Guideline of the European Central Bank

of 15 February 2005

amending Guideline ECB/2003/2 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics

(ECB/2005/4)

(2005/326/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to Article 5.1, Article 12.1 and Article 14.3 thereof,

Whereas:

(1) Following a review of Guideline ECB/2003/2 of 6 February 2003 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics [1], certain amendments were found to be necessary.

(2) Some amendments are required to the enacting terms and to Annexes I and II due to the deletion of Annex III, which contained the delivery calendars for various types of statistics. Annex III is deleted because, in the future, the European Central Bank (ECB) will communicate these calendars to the national central banks (NCBs) each year by end-September in respect of the data transmission of the following year.

(3) Annex V should be amended to bring the reporting scheme for credit institutions in line with that used for NCBs and other monetary financial institutions.

(4) In Annex VI, the term "structural statistical indicators" should be replaced by "structural financial indicators" in order to avoid confusion. This could arise because Eurostat produces a set of structural indicators which are also stored in the ECB database.

(5) Annex VII should be amended so that the item "euro banknotes and coins held by the central government" becomes a high priority memorandum item. This will help to improve the calculation of monetary aggregates.

(6) Annex IX should be amended to include a requirement to report the money and banking statistics memorandum items necessary for the quarterly production of monetary union financial accounts (MUFA).

(7) Annex X needs to be amended following an amendment to Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector [2]) as regards the valuation rules to be used in the valuation of certain financial instruments. In addition, Table 5 should be amended to include quarterly memorandum items adjustments.

(8) Annex XIII should be amended to take account of the new quarterly memorandum items adjustments now required under Annex X.

(9) Annex XVI should be amended so that the delivery calendar for the data to be reported under it matches that for reserve base statistics.

(10) Annex XVIII should be amended to include a new requirement to provide transactions data and data on sales and repurchases of units/shares issued by investment funds. In addition, a requirement for new time series that will be used in the compilation of MUFA should also be included.

(11) Annex XIX should be amended to include a formula for valuing zero coupon bonds.

(12) Some further amendments are required following the review, inter alia, because of the accession of the new Member States on 1 May 2004, and of the expiry of certain transitional reporting arrangements and derogations.

(13) In accordance with Article 12.1 and Article 14.3 of the Statute, ECB guidelines form an integral part of Community law,

HAS ADOPTED THIS GUIDELINE:

Article 1

Guideline ECB/2003/2 is amended as follows:

1. Article 2(1) is replaced by the following:

"1. The NCBs shall compile and report two aggregate balance sheets of the subsectors "central bank" and "other MFIs" of their respective Member State, in accordance with Regulation ECB/2001/13. In particular, the required statistical information concerning the central bank balance sheet is further defined in the bridging tables for money and banking statistics as laid down in Annex I. The ECB, for statistical reporting purposes, derives data from its own balance sheet, corresponding to the data derived by the NCBs from their own balance sheets. As compilers of their own balance sheets, the NCBs shall follow the procedure laid down in Annex II in their regular monitoring of the consistency between the Eurosystem’s end-month aggregated balance sheet for statistical purposes and its weekly financial statement and in their regular reporting to the ECB of the outcome of their monitoring. As the compiler of its own balance sheet, the ECB follows the same procedure. This statistical information shall be reported in accordance with the yearly calendar laid down by the ECB and communicated to the NCBs by end-September each year."

2. Article 7(1) is replaced by the following:

"1. For the regular production by the ECB of MFI interest rate statistics, NCBs shall report statistical information in accordance with Annex XX. This statistical information shall be reported in accordance with the yearly calendar laid down by the ECB and communicated to the NCBs by end-September each year."

3. Annexes I, II, V, VII, X, XV, XVI, XIX and XX are amended in accordance with Annex I to this Guideline.

4. Annex III is deleted.

5. Annex VI is replaced by Annex II to this Guideline.

6. Annex IX is replaced by Annex III to this Guideline.

7. Annex XIII is replaced by Annex IV to this Guideline.

8. Annex XVIII (except for (i) the table entitled "Series on OFIs other than investment funds to be transmitted to the ECB (key indicators/memorandum items)" in its Appendix 1; and (ii) its Appendix 2) is replaced by Annex V to this Guideline.

Article 2

This Guideline shall enter into force on 17 February 2005.

Article 3

This Guideline is addressed to the NCBs of the Member States that have adopted the single currency in accordance with the Treaty establishing the European Community.

Done at Frankfurt am Main, 15 February 2005.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet

[1] OJ L 241, 26.9.2003, p. 1. Guideline as amended by Guideline ECB/2004/1 (OJ L 83, 20.3.2004, p. 29).

[2] OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regulation ECB/2004/21 (OJ L 371, 18.12.2004, p. 42.

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ANNEX I

Annexes I, II, V, VII, X, XV, XVI, XIX and XX to Guideline ECB/2003/2 are amended as follows:

1. In Annex I, the first paragraph is replaced by the following:

"The national central banks (NCBs) and the European Central Bank (ECB), as compilers of their own balance sheet statistical information, use the following bridging tables in their regular monitoring of the consistency between the Eurosystem’s end-month aggregated balance sheet for statistical purposes and the daily financial statements for accounting and liquidity management purposes. This statistical information should be reported in accordance with the yearly calendar laid down by the ECB and communicated to the NCBs by end-September each year."

2. Annex II is amended as follows:

(a) Sections 1 to 6 are replaced by the following:

"1. This Annex describes the procedure to be followed by compilers of the European Central Bank’s (ECB’s)/national central banks’ (NCBs’) balance sheets in order to monitor the consistency between the Eurosystem’s end-month aggregated balance sheet for statistical purposes and its weekly financial statement (WFS). A comparison is made between the accounting data and the corresponding statistical items.

2. A list of consistency checks has been made (see Appendix 1). If there are any discrepancies between the two sets of data, these must be explained. Appendix 2 provides explanatory notes regarding these checks. The statistical aggregates used in the comparisons are listed in Appendix 3, which provides a link between these aggregates and the elementary balance sheet data [1]. As regards the description of accounting data, Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks [2] provides complete background information on the structure, accounting conventions used in and content of the WFSs.

3. Compilers are requested to perform these checks on a monthly basis, to ensure consistency between the elementary data of the NCBs, country-by-country, and the ECB balance sheet. It is understood that a precise link between the two sets of data is possible only when the closing date of the accounting WFS matches the reference date of the statistical reports (i.e. end-month). In the other reporting periods, these checks will ensure close but not perfect consistency between the accounting and statistical data. In those reporting periods in which the two dates do not coincide, NCBs may make a comparison of the statistical data with the "daily balance sheet" produced as at the last working day of the month.

4. Compilers are requested to notify the ECB (Monetary, Financial Institutions and Markets Statistics Division (MFMD)) of the outcome of these checks. The notification should be transmitted before or together with the statistical data, i.e. by the 15th working day after the reference date. If the checks identify discrepancies, compilers are requested to send the MFMD an explanatory note, which should at least contain a description of the checks involved, the nature of the discrepancies, the possible impact on past data series and the expected future trend of the discrepancy as this will appear in future reports.

5. In order to minimise the burden on the NCBs, it is recommended that a full explanatory note should be compiled, normally only once a year. In the interim months, NCBs are only required to complete a simplified version of the explanatory note in which they simply flag the structural differences between the WFS and the statistical report. As a guide, the explanatory notes should be compiled according to the attached templates. The first template (Appendix 4) shows in full the outcome of consistency checks. The second template (Appendix 5) shows in a simplified manner the outcome of the checks.

6. It is important that all NCBs (and the ECB’s Directorate Internal Finance) send full explanatory notes at the same time of the year. This will allow the MFMD to prepare, once a year, a detailed report describing the discrepancies identified. For the year 2005, the following timetable shows which template is recommended to be used and when. In particular, the next comprehensive template should be sent in October 2005 with reference to end-September 2005 data.

Reporting period | Last WFS of the month | Dates of WFS and of statistical reports coincide | Type of template |

January 2005 | 28 january 2005 | No | Simplified |

February 2005 | 25 february 2005 | No | Simplified |

March 2005 | 25 march 2005 | No | Simplified |

April 2005 | 29 april 2005 | Yes | Simplified |

May 2005 | 27 may 2005 | No | Simplified |

June 2005 | 24 june 2005 | No | Simplified |

July 2005 | 29 july 2005 | Yes | Simplified |

August 2005 | 26 august 2005 | No | Simplified |

September 2005 | 30 september 2005 | Yes | Comprehensive |

October 2005 | 28 october 2005 | No | Simplified |

November 2005 | 25 november 2005 | No | Simplified |

December 2005 | 30 december 2005 | Yes | Simplified |

(b) in the table in Appendix 1, the headings "Item of Table 2.1 of the Monthly Bulletin" and "Item of Table 1.1 of the Monthly Bulletin" are replaced by the headings "Statistical item" and "Accounting item" respectively;

(c) in the table in Appendix 3, the heading "ECB Monthly Bulletin — Table 2.1 items" is replaced by the heading "Statistical items — Eurosystem aggregated balance sheet".

3. Annex V is amended as follows:

(a) Sections 1 to 11 are replaced by the following:

"1. Data from separate balance sheets relating to the European Central Bank (ECB)/national central banks (NCBs) and other monetary financial institutions (MFIs) are currently reported according to Tables 1 to 4 of Regulation ECB/2001/13. These data are, however, not sufficient for the purposes of macro-prudential analysis for those countries where the reporting population of other MFIs consists of both credit institutions and money market funds (MMFs) and the impact of the latter is significant [3]. In these cases, a separate reporting scheme for credit institutions only is needed to enable the carrying-out of macro-prudential analysis of the European Union banking system and to calculate the macro-prudential indicators (MPIs) related to the subset of credit institutions.

Reporting scheme

2. In order to calculate the MPIs, those NCBs that meet the necessary criteria report separate data referring to credit institutions only in respect of Tables 1, 2 and 4 of Regulation ECB/2001/13. Data requested under Table 4 are reported as from the reference month March 2005. No data are requested under Table 3 (hence no additional statistical data for credit institutions are required). Data on credit institutions are reported at a quarterly frequency, both for stocks and, where appropriate, in respect of flows adjustments.

3. Data are reported quarterly, within 28 working days of the end of the reference period.

4. At the request of the data users, NCBs also report, as memorandum items, deposit liabilities. This reporting is done according to a credit institutions (excluding central banks)/other MFIs/non-MFIs breakdown. Where this information is not available, users agreed to retain the concept of "deposits from MFIs", as it can be derived from Table 1 (i.e. with no further distinctions within the MFI sector).

5. Macro-prudential requirements consist of data as stocks and as flows, the latter recorded as transaction values. This implies the need for so-called adjustments data. These data are currently only available for stocks data contained in Tables 1 and 2, but are not available for Table 4. In this context, the need to provide adjustments data for Table 4 is still under investigation. In the meantime, users will rely only on differences in stocks adjusted for exchange rate changes (which are calculated by the ECB).

Coverage

6. In principle, the supplementary data reported in respect of the credit institutions’ balance sheet should cover 100 % of the institutions that are classified in this sector. In those cases where the actual reporting coverage is less than 100 % due to the application of the cutting-off-the-tail principle, NCBs are requested to gross up the data supplied to ensure 100 % coverage. This will improve the comparability of the indicators between the Member States and ensure consistency with the MFI sector balance sheet data that are also grossed up.

Reporting requirement

7. Separate balance sheet data on credit institutions are reported, according to the reporting schemes in Appendices 1 and 2, by NCBs in those countries where the reporting population of other MFIs consists of both credit institutions and MMFs and the impact of the MMFs is deemed to be statistically important. The impact of MMFs is deemed to be statistically important where both of the following criteria are fulfilled simultaneously:

- Criterion 1: The difference between the balance sheet total of the MFI sector and the balance sheet total of its subset of credit institutions is more than EUR 5 billion on a sustained basis.

and

- Criterion 2: MFIs other than credit institutions (i.e. MMFs) have an impact on more than one item on either side of the MFI sector balance sheet [4].

(b) Appendix 1 is replaced by the following:

"PROCEDURES FOR THE DATA TRANSMISSION FROM THE NCBs TO THE ECB

Reporting scheme for credit institutions

1. The reporting scheme laid out in Appendix 2 applies to credit institutions only, whereas Tables 1 to 4 of Regulation ECB/2001/13 cover balance sheet data of the whole other MFIs sector.

2. The codes used for the items in the reporting scheme belong to the balance sheet items key family, the dimensions and attributes of which are presented in Annex XIII. Please note that:

- as balance sheet data for credit institutions only are to be reported at quarterly frequency, dimension No 1 (frequency) is always "Q" (quarterly),

- dimension No 4 (breakdown of the reference sector in the balance sheet) is "R" (credit institutions subject to minimum reserve requirements) for all items.

3. The reporting scheme consists of seven tables: Table 1_credit institutions (stocks), Table 2_credit institutions (stocks), Table 4_credit institutions (stocks), Table 1_credit institutions reclassifications, Table 1_credit institutions revaluations, Table 2_credit institutions reclassifications and Table 2_credit institutions revaluations.

4. Table 1_credit institutions (stocks) mirrors the corresponding monthly Table 1 of Regulation ECB/2001/13, with the exception of the item "MMF shares/units" on the liabilities side of the balance sheet.

5. Table 2_credit institutions (stocks) mirrors the corresponding quarterly Table 2 of Regulation ECB/2001/13.

6. Table 4_credit institutions (stocks) mirrors the corresponding quarterly Table 4 of Regulation ECB/2001/13.

7. The remaining four tables concerning adjustments data are reported in accordance with the methodology established in Annex X."

;

(c) in Appendix 2, Stocks, Table 4 (credit institutions (stocks)) is replaced by the following:

"TABLE 4

Credit institutions (stocks)

Balance sheet items | All currencies combined | Euro | Other EU Member States currencies | Other currencies (includes other EU Member States currencies excluding DKK, SEK, GBP) |

CZK | DKK | EEK | CYP | LVL | LTL | HUF | MTL | PLN | SIT | SKK | SEK | GBP | Total | USD | JPY | CHF | Remaining currencies combined |

LIABILITIES

Deposits

A.Domestic

from MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

from non-MFIs | Table 1 | | | | | | | | | | | | | | | | | | | |

B.Other participating Member States

from MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

from non-MFIs | Table 1 | | | | | | | | | | | | | | | | | | | |

C.Rest of the world

up to 1 year | Table 1 | | | | | | | | | | | | | | | | | | | |

over 1 year | Table 1 | | | | | | | | | | | | | | | | | | | |

from banks | Table 2 | | | | | | | | | | | | | | | | | | | |

from non-banks | | | | | | | | | | | | | | | | | | | | |

Debt securities issued | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

Capital and reserves | Table 1 | |

Remaining liabilities | Table 1 | |

ASSETS

Loans

A.Domestic

to MFIs | Table 1 | |

to non-MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

B.Other participating Member States

to MFIs | Table 1 | |

to non-MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

C.Rest of the world

up to 1 year | Table 1 | | | | | | | | | | | | | | | | | | | |

over 1 year | Table 1 | | | | | | | | | | | | | | | | | | | |

to banks | Table 2 | | | | | | | | | | | | | | | | | | | |

to non-banks | | | | | | | | | | | | | | | | | | | | |

Securities other than shares

A.Domestic

issued by MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

issued by non-MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

B.Other participating Member States

issued by MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

issued by non-MFIs | Table 1 | Table 1 | | | | | | | | | | | | | | | | | | |

C.Rest of the world

issued by banks | Table 2 | | | | | | | | | | | | | | | | | | | |

issued by non-banks | | | | | | | | | | | | | | | | | | | | |

MMF shares/units

A.Domestic | Table 1 | |

B.Other participating Member States | Table 1 | |

C.Rest of the world | Table 1 | |

Remaining assets | Table 1 | |

4. Annex VII is amended as follows:

(a) the following introductory paragraph is inserted after the title of Section 2:

"The definitions of euro area monetary aggregrates are based on a harmonised definition of the money-issuing and money-holding sectors as well as on harmonised categories of MFI liabilities. The money-holding sector includes all non-MFI residents in the euro area, excluding the central government sector. Therefore for the purposes of the compilation of monetary aggregrates the item "euro banknotes and coins held by the central government" is reported as a high priority memorandum item. The ECB will accept estimates using available data (e.g. monetary union financial accounts annual and/or quarterly data). This item is to be reported on a monthly basis and with the same timeliness as the monthly mandatory MFI balance sheet statistics in accordance with Regulation ECB/2001/13."

;

(b) Section 2.2 is replaced by the following:

"2.2. Central government holdings of instruments issued by euro area MFIs

Debt securities and money market fund shares issued by euro area MFIs and held by central government."

5. Annex X is amended as follows:

(a) footnote 4 is replaced by the following:

"(4) First published by the ECB in December 1999."

;

(b) paragraph 10.1 is replaced by the following:

"10.1. The transaction value of deposits/loans (Regulation ECB/2001/13, Annex I, part 2, Table A, items 2 and 9) represents the amount that an MFI receives (as a deposit) or provides (as a loan), excluding fees etc. [6]. The transaction value excludes accrued interest that is receivable (on loans) or payable (on deposits) but has not yet been received or paid. Instead, accrued interest on loans/deposits is recorded under "remaining assets" or "remaining liabilities", as appropriate [7].

;

(c) paragraphs 26 and 27 are deleted.

(d) paragraph 51.1 is replaced by the following:

"51.1. The first step is to identify balances denominated in each of the key foreign currencies (USD, JPY and CHF) and in currencies of non-participating EU Member States [8]. As separate currency-by-currency breakdowns are only available on a quarterly basis (at the end-quarters), the end-month breakdown is calculated using proportions derived from data available for the previous end-quarter.

;

(e) paragraph 51.3 is replaced by the following:

"51.3. It is also assumed that the size of currencies other than the euro (USD, JPY, CHF and the currencies of non-participating EU member states) in the MFI balance sheet is small. Furthermore, detailed currency-by-currency data are available only in respect of the limited breakdown of Regulation ECB/2001/13, Annex I, Part 2, Table 4. In order to overcome this difficulty, the same currency proportions calculated in respect of the items in this table are applied to the more detailed breakdowns contained in Annex I, Part 2, Table 1."

;

(f) paragraph 55 is replaced by the following:

"55. Reporting agents are subject to a reporting requirement formed by the "minimum requirements" identified in Regulation ECB/2001/13, Annex I, Part 2, Table 1A, although NCBs are permitted to collect additional data not covered by the "minimum requirements". In any case, NCBs compile a full set of data to be sent to the ECB according to Table 5, column E. In this process, NCBs may need to calculate and/or estimate the adjustments in respect of some of the breakdowns not reported by the MFIs because they are not considered as ‘minimum requirements’. The counterpart of the write-off/write-down adjustment will be one or other of the items "capital and reserve"/"remaining liabilities", according to national accounting practices."

;

(g) paragraph 62 is replaced by the following:

"62. On the liabilities side of the balance sheet, revaluations may also be reported in respect of debt securities issued. However, no change in MFI reporting obligations is introduced in this respect, as price revaluation of debt securities issued remains outside the "minimum requirements" set out in Regulation ECB/2001/13."

;

(h) Section 4.5 "Transitional period on the revaluation adjustment" is deleted;

(i) the following Section 5.3 is added:

"5.3. Memorandum items

87. Flows are also calculated in respect of quarterly memorandum items for the compilation of the monetary union financial accounts of the euro area. In order to avoid increasing the reporting burden these memorandum items have been integrated into the existing statistical framework for the regular production of money and banking statistics. For this reason reclassification and revaluation adjustments are calculated in respect of these memorandum items. These data are reported as set out in Table 5a."

;

(j) in Appendix 1, the following paragraph 16a is inserted:

"Transitional period regarding the revaluation adjustment

16a. Regulation ECB/2001/13 established that, for a transitional period of 12 months, the requirements on write-offs/write-downs of loans and price revaluations on securities data could be reported to the ECB with a delay of one further month from the close of business on the 15th working day following the end of month to which the data relate. Nevertheless, the NCBs which applied the transitional provision continued to send data on the monthly revaluation adjustments series that were previously covered by Guideline ECB/2002/5 with the same timeliness as for the corresponding stock series. They had the option of providing provisional or estimated data which was then revised in the following monthly data transmission."

;

(k) the following Table 5a is inserted:

"TABLE 5a

Detailed specification of the quarterly flows data for the compilation of the MUFA — memorandum items

ECB R = ECB Regulation dataECB G = ECB Guideline dataNCB = Additional data supplied by NCBsECB = Data calculated by the ECB | ECBR code (see Table 2) | Balance sheet at the end of the reporting month | Balance sheet at the end of the previous month | Reclassifications and other adjustments (+/–) | Exchange rate adjustment (+/–) | Revaluation adjustment (+/–) | Flows (+/–) |

A | B | C | D | E | F = [A – B] – C – D – E |

LIABILITIES

14.Remaining liabilities

Net equity of households in pension funds reserves

D. -Not allocated | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

ASSETS

3.Securities other than shares (all currencies)

up to 1 year

A. -Domestic — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

over 1 year

A. -Domestic — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

3e.Securities other than shares (Euro)

up to 1 year

A. -Domestic — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

over 1 year

A. -Domestic — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS — non-MFIs

---Central government | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

5.Shares and other equity

Quoted shares

A. -Domestic | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

Investment funds (not MMF) shares

A. -Domestic | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

B. -Other participating MS | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

C. -Rest of the world | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB |

7.Remaining assets

Prepayment of insurance premiums and reserves for outstanding claims

D. -Not allocated | - - | ECB G | ECB G | ECB G | ECB | ECB G | ECB" |

6. Annex XV is amended as follows:

(a) the section entitled "Regular reporting of the data" is replaced by the following:

"The reserve base statistics comprise six time series for credit institutions, referring to month-end stock figures to be transmitted to the ECB, at a monthly frequency, at the latest by the NCB business day preceding the start of the maintenance period, via the ESCB data exchange system. Credit institutions in the tail (i.e. those exempt from full monthly reporting) report a limited breakdown to the NCBs on a quarterly basis. For these tail credit institutions, simplified reserve base statistics for the three reserve maintenance periods are used, and the NCBs will include data for tail credit institutions according to their reporting timetable [9].

;

(b) the section entitled "Revision policy" is replaced by the following:

"Revisions by the reporting institutions to the reserve base/reserve requirements that occur after the maintenance period has started (late revisions), should not lead to revisions to the statistics on the reserve base and on the reserve requirements."

7. In Annex XVI, the section entitled "Regular reporting of the data" is replaced by the following:

"The three time series for the credit institutions, referring to month-end stocks figures, are transmitted to the ECB at a monthly frequency, by the NCB business day preceding the start of the maintenance period.

The series are transmitted even if the related BSIs are not applicable in the Member State, in order to allow a consistent treatment of the items in the framework of the consolidated balance sheet [10].

8. Annex XIX is amended as follows:

(a) the first paragraph of Section 2 "Conceptual framework and data collection" is replaced by the following:

"Chart 1 summarises the conceptual framework within which NCBs submit securities issues statistics to the ECB. The principal distinction is drawn on the basis of the residency of the issuer [11]. NCBs report all issues. The 12 Eurosystem NCBs collectively cover all issues by residents of the euro area. The Bank for International Settlements (BIS) reports issues by the "rest of the world" (hereinafter RoW), referring to all non-euro area residents, with issues by residents of each of the non-participating Member States distinguished from the other RoW countries [12].

(b) Chart 1 is replaced by the following:

"Chart 1: Summary of the conceptual framework

Securities issues |

| By euro area residents(each NCB reporting on its domestic residents) | By RoW residents(BIS/NCB) |

BE | DE | EL | ES | FR | IE | IT | LU | NL | AT | PT | FI | Non-participating Member States | Other countries |

In euro/national denominations | | | | | | | | | | | | | | |

Block A | Block B |

| | | | | |

In other currencies | | | | | | | | | | | | | Block Dnot required" |

Block C |

| | | |

(c) the first paragraph of Section 6.2 "Reporting requirements" is replaced by the following:

"For historical data prior to 1 January 1999, "euro/national denominations" referred to the ECU and to the national currencies of the participating Member States. Since 1 January 1999, it has referred to the euro and its national denominations. "Other currencies" refers to all other currencies, including the national currencies of non-participating Member States."

;

(d) Section 10.1 is replaced by the following:

"10.1. Price valuation

Stocks and flows of quoted shares are reported at market value, stocks and flows of securities other than shares at face value. An exception to the recording of stocks and flows of securities other than shares at face value is made in respect of deep-discounted and zero coupon bonds, where the issues are recorded at the effective amount paid, i.e. the discounted price at the time of purchase, and the redemptions at maturity at face value. The outstanding amounts of deep-discounted and zero coupon bonds are the effective amount paid plus accrued interest as shown below. Early redemptions are recorded at the value of the effective amount paid plus accrued interest as at the time of redemption.

where

A= effective amount paid and accrued interest

E= effective value (amount paid at the time of issuance)

P= face value (repaid at end of maturity)

T= time to maturity from issuance date (in days)

t= time passed since issuance date (in days)

Certain differences in the price valuation procedure used across countries are accepted. Each reporting country specifies in detail in the national explanatory notes the valuation procedure used for 1. short-term debt securities; 2. long-term debt securities; 3. discounted bonds; and 4. quoted shares. If the valuation differs for stocks and flows this is also explained.

Price valuation according to the ESA 95, which requires for debt securities and shares that flows are recorded at transaction value and stocks at market value, is not applied in this context.

The existing valuation rules of the BIS are face value for debt securities and issue price for quoted shares. For deep discounted and zero coupon bonds accrued interest is calculated where feasible by the reporting NCB."

;

(e) the second indent of the second paragraph of Section 10.2 "Reporting currency and exchange rate valuation" is replaced by the following:

"Gross issues and redemptions are to be converted into euro/national denominations using the mid-market exchange rate prevailing at the time of payment. If it is not possible to identify the exact exchange rate applicable for the conversion, an exchange rate that is as close as possible to the mid-market rate at the time of payment may be used."

;

(f) Section 13.1.2 is replaced by the following:

"13.1.2. Dimension No 2: Reference area (REF_AREA; length: two characters)

This dimension represents the country of residence of the issuing sector [13]. The code list associated with this concept is CL_AREA_EE. Only a subset of values is used to define the reference area for the securities issues key family, since the issuing countries are the EU Member States and the RoW.

;

(g) Section 13.1.7 is replaced by the following:

"13.1.7. Dimension No 7: Currency of transaction (CURRENCY_TRANS; length: three characters)

This dimension describes the currency in which the securities are issued and is associated with the code list CL_CURRENCY. For the securities issues key family, only a subset of values from the code list is used. Securities issued in euro or its national denominations are reported with currency dimension EUR [14], while securities issued in currencies other than euro are reported with Z06. Additional values (e.g. DKK, SEK, GBP) are already included in the code list as these might be needed for the data transmission by the non-participating Member States.

;

(h) Section 13.1.9 is replaced by the following:

"13.1.9. Dimension No 9: Series suffix in securities context (SEC_SUFFIX; length: one character)

This dimension has been specially tailored to fulfil the requirements of the securities issues key family according to the short-term approach. In this context, it allows new developments or extensions specific to securities issues statistics that might be needed in the future. The two values (P) "percentage" and (Z) "unspecified" are currently used for this key family, linked to the code list CL_SEC_SUFFIX."

;

(i) in Appendix 1, Section 13 is replaced by the following:

Estimated coverage per instrument issued by domestic residents: NCBs give national estimates of the coverage of securities for each category of issues by domestic residents, i.e. issues of short-term securities, long-term securities, and quoted shares, in local currency, other euro/national denominations including ECU, and other currencies. The estimates for "coverage in %" indicate the share of securities covered in each instrument category as percentages of the total issuance (consisting of both domestic and international issues), which should ideally be reported under the relevant heading following the reporting rules. Brief descriptions can be provided in "comments". NCBs also indicate any changes in coverage as a result of monetary union.

STSshort-term securities other than shares.LTSlong-term securities other than shares.QUSquoted shares."

| Coverage in % | Comments |

Issues in euro/national denominations | Local denomination | STS | | |

LTS | | |

QUS | | |

Euro/national denominations other than the local currency including ECU | STS | | |

LTS | | |

In other currencies | STS | | |

LTS | | |

9. Annex XX is amended as follows:

(a) in Section 4.1, Dimension No 2 is replaced by the following:

"Dimension No 2: Reference area (REF_AREA; length: two characters)

This dimension represents the country of residence of the reporting institution. The associated code list CL_AREA_EE contains the standard ISO country list. The subset of code values used in the ECB_MIR1 key family corresponds to the euro area Member States."

;

(b) in Section 4.2.2, "Attributes at time series level", "Mandatory", the first paragraph is replaced by the following:

"COLLECTION (code list: CL_COLLECTION): This attribute provides an explanation of the time when observations are collected (e.g. beginning, middle or end of period) or an indication of whether data are averages over the month or end of month observations. Unless NCBs state otherwise, the ECB sets the "collection" attribute by default to "E" (= end of period) for MFI interest rates on outstanding amounts, and to "A" (= average of observations through period) for MFI interest rates on new business. For business volumes on outstanding amounts the default for the "collection" attribute is also "E" (= end of period), while the new business volumes are flagged as "S" (= sum of observations through period)."

;

(c) Section 4.2.3 is replaced by the following:

"4.2.3. Attributes at observation level

Mandatory:

OBS_STATUS [15] (code list: CL_OBS_STATUS): NCBs report an observation status value attached to each exchanged observation. This attribute is mandatory and must be provided with every data transmission for every individual observation. When NCBs revise the value of this attribute, both the observation value (even if unchanged) and the new observation status flag are retransmitted.

The list below specifies the expected values (according to the agreed hierarchy) for these attributes for the purpose of the MIR statistics:

"A"= normal value,

"B"= break value,

"M"= data do not exist (for non-applicable data, e.g. when an instrument category is inapplicable at national level) [16],

"P"= provisional value [17],

"E"= estimated value.

Conditional:

- OBS_CONF [15] (code list: CL_OBS_CONF): if an NCB wishes to differentiate between the confidentiality status of one or more specific observations, it may use the "observation confidentiality" attribute. The value of this attribute (if any) may be modified when transmitting the data by the sender of the information. When this attribute is not set, no restrictions regarding confidentiality (OBS_CONF = "F" (free)) are assumed.

- OBS_PRE_BREAK [15] (uncoded): this attribute contains the pre-break observation value, which is a numeric field like the observation. It is provided when a series break occurs (and the observation status is set to "B").

- OBS_COM (uncoded): this attribute can be used to provide textual comments (text up to 350 characters) at the observation level (e.g. describing the estimate or assumption made for a specific observation due to lack of data, explaining the reason for a possible abnormal observation or giving details of a change in the reported time series).

[1] A full description of the elementary balance sheet data is to be found in Part III of Annex I to Regulation ECB/2001/13.

[2] OJ L 58, 3.3.2003, p. 1."

[3] On the significance of the impact of MMFs on other MFIs data, see below. In addition, in some countries there are a small number of other institutions classified as MFIs; however, these institutions are insignificant from a quantitative perspective.

[4] For instance, this criterion is met when the MMF sector balance sheet has an impact on one liability item (MMF shares/units) and on two or more asset items (e.g. "securities other than shares denominated in euro issued by domestic general government" and "securities other than shares denominated in euro issued by domestic MFIs"). It is also met when the MMF balance sheet has an impact on two liability items (e.g. "MMF shares/units" and "deposits denominated in euro placed by domestic MFIs") and on one asset item (e.g. securities other than shares denominated in euro issued by domestic general government). On the contrary, this criterion is not met when the MMF balance sheet has an impact on only one liability item and one asset item."

[6] Nevertheless, it is recognised that write-offs associated with transactions are not always reported, which implies a deviation from this principle that is accepted in Regulation ECB/2001/13 and the guidance notes thereto.

[7] The rules relating to the statistical valuation of loans and deposits are contained in Annex I, Part 1, Section III, paragraphs 15 and 16 (monthly data) and Annex I, Part 1, Section IV, paragraph 10 (quarterly data) to Regulation ECB/2001/13."

[8] No adjustment is made for balances denominated in the remaining currencies. Data on USD, JPY and CHF were reported according to Table 5 of Regulation ECB/1998/16 of 1 December 1998 concerning the consolidated balance sheet of the monetary financial institutions sector (OJ L 356, 30.12.1998, p. 7), as from December 1998 and on a voluntary basis by NCBs using other national data sources as from September 1997. Data on GBP were reported to the ECB by NCBs on a voluntary basis as from August 2001, where possible including back data, with a similar structure as the reporting of other currencies in Table 4 of Regulation ECB/2001/13 and as from January 2003 as part of Table 4 of Regulation ECB/2001/13. The ECB will calculate the foreign exchange adjustment for the remaining currencies of non-participating EU member states as well."

[9] The NCBs use the quarterly reserve base data from the credit institutions in the tail for the monthly figures reported to the ECB in the three data transmissions following their release."

[10] The correct reporting of non-applicable BSIs is outlined in Annex XIII."

[11] Defined in Section 3.

[12] The reporting by the BIS is included in this Guideline wherever needed for reasons of completeness and clarity. This Guideline is, however, not addressed to the BIS."

[13] For NCBs the country of residence of the issuing sector is the country of residence of the NCB."

[14] This is consistent with balance sheet statistics."

[15] The four objects observation value plus OBS_STATUS, OBS_CONF and OBS_PRE_BREAK are treated as one entity. This means that NCBs are obliged to send all complementary information for an observation. (When attributes are not reported, their previous values are overwritten by default values.)

[16] When, owing to local market practices or to the legal framework, a time series (or part of it) is not applicable (the underlying phenomenon does not exist), a missing value is reported ("—") with observation status "M". A missing observation should never be reported as a "zero", since zero is a normal numeric value that indicates a precise interest rate or business volume of null amount.

[17] These observations take definite values (observation status "A") at a later stage. The new revised values overwrite the previous provisional observations."

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ANNEX II

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ANNEX III

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ANNEX IV

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ANNEX V

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