# C_2022240EN.01000101.xml

| 22.6.2022 | EN | Official Journal of the European Union | C 240/1 |
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22.6.2022

EN

Official Journal of the European Union

C 240/1

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RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 19 May 2022

on the Centralised Securities Database and the production of securities issues statistics and repealing Recommendation ECB/2012/22

(ECB/2022/26)

(2022/C 240/01)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 and the third indent of Article 34.1 thereof,

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1), and in particular Article 4 thereof,

Having regard to the contribution of the General Council of the European Central Bank,

Whereas:

| (1) | The Centralised Securities Database (CSDB) is a single information technology infrastructure, operated jointly by the members of the European System of Central Banks (ESCB), including national central banks of the Member States whose currency is not the euro (hereinafter ‘non-euro area NCBs’) where such non-euro area NCBs voluntarily participate in the operation of the CSDB. The CSDB stores item-by-item data, in particular, data on securities, their issuers, prices and ratings. The main processes of the CSDB’s operation comprise input data provision, processing of that input data, carrying out data quality management (DQM) and production and dissemination of output data consisting of item-by-item data and aggregate information. These processes are defined and enhanced on a continuous basis by the relevant substructure of the ESCB Statistics Committee and are automatised to the extent possible in order to ensure the efficient operation of the CSDB. A number of changes to these processes require the adoption of a new Guideline and the repeal of Guideline ECB/2012/21, which to date has governed the data quality management framework of the CSDB. Likewise, Recommendation ECB/2012/22 (2), which calls on the non-euro are NCBs to comply with the provisions of Guideline ECB/2012/21, should be also repealed. |
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(1)

The Centralised Securities Database (CSDB) is a single information technology infrastructure, operated jointly by the members of the European System of Central Banks (ESCB), including national central banks of the Member States whose currency is not the euro (hereinafter ‘non-euro area NCBs’) where such non-euro area NCBs voluntarily participate in the operation of the CSDB. The CSDB stores item-by-item data, in particular, data on securities, their issuers, prices and ratings. The main processes of the CSDB’s operation comprise input data provision, processing of that input data, carrying out data quality management (DQM) and production and dissemination of output data consisting of item-by-item data and aggregate information. These processes are defined and enhanced on a continuous basis by the relevant substructure of the ESCB Statistics Committee and are automatised to the extent possible in order to ensure the efficient operation of the CSDB. A number of changes to these processes require the adoption of a new Guideline and the repeal of Guideline ECB/2012/21, which to date has governed the data quality management framework of the CSDB. Likewise, Recommendation ECB/2012/22 (2), which calls on the non-euro are NCBs to comply with the provisions of Guideline ECB/2012/21, should be also repealed.

| (2) | To enhance monetary and financial stability analyses for the euro area and the Union, to contribute to the production of secondary statistics, to fulfil the euro area reporting commitments on debt securities issuance statistics in the context of the G20 Data Gaps Initiative and to assess the role of the euro in international financial markets, monthly securities issues statistics covering stock and flow aggregates of securities issuances are produced from CSDB item-by-item data (hereinafter ‘CSEC aggregate statistics’). Accordingly, CSEC aggregate statistics should be compiled in the CSDB, and national central banks (NCBs) and the European Central Bank (ECB) should be responsible for the verification of CSEC aggregate statistics and for the DQM of the underlying CSDB item-by-item data. |
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(2)

To enhance monetary and financial stability analyses for the euro area and the Union, to contribute to the production of secondary statistics, to fulfil the euro area reporting commitments on debt securities issuance statistics in the context of the G20 Data Gaps Initiative and to assess the role of the euro in international financial markets, monthly securities issues statistics covering stock and flow aggregates of securities issuances are produced from CSDB item-by-item data (hereinafter ‘CSEC aggregate statistics’). Accordingly, CSEC aggregate statistics should be compiled in the CSDB, and national central banks (NCBs) and the European Central Bank (ECB) should be responsible for the verification of CSEC aggregate statistics and for the DQM of the underlying CSDB item-by-item data.

| (3) | The overall quality of CSDB item-by-item data can only be assessed at the output level, rather than at the level of individual sets of input data. To ensure the completeness, accuracy and consistency of output data, Guideline (EU) 2022/971 of the European Central Bank (ECB/2022/25) (3) lays down the framework for providing input data, disseminating output data and establishes the DQM to be applied to output feed data, which is a subset of output data that can be used to support the production of statistics or other uses, and to the CSEC aggregate statistics and their underlying CSDB data. |
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(3)

The overall quality of CSDB item-by-item data can only be assessed at the output level, rather than at the level of individual sets of input data. To ensure the completeness, accuracy and consistency of output data, Guideline (EU) 2022/971 of the European Central Bank (ECB/2022/25) (3) lays down the framework for providing input data, disseminating output data and establishes the DQM to be applied to output feed data, which is a subset of output data that can be used to support the production of statistics or other uses, and to the CSEC aggregate statistics and their underlying CSDB data.

| (4) | In situations where competent authorities other than NCBs provide input data to the CSDB or perform the DQM in the CSDB, such authorities and their respective NCBs must cooperate with each other to ensure that the requirements set out in Guideline (EU) 2022/971 (ECB/2022/25) are met. Such cooperation should include the establishment of a permanent structure for transmitting data, unless the same result is already achieved by national legislation. |
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(4)

In situations where competent authorities other than NCBs provide input data to the CSDB or perform the DQM in the CSDB, such authorities and their respective NCBs must cooperate with each other to ensure that the requirements set out in Guideline (EU) 2022/971 (ECB/2022/25) are met. Such cooperation should include the establishment of a permanent structure for transmitting data, unless the same result is already achieved by national legislation.

| (5) | The effective application of the CSDB DQM framework relies on cooperation between all members of the ESCB participating in the operation of the CSDB and on the application of equal quality standards by such members. Non-euro area NCBs participating in the operation of the CSDB should cooperate with each other, with NCBs of Member States who have adopted the euro (hereinafter the ‘euro area NCBs’) and with the ECB in, applying the CSDB DQM framework in accordance with Guideline (EU) 2022/971 (ECB/2022/25), |
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(5)

The effective application of the CSDB DQM framework relies on cooperation between all members of the ESCB participating in the operation of the CSDB and on the application of equal quality standards by such members. Non-euro area NCBs participating in the operation of the CSDB should cooperate with each other, with NCBs of Member States who have adopted the euro (hereinafter the ‘euro area NCBs’) and with the ECB in, applying the CSDB DQM framework in accordance with Guideline (EU) 2022/971 (ECB/2022/25),

HAS ADOPTED THIS RECOMMENDATION:

I.   Definitions

For the purposes of this Recommendation, the terms ‘Centralised Securities Database’ or ‘CSDB’ and ‘Data Quality Management’ or ‘DQM’ have the same meanings as those set out in Article 1 of Guideline (EU) 2022/971 (ECB/2022/25).

II.   Provision of statistical information

| 1. | The addressees are requested to comply in a timely manner with the obligations of euro area NCBs as laid down in Articles 2 to 13 and Article 16 of Guideline (EU) 2022/971 (ECB/2022/25). |
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1.

| 2. | For the purposes of the compilation of CSEC aggregate statistics as provided for in Article 10 of Guideline (EU) 2022/971 (ECB/2022/25), the breakdowns of CSEC aggregate statistics for non-euro area Member States and the Union as a whole are specified in Annex I to this Recommendation. |
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2.

III.   Repeal

Recommendation ECB/2012/22 is hereby repealed.

IV.   Final provision

This Recommendation is addressed to the NCBs of non-euro area Member States, insofar as it applies to them.

Done at Frankfurt am Main, 19 May 2022.

The President of the ECB

Christine LAGARDE

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(1)  OJ L 318, 27.11.1998, p. 8.

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(2)  Recommendation ECB/2012/22 of the European Central Bank of 26 September 2012 on the data quality management framework for the Centralised Securities Database (OJ C 339, 7.11.2012, p. 1).

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(3)  Guideline (EU) 2022/971 of the European Central Bank of 19 May 2022 on the Centralised Securities Database and the production of securities issues statistics and repealing Guideline 2012/689/EU (ECB/2012/21) and Guideline (EU) 2021/834 (ECB/2021/15) (ECB/2022/25) (OJ L 166, 22.6.2022, p. 147).

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ANNEX I

CSEC aggregate statistics: Breakdowns for non-euro area Member States and the Union as a whole

While the breakdowns of CSEC aggregate statistics for each individual euro area country and the euro area as a whole are defined in Annex IV to Guideline (EU) 2022/971 (ECB/2022/25), this Annex sets out the breakdowns of CSEC aggregate statistics for the Member States whose currency is not the euro (hereinafter the ‘non-euro area Member States’) and the Union as a whole.

For the issuances of each individual non-euro area Member State, CSEC aggregate statistics must be measured in national currency and be compiled for the breakdowns defined in the following tables. In addition, the aggregates for issuances denominated in ‘All currencies’ and in ‘EUR’ must also be measured in euro. For the issuances for the Union as a whole, CSEC aggregate statistics must be measured in euro and be compiled only for the ‘All currencies’ breakdowns defined in the following tables. The sector codes used in the tables have the meanings defined in Section 1 on ‘Coverage and classifications’ of Annex IV to Guideline (EU) 2022/971 (ECB/2022/25).

Table A1

Debt securities hierarchy 1 – Main maturity and interest rate type breakdowns for individual non-euro area Member States and the Union as a whole

Image 1

Table A2

Debt securities hierarchy 2 – Detailed interest rate type breakdowns for individual non-euro area Member States and the Union as a whole

Image 2

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Table A3

Debt securities hierarchy 3 – Detailed original maturity breakdowns for individual non-euro area Member States and the Union as a whole

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Table A4

Debt securities hierarchy 4 – Detailed residual maturity breakdowns for individual non-euro area Member States and the Union as a whole

Image 5

Table A5

Listed shares breakdowns for individual non-euro area Member States and the Union as a whole

Image 6

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