Glossary 415
Securities repurchase agree-
ment (repo)
A securities repurchase agreement (repo) is an arrangement involving the sale of
securities for cash, at a specifi ed price, with a commitment to repurchase the same
or similar securities at a fi xed price either on a specifi ed future date (oft en one or
a few days hence) or with an open maturity ........................................................7.159Securitization Securitization occurs when a unit, named the originator, conveys the ownership
rights over fi nancial or nonfi nancial assets, or the right to receive specifi c future
fl ows, to another unit, named the securitization unit. In return, the securitization
unit pays an amount to the originator from its own source of fi nancing. Th e secu-
ritization unit obtains its own fi nancing by issuing debt securities using the assets
or rights to future fl ows transferred by the originator as collateral .................A3.59
Sinking fund A sinking fund is a separate account, which may be an institutional unit, made up
of segregated contributions provided by the unit(s) that makes use of the fund (the
“parent” unit) for the gradual redemption of the parent unit’s debt. A sinking fund
may also be established to provide for major repairs or replacements ............2.144Social assistance Social assistance provides social protection benefi ts to all persons who are in need
without any formal requirement to participate as evidenced by the payment of
contributions ...........................................................................................................A2.25Social assistance benefi ts Social assistance benefi ts are transfers payable in cash or in kind to households to
meet the same needs as social insurance benefi ts but are not made under a social
insurance scheme ....................................................................................... 6.101, A2.25
Social benefi ts Social benefi ts are current transfers receivable by households intended to provide
for the needs that arise from social risks ............................................................... A2.4
Social contributions Social contributions are actual, or imputed, revenue receivable by social insurance
schemes to make provision for social insurance benefi ts payable .... 5.4, 5.94, A2.4
Social insurance contribution A social insurance contribution is the amount payable to a social insurance
scheme in order for a designated benefi ciary to be entitled to receive the social
benefi ts covered by the scheme ............................................................................A2.31Social insurance schemes Social insurance schemes provide social protection and require formal participa-
tion by the benefi ciaries, evidenced by the payment of contributions (actual or
imputed) ...................................................................................................... 2.101, A2.30
Social protection Social protection is the systematic intervention intended to relieve households
and individuals of the burden of a defi ned set of social risks. ............................ A2.1
Social risks Social risks are events or circumstances that may adversely aff ect the welfare of the
households concerned either by imposing additional demands on their resources
or by reducing their income ................................................................. 2.46, 6.96, A2.1
Social security benefi ts Social security benefi ts are social benefi ts expense payable in cash or in kind to
households by social security schemes ...................................................................6.99
Social security contributions Social security contributions are actual revenue receivable by social security
schemes organized and operated by government units, for the benefi t of the con-
tributors to the scheme .............................................................................................5.97
Social security fund A social security fund is a particular kind of government unit that is devoted to
the operation of one or more social security schemes........................... 2.100, A2.34