Guideline of the European Central Bank

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

(ECB/2003/2)

(2003/652/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), as amended by Regulation ECB/2002/8(2), provides that, for the purposes of the regular production of the said consolidated balance sheet, the monetary financial institutions (MFIs) which are part of the actual reporting population shall report statistical information relating to their balance sheets to the national central bank (NCB) of the Member State in which they are resident. It is therefore necessary to define the formats and procedures that the NCBs must follow in order to report to the European Central Bank (ECB), in compliance with Regulation ECB/2001/13, statistical information derived from that collected from the actual reporting population and from their own balance sheets. For statistical reporting purposes, the ECB derives data from its own balance sheet, corresponding to the data derived by the NCBs from their balance sheets. The monetary aggregates calculated by the ECB may include deposit liabilities and close substitutes for deposit liabilities issued by the central government. It is also necessary to define formats and procedures for the regular production of the flows statistics derived from the consolidated balance sheet of the MFI sector and from additional information from the NCBs.

(2) Since the adoption of Guideline ECB/2002/5 of 30 July 2002 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statisticalinformation in the field of money and banking statistics(3), the exchange of statistical information within the Eurosystem has developed significantly, due to the entry into force of Regulation ECB/2001/13 and 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(4). It is therefore necessary to update the annexes to Guideline ECB/2002/5 by means of the present Guideline.

(3) The ECB, in cooperation with the NCBs, identifies and records the features of e-money schemes in the European Union (EU), the availability of the statistical information concerned and the compilation methods related to it.

(4) Supplementary data on the credit institutions' balance sheets and other structural indicators concerning the banking system are necessary for the conduct of macro-prudential and structural analysis at European level.

(5) Supplementary data relating to other financial intermediaries, except insurance corporations and pension funds (hereinafter "OFIs") are necessary in order to complete the statistical picture of the euro area. Indeed, activities undertaken by OFIs are similar and complementary to those undertaken by MFIs and, in particular, given that for ECB statistical purposes balance sheet data on OFIs totally or partially owned by MFIs are not included in the MFIs' balance sheets, it is important to collect these data. In this area the ECB follows for the time being a short-term approach consisting of compiling statistics using information available at national level.

(6) Supplementary data on the sales/transfers of MFI loans to third parties (securitisation) are necessary to monitor the possible impact of these developments on the loans granted by credit institutions to the other resident sectors. Sales/transfers of MFI loans to third parties may reduce the amounts reported by MFIs without effectively affecting the financing of the other resident sectors.

(7) The ECB may act as a gateway for the NCBs to transmit supplementary money and banking statistics to the IMF.

(8) Certain common rules have to be set for the publication, by the NCBs, of statistical information concerning the consolidated balance sheet of the MFI sector in order to ensure an orderly release of the related key market sensitive aggregates.

(9) Regulation ECB/2002/13 provides that the statistical information reported by credit institutions in accordance with its rules shall be used to calculate the reserve base in accordance with Regulation ECB/1998/15 of 1 December 1998 on the application of minimum reserves(5), as last amended by Regulation ECB/2002/3(6). For analytical purposes the ECB must produce monthly statistics on the breakdown of the aggregate reserve base according to the types of liabilities.

(10) Regulation ECB/2001/13 provides that the ECB shall establish and maintain a list of MFIs for statistical purposes, taking into account the requirements in respect of frequency and timeliness which arise from its use in the context of the minimum reserve system of the European System of Central Banks (ESCB). It is therefore necessary to define the formats and procedures that the NCBs must follow in order to report to the ECB the information it requires to fulfil the said task.

(11) With the aim of improving the quality of the euro area MFI sector balance sheet statistics, common rules have to be set for grossing up for small MFIs that have been relieved of full reporting requirements in accordance with Article 2.2 of Regulation ECB/2001/13.

(12) Information about securities issues complements the statistics on the MFI sector, since for borrowers securities issues are an alternative to bank finance, and holders of financial assets may view securities issued by non-banks as partial substitutes for bank deposits and negotiable instruments issued by banks. A sectoral breakdown of the issuing activity highlights the relative importance of the demands of the public and private sectors on the capital markets and assists in accounting for movements in market interest rates, particularly in the case of medium to long-term maturities. Information on securities issues in euro may be used to assess the role of the euro in international financial markets; for these purposes, securities issues statistics are required comprising all issues by euro area residents in any currency and all issues made worldwide in euro, both domestic and international. In this area the ECB follows for the time being a short-term approach consisting of compiling securities issues statistics using information available at national and international level.

(13) The ECB needs to monitor the transmission of monetary policy through changes in the interest rates applied to the main refinancing operations of the ESCB, in order to understand better the structure and functioning of the price mechanism on monetary aggregates and in financial markets and to assess sectoral financial conditions. For this purpose, statistical information on the development of interest rates applied by MFIs to deposits and loans vis-à-vis households and non-financial corporations (hereinafter "MFI interest rates") is required; it is therefore necessary to define the formats and procedures that the NCBs must follow in order to report such information to the ECB, in compliance with Regulation ECB/2001/18. Until MFI interest rate statistics of sufficient quality are available at euro area level, the ECB will follow a short-term approach with respect to retail interest rates, consisting of compiling, on the basis of information available at the national level and without creating an additional reporting burden on the reporting population, a limited number of aggregate retail interest rates covering the euro area viewed as one economic territory. For a more detailed analysis of retail interest rates the ECB will then rely in particular on key national rates, i.e. those interest rates that are considered to be the main indicators of retail financial market conditions in the Member State concerned, as usually monitored by the users.

(14) It is necessary to set up a procedure to carry out technical amendments to the annexes to this Guideline in an effective manner, provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden. Account will be taken of the views of the Statistics Committee of the ESCB when following this procedure. NCBs may propose such technical amendments to the annexes to this Guideline through the Statistics Committee.

(15) 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

Definitions

For the purposes of this Guideline:

1. the terms "participating Member State" and "resident" shall have the same meaning as defined in Article 1 of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(7);

2. the term "euro area" shall mean the economic territory of the participating Member States, and the ECB;

3. the term "Eurosystem" shall mean the NCBs of the participating Member States and the ECB;

4. the term "credit institution" shall have the same meaning as in Section I.2 of Part 1 of Annex I to Regulation ECB/2001/13.

Article 2

Consolidated balance sheet of the MFI sector and derivation of flows

1. The NCBs shall compile and report two aggregate balance sheets of the subsectors "central bank" and "other MFIs" of their respective Member State, in accordance with Regulation ECB/2001/13. In particular, the required statistical information concerning the central bank balance sheet is further defined in the bridging tables for money and banking statistics as laid down in Annex I. The ECB, for statistical reporting purposes, derives data from its own balance sheet, corresponding to the data derived by the NCBs from their own balance sheets. As compilers of their own balance sheets, the NCBs shall follow the procedure laid down in Annex II in their regular monitoring of the consistency between the Eurosystem's end-month aggregated balance sheet for statistical purposes and its weekly financial statement and in their regular reporting to the ECB of the outcome of their monitoring. As the compiler of its own balance sheet, the ECB follows the same procedure. This statistical information shall be reported in accordance with the calendar set out in Annex III.

2. To the extent that it is available, NCBs shall report further statistical information on e-money issued by MFIs and non-MFIs, in accordance with the list of items laid down in Annex IV. Monthly data shall be submitted to the ECB at least twice a year. The ECB, in cooperation with the NCBs, identifies and records, on a yearly basis, the features of e-money schemes in the EU, the availability of the statistical information concerned and the compilation methods related to it.

3. To allow the ECB to carry out a macro-prudential analysis of, and an analysis of structural developments in, the European banking sector, NCBs shall report balance sheet data on the credit institutions sector and other structural indicators in accordance with Annexes V and VI.

4. 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 and data on the holders of money market funds shares/units in accordance with the residency breakdown laid down in Annex VIII, 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.

5. To the extent that it is available, including on a best estimate basis, or that the business concerned is significant from a monetary point of view, the NCBs shall report further statistical information in accordance with the list of memorandum items laid down in Annex IX 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. The ECB, in cooperation with the NCBs, identifies and records the availability of the statistical information concerned and the compilation methods related to it.

6. To allow the ECB to derive flows statistics relating to monetary aggregates and counterparts, the NCBs shall report statistical information in accordance with Annex X.

7. Without prejudice to the statutory obligations of the NCBs vis-à-vis the IMF, the NCBs may decide to use the ECB as a gateway to transmit supplementary money and banking statistics to the IMF. These statistics and their related reporting instructions are described in Annex XI.

8. NCBs shall not publish national contributions to the monthly euro area monetary aggregates until the ECB has published these aggregates. Where NCBs publish such data, they shall be the same as those that contributed to the last published euro area aggregates. Where NCBs reproduce euro area aggregates published by the ECB, they shall reproduce them faithfully.

9. To the extent that it is available, including on a best estimate basis, NCBs shall report statistical information on sales/transfers of MFI loans to third parties (securitisation) in accordance with Annex XII.

10. Where necessary, the NCBs shall send revisions to the ECB in accordance with the policy laid down in Annex XIII.

11. The required statistical information shall be reported to the ECB in a form that meets the requirements laid down in Annex XIII. This Annex also describes the form in which the ECB will return statistical information to the NCBs.

12. In order to ensure the quality of the euro area MFI balance sheet statistics, where NCBs grant derogations to small MFIs in accordance with Article 2.2 of Regulation ECB/2001/13 they shall, in accordance with Annex XIV, gross up to 100 % coverage for these MFIs in the compilation of the monthly and quarterly MFI balance sheet data reported to the ECB.

Article 3

Statistics on the reserve base and standardised deductions from the reserve base

1. To allow the regular production of statistics on the reserve base, NCBs shall report to the ECB statistical information in accordance with Annex XV.

2. In order to monitor the accuracy of the current standardised deductions from the reserve base which credit institutions may apply to the outstanding amounts of their debt securities issued with an agreed maturity of up to two years and of their money market paper liabilities in accordance with Article 3.2 of Regulation ECB/1998/15, 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.

Article 4

List of MFIs for statistical purposes

In order that the list of MFIs for statistical purposes remains accurate and up-to-date, NCBs shall report updates in accordance with Annex XVII.

Article 5

Balance sheet data on OFIs

For the regular production by the ECB of statistics on the activity of resident OFIs, NCBs shall report statistical information, to the extent that it is available, in accordance with Annex XVIII.

Article 6

Securities issues

For the regular production by the ECB of securities issues statistics covering all issues by euro area residents in any currency and all issues made worldwide in euro, both domestic and international, NCBs shall report statistical information, to the extent that it is available, in accordance with Annex XIX within a deadline of five weeks of the end of the reference month.

Article 7

MFI interest rate statistics

1. For the regular production by the ECB of MFI interest rate statistics, NCBs shall report statistical information in accordance with Annex XX. This statistical information shall be reported in accordance with the calendar set out in Annex III.

2. Until MFI interest rate statistics of sufficient quality are available at euro area level, but in any case not beyond the reference month December 2003, NCBs shall continue to report statistical information referring to retail interest rate statistics in accordance with Annex XXI within a deadline of 18 working days of the end of the reference month. The calendar is set out in Annex III. An NCB may replace its national components of the euro area retail interest rates as described in Annex XXI by appropriate statistical information collected for MFI interest rate statistics, but in this case shall respect the said deadline of 18 working days of the end of the reference month.

3. Until MFI interest rate statistics of sufficient quality are available at euro area level, but in any case not beyond the reference month December 2003, NCBs shall also regularly report to the ECB key national retail interest rates, i.e. those interest rates that are considered to be the main indicators of retail financial market conditions in the Member State concerned, as usually monitored by the users.

Article 8

Quality of the statistical information

Without prejudice to the ECB's rights regarding verification set out in Regulation (EC) No 2533/98 and Regulation ECB/2001/13, the NCBs shall monitor and ensure the quality and reliability of statistical information made available to the ECB.

Article 9

Transmission standards

The NCBs shall use the facility provided by the ESCB, which relies upon the telecommunications network "ESCB-Net", 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, if the ECB agrees.

Article 10

Simplified amendment procedure

Taking account of the views of the Statistics Committee, the Executive Board of the ECB shall be entitled to make technical amendments to the annexes to this Guideline, provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden of reporting agents in Member States.

Article 11

Repeal

Guideline ECB/2002/5 of 30 July 2002 is hereby repealed.

Article 12

Final provisions

This Guideline is addressed to the NCBs of participating Member States.

This Guideline shall enter into force on 11 February 2003.

This Guideline shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, 6 February 2003.

On behalf of the Governing Council of the ECB

Willem F. Duisenberg

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

(3) OJ L 220, 15.8.2002, p. 67.

(4) OJ L 10, 12.1.2002, p. 24.

(5) OJ L 356, 30.12.1998, p. 1.

(6) OJ L 106, 23.4.2002, p. 9.

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

ANNEX I

BRIDGING TABLES FOR MONEY AND BANKING STATISTICS

The national central banks (NCBs) and the European Central Bank (ECB), as compilers of their own balance sheet statistical information, use the following bridging tables in their regular monitoring of the consistency between the Eurosystem's end-month aggregated balance sheet for statistical purposes and the daily financial statements for accounting and liquidity management purposes. This statistical information should be reported in accordance with the calendar set out in Annex III.

The bridging tables provide a detailed link between the accounting balance sheet items and the items to be reported for statistical purposes.

They provide guidance for both the monthly and the quarterly statistical requirements. They are accompanied by auxiliary tables that allow further reconciliation between the accounting and the statistical balance sheets.

The left-hand side of the bridging tables gives, for each cell of Tables 1, 2, 3 and 4 of Annex I to Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) as amended by Regulation ECB/2002/8(2), the item number, description and breakdown; the right-hand side of the bridging tables gives, for each accounting item, the item number, description and breakdown requested. Certain Regulation ECB/2001/13 balance sheet items are not applicable to the ECB's/NCBs' balance sheets (they are indicated as "n/a").

The auxiliary tables replicate the original Tables 1, 2, 3 and 4 of Regulation ECB/2001/13. They include in each cell the number of the relevant accounting items.

Furthermore, in compiling these statistical data, NCBs are required to follow the harmonised accounting rules established in Guideline ECB/2002/10 of 5 December 2002(3) on the legal framework for accounting and reporting in the European System of Central Banks, with certain exceptions. The main exception is expected to be that they are required to revalue their securities portfolio on a monthly rather than quarterly basis, as required for accounting purposes.

Another exception is that, for statistical purposes, accounting items 9.5 "other claims within the Eurosystem (net)" and 10.4 "other liabilities within the Eurosystem (net)" need to be reported on a gross basis. Conversely, item 14 "revaluation accounts" is reported on a gross basis for accounting purposes (unrealised losses are reported under item 11 "other assets") and on a net basis for statistical purposes.

BRIDGING TABLE FOR MONEY & BANKING STATISTICS

(Monthly data)

>TABLE>

Domestic intra-Eurosystem positions apply only to ECB or Deutsche Bundesbank.

BRIDGING TABLE FOR MONEY & BANKING STATISTICS

(Monthly data)

>TABLE>

Domestic intra-Eurosystem positions apply only to ECB or Deutsche Bundesbank.

BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Sector breakdown (Quarterly data)

>TABLE>

BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Sector breakdown (Quarterly data)

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BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Country breakdown (Quarterly data)

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BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Country breakdown (Quarterly data)

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BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Currency breakdown (Quarterly data)

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BRIDGING TABLE FOR MONEY AND BANKING STATISTICS

Currency breakdown (Quarterly data)

>TABLE>

>TABLE>

Numbers in cells refer to the accounting items as defined in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks.

>PIC FILE= "L_2003241EN.012601.TIF">

>TABLE>

Numbers in cells refer to the accounting items as defined in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks.

>PIC FILE= "L_2003241EN.012901.TIF">

TABLE 2

Sector breakdown

Data to be provided at a quarterly frequency

>TABLE>

Numbers in cells refer to the accounting items as defined in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks.

>PIC FILE= "L_2003241EN.013201.TIF">

TABLE 3

Country breakdown

Data to be provided at a quarterly frequency

>TABLE>

Numbers in cells refer to the accounting items as defined in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks.

>PIC FILE= "L_2003241EN.013501.TIF">

TABLE 4

Currency breakdown

Data to be provided at a quarterly frequency

>TABLE>

Numbers in cells refer to the accounting items as defined in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks.

>PIC FILE= "L_2003241EN.013801.TIF">

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

(3) OJ L 58, 3.3.2003, p. 1.

ANNEX II

COMPARISON BETWEEN ACCOUNTING AND STATISTICAL DATA IN RESPECT OF THE EUROSYSTEM BALANCE SHEET

COMPILERS' GUIDE TO A CHECKING PROCEDURE BETWEEN ACCOUNTING AND STATISTICAL DATA

1. This Annex describes the procedure to be followed by compilers of the European Central Bank's (ECB's)/national central banks' (NCBs') balance sheets in order to monitor the consistency between the Eurosystem's end-month aggregated balance sheet for statistical purposes and its weekly financial statement (WFS). A comparison is made between two tables of the ECB Monthly Bulletin: Table 1.1 containing accounting data ("Consolidated financial statement of the Eurosystem") and Table 2.1 containing statistical data ("Aggregated balance sheet of the Eurosystem").

2. A list of consistency checks has been made (see Appendix 1). If there are any discrepancies between the two sets of data, these must be explained. Appendix 2 provides explanatory notes regarding these checks. The statistical aggregates of Table 2.1 used in the comparisons are listed in Appendix 3, which provides a link between these aggregates and the elementary balance sheet data(1). As regards the description of accounting data, Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks provides complete background information on the structure, accounting conventions used in and content of the WFSs.

3. Compilers are requested to perform these checks on a monthly basis, to ensure consistency between the elementary data of the NCBs, country-by-country, and the ECB balance sheet. It is understood that a precise link between the two sets of data is possible only when the closing date of the accounting WFS matches the reference date of the statistical reports (i.e. end-month). In the other reporting periods, these checks will ensure close but not perfect consistency between the accounting and statistical data. In those reporting periods in which the two dates do not coincide, NCBs may make a comparison of the statistical data with the 'daily balance sheet' produced as at the last working day of the month.

4. Compilers are requested to notify the ECB (Money and Banking Statistics Division (MBSD)) of the outcome of these checks. The notification should be transmitted before or together with the statistical data, i.e. by the fifteenth working day after the reference date. If the checks identify discrepancies, compilers are requested to send the MBSD an explanatory note, which should at least contain a description of the checks involved, the nature of the discrepancies, the possible impact on past data series and the expected future trend of the discrepancy as this will appear in future reports.

5. In order to minimise the burden on the NCBs, it is recommended that a full explanatory note should be compiled in a complete and detailed manner normally only once a year. In the interim months, NCBs are only required to complete a simplified version of the explanatory note in which they simply flag the structural differences between the WFS and the statistical report. As a guide, the explanatory notes should be compiled according to the attached templates. The first template (Appendix 4) shows in full the outcome of consistency checks. The second template (Appendix 5) shows in a simplified manner the outcome of the checks.

6. It is important that all NCBs (and the ECB's Directorate Internal Finance) send full explanatory notes at the same time of the year. This will allow the MBSD to prepare once a year a detailed report describing the discrepancies identified. For the year 2002, the following timetable shows which template is recommended to be used and when. In particular, the next comprehensive template should preferably be sent in December 2003 with reference to end-November 2003 data.

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(1) A full description of the elementary balance sheet data is to be found in Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector, Annex I, Part III, OJ L 333, 17.12.2001, as amended by Regulation ECB/2002/8, 21.11.2002, OJ L 330, 6.12.2002, p. 29.

Appendix 1

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Appendix 2

CHECKS

EXPLANATORY NOTES

Liabilities

Check No 1

Currency in circulation: The statistical category "currency in circulation" should slightly exceed the accounting category "banknotes in circulation" due to the inclusion of coins issued by central government in the former but not in the latter.

Check No 2

Deposits of euro area residents: The statistical category "deposits of euro area residents" should be larger than the sum of the accounting items "liabilities to euro area credit institutions in euro", "other liabilities to euro area credit institutions in euro", "liabilities to other euro area residents in euro" and "liabilities to euro area residents in foreign currency". This is the effect of the inclusion of intra-system positions, at an aggregated level, within the statistical category (recorded on a gross basis), but their exclusion from the accounting items(1). However, the accounting items include the intra-Eurosystem positions representing the counterpart to the euro banknote adjustments which is recorded under "remaining assets/liabilities" for statistical purposes. Hence, the statistical category may as a result be smaller than the sum of the above-mentioned accounting items. Differences may also arise as balances in foreign currency are revalued at a different frequency (quarterly as regards the accounting data, monthly as regards the statistical data).

Check No 3

Deposits of euro area residents, of which monetary financial institutions (MFIs): This check should separately identify the impact of the inclusion of intra-system balances on a gross basis within the statistical category, but their exclusion from the accounting categories(2). In principle, as mentioned above, the statistical data should be larger than the accounting data. However, as said above, the different classification of the counterpart to the euro banknotes adjustments may reverse this relationship. Moreover, only the statistical aggregate includes liabilities to financial counterparties in foreign currency.

Check No 4

Deposits of other euro area residents: The sum of the statistical categories representing deposits placed by general government and by other residents should be smaller than the sum of the accounting categories for liabilities to other euro area residents in euro (non-credit institutions) and liabilities to euro area residents in foreign currency, due to the inclusion of liabilities to credit institutions in foreign currency only in the accounting data.

Check No 5

Debt securities issued: The statistical category "debt securities issued" should equal the accounting category "debt certificates issued".

Check No 6

Capital and reserves: The statistical category "capital and reserves" may differ slightly from the accounting one and the difference will be explained by the revaluation effect which takes place on a quarterly basis in some NCBs. Moreover, a difference arises as the accounting balance sheet item profits not yet allocated and some of the item provisions account are both recorded as a subset of the residual item in the accounting data, but are part of the statistical definition of "capital and reserves".

Check No 7

External liabilities: The statistical category "external liabilities" should be approximately the same as the sum of liabilities to non-euro area residents in euro and in foreign currency and the counterpart of special drawing rights allocated by the International Monetary Fund. The two values can only differ due to different valuation periodicity.

Check No 8

Residual item: Any difference between the statistical category "remaining liabilities" and the accounting category "other liabilities" might be explained by the differences identified elsewhere in the balance sheet.

Assets

Check No 9

Loans to euro area residents: See explanatory notes to Checks Nos 10 and 11.

Check No 10

Loans to MFIs resident in the euro area: The statistical category "loans to euro area residents, of which MFIs" should be larger than the sum of accounting items "lending to euro area credit institutions in euro" and "other claims on euro area credit institutions in euro". Any difference must be due mainly to intra-system positions being reported gross in the statistical data, but netted out from the accounting report (see also liabilities)(3). Moreover, accounting data do not include balances in foreign currency.

Check No 11

Loans to general governments resident in the euro area: The accounting and the statistical categories should coincide almost perfectly although the statistical category is an all-currency concept and may be larger than the accounting category, which refers to loans denominated in euro only.

Check No 12

Holdings of securities other than shares issued by euro area residents: In theory, the statistical category "securities other than shares issued by euro area residents" should be larger than the accounting category "securities of euro area residents in euro" because the accounting category does not include holdings of securities denominated in foreign currency and some other securities holdings are classified under "other assets" (for staff pension funds, investment of own capital, etc.).

Check No 13

Residual item: See explanatory note to Check No 8.

Check No 14

External assets: The statistical category "external assets" should be slightly larger than the sum of the accounting categories "gold and gold receivables" and "claims on non-euro area residents in foreign currency and in euro", because some shares and other equity and cash (banknotes) in foreign currency are included only in the former. The two values can also differ due to different valuation periodicity.

(1) However, from a national perspective, this effect should not be present, since both sets of data are reported on a gross basis whilst only accounting data are consolidated by the European Central Bank (and intra-system positions are netted out) for the purpose of the weekly financial statement.

(2) However, from a national perspective, this effect should not be present, since both sets of data are reported on a gross basis whilst only accounting data are consolidated by the European Central Bank (and intra-system positions are netted out) for the purpose of the weekly financial statement.

(3) However, from a national perspective, this effect should not be present, since both sets of data are reported on a gross basis whilst only accounting data are consolidated by the European Central Bank (and intra-system positions are netted out) for the purpose of the weekly financial statement.

Appendix 3

Link between the items of table 2.1 of the ECB Bulletin and the items of table 1 of the monthly statistical reports

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Appendix 4

Template for the annual comprehensive explanatory note on consistency checks

Name of the national central bank: ...

Consistency checks for the end-month of: ...

Outcome of the consistency checks: All checks meet/do not meet the linear relationships identified in Annex II (please explain any cases where the linear relationships do not hold). The discrepancies identified between statistical and accounting data can be explained by the following factors (one or more of the factors might not be relevant).

Discrepancies due to revisions

The discrepancy/discrepancies identified in Check No(s) ... is/are due to the following revisions made to the statistical data subsequent to the publication of the accounting data of the weekly financial statement: ...

If applicable, impact on past data series: ...

One-off revision or regular revision?

If regular revision, please indicate order of magnitude: ...

Discrepancies due to different presentation and classification rules

1. The discrepancy/discrepancies identified in Check No(s) ... is/are due to different presentation rules: the accounting reports are presented on a consolidated basis, while statistical reports are shown in terms of aggregate balance sheet. This difference in the presentation rules used affects the results of the checks involving intra-system positions (Check Nos 2, 3, 9 and 10). In these cases statistical data record much larger amounts than accounting data.

Example: The treatment of positions vis-à-vis other Eurosystem national central banks explains the difference of EUR ... million in Check No(s) ...

If applicable, impact on past data series: ...

One-off revision or regular revision?

If regular revision, please indicate order of magnitude: ...

2. The discrepancy/discrepancies identified in Check No(s) ... is/are due to different classification criteria.

Example: In Check No 6 "capital and reserves" profits not yet allocated and some of the provisions account are recorded in the residual item in the accounting data, but are part of the statistical definition of "capital and reserves".

Example: In Check No 1 "currency in circulation", coins issued by central government are included in the statistical data but not in the corresponding accounting item.

If applicable, impact on past data series: ...

One-off revision or regular revision?

If regular revision, please indicate order of magnitude: ...

Any other discrepancies, including reporting errors

The discrepancy/discrepancies identified in Check No(s) ... is/are due to misreporting, i.e. data reported wrongly on account of human error and/or other reasons. If applicable, impact on past data series: ...

Appendix 5

Template for the monthly simplified explanatory note on consistency checks

Name of the NCB: ...

Consistency checks for the end-month: ...

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Annex III

DELIVERY CALENDAR FOR BALANCE SHEET ITEMS STATISTICS

Covering the reference period January 2003 - December 2003

Reporting of monthly and quarterly balance sheet items statistics

>TABLE>

Denotes not applicable.

DELIVERY CALENDAR FOR RETAIL INTEREST RATES STATISTICS (SHORT-TERM APPROACH)((As the exact time of the transition to monetary financial institution interest rates (hereinafter "MIR") is not yet foreseeable, the delivery calendar for retail interest rates (RIR) statistics has been drafted until the reference period December 2003. The RIR delivery calendar is expected to be repealed in the course of the year 2003, which will be done using the simplified amendment procedure referred to in Article 9 of this Guideline.))

Covering the reference period January 2003 - December 2003

Reporting of retail interest rates statistics

>TABLE>

DELIVERY CALENDAR FOR MFI INTEREST RATE STATISTICS

Covering the reference period January 2003 - December 2003

Reporting of MFI interest rates statistics

>TABLE>

DELIVERY CALENDAR FOR RESERVE BASE STATISTICS

Covering the reference period January 2003 - December 2003

Reporting of reserve base statistics

>TABLE>

DELIVERY CALENDAR FOR MACRO RATIO STATISTICS

Covering the reference period January 2003 - December 2003

Reporting of macro ratio statistics

>TABLE>

DELIVERY CALENDAR FOR OTHER FINANCIAL INTERMEDIARIES STATISTICS

Covering the reference period Q1 2003 - Q4 2003

Reporting of other financial intermediaries statistics

>TABLE>

Denotes not applicable.

DELIVERY CALENDAR FOR STRUCTURAL STATISTICAL INDICATORS

Covering the reference period 2002 - 2003

Reporting of structural statistical indicators

>TABLE>

ANNEX IV

E-MONEY MONTHLY DATA TO BE PROVIDED ON A BIANNUAL BASIS

Reporting schemeE1 to E5: series to be reported under e-money reporting scheme

Shaded cells: series that might be reported in the future but are not relevant for the time being

>TABLE>

>TABLE>

TABLE C

Definition of e-money for statistical purposes

E-money. For statistical purposes, e-money refers to an electronic store of prepaid monetary value on a technical device, such as a prepaid card, that may be widely used for making payments to entities other than the issuer without necessarily involving bank accounts in the transaction. The device acts as a prepaid bearer instrument. To be considered as e-money these devices must operate as general purpose payment instruments(1). Two types of e-money can be identified based on the technical device where they are stored(2):

Hardware-based e-money (e.g. prepaid cards). E-money products which provide the customer with a portable electronic device, typically an integrated circuit card containing a microprocessor chip.

Software-based e-money. E-money products which use specialised software on a personal computer and which can typically be used to transfer the electronic value via telecommunication networks such as the Internet.

This definition is consistent with Article 1(6) of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(3).

(1) A definition of "general purpose" might be needed. (In such a case, the Payment and Settlement Systems Committee would be consulted.)

(2) Definitions provided by the European Central Bank (ECB). These products were defined in the ECB's Report on Electronic Money, August 1998. Both systems allow electronic value to be transferred. The only real difference between hardware and software-based products lies in the type of security measures used. It must also be clarified that prepaid cards are not money themselves; only e-money stored in a chip embedded in the cards may be considered as money, and hence transferable to third parties.

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

Appendix

TRANSMISSION PROCEDURES REGARDING E-MONEY REPORTING REQUIREMENTS

1. Data requirements

The data transmission to the ECB includes the following series:

- e-money issued by the "other MFIs" sector in the form of hardware-based money (prepaid cards), with no reference to the holding sector,

- e-money issued by the "other MFIs" sector in the form of software-based money, with no reference to the holding sector.

These supplementary series are reported to the ECB within the framework of balance sheet items (BSI) memorandum items.

A different reporting framework will initially be used for the data on e-money issued by non-MFIs(1).

2. Reporting scheme and coding structure

The BSI key family is used to define the series keys for the e-money series to be reported by the national central banks (NCBs) to the ECB. The reporting standards for the BSI key family are included as Annex XIII. The main characteristics of the reporting scheme for e-money and the differences with respect to the BSI reporting scheme are outlined below.

Frequency

The frequency of available data on e-money balances differs between the participating Member States. In most of the NCBs data are available on a monthly basis, while in a few cases they are available on a less frequent basis (quarterly or biannually). Therefore, e-money items can be reported to the ECB as a minimum on a biannual basis using the frequency code value "M", from the code list CL_FREQ, to allow also a more frequent reporting by those countries that are in the position to do so. The value used to indicate the reference month will reflect the last month of the relevant time period(2).

Balance sheet reporting sectoral breakdown

Only issues of e-money by the "other MFIs" sector are considered within this reporting scheme. The code value "A" from the code list CL_BS_REP_SECT is used for this purpose.

BSIs

E-money is classified within the MFIs sector balance sheet data reporting scheme as part of "overnight deposits"(3). The following two BSIs on the liabilities side of the balance sheet of the MFI sector are used for the statistical reporting:

- overnight deposits - of which e-money: hardware-based e-money,

- overnight deposits - of which e-money: software-based e-money.

The code values "LE1" for "hardware-based e-money" and "LE2" for "software-based e-money" from the code list CL_BS_ITEM are used here.

Counterparty area

The reporting scheme foresees the submission of e-money items with no reference to the counterparty area. The positions are classified as "not allocated" and the code value "Z5" from the code list CL_COUNT_AREA is used for the counterparty area.

Balance sheet counterparty sector

Similarly to the counterparty area, the counterparty sector is not identified in this reporting scheme and the e-money items are currently defined with no reference to the holding sector. The counterparty sector is not specified and the code value "0000" from the code list CL_COUNT_SECTOR is used.

Currency of transaction

E-money items are reported according to a currency breakdown, and the issues in euro ("EUR") and in other currencies ("Z06") are identified separately.

3. Data transmission

The e-money series identified in this reporting scheme are transmitted by the NCBs to the ECB at least on a biannual basis, and precisely by the last working day of March and September. According to the NCBs' data availability, more frequent data transmissions are foreseen and can take place by the last working day of the month following the end of the reference period(4).

(1) For the time being, data on the issuance of e-money by non-MFIs is reported to the ECB on an Excel spreadsheet. No series key is defined in this reporting scheme for this item. The series will need to be reported to the ECB by the Member States where the phenomenon is applicable following the timetable set out in paragraph 3.

(2) Last month of the quarter or last month of the semester to which the item refers.

(3) As defined in Table1 of Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector, OJ L 333,17.12.2001, p. 1, as amended by Regulation ECB/2002/8, OJ L 330, 6.12.2002, p. 29.

(4) For those NCBs for which e-money balances are available with a longer timeliness, the last available data can be reported by the last working day of the month.

ANNEX V

STATISTICS FOR MACRO-PRUDENTIAL ANALYSIS

REPORTING SCHEME FOR CREDIT INSTITUTIONS

Introduction

1. In order to carry out macro-prudential analysis of the European Union banking system, a reporting scheme is required for the provision of balance sheet data on credit institutions.

2. Data from separate balance sheets relating to the European Central Bank (ECB)/national central banks (NCBs) and other monetary financial institutions (MFIs) are currently reported according to Tables 1 to 4 of Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) as amended by Regulation ECB/2002/8(2). These data are, however, not sufficient for the purposes of macro-prudential analysis for those countries where the reporting population of other MFIs consists of both credit institutions and money market funds (MMFs) and the impact of the latter is significant(3). In these cases, a separate reporting scheme for credit institutions only is needed to calculate the macro-prudential indicators (MPIs) related to the subset of credit institutions. This also meets the Commission's (Eurostat's) need to receive annual balance sheet statistics for the purposes of financial services statistics.

Reporting scheme

3. In order to calculate the MPIs, those NCBs that meet the necessary criteria report separate data referring to credit institutions only in respect of Tables 1, 2 and 4 of Regulation ECB/2001/13. Regarding Table 1, the entire table is required for the calculation of the MPIs(4). In respect of Tables 2 and 4, only a part of the series contained in these tables is currently needed for the calculation of MPIs. However, for ease of implementation of the additional reporting and to accommodate possible future needs, NCBs report the remaining series on a voluntary basis. No data are requested under Table 3 (hence no additional statistical data for credit institutions are required). Data on credit institutions are reported at a quarterly frequency, both for stocks and, where appropriate, in respect of flows adjustments.

4. NCBs report Table 1 (stocks and flows), Table 2 and Table 4, with figures referring only to credit institutions (cf. reporting schemes in Appendix 2). Whilst for Table 1 a full report is mandatory(5), Tables 2 and 4 include both mandatory and non-mandatory series.

5. Data are reported quarterly, within 28 working days of the end of the reference period (cf. calendar in Annex III).

6. At the request of the data users, NCBs also report, as memorandum items, deposit liabilities. This reporting is done according to a credit institutions (excluding central banks)/other MFIs/non-MFIs breakdown. Where this information is not available, users agreed to retain the concept of "deposits from MFIs", as it can be derived from Table 1 (i.e. with no further distinctions within the MFI sector).

7. Macro-prudential requirements consist of data as stocks and as flows, the latter recorded as transaction values. This implies the need for so-called adjustments data. These data are currently only available for stocks data contained in Tables 1 and 2, but are not available for Table 4. In this context, the need to provide adjustments data for Table 4 is still under investigation. In the meantime, users will rely only on differences in stocks adjusted for exchange rate changes (which are calculated by the ECB).

Coverage

8. In principle, the supplementary data reported in respect of the credit institutions' balance sheet should cover 100 % of the institutions that are classified in this sector. In those cases where the actual reporting coverage is less than 100 % due to the application of the cutting-off-the-tail principle, NCBs are requested to gross up the data supplied to ensure 100 % coverage. This will improve the comparability of the indicators between the Member States and ensure consistency with the MFI sector balance sheet data that are also grossed up.

Reporting requirement

9. Separate balance sheet data on credit institutions are reported, according to the reporting schemes in Appendices 1 and 2, by NCBs in those countries where the reporting population of other MFIs consists of both credit institutions and MMFs and the impact of the MMFs is deemed to be statistically important. The impact of MMFs is deemed to be statistically important where both of the following criteria are fulfilled simultaneously:

- Criterion 1 The difference between the balance sheet total of the MFI sector and the balance sheet total of its subset of credit institutions is more than EUR 5 billion on a sustained basis;

and

- Criterion 2 MFIs other than credit institutions (i.e. MMFs) have an impact on more than one item on either side of the MFI sector balance sheet(6).

10. Member States where both criteria are currently met are the following: Germany, Spain, France, Ireland, Italy, Greece and Luxembourg. Hence, the NCBs of these Member States report data according to the supplementary reporting scheme. The fulfillment of the above criteria is monitored on a regular basis.

11. A yearly assessment of the reporting scheme will be carried out by the ECB.

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

(3) On the significance of the impact of MMFs on other MFIs data, see below. In addition, in some countries there are a small number of other institutions classified as MFIs; however, these institutions are insignificant.

(4) With the obvious exception of the liability item "MMF shares/units".

(5) With the exception of the item "MMF shares/units".

(6) For instance, this criterion is met when the MMF sector balance sheet has an impact on one liability item ("MMF shares/units") and on two or more asset items (e.g. "securities other than shares denominated in euro issued by domestic general government" and "securities other than shares denominated in euro issued by domestic MFIs"). It is also met when the MMF balance sheet has an impact on two liability items (e.g. "MMF shares/units" and "deposits denominated in euro placed by domestic MFIs") and on one asset item (e.g. "securities other than shares denominated in euro issued by domestic general government"). On the contrary, this criterion is not met when the MMF balance sheet has an impact on only one liability item and one asset item.

Appendix 1

PROCEDURES FOR THE DATA TRANSMISSION FROM THE NCBS TO THE ECB

Reporting scheme for credit institutions

1. The reporting scheme laid out in Appendix 2 applies to credit institutions only, as defined in Community law, whereas Tables 1 to 4 of Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) as amended by Regulation ECB/2002/8(2) cover balance sheet data of the whole other monetary financial institutions (MFIs) sector.

2. The codes used for the items in the reporting scheme belong to the balance sheet items key family, the dimensions and attributes of which are presented in Annex XIII. Please note that:

- as balance sheet data for credit institutions only are to be reported at quarterly frequency, dimension No 1 (frequency) is always "Q" (quarterly),

- dimension No 4 (breakdown of the reference sector in the balance sheet) is "R" (credit institutions subject to minimum reserve requirements) for all items.

3. The reporting scheme consists of seven tables: Table 1_credit institutions (stocks), Table 2_credit institutions (stocks), Table 4_credit institutions (stocks), Table 1_credit institutions reclassifications, Table 1_credit institutions revaluations, Table 2_credit institutions reclassifications and Table 2_credit institutions revaluations.

4. Table 1_credit institutions (stocks) mirrors the corresponding monthly Table 1 of Regulation ECB/2001/13. For Table 1_credit institutions a full report is required, with the exception of the item "MMF shares/units".

5. Table 2_credit institutions (stocks), which mirrors the corresponding quarterly Table 2 of Regulation ECB/2001/13, includes mandatory and non-mandatory series. Mandatory series cover deposits and loans vis-à-vis the rest of the world with a further sectoral breakdown. In the attached scheme mandatory items are highlighted with thick cells.

6. Table 4_credit institutions (stocks), which mirrors the corresponding quarterly Table 4 of Regulation ECB/2001/13, includes mandatory and non-mandatory series. Only the series referring to loans vis-à-vis the rest of the world, with the relevant sectoral and currency breakdowns, are treated as mandatory. In the attached scheme mandatory items are highlighted with thick cells. However, for the purpose of ease of implementation of the additional reporting and of possible future needs, NCBs are encouraged to report the remaining series on a voluntary basis.

7. The remaining four tables concerning adjustments data consist of an adaptation of the corresponding tables of Annex IX. Some minor changes have been introduced in the table in order to minimise the reporting burden on national central banks (NCBs). In the attached scheme, mandatory items are presented in the thick cells. However, for ease of implementation of the additional reporting and of possible future needs, NCBs are encouraged to report the remaining series on a voluntary basis.

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

Appendix 2

STOCKS

>TABLE>

>TABLE>

>TABLE>

Bold cells show the mandatory items.

>TABLE>

Bold cells show the mandatory items

Flows

>TABLE>

Bold cells show the mandatory items.

>TABLE>

Bold cells show the mandatory items.

>TABLE>

Bold cells show the mandatory items.

>TABLE>

Bold cells show the mandatory items.

ANNEX VI

STRUCTURAL STATISTICAL INDICATORS

REPORTING SCHEME AND COMPILATION INSTRUCTIONS

Introduction

1. In order to carry out a regular analysis of banking structures in the European Union (EU), the Banking Supervisory Committee needs data to compile a number of structural statistical indicators. The list of structural statistical indicators contains 29 series. Twelve of these series can be compiled on the basis of data already available within the European Central Bank (ECB). A further 14 indicators can be compiled only using additional data collected from national central banks (NCBs), whilst the remaining three indicators are compiled by the Working Group on Banking Developments using other non-harmonised sources.

2. This Annex provides a reporting scheme and compilation instructions for the 14 indicators compiled using data from NCBs. This data collection will be based on information already available within the European System of Central Banks (ESCB).

3. The full list of indicators is set out below. Those indicators that are to be produced using additional data supplied by NCBs are highlighted in bold.

TABLE 1

Structural indicators broken down by category of data source

>TABLE>

Section 1. Reporting scheme

4. The reporting scheme to be used for this data transmission is attached as Appendix 1. Data to calculate structural indicators on CIs are required at annual frequency. Data are reported by the end of March each year with reference to the previous year. It is expected that this timeliness requirement can be satisfied in respect of all of the indicators with the exception of indicator No 3 "Number of employees of CIs" where data should, if possible, be provided by the end of May each year with reference to the previous year.

5. The statistical requirements consist of data as stocks, absolute numbers or ratios, as indicated. In addition to stocks, there is a requirement for flows adjustments data to be reported, if available. In the case of balance sheet data, flows adjustments refer to price and foreign exchange revaluations, write-offs, write-downs and reclassifications. To simplify the reporting scheme, flows adjustments should be reported combined as a single total, without further breakdowns by type of adjustment. If flows adjustments are not available, the users will rely only on differences in stocks adjusted for exchange rate changes (which are calculated by the ECB). In the case of absolute numbers or ratios, flows adjustments are not applicable.

6. In principle, the data collected should cover 100 % of the institutions that are defined as CIs in Community law (see Section I.2 of Part 1 of Annex I to Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector(1) as amended by Regulation ECB/2002/8(2)). In those cases where the actual reporting coverage is less than 100 % due to the application of the cutting-off-the-tail principle, NCBs are requested to gross up the data supplied to ensure 100 % coverage. This ensures the comparability of the indicators between the Member States and consistency with the MFI balance sheet data that are grossed up in accordance with Annex XIV.

7. Simple consistency checks will be carried out at the ECB upon receipt of the data. For instance, if indicator No 18 is zero, then indicator No 19 must also be zero. The same applies to indicators Nos 20-21, 23-24 and 25-26. Moreover, cross-checks between indicators Nos 18 and 23 and the List of MFIs may be carried out as well. The transmission instructions are attached in Appendix 2.

Section 2. Compilation instructions

8. NCBs shall provide data in respect of 14 indicators (second group in Table 1) in accordance with the conceptual and methodological rules set out below. The overall aim is to ensure adherence as much as possible to the statistical principles adopted in the compilation of the MBS data (which are used for most indicators of the first group in Table 1). For instance, data should be aggregated, not consolidated; the residency principle should follow the so-called "host country approach"; balance sheet data should be reported on a gross basis; etc.

9. The data to be provided by NCBs are described below. Any deviation from the definitions and the rules described below should be reported by the NCBs to the ECB in order to monitor national practice. Information on possible deviations should be reported under the last column of the reporting scheme.

10. Indicator No 2: Number of local units ("branches") of CIs. This indicator refers to the number of branches as at the end of the reference period. The definition of local unit is contained in Regulation ECB/2001/13: "Branches are unincorporated entities (without independent legal status) totally owned by the parent"(3). This implies that this indicator should only include branches that belong to CIs. The offices of institutional units that are not themselves CIs should be excluded, even if they belong to the same group as a CI. This is necessary in order to avoid any distortions in the comparison between this indicator and, for example, indicator No 7 on the total assets of CIs.

11. For consistency reasons, the ECB's definition of branch should be used by all NCBs.

12. Indicator No 3: Number of employees of CIs. This indicator refers to the average number of staff employed during the reference year. The definition used for this indicator is close to that used by Eurostat(4). However, data for this indicator should only include staff employed by CIs. Employees of financial institutions that are not themselves CIs should be excluded, even if these institutions belong to the same group.

13. Indicator No 5: Share of the five largest CIs in total assets (CR5). This indicator refers to the concentration of banking business. Users have expressed a preference to use a consolidated "group approach" to calculate this indicator, whereby two or more institutions that belong to the same group are counted as one institution. The application of such an approach is currently not possible using MBS data, for two reasons. First, MBS data are unconsolidated(5), therefore it would not be possible to include the balance sheets of other group institutions nor to net out intra-group assets and liabilities. Second, ownership information might in any case not be available and would have to be provided from supervisory sources.

14. For these reasons, NCBs should follow an unconsolidated "aggregated" approach when calculating indicator No 5, namely they should 1) rank the balance sheet totals of reporting CIs; 2) calculate the sum of the five largest balance sheet totals and the sum of all balance sheet totals; and 3) divide the two figures. Data to be reported to the ECB should be expressed as percentages (e.g. a value of 72.4296 % should be reported as 72.4296 and not as 0.7243). Although the composition of the five largest banks may change over time, NCBs should only provide the share of the five largest CIs at a specific point in time (end-December of the reference year).

15. Indicator No 6: Herfindahl index for CIs' total assets. Similar to the previous indicator, this refers to the concentration of banking business. NCBs should follow to the extent possible an "aggregated" approach. The calculation of this indicator would be completely accurate only if the individual balance sheet of each CI were available. However, as the MBS framework permits groups of CIs exceptionally to report on a consolidated basis, not all the necessary statistical information might be available (this might be the case for the Rabobank in the Netherlands). In this case, the calculation of the Herfindahl index should include the aggregated balance sheet of each CI included in the group, perhaps using the accounting information contained in the annual financial statements of these institutions. Moreover, it is possible that not all CIs in the tail report data as at year-end. In this case, data should be grossed up.

16. NCBs should report the Herfindhal index to the ECB according to the following formula:

>REFERENCE TO A GRAPHIC>, where:

n = total number of CIs in the country, Xi = total assets of CIi, and X = [sum ]n i = 1Xi = total assets of all CIs of the country. The value of the index is the sum of the squares of the market shares of all CIs in the banking business.

17. Indicator No 15: Total investments of insurance companies. For the purpose of producing this indicator(6), an insurance company is defined as an undertaking that has received official authorisation in accordance with Article 6 of First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance(7) or Article 6 of First Council Directive 79/267/EEC on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance(8). Reinsurance business is excluded. The information refers to the total financial assets of these companies, which is obtained by deducting the non-financial assets (such as fixed assets) from the aggregated balance sheet total. If necessary, figures should be grossed up to ensure 100 % coverage. If separate information on insurance companies is not available, this indicator can be combined with indicator No 17 "Total assets under management by pension funds" to form one single indicator. NCBs should flag the series if "combined" recording is adopted.

18. Indicator No 17: Total assets under management by pension funds. This information refers to the aggregated balance sheet totals of the so-called "autonomous pension funds", i.e. separate institutional units whose main activity is pension funding; they are not insurance companies(9). If separate information on pension funds is not available, this indicator can be combined with indicator No 15 to form one single indicator to be reported under indicator No 15. In this case, a nil return should be provided in respect of indicator No 17.

19. Indicator No 18: Number of branches of CIs from EEA countries. This indicator refers to the number of branches belonging to CIs resident in other EEA countries, i.e excluding domestic branches. If a CI has more than one branch in a particular country, it is counted as one. As data collected for the purpose of the List of MFIs have only been made available to the ECB since January 1999, NCBs should provide the missing data for the end-years 1997 and 1998. NCBs should ensure that data as from end-1999 onwards are consistent with data reported in the framework of the MFI list.

20. Indicator No 19: Total assets of branches of CIs from EEA countries. This indicator refers to the aggregated balance sheet total of the branches covered by indicator No 18.

21. Indicator No 20: Number of subsidiaries of CIs from EEA countries. This indicator refers to the number of subsidiaries controlled by a CI resident in other EEA countries, i.e. excluding domestic subsidiaries. The ECB's definition of subsidiary is contained in Regulation ECB/2001/13: "Subsidiaries are separate incorporated entities in which another entity has a majority or full participation...". Not all subsidiaries should be counted, only those that are themselves CIs.

22. Indicator No 21: Total assets of subsidiaries of CIs from EEA countries. This indicator refers to the aggregated balance sheet total of the subsidiaries covered by indicator No 20.

23. Indicator No 23: Number of branches of CIs from third countries. This indicator refers to the number of resident branches belonging to CIs resident in third countries. Third countries are those not belonging to the EEA. If a bank has more than one branch in a particular country, it is counted as one. Again, NCBs should ensure that data are consistent with data reported in the framework of the MFI list.

24. Indicator No 24: Total assets of branches of CIs from third countries. This indicator refers to the aggregated balance sheet total of the branches covered by indicator No 23.

25. Indicator No 25: Number of subsidiaries of CIs from third countries. This indicator refers to the number of subsidiaries resident in their national territory that are controlled by CIs resident in third countries.

26. Indicator No 26: Total assets of subsidiaries of CIs from third countries. This indicator refers to the aggregated balance sheet total of the subsidiaries covered by indicator No 25.

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

(3) This variable is also collected by Eurostat but with a long delay. Eurostat uses the following definition of local unit: "An enterprise or part thereof (e.g. a workshop, factory, warehouse, office, mine or depot) situated in a geographically identified place. At or from this place economic activity is carried out for which - save certain exceptions - one or more persons work (even if only part-time) for one and the same enterprise." Cf. Eurostat, Methodological manual for statistics on credit institutions, version 1.8, December 2001, pp. 11 and 23. This manual is available on request from Eurostat, although only in English.

(4) This indicator is also collected by Eurostat, which uses the following definition: "The number of persons employed is defined as the total number of persons who work in the observation unit (inclusive of working proprietors, partners working regularly in the unit and unpaid family workers), as well as persons who work outside the unit who belong to it and are paid by it (e.g. sales representatives, delivery personnel, repair and maintenance teams). It includes persons absent for a short period (e.g. sick leave, paid leave or special leave), and also those on strike, but not those absent for an indefinite period. It also includes part-time workers who are regarded as such under the laws of the country concerned and who are on the pay-roll, as well as seasonal workers, apprentices and home workers on the pay-roll. The number of persons employed excludes manpower supplied to the unit by other enterprises, persons carrying out repair and maintenance work in the enquiry unit on behalf of other enterprises, as well as those on compulsory military service. Unpaid family workers refer to persons who live with the proprietor of the unit and work regularly for the unit, but do not have a contract of service and do not receive a fixed sum for the work they perform. This is limited to those persons who are not included on the payroll of another unit as their principal occupation. Note: In order to check the comparability of data, it is necessary to indicate whether voluntary workers have been included under this heading or not. [Commission Regulation (EC) No 2700/98 concerning the definitions of characteristics for structural business statistics, Code 16 110]. Comments: The allocation on enterprise level has to be assured by means of a distribution key in the case of enterprise groups (managing directors have to be included; not employed agents have to be excluded). The number of persons employed is measured as an annual average." Cf. Eurostat, Methodological manual for statistics on credit institutions, version 1.8, December 2001, p. 34.

(5) One exception, however, is permitted under Regulation ECB/2001/13, which permits reporting of consolidated balance sheet data for groups of credit institutions (e.g. the case of the Rabobank in the Netherlands).

(6) For this indicator, the corresponding ESA 95 sector is S. 125a. The "ESA 95" is 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, as last amended by Regulation (EC) No 359/2002 of the European Parliament and of the Council, OJ L 58, 28.2.2002, p. 1.

(7) OJ L 228, 16.8.1973, p. 3.

(8) OJ L 63, 13.3.1979, p. 1.

(9) For this indicator, the corresponding ESA 95 sector is S. 125b.

Appendix 1

Reporting scheme for the 14 structural statistical indicators compiled using data provided by NCBs

Country: ...

Reference year: ...

>TABLE>

Appendix 2

Electronic transmission of banking structural statistical indicators - key family identifier: ECB_SSI1

The banking structural statistical indicators (hereinafter "SSI") key family refers to the structural indicators of credit institutions (CIs), insurance companies and pension funds sectors of the European Union (EU) Member States. It has been designed so as to draw as much as possible on the key family code lists and values already defined for balance sheet items (BSI) statistics.

Section 1. Dimensions

The table below describes the dimensions used in the ECB_SSI1 key family. For the SSI statistics, eight dimensions have been specified as essential to identify the time series.

TABLE 1

Dimensions used in ECB_SSI1 key family

>TABLE>

Each of the eight statistical dimensions takes its values from a corresponding code list. For example, according to the table above, the dimension REF_AREA (reference area) takes its values from the CL_AREA_EE code list. A description of the dimensions of the ECB_SSI1 key family is set out below, following the same sequence as they appear in the key.

Dimension No 1: Frequency (FREQ; length: one character)

This dimension indicates the frequency of the reported time series. The value used in the ECB_SSI1 key family is "A" for annual data and is taken from the code list CL_FREQ.

Dimension No 2: Reference area (REF_AREA; length: two characters)

This dimension represents the country of residence of the reporting institution. The associated code list CL_AREA_EE contains the standard ISO country list and some additional values as also described in paragraph 6 (dimension No 6: Counterparty area). The subset of values used in the ECB_SSI1 key family corresponds to the 15 EU Member States.

Dimension No 3: ESA 95 Reference sectoral breakdown (ESA95_SECTOR; length: four characters)

This dimension indicates the structural indicators' reference sector and is linked to the code list CL_ESA95_SECTOR. Currently a subset of four values is used: credit institutions (as defined in Community law) ("122C"), insurance corporation and pension funds ("1250"), and separately insurance corporations ("1251") and pension funds ("1252").

Dimension No 4: Structural statistical indicator's "name" (SSI_INDICATOR; length: three characters)

This dimension represents the list of SSIs and is linked to the code list CL_SSI_INDICATOR. The values assigned to the different indicators are identified by a prefix. The value "H" is used for the Herfindhal index, the value "N" for all statistical indicators represented by absolute numbers, the value "S" for those represented by a share and lastly the value "T" for total assets.

Dimension No 5: Data type (DATA_TYPE; length: one character)

The dimension is described by the code list CL_DATA_TYPE and indicates the type of data to be reported: gross stocks ("1"), reclassifications and other adjustments ("5"), other revaluation adjustments ("7") and not specified ("X"). The value "X", not specified, is used to report ratios and index series, while the value "1", stocks, is used to report absolute numbers and stocks series (e.g. number of employees; total assets).

Adjustments data are only applicable with reference to the BSI series, they are not applicable and are not reported for absolute numbers, ratios and indexes.

Reclassifications and other adjustments comprise changes in the assets and liabilities on the balance sheet of the reporting sector arising from 1) changes in the reporting population; 2) corporate restructuring; 3) the reclassification of assets and liabilities; and 4) the correction of reporting errors which, for technical reasons, cannot be removed from the stock data for the complete relevant period. In particular, reclassifications for the year 2001 will need to cover the changes due to the entry of Greece into the euro area.

Other revaluation adjustments include changes in the price of securities issued, sold or held and changes due to the removal from the balance sheet of loans subject to a write-off/write-down.

Dimension No 6: Counterparty area (COUNT_AREA; length: two characters)

This dimension represents the area of residence of the counterparty of the structural indicator. The code list linked to this concept is CL_AREA_EE, which contains the standard ISO country list and additional values (e.g. "U6" - "Domestic: same country as that of the reporting CIs"). For the purpose of the ECB_SSI1 key family the following subset of values is used: domestic (home or reference area) ("U6"), other European Economic Area countries (all countries excluding the reference area) ("A0") and extra European Economic Area ("A7") in the case of both euro area reporters and non-euro area reporters.

Dimension No 7: Currency of transaction (CURRENCY_TRANS; length: three characters)

This dimension describes the currency in which the structural indicators are denominated and is linked to the code list CL_CURRENCY. In the ECB_SSI1 key family only the values "Z01" for all currencies combined and "Z0Z" for not applicable are used.

Dimension No 8: Denomination of the series or special calculation (SERIES_DENOM; length: one character)

This dimension specifies whether the reported series is expressed in national or in the common (euro) currency. This concept is only applicable to BSI series (e.g. total assets). Only three values from the code list CL_SERIES_DENOM are used in the ECB_SSI1 key family - "N" national currency, "E" euro and "Z" not applicable). Non-participating Member States and Greece (for the period up to and including the year 2000) will use the code "N", while the code "E" will be used by the euro area Member States (including Greece starting in 2001).

The full list of series keys to be transmitted to the ECB is reported in Appendix 3.

Section 2. The attributes

In addition to the eight dimensions defining the key, a set of attributes(1) has been defined. These are attached at various levels of the exchanged information:

TABLE 2

Banking structural statistical indicators key family (ECB_SSI1): Coded and uncoded attributes

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In addition, each of these attributes is characterised by some technical properties, which are listed in the table below.

TABLE 3

NCBs reporting to the ECB. Common attribute properties for the ECB_SSI1 key family

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Below is a description of each attribute including the reference code list (indicated in capital letters as CL_EN*) whenever it applies.

Section 2.1. Attributes at sibling level

Mandatory:

- TITLE_COMPL (uncoded): This attribute is set, stored and disseminated by the ECB (it will be in English with a maximum length of 1050 characters). If an NCB would like to make a modification, a revision can be made after consultation with the ECB, however, this revision will be made by the ECB.

- UNIT (code list: CL_UNIT): This attribute provides the unit of measurement of the reported data. Participating Member States report the data in euro for those items where this is applicable and the ECB will set this attribute to "EUR" (DENOM = "EUR"). In the case of non-participating Member States the value of this attribute is equal to the corresponding national currency (UNIT = "DKK" for Denmark, "SEK" for Sweden, "GBP" for the United Kingdom and "GDR" for Greece before and including the year 2000). For the series reported as absolute values and for the index the ECB will set this attribute to value "UNITS", and for the series reported as percentages to the value "PC".

- UNIT_MULT (code list: CL_UNIT_MULT): This attribute provides information on whether the series is expressed in millions (UNIT_MULT = "6"), billions (UNIT_MULT = "9"), etc. NCBs report the data referring to the CIs BSI series in millions and the ECB will set the value to 6 (UNIT_MULT = "6"). For the series reported as absolute numbers, as percentages, or as indexes, the ECB will set the value to 0 (UNIT_MULT = "0").

- DECIMALS (code list: CL_DECIMALS): This attribute indicates the number of decimal places given for the values of the observations. NCBs report the BSI series and the series representing absolute numbers with 0 decimal places and the ECB will set the value of the attribute at 0 for these series (hence DECIMALS = "0"). The index series and those representing percentages will be reported with four decimals and the ECB will set the value of the attribute to 4 for these series (hence DECIMALS = "4").

Conditional:

- TITLE (uncoded): The series title allows only a maximum of 70 characters. In view of the limited space, the TITLE COMPLEMENT attribute is used instead as the mandatory attribute. The TITLE attribute could in the future be used for the construction of short titles.

- NAT_TITLE (uncoded): NCBs may use this attribute in order to provide a precise description and other supplementary or distinguishing specifications in the national languages. Although the use of upper and lower case letters does not cause problems, the exchange of accented characters and extended alphanumeric symbols needs to be tested before regular use.

- COMPILATION (uncoded): This attribute is used for detailed textual explanations of the compilation methods, weighting, statistical procedures, type of index etc.:

- data sources/data collection system,

- compilation procedures (including description of estimates/assumptions made),

- deviations from the ECB's reporting instructions (geographical/sectoral classification/valuation methods),

- information relating to the national legal framework (and to links to the EU regulatory framework) for intermediaries other than CIs.

- COVERAGE (uncoded): This attribute describes the reporting population, and its coverage, for the different categories of intermediaries. It should describe the type of intermediary for the different indicators. If the coverage is known to be partial, an estimate of the market shares is provided. It should also indicate whether the figures have been grossed up.

Section 2.2. Attributes at time series level

Mandatory:

- COLLECTION (code list: CL_COLLECTION): This attribute provides an explanation of the time when observations are collected (e.g. beginning, middle or end of period) or an indication of whether data are averages, the highest or lowest in a given period, etc. The ECB will set the SSI series as "end-of-period" (COLLECTION = "E").

- AVAILABILITY (code list: CL_AVAILABILITY): This attribute indicates the institutions to which the data can be made available. When special treatment for specific observations is needed, the OBSERVATION CONFIDENTIALITY attribute can be used (see below).

Conditional:

- DOM_SER_IDS (uncoded): This attribute makes it possible to refer to the code used in national databases to identify the corresponding series (formulae using national reference codes can also be specified).

- BREAKS (uncoded): This attribute provides a description of breaks and major changes over time in the collection, reporting coverage and compilation of the series. In the case of breaks, it is desirable to state the extent to which old and new data may be considered comparable (up to 350 characters).

Section 2.3. Attributes at observation level

Mandatory:

- OBS_STATUS (code list: CL_OBS_STATUS): NCBs report an observation status value attached to each exchanged observation. This attribute is mandatory and must be provided with every data transmission for every individual observation. When NCBs revise the value of this attribute, both the observation value (even if unchanged) and the new observation status flag are retransmitted.

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

"A" = normal value,

"B" = break value,

"M" = data do not exist (for non-applicable data)(2),

"L" = data exist but are not collected(3),

"E" = estimated value,

"P" = provisional value (this attribute can be used, in particular, with each data transmission referring to the last observation)(4).

- If an observation is qualified by two characteristics, the most important is reported. If, for example, an observation is both a provisional value and the result of an estimate, priority is given to the "estimate" property, and the flag "E" is used.

Conditional:

- OBS_CONF (code list: CL_OBS_CONF): If an NCB wishes to differentiate between the confidentiality status of one or more specific observations, it may use the OBSERVATION CONFIDENTIALITY attribute. The value of this attribute (if any) may be modified when transmitting the data by the sender of the information.

- OBS_PRE_BREAK (uncoded): This attribute contains the pre-break value, which is a numeric field like the observation. It is provided when a series break occurs.

- OBS_COM (uncoded): This attribute can be used to provide textual comments at the observation level (e.g. describing the estimate or assumption made for a specific observation due to lack of data, explaining the reason for a possible abnormal observation or giving details of a change in the reported time series).

Flows adjustments data are to be reported, if available, in respect of indicators Nos 17, 19, 21, 24 and 26. Flows adjustments refer to price revaluations, write-offs, write-downs and reclassifications.

Section 3. Revision policy

NCBs may have to revise the reported data. The following general principles apply:

- during all regular annual data transmissions, in addition to the latest year, both "ordinary" (i.e. revisions to the previous year's data) and "historical" revisions can be sent;

- exceptionally, historical revisions which significantly improve the quality of the data may be accepted during the year;

- in the case of significant revisions, explanatory notes must be provided to the ECB.

(1) Attributes are statistical concepts which provide additional coded (e.g. the unit) and uncoded (e.g. the compilation method) information about the exchanged data. "Mandatory" applies to the attributes for which all partners know the values. "Conditional" applies to the attributes which are defined only if they are known in the reporting institution (e.g. domestic series ids) or whenever they are relevant (e.g. compilation, breaks). Attribute values are to be exchanged only when they are set for the first time and whenever they change. Only the observation status is present in every interchange, attached to each observation.

(2) 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".

(3) 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.

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

Appendix 3

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ANNEX VII

CENTRAL GOVERNMENT DEPOSIT LIABILITIES AND HOLDINGS OF CASH AND SECURITIES

1. CENTRAL GOVERNMENT DEPOSIT LIABILITIES

1.1. Definitions and coverage of central government (close substitutes for) deposit liabilities within the reporting scheme

For the purposes of this reporting scheme, central government deposit liabilities are allocated within the following categories. Where the phenomenon does not exist or is insignificant, no reporting is required on de minimis grounds.

Deposit liabilities: Deposit liabilities are broken down into overnight deposits, deposits with agreed maturity and deposits redeemable at notice.

Overnight deposits: Deposits which are convertible into currency and/or which are transferable on demand by cheque, banker's order, debit entry or similar means, without significant delay, restriction or penalty. Balances representing prepaid amounts in the context of e-money, either in the form of hardware-based e-money (e.g. prepaid cards) or software-based e-money, issued by central government, are included under this item. This item excludes non-transferable deposits which are technically withdrawable on demand but which are subject to significant penalties.

Deposits with agreed maturity: Non-transferable deposits which cannot be converted into currency before an agreed fixed term; or which can be converted into currency before that agreed term but the holder is charged some kind of penalty. Financial products with roll-over provisions must be classified according to the earliest maturity.

Deposits redeemable at notice: Non-transferable deposits without any agreed maturity which cannot be converted into currency without a period of prior notice, before the term of which the conversion into cash is not possible or possible only with a penalty. This item includes deposits which, although perhaps legally withdrawable on demand, would be subject to penalties and restrictions according to national practices (classified in the maturity band "up to and including three months").

The ESA 95(1) provides guidance on the classification of debt instruments issued by general government (ESA 95, paragraphs 5.74-5.76). Non-tradable debt instruments issued by general government to the public at large are to be classified under deposits, as they are close substitutes for time deposits, savings deposits, savings books and non-negotiable certificates of deposit. All other instruments which are typically represented by documents intended to circulate and which therefore involve (realised or unrealised) holding gains and losses are classified as securities other than shares.

1.2. Sectoral classification of central government agencies issuing (close substitutes for) deposit liabilities

The ESA 95 provides the standard for the sectoral classification of general government and its subsectors, one of which is the central government sector. Further guidance is provided in the "Money and Banking Statistics Sector Manual - Guidance for the statistical classification of customers"(2).

General government comprises resident units which are principally engaged in the production of non-market goods and services intended for individual and collective consumption and/or in the redistribution of national income and wealth (ESA 95, paragraphs 2.68-2.70).

General government is divided into two issuing subsectors: central government and other general government. Other general government is part of the money-holding sector.

Central government consists of administrative departments of the State and other central agencies whose competence extends over the whole economic territory, except for the administration of social security funds (ESA 95, paragraph 2.71).

1.3. Definition of the "other resident sectors", i.e. non-monetary financial institution residents other than the general government

Other financial intermediaries and financial auxiliaries: Non-monetary financial corporations and quasi-corporations (excluding insurance corporations and pension funds) principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional units other than monetary financial institutions (MFIs) (ESA 95, paragraphs 2.53-2.56). Also included are financial auxiliaries consisting of all financial corporations and quasi-corporations that are principally engaged in auxiliary financial activities (ESA 95, paragraphs 2.57-2.59).

Insurance corporations and pension funds: Non-monetary financial corporations and quasi-corporations principally engaged in financial intermediation as the consequence of the pooling of risks (ESA 95, paragraphs 2.60-2.67).

Non-financial corporations: Corporations and quasi-corporations not engaged in financial intermediation but principally in the production of market goods and non-financial services (ESA 95, paragraphs 2.21-2.31).

Households: Individuals or groups of individuals as consumers and producers of goods and non-financial services exclusively for their own final consumption, and as producers of market goods and non-financial and financial services provided that their activities are not those of quasi-corporations. Included are non-profit institutions which serve households and which are principally engaged in the production of non-market goods and services intended for particular groups of households (ESA 95, paragraphs 2.75-2.88).

2. COVERAGE OF CENTRAL GOVERNMENT HOLDINGS OF CASH AND SECURITIES

2.1. Euro banknotes and coins held by the central government

Banknotes and coins issued by the European Central Bank, euro area national central banks and central governments and held by the central government.

2.2. Central government holdings of instruments issued by euro area MFIs

Debt securities issued by euro area MFIs and held by the central government.

DATA ON CENTRAL GOVERNMENT (CLOSE SUBSTITUTES FOR) DEPOSIT LIABILITIES AND HOLDINGS OF CASH AND SECURITIES(("Reclassifications and other adjustments" and "revaluation adjustments" data will be covered by the "Manual of procedures for the compilation of flows statistics" (Annex X).))

Adapted scheme using the reporting table of the MFI sector.

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(1) The European System of Accounts (ESA) 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, as last amended by Regulation (EC) No 359/2002 of the European Parliament and of the Council, OJ L 58, 28.2.2002, p. 1.

(2) European Central Bank, second edition, November 1999.

ANNEX VIII

HIGHEST PRIORITY MEMORANDUM ITEMS TO BE PROVIDED AT A MONTHLY FREQUENCY

The memorandum items listed in this Annex belong to the balance sheet items 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) as amended by Regulation ECB/2002/8(2).

Reporting scheme

TABLE A

Other MFIs data (stocks)

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DEFINITION OF THE HIGHEST PRIORITY MEMORANDUM ITEMS

1. Breakdown by residency of the holders of money market fund (MMF) shares/units

MMF shares/units 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.

(1) OJ L 333, 17.12.2001, p. 1.

(2) OJ L 330, 6.12.2002, p. 29.

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) as amended by Regulation ECB/2002/8(2).

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.

TABLE A

ECB/NCBs data (stocks)((Subject to bilateral agreement between the ECB and the NCB, flow data may be provided.))

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Cells in bold are the high priority items

TABLE B

Other MFIs data (stocks)((Subject to bilateral agreement between the ECB and the NCB, flow data may be provided.))

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Cells in bold are the high priority items. Highest priority memo items are required in Annex VIII

Subject to agreement between the ECB and the NCB, cells in bold with an arrow ([uarr ]) might not be reported by the NCB where alternative data sources are used by the ECB

5. Remaining assets/liabilities, of which intra-Eurosystem liabilities (item M12)/claims (item M16) 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 M17 to M19 and M26 to M28) and further by currency (items M20 to M25, and M29 to M34)

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 rates

7. For the regular production of MFI interest rate (hereinafter "MIR") statistics(3), weighting information is necessary to aggregate the national MIR 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 f