02014O0015 — EN — 02.10.2019 — 005.001

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►B GUIDELINE OF THE EUROPEAN CENTRAL BANK of 4 April 2014 on monetary and financial statistics (recast) (ECB/2014/15) (2014/810/EU) (OJ L 340 26.11.2014, p. 1)

Amended by:









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GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 4 April 2014

on monetary and financial statistics

(recast)

(ECB/2014/15)

(2014/810/EU)







Article 1

Scope

1. General

This Guideline establishes the NCBs’ obligations to report monetary and financial statistics to the ECB.

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2. Reporting schemes, standards and transmission dates

NCBs shall report the items referred to in Articles 3 to 26a in accordance with the schemes set out in Annex II and in accordance with the electronic reporting standards set out in Annex III. By the end of September each year, the ECB shall communicate the exact transmission dates to NCBs in the form of a reporting calendar for the following year.

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3. Back data reporting requirements in the case of adoption of the euro

In cases of adoption of the euro, the following rules shall apply:

(a) For MFI and MMF balance sheet statistics and statistics on IF and FVC assets and liabilities, NCBs of Member States whose currency is not the euro (hereinafter the ‘non-euro area Member States’) that adopt the euro following the entry into force of this Guideline shall report to the ECB back data covering all reference periods from their accession to the Union, and in any case covering at least the three years prior to their accession to the euro area. Data shall be compiled by the NCB as if the Member State in question was part of the euro area throughout all reference periods. In order to fulfil this requirement, NCBs of countries that accede to the Union are recommended to implement the requirements of these datasets in accordance with the templates for non-euro area Member States.

(b) In addition to this general requirement, the following requirements apply in respect of MFI balance sheet items (BSI) statistics:

(i) back data shall also cover the three years prior to the Member State’s accession to the Union, unless otherwise agreed with the ECB;

(ii) NCBs of euro area Member States shall report positions vis-à-vis Member States that adopt the euro following the entry into force of this Guideline covering the three years prior to the euro area enlargement, unless otherwise agreed with the ECB. This principle shall apply only to monthly outstanding amounts reported in accordance with Regulation (EU) No 1071/2013 (ECB/2013/33). Reporting is mandatory only for those outstanding amounts exceeding EUR 50 million and is otherwise done on a voluntary basis.

(c) For securities issues, the time series transmitted to the ECB shall commence from December 1989 for outstanding amounts, and from January 1990 for flows.

(d) For payments statistics, five years of data shall be reported, including the latest reference year, on a best efforts basis.

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Article 2

Definitions

For the purposes of this Guideline:

(1) ‘reporting agent’ and ‘resident’ have the same meanings as defined in Article 1 of Regulation (EC) No 2533/98;

(2) ‘Eurosystem’ means the NCBs of the euro area Member States and the ECB;

(3) ‘credit institution’ has the same meaning as defined in Article 4(1)(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 1 );

(4) ‘other MFIs’ means all MFIs other than central banks;

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(5) ‘pension fund (PF)’ has the same meaning as defined in point (1) of Article 1 of Regulation (EU) 2018/231 of the European Central Bank (ECB/2018/2) ( 2 ).

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Article 3

Balance sheet item statistics on MFIs

1. Scope of reporting

(a) General

NCBs shall compile and report two separate aggregated balance sheets, both on a gross basis, in accordance with the schemes laid down in Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33): one referring to the MFI sub-sector ‘central bank’ and one referring to the sub-sector ‘other MFIs’.

NCBs shall derive the required statistical information concerning their own balance sheets from their accounting systems by means of the dedicated bridging tables available on the ECB website ( 3 ). The tables will be amended as needed in cooperation with NCBs to reflect evolving situations, for example in order to ensure consistency with updated accounting rules. The ECB, for statistical reporting purposes, shall derive data from its own balance sheet, corresponding to the data derived by the NCBs from their own balance sheets.

NCBs shall derive the required statistical information concerning the balance sheets of other MFIs by aggregating the BSI data collected from resident individual MFIs excluding the resident NCB.

These requirements shall cover end-month and end-quarter outstanding amounts (stocks), monthly and quarterly flow adjustments data, and monthly and quarterly data on loan securitisations and other loan transfers. The balance sheet shall be drawn up as at the last calendar day of the month/quarter without regard to local bank holidays; if this is not possible, data relating to the last working day shall be used, in accordance with national market or accounting rules.

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All items are mandatory; however, with reference to cells in Tables 3 and 4 of Part 3 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) corresponding to the non-euro area Member States, some special provisions apply, as described in paragraph 8. Also with reference to that Table 3, following the establishment of the Single Resolution Board (SRB) in 2015 in accordance with Regulation (EU) No 806/2014 of the European Parliament and of the Council ( 4 ), NCBs are also required to submit positions vis-à-vis the SRB under the ‘selected EU institution’ cell. Furthermore, with reference to the requirements of Table 5 of Part 5 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) for reporting of securitised and derecognised loans which are serviced by MFIs, NCBs may extend the reporting requirements to include loans otherwise transferred which are serviced by MFIs. To the extent that this additional information is not included in the reporting under Table 5 of Part 5 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) but is available to the NCBs, the data shall be included in Table 4 of Part 1 of Annex II to this Guideline. To the extent that information on loans securitised or otherwise transferred which are not serviced by MFIs is available to NCBs (e.g. from OFIs or financial auxiliaries acting as servicers to the loans), these data shall be included in Table 4 of Part 1 of Annex II. To the extent that statistical information is available to NCBs on notional cash pooling, these data shall be included in Table 5 of Part 1 of Annex II.

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NCBs shall report statistical information on balance sheet items in accordance with Part 1 of Annex II.

(b) Flow adjustments

The ECB shall calculate transactions by taking the difference between end-month stocks and then removing the effects that do not arise from transactions based on the following flow adjustments:

(i) reclassifications and other adjustments, covering changes in the balance sheet stocks that arise due to changes in the composition and structure of the MFI population, changes in the classification of financial instruments and counterparties, changes in statistical definitions and the (partial) correction of reporting errors;

(ii) revaluation adjustments due to changes in prices, comprising any change in the stock position due to the impact of movements in prices of assets and liabilities, and also reflecting the impact of write-offs or write-downs of loans; and changes in exchange rates, comprising any change in the stock position due to the impact of exchange rate movements on assets and liabilities denominated in foreign currency.

NCBs shall report to the ECB monthly and quarterly data relating to reclassifications and other adjustments and to revaluations due to price changes calculated in accordance with Annex IV. The ECB normally calculates revaluation adjustments for changes in exchange rates, although when NCBs are in a position to compile more accurate adjustments they may also transmit these adjustments to the ECB directly.

2. Reporting frequency and deadline

NCBs and the ECB’s business area responsible for financial reporting shall report monthly data to the ECB by close of business on the 15th working day following the end of the month to which the data relate, while quarterly data shall be reported by close of business on the 28th working day following the end of the quarter to which the data relate.

3. Revision policy

NCBs may need to revise the data referring to the last period prior to the current reference period. In addition, revisions referring to previous periods may also occur, arising from, for example, mistakes, reclassifications, improved reporting procedures, etc. The ECB may process exceptional and ordinary revisions simultaneously or decide to postpone the processing of exceptional revisions until after the monthly production period for monetary aggregates.

The revision policy shall comply with the principles in the ECB’s ‘Manual on MFI balance sheet statistics’. To ensure a good balance between the quality of monetary statistics and their stability, and to enhance the consistency between the monthly and the quarterly statistics, exceptional revisions to the monthly data shall be reported at the time of submitting the quarterly statistics. Whenever revisions to monthly data are reported but the national data production framework does not allow the generation of corresponding quarterly revisions, NCBs shall ensure, on a best efforts basis, that the consistency between monthly and quarterly data is maintained, e.g. by means of estimates.

4. Checks monitoring the internal consistency of the data

Before transmitting data to the ECB, NCBs and the ECB’s business area responsible for financial reporting shall verify the internal consistency of the data in accordance with the checks defined and maintained by the ECB.

5. Grossing-up

(a) Composition of the ‘tail’

Where NCBs grant derogations to MMFs in accordance with Article 9(1)(a) of Regulation (EU) No 1071/2013 (ECB/2013/33), NCBs shall ensure that their combined contribution to the total national MMF balance sheet does not exceed:

(i) 10 % in each euro area Member State where the national MMF balance sheet accounts for more than 15 % of the total MMF balance sheet of the euro area;

(ii) 30 % in all other euro area Member States, except for those where the national MMF balance sheet accounts for less than 1 % of the total MMF balance sheet of the euro area, in which case no specific restriction in the allocation of MMFs to the tail shall apply.

Where NCBs grant derogations to MMFs in accordance with sub-paragraphs (i), (ii) or (iv) of Article 9(2)(b) of Regulation (EU) No 1071/2013 (ECB/2013/33), NCBs shall ensure that for each item the combined contribution of the derogations to the corresponding total amount in the national MFI balance sheet does not exceed 5 %. NCBs may also grant derogations to MMFs from the requirement to provide data on asset and liability positions vis-à-vis the euro area insurance corporations sector and the pension funds sector separately in accordance with sub-paragraph (iii) of Article 9(2)(b) of Regulation (EU) No 1071/2013 (ECB/2013/33). The NCBs shall distinguish between assets and liabilities vis-à-vis insurance corporations and pension funds, and between positions with domestic institutions and institutions resident in other euro area Member States, and may then grant derogations with respect to each block whose contribution does not exceed 5 % of the total national MMF balance sheet.

(b) Minimum standards for grossing-up

Where NCBs grant derogations to MFIs in accordance with Article 9 of Regulation (EU) No 1071/2013 (ECB/2013/33), NCBs shall gross up to 100 % coverage for these MFIs in the compilation of the monthly and quarterly MFI balance sheet data reported to the ECB. NCBs may choose the procedure for grossing up to 100 % coverage, provided it fulfils the following minimum standards:

(i) for missing breakdowns data, estimates shall be derived by applying ratios based on a sub-set of the actual reporting population considered to be more representative of the ‘tail’ as follows:

— NCBs of Member States whose contribution to the aggregated MFI balance sheet of the euro area is larger than 2 % shall determine this sub-set so that the total balance sheet of the entities in the sub-set does not exceed 35 % of the national aggregated MFI balance sheet. This requirement shall not apply when the balance sheets of the institutions to which the derogations are granted account for less than 1 % of the national MFI balance sheet,

— NCBs of Member States whose contribution to the total aggregated MFI balance sheet of the euro area is less than 2 % are encouraged to follow the same arrangement. However, should significant costs be involved, NCBs in these Member States may apply ratios based on the reporting population instead;

(ii) in applying point (i), both the ‘tail’ and the sub-set of the actual reporting population may be subdivided into different groups by reference to the type of institution, e.g. MMFs or credit institutions;

(iii) whenever the contribution of MMFs that only report their total assets once a year exceeds 30 % of the total MMF balance sheet in any given Member State, NCBs shall gross up the data reported by MMFs and credit institutions separately as follows:

— if sufficient coverage exists from MMFs that are full reporters, their aggregated balance sheet shall be used as the basis for grossing-up,

— if the coverage from MMFs that are full reporters is insufficient or there are no MMFs that are full reporters, NCBs shall estimate a balance sheet for the MMF sector from alternative data sources, at least once a year, and use it as the basis for grossing up;

(iv) where the breakdowns data are available, but with a longer delay or at a lower frequency, reported data shall be carried forward into the missing periods by:

— repeating the data when the results have proven to be adequate, or

— applying appropriate statistical estimation techniques to take account of trends in the data or seasonal patterns;

(v) ratios or any other intermediate calculation required to implement the minimum standards for grossing up may be derived from data obtained from supervisory authorities whenever a reliable link can be established between the statistical breakdown to be grossed up and such data.

(c) Communication to the ECB

NCBs shall inform the ECB of the derogations they apply and also provide information on the main elements of the new grossing-up procedures or changes to existing ones, if significant.

6. Valuation methods and/or accounting rules

In compiling the central bank balance sheet, the NCBs and the ECB shall follow the harmonised accounting rules in Guideline ECB/2010/20 as amended and apply the bridging tables mentioned in Article 3(1). In particular:

(a) where NCBs and the ECB are required for accounting purposes to revalue their securities portfolios on a monthly rather than quarterly basis, these revaluations shall also be reflected in the statistical balance sheet on a monthly basis;

(b) for accounting items 9.5 ‘other claims within the Eurosystem (net)’ and 10.4 ‘other liabilities within the Eurosystem (net)’, NCBs shall identify assets separately from liabilities and report them on a gross basis;

(c) where accounting item 14 ‘revaluation accounts’ is to be reported on a gross basis for accounting purposes, NCBs shall report it on a net basis for statistical purposes.

Article 8 of Regulation (EU) No 1071/2013 (ECB/2013/33) lays down the relevant accounting principles for the purposes of statistical reporting as regards ‘other MFIs’. In particular, without prejudice to accounting practices and netting arrangements prevailing in the euro area Member States, all financial assets and liabilities shall be reported on a gross basis. In addition, in respect of deposits and loans the principal amount outstanding, excluding amounts written down or written off, shall be reported. NCBs may, exceptionally, allow the reporting of loans net of provisions and the reporting of purchased loans at the price agreed at the time of their acquisition, subject to the conditions laid down in Article 8 of Regulation (EU) No 1071/2013 (ECB/2013/33).

As regards the valuation of other balance sheet items, and especially of securities held and issued, it is recommended that NCBs apply a market valuation in line with the requirements of the ESA 2010. However, the general requirement laid down in Article 8 of Regulation (EU) No 1071/2013 (ECB/2013/33) that MFIs shall follow the national transposition of Directive 86/635/EEC as well as any other applicable international standards implies that valuation practices for securities and other assets vary. The application of non-standardised valuation rules is therefore acceptable as long as the book value does not diverge significantly from the market value.

7. Explanatory notes

When transmitting data to the ECB, the NCBs and the ECB’s business area responsible for financial reporting shall provide explanatory notes accompanying special developments relating to the most recent reference period, including explanations concerning ‘reclassifications and other adjustments’, as well as relevant revisions to back periods. In particular, the explanatory notes shall be reported for developments, ‘reclassifications and other adjustments’ and revisions larger than EUR 5 billion (in absolute value) or in other cases when they are deemed economically significant, e.g. when developments in the reported series relate to large transactions during the reporting period, or when revisions determine significant changes in the economic interpretation of the aggregated developments. NCBs and the ECB shall provide additional explanations on the reported data at the request of the ECB.

The notes shall also indicate whether the identified significant developments, revisions or ‘reclassifications and other adjustments’ affecting the reported series are final or still subject to investigation.

NCBs shall report the explanatory notes preferably at the time of the data transmission and in any case before the closing of data production.

The ECB shall store centrally the explanatory notes received from the NCBs for data monitoring and statistics clarification purposes. The ECB shall handle the information provided in the notes with due respect to the confidentiality regime applicable.

8. Special provisions relating to Tables 3 and 4 of Part 3 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33)

NCBs may decide not to require MFIs to report in full in respect of the cells in Tables 3 and 4 of Part 3 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) corresponding to non-euro area Member States, if figures collected at a more aggregated level are insignificant. NCBs shall review at regular intervals, and at least once a year, whether or not these provisions continue to apply. When granting these derogations, NCBs shall report quarterly estimates derived in accordance with the following criteria:

(a) the quarterly figures shall be estimated on the basis of data reported by MFIs at lower frequency; these data shall be carried forward into the missing period(s) by repeating them or applying appropriate statistical techniques to reflect any trend in the data or seasonal pattern;

(b) the quarterly figures shall be estimated on the basis of data reported by MFIs on a more aggregated basis, or on the basis of specific breakdowns that the NCBs consider meaningful;

(c) the quarterly figures shall be estimated on the basis of quarterly data collected from large MFIs responsible for at least 80 % of the business with the countries for which the reporting exemption applies;

(d) the quarterly figures shall be estimated on the basis of alternative data sources such as the Bank for International Settlements (BIS) or on the basis of balance of payments data, after any necessary adjustments required due to differing concepts and definitions used in such alternative sources compared with those used in monetary and financial statistics are made; or

(e) the quarterly figures shall be estimated on the basis of data for the countries for which the reporting exemption applies, reported quarterly by MFIs as a single total.

Article 4

Monitoring consistency between the NCB statistical balance sheet and its accounting balance sheet

1. Scope of monitoring

NCBs and the ECB shall monitor the consistency between their respective end-month aggregated balance sheet for statistical purposes as reported under Regulation (EU) No 1071/2013 (ECB/2013/33) and their accounting items as reported for the Eurosystem’s weekly financial statement under Guideline ECB/2010/20, as amended.

2. Reporting frequency and deadline

NCBs shall run checks on every item of monthly data in accordance with the template set out in Part 2 of Annex I. The checks shall be transmitted to the ECB with the corresponding quarterly data and the same deadline as defined in Article 3(2) for quarterly data.

For reporting periods where the dates of their Eurosystem end-month aggregated balance sheet for statistical purposes and its accounting items as reported for the Eurosystem’s weekly financial statement do not coincide, NCBs may compare the statistical data with the daily balance sheet produced for the last working day of the month. As the compiler of its own balance sheet, the ECB shall follow the same procedure.

3. ECB monitoring

The ECB shall monitor the results of the consistency checks and may require NCBs to follow up on the relevant discrepancies.

Article 5

Statistics on electronic money

(a) Monthly or quarterly statistical reporting requirements on electronic money issued by MFIs not granted a derogation under Article 9(1) of Regulation (EU) No 1071/2013 (ECB/2013/33)

1. Scope of reporting

The ECB, in cooperation with the NCBs, shall identify and record on a yearly basis the features of electronic money schemes used within the Union, the availability of the statistical information concerned and the compilation methods used in relation to it. NCBs shall report statistical information on electronic money issued by all MFIs not granted a derogation under Article 9(1) of Regulation (EU) No 1071/2013 (ECB/2013/33), in accordance with the list of items in Table 1 of Part 2 of Annex II to this Guideline.

2. Reporting frequency and deadline

Monthly data shall be reported to the ECB together with the monthly data transmission of MFI balance sheet item statistics, as specified in Article 3(2). In the absence of data, NCBs shall use estimates or provisional data where possible.

(b) Annual statistical reporting requirements on electronic money issued by all electronic money institutions that are not credit institutions or by small MFIs granted a derogation under Article 9(1) of Regulation (EU) No 1071/2013 (ECB/2013/33)

1. Scope of reporting

This reporting shall cover electronic money institutions principally engaged in financial intermediation in the form of issuing electronic money, which thus fulfil the MFI definition, and electronic money institutions not principally engaged in financial intermediation in the form of issuing electronic money, which thus do not fulfil the MFI definition. This reporting shall also include reporting from small MFIs granted a derogation under Article 9(1) of Regulation (EU) No 1071/2013 (ECB/2013/33), whether or not they are credit institutions.

NCBs shall report statistical information in accordance with the list of items in Table 2 of Part 2 of Annex II to this Guideline. Data of issuers of electronic money that do not fulfil the MFI definition and which are hence not subject to regular BSI statistical reporting requirements shall be reported to the extent that NCBs can obtain them from their respective supervisory authorities or other suitable sources.

2. Reporting frequency and deadline

The series shall be reported on an annual basis to the ECB by the last working day of the month following the end of the reference period. In the absence of data, NCBs shall use estimates or provisional data where possible.

Article 6

Statistics on POGIs and central government

1. Scope of reporting

(a) General

NCBs collect statistical information on POGIs in accordance with Regulation (EU) No 1074/2013 (ECB/2013/39). The requirements cover monetary liabilities vis-à-vis euro area resident non-monetary financial institutions, i.e. close substitutes for monetary financial institutions deposit liabilities, and holdings of cash and securities issued by euro area MFIs. These data shall be reported by NCBs to the ECB in accordance with Part 3 of Annex II.

NCBs shall also cover central government monetary liabilities and holdings of cash and securities issued by euro area MFIs in the reporting under Part 3 of Annex II. On de minimis grounds, these items shall not be reported where such assets and liabilities do not exist or are insignificant.

(b) Flow adjustments

Flow adjustments data shall be reported in accordance with Article 3(1)(b).

2. Reporting frequency and deadline

The series shall be reported on a monthly basis and with the same timeliness as specified in Article 3(2) for the monthly BSI statistics.

Article 7

Memorandum items

1. Scope of reporting

(a) General

To the extent that data are available, including on a best estimate basis, the NCBs shall report further statistical information in accordance with the list of memorandum items set out in Part 4 of Annex II as a supplement to and with the same frequency and timeliness as the BSI statistics specified in Article 3(2). The ECB, in cooperation with the NCBs, shall identify and record the availability of the statistical information concerned and the compilation methods related to it. These memorandum items represent information needed for the compilation of euro area monetary aggregates, MFI interest rate statistics and monetary union financial accounts, and have high priority, unless otherwise indicated in the tables. Subject to agreement between the ECB and the NCB, the items relating to the split of MFI debt securities issued by residency of the holder in Table 2 of Section 1 of Part 4 of Annex II need not be reported by the NCBs where alternative data sources are used by the ECB.

(b) Flow adjustments

Flow data may be provided subject to bilateral agreement between the ECB and the relevant NCB. Flow adjustments data shall be reported in accordance with Article 3(1)(b).

2. Reporting frequency and deadline

The series shall be reported monthly for the items referred to in Sections 1 and 2 of Part 4 of Annex II and quarterly for the items referred to in Section 3 of Part 4 of Annex II and with the same timeliness as the mandatory monthly and quarterly MFI balance sheet statistics reported in accordance with Regulation (EU) No 1071/2013 (ECB/2013/33).

3. Valuation methods and/or accounting rules

Memorandum items required under this article shall be reported following the same valuation and accounting rules as apply to the data reported in accordance with Regulation (EU) No 1071/2013 (ECB/2013/33).

Article 8

Reserve base statistics

1. Scope of reporting

Monthly statistics on the aggregated reserve base, broken down by type of liability, shall be calculated as end-month stocks in accordance with Regulation (EC) No 1745/2003 (ECB/2003/9) and with the categories set out in Regulation (EU) No 1071/2013 (ECB/2013/33). Data required to produce these statistics in accordance with Part 5 of Annex II shall be drawn from the data that credit institutions subject to minimum reserve requirements submit to NCBs.

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2. Reporting frequency and deadline

The reserve base statistics shall comprise six time series for credit institutions, referring to month-end stock figures to be transmitted to the ECB at the latest by the NCB working day preceding the start of the reserve maintenance period, via the European System of Central Banks (ESCB) data exchange system. Credit institutions in the tail shall report to the NCBs a limited breakdown on a quarterly basis. For these tail credit institutions, simplified reserve base statistics shall be used for the three reserve maintenance periods. NCBs shall use the quarterly reserve base data from the credit institutions in the tail for the monthly figures reported to the ECB in the three data transmissions following their release.

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3. Revision policy

Revisions by the reporting institutions to the reserve base and/or reserve requirements made after the maintenance period has started may not lead to revisions being made to the statistics on the reserve base and on the reserve requirements.

Article 9

Macro ratio statistics

1. Scope of reporting

The ECB shall monitor on a monthly basis, using the end-month statistical information that credit institutions submit to NCBs in accordance with Regulation (EU) No 1071/2013 (ECB/2013/33), the accuracy of the current standardised deductions from the reserve base that credit institutions may apply to the outstanding amount of their debt securities issued with an agreed maturity of up to two years. NCBs shall compile the required aggregates in accordance with Part 6 of Annex II and report them to the ECB.

2. Reporting frequency and deadline

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The three time series for the credit institutions, referring to month-end stocks figures, shall be transmitted to the ECB at the latest by the NCB working day preceding the start of the maintenance period.

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These series shall be transmitted even if the related balance sheet items do not apply in the relevant Member State.

Article 10

MMF balance sheet statistics

1. Scope of reporting

(a) General

NCBs shall report to the ECB separate balance sheet items data for the MMF sector in accordance with Tables 1 and 2 of Part 7 of Annex II. The data are used by the ECB to compile both MMF and credit institution balance sheet statistics. Since data on the entire MFI sector are already reported in accordance with Regulation (EU) No 1071/2013 (ECB/2013/33), the requirements laid down in this article apply only to MMFs. Although in some Member States a small number of other institutions are classified as MFIs, these institutions shall be considered insignificant from a quantitative perspective.

(b) Flow adjustments

Reclassification and revaluation adjustments data as referred to Table 2 in Part 7 of Annex II shall be reported in accordance with Article 3(1)(b), taking into account any derogations granted under Article 9(2) of Regulation (EU) No 1071/2013 (ECB/2013/33). Where reporting of revaluation adjustments is subject to a derogation granted by NCBs to MMFs under Regulation (EU) No 1071/2013 (ECB/2013/33), NCBs shall report data on a best efforts basis for items in respect of which revaluation adjustments may be significant.

2. Reporting frequency and deadline

Data shall be reported on a quarterly basis within 28 working days of the end of the reference period.

3. Grossing-up

The data reported in respect of the MMFs’ balance sheet shall cover 100 % of the institutions classified in this sector. Where the actual reporting coverage is less than 100 % due to cutting off the tail, NCBs shall gross up the data supplied in accordance with Article 3(5) to ensure 100 % coverage.

4. Revision policy

Revisions to MMF data shall be consistent with the corresponding end of quarter other MFI data. In the event that transmission of new or revised MMF data implies changes to the data for the corresponding other MFI reference period, the required revisions for other MFI data shall also be transmitted.

Article 11

Structural financial indicators

1. Scope of reporting

(a) General

NCBs shall report data on other structural financial indicators in accordance with Part 8 of Annex II.

NCBs shall provide data in respect of the indicators specified in Part 8 of Annex II in accordance with the conceptual and methodological rules set out therein. The statistical principles adopted for the compilation of BSI statistics shall be followed, namely:

(i) data shall be aggregated, not consolidated;

(ii) the residency principle shall follow the ‘host country approach’;

(iii) balance sheet data shall be reported on a gross basis.

(b) Flow adjustments

Flow adjustments data shall be reported in accordance with Article 3(1)(b).

2. Reporting frequency and deadline

Data to calculate structural financial indicators on credit institutions shall be reported by the end of March of each year with reference to the previous year. The indicator ‘number of employees of CIs’ shall be provided, if possible, by the end of May each year with reference to the previous year.

3. Revision policy

NCBs shall apply the following general principles when revising the reported data:

(a) during all regular annual data transmissions, in addition to data for the latest year, ordinary revisions to the previous year’s data and exceptional revisions shall be sent as necessary;

(b) exceptional revisions which significantly improve the quality of the data may be sent during the year.

4. Grossing-up

Collected data shall cover 100 % of the institutions defined as credit institutions in accordance with Article 1 of Regulation (EU) No 1071/2013 (ECB/2013/33). Where the actual reporting coverage is less than 100 % NCBs shall gross up the data supplied in accordance with Article 3(5) to ensure 100 % coverage.

5. Explanatory notes

The NCBs shall report to the ECB any deviation from the definitions and rules above to allow monitoring of national practice. NCBs shall submit explanatory notes explaining the reasons for significant revisions.

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Article 12

Consolidated banking data

1. Scope of reporting

NCBs shall report consolidated banking data in accordance with Part 9 of Annex II and shall follow the conceptual and methodological rules set out therein when providing such data.

NCBs shall report consolidated banking data in accordance with the European Banking Authority's (EBA) Implementing Technical Standards (ITS) introduced by Commission Implementing Regulation (EU) No 680/2014 ( 5 ) and where applicable in accordance with national reporting obligations. NCBs shall provide actual data, where available. Where actual data are not available or cannot be processed, NCBs shall provide national estimates accompanied by methodological notes. Where the statistical information to be provided is not in full accordance with the EBA's ITS reporting standards or national reporting requirements, NCBs shall provide methodological notes in relation to the areas where the standards are not fully met.

Targeting the maximum possible coverage, NCBs shall specify any credit institutions excluded from the reporting population and an explanation of the reasons for their exclusion shall be provided. Major credit institutions or groups of institutions, which are relevant from a financial stability perspective, shall not be excluded from the reporting population.

The data collected shall be fully consolidated on a cross-border and cross-sector basis, where ‘cross-border’ refers to domestic banks' branches and subsidiaries located outside the domestic market and included in the data reported by the parent institution, and ‘cross-sector’ includes the branches and subsidiaries of banks classifiable as other financial institutions. Insurance companies shall not be included in the consolidated data.

Consolidated banking data shall be reported separately for:

— small domestic banking groups and stand-alone credit institutions,

— medium-sized domestic banking groups and stand-alone credit institutions,

— large domestic banking groups and stand-alone credit institutions,

— foreign (non-European Union) controlled subsidiaries,

— foreign (non-European Union) controlled branches,

— foreign (European Union) controlled subsidiaries,

— foreign (European Union) controlled branches,

— foreign (euro area) controlled subsidiaries,

— foreign (euro area) controlled branches,

— SSM significant banks,

— SSM less significant banks.

SSM significant banks and SSM less significant banks are credit institutions established in participating Member States and any branches established in participating Member States by a credit institution established in a non-participating Member State. The distinction between significant and less significant supervised entities is set out in Article 6(4) of Council Regulation (EU) No 1024/2013 ( 6 ) and Part IV of Regulation (EU) No 468/2014 of the European Central Bank (ECB/2014/17) ( 7 ).

For the purposes of this Article, banks shall be classified as large banking groups or stand-alone credit institutions if their assets are greater than 0,5 % of the total consolidated assets of European Union banks; as medium-sized banks if their assets are between 0,5 % and 0,005 % of such total consolidated assets; and as small banks if their assets are below 0,005 % of such total consolidated assets.

2. Reporting frequency and deadline

NCBs shall report consolidated banking data four times a year.

A full dataset shall be reported for end-of-year data. A first submission of these annual data, to be carried out by mid-April of the year following the year to which the data relate, shall comprise the items flagged with an * in Part 9 (consolidated banking data (CBD) annual) of Annex II. However, the full annual dataset may be reported by mid-April if data are already available. Otherwise, the full annual dataset shall be reported by mid-May of the year following the year to which the data relate.

The end-March, end-June and end-September data shall be reported in early July, October and January respectively using the quarterly template and shall contain a subset of data from the comprehensive annual template. This data series shall be reported in accordance with Part 9 (consolidated banking data (CBD) quarterly) of Annex II.

3. Revision policy

NCBs shall revise reported data in accordance with the following general principles:

(a) during all regular annual and quarterly data transmissions, in addition to the data on the current period, any ordinary or exceptional and significant revisions to the previous period's data shall also be transmitted;

(b) where significant revisions are made, explanatory notes shall be provided to the ECB.

4. Explanatory notes

NCBs shall report to the ECB any deviation from the definitions and the rules in paragraphs 1, 2 and 3 to allow the assessment of national practices. NCBs shall submit explanatory notes explaining the reasons for such deviations.

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Article 14

Data for IMF purposes

1. Scope of reporting

Without prejudice to NCBs’ statutory obligations vis-à-vis the IMF, NCBs may transmit supplementary MFI balance sheet items statistics to the IMF via the ECB in accordance with the following technical arrangements.

2. Reporting frequency and deadline

MFI balance sheet items in accordance with Part 10 of Annex II shall be transmitted by the NCBs to the ECB within the framework of the monthly regular transmission of BSI data. The frequency and timeliness of the data transmissions shall coincide with those of the regular BSI data reporting to the ECB, in accordance with Article 3(2).

Article 15

Statistics on OFIs (excluding FVCs)

1. Scope of reporting

(a) General

NCBs shall report statistical information on OFIs (excluding FVCs) in accordance with Part 11 of Annex II. Data shall be transmitted separately for the following sub-categories of OFIs: (i) SDDs; (ii) FCLs; and (iii) other OFIs.

Data relating to OFIs shall be transmitted on the basis of data currently available at national level. Where actual data are unavailable or cannot be processed, national estimates shall be provided. Where the underlying economic phenomenon exists but is not monitored statistically and therefore national estimates cannot be provided, NCBs may choose either not to report the time series or to report it as missing. Any unreported time series shall therefore be interpreted as ‘data that exist but are not collected’ and the ECB may make assumptions and estimates for the purpose of compiling euro area aggregates. The reference reporting population shall comprise all types of OFIs (except FVCs) resident in the euro area Member States: institutions located in the territory, including subsidiaries of parent companies located outside that territory; and resident branches of institutions that have their head office outside that territory.

The following key indicators and supplementary information shall be provided:

— key indicators to be transmitted for the compilation of euro area aggregates: all euro area Member States shall transmit these detailed data when actual data are available. When no actual data are available for the required breakdowns or for the agreed frequency, timeliness or time range, estimates shall be provided if feasible,

— supplementary information to be transmitted as ‘memo items’: these data shall be transmitted by countries for which this information is currently available.

(b) Flow adjustments

Flow adjustment data may be reported in the case of significant breaks in stocks or when reclassifications and other adjustments occur. In particular, flow adjustment data may be provided, on a best efforts basis, due to reclassifications in the context of the implementation of the ESA 2010 framework.

Reclassification adjustments shall be reported in accordance with Article 3(1)(b).

2. Reporting frequency and deadline

The reporting frequency to the ECB shall be quarterly. OFI statistics shall be transmitted to the ECB at the latest on the last calendar day of the third month following the end of the reference period, or on the preceding NCB working day if the last calendar day of the month is not an NCB working day. The exact transmission dates shall be communicated to NCBs in advance in the form of a reporting calendar provided by the ECB by September of each year.

3. Revision policy

NCBs may need to revise data transmitted during the previous quarter. In addition, revisions to data on earlier quarters may also occur.

The following general principles shall apply:

(a) when making regular quarterly data transmissions, in addition to the data on the latest quarter, only ‘ordinary’ revisions, i.e. revisions to the data transmitted the previous quarter, may be sent;

(b) exceptional revisions shall be limited and reported on a different date from the regular reporting date. Minor routine historical revisions to the data shall only be sent on an annual basis, together with the transmission of data for the fourth quarter;

(c) exceptional revisions that significantly improve the quality of the data may be sent during the year outside the regular production cycles.

4. Valuation methods and/or accounting rules

Accounting rules followed by OFIs in drawing up their accounts shall comply with the national transposition of Directive 86/635/EEC and any other applicable international standards. Without prejudice to the prevailing accounting practices in Member States, all assets and all liabilities shall be reported on a gross basis for statistical purposes. The valuation methods are indicated under the relevant categories.

5. Explanatory notes

NCBs shall provide explanatory notes to the ECB in accordance with Section 3 of Part 11 of Annex II. NCBs shall provide explanatory notes for significant revisions.

Article 16

Securities issues statistics

1. Scope of reporting

NCBs shall report statistical information covering all securities issues by euro area residents in any currency, both domestic and international, in accordance with Part 12 of Annex II.

2. Reporting frequency and deadline

The reporting frequency to the ECB shall be monthly. Securities issues statistics shall be transmitted to the ECB no later than five weeks after the end of the month to which the data relate. The ECB shall communicate the exact transmission dates to the NCBs in advance in the form of a reporting calendar.

3. Explanatory notes

NCBs shall provide explanatory notes to the ECB as provided for in Section 3 of Part 12 of Annex II.

Article 17

MFI interest rate statistics

1. Scope of reporting

For the purposes of MFI interest rate (MIR) statistics, NCBs shall report aggregated national monthly statistics relating to outstanding amounts and new business as specified in Appendices 1 and 2 of Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34). In addition, NCBs shall report aggregated national monthly statistical information relating to new business as specified in Part 13 of Annex II.

2. Reporting frequency and deadline

This statistical information shall be reported in accordance with the yearly calendar laid down by the ECB and communicated to the NCBs by the end of September each year.

3. Derogations

NCBs may grant derogations in respect of the reporting of both interest rates applied to and business volumes of collateralised/guaranteed loans to non-financial corporations, indicators 62 to 85 included in Tables 3 and 4 of Appendix 2 of Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34). These may be granted if the national aggregate business volume of the corresponding item (indicators 37 to 54) covering all loans represents less than 10 % of the national aggregate business volume of the sum of all loans in the same size category and less than 2 % of the business volume for the same size and same initial period of interest-rate fixation category at euro area level. If derogations are granted, these thresholds shall be checked on an annual basis.

4. Selection of the reporting population and grossing-up

Where the actual MIR reporting coverage is less than 100 % due to the use of sampling, NCBs shall select and maintain the sample and gross up the new business volumes data supplied to ensure 100 % coverage, as specified in Part 14 of Annex II. If a derogation provided for in Article 4 of Regulation (EU) No 1072/2013 (ECB/2013/34) or in paragraph 3 of this article is granted, data reported on a quarterly basis shall be carried forward into the monthly missing periods by applying appropriate statistical estimation techniques to take into account trends in the data and seasonal patterns.

5. Revision policy

NCBs may need to revise the previous reference month’s values. Revisions arising from, for example, mistakes, reclassifications, improved reporting procedures, etc., applied to data prior to the previous reference month may also occur.

They shall apply the following general principles:

(a) where NCBs revise the data for the period prior to the previous reference month they shall submit explanatory notes to the ECB;

(b) NCBs shall also provide explanatory notes for significant revisions;

(c) in transmitting revised data, NCBs shall take account of the established timeliness of regular reporting of MIR statistics. Exceptional revisions shall be reported outside the monthly production periods.

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Article 17a

Individual MFI balance sheet item and interest rate statistics

1. Scope of reporting

NCBs shall report individual BSI and MIR statistics which they collect in accordance with Regulations (EU) No 1071/2013 (ECB/2013/33) and (EU) No 1072/2013 (ECB/2013/34) for selected individual euro area credit institutions in accordance with Tables 1, 2 and 3 of Part 15a of Annex II. The composition of the panel of euro area credit institutions covered in the reporting shall be decided by the Governing Council and notified to the reporting NCBs. The panel shall also include groups of homogeneous credit institutions (e.g. credit cooperatives or savings banks) for which data will be transmitted on an aggregated basis. The ECB may share this data across the Eurosystem in accordance with Regulation (EC) No 2533/98.

The Governing Council, based on advice by the Statistics Committee on the statistical and administrative impact of the reporting, shall decide on any amendments to the exchange of data, including changes to the composition of the panel. Such decisions shall be notified to the reporting NCBs.

The panel's membership may also be subject to less significant amendments related to the following events:

(a) euro area enlargements, in order to include credit institutions resident in new euro area Member States;

(b) changes in the MFI population due, for example, to institutions leaving the sector, mergers and acquisitions and other corporate reorganisations; and

(c) changes in the actual reporting population of BSI and MIR statistics due to the derogations or sampling regimes applied by NCBs.

The Governing Council hereby delegates the power to decide on such less significant amendments to the panel's composition to the Executive Board. The Executive Board may sub-delegate such power to one of its members. The decision on such less significant amendments shall be based on advice from the ECB Directorate-General Statistics in liaison with the relevant NCBs. The Governing Council shall be kept informed of such changes on a regular basis.

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NCBs shall make the necessary amendments to the information recorded in RIAD when the panel's membership is affected.

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The reporting scheme for individual BSI shall cover end-month and end-quarter outstanding amounts (stocks) and, for selected indicators, additional series covering information on breaks in outstanding amounts not arising from transactions (hereinafter referred to as ‘ancillary series’). In the case of loans, additional information on the net flows of loans securitised or otherwise transferred shall be reported. As regards individual MIR statistics, the transmission shall cover monthly interest rates on outstanding amounts and new business with the corresponding new business volumes. The requirements relate to euro-denominated deposits and loans vis-à-vis households and non-financial corporations resident in the euro area. For more details on the reporting requirements, see Part 15a of Annex II.

For the reporting of data relating to groups of credit institutions, the following provisions shall apply:

(a) balance sheet indicators on outstanding amounts and ancillary series are calculated as the sum of the individual positions of the members of the group;

(b) interest rates are calculated as weighted averages, whereas the group volume is calculated as the sum of the individual volumes. If the NCB collects the group data on an institution-by-institution basis, the interest rate averages will only cover the institutions which are included in the national MIR sample and are not subject to derogations; the same approach applies to the group volumes.

All items are mandatory, although special provisions apply to the reporting of ancillary series, as described in Part 15a of Annex II.

2. Reporting frequency and deadline

NCBs shall report this statistical information in accordance with the yearly calendar laid down by the ECB and communicated to the NCBs by the end of September each year.

3. Revision policy

When submitting revisions in the context of individual BSI and MIR statistics, NCBs shall adopt the same approach they follow for the purposes of the transmission of aggregated data, as is laid down in Articles 3(3) and 17(5) of this Guideline.

4. Checks monitoring the internal consistency of the data

Before transmitting data to the ECB, NCBs shall verify the internal consistency of the data in accordance with the checks defined and maintained by the ECB.

5. Reporting of information on national specificities and special data developments

NCBs shall report all information which is necessary to facilitate the validation of the reported data and to support its analysis. In particular, NCBs shall provide information regarding:

(a) specificities of the credit institutions included in the national panel relating to: (i) derogations, sampling and use of group reporting, (ii) business model, e.g. use of short selling, and (iii) balance sheet structure, e.g. the relevance of positions under remaining assets or liabilities;

(b) the reporting practices relating to ancillary series for individual BSI;

(c) mergers and acquisitions or other corporate reorganisations and large one-off operations affecting credit institutions in the panel.

NCBs shall report the information preferably at the time of the data transmission and in any case before the closing of data production. The ECB shall handle the information provided having due regard to the confidentiality regime applicable.

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Article 18

Payment statistics

1. Scope of reporting

NCBs shall report to the ECB information on payment statistics in accordance with Annex III to Regulation (EU) No 1409/2013 (ECB/2013/43) and Part 16 of Annex II to this Guideline. This shall comprise, inter alia, the following:

(a) data on the number of institutions, payment accounts, payment cards, terminals, participants in payment systems and selected balance sheet items shall be reported for all items in Tables 1, 2, 3 and 6 in Annex III of the Regulation and Tables 1, 2 and 5 in Part 16 of Annex II. Such data on stocks shall refer to end-period figures, except for the item in Table 1 of Part 16 of Annex II which shall refer to the ‘average for the last reserve maintenance period’;

(b) data on payment transactions by instrument, terminal and/or system, included in Tables 4, 5, and 7 in Annex III of the Regulation and Tables 3, 4, 6 and 7 in Part 16 of Annex II shall be reported as gross flows, i.e. totals, for the period.

2. Reporting frequency and deadline

The series shall be reported on an annual basis to the ECB, by the end of May of each year with reference to the previous calendar year. Indicators in Regulation (EU) No 1409/2013 (ECB/2013/43) shall be reported on an annual basis. The additional data requested in Part 16 of Annex II may be reported on a monthly, quarterly or annual basis, in accordance with the specification in the relevant table.

For the tables in this Guideline, and in the absence of actual data, NCBs shall either request relevant additional information from reporting agents or shall use estimates or provisional data. The methodology for those estimates shall be defined by each NCB, depending on country specificities. Where relevant, NCBs shall provide explanatory notes to clarify the approach used.

3. Revision policy

NCBs shall apply the following general principles when revising the reported data:

(a) during all regular annual data transmissions, in addition to the latest period, ordinary revisions to the previous year’s data and exceptional revisions shall be sent as necessary;

(b) exceptional revisions, which significantly improve the quality of the data, may be transmitted during the year, following approval by the ECB.

4. Explanatory notes

NCBs shall provide explanatory notes to the ECB, explaining deviations from the reporting requirements and structural breaks in detail, including the impact on the data.

Article 19

Statistics on IF assets and liabilities

1. Scope of reporting

(a) General

NCBs shall report statistical information on IF assets and liabilities in accordance with Part 17 of Annex II for each of the following sub-sectors, which are classified by nature of investment: equity funds, bond funds, mixed funds, real estate funds, hedge funds, and other funds. Each of these sub-sectors shall be further broken down into open-end funds and closed-end funds, i.e. by type of IF. For the purpose of IFs broken down by nature of investment, investment funds mainly investing in investment funds’ shares or units (i.e. funds of funds) shall be classified under the category of funds in which they primarily invest.

These requirements shall cover end-month and end-quarter stocks, monthly and quarterly flow adjustments as well as monthly information on new issuance/sale and redemptions of investment fund shares/units.

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All end-month stocks and monthly flow adjustments as well as monthly information on new issuance/sale and redemptions of investment fund shares/units shall also be reported (i) for the sub-sector exchange-traded funds (ETFs), as an ‘of-which’ position of ‘total funds’; and (ii) starting with the reference period December 2018, separately for undertakings for collective investment in transferable securities (UCITS) IFs and non-UCITS IFs for each IF sub-sector by nature of investment. For the data on UCITS and non-UCITS IFs, NCBs may report estimates on a best effort basis in the first year of the data reporting, i.e. from the reference period December 2018 to reference period November 2019.

To the extent that data are available, including on a best estimate basis, end-quarter stocks and quarterly flow adjustments as well as quarterly information on new issuance/sale and redemptions of investment fund shares/units shall also be reported for the sub-sector private equity funds (including venture capital funds) as an ‘of which’ position of ‘total funds’.

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(b) Flow adjustments

NCBs shall report to the ECB separate data on revaluation adjustments due to price and exchange rate changes and reclassification adjustments, as set out in Part 17 of Annex II and in accordance with Annex IV.

Financial transactions, and thus adjustments, shall be derived in accordance with the ESA 2010, and such derivation shall be referred to as the ‘ESA 2010 method’. NCBs may deviate from the ESA 2010 due to divergent national practices in accordance with Regulation (EU) No 1073/2013 (ECB/2013/38). Where security-by-security (s-b-s) stock information is available, revaluation adjustments may be derived in accordance with a common Eurosystem method, i.e. the flow-derivation method referred to in Part 4 of Annex IV.

(c) Bearer shares

If the data on bearer shares reported by IFs, MFIs and/or OFIs in accordance with Annex I to Regulation (EU) No 1073/2013 (ECB/2013/38) are incomplete or not yet available, NCBs shall provide data on bearer shares on a best estimate basis by reference to the geographical and sectoral breakdown in Table 1 of Part 17 of Annex II.

(d) Split of the counterpart sector ‘insurance corporations and pension funds’ into two counterpart sectors: ‘insurance corporations’ and ‘pension funds’

To the extent that data are available, including on a best estimate basis, and not deemed insignificant, NCBs shall report separate information on the counterpart sectors insurance corporations and pension funds on a quarterly basis, in accordance with Table 1 of Part 17 of Annex II.

(e) ETFs broken down into synthetic and physical ETFs

End-month stocks and monthly flow adjustments shall be required for ETFs broken down into synthetic and physical ETFs as soon as a suitable definition for this breakdown is available from the European Securities and Markets Authority (ESMA). The ECB shall check regularly for such a definition and, when appropriate, issue the required reporting schemes.

2. Reporting frequency and deadline

NCBs shall report to the ECB the monthly and quarterly IF data by close of business on the 28th working day following the end of the month/quarter to which the data relate.

3. Revision policy

The following general rules shall apply to the revisions of monthly and quarterly data:

(a) the revisions shall be undertaken so that the monthly and quarterly data are consistent with each other;

(b) during the regular production periods, i.e. from the 28th working day following the end of the reference month/quarter to the day the data are disseminated back to the NCBs, NCBs may revise the data referring to the previous reference quarter, to the two months preceding it, and to the months following the previous reference quarter;

(c) outside the regular production periods, NCBs may also revise data referring to reference periods prior to the two months preceding the previous reference quarter, inter alia, in the case of mistakes, reclassifications or improved reporting procedures.

4. Derogations and grossing-up

To ensure the quality of the euro area IF statistics, where NCBs grant derogations to the smallest IFs in accordance with Article 8(1) of Regulation (EU) No 1073/2013 (ECB/2013/38) they shall gross up to 100 % coverage for these IFs in the compilation of the monthly and quarterly IF data reported to the ECB.

NCBs may choose the procedure for grossing up to 100 % coverage, provided it fulfils the following minimum standards:

(a) for missing breakdowns data, estimates shall be derived by applying ratios based on the corresponding investment fund sub-sector, e.g. if an open-end bond fund falls within the tail and only data on investment fund shares/units issued are collected, the missing breakdowns shall be derived by applying the structure of the open-end bond funds category;

(b) no investment fund sub-sector, e.g. open-end real-estate funds, closed-end real estate funds, etc., is completely excluded.

In accordance with Article 8(2) of Regulation (EU) No 1073/2013 (ECB/2013/38), derogations may be granted to IFs that due to national accounting rules value their assets at a frequency lower than quarterly. Notwithstanding such derogations, the monthly and quarterly IF data reported by NCBs to the ECB shall always include data relating to these IFs.

5. Derivation of aggregated data

NCBs shall derive the aggregated data on quarterly assets and liabilities of the IF sub-sectors in line with Table 1 of Part 17 of Annex II as follows.

(a) For securities with publicly available identification codes, the NCBs shall map the information provided on an s-b-s basis to the information derived from the Centralised Securities Database (CSDB) as a main reference database. The mapped s-b-s information shall be used to compile the value of assets and liabilities in euro and to derive the necessary breakdowns for each individual security of the IF. If the security identifiers are not found in the CSDB, or the information necessary to compile the assets and liabilities in line with Table 1 of Part 17 of Annex II is not available from the CSDB, the NCBs shall estimate the missing data. NCBs may also collect s-b-s information on securities without publicly available identification codes by using NCB internal security identifiers.

(b) NCBs shall aggregate the data on securities derived under (a) and add them to the information reported for securities without publicly available identification codes to produce aggregates for: (i) debt securities broken down by maturity, currency and counterparty; (ii) equity and investment fund shares, broken down by instrument and counterparty; and (iii) total IF shares/units issued.

(c) NCBs shall derive the required statistical information on the IF assets and liabilities by adding the data on securities derived under (b) and the assets and liabilities other than securities collected from resident individual IFs.

(d) NCBs shall aggregate the assets and liabilities of all IFs resident in a Member State and belonging to the same sub-sector.

The above shall also apply when NCBs collect data on IF assets and liabilities on a monthly basis in accordance with Article 5(2) of Regulation (EU) No 1073/2013 (ECB/2013/38).

6. Estimation of monthly data

In accordance with Article 5(1)(b) of Regulation (EU) No 1073/2013 (ECB/2013/38), NCBs shall collect data on IF shares/units issued on a monthly basis. For reference months that are not end-quarter months, NCBs shall estimate the monthly data on IF assets and liabilities other than investment fund shares/units issued based on the collected monthly and quarterly data unless data are collected on a monthly basis as set out in Article 5(2) of Regulation (EU) No 1073/2013 (ECB/2013/38).

Where possible, NCBs shall make estimates at individual fund level. Alternatively, an NCB may make estimates by IF sub-sector or may request the ECB to make the estimates. In the latter case the ECB may request additional information such as fund-by-fund or s-b-s data.

7. Valuation methods and/or accounting rules

The valuation and/or accounting rules in Regulation (EU) No 1073/2013 (ECB/2013/38) shall also apply when the NCBs report IF data to the ECB. However, for items subject to accrued interest the following rules shall apply:

(a) ‘debt securities’ include accrued interest;

(b) ‘deposit and loan claims’ and ‘deposits and loans received’ exclude accrued interest which is recorded under remaining assets/liabilities.

8. Explanatory notes

NCBs shall submit explanatory notes explaining the reasons for significant revisions. In addition, the NCBs shall provide the ECB with explanatory notes concerning reclassification adjustments. NCBs shall also provide explanatory notes concerning the revisions mentioned in Article 19(3)(c).

9. Group reporting

In accordance with Article 4(3) of Regulation (EU) No 1073/2013 (ECB/2013/38), NCBs may allow IFs to report their assets and liabilities as a group, provided that this leads to results that are similar to fund-by-fund reporting. IFs which report as a group shall belong to the same sub-sector; for example, closed-end real estate funds or open-end real estate funds.

Article 20

Statistics on the assets and liabilities of FVCs

1. Scope of reporting

NCBs shall compile and report separate aggregated statistical information on FVCs’ assets and liabilities in accordance with Part 18 of Annex II. Data shall be submitted for the following four sub-categories: (a) FVCs engaged in traditional securitisation; (b) FVCs engaged in synthetic securitisation; (c) FVCs engaged in insurance-linked securitisation; and (d) other FVCs.

These requirements shall cover data on outstanding amounts, financial transactions and write-offs/write-downs provided on a quarterly basis.

NCBs may submit to the ECB the required data on write-offs/write-downs on a best efforts basis.

2. Reporting frequency and deadline

NCBs shall report to the ECB the data on FVCs’ outstanding amounts, financial transactions and write-offs/write-downs on a quarterly basis by close of business on the 28th working day following the end of the quarter to which the data relate.

3. Revision policy

The following general rules shall apply to the revision of quarterly data:

(a) during the regular production periods, i.e. from the 28th working day following the end of the reference quarter to the day preceding the day the data are disseminated back to the NCBs, NCBs may revise the data referring to the previous reference quarter;

(b) outside the regular production periods, NCBs may also revise data referring to reference periods prior to the previous reference quarter, inter alia, in the case of errors, reclassifications or improved reporting procedures;

(c) revisions to data reported under Regulation (EU) No 1071/2013 (ECB/2013/33) on loans originated and serviced by euro area MFIs shall be included, where relevant, in the FVC statistics in accordance with paragraphs (a) and (b).

4. Compilation approaches

In order to meet the statistical reporting requirements from which FVCs are exempt under Article 5(1)(c) of Regulation (EU) No 1075/2013 (ECB/2013/40) the NCBs, after consulting the ECB, shall decide on the most appropriate way to compile data on FVCs’ assets and liabilities, depending on the organisation of the relevant markets and the availability of other relevant statistical, public or supervisory information.

5. Data sources and data quality standards

If NCBs derive data on FVCs’ assets and liabilities from other statistical data sources, from public sources such as pre-sale reports or investor reports, or from supervisory data sources, the data quality standards described below shall apply.

Data which are identified as anchor series in Part 18 of Annex II to this Guideline shall be subject to high quality standards, comparable to those for data directly reported by FVCs in accordance with Annex I to Regulation (EU) No 1075/2013 (ECB/2013/40). Data which are identified as non-anchor series in Part 18 of Annex II to this Guideline may be estimated in accordance with less stringent quality standards, e.g. using interpolations and extrapolations when data are collected from public or supervisory sources at a frequency lower than quarterly and with a timeliness longer than the 28th working day following the reference period.

If data are not directly reported by FVCs in accordance with Article 5(1)(c) of Regulation (EU) No 1075/2013 (ECB/2013/40), the quality of the data shall be monitored by the NCBs on the basis of the information available from the annual financial statements. The outcome of the quality checks shall be provided by the NCBs to the ECB by the end of September each year or at the earliest point in time thereafter, in accordance with the applicable national legal practices in the FVC’s Member State of residence. If the cross-checks between the data derived on a quarterly basis and the annual financial statements show that high quality standards are not met, the NCBs shall take the necessary measures to ensure that the data meet the required quality standards, including the possible direct collection of data under Regulation (EU) No 1075/2013 (ECB/2013/40).

If NCBs derive data on FVCs’ assets and liabilities from supervisory data sources, they shall ensure that these sources are sufficiently aligned with the statistical concepts and definitions under the FVC reporting requirements. The same shall apply to data derived from other statistical data sources.

If the CSDB or another securities database is used as a data source for data on the issuance of FVC debt securities, the NCBs shall monitor the coverage and quality of the data on an annual basis. The outcome of the quality checks shall be provided by the NCBs to the ECB by the end of February each year by taking as a reference the end-December data of the preceding year. If the coverage and quality indicators show that high quality standards are not met, the NCBs shall take the necessary measures to meet the required quality standards, including the possible direct collection of data under Regulation (EU) No 1075/2013 (ECB/2013/40).

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7. Derogations and grossing-up

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If NCBs compile data on FVCs' assets and liabilities directly from the FVCs and, where relevant, based on data reported by domestic MFIs under Regulation (EU) No 1071/2013 (ECB/2013/33) and grant derogations to FVCs under Article 5(1)(b) of Regulation (EU) No 1075/2013 (ECB/2013/40), the NCBs shall gross up to 100 % coverage for all FVCs when compiling the data on FVCs' quarterly assets and liabilities reported to the ECB for outstanding amounts, financial transactions and write-offs/write-downs.

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If NCBs compile data on assets and liabilities of FVCs from other statistical, public and/or supervisory sources they may base their compilation on a sample of FVCs as long as these FVCs account for at least 95 % of the total outstanding amount of assets of the FVC reference reporting population in the relevant Member State as represented in the list of FVCs. NCBs shall gross up to 100 % coverage when compiling the quarterly data on FVCs’ assets and liabilities reported to the ECB for outstanding amounts, financial transactions and write-offs/write-downs.

8. Explanatory notes

NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions as well as for any revisions made pursuant to Article 20(3)(b).

Article 21

Statistics on MFI loans to non-financial corporations by branch of activity

1. Scope of reporting

NCBs shall report to the ECB, where available, data on MFI loans to domestic non-financial corporations, and MFI loans to other euro area Member States’ non-financial corporations broken down by branch of activity following the statistical classification of economic activities in the Union (NACE Rev. 2), in accordance with Part 19 of Annex II.

2. Reporting frequency and deadline

NCBs shall report the data to the ECB quarterly by close of business on the 28th working day following the end of the quarter to which the data relate.

3. Revision policy

NCBs shall report revisions in accordance with the following principles:

(a) in addition to each regular data transmission, revisions to the previous reference periods shall be sent where required;

(b) exceptional revisions which significantly improve the quality of the data may be sent as soon as they are available.

4. Explanatory notes

The NCBs shall report to the ECB any significant changes in the national definitions and classifications used and shall submit explanatory notes explaining the reasons for significant revisions, where applicable. In addition, the NCBs shall provide information on major reclassifications in the MFI sector and, if available, major reclassifications of non-financial corporations in the NACE Rev. 2 breakdowns transmitted.

Article 22

Statistics on MFI credit lines

1. Scope of reporting

NCBs shall compile and report aggregated statistical information on MFI credit lines granted to domestic residents and MFI credit lines granted to other euro area non-domestic residents, broken down by institutional sector, in accordance with Part 20 of Annex II.

MFI credit lines shall have the same meaning as ‘undrawn credit facilities’, classified as ‘medium risk’, ‘medium/low risk’ and ‘low risk’, as laid down in Regulation (EU) No 575/2013. NCBs shall apply this definition on a best efforts basis and whenever a different national definition for credit lines applies may report using the national definition, but shall aim to harmonise the compilation of MFI credit lines data in order to enhance cross-country comparability in the longer term.

NCBs shall calculate sectoral breakdowns and transmit them to the ECB. If these sectoral breakdowns are not collected at national level, NCBs may either request such additional information from reporting agents or, alternatively, they may estimate the sectoral breakdowns using information available at national level from other sources.

NCBs shall submit to the ECB data on statistical reclassifications on a best efforts basis.

2. Reporting frequency and deadline

NCBs shall report the data to the ECB quarterly. The quarterly outstanding amounts and reclassification adjustments data shall be transmitted to the ECB by close of business on the 28th working day following the end of the quarter to which they relate.

3. Revision policy

NCBs shall report revisions in accordance with the following principles:

(a) in addition to each regular data transmission, revisions to the previous reference quarter shall be sent where required;

(b) exceptional revisions which significantly improve the quality of the data may be sent as soon as they are available.

4. Explanatory notes

NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions.

Article 23

Statistics on the assets and liabilities of CCPs

1. Scope of reporting

NCBs shall compile and report separate aggregated statistical information on the assets and liabilities of CCPs in accordance with Part 21 of Annex II.

For the purpose of this statistical reporting, CCPs are those entities identified as central counterparties by ESMA and that are ‘other financial intermediaries, except insurance corporations and pension funds’ (S.125) or ‘financial auxiliaries’ (S.126) as specified in the classification of institutional sectors laid down in Chapter 23 of ESA 2010.

CCPs identified by ESMA that are classified within the ESA 2010 ‘monetary financial institutions (MFIs)’ institutional sector shall not form part of this statistical reporting.

2. Minimum threshold for mandatory reporting

NCBs shall report the data to the ECB on a mandatory basis by reference to the following thresholds:

(a) for cells related to repurchase agreements, identified with the letter ‘R’ in Part 21 of Annex II, mandatory reporting applies if the balance sheet outstanding amount of any of these cells exceeds EUR 10 billion, with the exception of those cells referring to positions vis-à-vis MFIs.

If the threshold is met by one or more cells denominated as ‘R’, all cells denominated as ‘R’ shall be reported, irrespective of their actual balance sheet value;

(b) for cells not related to repurchase agreements, identified with the letters ‘NR’ in Part 21 of Annex II, mandatory reporting applies either if it is required under (a) or if the balance sheet outstanding amount of any of these cells exceeds EUR 10 billion.

If the threshold is met by one or more cells denominated as ‘NR’, all cells denominated as ‘NR’ shall be reported, irrespective of their actual balance sheet value.

If neither of the thresholds (a) or (b) are met, NCBs shall submit data to the ECB on CCPs’ balance sheets on a voluntary basis. If NCBs choose not to report on a voluntary basis, they shall monitor whether these thresholds are not met at least on an annual basis.

3. Reporting frequency and deadline

NCBs shall report the data to the ECB quarterly. The quarterly outstanding amounts and reclassification adjustments data shall be transmitted to the ECB by close of business on the 28th working day following the end of the quarter to which the data relate.

4. Revision policy

NCBs shall report revisions in accordance with the following principles:

(a) in addition to each regular data transmission, revisions to the previous reference quarter shall be sent where required;

(b) exceptional revisions which significantly improve the quality of the data may be sent as soon as they are available.

5. Explanatory notes

NCBs shall submit explanatory notes to the ECB setting out the reasons for significant revisions.

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Article 26

Statistics on PFs

1. Scope of reporting of data up to and including the fourth quarter of 2019

(a) General

NCBs shall report to the ECB statistical information on PFs up to and including data for the fourth quarter of 2019, as laid down in paragraphs 1 to 5 of this Article and in accordance with Part 22 of Annex II. Data relating to PFs shall be transmitted on the basis of data currently available at national level. Where actual data are unavailable, estimates shall be provided on a best efforts basis.

The reporting population shall comprise PFs resident in the euro-area Member States.

(b) Outstanding amounts and financial transactions

NCBs shall report outstanding amounts at the end of the reference period and financial transactions during the quarter, which shall be derived in accordance with the ESA 2010.

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2. Reporting frequency and deadline

The reporting frequency to the ECB shall be quarterly. PF statistics described in paragraph 1(a) shall be reported to the ECB within a period not exceeding 80 calendar days from the end of the reference quarter. The exact transmission dates shall be communicated to NCBs in advance in the form of a reporting calendar provided by the ECB by September of each year.

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3. Revision policy

NCBs may need to revise data transmitted during the previous quarter. In addition, revisions to data on earlier quarters may also be made.

The following general principles shall apply:

(a) on the occasion of all regular quarterly data transmissions, in addition to the data on the latest quarter, only ‘ordinary’ revisions, i.e. revisions to the data transmitted the previous quarter, may be sent;

(b) exceptional revisions shall be limited and reported on a different date from the regular reporting. Minor routine historical revisions to the data shall only be sent on an annual basis, together with the transmission of data for the fourth quarter;

(c) exceptional revisions that significantly improve the quality of the data may be sent during the year outside the regular production cycles.

4. Valuation methods and/or accounting rules

Without prejudice to the prevailing accounting practices in Member States, all assets and liabilities shall be reported on a gross basis for statistical purposes. The valuation methods shall be in line with the ESA 2010. In principle, assets and liabilities must be valued using current market prices on the date to which the balance sheet relates. Deposit liabilities and loans shall be reported at their principal amount outstanding at the end of the quarter.

5. Explanatory notes

NCBs shall provide explanatory notes to the ECB including data sources, data collection systems, compilation procedure, legal framework, deviations from the ECB’s reporting instructions, and reporting population. NCBs shall provide explanatory notes for significant revisions and, especially, for breaks in historical series.

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6. Scope of reporting in accordance with Regulation (EU) 2018/231 (ECB/2018/2)

(a) General

In accordance with Regulation (EU) 2018/231 (ECB/2018/2), NCBs shall report to the ECB statistical information on assets and liabilities of PFs as well as information on the number of members of pension schemes as laid down in paragraphs 6 to 15 of this Article and in accordance with Part 24 of Annex II to this Guideline. These requirements shall cover end-of-quarter stock data and quarterly flow adjustments on assets and liabilities of PFs, as well as annual data on members. Without prejudice to Article 12(2) of Regulation (EU) 2018/231 (ECB/2018/2), the first reporting under Regulation (EU) 2018/231 (ECB/2018/2) begins with quarterly data on assets for the third quarter of 2019 and annual data on liabilities and number of pension scheme members for 2019.

(b) Flow adjustments

NCBs shall report to the ECB separate data on revaluation adjustments (covering both price and exchange-rate changes) and reclassification adjustments, in accordance with Part 24 of Annex II and with Annex IV.

Financial transactions, including adjustments, shall be derived in accordance with the ESA 2010.

NCBs may deviate from the ESA 2010 due to divergent national practices for the purposes of Article 5 (b) and (c) of Regulation (EU) 2018/231 (ECB/2018/2). Where asset-by-asset (a-b-a) stock information is available, revaluation adjustments may be derived in accordance with a common Eurosystem method, i.e. the flow-derivation method referred to in Part 7 of Annex IV.

Approximations of financial transactions on liabilities may be derived in line with Part 7 of Annex IV.

7. Reporting frequency and deadline

(a) NCBs shall report to the ECB the required quarterly data by close of business on the 10th working day following the deadline specified in Article 8(1) of Regulation (EU) 2018/231 (ECB/2018/2). For a transitional period covering the reporting of data for the third quarter of 2019, the fourth quarter of 2019 and the first quarter of 2020, this deadline is extended to the 35th working day following the abovementioned deadline for reference period Q3 of 2019, to the 30th working day following the abovementioned deadline for reference period Q4 of 2019 and to the 25th working day following the abovementioned deadline for reference period Q1 of 2020.

(b) NCBs shall report to the ECB the required annual data by close of business on the 10th working day following the deadline specified in Article 8(2) of Regulation (EU) 2018/231 (ECB/2018/2). For a transitional period covering the first reporting of annual data for 2019, this deadline is extended to the 35th working day following the abovementioned deadline.

(c) The exact transmission dates shall be communicated to NCBs in advance in the form of a reporting calendar provided by the ECB by September of each year.

(d) In the first reporting of quarterly data to the ECB, NCBs shall be required to submit data on outstanding amounts. Flow adjustments shall be transmitted on a best efforts basis.

8. Revision policy

The following general rules shall apply to revisions of quarterly and annual data:

(a) during the regular quarterly production periods, i.e. for a given reference quarter, from the deadline specified in paragraph 7(a) to the day the data are disseminated back to the NCBs, NCBs may revise the data covering the previous reference quarter;

(b) during the regular annual production periods, i.e. for a given reference year, from the deadline specified in paragraph 7(b) to the day the data are disseminated back to the NCBs, NCBs may revise the data covering the previous reference year;

(c) outside the regular production periods referred to in paragraphs (a) and (b) above, NCBs may also revise data covering previous reference periods where this significantly improves the quality of the data.

9. Derogations and grossing-up

To ensure the quality of the statistics on PFs, where NCBs grant derogations to small PFs in accordance with Article 7(1) of Regulation (EU) 2018/231 (ECB/2018/2), they shall gross up the quarterly PF data reported to the ECB to 100 % coverage.

NCBs may choose the procedure for grossing up to 100 % coverage based on the data collected in accordance with Article 7(1)(a) to (d) of Regulation (EU) 2018/231 (ECB/2018/2).

10. Derivation of aggregated data for securities

NCBs shall derive the aggregated quarterly data on assets and liabilities for PFs in accordance with Tables 1a to 1c of Part 24 of Annex II as follows:

(a) For securities with ISIN codes, the NCBs shall map the information provided on a security-by-security (s-b-s) basis to the information derived from the Centralised Securities Database (CSDB) as the reference database. The mapped s-b-s information shall be used to compile the value of assets and liabilities in euro and to derive the necessary breakdowns for each individual security held or issued by the PF. If the security identifiers are not found in the CSDB, or the information necessary to compile the assets and liabilities in accordance with Tables 1a to 1c of Part 24 of Annex II is not available from the CSDB, the NCBs shall estimate the missing data.

(b) NCBs shall aggregate the data on securities derived under paragraph (a) and add them to the information reported for securities without ISIN codes to produce aggregates for: (i) debt securities broken down by maturity (original) and counterparty (sector and residency); (ii) equity broken down by instrument and counterparty (sector and residency); and (iii) investment fund (IF) shares/units broken down by type of investment fund and residency of counterparty.

11. Breakdown of holdings of IF shares/units by main investment objective

NCBs shall transmit to the ECB best estimates on the PF holdings of IF shares/units broken down by main investment objective (i.e. bond funds, equity funds, mixed funds, real estate funds, hedge funds and other funds). These data may be derived by mapping the information provided on an s-b-s basis in accordance with Regulation (EU) 2018/231 (ECB/2018/2) to the information derived from the CSDB as the reference database.

If the IF shares/units held are not found in the CSDB, the NCBs shall estimate the missing data or use alternative sources to derive the data.

12. Reporting of quarterly estimates for liabilities

NCBs shall transmit to the ECB quarterly estimates for liabilities of PFs derived in accordance with Article 4(2) of Regulation (EU) 2018/231 (ECB/2018/2).

13. Valuation methods and/or accounting rules

The valuation methods according to the ESA 2010 and/or accounting rules in Article 6 of Regulation (EU) 2018/231 (ECB/2018/2) shall also apply when the NCBs report PF data to the ECB.

14. Explanatory notes

NCBs shall submit explanatory notes setting out the reasons for significant revisions as well as for any revisions provided outside the regular production periods mentioned in paragraph 8(c) of this Article. In addition, the NCBs shall provide the ECB with explanatory notes concerning reclassification adjustments.

15. Compilation approach

NCBs shall collect data from all PFs resident in their Member State, in accordance with Article 2(1) of Regulation (EU) 2018/231 (ECB/2018/2).

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Article 26a

Statistics on ICs

1. Scope of reporting

(a) General

NCBs shall report statistical information on IC assets and liabilities as well as information on premiums, claims and commissions in accordance with Part 23 of Annex II. Information will be provided for each of the following types of IC: life insurance, non-life insurance, composite and reinsurance. These requirements shall cover end-quarter stocks and quarterly flow adjustments on IC assets and liabilities, as well as annual information on premiums, claims and commissions.

Supplementary information shall be transmitted as memorandum items by countries for which this information is available, including on a best estimate basis, in accordance with Part 23 of Annex II.

(b) Flow adjustments

NCBs shall report to the ECB separate data on revaluation adjustments (covering both price and exchange-rate changes) and reclassification adjustments, as set out in Part 23 of Annex II and in accordance with Annex IV.

Financial transactions, including adjustments, shall be derived in accordance with the ESA 2010.

NCBs may deviate from the ESA 2010 due to divergent national practices in accordance with Regulation (EU) No 1374/2014 (ECB/2014/50). Where asset-by-asset (a-b-a) stock information is available, revaluation adjustments may be derived in accordance with a common Eurosystem method, i.e. the flow-derivation method referred to in Part 6 of Annex IV.

Approximations of financial transactions on liabilities may be derived in line with Part 6 of Annex IV.

2. Reporting frequency and deadline

NCBs shall report to the ECB quarterly IC data by close of business on the 10th working day following the deadline specified for quarterly data in Article 8 of Regulation (EU) No 1374/2014 (ECB/2014/50). For a transitional period covering the reporting of the first three quarters of 2016, this deadline is extended to the 30th working day following the abovementioned deadline for reference period Q1 of 2016, to the 25th working day following the abovementioned deadline for reference period Q2 of 2016 and to the 20th working day following the abovementioned deadline for reference period Q3 of 2016.

NCBs shall report to the ECB annual IC data by close of business on the 10th working day following the deadline specified for annual data in Article 8 of Regulation (EU) No 1374/2014 (ECB/2014/50).

The exact transmission dates shall be communicated to NCBs in advance in the form of a reporting calendar provided by the ECB by September of each year.

In the first reporting of the quarterly IC data to the ECB, NCBs shall be required to submit data on outstanding amounts. Flow adjustments shall be transmitted on a best efforts basis.

3. Revision policy

The following general rules shall apply to revisions of quarterly and annual data:

(a) during the regular quarterly production periods, i.e. for a given reference period, from the deadline specified in paragraph 2 to the day the data are disseminated back to the NCBs, NCBs may revise the data covering the previous reference quarter;

(b) during the regular annual production periods, i.e. for a given reference year, from the deadline specified in paragraph 2 to the day the data are disseminated back to the NCBs, NCBs may revise the data covering the previous reference year;

(c) outside the regular production periods, NCBs may also revise data covering previous reference periods.

4. Derogations and grossing-up

To ensure the quality of the euro area IC statistics, where NCBs grant derogations to the smallest ICs in accordance with Article 7(1)(a) of Regulation (EU) No 1374/2014 (ECB/2014/50), they shall gross up the quarterly IC data reported to the ECB to 100 % coverage.

NCBs may choose the procedure for grossing-up to 100 % coverage based on the data collected in accordance with Article 7(1)(b) and 7(1)(c) of Regulation (EU) No 1374/2014 (ECB/2014/50) provided that estimates are based on the corresponding type of IC (i.e. life, non-life, reinsurance, composite).

NCBs shall also ensure that, for the reference quarters of 2016, the data reported to the ECB represent 100 % of the reporting population. NCBs who intend to grant derogations to the smallest ICs under Article 7(1)(a) of Regulation (EU) No 1374/2014 (ECB/2014/50), shall collect all necessary information to ensure that data transmitted to the ECB is of high quality. NCBs who derive the required data from data collected for supervisory purposes under Directive 2009/138/EC of the European Parliament and of the Council ( 8 ) may, for this purpose: (i) extend the data collected for the opening day as of reference date 1 January 2016 (see paragraph 5); (ii) increase the coverage of the reporting population of the first reference quarter(s); or (iii) use alternative data sources from which grossed-up data of equally high quality can be derived.

5. One-off reporting for reference period Q4 2015

NCBs shall transmit to the ECB end-2015 stock data, which may include approximations if needed, for the main aggregates as set out in Part 23 of Annex II. NCBs may, for this purpose, use the data referring to 1 January 2016 collected for supervisory purposes under Directive 2009/138/EC. These data shall be transmitted to the ECB together with the data for Q1 of 2016.

6. Derivation of aggregated data for securities

NCBs shall derive the aggregated quarterly data on assets and liabilities for each type of IC in accordance with Tables 2a and 2b of Part 23 of Annex II as follows:

(a) For securities with ISIN codes, the NCBs shall map the information provided on a security-by-security (s-b-s) basis to the information derived from the Centralised Securities Database (CSDB) as the reference database. The mapped s-b-s information shall be used to compile the value of assets and liabilities in euro and to derive the necessary breakdowns for each individual security held or issued by the IC. If the security identifiers are not found in the CSDB, or the information necessary to compile the assets and liabilities in accordance with Tables 2a and 2b of Part 23 of Annex II is not available from the CSDB, the NCBs shall estimate the missing data.

(b) NCBs shall aggregate the data on securities derived under paragraph (a) and add them to the information reported for securities without ISIN codes to produce aggregates for: (i) debt securities broken down by maturity (original and remaining) and counterparty (sector and residency); (ii) equity broken down by instrument and counterparty (sector and residency); and (iii) investment fund shares/units broken down by type of investment fund and residency of counterparty.

7. Breakdown of holdings of IF shares/units by main investment objective

NCBs shall transmit to the ECB best estimates on the IC holdings of IF shares/units broken down by main investment objective (i.e. bond funds, equity funds, mixed funds, real estate funds, hedge funds and other funds). These data may be derived by mapping the information provided on an s-b-s basis in accordance with Regulation (EU) No 1374/2014 (ECB/2014/50) to the information derived from the CSDB as the reference database.

If the IF shares/units held are not found in the CSDB, the NCBs shall estimate the missing data or use alternative sources to derive the data.

As a transitional measure, NCBs may transmit these data to the ECB for the first time when transmitting data for Q2 2016, covering also the data for Q1 2016.

8. Estimation of quarterly data for non-life insurance technical reserves

In accordance with Article 4(1)(c) of Regulation (EU) No 1374/2014 (ECB/2014/50), NCBs shall collect data on non-life insurance technical reserves broken down by line of business and geographical area on an annual basis. NCBs shall transmit quarterly data to the ECB which may be estimated based on the data collected annually.

9. Valuation methods and/or accounting rules

The valuation and/or accounting rules in Regulation (EU) No 1374/2014 (ECB/2014/50) shall also apply when the NCBs report IC data to the ECB.

10. Explanatory notes

NCBs shall submit explanatory notes explaining the reasons for significant revisions and revisions provided outside regular production periods in line with Article 26a(3)(c). In addition, the NCBs shall provide the ECB with explanatory notes concerning reclassification adjustments.

11. Compilation approach

NCBs may collect data from all insurance corporations resident in the country (‘host approach’), in accordance with Article 2(1) of Regulation (EU) No 1374/2014 (ECB/2014/50) or they may derive the data required for ESCB purposes from data collected for supervisory purposes under Directive 2009/138/EC, in accordance with Article 2(2) of Regulation (EU) No 1374/2014 (ECB/2014/50) (‘home approach’).

In principle, data transmitted to the ECB in accordance with this Guideline shall represent the host approach. However, NCBs who derive the data required for ESCB purposes from the supervisory data collection may transmit the data following the home approach as long as the difference between the host approach and home approach data is not deemed significant.

The issue of whether or not the difference between the host and the home approach is significant shall be assessed on the basis of data on premiums reported in accordance with Table 3 of Part 23 of Annex II to this Guideline. Following this assessment, the ECB, in close cooperation with NCBs, will define the approach to be followed regarding the transmission of host approach data to the ECB. Until this approach is defined, NCBs are exempted from adjusting their data.

NCBs who wish to adjust their data may, on a voluntary and best efforts basis, derive host approach data from data collected in accordance with the home approach. For this purpose, bilateral contacts and exchanges of data may take place between the NCBs concerned.

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Article 27

Verification

Without prejudice to the ECB’s verification rights under Regulation (EC) No 2533/98 and Regulation (EU) No 1071/2013 (ECB/2013/33), the NCBs shall monitor and ensure the quality and reliability of statistical information made available to the ECB.

Article 28

Transmission standards

The NCBs shall use the ESCB-Net provided by the ESCB for the electronic transmission of the statistical information required by the ECB. The statistical message format developed for this electronic exchange of statistical information shall be the standard format agreed by the Statistics Committee. This requirement shall not prevent the use of any other means of transmitting statistical information as a fall-back solution with the ECB’s prior consent.

Article 29

Simplified amendment procedure

Taking account of the views of the Statistics Committee (STC), the ECB’s Executive Board shall be entitled to make any technical amendments to this Guideline’s annexes provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden on reporting agents in Member States. The Executive Board shall inform the Governing Council of any such amendment without undue delay.

Article 30

Publication

NCBs shall not publish national contributions to the monthly euro area monetary aggregates and their counterparts until the E