REGULATION (EC) No 1027/2006 OF THE EUROPEAN CENTRAL BANK
of 14 June 2006
on statistical reporting requirements in respect of post office giro institutions that receive deposits from non-monetary financial institution euro area residents
(ECB/2006/8)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
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 5(1) and Article 6(4) thereof,
Whereas:
(1)
Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of its statistical reporting requirements, the European Central Bank (ECB), assisted by the national central banks (NCBs), shall have the right to collect statistical information within the limits of the reference reporting population and of what is necessary to carry out the tasks of the European System of Central Banks. Article 2(2)(b) further provides that post office giro institutions (POGIs) are part of the reference reporting population, to the extent necessary to fulfil the ECB’s statistical reporting requirements in, inter alia, the field of money and banking statistics.
(2)
Regulation (EC) No 2423/2001 of the European Central Bank of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2001/13) (2) was adopted on the basis of Regulation (EC) No 2533/98. Under Article 2(1) of Regulation (EC) No 2423/2001 (ECB/2001/13), the actual reporting population consists of the monetary financial institutions (MFIs) resident in the territory of the participating Member States.
(3)
The euro area monetary aggregates and their counterparts are derived mainly from the MFI balance sheet data collected under Regulation (EC) No 2423/2001 (ECB/2001/13). However, the euro area monetary aggregates include not only monetary liabilities of MFIs vis-à-vis non-MFI euro area residents excluding central government but also monetary liabilities of central government vis-à-vis non-MFI euro area residents excluding central government. Therefore, supplementary statistical information on central government deposit liabilities and central government holdings of cash and securities issued by MFIs is currently collected under 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 (3).
(4)
In some of the participating Member States, POGIs no longer belong to the central government sector under the European system of national and regional accounts in the Community (the ESA 95) (4), and they are not limited to receiving deposits solely on behalf of their national Treasuries, but may receive deposits on their own account. It is therefore no longer possible for statistical information on such deposits to be reported within the framework of Guideline ECB/2003/2.
(5)
POGIs that receive deposits are in this respect performing similar activities to those performed by MFIs. Both types of entity should therefore be subject to similar statistical reporting requirements in so far as such requirements are relevant to their business.
(6)
To ensure such harmonised treatment and to safeguard the availability of statistical information on deposits received by POGIs, it is necessary to adopt a new regulation that imposes reporting requirements on these entities,
HAS ADOPTED THIS REGULATION:
Article 1
Definitions
For the purposes of this Regulation:
-
the terms ‘participating Member State’, ‘reporting agents’ and ‘resident’ have the same meaning as defined in Article 1 of Regulation (EC) No 2533/98;
-
‘POGI’ means a post office that belongs to the sector ‘non-financial corporations’ (Sector 11 of the ESA 95), and, as a complement to postal services, receives deposits from non-MFI euro area residents with a view to providing money transfer services for its depositors.
Article 2
Actual reporting population
1. The actual reporting population shall consist of the POGIs resident in the territory of the participating Member States.
2. The Executive Board of the ECB may establish and maintain a list of POGIs subject to this Regulation. The NCBs and the ECB shall make this list and its updates accessible to the POGIs concerned in an appropriate way, including via electronic means, the Internet or, at the request of the POGIs concerned, in paper form. The list shall be for information only. However, in the event that the latest accessible version of the list is incorrect, the ECB shall not impose sanctions on any POGI which has not properly fulfilled its reporting requirements to the extent that it relied in good faith on the incorrect list.
3. NCBs may grant POGIs a derogation from the requirement to report statistical information under this Regulation, provided that the required statistical information is already collected from other available sources. NCBs shall check the fulfilment of this condition in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year, in agreement with the ECB.
Article 3
Statistical reporting requirements
1. The actual reporting population shall report monthly statistical information relating to its end-of-month balance sheet, in terms of stocks, to the NCB of the participating Member State in which the POGI is resident.
2. The statistical information required under this Regulation relates to business carried out by a POGI on its own account and is specified in Annexes I and II.
3. The statistical information required under this Regulation shall be reported in accordance with the minimum standards for transmission, accuracy, conceptual compliance and revisions set out in Annex III.
4. The NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance with national characteristics. The NCBs shall ensure that these reporting arrangements provide the statistical information required under this Regulation and allow accurate checking of compliance with the minimum standards for transmission, accuracy, conceptual compliance and revisions set out in Annex III.
5. In the event of a merger, a division or any other reorganisation that might affect the fulfilment of its statistical obligations, the reporting agent involved shall inform the relevant NCB, once the intention to implement such operation has become public and in due time before the merger, the division or the reorganisation takes effect, of the procedures that are planned to fulfil the statistical reporting requirements set out in this Regulation.
Article 4
Timeliness
The NCBs shall transmit the statistical information reported pursuant to Article 3(1) and (2) to the ECB by close of business on the 15th working day following the end of the month to which they relate. The NCBs shall decide when they need to receive data from reporting agents in order to meet this deadline.
Article 5
Accounting rules
1. Subject to paragraphs 2 and 3, the accounting rules followed by POGIs for the purposes of reporting under this Regulation shall be those laid down in the national transposition of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (5), as well as in any other international accounting standards, in each case insofar as they apply to POGIs. Without prejudice to accounting practices and netting arrangements prevailing in the participating Member States, all financial assets and liabilities shall be reported on a gross basis for statistical purposes.
2. Deposit liabilities and loans shall be reported at the nominal amount outstanding at the end of the month and on a gross basis. Nominal amount means the amount of principal that a debtor is contractually obliged to repay to a creditor.
3. NCBs may allow the reporting of provisioned loans net of provisions and the reporting of purchased loans at the price agreed at the time of their acquisition, provided that such reporting practices are applied by all resident reporting agents and are necessary to maintain continuity in the statistical valuation of loans with the data reported for periods prior to January 2005.
Article 6
Verification and compulsory collection
The right to verify or to compulsorily collect the information which reporting agents shall provide in compliance with the statistical reporting requirements set out in this Regulation shall be exercised by the NCBs, without prejudice to the right of the ECB to exercise these rights itself. This right shall be exercised in particular when a POGI included in the actual reporting population does not fulfil the minimum standards for transmission, accuracy, conceptual compliance and revisions as set out in Annex III.
Article 7
Final provisions
This Regulation shall enter into force on the day following its publication in the Official Journal of the European Union.
Done at Frankfurt am Main, 14 June 2006.