2001R2423 — EN — 01.01.2003 — 000.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B REGULATION(EC)No2423/2001OFTHEEUROPEANCENTRALBANK
of22November2001
concerningtheconsolidatedbalancesheetofthemonetaryfinancialinstitutionssector
(ECB/2001/13)
(OJ L 333, 17.12.2001, p. 1)
Amended by:
Official Journal
No page date
►M1Regulation (EC) No 993/2002 of the European Central Bank of 6 June
2002L 151 11 11.6.2002
Corrected by:
►C1Corrigendum, OJ L 57, 27.2.2002, p. 34 (ECB/2423/2001)
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REGULATION (EC) No 2423/2001 OF THE EUROPEAN
CENTRALBANK
of22November2001
concerningtheconsolidatedbalancesheetofthemonetaryfinancial
institutionssector
(ECB/2001/13)
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 bythe European Central Bank(
1), and in particular to Article 5(1) and
Article 6(4) thereof,
Having regard to Council Regulation (EC) No 2531/98 of 23
November 1998 concerning the application of minimum reserves by
the European Central Bank(2), and in particular to Article 6(4) thereof,
Whereas:
(1)Regulation (EC) No 2819/98 of the European Central Bank of 1
December 1998 concerning the consolidated balance sheet of themonetary financial institutions sector (ECB/1998/16)(
3) has
already been amended by Regulation (EC) No 1921/2000(ECB/2000/8)(
4); now that new substantial amendments are
being made to the said Regulation, it is desirable that the provi-
sions in question should be recast by bringing them together in asingle text with this Regulation.
(2)The European System of Central Banks (ESCB) requires, for thefulfilment of its tasks, the production of the consolidated balancesheet of the monetary financial institutions (MFI) sector. Theprincipal purpose thereof is to provide the European CentralBank (ECB) with a comprehensive statistical picture of monetary
developments in the participating Member States, which are
viewed as one economic territory. These statistics cover theaggregate financial assets and liabilities, in terms of stocks,high quality flows for loans and also improved flows for hold-ings of securities.
(3)The ECB shall, in accordance with the provisions of the Treatyestablishing the European Community (hereinafter referred to asthe ‘Treaty’) and under the conditions laid down in the Statute of
the European System of Central Banks and of the European
Central Bank (hereinafter referred to as the ‘Statute’), makeregulations to the extent necessary to implement the tasks ofthe ESCB as defined in the Statute and in some cases laiddown in the provisions adopted by the Council referred to inArticle 107(6) of the Treaty.
(4)Article 5.1 of the Statute requires the ECB, assisted by thenational central banks (NCBs), to collect the necessary statistical
information either from the competent national authorities or
directly from economic agents in order to undertake the tasksof the ESCB. Article 5.2 of the Statute stipulates that the NCBsshall carry out, to the extent possible, the tasks described inArticle 5.1.
(5)It may be necessary, and may reduce the reporting burden, forNCBs to collect from the actual reporting population the statis-tical information necessary to fulfil the statistical requirements
of the ECB as part of a broader statistical reporting framework
which the NCBs establish under their own responsibility inaccordance with Community or national law or established prac-2001R2423 — EN — 01.01.2003 — 000.001 — 2
(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ L 318, 27.11.1998, p. 1.
(3) OJ L 356, 30.12.1998, p. 7.
(4) OJ L 229, 9.9.2000, p. 34.
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tice and which serves other statistical purposes, provided that the
fulfilment of the statistical requirements of the ECB is notjeopardised. In order to foster transparency, it is appropriate, in
these cases, to inform the reporting agents that data are collected
to fulfil other statistical purposes. In specific cases, the ECBmay rely on statistical information collected for such purposesto fulfil its requirements.
(6)Article 3 of Regulation (EC) No 2533/98 requires the ECB tospecify the actual reporting population within the limits of the
reference reporting population and entitles it to fully or partly
exempt specific classes of reporting agents from its statisticalreporting requirements. Article 6(4) provides that the ECB mayadopt regulations specifying the conditions under which the rightto verify or to carry out the compulsory collection of statisticalinformation may be exercised.
(7)Article 5 of Regulation (EC) No 2531/98 empowers the ECB to
adopt regulations or decisions in order to exempt institutions
from the minimum reserve requirements, to specify modalitiesto exclude or deduct liabilities owed to any other institutionfrom the reserve basis and to establish differing reserve ratiosfor specific categories of liabilities. Under Article 6, the ECB
has the right to collect from institutions the information neces-
sary for the application of minimum reserves and the right toverify the accuracy and quality of the information which institu-tions provide to demonstrate compliance with the minimumreserve requirements. It is desirable, in order to reduce theoverall reporting burden, for the statistical information regarding
the monthly balance sheet to be used, in addition, for the regular
calculation of the reserve base of the credit institutions subject tothe ESCB's minimum reserve system.
(8)Article 4 of Regulation (EC) No 2533/98 provides for MemberStates to organise themselves in the field of statistics and tocooperate fully with the ESCB in order to ensure fulfilment ofthe obligations arising from Article 5 of the Statute.
(9)While it is recognised that regulations adopted by the ECB under
Article 34.1 of the Statute do not confer any rights or impose
any obligations on non-participating Member States, Article 5of the Statute applies to both participating and non-participatingMember States. Regulation (EC) No 2533/98 recalls that Article5 of the Statute, together with Article 5 of the Treaty, implies an
obligation to design and implement at national level all the
measures that the non-participating Member States considerappropriate in order to carry out the collection of the statisticalinformation needed to fulfil the ECB's statistical reportingrequirements and timely preparations in the field of statistics inorder for them to become participating Member States.
(10)In order to facilitate the liquidity management of the ECB and of
credit institutions, reserve requirements should be confirmed at
the latest on the first day of the maintenance period; the needmay exceptionally arise for credit institutions to report revisionsto the reserve base or to reserve requirements which have beenconfirmed; the procedures for confirmation or acknowledgementof reserve requirements are without prejudice to the obligation
for reporting agents always to report correct statistical informa-
tion and to revise incorrect statistical information they may havealready reported.
(11)The determination of specific procedures for mergers and divi-sions involving credit institutions is necessary in order to clarifythe obligations of these institutions in respect of reserve require-
ments; the definitions of mergers and divisions laid down in this
Regulation are based on definitions already existing in secondaryCommunity legislation relating to public limited liability compa-nies. These definitions have been adapted to the purposes of thisRegulation; these procedures are without prejudice to the possi-bility of holding minimum reserves through an intermediary.2001R2423 — EN — 01.01.2003 — 000.001 — 3
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(12)The monetary statistics of the ECB are derived from MFI
balance sheet statistics collected in accordance with Regulation
(EC) No 2819/98 (ECB/1998/16) which was prepared duringthe second stage of economic and monetary union and so wereconsidered to be only the minimum set of data required formonetary policy purposes. Moreover, the Regulation onlycovered the collection of balance sheet stocks and not the
reporting of revaluation adjustment data required to compile
flow statistics for counterparts of the broad monetary aggregateM3, from which the growth rates are derived. Taking intoaccount the limitations of these sets of data, it was necessary toenhance the MFI balance sheet statistics.
(13)It is necessary to expand the monthly requirements to provide amonthly breakdown of deposit liabilities by subsector and furtherby maturity/currency and of loans by subsector/maturity andpurpose as these breakdowns are considered essential for mone-
tary policy purposes. This includes the integration of data
previously collected only on a quarterly basis.
(14)It is necessary to derive stock and flow statistics for the mone-tary aggregates and counterparts in a timely manner. From the
consolidated balance sheet in terms of stocks, flow statistics are
derived using additional statistical information relating toexchange rate changes, other changes in the value of securitiesand the write-offs/write-downs of loans and other adjustmentssuch as reclassifications.
(15)It is necessary to ensure the availability of appropriately harmo-nised and high quality data on write-offs/write-downs on loansby addressing a requirement to the statistical reporting agents.There is also a need to collect data on price revaluations of secu-rities.
(16)The separate balance sheet category ‘money market paper’ isremoved and merged with the data category ‘debt securitiesissued’ on the liability side. Instruments classified in this cate-gory are entered under ‘debt securities issued’ and allocated
according to their original maturity. A corresponding reallocation
has been taken also on the asset side of the MFI balance sheet.
(17)The definition of deposits should take into account the use of
balances representing prepaid amounts in the context of elec-
tronic money,
HAS ADOPTED THIS REGULATION:
Article 1
Definitions
For the purpose of this Regulation, the terms ‘reporting agents’, ‘parti-
cipating Member State’, ‘resident’ and ‘residing’ shall have the same
meaning as defined in Article 1 of Regulation (EC) No 2533/98.
Article 2
Actualreportingpopulation
1. The actual reporting population shall consist of the MFIs resident
in the territory of the participating Member States. For statisticalpurposes, MFIs comprise resident credit institutions as defined inCommunity law, and all other resident financial institutions whosebusiness is to receive deposits and/or close substitutes for deposits
from entities other than MFIs, and, for their own account (at least in
economic terms), to grant credits and/or make investments in securities.
2. National central banks may grant derogations to small MFIs,
provided that the MFIs which contribute to the monthly consolidatedbalance sheet account for at least 95 % of the total MFI balance sheetin terms of stocks, in each participating Member State. NCBs shallcheck the fulfilment of this condition in good time in order to grant2001R2423 — EN — 01.01.2003 — 000.001 — 4
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or withdraw, if necessary, any derogation with effect from the start of
each year.
Article 3
ListofMFIsforstatisticalpurposes
1. In accordance with the classification principles set out in Part 1(I)
of Annex I, the ECB shall establish and maintain a list of MFIs forstatistical purposes, taking into account the requirements in respect of
frequency and timeliness which arise from its use in the context of
the ESCB's minimum reserve system. The competence to establishand maintain the list of MFIs for statistical purposes pertains to theExecutive Board of the ECB.
2. The list of MFIs for statistical purposes and its updates shall be
made accessible by NCBs and the ECB to the institutions concerned
in an appropriate way, including by electronic means, via the Internet
or, at the request of the reporting agents concerned, in paper form.
3. The list of MFIs for statistical purposes shall be for information
only. However, in the event that the latest accessible version of thelist in accordance with paragraph 2 is incorrect, the ECB shall notimpose sanctions on any entity which did not properly fulfil itsreporting requirements to the extent that it relied in good faith on the
incorrect list.
Article 4
Statisticalreportingrequirements
1. For the purposes of the regular production of the consolidated
balance sheet of the MFI sector, in terms of stocks and flows, the
actual reporting population shall report monthly statistical informationrelating to its end-of-month balance sheet and monthly flow adjust-ments in respect of write-offs/write-downs of loans and pricerevaluations in respect of security holdings during the reporting period,
to the NCB of the Member State in which the MFI is resident. Further
details on certain items of the balance sheet shall be reported quarterly,in terms of stocks.
2. The required statistical information is specified in Annex I to this
Regulation.
3. The required statistical information shall be reported in accor-
dance with the minimum standards for transmission, accuracy,conceptual compliance and revisions as set out in Annex IV to this
Regulation.
4. The NCBs shall define and implement the reporting arrangements
to be followed by the actual reporting population in accordance withnational characteristics. The NCBs shall ensure that these reportingarrangements provide the statistical information required and allowaccurate checking of compliance with the minimum standards for trans-
mission, accuracy, conceptual compliance and revisions as referred to
in Article 4(3).
5. The derogations referred to in Article 2(2) shall have the effect of
reducing the statistical reporting requirements of MFIs as follows:
— the credit institutions to which such derogations apply shall be
subject to the reduced reporting requirements as set out in Annex
II to this Regulation,
— those small MFIs that are not credit institutions shall be subject to
the reduced reporting requirements as set out in Annex III to this
Regulation.
Small MFIs may choose not to make use of the derogations and to
fulfil the full reporting requirements instead.
6. Without prejudice to the derogation in Article 2(2), NCBs may
grant a derogation in respect of the reporting of revaluation adjustmentsto money market funds (MMFs), removing from the MMFs anyrequirement to report the revaluation adjustment.2001R2423 — EN — 01.01.2003 — 000.001 — 5
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7. NCBs may grant a derogation in respect of the frequency and the
timeliness of the reporting of price revaluations of securities andrequire these data on a quarterly basis and with the same timeliness as
for stock data reported on a quarterly basis, subject to compliance with
the following requirements:
— reporting agents shall provide the NCBs with the relevant informa-
tion on valuation practices, including quantitative indications on the
percentage of their holdings of these instruments subject to different
valuation methods,
— where a substantial price revaluation has occurred, NCBs shall be
entitled to request reporting agents to provide additional informa-tion relating to the month in which the development took place.
8. In the event of a merger, a division or any other reorganisation
that might affect the fulfilment of its statistical obligations, thereporting agent involved shall inform the relevant NCB, once the inten-tion 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 require-ments set out in this Regulation.
Article 5
Use of the reported statistical information for the purposes of
Regulation(EC)No2818/98(ECB/1998/15)
1. The statistical information reported by credit institutions in accor-
dance with this Regulation shall be used by each credit institution tocalculate its reserve base in accordance with Regulation (EC) No2818/98 of the European Central Bank of 1 December 1998 on the
application of minimum reserves (ECB/1998/15)(
1), as amended by
Regulation (EC) No 1921/2000 (ECB/2000/8). In particular, each creditinstitution shall use this information to verify the fulfilment of itsreserve requirement over the maintenance period.
2. Without prejudice to the obligations imposed upon reporting
agents by Article 4 and of Annex IV to this Regulation, credit institu-tions subject to minimum reserves may report revisions to the reserve
base and to the reserve requirement in accordance with the procedures
mentioned in Article 5 of Regulation (EC) No 2818/98 (ECB/1998/15).
3. Specific and transitional provisions for the purposes of the appli-
cation of the ESCB's minimum reserve system are set out in Annex IIto this Regulation. The specific provisions of this Annex shall prevailover provisions laid down in Regulation (EC) No 2818/98 (ECB/1998/15).
Article 6
Verification andcompulsorycollection
The right to verify or to collect compulsorily 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 theserights itself. This right shall be exercised in particular when an institu-tion included in the actual reporting population does not fulfil theminimum standards for transmission, accuracy, conceptual complianceand revisions as set out in Annex IV to this Regulation.
Article 7
Transitionalprovisions
Transitional provisions for application of parts to this Regulation are
laid down in Annex V to this Regulation.2001R2423 — EN — 01.01.2003 — 000.001 — 6
(1) OJ L 356, 30.12.1998, p. 1.
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Article 8
Repeal
1. Regulation (EC) No 2819/98 (ECB/1998/16) shall be repealed on
1 January 2003.
2. References made to the repealed Regulation shall be construed as
being made to this Regulation.
Article 9
This Regulation shall enter into force on 1 January 2003.2001R2423 — EN — 01.01.2003 — 000.001 — 7
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ANNEX I
STATISTICALREPORTINGREQUIREMENTSANDCLASSIFICATION
PRINCIPLES
PART 1
Monetary financial institutions and statistical reporting requirements
Introduction
The requirement is to produce on a regular basis a properly articulated consoli-
dated balance sheet of the money-creating financial intermediaries for the
participating Member States, seen as one economic territory, in terms of stocks
and flows, based on a complete and homogeneous monetary sector and reporting
population.
The statistical system for the participating Member States covering the consoli-
dated balance sheet of the monetary financial institution (MFI) sector therefore
comprises the two following main elements:
— a list of MFIs for statistical purposes, and
— a specification of the statistical information reported by these MFIs at
monthly and quarterly frequency.
This statistical information is collected by the national central banks (NCBs)
from the MFIs according to national arrangements relying on the harmonised
definitions and classifications set out in this Annex.
I.Monetaryfinancialinstitutions
1. The European Central Bank (ECB) establishes and updates on a regular
basis the list of MFIs for statistical purposes in accordance with the clas-
sification principles outlined below. One important aspect is financial
innovation, which itself is affected by the development of the single
market and the move to economic and monetary union, both of which
affect the characteristics of financial instruments and induce financial
institutions to change the focus of their business. Procedures for moni-
toring and continuous checking ensure that the list of MFIs remains up
to date, accurate, and as homogeneous as possible and sufficiently stable
for statistical purposes. The list of MFIs for statistical purposes includes
an entry on whether or not institutions are legally subject to the
European System of Central Banks (ESCB) minimum reserve system.
2. Thus, in accordance with the definition set out in Article 2(1) of this
Regulation, the MFI sector comprises, in addition to central banks, two
broad groups of resident financial institutions. These are credit institu-
tions as defined in Community law (‘an undertaking whose business isto receive deposits or other repayable funds from the public(
1) and to
grant credits for its own account; or an electronic money institution
within the meaning of Directive 2000/46/EC of the European Parliament
and of the Council of 18 September 2000 on the taking up, pursuit and
prudential supervision of the business of electronic money institutions’)
(OJ L 275, 27.10.2000, p. 39)(2) andother MFIs, i.e. other resident
financial institutions which fulfil the MFI definition, irrespective of the
nature of their business. The degree of substitutability between the
instruments issued by the latter and the deposits placed with credit insti-
tutions determines their classification, provided that they meet the MFI
definition in other respects.
3. It is noted that Directive 2000/12/EC partially excludes some entities
from its application. These exempted entities shall fall under the applica-
tion of this Regulation, provided that they meet the MFI definition.
4. Substitutability for deposits in relation to financial instruments issued by
financial intermediaries other than credit institutions is determined by
their liquidity, combining characteristics of transferability, convertibility,
certainty and marketability, and having regard, where appropriate, to
their term of issue.2001R2423 — EN — 01.01.2003 — 000.001 — 8
(1) Including the proceeds arising from the sale of bank bonds to the public.
(2) Article 1 of Directive 2000/12/EC of the European Parliament and the Council of 20
March 2000 relating to the taking upand p ursuit of the business of credit institutions(OJ L 126, 26.5.2000, p. 1), as amended by Directive 2000/28/EC (OJ L 275,
27.10.2000, p. 37), and as it may be amended from time to time.
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5. For the purpose of defining substitutability for deposits in the previous
paragraph:
—transferability refers to the possibility of mobilising funds placed in a
financial instrument by using payment facilities, such as cheques,
transfer orders, direct debits or similar means,
—convertibility refers to the possibility and the cost of converting
financial instruments into currency or transferable deposits; the loss
of fiscal advantages in such conversion may be considered to be a
kind of penalty that reduces the degree of liquidity,
—certainty means knowing precisely in advance the capital value of a
financial instrument in terms of national currency, and
— securities quoted and traded regularly on an organised market are
considered to be marketable . For shares in open-end collective
investment undertakings, there is no market in the usual sense.
Nevertheless, investors know the daily quotation of the shares and
can withdraw funds at this price.
6. In the case of collective investment undertakings (CIUs), money market
funds (MMFs) fulfil the agreed conditions for liquidity and are therefore
included in the MFI sector. MMFs are defined as those CIUs of which
the units are, in terms of liquidity, close substitutes for deposits and
which primarily invest in money market instruments and/or in MMF
shares/units and/or in other transferable debt instruments with a residual
maturity of upto and including one year, and/or in bank dep osits, and/or
which pursue a rate of return that approaches the interest rates of money
market instruments. The criteria applied in order to identify MMFs shall
be derived from the public prospectus as well as fund rules, instruments
of incorporation, established statutes or by-laws, subscription documents
or investment contracts, marketing documents, or any other statement
with similar effects, of the CIUs.
7. For the purpose of defining MMFs in paragraph 6:
—CIUsshall mean undertakings the sole object of which is the collec-
tive investment of capital raised from the public and the units of
which are, at the request of the holders, repurchased or redeemed
directly or indirectly out of the undertaking's assets. Such undertak-
ings may be constituted according to law, either under the law of
contract (as common funds managed by management companies), or
trust law (as unit trusts) or under a statute (as investment companies),
—bank deposits shall mean cash deposits made with credit institutions,
repayable on demand or upon prior notice of up to three months, or
at agreed maturities of upto two years, inclusive of sums p aid to
credit institutions in respect of a transfer of securities under
repurchase operations or securities loans,
—close substitutabilityfor deposits in terms of liquidity shall mean the
ability of units of CIUs, under normal market circumstances, to be
repurchased, redeemed or transferred, at the request of the holder,
where the liquidity of the units is comparable to the liquidity of
deposits,
—primarily shall be deemed to be at least 85 % of the investment port-
folio,
—moneymarket instruments shall mean those classes of transferable
debt instruments which are normally traded on the money market
(for example, certificates of deposit, commercial paper and banker's
acceptances, treasury and local authority bills) because of the
following features:
(i)liquidity, where they can be repurchased, redeemed or sold at
limited cost, in terms of low fees and narrow bid/offer spread,
and with very short settlement delay; and
(ii)market depth , where they are traded on a market which is able
to absorb a large volume of transactions, with such trading of
large amounts having a limited impact on their price; and
(iii)certaintyin value , where their value can be accurately deter-
mined at any time or at least once a month; and
(iv)low interest risk , where they have a residual maturity of upto
and including one year, or regular yield adjustments in line
with money market conditions at least every 12 months; and
(v)low credit risk , where such instruments are either:
— admitted to an official listing on a stock exchange or traded
on other regulated markets which operate regularly, are
recognised and are open to the public, or
— issued under regulations aimed at protecting investors and
savings, or2001R2423 — EN — 01.01.2003 — 000.001 — 9
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— issued by:
— a central, regional or local authority, a central bank of a
Member State, the European Union, the ECB, the
European Investment Bank, a non-Member State or, if
the latter is a federal State, by one of the members
making upthe federation, or by a p ublic international
body to which one or more Member States belong,
or
— an establishment subject to prudential supervision, in
accordance with criteria defined by Community law or
by an establishment which is subject to and complies
with prudential rules considered by the competent autho-
rities to be at least as stringent as those laid down by
Community law, or guaranteed by any such establish-ment,
or
— an undertaking the securities of which have been
admitted to an official listing on a stock exchange or
are traded on other regulated markets which operate
regularly, are recognised and are open to the public.
8. In the European System of Accounts (ESA 95), financial institutions
classified as MFIs are categorised in two subsectors, namely central
banks (S.121)(
1) and other MFIs (S.122).
II.Accountingrules
Accounting rules followed by MFIs in drawing uptheir accounts are 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(2) and any other international standards applicable. Without
prejudice to accounting practices and netting arrangements prevailing in
Member States, all financial assets and liabilities shall be reported on a gross
basis for statistical purposes.
III.Theconsolidatedbalancesheetonamonthlybasis:stocks
Objective
1. The objective is to supply monthly data on the business of MFIs in terms
of stocks. Data are supplied in sufficient detail in order to provide the
ECB with a comprehensive statistical picture of monetary developments
in the participating Member States seen as one economic territory and to
allow flexibility in the calculation of monetary aggregates and counter-
parts covering this territory. Moreover, the monthly individual stock
data reported by the credit institutions subject to the ESCB minimum
reserves system are used for the calculation of the reserve base of the
said credit institutions in accordance with Regulation (EC) No 2818/98
of the European Central Bank of 1 December 1998 on the application
of minimum reserves (ECB/1998/15)(3), as amended by Regulation
(EC) No 1921/2000 (ECB/2000/8)(4). The monthly reporting require-
ments in respect of the stocks are shown in Table 1 below. Cells with
thin borders(5) are reported solely by credit institutions subject to reserve
requirements (for full details, see Annex II); this reporting is mandatory
except for the reporting of deposits redeemable at notice over two years
which remains voluntary until further notice. A detailed definition of
instruments is presented in Part 3 of this Annex.
Requirements
2. The ECB compiles the monetary aggregates for the territory of the parti-
cipating Member States as amounts outstanding (stocks). The money
stock includes notes and coins in circulation and other monetary liabil-
ities (deposits and other financial instruments which are close
substitutes for deposits) of MFIs. The counterparts to the money stock
comprise all other items in the MFI balance sheet. The ECB also2001R2423 — EN — 01.01.2003 — 000.001 — 10
(1) This and subsequent references are to sectors and subsectors in the ESA 95.
(2) OJ L 372, 31.12.1986, p. 1.
(3) OJ L 356, 30.12.1998, p. 1.
(4) OJ L 229, 9.9.2000, p. 34.
(5) Credit institutions may report positions vis-à-vis ‘MFIs other than credit institutions
subject to minimum reserves, ECB and NCBs’ rather than vis-à-vis ‘MFIs’ and ‘creditinstitutions subject to minimum reserves, ECB and NCBs’, provided that no loss of
detail is implied and no bold printed positions are affected.
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compiles flows derived from the stocks and from other data, including
data reported by MFIs (see section V below).
3. The ECB requires the statistical information to be broken down in terms
of instrument/maturity categories, currencies and counterparties. Since
separate requirements apply to liabilities and assets, the two sides of the
MFI balance sheet are considered in turn. They are shown in Table A, in
Part 2 of this Annex.
(i) Instrument and maturity categories
(a) Liabilities
4. The compilation of monetary aggregates covering the participating
Member States requires relevant instrument categories. These are
currency in circulation, deposit liabilities, MMF shares/units issued,
debt securities issued, capital and reserves and remaining liabilities. In
order to separate monetary and non-monetary liabilities, deposit liabil-
ities are also broken down into overnight deposits, deposits with agreed
maturity, deposits redeemable at notice and repurchase agreements
(repos).
5. Original maturity cut-offs provide a substitute for instrument detail
where financial instruments are not fully comparable between markets.
The cut-off points for the maturity bands (or for periods of notice) are:
for deposits with agreed maturity, at one-year and two-years' maturity at
issue; and for deposits redeemable at notice, at three-months' notice and
at two-years' notice. Repos are not broken down by maturity as these are
usually very short-term instruments (usually less than three-months'
maturity at issue). Debt securities issued by MFIs are broken down at
one year and two years. No maturity breakdown is required for shares/
units issued by MMFs.
(b) Assets
6. MFI holdings of assets are broken down into cash, loans, securities other
than shares, MMF shares/units, shares and other equity, fixed assets and
remaining assets. A maturity breakdown by original maturity (at one year
and five year maturity bands) is required for MFI loans to residents
(other than MFIs and general government) of the participating Member
States by subsector and further for MFI loans to households by purpose.
A maturity breakdown is also required for MFI holdings of debt securi-
ties issued by other MFIs located in the participating Member States.
These holdings must be broken down into one and two year maturity
bands to enable the inter-MFI holdings of this instrument to be netted
off in the calculation of the monetary aggregates.
(ii) Currencies
7. The ECB shall have the option of defining monetary aggregates in such
a way as to include balances denominated in all currencies combined or
in euro alone. Balances in euro are therefore identified separately in the
reporting scheme in respect of those balance sheet items that may be
used in the compilation of monetary aggregates.
(iii) Counterparties
8. The compilation of monetary aggregates and counterparts covering the
participating Member States requires the identification of those counter-
parties located in the territory of the participating Member States that
form the money-holding sector. Counterparties located in the domestic
territory and in the other participating Member States are identified sepa-
rately and treated in exactly the same way in all statistical breakdowns.
There is no requirement for a geographical breakdown of counterparties
located outside the territory of the participating Member States in
monthly data.
9. Counterparties located in the territory of the participating Member States
are identified according to their domestic sector or institutional classifi-
cation in accordance with the list of MFIs for statistical purposes and the
guidance for the statistical classification of customers provided in theECB's
Money and Banking Statistics Sector Manual (‘Guidance for the
statistical classification of customers’), which follows classification prin-
ciples that are consistent with the ESA 95 as far as possible. In order to
allow for the identification of a money-holding sector of the participating
Member States, non-MFI counterparties are divided into general govern-
ment (S.13), with central government (S.1311) identified separately in
total deposit liabilities, and other resident sectors. In order to calculate2001R2423 — EN — 01.01.2003 — 000.001 — 11
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a monthly sector disaggregation of the monetary aggregates and credit
counterpart, other resident sectors are further broken down by the
following subsectors: other financial intermediaries + financial auxili-
aries (S.123 + S.124), insurance corporations and pension funds (S.125),
non-financial corporations (S.11) and households + non-profit institutions
serving households (S.14 + S.15). With respect to total deposit liabilities
and the deposit categories ‘deposits over two years agreed maturity’,
‘deposits redeemable at notice over two years’ and ‘repos’, an additional
distinction is made between credit institutions, other MFI counterparties
and central government for the purposes of the ESCB's minimum reserve
system.
(iv) Purpose of loans
10. Loans to households (including non-profit institutions serving house-
holds) are broken down by type of loan (consumer credit; lending for
house purchase; other). A detailed definition of consumer and housing
loans is contained in Part 3 of this Annex, within ‘Detailed description
of instrument categories of the monthly aggregated balance sheet of the
MFI sector’, under category 2: ‘Loans’.
(v) Cross-relating instrument and maturity categories with
currencies and counterparties
11. The compilation of monetary statistics covering the participating
Member States and the data needed for the calculation of the reserve
base of credit institutions subject to the ESCB's minimum reserve system
necessitates certain cross-relationships being made in the balance sheet
between instrument/maturity/currency and counterparties and, in addi-
tion, for loans to households, a further breakdown by purpose.
12. The data requirements are most detailed where the counterparties are part
of the money-holding sector. Statistical information on deposit liabilities
by subsector and maturity classified further by currency is necessary to
permit a closer analysis of the developments of the foreign currency
components included in M3. In particular, a currency analysis of these
components facilitates investigations concerning the degree of substitut-
ability between foreign currency and euro denominated components of
M3. Breakdowns of the positions vis-à-vis other MFIs are identified
only in so far as this is necessary to allow for netting of inter-MFI
balances or to calculate the reserve base.
13. Positions vis-à-vis the rest of the world are required for ‘deposits over
two years agreed maturity’, ‘deposits redeemable at notice over two
years’ and ‘repos’ in order to calculate the reserve base subject to the
positive reserve ratio and for total deposit liabilities in order to compile
the external counterparts. In addition, for balance of payments (b.o.p.)
and financial accounts purposes, deposit liabilities and loans vis-à-vis
the rest of the world are broken down at one year original maturity.
Timeliness
14. The ECB receives an aggregated monthly balance sheet covering the
positions of MFIs in each participating Member State by close of busi-
ness on the 15th working day following the end of the month to which
the data relate. NCBs decide when they need to receive data from
reporting agents in order to meet this deadline, taking into account the
required timeliness for the ESCB's minimum reserve system.
IV.Balancesheetstatisticsatquarterlyfrequency(stocks)
Objective
1. Certain data are needed for the further analysis of monetary develop-
ments and to serve other statistical purposes such as financial accounts
and balance of payments. The objective is to provide further details on
certain items of the balance sheet for these purposes.
Requirements
2. The quarterly breakdowns are provided only in respect of key items of
the aggregated balance sheet. Furthermore, the ECB may allow some
flexibility in calculating aggregates where it can be shown from figures
collected at a higher level of aggregation that the data involved are unli-
kely to be significant.2001R2423 — EN — 01.01.2003 — 000.001 — 12
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(a) Subsector and maturity breakdown of credit to non-MFIs
of the participating Member States
3. In order to enable the complete subsector and maturity structure of MFIs'
overall credit financing (loans and securities) vis-à-vis the money-
holding sector to be monitored, loans to general government other than
central government are to be broken down quarterly at one year and
five year original maturity and holdings of securities issued by general
government other than central government at one year original maturity,
all cross-related to a subsector breakdown (state government (S.1312),
local government (S.1313) and social security funds (S.1314)). A cross-
related breakdown by subsector with a maturity split, up to one year and
more than one year, of holdings of securities other than shares issued by
residents other than MFIs and general government is also required. A
breakdown of MFI holdings of shares and other equity by subsector is
required vis-à-vis the following subsectors: other financial intermediaries
+ financial auxiliaries (S.123 + S.124), insurance corporations and
pension funds (S.125) and non-financial corporations (S.11).
4. Total amounts of MFI loans and MFI holdings of securities other than
shares vis-à-vis the central government (S.1311) are also required.
(b) Subsector breakdown of MFI deposit liabilities to the
general government (other than central government) of
the participating Member States
5. The deposit liability categories vis-à-vis general government other than
central government in the participating Member States are broken down
into the state government (S.1312), local government (S.1313) and social
security funds (S.1314).
(c) Country breakdown
6. Counterparties by Member State are identified to analyse further mone-
tary developments and also for the purposes of the transitional
requirements and for data quality checks. In order to provide better infor-
mation on the holdings of debt securities by issuing country included in
the monetary aggregates, the maturity breakdown is required at one and
two year maturity bands.
(d) Currency breakdown
7. The key balance sheet items are broken down into the currencies of the
non-participating Member States and into the major international curren-
cies (the US dollar, the yen and the Swiss franc). These breakdowns are
required in order to permit the calculation of flow statistics for monetary
aggregates and counterparts adjusted for exchange rate changes where
these aggregates are defined in such a way as to include all currencies
combined. For b.o.p. and financial account purposes, the currency break-
down for deposit liabilities and loans vis-à-vis the rest of the world is
provided with a maturity breakdown at one-year original maturity.
(e) Sector breakdowns of positions with counterparties
outside the participating Member States (non-partici-
pating Member States and the rest of the world)
8. For MFIs' positions vis-à-vis counterparties resident outside the territory
of the participating Member States, positions with banks (or MFIs in
non-participating Member States) and non-banks need to be distin-
guished; as regards non-banks, a distinction is needed between general
government and other resident sectors. The sector classification in accor-
dance with the SNA93 applies where the ESA 95 is not in force.
Timeliness
9. Quarterly statistics are transmitted by NCBs to the ECB by close of busi-
ness on the 28th working day following the end of the month to which
they relate. NCBs decide when they need to receive data from reporting
agents in order to meet this deadline.
V.Compilationofflowsstatistics
Objective
1. In order to compile flow statistics in respect of the monetary aggregates
and counterparts, data on the value of transactions need to be derived in
a timely manner from the consolidated balance sheet in terms of stocks,
which provides information on outstanding assets and liabilities, and2001R2423 — EN — 01.01.2003 — 000.001 — 13
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additional statistical information relating to reclassifications, exchange
rate changes, other valuation changes and certain other adjustments
such as write-offs of loans.
Requirements
2. Financial transactions are identified as the difference between stock posi-
tions at end-month reporting dates, from which the effect of changes that
arise due to influences other than transactions is removed. For this
purpose, the ECB requires statistical information on these influences
relating to many items of the MFI balance sheet. The information takes
the form of adjustments that cover ‘reclassifications and other adjust-
ments’, exchange rate adjustments and ‘revaluations and loan write-offs/
write-downs’. In addition, the ECB requires explanatory information on
the adjustments in ‘reclassifications and other adjustments’.
3. The statistical requirement addressed to the actual reporting population
under this Regulation concerns exclusively the ‘revaluation adjustments’,
covering both the write-offs/write-downs of loans and price revaluations
in respect of holdings of securities in the reference period.
4. Reporting agents are subject to a reporting requirement formed by the
‘minimum requirements’ identified in Table 1A in Part 2 of this Annex.
The ‘minimum requirements’ are considered as the minimum required in
order to compile and estimate adjustments in respect of the full set of
data required by the ECB. NCBs are permitted to collect additional data
not covered by the ‘minimum requirements’. These additional data may
refer to the breakdowns marked in Table 1A other than the ‘minimum
requirements’.
5. The requirement addressed to the reporting agents does not cover the
exchange rate changes and the reclassification adjustment. The ECB
calculates the monthly exchange rate adjustment from currency-by-
currency stock data supplied by the reporting agents. These data are
supplied on a quarterly basis in accordance with Table 4 in Part 2 of
this Annex. The reclassifications mentioned in paragraph 1 are also
excluded because these data are collected by the NCBs themselves using
various information sources that are already available to the NCBs.
Write-offs / write-downs of loans
6. The adjustment in respect of the write-offs/write-downs is reported in
order to remove from the flows statistics the impact of changes in the
value of loans recorded on the balance sheet that are caused by the appli-
cation of write-off/write down of loans. It should also reflect the changes
in provisions on loans if an NCB decides that outstanding stocks should
be recorded net of provisions. Write-offs/write-downs recognised at the
time the loan is sold or transferred to a third party are also included,
where identifiable.
(i) Instrument and maturity categories
7. Write-offs/write-downs refer to the asset item ‘loans’. A maturity break-
down is not required as part of the ‘minimum requirements’. NCBs may
however require reporting agents to submit additional data according to
the maturity breakdown outlined for the monthly stock data.
(ii) Currencies
8. A breakdown of the ‘revaluation adjustment’ according to the currency
(euro/non-euro) of the loans is not included in the ‘minimum require-
ments’; whereas NCBs may, however, require a currency breakdown.
(iii) Counterparties
9. The ‘minimum requirements’ include the separate identification of
amounts written-off/written-down, and changes in provisions where loans
are reported net of provisions, according to the geographical location of
the counterparties. In addition, counterparties located in the participating
Member States are classified according to their institutional sector, with
separate data for MFIs and ‘other resident sector’ and the latter with a
further breakdown by subsector i.e. other financial intermediaries +
financial auxiliaries (S.123 + S.124), insurance corporations and pension
funds (S.125), non-financial corporations (S.11) and households + non-
profit institutions serving households (S.14 + S.15). Furthermore, the
household sector is reported with an additional breakdown according to
the purpose of the loan, i.e. consumer credit, lending for house purchase2001R2423 — EN — 01.01.2003 — 000.001 — 14
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and other (residual). Total amounts are reported in respect of the loans to
the rest of the world, without any additional breakdown.
(iv) Timeliness
10. The ECB shall receive aggregated ‘revaluation adjustments’ in respect of
loan write-offs/write-downs corresponding to the loans granted by the
reporting agents in each participating Member State by close of business
on the 15th working day following the end of the month to which the
data relate. NCBs decide when they need to receive data from reporting
agents in order to meet this deadline.
Price revaluation of securities
11. The adjustment in respect of the price revaluation of securities refers to
fluctuations in the valuation of securities that arise because of a change
in the price at which securities are recorded or traded. The adjustment
includes the changes that occur over time in the value of end-period
balance sheet stocks arising from holding gains/losses. It may also
contain valuation changes that arise from transactions in securities i.e.
realised gains/losses.
(i) Instrument and maturity categories(a) Liabilities
12. Given the accounting rules commonly used to compile stock data, it is
assumed that the ‘other revaluation’ adjustment refers only to the asset
side instrument categories capable of being affected by such develop-
ments. Therefore, no minimum reporting requirement is established for
the liability side of the balance sheet.
(b) Assets
13. The price revaluation adjustment is collected from MFIs in respect of the
items ‘securities other than shares’ and ‘shares and other equity’. The
‘minimum requirements’ refer to ‘securities other than shares’ with
original maturity over two years. Nevertheless, NCBs may extend the
requirement beyond the ‘minimum requirements’, by requiring the
reporting of the same currency and maturity breakdowns as for monthly
stock data. In respect of the item ‘shares and other equity’, the‘minimum requirements’ refer to total amounts by sector and coincide
with the requirement for stock data.
(ii) Currencies
14. A currency breakdown of the price revaluation is not required in
‘minimum requirements’. NCBs may extend the requirement beyond the
‘minimum requirements’ in respect of the currency breakdown (euro/
non-euro).
(iii) Counterparties
15. In respect of the price revaluation for the item ‘securities other than
shares’, the ‘minimum requirements’ refer to the breakdown of the
domestic residents and residents of the other participating Member States
by sector, i.e. MFIs, general government and other resident sector. Total
amounts of the adjustment are reported in respect of the rest of the
world. NCBs may extend the requirement to cover the same breakdown
as for monthly stock data.
16. In respect of the price revaluation for ‘shares and other equity’, the
‘minimum requirements’ refer to the breakdown of the domestic resi-
dents and residents of the other participating Member States by sector
i.e. MFIs and other resident sectors, and total amounts of the adjustment
are reported in respect of the rest of the world. In this case, the set of
‘minimum requirements’ coincides with the set of data reported to the
ECB by the NCB.2001R2423 — EN — 01.01.2003 — 000.001 — 15
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(iv) Timeliness
17. The ECB receives the aggregated revaluation adjustments covering the
price revaluations of securities corresponding to the reporting agents in
each participating Member State by close of business on the 15th
working day following the end of the month to which the data relate.
NCBs decide when they need to receive data from reporting agents in
order to meet this deadline.2001R2423 — EN — 01.01.2003 — 000.001 — 16
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PART 2
Required breakdowns
Table A
SurveyofbreakdownsforthepurposesoftheaggregatedbalancesheetoftheMFIsector
Instrument/maturity categories, counterparties and currencies
(Monthlydata breakdowns are indicated in bold with an asterisk)
INSTRUMENT/MATURITY CATEGORIES
Assets Liabilities
1. Cash*
2. Loans*
upto1year (1)*
over1yearandupto5years (1)*
over5years (1)*
3. Securitiesotherthanshares*
upto1year (2)*
over1yearandupto2years (2)*
over2years (2)*
4. Moneymarketfundshares/units*
5. Sharesandotherequity*6. Fixedassets*
7. Remainingassets*8. Currencyincirculation
9. Deposits*
upto1year (
3)*
over1year (3)*
9.1. Overnightdeposits (4)*
9.2. Depositswithagreedmaturity*
upto1year*
over1yearandupto2years*over2years (
5)*
9.3. Depositsredeemable atnotice*
upto3months (6)*
over3months*
ofwhichover2years (9)*
9.4. Repurchaseagreements*
10. Moneymarketfundshares/units*11. Debtsecuritiesissued*
upto1year*over1yearandupto2years*
over2years*
12. Capitalandreserves *
13. Remainingliabilities *2001R2423 — EN — 01.01.2003 — 000.001 — 17
▼C1
COUNTERPARTIES
Assets Liabilities
A. Domesticresidents*
MFIs*Non-MFIs*
General government*
central government
state governmentlocal government
social security funds
Otherresidentsectors (
10)*
other financial intermediaries,
etc.(S.123+S.124) (7)(10)*
insurance corporations and
pensionfunds(S.125) (10)*
non-financial corporations (S.
11)(10)*
households, etc. (S. 14 + S.
15)(8),(10)*
B. Residents of the other participating
MemberStates*
MFIs*Non-MFIs*
General government*
central governmentstate governmentlocal government
social security funds
Otherresidentsectors (
10)*
other financial intermediaries,
etc.(S.123+S.124) (7)(10)*
insurance corporations and
pensionfunds(S.125) (10)*
non-financial corporations (S.
11)(10)*
households, etc. (S. 14 + S.
15)(8)(10)*
C. Residentsoftherestoftheworld*
Banks
Non-banks
general government
other resident sectors
D. NotallocatedA. Domesticresidents*
MFIs*
ofwhich:Creditinstitutions*
Non-MFIs*
Generalgovernment*
centralgovernment*state government
local government
social security funds
Otherresidentsectors (
10)*
other financial intermediaries, etc.
(S.123+S.124) (7),(10)*
insurance corporations and
pensionfunds(S.125) (10)*
non-financial corporations (S.
11)(10)*
households, etc. (S. 14 + S.
15)(8)(10)*
B. Residents of the other participating
Member States*
MFIs*
ofwhich:Creditinstitutions*
Non-MFIs*
Generalgovernment*
centralgovernment*
state government
local governmentsocial security funds
Otherresidentsectors (
10)*
other financial intermediaries,
etc.(S.123+S.124) (7),(10)*
insurance corporations and
pensionfunds(S.125) (10)*
non-financial corporations
(S.11)(10)*
households, etc. (S. 14 +
S.15)(8)(10)*
C. Residentsoftherestoftheworld*
Banks
Non-banks
general governmentother resident sectors
D. Notallocated2001R2423 — EN — 01.01.2003 — 000.001 — 18
▼C1
Currencies
e euro
x Foreigncurrencies Currencies other than the euro (i.e. other Member State
currencies, USD, JPY, CHF, remaining currencies)
Notes
(1) Monthly maturity breakdown applicable only to loans to other resident sectors than MFIs and general govern-
ment of the participating Member States and the monthly maturity breakdown at one year, for loans to the restof the world. Quarterly maturity breakdowns for loans to general government other than central government ofthe participating Member States.
(
2) Monthly maturity breakdown relates only to holdings of securities issued by MFIs located in the participating
Member States. As quarterly data, holdings of securities issued by non-MFIs in the participating Member Statesare split into ‘up to one year’ and ‘over one year’.
(
3) Vis-à-vis the rest of the world only.
(4) Including suspense balances representing amounts stored on prepaid cards issued in the name of MFIs and
other liabilities resulting from the issuance of electronic money.
(5) Including administratively regulated deposits.
(6) Including non-transferable sight deposits.
(7) Other financial intermediaries (S. 123) + financial auxiliaries (S. 124)
(8) Households (S. 14) + non-profit institutions serving households (S. 15).
(9) The reporting of the item ‘deposits redeemable at notice over two years’ is voluntary until further notice.
(10) Monthly breakdown by subsector is required for loans and deposits.2001R2423 — EN — 01.01.2003 — 000.001 — 19
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▼B
PART 3
Definitions relating to the consolidated balance sheet to be submitted to the
ECB - instrument categories of liabilities and assets
General definitions
For the purpose of compiling the consolidated balance sheet of the MFI sector
covering the participating Member States, the reporting population consists of
MFIs included in the list of MFIs for statistical purposes and resident in the
territory of the participating Member States(1). These are:
— institutions incorporated and located in the territory, including subsidiaries of
parent companies located outside that territory, and
— branches of institutions that have their head office outside that territory.
Subsidiaries are separate incorporated entities in which another entity has a
majority or full participation, whereas branches are unincorporated entities
(without independent legal status) totally owned by the parent.
MFIs consolidate for statistical purposes the business of all their offices (regis-
tered or head office and/or branches) located within the same national territory.
No consolidation for statistical purposes is permitted across national boundaries.
When a parent company and its subsidiaries are MFIs located in the same
national territory, the parent company is permitted to consolidate in its statistical
returns the business of these subsidiaries, keeping however the business of credit
institutions and other MFIs separate, for the purposes of the ESCB minimum
reserve system.
If an institution has branches located within the territories of the other partici-
pating Member States, the registered or head office located in a given
participating Member State shall consider the positions towards all these
branches as positions towards residents in the other participating Member States.
Conversely, a branch located in a given participating Member State shall
consider the positions towards the registered or head office or towards other
branches of the same institution located within the territories of the other parti-
cipating Member States as positions towards residents in the other participating
Member States.
If an institution has branches located outside the territory of the participating
Member States, the registered or head office in a given participating Member
State shall consider the positions towards all these branches as positions towards
residents of the rest of the world. Conversely, a branch located in a given parti-
cipating Member State shall consider the positions towards the registered or
head office or towards other branches of the same institution located outside
the participating Member States as positions towards residents of the rest of
the world.
Institutions located in offshore financial centres are treated statistically as resi-
dents of the territories in which the centres are located.
Maturity at issue (original maturity) refers to the fixed period of life of a finan-
cial instrument before which it cannot be redeemed (e.g. debt securities) or
before which it can be redeemed only with some kind of penalty (e.g. some
types of deposits). The period of notice corresponds to the time between the
moment the holder gives notice of an intention to redeem the instrument and
the date on which the holder is allowed to convert it into cash without incurring
a penalty. Financial instruments are classified according to the period of notice
only when there is no agreed maturity.
Definitionsofsectors
The ESA 95 provides the standard for sector classification. For the sector clas-
sification of non-MFI counterparties located outside the domestic territory,
further guidance may be found in the ECB's Money and Banking Statistics
Sector Manual.
Banking institutions located outside the Member States are referred to as ‘banks’
rather than as MFIs. Similarly, the term ‘non-MFI’ refers only to the Member
States; for other countries the term ‘non-banks’ is appropriate. ‘Non-MFIs’
comprise the following sectors and sub-sectors:
—general government : resident units which are principally engaged in the
production of non-market goods and services, intended for individual and
collective consumption and/or in the redistribution of national income and
wealth (the ESA 95, paragraphs 2.68 to 2.70),2001R2423 — EN — 01.01.2003 — 000.001 — 29
(1) In the tables of Part 2 of this Annex, the ECB is to be classified as to MFIs resident of
the country where the ECB is physically located.
▼B
—central government : administrative departments of the State and other
central agencies whose competence extends over the whole economic terri-
tory, except for the administration of social security funds (the ESA 95,
paragraph 2.71),
—state government : separate institutional units exercising some of the func-
tions of government at a level below that of central government and above
that of local government, except for the administration of social security
funds (the ESA 95, paragraph 2.72),
—local authorities : public administration whose competence extends only to a
local part of the economic territory, excluding local agencies of social
security funds (the ESA 95, paragraph 2.73),
—social securityfunds : central, state and local institutional units whose prin-
cipal activity is to provide social benefits (the ESA 95, paragraph 2.74).
The other resident sectors, i.e. non-MFI residents other than the general govern-
ment, comprise:
—other financial intermediaries + financial auxiliaries : non-monetary finan-
cial corporations and quasi-corporations (excluding insurance corporations
and pension funds) principally engaged in financial intermediation by incur-
ring liabilities in forms other than currency, deposits and/or close substitutes
for deposits from institutional units other than MFIs (the ESA 95, paragraphs
2.53 to 2.56). Also included are financial auxiliaries consisting of all finan-
cial corporations and quasi-corporations that are principally engaged in
auxiliary financial activities (the ESA 95, paragraphs 2.57 to 2.59),
—insurance corporations and pension funds : non-monetary financial corpora-
tions and quasi-corporations principally engaged in financial intermediation
as the consequence of the pooling of risks (the ESA 95, paragraphs 2.60 to
2.67),
—non-financial corporations : corporations and quasi-corporations not engaged
in financial intermediation but principally in the production of market goods
and non-financial services (the ESA 95, paragraphs 2.21 to 2.31),
—households : individuals or groups of individuals as consumers, and produ-
cers of goods and non-financial services exclusively for their own final
consumption, and as producers of market goods and non-financial and finan-
cial services provided that their activities are not those of quasi-corporations.
Included are non-profit institutions which serve households and which are
principally engaged in the production of non-market goods and services
intended for particular groups of households (the ESA 95, paragraphs 2.75
to 2.88).
Definitionsofinstrumentcategories
Definitions of the categories of assets and liabilities included in the consolidated
balance sheet take account of the features of different financial systems.
Maturity analyses may provide a substitute for consistency in instrument defini-
tion where instruments are not fully comparable between financial markets.
The following tables provide a detailed standard description of the instrument
categories, which NCBs transpose into categories applicable at the national level
in accordance with this Regulation(1).2001R2423 — EN — 01.01.2003 — 000.001 — 30
(1) In other words, these tables are not lists of individual financial instruments.
▼B
Detailed description of instrument categories of the monthlyaggregated balance sheet of the MFI
sector
ASSET CATEGORIES
Category Description of main features
1. Cash Holdings of euro and foreign banknotes and coins in circulation that
are commonly used to make payments
2. Loans For the purposes of the reporting scheme, this consists of funds lent by
reporting agents to borrowers, which are not evidenced by documents
or are represented by a single document (even if it has become negoti-
able). It includes assets in the form of deposits:
— loans granted to households in the form of consumer credit (loans
granted for the purpose of personal use in the consumption of
goods and services), lending for house purchases (credit extended
for the purpose of investing in housing, including building and
home improvements) and other (loans granted for purposes such
as business, debt consolidation, education, etc.). Lending for house
purchases comprises loans secured on residential property that are
used for the purpose of house purchase and, where identifiable,
other loans for house purchases made on a personal basis or
secured against other forms of assets
— deposits placed with other MFIs— financial leases granted to third parties
Financial leases are contracts whereby the legal owner of a durable
good (‘lessor’) lends these assets to a third party (‘lessee’) for most
if not all of the economic lifetime of the assets, in exchange for
instalments covering the costs of the good plus an imputed interest
charge. The lessee is in fact assumed to receive all of the benefits
to be derived from the use of the good and to incur the costs and
risks associated with ownership. For statistical purposes, financial
leases are treated as loans from the lessor to the lessee (enabling
the lessee to purchase the durable good). Financial leases granted
by an MFI (acting as the lessor) are to be recorded in the MFI
balance sheet under the asset item ‘loans’. The assets (durable
goods) which have been lent to the lessee should not be recorded
anywhere on the MFI's balance sheet
— bad debt loans that have not yet been repaid or written off
Bad debt loans are considered to be loans in respect of which
repayment is overdue or otherwise identified as being impaired.
NCBs define whether bad loans are to be recorded gross or net of
provisions
— holdings of non-negotiable securities
Holdings of securities other than shares and other equity which are
not negotiable and cannot be traded on secondary markets, see also
‘traded loans’
— traded loans
Loans that have de factobecome negotiable are to be classified under
the asset item ‘loans’ provided that they continue to be evidenced by a
single document and are, as a general rule, only traded occasionally:
— subordinated debt in the form of deposits or loans
Subordinated debt instruments provide a subsidiary claim on the
issuing institution that can only be exercised after all claims with
a higher status (e.g. deposits/loans) have been satisfied, giving
them some of the characteristics of ‘shares and other equity’. For
statistical purposes, subordinated debt is to be treated according to
the nature of the financial instrument, i.e. classified as either
‘loans’ or ‘securities other than shares’ according to the nature of
the instrument. Where MFI holdings of all forms of subordinated
debt are currently identified as a single figure for statistical
purposes, this figure is to be classified under the item ‘securities
other than shares’, on the grounds that subordinated debt is predo-
minately constituted in the form of securities, rather than as loans
— claims under reverse repos
Counterpart of cash paid out in exchange for securities purchased
by reporting agents — see liability item 9.4
The following item is nottreated as a loan:
— loans granted on a trust basis
Loans granted on a trust basis (‘trust loans’/‘fiduciary loans’) are loans2001R2423 — EN — 01.01.2003 — 000.001 — 31
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Category Description of main features
made in the name of one party (‘the trustee’) on behalf of a third party
(‘the beneficiary’). For statistical purposes, trust loans are not to be
recorded on the balance sheet of the trustee where the risks and
rewards of ownershipof the funds remain with the beneficiary. The
risks and rewards of ownershipremain with the beneficiary where: (i)
the beneficiary assumes the credit risk of the loan (i.e. the trustee is
responsible only for the administrative management of the loan); or
(ii) the beneficiary's investment is guaranteed against loss, should the
trustee go into liquidation (i.e. the trust loan is not part of the assets
of the trustee that can be distributed in the event of bankruptcy)
3. Securities other than
sharesHoldings of securities other than shares or other equity, which are
negotiable and usually traded on secondary markets or can be offset
on the market, and which do not grant the holder any ownershiprights
over the issuing institution. This item includes:
— holdings of securities which give the holder the unconditional right
to a fixed or contractually determined income in the form of
coupon payments and/or a stated fixed sum at a specific date (or
dates) or starting from a date defined at the time of issue
— negotiable loans that have been restructured into a large number of
identical documents and that can be traded on secondary markets
(see also ‘traded loans’ in category 2)
— subordinated debt in the form of debt securities (see also ‘subordi-
nated debt in the form of deposits or loans’ in category 2)
— in order to maintain consistency with the treatment of repo-type
operations, securities lent out under securities lending operations
remain on the original owner's balance sheet (and are not to be
transferred to the balance sheet of the temporary acquirer) where
there is a firm commitment to reverse the operation (and not simply
an option to do so)
3a. Securities other than
shares of upto and
including one year's
original maturity— Holdings of negotiable debt securities (evidenced or not by docu-
ments) of original maturity of upto and including one year
— Negotiable loans of original maturity of upto and including one
year that are restructured into a large number of identical docu-
ments and that are traded on secondary markets
— Subordinated debt in the form of debt securities of original maturity
of upto and including one year
3b. Securities other than
shares of over one year
and upto and including
two years' original
maturity— Holdings of negotiable debt securities (evidenced or not by docu-
ments) of over one year and upto and including two years' original
maturity
— Negotiable loans of over one year and upto and including two
years' original maturity that are restructured into a large number
of identical documents and that are traded on secondary markets
— Subordinated debt in the form of debt securities of over one year
and upto and including two years' original maturity
3c. Securities other than
shares of over two years'
original maturity— Holdings of negotiable debt securities (evidenced or not by docu-
ments) of original maturity over two years
— Negotiable loans of over two years' original maturity that are
restructured into a large number of identical documents and that
are traded on secondary markets
— Subordinated debt in the form of debt securities of original maturity
over two years
4.►C1Money market
fund shares/units ◄This asset item includes holdings of shares/units issued by MMFs.
MMFs are collective investment undertakings the shares/units of which
are, in terms of liquidity, close substitutes for deposits, and which
primarily invest in money market instruments and/or in MMF shares/
units and/or in other transferable debt instruments with a residual
maturity of upto and including one year, and/or in bank dep osits,
and/or which pursue a rate of return that approaches the interest rates
of money market instruments (see also categories 5 and 10)
5. Shares and other equity Holdings of securities which represent property rights in corporations
or quasi-corporations. These securities generally entitle the holders to
a share in the profits of corporations or quasi-corporations and to a
share in their own funds in the event of liquidation. Mutual fund shares
(other than MMF shares/units) are included here.2001R2423 — EN — 01.01.2003 — 000.001 — 32
▼B
Category Description of main features
6. Fixed assets For the purposes of the reporting scheme, this consists of non-financial
assets, tangible or intangible, which are intended to be used repeatedly
for more than one year by reporting agents. They include land and
buildings occupied by the MFIs, as well as equipment, software and
other infrastructure. Fixed financial assets are not recorded here but
instead under ‘loans’/‘securities other than shares’/‘shares and other
equity’, according to the type of instrument
7. Remaining assets The item ‘remaining assets’ is regarded as the residual item on the
asset side of the balance sheet, defined as ‘assets not included else-
where’
This item may include:
— financial derivative positions with gross positive market values
For statistical purposes, financial derivative instruments that are
subject to on-balance-sheet recording are included here
— gross amounts receivable in respect of suspense items
Suspense items are asset balances held in the MFI balance sheet
which are not booked in the name of customers but which never-
theless relate to customers' funds (e.g. funds that are awaiting
investment, transfer or settlement)
— gross amounts receivable in respect of transit items
Transit items represent funds (usually belonging to customers) that
are in the course of being transmitted between MFIs. Items include
cheques and other forms of payment that have been sent for collec-
tion to other MFIs
— accrued interest receivable on loans
Accrued interest on loans refers to interest that is receivable on the
balance sheet reporting date, but which is not due to be received
until a future date (i.e. until after that reporting date). Accrued
interest on loans is to be classified on a gross basis under the cate-
gory ‘remaining assets’. Accrued interest is to be excluded from the
loan to which it relates, which should be valued at the nominal
amount outstanding on the reporting date
— dividends to be received
— amounts receivable not related to the main MFI business— asset counterpart to coins issued by the State (NCBs' balance sheets
only)
— ‘Remaining assets’ may excludefinancial instruments that take the
form of financial assets (included within the other balance sheet
items), certain financial instruments that do not take the form of
financial assets, such as guarantees, commitments, administered
and trust loans (recorded off-balance sheet), and non-financial
assets, such as land and commodities (included within ‘fixed
assets’)
LIABILITY CATEGORIES
Category Description of main features
8. Currency in circulation The liability category ‘currency in circulation’ is defined as ‘ banknotes
and coins in circulation that are commonlyused to make pay ments ’.
This category includes banknotes issued by the ECB and the NCBs.
Coins in circulation are not a liability of MFIs in the participating
Member States, but a liability of the central government. However,
coins are part of the monetary aggregates and, by convention, this
liability is to be entered under the category ‘currency in circulation’.
The counterpart to this liability is to be included within ‘remaining
assets’
9. Deposits Amounts owed to creditors by reporting agents, other than those arising
from the issue of negotiable securities. For the purposes of the
reporting scheme, this category is broken down into overnight deposits,
deposits with agreed maturity, deposits redeemable at notice and
repurchase agreements
‘Deposits’ also cover ‘loans’ as liabilities of MFIs. In conceptual
terms, loans represent amounts received by MFIs that are not structured
in the form of ‘deposits’. The ESA 95 distinguishes between ‘loans’
and ‘deposits’ on the basis of the party that takes the initiative (if this2001R2423 — EN — 01.01.2003 — 000.001 — 33
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Category Description of main features
is the borrower, then it constitutes a loan, but if this is the lender, then
it constitutes a deposit), although in practice the relevance of this
distinction will vary according to the national financial structure.
Within the reporting scheme, ‘loans’ are not recognised as a separate
category on the liabilities side of the balance sheet. Instead, balances
that are considered as ‘loans’ are to be classified indistinguishably
under the item ‘deposit liabilities’, unless they are represented by nego-
tiable instruments. This is in line with the definition of ‘deposit liabil-
ities’ above. Loans to MFIs that are classified as ‘deposit liabilities’ are
to be broken down in accordance with the requirements of the
reporting scheme (i.e. by sector, instrument, currency and maturity)
Non-negotiable debt instruments issued by reporting agents are gener-
ally to be classified as ‘deposit liabilities’. Instruments may be referred
to as being ‘non-negotiable’ in the sense that there are restrictions on
the transfer of legal ownershipof the instrument that means that they
cannot be marketed or, although technically negotiable, they cannot be
traded owing to the absence of an organised market. Non-negotiable
instruments issued by reporting agents that subsequently become nego-
tiable and that can be traded on secondary markets should be reclassi-
fied as ‘debt securities’
Margin deposits (margins) made under derivative contracts should be
classified as ‘deposit liabilities’, where they represent cash collateral
deposited with MFIs and where they remain in the ownership of the
depositor and are repayable to the depositor when the contract is closed
out. On the basis of current market practice, it is also suggested that
margins received by the reporting agent should only be classified as
‘deposit liabilities’ to the extent that the MFI is provided with funds
that are freely available for on-lending. Where a part of the margin
received by the MFI has to be passed to another derivatives market
participant (e.g. the clearing house), only that part which remains at
the disposal of the MFI should in principle be classified as ‘deposit
liabilities’. The complexities of current market practice may make it
difficult to identify those margins that are truly repayable, because
different types of margin are placed indistinguishably within the same
account, or those margins that provide the MFI with resources for on-
lending. In these cases, it is acceptable to classify these margins under
‘remaining liabilities’ or as ‘deposit liabilities’, according to national
practice ‘earmarked balances related to e.g. leasing contracts’ are clas-
sified as deposit liabilities under ‘deposits with agreed maturity’ or
‘deposits redeemable at notice’ depending on the maturity/provisions
of the underlying contract
Funds (deposits) received on a trust basis shall not be recorded on the
MFI statistical balance sheet (see ‘loans granted on a trust basis’ under
category 2)
9.1. Overnight deposits Deposits which are convertible into currency and/or which are transfer-
able on demand by cheque, banker's order, debit entry or similar
means, without significant delay, restriction or penalty. Balances repre-
senting prepaid amounts in the context of electronic money, either in
the form of ‘hardware based’ e-money (e.g. prepaid cards) or ‘software
based’ e-money, issued by MFIs, are included under this item. This
item excludes non-transferable deposits which are technically with-
drawable on demand but which are subject to significant penalties:
— balances (interest-bearing or not) which are transferable by cheque,
banker's order, debit entry or the like, without any significant
penalty or restriction
— balances (interest-bearing or not) which are immediately conver-
tible into currency on demand or by close of business on the day
following that on which the deposit was made, without any signifi-
cant penalty or restriction, but which are not transferable
— balances (interest-bearing or not) representing prepaid amounts in
the context of ‘hardware-based’ or ‘software-based’ e-money (e.g.
prepaid cards)
— loans to be repaid by close of business on the day following that on
which the loan was granted
9.2. Deposits with agreed
maturityNon-transferable deposits which cannot be converted into currency
before an agreed fixed term or that can only be converted into currency
before that agreed term provided that the holder is charged some kind
of penalty. This item also includes administratively regulated savings
deposits where the maturity related criterion is not relevant (classifiedin the maturity band ‘over two years’). Financial products with roll-2001R2423 — EN — 01.01.2003 — 000.001 — 34
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Category Description of main features
over provisions must be classified according to the earliest maturity.
Although deposits with agreed maturity may feature the possibility of
earlier redemption after prior notification, or may be redeemable on
demand subject to certain penalties, these features are not considered
to be relevant for classification purposes
9.2a. Deposits of up to and
including one year's agreed
maturity— Balances placed with a fixed term to maturity of no more than one
year (excluding deposits with an original maturity of one day) that
are non-transferable and cannot be converted into currency before
that maturity
— Balances placed with a fixed term to maturity of no more than one
year that are non-transferable but can be redeemed before that term
after prior notification; where notification has been given, these
balances should be classified in 9.3a or 9.3b, where appropriate
— Balances placed with a fixed term to maturity of no more than one
year that are non-transferable but can be redeemed on demand
subject to certain penalties
— Margin payments made under derivative contracts to be closed out
within one year, representing cash collateral placed to protect
against credit risk but remaining in the ownershipof the dep ositor
and being repayable to the depositor when the contract is closed
out
— Loans evidenced by a single document of upto and including one
year's original maturity
— Non-negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of upto and including one year
— Subordinated debt issued by MFIs in the form of deposits or loans
of original maturity of upto and including one year
9.2b. Deposits of over one
year and upto and
including two years' agreed
maturity— Balances placed with a fixed term to maturity of between one and
two years that are non-transferable and cannot be converted into
currency before that maturity
— Balances placed with a fixed term to maturity of between one and
two years that are non-transferable but can be redeemed before that
term after prior notification; where notification has been given,
these balances should be classified in 9.3a or 9.3b, where appro-
priate
— Balances placed with a fixed term to maturity of between one and
two years that are non-transferable but can be redeemed on demand
subject to certain penalties
— Margin payments made under derivative contracts to be closed out
within between one and two years, representing cash collateral
placed to protect against credit risk but remaining in the ownershipof the depositor and being repayable to the depositor when the
contract is closed out
— Loans evidenced by a single document of between one and two
years' original maturity
— Non-negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of over one year and upto and
including two years
— Subordinated debt issued by MFIs in the form of deposits or loans
of original maturity of over one year and upto and including two
years
9.2c. Deposits of over two
years agreed maturity— Balances placed with a fixed term to maturity of more than two
years that are non-transferable and cannot be converted into
currency before that maturity
— Balances placed with a fixed term to maturity of more than two
years that are non-transferable but can be redeemed before that
term after prior notification; where notification has been given,
these balances should be classified in 9.3a or 9.3b, where appro-
priate
— Balances placed with a fixed term to maturity of more than two
years that are non-transferable but can be redeemed on demand
subject to certain penalties
— Balances (regardless of maturity) in which the interest rates and/or
terms and conditions are specified in national legislation and which
are designed to be held for specific purposes (e.g. house financing)
occurring after two years (even if technically they are redeemable
on demand)2001R2423 — EN — 01.01.2003 — 000.001 — 35
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Category Description of main features
— Margin payments made under derivative contracts to be closed out
in more than two years, representing cash collateral placed to
protect against credit risk but remaining in the ownership of the
depositor and being repayable to the depositor when the contract
is closed out
— Loans evidenced by a single document of more than two years'
original maturity
— Non-negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of over two years
— Subordinated debt issued by MFIs in the form of deposits or loans
of original maturity of over two years
9.3. Deposits redeemable
at noticeNon-transferable deposits without any agreed maturity which cannot be
converted into currency without a period of prior notice, before the
term of which the conversion into cash is not possible or possible
only with a penalty. They include deposits which, although perhaps
legally withdrawable on demand, would be subject to penalties and
restrictions according to national practice (classified in the maturity
band ‘upto and including three months’), and investment accounts
without period of notice or agreed maturity, but which contain restric-
tive drawing provisions (classified in the maturity band ‘over three
months’)
9.3a Deposits redeemable
at upto and including
three months notice— Balances placed without a fixed maturity that can be withdrawn
only subject to a pre-announcement of up to and including three
months; if redemption prior to that notice period (or even on
demand) is possible, it involves the payment of a penalty
— Non-transferable sight savings deposits and other types of retail
deposits which, although legally redeemable on demand, are
subject to significant penalties
— Balances placed with a fixed term to maturity that are non-transfer-
able but that have been subject to a notification of less than three
months for an earlier redemption
9.3b. Deposits redeemable
at over three months notice
of which over two years
notice (where applicable)— Balances placed without a fixed maturity that can be withdrawn
only subject to a pre-announcement of more than three months; if
redemption prior to that notice period (or even on demand) is
possible, it involves the payment of a penalty
— Investment accounts without a period of notice or agreed maturity,
but which contain restrictive drawing provisions
— Balances placed with a fixed term to maturity, that are non-trans-
ferable but have been subject to a notification of more than three
months for an earlier redemption
9.4. Repos Counterpart of cash received in exchange for securities/gold sold by
reporting agents at a given price under a firm commitment to
repurchase the same (or similar) securities/gold at a fixed price on a
specified future date. Amounts received by reporting agents in
exchange for securities/gold transferred to a third party (‘temporary
acquirer’) are to be classified under ‘repurchase agreements’ where
there is a firm commitment to reverse the operation and not merely
an option to do so. This implies that reporting agents retain effective
(economic) ownershipof the underlying securities/gold during the
operation. In this respect, the transfer of legal ownership is not the
relevant feature for determining the treatment of repo-like operations.
Where the temporary acquirer sells the securities received by way of
a repo operation, this sale must be recorded as an outright transaction
in securities/gold and entered in the balance sheet of the temporary
acquirer as a negative position in the securities/gold portfolio
The following three variants of repo-type operations are all structured
in such a way as to satisfy the conditions necessary for treatment as
collateralised loans. Hence amounts received by reporting agetns (in
exchange for securities/gold temporarily transferred to a third party)
are classified under ‘repurchase agreements’:
— amounts received in exchange for securities/gold temporarily trans-
ferred to a third party in the form of a repurchase agreement
— amounts received in exchange for securities/gold temporarily trans-
ferred to a third party in the form of bond lending (against cash
collateral)
— amounts received in exchange for securities/gold temporarily trans-
ferred to a third party in the form of a sale/buy-back agreement2001R2423 — EN — 01.01.2003 — 000.001 — 36
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Category Description of main features
10. Money market fund
shares/unitsShares or units issued by MMFs. MMFs are collective investment
undertakings the shares/units of which are, in terms of liquidity, close
substitutes for deposits, and which primarily invest in money market
instruments and/or in MMF shares/units and/or in other transferable
debt instruments with a residual maturity of upto and including one
year, and/or in bank deposits, and/or which pursue a rate of return
that approaches the interest rates of money market instruments
11. Debt securities issued Securities other than equity issued by reporting agents, which are
instruments usually negotiable and traded on secondary markets or
which can be offset on the market and which do not grant the holder
any ownershiprights over the issuing institution. This item includes
securities that give the holder the unconditional right to a fixed or
contractually determined income in the form of coupon payments and/
or a stated fixed sum at a specific date (or dates) or starting from a
date defined at the time of issue. Non-negotiable instruments issued
by reporting agents that subsequently become negotiable should be
reclassified as ‘debt securities’ (see also category 9)
Subordinated debt issued by MFIs is to be treated in the same way as
other debt incurred by MFIs for the purposes of money and banking
statistics. Hence, subordinated debt issued in the form of securities is
to be classified as ‘debt securities issued’, whereas subordinated debt
issued by MFIs in the form of deposits or loans is to be classified as
‘deposit liabilities’. Where all subordinated debt issued by MFIs is
identified as a single amount for statistical purposes, this figure is to
be classified under the item ‘debt securities issued’, on the grounds
that subordinated debt is predominately constituted in the form of secu-
rities rather than as loans. Subordinated debt should not be classified
under the liability item ‘capital and reserves’
11a. Debt securities of up
to and including one year's
original maturity— Negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of upto and including one year
— Subordinated debt issued by MFIs in the form of debt securities of
original maturity of upto and including one year
11b. Debt securities of
over one year and upto
and including two years'
original maturity— Negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of over one year and upto and
including two years
— Subordinated debt issued by MFIs in the form of debt securities of
original maturity of over one year and upto and including two
years
11c. Debt securities of
over two years' original
maturity— Negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of over two years
— Subordinated debt issued by MFIs in the form of debt securities of
original maturity of over two years
12. Capital and reserves For the purposes of the reporting scheme, this category comprises the
amounts arising from the issue of equity capital by reporting agents to
shareholders or other proprietors, representing for the holder property
rights in the MFI and generally an entitlement to a share in its profits
and to a share in its own funds in the event of liquidation. Funds
arising from non-distributed benefits or funds set aside by reporting
agents in anticipation of likely future payments and obligations are
also included. It includes:
— equity capital
— non-distributed benefits or funds
— specific and general provisions against loans, securities and other
types of assets (may be recorded according to the accounting rules)
13. Remaining liabilities The item ‘remaining liabilities’ is regarded as the residual item on the
liabilities side of the balance sheet, defined as ‘liabilities not included
elsewhere’
This item may include:
— financial derivative positions with gross negative market values
For statistical purposes, financial derivative instruments that are
subject to on-balance-sheet recording are to be included here
— gross amounts payable in respect of suspense items
Suspense items are balances held in the MFI balance sheet which2001R2423 — EN — 01.01.2003 — 000.001 — 37
▼B
Category Description of main features
are not booked in the name of customers but which nevertheless
relate to customers' funds (e.g. funds that are awaiting investment,
transfer or settlement)
— gross amounts payable in respect of transit items
Transit items represent funds (usually belonging to customers) that
are in the process of being transmitted between MFIs. Items include
credit transfers that have been debited from customers' accounts
and other items for which the corresponding payment has not yet
been made by the reporting agent
— accrued interest payable on deposits
Accrued interest on deposits refers to interest that is payable on the
balance sheet reporting date but which is not due to be paid until a
future date (i.e. until after that reporting date). In accordance with
the general principle of accruals accounting, interest paid on
deposits should be subject to on-balance-sheet recording as it
accrues (i.e. on an accruals basis) rather than when it is actually
paid (i.e. on a cash basis). Accrued interest on deposits is to be
classified on a gross basis under the category ‘remaining liabilities’.
Accrued interest is to be excluded from the deposit category to
which it relates, which should be valued at the nominal amount
outstanding on the reporting date
— dividends to be paid
— amounts payable not related to the main MFI business (amounts
due to suppliers, tax, wages, social contributions etc.)
— provisions representing liabilities against third parties (pensions,
dividends etc.)
— margin payments made under derivative contracts
Margin payments (margins) made under derivatives contracts
should normally be classified as ‘deposit liabilities’ (see category
9)
The complexities of current market practice may make it difficult
to identify those margins that are truly repayable, because different
types of margin are placed indistinguishably within the same
account, or those margins that provide the MFI with resources for
on-lending. In these cases, it is acceptable to classify these marginsunder ‘remaining liabilities’ or as ‘deposit liabilities’, according to
national practice
— net positions arising from securities lending without cash collateral— net amounts payable in respect of future settlements of transactions
in securities or foreign exchange operations
‘Remaining liabilities’ may excludealmost all financial instruments
that take the form of financial liabilities (included within the other
balance sheet items); financial instruments that do not take the
form of financial liabilities such as guarantees, commitments, admi-
nistered and trust loans (recorded off-balance sheet), and non-finan-
cial liabilities such as capital items on the liabilities side (included
within ‘capital and reserves’).2001R2423 — EN — 01.01.2003 — 000.001 — 38
▼B
ANNEX II
SPECIFIC AND TRANSITIONAL PROVISIONS AND PROVISIONS ON
MERGERS INVOLVING CREDIT INSTITUTIONS IN RESPECT OF
THEAPPLICATIONOFTHEMINIMUMRESERVESYSTEM
PART 1
Specific provisions
I.Creditinstitutionsasfullreporters
1. In order to make a correct calculation of the reserve base to which a posi-
tive reserve ratio is applied, a detailed monthly breakdown is required of
deposits with an agreed maturity of over two years, of deposits redeemable
at notice of over two years and of repo liabilities of credit institutions vis-à-
vis the (‘domestic’ and ‘other participating Member States’) ‘MFIs’, ‘credit
institutions subject to minimum reserves, ECB and NCBs’ and ‘central
government’ sectors, and vis-à-vis the ‘rest of the world’. Credit institutions
may also report positions vis-à-vis ‘MFIs other than credit institutions
subject to minimum reserves, ECB and NCBs’, rather than vis-à-vis
‘MFIs’ and ‘credit institutions subject to minimum reserves, ECB and
NCBs’, provided that no loss of detail is implied and no bold type positionsare affected. Furthermore, depending on the national collection systems and
without prejudice to full compliance with the definitions and classification
principles of the MFI balance sheet set out in this Regulation, credit institu-
tions subject to reserve requirements may alternatively report the data
necessary to calculate the reserve base, except those on negotiable instru-
ments, in accordance with Annex I, Table 1, footnote 5, provided that no
bold type positions are affected.
II.Reportingschemeforcreditinstitutionsinthe‘tail’
2. For the purposes of the minimum reserve system of the ESCB, small credit
institutions in the ‘tail’ report, as a minimum, quarterly data necessary to
calculate the reserve base in accordance with this Annex's table. Credit
institutions in the ‘tail’ ensure that the reporting according to this Table is
fully consistent with the definitions and classifications applicable in table 1.
The ‘tail’ institutions' reserve base data for three (one-month) reserve main-
tenance periods is based on end-of-quarter data collected by the NCBs with
a deadline of 28 working days following the end of the quarter to which
they relate.
III.Reporting on a consolidated basis as a group by credit institutions
subjecttotheESCBminimumreservesystem
3. On receiving authorisation from the ECB, credit institutions subject to
minimum reserves may carry out consolidated statistical reporting for a
groupof credit institutions subject to minimum reserves within a single
national territory, provided that all the institutions concerned have
renounced the benefit of any lump-sum allowance from the reserve require-
ment. The benefit of the lump-sum allowance remains, however, for the
groupas a whole. All the institutions concerned are included sep arately in
the ECB's list of MFIs.
4. If the groupof credit institutions as a whole falls under the ‘tail’, it is only
required to comply with the simplified reporting for ‘tail’ institutions.
Otherwise, the reporting scheme for full reporters applies to the group as a
whole.
IV.Thecolumn‘ofwhichcreditinstitutionssubjecttoreserverequire-
ments,ECBandNCBs’
5. The column ‘of which credit institutions subject to reserve requirements,
ECB and NCBs’ does not include the liabilities of reporting agents vis-à-
vis institutions listed as exempt from the ESCB's minimum reserve system,
i.e. institutions which are exempt for reasons other than their being subject
to reorganisation measures.
6. The list of exempt institutions contains only those institutions that are
exempt for reasons other than their being subject to reorganisation
measures. Institutions which are temporarily exempt from minimum reserve
requirements on account of their being subject to reorganisation measures
are treated as institutions subject to minimum reserve requirements and,
therefore, liabilities vis-à-vis these institutions are covered under the column
‘of which credit institutions subject to reserve requirements, ECB and
NCBs’. Liabilities vis-à-vis institutions not actually required to maintain2001R2423 — EN — 01.01.2003 — 000.001 — 39
▼B
reserve holdings with the ESCB owing to the application of the lump-sum
allowance are also covered under this column.
PART 2
Transitional provisions
7. The reporting of information on deposits redeemable at notice of over two
years is voluntary until further notice. Reporting agents have the option ofmeeting this requirement by means of voluntary reporting, i.e. they are
allowed to report either true figures (including nil positions) or ‘missing
information’ (using the appropriate symbol). Once the choice to report true
figures has been made, reporting agents are no longer able to report
‘missing information’.
PART 3
Mergers involving credit institutions
8. For the purpose of this Annex, the terms ‘merger’, ‘merging institutions’,
and ‘acquiring institution’ have the meaning set out in Regulation (EC) No
2818/98 of the European Central Bank of 1 December 1998 on the applica-
tion of minimum reserves (ECB/1998/15)(
1), as amended by Regulation
(EC) No 1921/2000 (ECB/2000/8)(2).
9. For the maintenance period within which a merger takes effect, the reserve
requirements of the acquiring institution are calculated and have to be
fulfilled as set out in Article 13 of Regulation (EC) No 2818/98 (ECB/
1998/15).
10. For the consecutive maintenance periods, the reserve requirement of the
acquiring institution is calculated on the basis of a reserve base and of
statistical information reported in accordance with the rules set out in the
Appendix to this Annex, if applicable. Otherwise, the normal rules for
reporting statistical information and calculation of reserve requirements, as
set out in Article 3 of Regulation (EC) No 2818/98 (ECB/1998/15), apply.
11.Temporary derogation from the normal reporting procedures for the
acquiringinstitution
Without prejudice to the obligations set out in the previous paragraphs, the
relevant NCB may authorise the acquiring institution to fulfil its obligation
to report statistical information through temporary procedures, for instance
separate forms for each of the merging institutions during several periods
after the merger has taken effect. This derogation from normal reporting
procedures must be limited to the minimum time possible and should not
exceed six months after the merger has taken effect. This derogation is
without prejudice to the obligation for the acquiring institution to fulfil its
reporting obligations in accordance with this Regulation and, if applicable,
its obligation to assume the reporting obligations of merging institutions in
accordance with this Annex.2001R2423 — EN — 01.01.2003 — 000.001 — 40
(1) OJ L 356, 30.12.1998, p. 1.
(2) OJ L 229, 9.9.2000, p. 34.
▼C1
2001R2423 — EN — 01.01.2003 — 000.001 — 41
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APPENDIX
Specific rules for the calculation of reserve requirements of credit institutions involved in a
merger(1)
Case
numberType of merger Obligations to be assumed
1 Amerger where a full reporter
(acquiring institution) acquires one or
more full reporters (merging institu-
tions) takes effect after the deadline
set by the relevant NCB in accordance
withArticle4ofthisRegulationforthe
reporting of monthly statistical infor-
mationrelatingtotheprecedingmonthFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the acquiring institution
and of the merging institutions. The reserve
bases to be aggregated are those which
would have been relevant for this mainte-
nance period had the merger not occurred.
Only one lump-sum allowance is granted
2 Amerger where a full reporter
(acquiring institution) acquires one or
more tail institutions and possibly one
ormorefullreporters(merginginstitu-
tions)takeseffect afterthedeadlineset
by the relevant NCB in accordance
with Article 4 of this Regulation for
the reporting of statistical information
relating totheprecedingquarterFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the acquiring institution
and of the merging institutions. The reserve
bases to be aggregated are those which
would have been relevant for this mainte-
nance period had the merger not occurred.
Only one lump-sum allowance is granted
3 Amerger where a full reporter
(acquiring institution) acquires one or
more full reporters (merging institu-
tions) takes effect within the period
between the end of a month and the
deadline set by the relevant NCB in
accordancewithArticle4ofthisRegu-
lation for the reporting of monthly
statistical information relating to the
precedingmonthFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the acquiring institution
and of the merging institutions. The reserve
bases to be aggregated are those which
would have been relevant for this mainte-
nance period had the merger not occurred.
Only one lump-sum allowance is granted.
The acquiring institution shall assume, in
addition to its own reporting obligations,
the reporting obligations of merging institu-
tions for statistical information relating to
the month preceding the merger
4 Amerger where a full reporter
(acquiring institution) acquires one or
more tail institutions and possibly one
ormorefullreporters(merginginstitu-
tions) takes effect within the period
between the end of a quarter and the
deadline set by the relevant NCB in
accordancewithArticle4ofthisRegu-
lation for the reporting of statistical
information relating to the preceding
quarterFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the acquiring institution
and of the merging institutions. The reserve
bases to be aggregated are those which
would have been relevant for this mainte-
nance period had the merger not occurred.
Only one lump-sum allowance is granted.
The acquiring institution shall assume, in
addition to its own reporting obligations,
the reporting obligations of merging institu-
tions for statistical information relating to
the month or the quarter preceding the
merger, depending on the institution
5 Amerger where a tail institution
(acquiring institution) acquires one or
more full reporters and possibly one
ormore tailinstitutions(merging insti-
tutions) takes effect after the deadline
set by the relevant NCB in accordance
withArticle4ofthisRegulationforthe
reporting of statistical information
relating totheprecedingmonthSame procedure as in Case 1 is applied2001R2423 — EN — 01.01.2003 — 000.001 — 42
▼B
Case
numberType of merger Obligations to be assumed
6 Amerger where a tail institution
(acquiring institution) acquires one or
more tail institutions (merging institu-
tions) takes effect after the deadline
set by the relevant NCB in accordance
withArticle4ofthisRegulationforthe
reporting of statistical information
relating totheprecedingquarterFrom the maintenance period consecutive
to the merger and until the acquiring insti-
tution has reported quarterly data for the
first time after the merger in accordance
with the reduced reporting requirements
imposed upon tail reporters as set out in
Annex II to this Regulation, the reserve
requirement of the acquiring institution is
calculated on the basis of a reserve base
aggregating the reserve bases of the
acquiring institution and of the merging
institutions. The reserve bases to be aggre-
gated are those which would have been
relevant for this maintenance period had
the merger not occurred. Only one lump-
sum allowance is granted
7 Amerger where a tail institution
(acquiring institution) acquires one or
more tail institutions (merging institu-
tions) takes effect after the deadline
set by the relevant NCB in accordance
withArticle4ofthisRegulationforthe
reporting of statistical information
relating to the preceding quarter and,
asa result of the merger, the tail insti-
tutionbecomesafullreporterSame procedure as in Case 2 is applied
8 Amerger where a tail institution
(acquiring institution) acquires one or
more tail institutions (merging institu-
tions) takes effect within the period
between the end of a quarter and the
deadline set by the relevant NCB in
accordancewithArticle4ofthisRegu-
lation for the reporting of statistical
information relating to the preceding
quarterFrom the maintenance period consecutive
to the merger and until the acquiring insti-
tution has reported, for the first time after
the merger, quarterly data in accordance
with the reduced reporting requirements
imposed upon tail reporters as set out in
Annex II to this Regulation, the reserve
requirement of the acquiring institution is
calculated on the basis of a reserve base
aggregating the reserve bases of the
acquiring institution and of the merging
institutions. The reserve bases to be aggre-
gated are those which would have been
relevant for this maintenance period had
the merger not occurred. Only one lump-
sum allowance is granted. The acquiring
institution shall assume, in addition to its
own reporting obligations, the reporting
obligations of merging institutions for
statistical information relating to the quarter
preceding the merger
9 Amerger where a tail institution
(acquiring institution) acquires one or
more full reporters and possibly one
ormore tailinstitutions(merging insti-
tutions) takes effect within the period
between the end of a month and the
deadline set by the relevant NCB in
accordancewithArticle4ofthisRegu-
lation for the reporting of monthly
statistical information relating to the
precedingmonth.Same procedure as in Case 3 is applied
10 Amerger where a tail institution
(acquiring institution) acquires one or
more tail institutions (merging institu-
tions) takes effect within the period
between the end of a quarter and the
deadline set by the relevant NCB in
accordancewithArticle4ofthisRegu-
lation for the reporting of statistical
information relating to the preceding
quarter and, as a result of the merger,
the tail institution becomes a full
reporterSame procedure as in Case 4 is applied2001R2423 — EN — 01.01.2003 — 000.001 — 43
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Case
numberType of merger Obligations to be assumed
11 Amerger where a full reporter
(acquiring institution) is created from
full reporters (merging institutions)
takes effect within the period between
the end of a month and the deadline
set by the relevant NCB in accordance
withArticle4ofthisRegulationforthe
reporting of monthly statistical infor-
mationrelatingtotheprecedingmonthFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the merging institutions.
The reserve bases to be aggregated are
those which would have been relevant for
this maintenance period had the merger not
occurred. Only one lump-sum allowance is
granted. The acquiring institution shall
assume the reporting obligations of merging
institutions for statistical information
relating to the month preceding the merger
12 Amerger where a full reporter
(acquiring institution) is created from
one or more tail institutions and
possibly one or more full reporters
(merging institutions) takes effect
within the period between the end of a
quarter and the deadline set by the
relevant NCB in accordance with
Article 4 of this Regulation for the
reporting of statistical information
relating totheprecedingquarterFor the maintenance period consecutive to
the merger, the reserve requirement of the
acquiring institution is calculated on the
basis of a reserve base aggregating the
reserve bases of the merging institutions.
The reserve bases to be aggregated are
those which would have been relevant for
this maintenance period had the merger not
occurred. Only one lump-sum allowance is
granted. The acquiring institution shall
assume the reporting obligations of merging
institutions for data relating to the month or
the quarter preceding the merger,
depending on the institution
13 Amerger where a tail institution
(acquiring institution) is created from
one or more tail institutions (merging
institutions) takes effect within the
period between the end of a quarter
and the deadline set by the relevant
NCB in accordance with Article 4 of
this Regulation for the reporting of
statistical information relating to the
precedingquarter►C1From◄the maintenance period
consecutive to the merger and until the
acquiring institution has reported quarterly
data for the first time after the merger in
accordance with the reduced reporting
requirements imposed upon tail reporters as
set out in Annex II to this Regulation, the
reserve requirement of the acquiring insti-
tution is calculated on the basis of a reserve
base aggregating the reserve bases of the
merging institutions. The reserve bases to
be aggregated are those which would have
been relevant for this maintenance period
had the merger not occurred. Only one
lump-sum allowance is granted. The
acquiring institution shall assume the
reporting obligations of merging institutions
for data relating to the quarter preceding
the merger
(1) The table presents the details of more complex procedures applied to specific cases. For cases not presented in
the table, the normal rules for reporting of statistical information and calculation of reserve requirements, as setout in Article 3 of Regulation (EC) No 2818/98 (ECB/1998/15), apply.2001R2423 — EN — 01.01.2003 — 000.001 — 44
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ANNEX III
STATISTICAL REQUIREMENTS FOR SMALL MFIs THAT ARE NOT
CREDITINSTITUTIONS
With regard to small MFIs that are not credit institutions, national central banks
that decide to relieve small MFIs of full reporting requirements should inform
the institutions concerned thereof, but continue, as a minimum, to collect data
relating to the total balance sheet at least at an annual frequency so that the
size of the reporting ‘tail’ can be monitored.2001R2423 — EN — 01.01.2003 — 000.001 — 45
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ANNEX IV
MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL
REPORTINGPOPULATION
The following minimum standards shall be fulfilled by the reporting agents to
meet the statistical reporting requirements of the ECB.
1.Minimum standards for transmission
(a) Reporting to the NCBs shall be timely and within the deadlines set by the
NCBs;
(b) statistical reports shall take their form and format from the technical
reporting requirements set by the NCBs;
(c) the contact person(s) within the reporting agent shall be identified; and
(d) the technical specifications for data transmission to NCBs shall be
followed.
2.Minimum standards for accuracy
(e) The statistical information shall be correct:
— all linear constraints shall be fulfilled (e.g. balance sheets must balance,
subtotals must add upto totals); and
— data shall be consistent across all frequencies;
(f) reporting agents shall be able to provide information on the developments
implied by the data supplied;
(g) the statistical information shall be complete; existing gaps should be
acknowledged, explained to NCBs and, where applicable, bridged as soon
as possible;
(h) the statistical information shall not contain continuous and structural gaps;(i) reporting agents shall follow the dimensions and decimals set by the NCBs
for the technical transmission of the data; and
(j) reporting agents shall follow the rounding policy set by the NCBs for the
technical transmission of the data.
3.Minimum standards for conceptual compliance
(k) The statistical information shall comply with the definitions and classifica-
tions contained in this Regulation;
(l) in the event of deviations from these definitions and classifications, where
applicable, reporting agents shall monitor on a regular basis and quantify
the difference between the measure used and the measure contained in this
Regulation; and
(m) reporting agents shall be able to explain breaks in the data supplied
compared with the previous periods' figures.
4.Minimum standards for revisions
(n) The revisions policy and procedures set by the ECB and the NCBs shall be
followed. Revisions deviating from regular revisions shall be accompanied
by explanatory notes.2001R2423 — EN — 01.01.2003 — 000.001 — 46
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ANNEX V
TRANSITIONAL PROVISIONS FOR THE APPLICATION OF THIS
REGULATION
1. First reporting according to this Regulation begins with monthly data for
January 2003.
2. For a transitional period of 12 months, the new monthly statistical require-
ments on stock data may be reported to the ECB with a delay of a further
one month from the close of business on the 15th working day following
the end of the month to which the data relate. NCBs decide when they need
to receive data from reporting agents in order to meet this deadline.
3. For a transitional period of 12 months, the requirements on write-offs/write-
downs on loans and price revaluations on securities data may be reported to
the ECB with a delay of a further one month from the close of business on
the 15th working day following the end of the month to which the data
relate. NCBs decide when they need to receive data from reporting agents
in order to meet this deadline.
4. For the monthly maturity breakdown of loans/deposits vis-à-vis the rest of
the world and the additional quarterly currency breakdown of these loans/
deposits, which items are needed for balance of payments statistics (b.o.p.)
purposes, each Member State will be able to define a timetable for the use
of the MFI balance sheet statistics for b.o.p. purposes according to its
specific needs.
5. A separate transitional feature is the subsequent adoption of the euro by other
Member States. MFIs take account of this by retaining the ability to break
down by country positions with residents of non-participating Member States.
It would, in principle, also be necessary to break down those balances by
currency, separately identifying the domestic currency of the non-partici-
pating Member States, the euro and other currencies. To reduce the
potentially heavy reporting burden, any back data covering the period before
a change in the composition of the participating Member States is known
may be produced with some scope for flexibility, subject to prior approval
by the ECB.
6. In view of the cash changeover carried out in the context of the adoption of
the euro by a Member State, the items in the reporting scheme denominated
in the national currency of the participating Member State are included in the
items denominated in ‘euro’ from the date of entry of this Member State into
monetary union and prior to the completion of changeover to the euro of the
currency concerned.2001R2423 — EN — 01.01.2003 — 000.001 — 47