Country

Notes

1

 Argentina

Table 1: The information contained in "Other Sectors" (based on the results of the Central Bank Survey "A 3602") is provisional and subject to revision. "Other Sectors - Short term- Other debt liabilities - Other" for the last two quarters includes intercompany debt and debt with purveyors. "Other sectors - Long Term- Other debt liabilities" for the last two quarters includes intercompany debt and debt with purveyors. The breakdown required in "Direct Investment Intercompany Lending" is not available. 

Table 3: The breakdown required in "Banks," "Other Sectors" and in "Direct Investment: Intercompany lending" is not available. 

Table 1.4: The breakdown required in "Other Sectors" and in "Direct Investment Intercompany Lending" is not available. 

2

 Armenia

Tradable debt instruments are reported at market value.

3

 Australia 

Table 1: Due to confidentially restriction, the inability to insert correct totals, and suppression of data for Other sectors, Long-term, Trade credits and Other debt liabilities, some of the totals may not be correct. Discrepancies may occur between data in this table and the same aggregates from other sources, and between sums of component items and totals due to rounding.

Table 1.2: "Total" in Table 1.2 excluded "Non-Profit Institutions Serving Households" (NPISH). Table 1.3 had been reported until 2008Q3. 

4

 Austria

Table 1: 3/ Tradable debt instruments are reported at market value. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

5

 Belarus

Table 1: 3/ Tradable debt instruments are reported at market value.

6

 Belgium

Table 1: 3/ Tradable debt instruments are reported at market value. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

7

 Brazil

Table 1, 1.2: 3/ Tradable debt instruments are reported at nominal value.

8

 Bulgaria

Note: Data from 2006Q1 to 2009Q1 are revised. 

Table 1, 2: 3/ Tradable debt instruments are reported at nominal value.

9

 Canada

Note: Data from 2008Q2 to 2009Q1 are revised. 

Table 1: 3/ Tradable debt instruments are reported at nominal value. This valuation method tracks the cost plus the income accrued but not paid out from the point of view of the issuer of the debt instrument. The value is made up of the issue price plus the investment income expensed but not paid by the issuer. The income expense is calculated as the accrual of the coupon plus the accrual of the difference between the issue price and the maturity price. 

10

 Chile

Note: The data for 2009Q1 have been revised. Table 1, 2, 1.2, 1.3, 3.1, /3: Tradable debt instruments are reported at nominal value and original maturity basis. Data include accrued interest since 2005.

11

 Colombia

Note: All tables are reported at nominal value. Table 1: After 2006Q4 the liabilities related to the operations of the insurance agencies with their external counterparts are included in the "Other debt liabilities" of the Other Sectors.

12

 Costa Rica

Table 1: Data are reported at nominal value.

13

 Croatia

Table 1: 1) Trade credits are covered by a survey with the maturity of longer than 180 days. 2) Interest payments are projected at market interest rates for Nonbank Financial and Nonfinancial Corporations and for all other debtors at market interest rates prevailing at the time of contracting external debt. 3) Interests on arrears are not calculated 4) Currency composition of the position Currency and Deposits, and REPO Agreements (included under short term Credits) is collected quarterly and subsequently applied for the next two months.

Table 2.1: Data on financial derivatives are not available. This is not yet a significant instrument in Croatia.

Table 3.1: Gross external debt position on short-term remaining maturity by sector includes interest payments due within one year or less.

14

 Czech Republic

Note: 2009Q1 data are revised and 2009Q2 data are preliminary.

Table 1: Tradable debt instruments are reported at market value. 

15

 Denmark

Note: Due to a correction in the classification of its external debt data are revised from 2006Q4 to 2009Q1.

16

 Ecuador

Table 1, 1.2, 1.3: Tradable debt instruments are reported at nominal value.

17

 Egypt

Table 1 and 3.1: Tradable debt instruments are reported at nominal value.

18

 El Salvador

N/A

19

 Estonia

Table 1: 3/ Tradable debt instruments are reported at market value. 7/ Four sectors are summarized under the "other sectors" item - Monetary financial institutions (excluding credit institutions), Other financial intermediaries, Other sectors and Households. Interbank loans are reported under currency and deposits (formerly under long- and short-term loans) since 2008Q1. Methodology follows the recommendations of the European Central Bank (2004/C 292/05).

20

 Finland

Note: Data from 2006Q1 to 2009Q1 are revised. 

Table 1: 3/ Tradable debt instruments are reported at market value. The data of currency and deposits can have a negative sign for monetary authorities because of the netting of TARGET-related payments (Trans-European Automated Real-time Gross Settlement Express Transfer System) in their statistics. In recent quarters they have had a plus position towards the European Central Bank (ECB) and therefore it has been reported with minus sign in the liabilities side. This recording follows the instructions of the ECB. All TARGET-related bilateral claims and liabilities are netted at the end of each day within the European System of Central Banks (ESCB) in such a way that each participant would hold only one single (net) position vis-a-vis the ECB. The net positions and changes in the TARGET balances of the Eurosystem vis-a-vis the National Central Banks (NCBs) of non-euro area member states are reported under "other investment/liabilities" of the sector Monetary authorities as "loans, currency and deposits" within the euro area International Investment Position (i.i.p.) and Balance of Payments (b.o.p.)  

Table 1.2: Tradable debt instruments are reported at market value.

21

 France

Note: Data from 2006Q4 to 2009Q1 are revised. 

Table 1: 3/ Tradable debt instruments are reported at nominal value. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

22

 Germany

Note: Data from 2005Q1 to 2009Q1 are revised. Table 1: 3/Tradable debt instruments are reported at market value. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

23

Greece

Table 1: 3/ Tradable debt instruments are reported at market value. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

24

 Hong Kong, China

Table 1: In original submissions, the indicator "..." under "Monetary Authorities, Short-term, Money market instruments" and "Monetary Authorities, Long-term, Bonds and Notes" refers to an insignificant value, while "..." elsewhere means data not available. Zero might also refer to an insignificant value in some cases. 3/ Tradable debt instruments are reported at market value.

25

 Hungary 

Note: 2008 data are revised.

Table 1: The data of currency and deposits for monetary authorities are reported in gross value.

Table 1, 2: 3/ Tradable debt instruments are reported at nominal value. 4/ The periodic interest costs that have accrued and not yet payable are included. 

Table 2: Long-term domestic currency debt including direct investment: other capital 

Table 1.3: Public Sector External Debt=General Government Monetary Authorities. 4/ The periodic interest costs that have accrued and not yet payable are included.

The Magyar Nemzeti Bank (MNB, Central Bank of Hungary) publishes two sets of external sector data on its website: 1/ data are published including SPE's and 2/ data are published excluding SPE's as well.

Up to 2005 two kinds of off shore companies were distinguished for the purposes of accounting in the balance of payments (BOP) statistics. One of them included companies functioning as passive financial intermediaries or pass-through companies, which generally promptly allocated funds from equity investment as loan to non-residents. The net cash-flow of these companies was reported as direct investment. The other group comprised companies engaged in actual real economic activity. In their case transactions in the service or capital account - related to the purchase/sale of a non-produced, non-financial asset - were reported in the BOP.

As a result of changes in legal environment the category of off-shore companies were ceased at 31 December 2005. Since January 2006 according to the international standards the MNB compiles the overall BOP statistics which include data for SPE companies (the former pass-through companies). But the MNB does not estimate reinvested earnings and dividends for this part of the companies, only the yearly statistics will include their reported data. In order to compare with the data published earlier the MNB compiles the BOP statistics excluding SPE companies as well. Since 2006 the MNB excludes the former off-shore companies engaged in actual real economic activity from the group of SPE companies. 

26

 India

Note: 2008Q1 to 2008Q3 data are revised. Table 1: FuII Investment in debt instruments, which was earlier included under long term, is now appropriately classified under long-term and short-term. Suppliers' Credits up to 180 days are also now included under short-term debt. 3/ Tradable debt instruments are reported at nominal value.

27

 Indonesia

Table 1: Direct Investment: Inter-company Lending with sub-components Debt liabilities to affiliated enterprises and Debt liabilities to direct investors are already included in the Other sector’s data. Therefore, the total number of "Direct Investment: Intercompany lending" has included in calculating the gross external debt position. This method is applicable for all quarters.

28

 Ireland

Note: Data from 2007Q3 to 2008Q2 are revised.

Table 1: Data entered under short-term 'loans' heading for Monetary Authorities and Banks and Other Sectors are a total for ‘loans’ and ‘currency and deposits’. These figures are subject to revision when the International Investment Position (IIP) results are produced. Short-term debt data under 'Loans" for Monetary Authorities include data related to TARGET payements (net value) reported from European Central Bank (ECB).

The figures under the category "Banks" relate to licensed credit institutions and qualifying money market funds which are categorized by ECB as Monetary Financial Institutions

3/ Tradable debt instruments are reported at market value.

29

 Israel

Table 1: Government sector "loans" includes non-negotiable State of Israel Bonds. 3/ Tradable debt instruments are reported at nominal value. Tradable government securities include accrued interest.

30

 Italy

Table 1: For General Government and Other sectors listed securities are reported at market value; unlisted securities are valued using stock exchange indexes. For the Monetary Authorities sector listed securities are reported at market value; unlisted securities are reported at the fair value or at the historical cost. For Banks listed and unpledged securities are reported at market value; all the other securities are reported at the fair value or at the historical cost. Short-term debt data on currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

31

 Japan

Table 1: Each item, quoted from published data, may not add up to the total due to rounding. Data on arrears are not available. 3/ Tradable debt instruments are reported at market value, but money market instruments are reported at nominal value.

32

 Kazakhstan

Table 1: At this time, external debt includes only deposits from special assignment enterprises, which are accounted for separately. The country does not identify separately the stocks of non-bank financial institutions at this time. Tradable debt instruments, government securities, are reported at nominal value, but the rest of data are at market value.

Table 2 and 2.1: Currency structure of gross external debt is formed on the basis of monitoring the agreements of non-guaranteed external debt, which does not cover entire external debt of particular sector. Because of this, the total gross external foreign currency debt indicated in Table 2.1 is less than the amount indicated in Table 2.

Table 2.1: Total Intercompany lending debt is included in debt reported in the US dollars (in connection with the absence of further information). Information on nonresident deposits in the banks is based on local currency, freely converted currency and other currencies. Therefore, there is no possibility to divide deposits in the banks into US dollars, Euro and Yen (all these currencies are related to freely converted currencies). In Table 2.1, deposits in other forms of currencies are included (in the Other currency).

Table 3: The difference between the future debt service and balance of stock due to the following reasons. 1. Schedule of services for the Banks does not include services for Other debt liabilities on which there is no information available on the schedule of payments. 2. Schedule of services for Other Sectors and Direct Investment does not include services for the most part of trade credit because they do not have information available on the timing and payment schedules.

33

 Korea

Note: 2009Q1 data are revised.  All figures are reported at market value.

Table 1.2: The Non-Profit Institutions Serving Households (NPISH) figures are included in the Nonbank financial corporations’ and Nonfinancial corporations’. Those are not derived for practical difficulties.

34

 Kyrgyz Republic

Note: There are no tradable instruments owed to nonresidents.

Table 2: 1/ Data for Other sector and Intercompany lending indicated as foreign currency debt only as information on disaggregation by foreign and domestic currency debt for these parts is not available. 

Table 3: Data showed in column “Immediate” includes bank short-term deposits, correspondent and settlement accounts of non-residents in domestic banks. No arrears included.

Table 1.4: 1/ There are no arrears in part General Government and Monetary Authorities. 2/ Data not available for remaining parts.

Table 2.1: 1/Data for Other sector and Intercompany lending indicated in total sum in parts “Other” accordingly as information on disaggregation by foreign currency debt is not available.  Data not available for Financial Derivatives.

Table 3.1: Data are not available for unfilled parts “Banks” and “Direct Investments.” 

35

 Latvia

Table 1: Tradable debt instruments are reported at market value.

36

 Lithuania

Notes: Data from 2008Q1 to 2008Q4 are revised.

Table 1, 1.2: Tradable debt instruments are reported at market value.

37

 Luxembourg

Table 1: 3/ Tradable debt instruments are reported at nominal value. The data of currency and deposits for monetary authorities are based on netting value reported from European Central Bank.

38

 Malaysia

 N/A

39

 Mexico

Table 1: 

1/In order to accomplish, with the methodology proposed in the “External Debt Statistics: Guide for Compilers and Users” (2003) published by the IMF, the official Mexican external debt statistics were adjusted to fulfill the SDDS specifications. All the adjustments were incorporated in the corresponding sector, maturity and instrument. In particular, it was necessary to incorporate both nonresidents’ holdings of Mexican peso denominated debt and debt liabilities of Mexican residents with agencies of Mexican commercial banks located abroad. Also, it was necessary to exclude Mexicans’ holdings of foreign currency denominated debt. 

2/ All data related with the public sector (federal government, development banks and public corporations) were classified according to the ¨user¨ instead of the ¨debtor¨ criteria. As a result, guaranteed debt is attributed to the guarantor not to the debtor.  

3/ Consists of claims or liabilities arising from the direct extension of credit by suppliers for transactions in goods and services or for work in progress. Trade-related loans provided by a third party to an exporter or imported are included under the "loans" category.  

4/ Data include nonresidents' holdings of Banco de Mexico's Bonds (BREMS) and deposits of both multilateral creditors and foreign central banks at Banco de México.  

5/ Data do not include agencies, since they are considered as nonresident entities. Commercial Banks' data include interest. Other depositary corporations include: Leasing Enterprises, Factoring Enterprises, Limited Object Financial Societies, Savings and Loans Associations, Credit Unions and Investment Funds. 

6/ Nonbank financial corporations include: Insurance Companies, Bonded Warehouses, Brokerage Firms and Surety Bonding Institutions. 

7/ Data include Outstanding debt related to Productive Infrastructure Projects with Differed Expenditure Impact (Pidiregas) that result from the satisfactory reception of projects. Pidiregas is a funding mechanism that has been utilized to finance strategic, long-term oil, gas and power projects since 1995. According to the applicable accounting procedures such debt is assumed by the public sector two years before it is due and once the infrastructure project has been concluded. This rubric does not include Pidiregas-CFE (Comisión Federal de Electricidad) debt because it is assumed that the latter is already accounted for in the Private Sector. If such assumption were not suitable, the Gross External Debt associated with these projects would be underestimated. 

8/ Unlike the rest of the sectors that conform the Gross External Debt Position statistics, the term structure of the private sector is computed on a "term to maturity" basis instead of an "original maturity" basis. 

9/Private sector bonds information is only available at face value. 

10/Data include the Institute of Protection to the Bank Saving (IPAB). Corresponds to nonresidents' holdings of BPAS and BPATS, and to loans from agencies located abroad related with debt restructured programs.

11/The negative numbers that appear on the Other Debt Liabilities account in Tables 1, 1.2 and 1.3 come from an adjustment that is done in the data in order to avoid double counting the Pidiregas debt assumed by the Mexican Government (specifically by PEMEX). The Concept of Publicly Guaranteed Private Sector External Debt-Long term reflects the correct adjustment. Nevertheless, no data are available to distribute the adjustment of PIDIREGAS debt among its components (Bonds and notes, Loans and Other Debt liabilities). 

Source: Ministry of Finance and Public Credit (SHCP) and Banco de México.

40

 Moldova 

Note: 2005Q1 to 2009Q1 data are revised. 

41

 Netherlands

Note: Data from 2006Q1 to 2009Q1 are revised. 

Table 1: The data of currency and deposits can have a negative sign for monetary authorities because of the fact that this item mainly consists of the result of a clearing between several National Central Banks. Therefore, data are based on netting value reported by European Central Bank. 3/All tradable debt instruments such as debt securities are recorded at market value.

42

 Norway

Table 1: The Norwegian gross external debt position data are based on the definitions and standards in the 5th edition of the IMF's Balance of Payment manual (BPM5), and are disseminated in million of Norwegian Kroner (NOK). End-of-period stocks of external liabilities are presented under the following data categories: broken down by general government, monetary authorities, banks and other sectors; broken down by maturity (short-term/long-term); broken down by instrument. Data are released 3 months after the end of the reference period. There is a break in the series of the sectors general government and monetary authorities between 2005Q3 and 2005Q4, due to repo loans that have been moved from long term debt to short term debt. 3/ Tradable debt instruments are mainly reported at nominal value, but the data includes enterprises with international accounting are reported at market value.

43

 Peru

Tradable debt instruments are reported at nominal value.

Table 3: Information for bank and other sectors is not available. Data do not include forgiveness of public debt.

44

 Poland

Note: Data from 2006Q3 to 2009Q1 are revised. 

45

 Portugal

Table 1: Tradable debt instruments are reported at market value.

46

 Romania

Romanian external statistics are calculated on a cash basis only.
3/ The tradeable external debt instruments are valued at nominal value.

Table 1: In General Government sector the currency and deposits position is included in "other debt liabilities" (008_T1 Other). The arrears are not recorded as short term debt, but are included in medium and long term debt stock . In case of Banking  and Other sectors the arrears position is included in other debt liabilities (039_T1 Other.debt.liabilities, 054_T1 Other.debt.liabilities).  Those figures are equal to the ones included as arrears in Table 1.4.

Table 2: Currency breakdown is not available in non banking sector, which is included in foreign currency short term debt.

Table 3: Monthly NBR calculates the short term debt position on original and remaining maturity.  “Long term debt obligations due within one year” represents the projected principal calculated not on outstanding medium and long term debt, but taking into account future drawings during the same period of time. This leads to higher, but almost similar figures than in case of projections based on outstanding. Small discrepancies may occur when filling out future principal payments calculated on outstanding debt. The schedule of debt service payments are calculated at the end of April 2009 for 2009Q2 data.  

Table 1.1: In case of other sector's money market instruments market price is not available.

Table 2.1: Financial derivatives data are not available for the time being.

Table 3.1: In case of General Government sector the currency and deposits position is included in other debt liabilities.

47

 Russia

Note: 2007 to 2008 data are revised.

Table 1: Liabilities to non-residents in domestic and foreign currencies are included.

Data on government securities are presented at face value. All other tradable debt instruments are reported at market value. 

Indebtedness on repos is recorded under short-term "Loans" of "Monetary Authorities." "Banks" include liabilities of credit institutions (including Vnesheconombank.)

From the beginning of 2007 liabilities on repos and promissory notes of Russian non-banking corporations to non-residents are included in the short-term "Loans" and long-term "Bonds and Notes" of "Other Sectors." Preferred shares are classified as part of external debt owing to the obligation of the issuer to pay dividends on them under the stipulation that the issuer does not assume liabilities to buy the shares back at market price.

48

 Slovak Republic

Table 1: Data on general government, such as bonds are compiled according to the information from secondary markets (from Central Securities Depository). So the data on bonds and in Table1 are based on information from the secondary market regarding who is the final holder of securities - whether resident units or nonresident units. However, for the rest of the tables, only data from primary market are available. Thus, Table 1 may not be consistent with other tables. Negative figure of data on long term other debt liabilities under Banks for 2009Q1 is result of an item on the accounts of total other liabilities.

Short-term debt data on loans for monetary authorities are based on netting value reported from European Central Bank.

Data from 2009Q1 reflect significant amount withdrawn by parent banks on its own foreign account after transition to Euro and displayed on short-term debt data on currency and deposits for Banks.

Table 2: Data on general government, such as bonds are compiled according to the information from primary market (from Debt and Liquidity Management Agency).

Data from 2009Q1 reflect changes of foreign currency to domestic currency as the country adopted Euro.

Tables 2, 2.1, 3.1: Data cover only general government sector.

49

 Slovenia

Note: Data from 2007Q1 to 2009Q1 are revised. Data are fully consistent with our national International Investment Position (IIP). Table 1 and 1.2: 3/Bonds and notes are reported at market value, but other tradable debt instruments are reported at nominal value.

50

 South Africa

Table 1: Short term debt is reported at original maturity basis. Direct investment sector debt includes short-term and long-term capital. "Other Sectors" includes "Public Corporations."

51

 Spain

Note: Data from 2007Q1 to 2009Q1 are revised.

Table 1: Arrears are not identified separately under other debt liabilities, short-term and under direct investment. The data of currency and deposits for monetary authorities are reported at gross value. 3/The tradable debt instruments are reported at market value.

52

 Sweden

Table 1: The data for "Banks" refer to Monetary Financial Institutions (MFI). Full market valuation is applied to bonds and notes and money market-instruments. Other stock-data are reported at nominal value at the end-of-period exchange rate. There is no distinction between loans and currency and deposits. Data on trade credits are available only for non-financial enterprises.

53

 Switzerland

Table 1 and 2: 3/ Tradable debt instruments are reported at market value. Claims and liabilities are broken down by remaining maturity. Data include accrued interest.

Table 1: 1) Trade credits and loans cannot be distinguished.  2) Information about arrears are not available. 3) Data on other debt liabilities are partially available. Table 2: Long term debt data include intercompany lending.

54

 Thailand

Note: All tables are reported at nominal value.

Table 1: This table does not separate the projected debt service payments for direct investment loan and other loan, but calculate it as that for total loans. Gross external debt position is classified by sector which separated Direct investment (direct investors+ affiliate enterprises) from Other sectors. Only Other investment is included in Other sectors.

Table 3: This table is based on outstanding as of end March 2009. Debt service payment is separated Direct investment: Intercompany lending from Other sectors.

 Table 1.3: Publicly Guaranteed Private Sector External Debt refers to guaranteed and non-guaranteed debt of state-owned enterprises. 

55

 Tunisia

Table 1: "Currency and deposits" of short-term liabilities of Banks includes data on short-term and long-term headings "Currency and deposits" and "Other debt liabilities". Trade credits are not shown as a separate instrument, but included as part of loans. External debt statistics concerning "Banks" includes "Non banking financial sector" external debt.

56

 Turkey

Note: Data from 2002Q1 to 2009Q1 are revised.

Tradable debt instruments (all of them are bonds) are reported at nominal value. 

57

 Ukraine

Note: All tables are reported at market value. Table 2 and 1.3 are revised. Table 1.3: Accordance with the laws and regulations of Ukraine debt liabilities of the Local Governmental agencies shall not pertain to public debt.

58

 United Kingdom 

Note: Data from 2008Q1 to 2009Q1 data are revised. Table 1: Tradable debt instruments are reported at market value. Arrears are not identified separately.

59

 United States

Note: Data from 2008Q1 to 2009Q1 data are revised. Data on all debt are presented at face value.

Table 2: The details do not add to the total because the currency composition is unknown for debt in Direct Investment, Other Debt Liabilities of the General Government, and a small portion of loans to the Other Sectors. For 2008Q1, the unknown amount is $1,946,344; for 2008Q2, the unknown amount is $2,045,250; for 2008Q3, the unknown amount is $2,104,976; for 2008Q4, the unknown amount is $1,945,861; for 2009Q1, the unknown amount is $1,788,345, the unknown amount is $1,807,418 for 2009Q2.

Table 3: Regarding the "Over two years" column: Currency and deposits includes interest for years 2 through 7 on the principal that is immediately due.

For debt securities and all other debt instruments, all scheduled principal and interest payments are included for all remaining future years. On data for 2009Q2, debt service are unknown for debt totalling $1,807,418, which is for Direct Investment, Other Debt Liabilities of the General Government, and a small portion of loans to the Other Sectors.3/  Data on all debt are presented at face value.

60

 Uruguay

Tradable debt instruments are reported at nominal value.