General government net financial assets increased slightly in the second quarter of 2013
At the end of the second quarter of 2013, general government's net financial assets, i.e. difference between their financial assets and liabilities, amounted to EUR 111.1 billion. Net financial assets grew by EUR 1.2 billion during the quarter. The growth is mainly caused by an increase in central government's funds. These data derive from general government financial accounts compiled by Statistics Finland.
General government net financial assets
Central government's net financial assets that fell to record low levels in the first quarter of 2013, increased by EUR 1.5 billion in the second quarter, mainly as a result of growth in deposit assets. Central government's net financial assets amounted to EUR -42.1 billion at the end of June, which corresponds very closely with the level at year end.
Net financial assets of employment pension schemes and other social security funds decreased during the second quarter from EUR 154.0 billion to EUR 153.1 billion as a result of holding losses. During the quarter, social security funds transferred assets to cash deposits and increased their holdings in bonds, in particular. Investments in mutual fund shares that had increased heavily in the two previous quarters, now made a downturn
Local government's net financial assets grew by nearly EUR one billion during the second quarter of 2013. Most of the growth is explained by an increase in loan receivables and cash deposits. While local government debt correspondingly grew by only EUR 0.5 billion, the net financial position improved by EUR 0.4 billion.
Source: General government financial accounts, Statistics Finland
Inquiries: Martti Pykäri 09 1734 3382, Timo Ristimäki 09 1734 2324, rahoitus.tilinpito@stat.fi
Director in charge: Leena Storgårds
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Updated 30.9.2013
