Guideline of the European Central Bank

of 13 February 2004

amending Guideline ECB/2003/2 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics

(ECB/2004/1)

(2004/268/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to Article 5(1), Article 12(1) and Article 14(3) thereof,

Whereas:

(1) Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) requires monetary financial institutions (MFIs) to report quarterly statistical data broken down by country and currency. An amendment to this Regulation was adopted on 18 September 2003 to include a requirement for MFIs to report data in respect of the countries acceding to the European Union (EU) on 1 May 2004.

(2) The amendment provides for a flexible approach whereby such data do not have to be reported if they are insignificant. If figures collected at a higher level of aggregation show that they are likely to be insignificant, national central banks (NCBs) may decide not to require their reporting. The European Central Bank (ECB) and the MFIs should be regularly informed whether or not the data are significant.

(3) Where NCBs decide not to require reporting, they should estimate the data, in order to maintain the quality of the euro area MFI sector balance sheet statistics. Guideline ECB/2003/2 of 6 February 2003 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics(2) should therefore be amended to include this requirement and to lay down the permissible methods of estimation.

(4) An amendment to Guideline ECB/2003/2 is required due to the adoption of Regulation ECB/2003/9 of 12 September 2003 on the application of minimum reserves(3), which recast Regulation ECB/1998/15 of 1 December 1998 on the application of minimum reserves(4).

(5) Further technical amendments are also required following a review of Guideline ECB/2003/2.

(6) In accordance with Article 12(1) and Article 14(3) of the Statute, ECB guidelines form an integral part of Community law,

HAS ADOPTED THIS GUIDELINE:

Article 1

Guideline ECB/2003/2 is amended as follows:

1. Article 2(4) is replaced by the following:"For the purposes of the compilation of the monetary aggregates, the NCBs shall report statistical information on central government deposit liabilities and holdings of cash and securities in accordance with Annex VII, as a supplement to and with the same frequency and timeliness as the statistical information to be provided in accordance with Regulation ECB/2001/13."

2. In Article 2, the following paragraph 5a is inserted:

"5a. With reference to tables 3 and 4 of part 2 of Annex I to Regulation ECB/2001/13, where data in respect of cells marked with the '>REFERENCE TO A GRAPHIC>' symbol are not reported, they shall be estimated in accordance with the standards laid down in Annex VIII."

3. Article 3(2) is replaced by the following:"In order to monitor the accuracy of the current standardised deductions from the reserve base which credit institutions may apply to the outstanding amount of their debt securities issued with an agreed maturity of up to two years in accordance with Article 3(2) of Regulation ECB/2003/9 of 12 September 2003 on the application of minimum reserves(5), the ECB makes calculations on a monthly basis, using end-month statistical information that credit institutions submit to NCBs in accordance with Regulation ECB/2001/13. The NCBs shall compile the required aggregates in accordance with Annex XVI and shall report these aggregates to the ECB."

4. Article 7(2) and (3) are deleted.

5. Annex III is replaced by the text set out in Annex I to this Guideline.

6. Annexes VII, XIII, XV, XVIII and XX are amended in accordance with Annex II to this Guideline.

7. Annex VIII is replaced by the text set out in Annex III to this Guideline.

8. Annex IX is replaced by the text set out in Annex IV to this Guideline.

9. Annex XVII (except for its appendix) is replaced by the text set out in Annex V to this Guideline.

10. Annex XXI is deleted.

Article 2

This Guideline is addressed to the NCBs of the Member States that have adopted the single currency in accordance with the Treaty establishing the European Community.

This Guideline shall enter into force on 20 February 2004.

Article 1(2) and (7) shall apply from 1 May 2004.

Done at Frankfurt am Main, 13 February 2004.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet

(1) OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regulation ECB/2003/10 (OJ L 250, 2.10.2003, p. 17).

(2) OJ L 241, 26.9.2003, p. 1.

(3) OJ L 250, 2.10.2003, p. 10.

(4) OJ L 356, 30.12.1998, p. 1. Regulation as last amended by Regulation ECB/2002/3 (OJ L 106, 23.4.2002, p. 9).

(5) OJ L 250, 2.10.2003, p. 10.

ANNEX I

"ANNEX III

DELIVERY CALENDAR FOR MFI INTEREST RATE STATISTICS

Covering the reference period January 2004 to December 2004

Reporting of MFI interest rates statistics

>TABLE>

DELIVERY CALENDAR FOR BALANCE SHEET ITEMS STATISTICS

Covering the reference period January 2004 to December 2004

Reporting of monthly and quarterly balance sheet items statistics

>TABLE>

Notes:

"-" Denotes not applicable.

DELIVERY CALENDAR FOR RESERVE BASE STATISTICS

Covering the reference period January 2004 to October 2004

Reporting of reserve base statistics

>TABLE>

DELIVERY CALENDAR FOR MACRO RATIO STATISTICS

Covering the reference period January 2004 to December 2004

Reporting of macro ratio statistics

>TABLE>

DELIVERY CALENDAR FOR OTHER FINANCIAL INTERMEDIARIES STATISTICS

Covering the reference period first quarter 2004 to fourth quarter 2004

Reporting of other financial intermediaries statistics

>TABLE>

Notes:

"-" Denotes not applicable.

DELIVERY CALENDAR FOR STRUCTURAL STATISTICAL INDICATORS

Covering the reference period 2003 to 2004

Reporting of structural statistical indicators

>TABLE>"

ANNEX II

Annexes VII, XIII, XV, XVIII and XX to Guideline ECB/2003/2 are amended as follows:

1. In Annex VII, the table entitled "Statistics on central government deposit liabilities. Assessment of data availability" is replaced by the following:

"Statistics on central government deposit liabilities. Assessment of data availability

>TABLE>

>TABLE>

>TABLE>"

2. Annex XIII is amended as follows:

(a) table 1 "BSI key family (ECB_BSI1): Series dimensions" is replaced by the following:

">TABLE>"

(b) section 2.11 is replaced by the following:

"Dimension No 11: Currency of denomination of the series (BS_SUFFIX; length: up to three characters)

This dimension specifies whether the reported series is expressed in national or in the common (euro) currency. It has two values (N, national and E, euro) that are represented by the code list CL_BS_SUFFIX. This dimension is critical to differentiate the series representing the same economic phenomenon which are reported in the different stages of economic and monetary union (EMU). For example, for the EU countries that are not members of the EMU, data are reported in the national currency. As from the time they join the EMU, the same BSI series will be expressed and reported in euro.";

(c) in Section 5.1 "Stock data", paragraph (d) "Memorandum items - OMFIs and NCBs/ECB" is replaced by the following:

"A set of monthly time series for the OMFI and NCB/ECB sectors has been identified in Annex IX as necessary to monitor the developments of some additional breakdowns of the main MFIs' BSI series. These series are reported to the ECB as memorandum items and are classified in two blocks according to their level of relevance: 'high priority' memorandum items and 'low priority' memorandum items. Where the phenomenon does not exist or data are not available, no reporting is required. In this case the NCBs should inform the ECB in advance and send, before the first data transmission, the list of applicable series that will be regularly reported."

3. Annex XV is amended as follows:

(a) the section entitled "Regular reporting of the data" is replaced by the following:

"The reserve base statistics comprise six time series for credit institutions, referring to month-end stock figures to be transmitted to the ECB, at a monthly frequency, at the latest by the 'acknowledgement date' (the NCB business day preceding the start of the maintenance period), via the ESCB data exchange system. As an exception, for the maintenance period starting on 24 January 2004 and ending on 9 March 2004 the reserve base statistics should be provided at the latest by 16 February 2004(1).

Credit institutions in the tail (i.e. those exempt from full monthly reporting) report a limited breakdown to the NCBs on a quarterly basis. For these tail credit institutions, simplified reserve base statistics for the three (one-month) reserve maintenance periods are used, and the NCBs will include data for tail credit institutions according to their reporting timetable(2).";

(b) the section entitled "Revision policy" is replaced by the following:

"Revisions by the reporting institutions to the reserve base/reserve requirements that occur after the maintenance period has started, or after 16 February 2004 regarding the maintenance period starting on 24 January 2004 (late revisions), should not lead to revisions to the statistics on the reserve base and on the reserve requirements.";

4. Annex XVIII is amended as follows:

(a) in Section 5.2.3 "Attributes at observation level", "Mandatory", the second paragraph of the first indent is replaced by the following:

"The list below specifies the expected values (according to the agreed hierarchy) for these attributes for the purpose of the OFI statistics:

'A'= normal value,

'B'= break value(3)

'M'= non-applicable data(4)

'L'= data exist but are not collected(5)

'E'= estimated value/assumption,

'P'= provisional value (this attribute can be used, in particular, with each data transmission referring to the last observation)(6)";

(b) in Section 5.2.3 "Attributes at observation level", "Conditional", the second indent is replaced by the following:

"OBS_PRE_BREAK: This attribute contains the pre-break observation value, which is a numeric field like the observation. It is provided when a series break occurs. For the purpose of the OFI key family, this attribute is not requested since this information is already available from the reclassification series. It has been added to the list of attributes since it is part of the common subset of attributes for all key families. However, if the observation status 'B' (break value) is provided, it must be accompanied by a pre-break observation value."

5. In Annex XX, Section 3 "Transmission standard" is deleted.

(1) Or by the preceding NCB business day if 16 February 2004 is not an NCB business day. 'NCB business day' shall mean any day on which a particular NCB of a participating Member State is open for the purpose of conducting ESCB monetary policy operations.

(2) The NCBs 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.

(3) For the purposes of the OFI key family, this attribute is not requested since this information is already available from the reclassification series. It has been added to the list since it is part of the common list of possible values for the observation status attribute for all key families. However, if the observation status 'B' is provided, it must be accompanied by a pre-break observation value (OBS_PRE_BREAK).

(4) When, owing to local market practices or to the legal framework, a time series (or part of it) is not applicable (the underlying phenomenon does not exist), a missing value is reported ('-') with observation status 'M'.

(5) When, owing to local statistical conditions, data for a time series are not collected either on specific dates or for the total length of the time series (the underlying economic phenomenon exists but is not monitored statistically), a missing value is reported ('-') with observation status 'L' in each period.

(6) These observations take definite values (observation status 'A') at a later stage. The new revised values overwrite the previous provisional observations.

ANNEX III

"ANNEX VIII

REPORTING OF QUARTERLY DATA BROKEN DOWN BY COUNTRY AND CURRENCY

Reporting of data under Regulation ECB/2001/13

1. Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) requires MFIs to provide quarterly breakdowns in respect of key items of the aggregated balance sheet as defined in part 1 section IV and further specified in table 3 (Country breakdown) and table 4 (Currency breakdown) of part 2 of Annex I to the said Regulation. In both tables, cells corresponding to positions with the countries acceding to the EU on 1 May 2004 are marked with the ">REFERENCE TO A GRAPHIC>" symbol. MFIs report data in respect of these cells. NCBs may however decide not to require reporting of these data if figures collected at a higher level of aggregation show that they are insignificant.

2. If NCBs decide not to require the reporting of insignificant data they assess, at regular intervals (at least once a year), whether or not data in respect of the cells marked with the ">REFERENCE TO A GRAPHIC>" symbol NCBs inform the ECB and the MFIs of any change in the reporting requirements in respect of the said cells.

3. Where data in respect of cells marked with the ">REFERENCE TO A GRAPHIC>" symbol are insignificant and NCBs decide not to require their (full) reporting, they estimate the data using existing information, in accordance with the methods set out below.

Methods of estimation

4. Where NCBs estimate the data using existing information, they report these data to the ECB as memorandum items. The following methods of estimation may be used (further methods may be discussed with the ECB on a case-by-case basis):

- the quarterly figures are estimated on the basis of data reported by MFIs at lower frequency. The data are carried forward into the missing period(s), by repeating them or applying appropriate statistical techniques to reflect any trend growth rate or seasonal pattern,

- the quarterly figures are estimated on the basis of data reported by MFIs on a more aggregated basis, or on the basis of specific breakdowns which the NCBs consider to be meaningful,

- the quarterly figures are estimated on the basis of quarterly data collected from large MFIs (responsible for at least 80 % of the business with the countries acceding to the EU on 1 May 2004),

- the quarterly figures are estimated on the basis of alternative data sources (such as Bank for International Settlements or balance of payments data), after any necessary adjustment required due to differing concepts and definitions used in such alternative sources compared with those used in money and banking statistics,

- the quarterly figures are estimated on the basis of data in respect of the countries acceding to the EU on 1 May 2004 reported quarterly by MFIs as a single total.

Timeliness of reporting

5. Data reported as memorandum items under this Annex may be reported to the ECB with a delay of a further one month from the close of business on the 28th working day following the end of the quarter to which they relate.

(1) OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regulation ECB/2003/10 (OJ L 250, 2.10.2003, p. 17)."

ANNEX IV

"ANNEX IX

MEMORANDUM ITEMS TO BE PROVIDED AT A MONTHLY FREQUENCY

REPORTING SCHEME

1. The memorandum items listed in this Annex belong to the balance sheet items (BSI) key family, which is described in Annex XIII. The series are to be reported at monthly frequency and with the same timeliness as the mandatory monthly monetary financial institution (MFI) balance sheet statistics in accordance with Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1).

I. Memorandum items for the derivation and assessment of the monetary aggregates and counterparts

2. For the purposes of the compilation of the monetary aggregates, the national central banks (NCBs) report statistical information on supplementary breakdowns of "currency in circulation" and "debt securities issued". These high priority memorandum items are shown as bold framed cells in Tables A and B and are defined below. The remaining memorandum items are needed to allow a more detailed analysis of the MFI balance sheet statistics.

3. Currency in circulation, of which euro banknotes (M1), national denomination banknotes (M2), coins (M3), coins denominated in euro (M4) and coins in national denominations (M5):

- euro banknotes (M1) are euro banknotes issued as included in the item "currency in circulation",

- national denomination banknotes (M2) are banknotes denominated in the legacy currencies issued by NCBs before 1 January 2002 that have not yet been redeemed at the NCBs. Reported as from January 2002, at least during 2002,

- coins (M3) refers to the amount of coins, both euro and national denomination (not yet redeemed), issued by national authorities (NCBs/central governments) and reported as part of the item "currency in circulation" in the NCB's balance sheet,

- coins denominated in euro (M4) are coins denominated in euro issued by national authorities (NCBs/central governments),

- coins in national denominations (M5) are coins denominated in the legacy currencies issued by national authorities (NCBs/central governments) before 1 January 2002 that have not yet been redeemed at the NCBs.

4. Holders of negotiable securities issued by the European Central Bank (ECB)/NCBs (items M6 to M8)

Debt securities issued by the ECB/NCBs that have been broken down by residency of the holder, according to the following three-way split: domestic/other participating Member States/rest of the world.

>PIC FILE= "L_2004083EN.004301.TIF">

>PIC FILE= "L_2004083EN.004401.TIF">

5. Remaining assets/liabilities, of which intra-eurosystem liabilities (item M13)/claims (item M18) related to the allocation of euro banknotes

Net positions vis-à-vis the eurosystem originated by: 1. distribution of euro banknotes issued by the ECB (8 % of total issues); and 2. application of the capital share mechanism. The allocation of the individual NCB's and ECB's net credit or debit position to either the asset or liability side of the balance sheet is done according to the sign, i.e. a positive net position vis-à-vis the eurosystem will be reported on the asset side, a negative net position on the liability side.

6. Holders of negotiable securities issued by other MFIs with a breakdown by maturity (items M19 to M21 and M28 to M30) and further by currency (items M22 to M27 and M31 to M36)

Debt securities and money market paper issued by MFIs that have been broken down by residency of the holder according to the following three-way split: domestic/other participating Member States/rest of the world. Debt securities and money market paper data are provided with a breakdown by maturity (up to one year, over one year and up to two years) and further details by currency (euro, foreign currencies).

II. Memorandum items to derive weighting information for MFI interest rate statistics

7. For the regular production of MFI interest rate (hereinafter MIR) statistics(2), weighting information is necessary to aggregate the national MIR statistics to MIR statistics for the euro area. To reduce the reporting burden on the NCBs, the decision has been taken to use as a primary source for deriving the weights for MIR statistics on outstanding amounts as well as selected MIR statistics on new business the statistical information already reported by NCBs in the context of BSI statistics.

8. On the basis of data availability according to Regulation ECB/2001/13 the weighting information for the relevant deposit categories referring to new business and outstanding amounts can be easily mapped from the MFI balance sheet statistics. However, for the loan instrument categories in the field of outstanding amounts(3) the mandatory BSI data do not allow an exact mirroring.

9. For these loan instrument categories, the (mandatory) BSI series cover all currencies of transaction, whereas MIR statistics consider only euro-denominated loans. BSI series referring only to the euro as the currency of transaction according to Regulation ECB/2001/13 are available with the required sectoral breakdown, but with no distinction by maturity nor (within the household sector) by type of loan.

10. For these loan categories, the weighting will therefore be based on the BSI series referring to all-currency loans. However, the series will be adjusted for the share of euro within the total currencies of transaction.

11. Following bilateral contacts, a number of NCBs (to date: Belgium, Spain, France, Ireland, Italy, Luxembourg, Austria, Portugal and Finland) are, however, also in a position to provide the required breakdowns for euro-denominated loans. To this end, the following memorandum items have been established:

>PIC FILE= "L_2004083EN.004601.TIF">

(1) OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regulation ECB/2003/10 (OJ L 250, 2.10.2003, p. 17).

(2) According to Regulation ECB/2001/18 of 20 December 2001 concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (OJ L 10, 12.1.2002, p. 24).

(3) See Regulation ECB/2001/18, Annex II, Appendix 1: indicators 6 to 14."

ANNEX V

"ANNEX XVII

LIST OF MONETARY FINANCIAL INSTITUTIONS

GUIDELINES FOR REPORTING UPDATES

Introduction

1. These guidelines provide information on the collection, validation and dissemination of the list of monetary financial institutions (MFIs). The list of MFIs is a compilation of institutions reflecting the national MFI sectors of the European Union (EU) Member States.

Ad hoc updates to the list of MFIs

2. Ad hoc updates are mandatory and take place if there are changes in the MFI sector, i.e. an institution joins the MFI sector (joiner) or an existing MFI leaves the MFI sector (leaver).

3. Ad hoc updates are also mandatory where there are any changes in attributes of existing MFIs.

4. An institution can join the MFI sector for any of the four reasons below:

- the establishment of an MFI as the result of a merger,

- the establishment of new legal entities as the result of the division of an existing MFI,

- the establishment of a new MFI,

- a change in the status of a previous non-MFI, such that it becomes an MFI.

5. An institution can leave the MFI sector for any of the five reasons below:

- the involvement of an MFI in a merger,

- the purchase of an MFI by another institution,

- the division of an MFI into separate legal entities,

- a change in the status of an MFI, such that it becomes a non-MFI,

- the liquidation of an MFI.

6. Transmission of ad hoc updates of the MFI sector is mandatory, both to ensure full consistency with the eligible counterparties for monetary policy operations (hereinafter "MPEC") and for the monthly release of the list of MFIs on the European Central Bank"s (ECB"s) website.

7. When reporting a new institution or an institution to be modified, all mandatory variables should be completed.

8. When reporting an institution leaving the MFI sector (which is not part of a merger) the following information should be reported as a minimum: the type of request (i.e. delete) and the identification (hereinafter "id") code of the MFI (i.e. the "mfi_id" variable).

MFI id code reallocation

9. National central banks (NCBs) should not reallocate MFI id codes of deleted MFIs to new MFIs.

10. In the event that this is unavoidable, an "mfi_req_realloc" request should be sent to the ECB. Reallocation of an MFI id code is handled by the ECB like allocation of a code to a new MFI, with the difference that the system does not check the MFIs archives to look for matching MFIs. Note that if the MFI id code being reallocated exists in the existing list of MFIs, then this request will be rejected.

11. In the event that the MFI id code of an existing MFI has to be changed to that of a deleted MFI, then an "mfi_req_mod_id_realloc" request should be sent to the ECB. This enables a change of MFI id code and a reallocation of an existing MFI id code to take place in one operation. Every time an MFI id code is changed in this manner all the existing MFIs will be checked to see if the old MFI id code was reported for the head office of an existing MFI (i.e. for a foreign branch); if so, the MFI id code of the head office will be updated automatically. Note that if the new MFI id code has already been used and the request is not an mfi_req_mod_id_realloc (or the new MFI id code is in the current list) the request will be rejected.

Variables transmitted

12. The table below outlines the variables that are collected for the list of MFIs and whether they are mandatory or otherwise. Please refer to the section on "Validation checks" below for further details about each variable. Note that unless explicitly stated otherwise, the term "mergers" refers to domestic merger activity.

>TABLE>

Merger requests

13. Several examples are given below of the variables to use to report both domestic and cross-border mergers, between an MFI and other MFI(s)/non-MFI(s). Scenarios involving both the same dates and different dates of legal effect of merger activity are also indicated. Note that the situations below are samples and do not reflect an exhaustive list of all possible merger scenarios. Furthermore, the result specified for a situation is only one of many possible outcomes for that type of merger.

14. The "Exchange Specification for the N13 Phase II Data Exchange System" (see the section on "Reference" below) should be referred to, for appropriate guidelines on the XML reporting scheme.

Merger request examples

>TABLE>

Frequency of transmission

15. Transmission of ad hoc updates to the ECB should be effected as soon as the changes in the MFI sector occur.

Transmission medium and file format

16. Ad hoc updates should be transmitted in XML format, via the N13 Data Exchange System.

17. In the event of failure of the N13 Data Exchange System, updates should be transmitted in XML format via the N13 Cebamail account.

18. For full details of the N13 Data Exchange System for transmission of MFI updates, please refer to the "Exchange Specification for the N13 Phase II Data Exchange System" document (see the section on "Reference" below).

19. When manual input procedures are used, NCBs should have in place an adequate set of controls to minimise operational errors and ensure the accuracy and the consistency of the MFI updates reported via the N13 Data Exchange System.

Validation checks

20. The following data validation checks should be carried out before transmitting MFI updates to the ECB. The ECB has implemented the same validation checks, hence all updates received by the ECB which pass the validation checks are automatically implemented in the MFI dataset.

General

(i) All mandatory variables are completed.

(ii) Values for the variable "object_request" are one of seven predefined types:

- "mfi_req_new" (specifies that information on a new MFI is given),

- "mfi_req_mod" (specifies that information on modifications to an existing MFI is given),

- "mfi_req_del" (specifies that information on an existing MFI to be deleted is given),

- "mfi_req_merger" (specifies that information on institutions involved in a merger is given),

- "mfi_req_realloc" (specifies that reallocation of a deleted mfi_id to a new MFI is required),

- "mfi_req_mod_id_realloc" (specifies that a change of the mfi_id of an existing MFI to that of a deleted MFI is required),

- "mfi_req_mod_id" (specifies that a change of mfi_id is required).

(iii) The national character set can be used when reporting updates to the ECB. Note that when receiving information from the ECB, via the N13 Data Exchange System, "Unicode" will be required to display correctly all special character sets.

(iv) When reporting updates, Greece should use the Roman alphabet.

Id code

(v) The variable "mfi_id" is comprised of two separate parts, a "host" variable and an "id" variable. The values for the two parts combined should ensure that the mfi_id is unique to that MFI. The "mfi_id" is the primary key for the MFI dataset.

(vi) The value for the variable "host" for an MFI can only be a two-character country EU ISO code.

(vii) A previously used id code should not be allocated to a new MFI. (In exceptional circumstances, refer to the section on "MFI id code re-allocation" above.)

(viii) To ensure consistency, use the same id codes as released monthly in the list of MFIs on the ECB's website.

(ix) When reporting an id code change, a specific request "mfi_req_mod_id" should be used.

(x) When reporting an id code change to a previously deleted id code, a specific request "mfi_req_mod_id_realloc" should be used (refer to section on "MFI id code reallocation" above).

(xi) If the variable "mfi_id" is incomplete, incorrect or missing the entire request will be rejected.

Name

(xii) The full, registered name of the institution at the NCB.

Include the company designation in the name, i.e. Plc, Ltd, SpA, etc. The company designation should be consistently reported for all names where this is applicable.

(xiii) The lower case convention should be followed to cater for accents.

(xiv) Use lower case, where applicable.

(xv) If the variable "name" is incomplete, incorrect or missing the entire request will be rejected.

Address

(xvi) At least one of the address variables "postal_address", "postal_box" or "postal_code" should be completed. The fourth address variable, "city", is mandatory.

(xvii) For the "postal_address", indicate the street name and street number of the institution.

(xviii) For "postal_box", use national box convention systems. No post office box text references should be placed in front of "postal_box" numbers, which can be alphanumeric.

(xix) For "postal_code", specify the relevant post code. Use national postal systems conventions. The "postal_code" can be alphanumeric.

(xx) If the set of "address" variables is incomplete, incorrect or missing the entire request will be rejected.

City

(xxi) For the variable "city", specify the city of location.

(xxii) If the variable "city" is incomplete, incorrect or missing the entire request will be rejected.

Category

(xxiii) For the variable "category", indicate the type of MFI according to four predefined values: "central bank", "credit institution", "money market fund" or "other institution". Use lower case, except for initial positions, which should be in upper case.

(xxiv) If the variable "category" is incomplete, incorrect or missing the entire request will be rejected.

Report

(xxv) For the variable "report", indicate if the MFI is subject to full reporting requirements (true) or alternatively is part of the tail (false). Only one of these two predefined values will be accepted.

(xxvi) If the variable "report" is incomplete, incorrect or missing the entire request will be rejected.

Order

(xxvii) For the variable "order_r", indicate the desired order of the list of MFIs, if the English alphabetical order is not applicable. Assign a numeric value to each MFI in ascending order.

(xxviii) The variable "order_r" is not mandatory. If this is incomplete or missing (and all other validation checks are fulfilled), the request will be implemented in the MFI dataset.

Foreign branch checks

(xxix) A value for the variable "head_of_branch" must be completed, if the MFI is a foreign branch.

(xxx) For the variable "head_of_branch", indicate the type of head office according to one of three predefined variables: "non_eu_head", "eu_non_mfi_head_" or "eu_mfi_head".

(xxxi) If the variable "head_of_branch" is given as "non_eu_head" (a non-EU resident head office) the host and name of the head office should be given.

(xxxii) If the variable "head_of_branch" is given as "eu_non_mfi_head" (an EU resident head office, which is not an MFI) the host, name and id of the head office should be given. The id of the non_mfi can be either "OFI" (other financial institution) or a two-character ISO country code followed by a suffix referring to the appropriate sectoral classification of the ESA 95(1).

(xxxiii) If the variable "head_of_branch" is an "eu_mfi_head" (an MFI), the host and id of the head office should be given. Please refer to the latest month's list of MFIs available on the ECB's website for the most up to date MFI id information.

(xxxiv) If the variable "head_of_branch" is an "eu_mfi_head" (an MFI), the name of the head office should not be given. As part of the ECB's validation checking mechanism, there is an automatic update of head office names of all EU-resident foreign branches, where the id of the head office is provided. This is done for the entire MFI dataset, each time an MFI is reported and there is a change to the "name" variable.

(xxxv) If any of the above validation checks (xii to xvii) are violated, the entire request will be rejected.

(xxxvi) There are two cases in which inconsistent head office information will prevail in the ECB's MFI dataset:

- if the variable "head_of_branch" is given as an "eu_mfi_head" but the id of the head office does not match that in the ECB's MFI dataset, the request will still be implemented. However, the name of the head office will not be contained in the ECB's MFI dataset,

- if an MFI id code change request is sent, it is possible that head office information pertaining to foreign branches resident in other Member States, of that MFI, will become inconsistent.

To mitigate this inaccuracy, the N13 Data Exchange System sends a list of inconsistent head office information within acknowledgements sent to NCBs.

Mergers checks

(xxxvii) The variable "mfi_req_merger" is mandatory, when reporting domestic or cross-border mergers.

(xxxviii) The variable "submerger" is mandatory. Each group (i.e. two or more institutions) sharing the same "date" of legal effect of merger activity should be reported under a separate "submerger" tag.

(xxxix) When the variable "submerger" is specified, a value for the variable "date" should be completed. Completion of the variable "date" is mandatory.

(xl) At least one institution involved in a merger should be an MFI (i.e. it is not possible to report mergers only between non-MFIs).

(xli) If there is no change in the attributes of an MFI as a result of merger activity, this MFI should be reported as a modification (i.e. "mfi_req_mod"). This is in order to ensure that all MFIs involved in a merger are reported.

(xlii) The variable "involved_mfi" is mandatory only when reporting cross-border mergers (i.e. the "involved_mfi" will contain information on the institution resident in another Member State).

(xliii) If an institution is specified as an "involved_mfi", the variable "mfi_ref" should be completed.

(xliv) The variable "mfi_ref" is comprised of two parts: "mfi_id" (which consists of the "host" and "id" of the institution) and "name".

(xlv) Cross-border merger information will not be implemented in the ECB's MFI dataset, unless complete merger requests from all involved Member States have been reported and validated.

(xlvi) If an institution is specified as an "involved_non_mfi", the "non_mfi_id" and "name" should be completed.

(xlvii) The "non_mfi_id" of an "involved_non_mfi" is comprised of two parts: "host" and "id", and is five characters in length. The "host" is a two-character ISO country code. The "id" is three characters in length and refers to the appropriate sectoral classification of the ESA95.

(xlviii) If any of the above validation checks (xx to xxx) are violated, the entire request will be rejected.

MFI-MPEC cross-check

21. If a cross-check of data between the MFI and MPEC datasets is required, place a cross-check flag in the file being transmitted in the N13 Data Exchange System.

22. The cross-check is carried out on the complete MFI and MPEC information reported by the sender NCB (i.e. including existing MFI and MPEC information in the respective datasets) and not just on the information received in the file containing the flag. The results are returned immediately in the form of an acknowledgement. The cross-check flag should be utilised in the following way:

- where MFI and MPEC data can be coordinated between respective business areas, the cross-check flag should be included only in the second file transmitted for the corresponding MFI or MPEC request,

- where coordination is not feasible, an additional message containing only the cross-check flag should be transmitted at the end of the day. This message could be sent by one or both of the MFI-MPEC business areas,

- where a cross-check is not required immediately for MFI-MPEC consistency, the flag should not be placed in the file,

- where the check is required for execution later in the day, the data should be sent without the cross-check flag. An empty file with the cross-check flag should be sent subsequently. In this case, as there is no data to check in the empty file, the cross-check is performed at once,

- The acknowledgement will contain only the result of the cross-check between the MFI and the MPEC datasets of the sender.

23. An MFI-MPEC cross-check provides a warning only. Hence, if the cross-check fails, the request will still be implemented in the ECB's MFI dataset.

24. MFI and MPEC discrepancies are checked by the respective MFI and MPEC business areas, five working days prior to, and on the day of, the end-month release. NCBs are reminded, via e-mail, to resolve discrepancies urgently. If discrepancies cannot be resolved before the release, NCBs are requested to provide an explanation. Note that inconsistent MFI-MPEC records will not be published on the ECB's website at the end of each month.

Error handling

25. Upon receipt of a file containing MFI updates, an acknowledgement is transmitted immediately back to the sender. The acknowledgement is one of two types:

(i) acquisition acknowledgement: this contains summary information of the MFI updates which have been processed and implemented successfully in the MFI dataset;

(ii) error acknowledgement: this contains detailed information on the MFI updates and the validation checks which have failed. Please refer to the section on "Validation checks" above for specific information on whether failure of the validation check would result in a rejection of the entire request, or an implementation of the request supplemented with a warning.

26. Upon receipt of an error acknowledgement, immediate action should be taken to transmit corrected information. If correct information is dependent on updates sent by other Member States during the course of the latest month (i.e. not available on the ECB's website), please contact the ECB via the N13 Cebamail account, with specific details of information required.

Annual quality control exercise

27. The purpose of this mandatory annual exercise is to extensively check the existing list of MFIs at the ECB, with a particular focus on checking foreign branches.

28. The timing of the exercise is targeted towards ensuring that the end-of-year release of updated MFI sector information on the ECB's website, and subsequently as a hard-copy publication, is as accurate and up to date as possible.

29. The NCBs should follow the guidelines set out below in order to carry out the standardised updating procedure in a timely and accurate manner, and to ensure that the information is processed in a comprehensive and efficient manner at the level of both the NCBs and the ECB.

General procedures

(i) Each NCB will be sent a single Excel file, containing four worksheets (Reports 1 to 4) which include one blank template. These will be sent via Cebamail from the ECB and dated as at close of business on the last working day of October (time tag T).

(ii) Note that "T" refers to working days.

(iii) The reports and the checks to be performed are specified below.

Report 1: The national list of MFIs

This is a country specific (national) list of MFIs, as listed in the ECB's dataset, which NCBs should compare with their own national list of MFIs.

- Each correct institution in this report should be ticked in the column entitled "Comments".

- If there are any differences between the two lists, then these should be specified appropriately in the column entitled "Comments". Please indicate exactly what the difference is, i.e. modification is required (which attribute is modified and what the value should be), or record should be deleted (specify why), etc. Please also specify if you will send/have sent a correction for this record via the N13 Data Exchange System and state the IREF number in the column entitled "IREF".

- If a record is missing, then the entire record details should be added to Report 1 (i.e. as an additional record). Please specify in the "Comments" column that this is a "new record" (specify why). Please also specify if you will send/have sent a correction for this record via the N13 Data Exchange System and state the IREF number in the column entitled "IREF".

Report 2: A list of foreign branches resident in the specific NCB's country

NCBs should ensure that the information on foreign branches of MFIs resident in their own countries is complete, accurate and up to date.

- Each correct institution in this report should be ticked in the column entitled "Comments".

- If there are any modifications, then these should be specified appropriately in the column entitled "Comments". Please indicate exactly what the difference is, i.e. modification is required (which attribute is modified and what the value should be), or record should be deleted (specify why), etc. Please also specify if you will send/have sent a correction for this record via the N13 Data Exchange System and state the IREF number in the column entitled "IREF".

- If a foreign branch is missing, then the entire record details should be added to Report 2 (i.e. as an additional record). Please specify in the "Comments" column that this is a "new record" (specify why). Please also specify if you will send/have sent a correction for this record via the N13 Data Exchange System and state the IREF number in the column entitled "IREF".

Report 3: A list of foreign branches, of which the head office has been reported by other NCBs as resident within the specific NCB's country

This is for cross-checking the MFI sector as far as coverage of the foreign branches of MFIs is concerned. NCBs should check to ensure that all foreign branches resident in other EU countries which have a head office located in the NCB's country have been reported by other NCBs.

- Each correct institution in this report should be ticked in the column entitled "Comments".

- If there are any modifications, then these should be specified appropriately in the column entitled "Comments". Please indicate exactly what the difference is, i.e. modification is required (which attribute is modified and what the value should be), or record should be deleted (specify why), etc.

- If a foreign branch is missing, then the entire record details should be added to Report 3 (i.e. as an additional record). Please specify in the "Comments" column that this is a "new record" (specify why).

Report 4: Template for cover pages

This is a blank template, in which each NCB should specify how many cover pages it requires for the hard-copy publication of the list of MFIs, due for release in the first quarter of the following year.

Time frame for reporting

(iv) The NCBs have nine working days (T+9) in which to check the reports and to confirm the accuracy of the data. Completed reports are transmitted back to the ECB via the N13 Cebamail account with indications of whether the data are correct or not (as specified above).

(v) In parallel, if data are incorrect, NCBs should make corrections and transmit updates via the N13 Data Exchange System to the ECB within these nine working days (T+9). In the reports sent back to the ECB, the IREF number of the corrected data should be quoted in all cases. Note: NCBs can continue sending ad hoc updates, not associated with the annual quality control exercise, as usual, via the N13 Data Exchange System.

(vi) Either acquisition or error acknowledgements will be transmitted automatically to the NCBs upon receipt of the corrected data, via the N13 Data Exchange System (during T+9). If an error acknowledgement is received, NCBs should immediately provide corrections.

(vii) The ECB will spend two working days (T+11) checking all incoming reports and corrections. As stated above, NCBs should indicate the IREF number in the returned reports, if sending corrections.

(viii) NCBs will be contacted further via Cebamail if there are any outstanding issues (T+12).

(ix) NCBs have two working days to provide further corrections or explanations in the case of contradictory data(T+14).

(x) The ECB will send a final report of the status quo concerning the MFI sector to NCBs via Cebamail (T+15). A summary of the results of the annual quality control exercise is also provided.

(xi) All remaining contradictory data will be considered "outstanding" and be discussed at the following Working Group on Money and Banking Statistics meeting.

Summary table

(xii) The table below provides a summary of the dates, tasks, mediums of transmission and responsible organisations for the annual quality control exercise concerning the list of MFIs.

>TABLE>

Contingency procedures

(xiii) Contingency procedures enter into force in the following cases:

for MFI sector reports

- if the Cebamail system is not available for transmitting the MFI sector reports, the ECB will send these (in Excel format) via e-mail. NCBs should also use e-mail(2) to send back the completed reports to the ECB,

for MFI updates and corrections

- if the N13 Data Exchange System is not available for transmitting corrections, NCBs, where applicable, should submit the information using the XML data format, via the Cebamail system,

- if the Cebamail system is not operational for file transfer of MFI updates/corrections, NCBs should use e-mail(3) to send updates in XML data format,

(xiv) if any NCB is closed on any day on which the abovementioned procedures have to be carried out, that NCB shall ensure that the procedures are initiated and completed according to the above timetable before the day or days of its closure.

Dissemination

Daily dissemination to NCBs via the N13 Data Exchange System

30. MFI updates will be disseminated every working day. A snapshot of all changes implemented in the current list of MFIs will be taken every working day at 17.00 ECB-time and disseminated to all NCBs. The dissemination will contain the full details of each of the following changes reported by NCBs:

- new MFIs,

- updated MFIs,

- deleted MFIs,

- reallocation of MFI id codes,

- change of MFI id codes,

- change of MFI id codes involving reallocation.

Monthly updating of the list of MFIs on the ECB's website

31. On the last working day of each calendar month, a snapshot of the MFI dataset as at 17.00 ECB-time is taken. Note that inconsistent MFI-MPEC records will not be part of the snapshot.

32. The list of MFIs is made available to the public one day after the snapshot has been taken. If the snapshot is taken at 17.00 ECB-time on a Friday, the updated information will become available at 12.00 ECB-time on Saturday.

Monthly dissemination to NCBs via the N13 Data Exchange System

33. At the same time as the list of MFIs is released on the ECB's website, it will be sent to the NCBs via the N13 Data Exchange System.

Annual hard-copy publication

34. Once a year, the ECB will publish a hard-copy version of the list of MFIs, with a reference date as at the end of December of the previous year. This publication will be available to the general public, before the end of the first quarter of the following year. The ECB will disseminate one master hard copy, together with the relevant number of cover pages required, to NCBs via the postal system. In parallel, a.pdf version of the publication will be sent to the NCBs via Cebamail. The.pdf version will also be published on the ECB's website.

Reference

35. "Exchange Specification for the N13 Phase II Data Exchange System". This document deals with the exchange of files between NCBs and the ECB. It covers the exchange protocol, the exchange infrastructure and file formats exchanged making up the interface between the ECB's and NCBs' internal systems. The document consists of two major parts, the "Functional" part and the "Technical" part. Each is described below:

Functional part

- functional details (logical exchange protocol, i.e. sequence of acknowledgements expected on sending of information, etc.),

- logical data model,

- structure of information to be exchanged,

- contents (not formatting) of acknowledgements,

- business validation rules, i.e. the validation of logical information (e.g. the maturity date should be a future date), but not syntax validation, and the reflection of these rules in error acknowledgements.

Technical part

- physical exchange systems to be used (FTPC/X400 services on the ESCB-net); exact use of these systems,

- technical view of the exchange protocol,

- exchange format definition (i.e. the XML Schema).

Appendix

36. List of two-character ISO country codes.

(1) The European System of Accounts 1995, contained in Annex A to Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community (OJ L 310, 30.11.1996, p. 1). Regulation as last amended by Regulation (EC) No 1267/2003 of the European Parliament and of the Council (OJ L 180, 18.7.2003, p. 1).

(2) The address is: mfi.hotline@ecb.int.

(3) The address is: mfi.hotline@ecb.int."