Manual on Statistics of International Trade in Services

How is FISIM measured? 
FISIM is measured in principle as the difference between the interest receivable by financial intermediaries on 
their loan and deposit assets and the interest payable on deposit and loan liabilities. 
To estimate separately FISIM paid by lenders and borrowers, the concept of a “reference” rate of interest is 
suggested in the 1993 SNA. A reference rate represents the pure cost of borrowing funds. The type of rate chosen as 
the reference rate may vary from country to country, but the 1993 SNA suggests that either the inter-bank lending 
rate or the central bank lending rate might be used. It is possible also that the reference rate may vary between 
different markets in a single country. Given the reference rate, FISIM could be calculated as follows:
(h) For those to whom financial intermediaries lend, FISIM is the difference between the interest actually charged 
on loans and the amount that would be charged if the reference rate were used;
For those from whom intermediaries borrow in the form of deposits and/or loans, FISIM is the difference between 
the interest that would be earned if a reference rate were used and the interest actually earned. 
The 1993 SNA states that the property (investment) income receivable by financial intermediaries from the 
investment of their own funds should be excluded from the estimation of FISIM.
c
Further information 
Further discussion can be found in the 1993 SNA, paragraphs 6.120–6.134. However, at the time of preparation of 
the present 
Manual
, debate is continuing as to the most appropriate methods for estimation of FISIM and for its 
allocation between lenders and borrowers. 
a
The allocation of FISIM is an issue still under discussion; the 1993 SNA allows countries the option to continue the non-allocation 
practice of the 1968 SNA. 
b
See International Monetary Fund, 
The New International Standards for the Statistical Measurement of Financial Derivatives: 
Changes to the Text of the 1993 SNA
(Washington, D.C., March 2000), para. 11.36. 
c
However, there is an emerging international consensus that where a financial intermediary on-lends its own funds, a financial 
intermediation service should be estimated on the loan receivable to which own funds have been applied.
 

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47 
3.115. Financial services may be provided by, among 
others, banks, credit card and travellers’ cheque issuers, 
stock market administrators, factoring services, rating 
agencies and financial consultants
.