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Published: 29 January 2010

Revised financial accounts data for 2008 published

Annual financial accounts data for 2008 have been revised against completed source data. The preliminary data were published in July 2009. In addition, two significant revisions have been made to the time series of the statistics describing the financial balance sheets and financial flows of the different sectors of the national economy. The contents of the published data have been widened to cover e.g. balance sheet data for the 1970-1994 time period.

Loans of housing companies have been added to the debt of households

Most of the debts and receivables of housing companies have been moved from housing corporations to households. Households’ imputed share of the debts and receivables is based on an estimate of their share of ownership in housing companies. The revision increased especially households’ loan debt and deposit receivables and, respectively, reduced the corresponding items of the sector of housing corporations. At the end of 2008, households’ share of the corporate loans amounted to EUR 5.9 billion. Due to the grown loan debt, households’ indebtedness (debt relative to disposable income) rose in the entire time series which starts from 1975.

Thus, the rate of indebtedness obtained for 2008 was 109.8 per cent, whereas without the imputed share of corporate loans it would have been 103.2. The treatment is consistent with the non-financial accounts.

Households’ indebtedness 1975-2008

Households’ indebtedness 1975-2008

Other revisions to the time series

The State Pension Fund has been reclassified from the central government sector to employment pension schemes in national accounts. In financial accounts, the revision was made to the time series which is compliant with ESA95 and starts from 1995. In consequence, the central government’s financial assets diminished and those of employment pension schemes respectively increased by the size of the investment portfolio of the State Pension Fund. At the end of 2008, the investment portfolio was valued at EUR 10.3 billion. In addition, the central government’s debt grew because the loan receivables of the Fund and the government bonds held by it had previously been eliminated from central government’s debt as internal items. The items have been small since 2004. The revision has no impact on general government’s consolidated debt.

Due to completed source data, routine revisions were made to the data concerning 2008, which mainly affect data on non-financial corporations and the rest of the world.

Contents of published data have been widened significantly

The contents of the data published from financial accounts have been widened on the basis of users’ needs. Data on the counterpart sectors have been added to the time series which has been compiled according to ESA95 starting from 1995, which allow examinations of relationships of liabilities and receivables, as well as financial flows between sectors. The used classification of sectors is also more detailed than the previously published one.

Financial accounts time series comprising balance sheet data for 1970-1994 is now published for the first time in its entirety. The series deviates significantly from ESA95 principles in respect of coverage, classification of units and valuation of financial assets. Due to variations in the classification practices applied in different years, the data are presented by a fairly rough classification of sectors, and assets and liabilities.

Source: Financial Accounts, Statistics Finland

Inquiries: Matti Okko +358-9-1734 3341,

Director in charge: Ari Tyrkkö

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Updated 29.1.2010

Referencing instructions:

Official Statistics of Finland (OSF): Financial accounts [e-publication].
ISSN=1458-8145. 2008. Helsinki: Statistics Finland [referred: 4.3.2024].
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