GUIDELINE (EU) 2021/827 OF THE EUROPEAN CENTRAL BANK

of 29 April 2021

amending Guideline ECB/2013/24 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (ECB/2021/20)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

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

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 and 5.2, and Articles 12.1 and 14.3 thereof,

Whereas:

(1) The economic and statistical developments in the last years have made a review and update of the reporting requirements for quarterly financial accounts necessary in order to ensure their continued relevance for economic analyses.

(2) A more detailed breakdown of the other financial institutions (OFIs) sector becomes increasingly important for the analysis of sectoral financing and connectedness. The requirements for quarterly financial accounts set out in Guideline ECB/2013/24 of the European Central Bank (1) need to be modified to require the reporting of OFI sector breakdowns.

(3) For a better understanding of globalisation and cross-border merger and acquisitions, the requirements for quarterly financial accounts set out in Guideline ECB/2013/24 need to be modified to allow for the foreign direct investment (FDI) split of selected financial instruments, based on the definitions provided for in Regulation (EU) No 549/2013 of the European Parliament and of the Council (2) (Chapter 7 provision 7.98 (recording categories for FDI) and Table 18.14 of Annex A (links between the functional categories of the BPM6 and the financial instrument categories of the ESA)).

(4) Reporting of the central bank subsector in the quarterly financial accounts was introduced in 2019 on a voluntary basis. This should now be required by Guideline ECB/2013/24 in order to capture the full set of the relevant national reporting requirements.

(5) In addition, the requirement to report national data for financial assets and liabilities set out in Guideline ECB/2013/24 need to be modified to allow for additional instrument breakdowns for life insurance and pension entitlements to support economic and financial stability analyses.

(6) The requirement set out in Guideline ECB/2013/24 concerning the provision of explanatory information on single major events and reasons for revisions to quarterly national financial accounts needs to be amended to provide for events or revisions that are smaller than 0.2% of the quarterly euro area gross domestic product but significant at a national level.

(7) According to Article 4 of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (3) Member States should organise themselves in the field of statistics and fully cooperate with the European System of Central Banks in order to ensure the fulfilment of the obligations arising out of Article 5 of the Statute of the European System of Central Banks and of the European Central Bank.

(8) Therefore, Guideline ECB/2013/24 should be amended accordingly,

HAS ADOPTED THIS GUIDELINE:

Article 1 Amendments Guideline ECB/2013/24 is amended as follows: (1) in Article 1, point 1 is replaced by the following: ‘1. “euro area” means the economic territory of the euro area Member States, the European Central Bank (ECB), the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF);’; (2) in Article 2, paragraph 2 is replaced by the following: ‘2. The “supplementary data” requirements shall cover transactions and stocks for the period from the last quarter of 2012 up to the reference quarter. The supplementary data specified in column “H” of Tables 1, 2, 4 and 5 of Annex I (supplementary data referring to the government sector), and in column “B”, rows 3 and 17, of Tables 4 and 5 of Annex I (supplementary data referring to loans between non-financial corporations) may be reported on a voluntary basis.’; (3) in Article 2, paragraph 3, points (a) and (b) are replaced by the following: ‘(a) transactions, stocks and other changes in volume data (transactions and stocks only for line 46 of Table 2 “net financial transactions/net financial worth”) for the period from the last quarter of 2012 up to the reference quarter; and (b) transactions and stocks data for the period from the first quarter of 1999 up to the third quarter of 2012. For the period from the first quarter of 1999 up to the fourth quarter of 2002 such data shall be reported on a best estimate basis. The data specified in columns “J” and “K” of Tables 1 and 2 of Annex I (the breakdown of households and non-profit institutions serving households) may be reported on a voluntary basis.’; (4) in Article 2, paragraph 5 is replaced by the following: ‘5. The counterpart sectors “euro area other than domestic” and “residents outside the euro area” specified in rows 16-29 of Tables 3-7 and in rows 15-27 of Tables 8-9 of Annex I shall be adjusted to reflect the euro area composition at the reporting date. This adjustment shall be done whenever a Member State adopts the euro. The data provided shall be revised in line with the different data requirements specified in paragraphs 2, 3 and 4, on a best estimate basis.’; (5) in Article 2, paragraph 6 is replaced by the following: ‘6. By exemption from paragraphs 1 to 5, NCBs shall not be required to transmit any of the following: (a) at any time, the data relating to quarters prior to the first quarter of the year in which the relevant Member State acceded to the Union; (b) before June 2022, the “national data” and “supplementary data” relating to the sectoral breakdown of other financial institutions (OFI) (columns “E.1”, “E.2” and “E.3” of Tables 1-2 of Annex I) (c) before March 2024, the “national data” and “supplementary data” relating to the sectoral breakdown of other financial institutions (columns “E.1”, “E.2” and “E.3” of Tables 4-9, rows 8-10 and rows 22-24 of Tables 3-7 and rows 7-9 and rows 20-22 of Tables 8-9 of Annex I); (d) before March 2023, the “national data” referred to in paragraph 3(a) relating to foreign direct investment (rows 2, 12, 16, 22, 24, 43 and 45 of Tables 1-2 of Annex I); (e) before March 2023 the “national data” referred to in paragraph 3(a) relating to the additional instrument breakdowns for life insurance and pension entitlements (rows 33-34 and rows 37-38 of Tables 1-2 of Annex I); (f) at any time, the data referred to in points (b), (c) and (d) for the period from the last quarter of 2012 to the third quarter of 2013; (g) at any time, the data referred to in point (e) for the period from the last quarter of 2012 to the third quarter of 2016.’; (6) in Article 2, paragraph 7 is replaced by the following: ‘7. Together with the data reported pursuant to paragraphs 2 to 5 the NCBs shall provide explanatory information on: (a) single major events observed for the reference quarter if the magnitude of such single major events is at least 0,2 % of the quarterly euro area gross domestic product, or if its magnitude is significant at the national level, or if the ECB requests such information; and (b) reasons for revisions compared with the latest “national data” reported to the ECB in accordance with this Guideline, if the magnitude of the changes to the data caused by such revisions is at least 0,2 % of the quarterly euro area gross domestic product, or if its magnitude is significant at the national level, or if the ECB requests such information.’; (7) in Article 3, paragraph 2 is replaced by the following: ‘2. The ECB shall publish the euro area aggregates it compiles, as well as the “national data” collected under Article 2, as described in paragraphs 3 to 5 thereof, as deemed relevant by the STC, except for data relating to the cells in rows 16-29 of Tables 3-7 and in rows 15-27 of Tables 8-9 of Annex I (referring to the counterpart sectors “euro area other than domestic” and “residents outside the euro area”).’; (8) in Article 4, paragraph 1 is replaced by the following: ‘1. The NCBs shall report the “supplementary data” described in Article 2(2) to the ECB within 85 calendar days of the end of the reference quarter. The Executive Board may reduce this deadline to 82 calendar days, if appropriate, taking into account the views of the STC. The Executive Board shall inform the Governing Council of its decision without undue delay. The ECB shall notify the NCBs of any change in the reporting period at least one year ahead of the first reporting date to which it applies. The NCBs shall report the associated explanatory information to the ECB within 87 calendar days of the end of the reference quarter.’; (9) Annex I is replaced by the Annex to this Guideline.

Article 2 Taking effect and implementation 1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro. 2. The Eurosystem central banks shall comply with this Guideline from 1 June 2021.

Article 3 Addressees This Guideline is addressed to all Eurosystem central banks.

Done at Frankfurt am Main, 29 April 2021. For the Governing Council of the ECB The President of the ECB Christine LAGARDE

(1) Guideline of the European Central Bank of 25 July 2013 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (ECB/2013/24) (OJ L 2, 7.1.2014, p. 34).

(2) Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1).

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