17-2014 Method for calculating the output of financial institutions in national accounts according to ESA 2010

Part of the services provided by financial institutions is not explicitly charged to their customers in the form of commissions, fees or other, but consists of the difference between interest receivable and payable. This interest can be decomposed into a "pure" interest (capital income) and compensation for the intermediation services provided by financial institutions. However these services are not directly measurable because they are not charged, and therefore must be estimated by national accountants. That is why they are called financial intermediation services indirectly measured (FISIM). In the EU, the treatment of FISIM has changed with the release of the new version of the European System of Accounts (ESA 2010). The impact is particularly noticeable in Luxembourg, because of its large international financial center. This methodological change, not taking into account other ESA 2010 related revisions, raised the GDP of Luxembourg by + 0.5% in 2008.