when different content exists or a different methodology has been applied to this observation as compared with the preceding one (the one given for the previous period).

Time series break

The price of one country's currency in relation to another.

US dollar exchange rates

Bilateral exchange rates

Observation as received from the respondent without further evaluation of data quality.

Unvalidated value

Change in amount outstanding between two points in time after the impact of methodological changes and exchange rate movements has been eliminated. The adjusted change approximates the flow between two points in time. In the LBS, the adjusted change is calculated by first converting US dollar-equivalent amounts outstanding into their original currency using end-of-period exchange rates, then calculating the difference in amounts outstanding in the original currency, and finally converting the difference into a US dollar-equivalent change using average period exchange rates.

adjusted change

algo

Automated transactions where a computer algorithm decides the order of submission and execution with little or no human intervention.

algorithmic trading

Value of an asset or liability at a point in time.

amount outstanding

Entity whose business is to receive deposits, or close substitutes for deposits, from the public and to grant credits for its own account. Banks include the following entities: commercial banks, universal banks, savings banks, post banks, giro institutions, agricultural credit banks, cooperative credit banks and credit unions. In the System of National Accounts, a bank is referred to as a deposit-taking corporation except the central bank.

bank

Head office, branch or subsidiary of a bank.

banking office

Commercial banks, investment banks, securities dealers and securities brokers. Sectoral classification used in the OTC derivatives statistics that refers collectively to banks and securities firms that are not reporting dealers. See also “reporting dealer”.

banks and securities firms

bilateral netting agreement

Unincorporated entity wholly owned by another entity.

branch

break- and exchange rate-adjusted change

broad debt

Financial institution that exercises control over key aspects of the financial system. Central banks include the following entities: national central banks, central banks of a currency union, currency boards and government-affiliated agencies that are a separate institutional unit and primarily perform central bank activities. In the LBS, the BIS is classified as a central bank. See also “official monetary authority”.

central bank

Entity that interposes itself between the two sides of a transaction, becoming the buyer to every seller and the seller to every buyer.

central counterparty (CCP)

A financial asset that has a counterpart liability. In the CBS, claims exclude financial derivatives. See also “financial asset”.

claim

Contract between two parties to purchase or sell a commodity or commodity index at an agreed price on a future date.

commodity forward

Contract that gives the buyer the right (but not the obligation) to purchase or sell a commodity or commodity index at an agreed price at or by a specified date.

commodity option

Contract between two parties to exchange sequences of payments during a specified period, where at least one sequence of payments is tied to a commodity price or commodity index.

commodity swap

A BIS-organised data collection that measures banks’ country risk exposures. They capture the worldwide consolidated positions of banks headquartered in BIS reporting countries, including positions of their foreign affiliates but excluding intragroup positions. Central banks or other national authorities collect data from internationally active banks headquartered in their jurisdiction, compile national aggregates and then report these to the BIS to calculate global aggregates.

consolidated banking statistics (CBS)

A bank owned by two or more entities, in which no single entity has a controlling interest.

consortium bank

consumer price index (CPI)

Entity that owns or otherwise controls other entities within a corporate group and is not controlled by another entity. For most entities, the controlling parent is synonymous with the ultimate parent at the top of the corporate group. In the LBS and CBS, if the ultimate parent is not subject to prudential supervision – for example, where the ultimate parent is a shell company or a non-financial company – then the controlling parent may be defined as the highest intermediate parent that is subject to prudential supervision. See also “parent bank” and “home country”.

controlling parent

core debt

The countercyclical capital buffer aims to ensure that capital requirements take account of the macro-financial environment in which banks operate. Its primary objective is to use a buffer of capital to achieve the broader macroprudential goal of protecting the banking sector from periods of excess aggregate credit growth that have often been associated with the build-up of system-wide risk. Under the Basel III supervisory framework, it is calculated as the weighted average of the buffers in effect in the jurisdictions to which banks have a credit exposure.

countercyclical capital buffer (CCyB)

Entity that takes the opposite side of a financial contract or transaction – for example, the borrower in a loan contract, or the buyer in a sales transaction.

counterparty

counterparty country

Territorial entity for which data are separately and independently maintained, including but not limited to national states as understood by international law and practice.

country

Promise by a creditor to lend up to a specified amount to a borrower on demand. In the CBS, credit commitments refer to commitments that are irrevocable unilaterally by the creditor, ie revocable only with the consent of the borrower.

credit commitment

Contract whereby the seller commits to repay an obligation (eg bond) underlying the contract at par in the event of a default. To produce this guarantee, a regular premium is paid by the buyer during a specified period.

credit default swap (CDS)

Derivative whose redemption value is linked to specified credit-related events, such as bankruptcy, credit downgrade, non-payment or default of a borrower. For example, a lender might use a credit derivative to hedge the risk that a borrower might default. Common credit derivatives include credit default swaps (CDS), total return swaps and credit spread options.

credit derivative

The credit-to-GDP gap is defined as the difference between the credit-to-GDP ratio and its long-run trend, and captures the build-up of excessive credit in a reduced form fashion.

credit-to-GDP gap

Position on a non-resident – for example, claim on or liability to a counterparty located in a country other than the country where the banking office that books the position is located.

cross-border position

Contract that gives the buyer the right (but not the obligation) to purchase or sell a currency at an agreed exchange rate at or by a specified date.

currency option

Contract between two parties to exchange sequences of payments during a specified period, where each sequence is tied to a different currency. At the end of the swap, principal amounts in the different currencies are usually exchanged.

currency swap

Total amount of derivatives contracts traded in a day, calculated as the amount traded over a specified time period divided by the number of business days within this period

daily average turnover

Instrument that requires the payment of principal and/or interest at some point(s) in the future. Debt instruments may refer to liabilities or claims, and include the following: currency and deposits, debt securities, loans, provision for calls under standardised guarantees, and other accounts receivable/payable.

debt instrument

Negotiable instrument serving as evidence of a debt. Debt securities include the following instruments: bills, bonds, notes, negotiable certificates of deposit, commercial paper, debentures, asset-backed securities, money market instruments and similar instruments normally traded in financial markets.

debt security

Debt service costs – comprising interest payments and debt amortisations – as a proportion of outstanding debt. The DSR is a measure of the financial constraints imposed by indebtedness.

debt service ratio (DSR)

According to the System of National Accounts (SNA), debt can be “defined as a specific subset of liabilities identified according to the types of financial instruments included or excluded. Generally, debt is defined as all liabilities that require payment or payments of interest or principal by the debtor to the creditor at a date or dates in the future” (2008 SNA, #22.104).

debt, core and broad

Instrument whose value depends on some underlying financial asset, commodity or predefined variable.

derivative

Derivative contract with a positive market value.

derivative claim

Bank whose controlling parent is located in the respective BIS reporting country – for example, a bank with a controlling parent located in the United States is a US domestic bank.

domestic bank

Claim of a domestic bank on residents of the bank’s home country. Domestic claims comprise local claims of the bank’s offices in the country as well as cross-border claims of the bank’s offices abroad.

domestic claim

See “nominal effective exchange rate (NEER)” or “real effective exchange rate (REER)”.

effective exchange rate (EER)

Corporation, organisation or person that exists as a separately identifiable unit. “Separately identifiable” may be demonstrated by legal existence or the existence of a complete set of financial accounts, or by the ability to compile a meaningful and complete set of accounts if they were to be required.

entity

Contract between two parties to purchase or sell an equity or equity basket at a set price at a future date.

equity forward

Contract that gives the buyer the right (but not the obligation) to purchase or sell an equity security or basket of equities at an agreed price at or by a specified date.

equity option

Contract between two parties to exchange sequences of payments during a specified period, where at least one sequence is tied to an equity price or an equity index.

equity swap

The price of one country’s currency in relation to another.

exchange rate

external position

A loan, debt security or other debt instrument; equity or investment fund share; financial derivative; employee stock option; or monetary gold. See also “claim”.

financial asset

Entity that is principally engaged in providing financial services, such as financial intermediation, financial risk management or liquidity transformation. Financial corporations include the following entities: central banks, banks and non-bank financial corporations.

financial corporation

financial institution

Interest rate that is fixed for the life of the debt instrument or for a certain number of years. At the date of inception, the timing and value of coupon payments and principal repayments are known.

fixed interest rate

Bank whose controlling parent is located in a country other than that where the borrower resides, ie bank whose controlling parent is a non-resident financial institution.

foreign bank

Claim on residents of countries other than the country where the controlling parent is located, ie a claim of a domestic bank on non-residents of the reporting country. Foreign claims comprise local claims of the bank’s offices abroad as well as cross-border claims of the bank’s offices worldwide.

foreign claim

Transaction involving the actual exchange of two currencies (principal amount only) on a specific date at a rate agreed at the time of the conclusion of the contract (the short leg), and a reverse exchange of the same two currencies at a date further in the future at a rate (generally different from the rate applied to the short leg) agreed at the time of the contract (the long leg).

foreign exchange swap

Contract between two parties for the delayed delivery of financial instruments or commodities in which the buyer agrees to purchase and the seller agrees to deliver, on an agreed future date, a specified instrument or commodity at an agreed price or yield. Forward contracts are generally not traded on organised exchanges, and their contractual terms are not standardised.

forward contract

Interest rate forward contract in which the rate to be paid or received on a specific obligation for a set period of time, beginning at some time in the future, is determined at contract initiation.

forward rate agreement (FRA)

Gross market value minus amounts netted with the same counterparty across all risk categories under legally enforceable bilateral netting agreements. Gross credit exposure provides a measure of exposure to counterparty credit risk (before collateral).

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Glossary

Policy rates