EUROPEAN COMMISSION EUROSTAT Directorate D - Government Finance Statistics (GFS) and quality Unit D-1: Excessive deficit procedure and methodology Unit D-2: Excessive deficit procedure (EDP) 1 Unit D-3: Excessive deficit procedure (EDP) 2 Unit D-4: GFS. Risk and quality management Excessive Deficit Procedure Statistics Working Group 15 17 June 2015 Beginning at 10:00 a.m. Part B Item B.5 Report on the data on contingent liabilities in the context of Member States' implementation of Council Directive 2011/85/EU, Article 14(3) and Eurostat data collection. Joseph BECH Building Tel.: (+352) 4301-35622 L - 2721 Luxembourg Fax: (+352) 4301-34389
1. Introduction Within the Enhanced Economic Governance package ( Six pack ) adopted in 2011, Council Directive 2011/85/EU 1 of 8 November 2011 on requirements for budgetary frameworks of the Member States ( Directive ) requires the adoption of measures for publication of relevant information on contingent liabilities by Member States. In order to assist Member States in the implementation of the new statistical requirements of the Directive, Eurostat conducted a Task Force in co-operation with Member States and DG ECFIN 2. Its final report provides, inter alia, a set of templates and related notes indicating the methodology, the scope of compulsory items, the periodicity and the timeliness for national and Eurostat publication of data on contingent liabilities. Most Member States have indicated their willingness to take into account the conclusions of the Task Force when implementing the provisions of the Directive at. The data collection at EU level was formalised by the Eurostat Decision of 22 July 2013 on Supplement on contingent liabilities and potential obligations to the EDP related questionnaire 3. By the end of 2014, Member States were supposed to implement the recommendations of the Task Force in relation the publication of information on contingent liabilities. This report includes Eurostat's assessment of the Member States' implementation of the Task Force guidance in relation to the national publication of information on contingent liabilities. It will be transmitted to DG ECFIN as Eurostat contribution to the Commission overall assessment of the compliance with the Directive by the Member States. 4 In parallel, the report reviews the adherence to Eurostat decision of 22 July 2013 related the publication of data at EU level. The analysis is based on the results of the first time data collection by Eurostat that took place in December 2014. 2. Implications of Article 14(3) of the Directive Article 14(3) of Chapter VI deals with the transparency of general government finances and with the availability of data having potential impact on government finance. In this respect, it states the following: 1 OJ L 306, 23.11.2011, p.41 2 Three Task Force meetings took place in 2012: 29 June, 5 September and 6 November. 3 http://ec.europa.eu/eurostat/documents/1015035/2041337/estat-decision-suppl-on-conting-liab-edp-q.pdf/0b35165aee53-470a-a15a-7beaa98aac8b 4 The implementation of Article 3(2) of Council Directive 2011/85/EU on requirements for publication of fiscal data and reconciliation tables by Member States is addressed in a separate report. - 2 -
"For all sub-sectors of general government, Member States shall publish relevant information on contingent liabilities with potentially large impacts on public budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof. Member States shall also publish information on the participation of general government in the capital of private and public corporations in respect of economically significant amounts". The Task Force further specified that the following indicators should be regularly published by the Member States: government guarantees, liabilities of government controlled entities classified outside general government (public corporations), non-performing loans (government assets) and the data on participation of government in the capital of corporations. The same range of indicators (except of participation of government in the capital of corporations) would be published by Eurostat. The data collection at EU level was formalised by Eurostat's decision of 22 July 2013 on Supplement on contingent liabilities and potential obligations to the EDP related questionnaire 5. It also specified that the data on liabilities of government controlled entities classified outside general government (public corporations) would be compiled by Eurostat on the basis of the Questionnaire on government controlled units classified outside general government 6. 3. National Publication of data on contingent liabilities in the context of Council Directive 85/2011/EU 3.1. Reporting obligations The Task Force agreed that the Member States should publish regularly on national basis the following indicators: government guarantees, liabilities of government controlled entities classified outside general government (public corporations), non-performing loans (government assets) and the data on participation of government in the capital of corporations. All indicators should be published by general government subsectors, except for figures on participation of government in the capital of corporations which should be published on compulsory basis only for the total general government sector as a whole. Data should be expressed in % of GDP. The deadline for national publication is set for October (T+10) for guarantees, off-balance PPPs and non-performing loans whereas for data on liabilities of public corporations and government participation should be published in December (T+12). The data published nationally should follow the methodology and provided minimum information as specified in the templates agreed by the Task Force 7. The relevant metadata providing a clarification on completeness, definitions, using of estimations or timeliness should be also published. 5 http://ec.europa.eu/eurostat/documents/1015035/2041337/estat-decision-suppl-on-conting-liab-edp-q.pdf/0b35165aee53-470a-a15a-7beaa98aac8b 6 The questionnaire received a positive opinion from the CMFB in 2011. Data are collected on an annual basis and the first data transmission took place in December 2012. 7 Nevertheless, the Member States are free to publish additional detail and indicators. - 3 -
3.2. Overview of the national publication of data on contingent liabilities In March 2015, Eurostat took stock and reviewed the national publication of data on contingent liabilities by Member States. In relevant cases, a follow-up was conducted by the end of May 2015. As of end-may 2015, the majority of Member States publish data for all five indicators following the Task Force templates. Two countries (France and Luxembourg) do not publish any data on contingent liabilities in the context of Article 14.3 of the Directive at national level. In addition, a number of countries publish data only for some of the indicators. An overview of the publication status by indicator is presented in Table 1 below. In summary, data on government guarantees were published by all but two countries. However, for three countries, Ireland, Greece and Croatia, the publication does not follow the agreed templates and Greece did not publish the data for the years 2010-2012. Data on offbalance PPPs were not published by 6 countries. Information on non-performing loans was not reported by 7 countries. Six countries did not publish data on liabilities of public corporations. Data for the participation of government in the capital of corporations were not published by 6 countries. Almost all publishing countries (except Malta) provided the required breakdown for private and public corporations. Four counties (Austria, the Czech Republic, Estonia and Malta) published, on a voluntary basis, additional details by some NACE 2008 categories. Table 1. Status of national publication of data on contingent liabilities in the context of Directive 2011/85/EU (as of end-may 2015) MS Government guarantees Offbalance PPPs Non-performing loans Indicators Liabilities of public corporations Participation of government Publishing Authority BE Yes Yes No Yes No Budget Administration BG Yes No Yes Yes Yes NSI/MoF CZ Yes Yes Yes Yes Yes MoF DK Yes Yes Yes Yes Yes MoF DE Yes Yes Yes Yes Yes NSI EE Yes Yes Yes Yes Yes MoF IE Partly* Yes Yes Yes Yes MoF EL Partly* No No No No MoF ES Yes Yes Yes Yes Yes MoF FR No No No No No - HR Partly* No No No No Central Bank IT Yes Yes Yes Yes Yes MoF CY Yes Yes No No No NSI LV Yes Yes Yes Yes Yes MoF LT Yes Yes Yes Yes Yes MoF - 4 -
MS Government guarantees Offbalance PPPs Non-performing loans Indicators Liabilities of public corporations Participation of government Publishing Authority LU No No No No No - HU Yes Yes Yes Yes Yes State Treasury MT Yes Yes Yes Yes Yes NSI NL Yes Yes Yes Yes Yes NSI AT Yes Yes Yes Yes Yes NSI PL Yes Yes Yes Yes Yes MoF PT Yes Yes Yes Yes Yes MoF RO Yes Yes Yes Yes Yes MoF SI Yes Yes Yes Yes Yes NSI SK Yes No No No Yes MoF FI Yes Yes Yes Yes Yes MoF SE Yes Yes Yes Yes Yes NSI UK Yes Yes Yes Yes Yes NSI * For Ireland, Greece and Croatia, the publication does not follow the agreed templates and for Greece the data is not published for the years 2010-2012. 3.3. National authorities publishing data on contingent liabilities In March 2015, Eurostat took stock and reviewed the national publication of data on contingent liabilities by Member States. In relevant cases, a follow-up was conducted by the end of May 2015. In a majority of countries, data are published on the websites of the Ministries of Finance. The National Statistical Institutes publish data on contingent liabilities in nine countries. In two countries, data are available to the public on the websites of other government institutions, i.e. the Budget Administration in Belgium and the Treasury in Hungary. In Croatia, data on government guarantees are published by the National Central Bank. An overview of publishing authority is presented in Table 1 above. For transparency purposes, it was agreed by the Task Force members that all indicators required by the Directive (including also the publication of fiscal data related to Article 3.2) would be publish together by a national authority on a single dedicated national webpage or website. Almost all publishing countries follow this guidance. Additional progress in this respect is needed in Croatia, Bulgaria, France and Slovenia. The links to the publication at is available on Eurostat website. 3.4. Relation between data published nationally and collected and published by Eurostat All countries that published data at provided the same range of indicators (except from the participation of government) to Eurostat by the end of December 2014. In the great majority of cases, there are no major discrepancies detected between data published nationally and provided to Eurostat (the exceptions are data for the liabilities of public corporations for Czech Republic, Denmark, Lithuania and Hungary and non-performing loans in Hungary). For most cases, an assessment of completeness and coverage of data published - 5 -
at can be associated with the corresponding analysis of data provided to Eurostat. The detailed results of this assessment are presented in Annex 1. 4. Eurostat data collection in the context of Art. 14(3) of the Directive and Eurostat Decision of 22 July 2013 4.1. Reporting obligations Data on government guarantees, off-balance PPPs and non-performing loans should to be transmitted to Eurostat annually before 31 December of the following yeas (T+12 months) by the national statistical authority, alongside the Questionnaire on government controlled units classified outside general government. The first data transmission took place in December 2014 and covered the year 2013 whereas the data for 2010-2012 were reported on a voluntary basis. In case of guarantees, data for the previous years were required on a compulsory basis. The intention is to gradually build up time series and eventually to cover the last four years for all the indicators. 4.2. Results of the Eurostat first data collection in 2014 In December 2014, Eurostat collected for the first time data on contingent liabilities. All Member States provided the data to Eurostat around the reporting deadline. On the 10th of February 2015, Eurostat published the figures in millions of national currency and in percentage of GDP 8 in its database 9 together with the related metadata and country specific footnotes 10. An accompanying press release was also issued 11. The main results are presented in Annex 2 of this report. 4.2.1. Completeness and coverage of data All Member States provided the completed Supplement on contingent liabilities and potential obligations as well as a reply to the Questionnaire on government controlled entities classified outside general government. The completeness of data varies depending on the indicator and on Member States. 4.2.1.1. Government guarantees All Member States provided figures for the total government guarantees for general government for the years 2010-2013. For France, Croatia and Slovenia, this aggregate does 8 GDP figures provided during the October 2014 Excessive Deficit Procedure notification are used for calculation of indicators. 9 http://ec.europa.eu/eurostat/web/government-finance-statistics/data/database 10 http://ec.europa.eu/eurostat/cache/metadata/en/gov_cl_esms.htm and http://ec.europa.eu/eurostat/documents/1015035/6611302/contingent-liabilities-footnotes.pdf 11 http://ec.europa.eu/eurostat/documents/2995521/6616449/2-10022015-ap-en.pdf/d75df6fe-100b-4ae7-a09e- 00400edb183a - 6 -
not cover the local government subsector where data are not available. For Denmark, data for local government are available from 2013 onwards only. Concerning standardised guarantees, data is missing for Belgium 12, Croatia and Portugal for all the government subsectors. For Denmark, France and Poland, data on standardised guarantees are not available at the level of local government. For Italy, the data for local government include both one-off and standardised guarantees and are not split. For Germany, data for the total stock of loans covered by standardized guarantees are only available for the largest guarantee scheme which is organized by central government, whereas data on the stock of loans covered by the two other standardized guarantee schemes are not available. 4.2.1.2. Off-balance PPPs All countries provided data on off-balance PPPs for 2013. A great majority of countries also reported figures for the years 2010-2012. Data are not exhaustive for Austria where central government is not covered and for the United Kingdom where data for local government are not available. For Germany, assets of all PPP projects are recorded on the government's balance sheet. 4.2.1.3. Non-performing loans For 2013, 23 out of 28 countries provided information on non-performing loans of general government. The missing countries are Belgium, France, Croatia, Cyprus and Slovakia. Data is not exhaustive for Spain as it does not cover the local government subsector and for Italy and Finland, where non-performing loans of both local government and social security funds are not reported. A number of countries also voluntarily provided data on non-performing loans for the years 2010-2012. These were as follows: Greece, Latvia, Luxembourg, Malta, the Netherlands, Poland, Portugal, Sweden and the United Kingdom. Italy also provided data on nonperforming loans for central government, for the year 2012. 4.2.1.4. Liabilities of government controlled entities classified outside general government All countries replied to the Eurostat questionnaire on government controlled entities which is the basis for calculating the data series on liabilities of government controlled entities classified outside general government. For most countries, data refer to 2013 except for Germany 13, Cyprus, and partly Ireland, where data refer to the year 2012. A majority of countries provided exhaustive data covering all controlling sub-sectors of general 12 In Belgium, following ESA 2010 rules, standardized guarantees have been estimated in the April 2015 Notification for the first time. These figures will be included in the data set for contingent liabilities in the next data collection in December 2015. 13 At the end of April 2015, Germany submitted to Eurostat the questionnaire on government controlled entities for 2013 (complementing the list of public MFIs provided at end-2014). The data are being analysed by Eurostat. - 7 -
government. However, some Member States data are not exhaustive, not including the liabilities of financial institutions and/or the liabilities of units controlled by local government. In particular, for Greece and Ireland data coverage is limited to public corporations controlled by central government. In the case of Greece and Cyprus, there are also some units controlled by central government that are not reported in the data. For Poland, the data does not include units employing less than 10 persons. For Belgium and Cyprus, the coverage of local government is not exhaustive. Moreover, some countries (Belgium, Greece, Spain, Cyprus and Luxembourg) did not provide any or only partial figures on the government controlled financial institutions. 4.2.2. Comparability of data Due to their characteristics, data on contingent liabilities are country specific and closely linked to national particularities regarding the economic, financial and legal structure of the country. As described above and further indicated in country footnotes published with the data, data coverage is not complete for all Member States. For these reasons, the data should be interpreted with caution. In general, taking into account the information provided in the country specific footnotes, the comparability for government guarantees, non-performing loans and off-balance PPPs is satisfactory. However, for the liabilities of public corporations, comparability is limited. As described above, some Member States data are not exhaustive, not including the liabilities of financial institutions and/or the liabilities of units controlled by local government. In particular, the data show significant differences between countries including exhaustively the liabilities of the financial institutions (such as Germany, Ireland, the Netherlands, Slovenia) and countries which only provided partial data or no data at all (Belgium, Greece, Spain, Cyprus and Luxembourg). Additionally to the constraints linked to the data coverage, some other key aspects should be taken into account when analysing the results of the liabilities of public corporations. Firstly, the data reported are not consolidated, which means that part of the debt of these units could be towards entities in the same company group (the debt between units in the same group is not identifiable from the data reported). Secondly, the data collection only refers to the liabilities of the entities without balancing them with the assets. This aspect is very important in the case of financial institutions which normally have significant amounts of both liabilities and assets. Additionally, for some of the Member States, most of the liabilities reported by financial institutions concern deposits. It should be also mentioned that, when compiling the liabilities of public corporations, Member States could choose which concept to use for the reporting, either business accounts or national accounts concepts. Following the business accounts definitions, the countries included all the liabilities from the financial statements of the company, including also liabilities related to the item 'other accounts payable'. The majority of the countries reported - 8 -
the liabilities following this approach. Some other countries (Belgium, Spain, the Netherlands, Portugal and Slovakia) used national accounts concept (excluding the item other accounts payable) or reported Maastricht debt items (currency and deposits, debt securities and loans). 5. CONCLUSIONS Article 14(3) of Council Directive 2011/85/EU aims to increase the availability of information on contingent liabilities of general government. Following the Task Force report, relevant information should be published in a harmonised and comprehensive way both at national level and by Eurostat. Concerning the national publication of data, a majority of the Member States follow the Task Force guidelines and make available relevant information according to the agreed methodology and templates. However, there are two countries (Luxembourg and France) that have not yet published any indicators and a number of Member States provided data only on some indicators. Higher completeness of data on the contingent liabilities is observed in the data reporting to Eurostat. It shows that major efforts had been already undertaken by the Member States and they should be continued in order to make the relevant information available on a single national website/webpage. Eurostat strongly emphasises the need of the improvement in the respect of national publication and will evaluate the progress following the publication of data for the year 2014 in October/December 2015. The links to the publication of data at are available on Eurostat website. For the purpose of Eurostat publication, all countries provided replies to the Supplement on contingent liabilities and potential obligations to the EDP related questionnaire. For a majority of countries, complete and good coverage data are available for most of the indicators. Some countries still have to make progress in order to publish exhaustive data covering all general government units and subsectors or provide all information requested by the templates. In particular, the coverage of data reported as a basis for calculation of the total liabilities of government controlled entities classified outside general government needs to be improved. At the moment, a number of countries do not report liabilities of government controlled financial institutions and/or the liabilities of units controlled by local government. Eurostat observed that, except of few cases, there are no major discrepancies between data provided to Eurostat and published at. The countries where the differences are noticed are asked to investigate the issue and inline the data published. An overview of the current adherence with the Task Force guidance is summarised in Annex 1. The progress will be assessed following the next Eurostat data collection in December 2015. In addition, the availability of the accompanying metadata could be further improved in order to better inform users about the national characteristics and limitations of the data. To this end, Eurostat proposes a template for collection of metadata (attached in Annex 3) to the - 9 -
attention and comments of the Member States. The template would be completed and sent every year by the Member States together with the reply to the Supplement on contingent liabilities and potential obligations to the EDP related questionnaire. The information provided would be used by Eurostat for compilation of country footnotes and metadata files accompanying Eurostat publications on contingent liabilities. The EDPS WG members are asked to: - To inform Eurostat on anything incorrect (if any) included in the report and, if relevant, to send their comments until 30 June 2015 to estat-d1- secretariat@ec.europa.eu with copy to a desk officer. - To inform a desk officer on any updates/changes in the publication of data in the context of Council Directive 2011/85/EU and Eurostat Decision of 22 July 2013. - To express their opinion on the proposed template for collection of metadata related to contingent liabilities. Eurostat, Unit D.1 Excessive deficit procedure and methodology - 10 -
Annex 1. Compliance with Task Force guidance in relation to the publication of data on contingent liabilities for all sub-sectors of general government The analysis is based on data and metadata provided by Member States to Eurostat by end December 2014. It could be subject to changes once new information is available to Eurostat. The assessment 'partly' concerns the cases where the data coverage is not complete. Assessment 'no' relates to the cases where no data are reported for a particular sub-sector. The related remarks are provided in the' comments' box. The last column indicates whether the assessment also applies for the data published by Member States at. Table 1. Total stock of government guarantees, 2011-2013 MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local Comments BE yes partly partly partly Data not available for standardised yes guarantees. BG yes yes - yes yes CZ yes yes - yes yes DK yes yes - partly DE yes partly partly partly Data for guarantees for local government is available only for 2013. Data not available for standardised guarantees of local government. 1) Definition of guarantees follows the national concept set out in the annual debt survey, i.e. statutory government guarantees on liabilities of public banks are not reported. The approach is being discussed with Eurostat. The following issues have been raised in this context: a) Risks associated with statutory guarantees on liabilities of development banks ( Gewährträgerhaftung ) cannot be estimated, given the existence of institutional liability ( Anstaltslast ) of the German government. Moreover, transactions undertaken on behalf of government and related liabilities are re-routed through government accounts. b) All relevant risks are captured within the value of liabilities of public banks reported by Germany in the questionnaire on government controlled entities. 2) Assets covered by standardised guarantees issued under schemes Meisterbafög and Assessment applies also to publication at yes yes - 11 -
MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local Comments Bildungskredit, operated at central and state government level, were not reported in the December 2014 data transmission. According to first estimations, their value is not material (below 0.1% of GDP). Assessment applies also to publication at EE yes yes - yes yes IE yes yes - - no, data only partly published at EL yes yes - yes no, data only partly published at ES yes yes yes yes yes FR yes yes - no HR yes partly - no Information available for central government only. To date, no data is centralized for local government units. Data not available for standardised guarantees and local government IT yes yes - yes No breakdown is available for one-off and standardised guarantees for local government. CY yes yes - yes yes LV yes yes - yes yes data not published at no, data only partly published at yes LT yes yes - yes yes LU yes yes - yes data not published at HU yes yes - yes yes MT yes yes - - yes NL yes yes - yes yes AT yes yes yes yes yes PL yes yes - partly Data not available for standardised yes guarantees of local government. PT yes partly - partly Data not available for standardised yes guarantees. RO yes yes - yes yes SI yes yes - no Data not available for local yes government. SK yes yes - yes yes FI yes yes - yes yes SE yes yes - yes yes UK yes yes - yes yes - : Non applicable - 12 -
Table 2. Off-balance PPPs, 2013 MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local SSF Comments Assessment applies also to publication at national level BE yes yes yes yes yes yes BG yes yes - yes - CZ yes yes - yes yes yes DK yes yes - yes - yes Assets of all PPP projects yes DE - - - - - are recorded on the government's balance sheet in Germany. EE yes yes - yes yes yes IE yes yes - yes - yes EL yes yes - yes yes ES yes yes yes yes yes yes FR yes yes - yes yes HR yes yes - yes yes IT yes yes - yes yes yes CY yes yes - yes yes yes LV yes yes - yes yes yes LT yes yes - yes - yes LU yes yes - yes yes HU yes yes - yes - yes MT yes yes - - - yes NL yes yes - yes yes yes Data not available for yes AT yes no yes yes yes central government. PL yes yes - yes yes yes PT yes yes - yes yes yes RO yes yes - yes yes yes SI yes yes - yes yes yes SK yes yes - yes yes FI yes yes - yes - Central government PPPs are recorded on-balance sheet of government. yes Social security funds don't have PPPs. SE yes yes - yes yes yes UK yes yes - - no - : Non applicable Data not available for local government. yes - 13 -
Table 3. Non-performing loans, 2013 MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local SSF Comments Assessment applies also to publication at BE no no no no no Data not available. BG yes yes - yes yes yes CZ yes yes - yes - yes DK yes yes - yes - yes DE yes yes yes yes yes yes EE yes yes - yes yes yes IE yes yes - yes - yes EL yes yes - yes yes ES yes yes yes no yes Data not available for local government. FR no no - no no Data not available. HR no no - no no Data not available. IT yes yes - no no Data not available for local government and social security funds. yes yes CY no no - no no Data not available. LV yes yes - yes yes yes LT yes yes - - - yes LU yes yes - yes yes HU yes yes - yes yes no, different data published at MT yes yes - yes - yes NL yes yes - yes yes yes AT yes yes yes yes yes yes PL yes yes - yes yes yes PT yes yes - yes yes yes RO yes yes - yes yes yes SI yes yes - yes yes yes SK no no - no no Data not available. Data not available for yes FI yes yes - no no local government and social security funds. SE yes yes - yes yes yes UK yes yes - yes - yes - : Non applicable - 14 -
Table 4. Liabilities of government controlled entities classified outside general government sector (public corporations), 2013. MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local SSF Comments The coverage for local yes BE yes partly partly partly - government is not exhaustive. The liabilities of public corporations involved in financial activities are not available. BG yes yes - yes - yes CZ yes yes - yes - DK yes yes - yes - DE* yes partly partly partly partly 1) ESA 2010 sector classification rules have not yet been comprehensively implemented. For the reason, the value of liabilities of the German public corporations published in the context of the Directive is overestimated. 2) The data does not cover non-resident entities controlled by government. 3) Liabilities of loss-making non-financial corporations might be underestimated owing to lacking information on operating profit/loss for a number of entities. EE yes yes - yes - yes IE* yes yes - no - EL yes partly - no - Data cover only public corporations controlled by the central government. Data cover only public corporations controlled by the central government. A few units controlled by central government are under investigation and not included. The liabilities of public corporations involved in financial activities are not Assessment applies also to publication at national level no, different data published at no, different data published at yes yes - 15 -
MS Data provided to Eurostat Data complies with Task Force guidance in terms of coverage and completeness for subsector Central State Local SSF reported. Comments Assessment applies also to publication at national level ES yes partly yes yes - The liabilities of nationalised yes banks are not reported. FR yes yes - yes - HR yes yes - yes yes IT yes yes - yes - yes Data reported are not exhaustive. Data for some CY* yes partly - partly - public corporations are not available and the liabilities of public corporations involved in financial activities are not reported. LV yes yes - yes - yes LT yes yes - yes - LU yes partly - partly - Data reported do not include the liabilities of public corporations involved in financial activities. no, different data published at HU yes yes - yes - no, different data published at MT yes yes - yes - yes NL yes yes - yes - yes AT yes yes yes yes - yes Data do not include small yes PL yes yes - yes - units (employees less than 10 people). PT yes yes - yes - yes RO yes yes - yes - yes SI yes yes - yes yes yes SK yes yes - yes - FI yes yes - yes - yes SE yes yes - yes - yes UK yes yes - yes - yes * For Germany, Cyprus and partly Ireland, data reported refer to 2012. At the end of April 2015, Germany submitted to Eurostat the questionnaire on government controlled entities for 2013 (complementing the list of public MFIs provided at end-2014). The data are being analysed by Eurostat. - : Non applicable - 16 -
a Annex 2.Total general government contingent liabilities and non-performing loans in EU Member States, 2013 (% of GDP) Total Government guarantees One-off Of which: Standardised Outstanding liabilities related to off-balance public-private partnerships (PPPs) Liabilities of government controlled entities classified outside general government Non-performing loans Belgium a 13.29 13.29 : 0.15 11.41 : Bulgaria 0.75 0.70 0.04 0.00 12.83 0.07 Czech Republic 1.19 1.19 0.00 0.00 15.48 0.09 Denmark a 9.18 9.10 0.07 0.13 27.17 0.22 Germany a 18.22 18.03 0.19-126.26 0.29 Estonia 1.71 0.00 1.71 0.23 8.93 0.00 Ireland a 32.14 32.14 0.00 2.82 64.51 11.40 Greece a 3.67 3.61 0.06 0.01 6.82 0.00 Spain a 18.41 18.41 : 0.28 12.46 0.19 France a 5.53 3.54 1.99 0.00 46.90 : Croatia a 7.25 7.25 : 0.13 15.90 : Italy a 6.10 5.41 0.68 0.02 45.45 0.00 Cyprus a 15.85 15.85 0.00 4.85 10.40 : Latvia 2.31 1.85 0.47 0.03 30.65 0.13 Lithuania a 0.82 0.73 0.10 0.00 7.28 0.15 Luxembourg a 7.72 6.95 0.77 0.00 1.63 0.00 Hungary 8.03 7.70 0.34 2.18 14.72 0.05 Malta a 15.88 15.88 0.00 0.09 31.16 0.00 Netherlands a 7.22 6.75 0.47 0.39 107.15 0.70 Austria a 35.01 35.01 0.00 0.04 36.15 0.08 Poland a 6.80 6.51 0.29 0.00 25.84 0.18 Portugal a 11.97 11.97 : 5.12 51.79 1.50 Romania a 2.15 0.81 1.34 0.00 9.92 0.00 Slovenia a 17.82 17.82 0.00 0.00 93.30 2.83 Slovakia 0.03 0.03 0.00 1.44 3.88 : Finland a 24.08 23.27 0.81 0.03 35.96 0.07 Sweden 11.56 11.56 0.00 0.00 34.50 0.80 United Kingdom a 9.47 9.47 0.00 1.89 60.88 0.77 See Detailed country specific footnotes available in the Eurostat website; : data not available - not applicable