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8. Non-bank financial institutions
This sector includes the following categories of non-bank financial institutions as mentioned in (Appendix IV). i) Development financial institutions ii) Investment banks iii) Leasing companies iv) Modaraba companies v) Discount & guarantee houses vi) Housing finance corporations/ companies vii) Venture capital companies 2. Except National investment trust, House building finance corporation, Investment Corporation of Pakistan. and Equity participation fund whose accounts are on a financial year basis, all other development institutions keep their accounts on a calendar year basis. Accounts kept on a calendar year basis were, therefore, assumed to represent transactions during the corresponding financial year. For example, accounts ending as on 31 December 2000 were assumed to be as of 30 June 2001. 3. Information was derived from the published annual reports and accounts, which were consolidated to arrive at the aggregate balance sheet for the sector as per Table 8.1. 4. Movements in liabilities and assets were calculated to compile the financial flows accounts as per Table 8.2. Where deficient information prevented adequate transaction/ sectoral classification, the same was done on fragmentary evidence and, at times, reference to unpublished records. Where sector classification of investment in bonds and debentures was not possible the same has been allocated to private corporate business sector. The capital account of NIT comprises principal and increase/ decrease in value of investments. Changes in principal only have been included under stocks and shares (item D-6c) while the valuation change has been lumped with miscellaneous sources (item D-11). 5. On the uses side investments in shares have been adjusted by taking out the aforementioned valuation change and including the same with miscellaneous uses (item D-11). Unspecified

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