According to preliminary financial accounts for 2012, total financial assets of all resident sectors of the Icelandic economy were 22,361 billion ISK at the end of 2012, or 3.5% higher than previous year. Financial liabilities stood at 30,608 billion ISK at the same time, which was 0.8% lower than at the end of 2011. Net financial worth of the Icelandic sectors was negative by 8.247 billion ISK at the end of 2012 that can mostly be traced to the financial corporations under winding up proceedings.
Financial assets of households and non-profit-institutions serving households (NPISHs) were 3,794 billion ISK at the end of 2012, which equals an increase of 8.6% from previous year. Financial liabilities increased by 5.5% during the same period and stood at 1,676 billion ISK at the end of 2012. Net financial worth of households and NPISHs increased by 11% from 2011-2012 and stood at 2,118 billion ISK at the end of 2012.
According to the data, total financial assets of non-financial corporations stood at 6,113 billion ISK at the end of 2012, which equals a 9.7% increase from previous year. During the same period liabilities decreased by 1.5% and were 8,256 billion ISK, respectively. These results are preliminary and will be revised in March 2014, incorporating new tax data of the year 2012.
Total financial assets of financial corporations stood at 11,184 billion ISK at the end of 2012 (8,539 if financial corporations in winding-up proceedings are excluded). Securities and loans accounted for the largest part of total assets where most of these instruments are issued by monetary financial institutions (31%). Security holdings and loans increased by 6.5% from 2011-2012 and stood at 7,954 billion ISK at the end of 2012. The composition of financial assets of the financial corporations can be seen in the pie-chart below.
Financial liabilities of financial corporations at the end of 2012 were 18,458 billion ISK (thereof 10,196 billion ISK belonging to financial corp. in winding-up proceedings) and had decreased by 1.4% from previous year. Net financial worth of financial corporations was negative by 7,274 billion ISK if financial companies under winding-up proceedings are accounted for. If these companies are excluded, the net financial worth was 277 billion ISK.
Financial assets of the general government at the end of 2012 were 1,269 billion ISK, while financial liabilities stood at 2,218 billion ISK during the same period. Net financial worth of the general government and its sub-sectors decreased by 9% from the end of 2011 and was negative by 949 billion ISK at the end of 2012.
Foreign sector’s holdings of financial assets in Iceland stood at 13,096 billion ISK at the end of 2012, and had decreased by 4.4% from previous year. The largest part of foreign sector´s holdings were securities and loans of the amount of 11,738 billion ISK, mostly on account of liabilities of financial corporations in winding-up proceedings towards foreigners in the aftermath of the 2008 financial crisis.
The financial liabilities of the foreign sector towards domestic sectors were 4,833 billion ISK at the end of 2012 or 11% higher than previous year. Net financial worth was thereby 8,263 billion ISK at the end of 2012 and had decreased by 11.6% since the end of 2011.
The Icelandic financial accounts on stocks are compiled on non-consolidated basis, that is, all financial interactions between sectors and subsectors are presented on gross basis. Data on securities and loans are recorded on book value, as it appears in the balance sheets of the financial institutions.
Next scheduled publication of financial accounts: March 2014
Financial accounts – further information on method and various classifications, see metadata.