Table 11.4
Example of exports of Financial Services Indirectly Measured (FSIM)

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  Non-residents deposits in Canada Non-residents borrowing in Canada

Value of deposits or loans of non-residents in Canada

Empty cell  1,000 Empty cell  800

Observed flow (interest received or paid)

(1,000 × 8%) 80 (800 × 12%) 96

Flow at reference rate2 (interest received and implicitly received or paid and implicitly paid)

(1,000 × 10%) 100 (800 × 10%) 80

Implicit service charge (FSIM)

(100 - 80) 20 (96 - 80) 16

FSIM exports1

(deposits portion + borrowing portion): (20 + 16 = 36)

1. FSIM exports are implicit service charge paid by non-residents to residents of Canada.

2. A reference rate represents the pure cost of borrowing funds - that is, a rate from which the risk premium had been eliminated to the greatest extent possible and which does not include any intermediation services. A rate of 10% is used in this table.

Source: Guide to the Income and Expenditure Accounts, Statistics Canada, catalogue no.13-017-X