EN ECB -PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 23 December  2015  
on balance of payments and cross -border provision  of services reporting  
(CON/ 2015/ 58) 
 
Introduction and legal basis  
On 23 November 2015 the European Central Bank (ECB) received a request from the Oesterreichische 
Nationalbank (the ‘ OeNB ’) for an opinion on a draft regulation on balance of payments reporting (the ‘draft 
balance of payments  regulation’) and a draft regulation on the collection of statistics on import  and export 
services  (the ‘draft import/export regulation’, together with the draft balance of payments  regulation , the 
‘draft regulations ’).  
The ECB’s competence to deliver an opinion is based on Articl es 127(4)  and 282(5) of the Treaty on the 
Functioning of the European Union and on the third and fourth indent s of Article 2(1) of Council 
Decision  98/415/EC1, as the draft regulations  relate to the OeNB and the collection of balance of 
payments statistics . In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the 
European Central Bank, the Governing Council has adopted this opinion.  
 
1. Purpose of the draft regulations  
1.1 The draft balance of payments  regulation amends an existing reporting regulation2 on cross -border 
financial transactions . The areas in which businesses need to report data are cross -border direct 
investment s, portfolio investment s, other cross- border investment s, cross- border real estate 
transactions and capital transfers and cross -border transactions in financial derivatives. The 
statistics based on data collected under the existing regulation demonstrate how  Austrian 
busines ses have been doing foreign trade over the past years and are also used for monetary  and 
economic policy purposes. The draft balance of payments  regulation aims to reduc e businesses’ 
reporting burd en by providing changes  to the content  of what must be reported,  as well as  the 
reporting procedures. In particular, the draft bop regulation revises several reporting templates, 
introduces references to Regulation (EU) No 575/20133 and clarifies certain reporting 
requirements. Furthermore, certain data are no longer required, such as genuine securities sale 
and repurchase agreements, securities lending agreements and account holder reports.  
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national author i-
ties regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  
2  Meldeverordnung ZABIL 1/2013 der OeNB betreffend die statistische Erfassung des grenzüberschreitenden Kapital-
verkehrs (ZABIL 1/2013) . 
3  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requir e-
ments for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, 
p. 1).  
ECB -PUBLIC  
2 1.2 The draft im port/export regulation replaces an existing reporting regulation4. It provides the legal 
basis for the collection of additional data carried out as part of structural business statistics  
activities  and takes into account that the current focus is on cross -border imports and exports to 
and from non-Union countries. The f ollowing services are included:  
• remuneration for contract processing services;  
• maintenance and repair services not elsewhere classified;  
• transport services ;  
• construction services ;  
• insurance services ;  
• expressly charged financial services ;  
• fees for the use of intellectual property not elsewhere classified;   
• telecommunications ;  
• IT and information services ;  
• research and development services ;  
• professional services and business and other management consultancy services ;  
• technical services ;  
• waste treatment and cleaning services ;  
• services in the agricultur al, forestry and fishery  sectors ;  
• services in mining and oil and gas extraction;   
• operational leasing;   
• commercial services ;  
• other corporate services not elsewhere classified;   
• personal services ;  
• culture and leisure services as well as transit trade transactions  (buying- in and selling).  
These data are used for compiling the balance of payments. The results will also be used in the 
revision of another reporting regulation5. The draft import/export regulation introduces revised 
questions for the additional collection of data on imports and exports . Furthermore, it introduces an 
electronic r eporting  standard. The collection of data under the draft import/export regulation is 
carried out as a one- off collection within Statistics Austria’s collection of 2015 structural business 
statistics . In order to avoid any additional reporting burden, the draft import/export regulation only 
applies to businesses that receive access rights from Statist ics Austria and that are not subject to 
another  existing reporting regulation6. 
                                                 
4  Verordnung der OeNB betreffend statistische Erhebungen über die Importe und Exporte von Dienstleistungen und 
grenzüberschreitende Finanzbeziehungen (LSEZE 2008).  
5   Meldeverordnung ZAB IL 1/2012 der OeNB betreffend die statistische Erhebung des grenzüberschreitenden Diens t-
leistungsverkehrs (ZABIL 1/2012).  See also Opinion CON/2013/22.  
6  Meldeverordnung ZAB IL 1/2012 der OeNB betreffend die statistische Erhebung des grenzüberschreitenden Diens t-
leistungsverkehrs (ZABIL 1/2012).  
ECB -PUBLIC  
3  
2. General observations  
In accordance with Article 14.3 of the Statute of the European System of Central Banks and of the 
European Central Bank (hereinafter the ‘Statute of the ESCB’), national central banks must act in 
accordance with ECB guidelines. The ECB generally welcomes  the fact that  the draft regulations  ensure 
consistency with the reporting requirements under Gu ideline ECB/2011/237, following the basic principles 
of the ECB Statistics Quality Framework8. The main purpose of sta tistics on euro area balance of 
payments and international investment positions  is to support the ECB’s monetary policy and other 
Eurosyst em tasks. Moreover, as stated in the Eurosystem’s mission statement9, accountability, 
transparency and good governance are important values that support the integrity of the statistical 
functions defined by Article 5 of the Statute of the ESCB . 
 
3. Specific observations  
3.1 Draft balance of payments  regulation  
The ECB welcomes the proposed changes to content and procedures envisaged for the reports on 
portfolio investment s, direct investment s, financial derivatives and other investment s, especially in 
relation to the following aspects: ( a) removal of redundant data requirements, which will  reduc e the 
reporting burden on respondents; ( b) providing explanations in greater detail, which will aid in 
understanding and avoiding duplication of reports; and ( c) updating definitions and/or making 
references to ECB/ Union  legislation, which will improv e consistency.  
3.2 Draft import/export regulation  
The ECB welcomes the proposed new one- off survey , which aims to collect information on new 
requirements , i.e. for data with a regional focus without any additional  reporting burden on 
businesses, and which will be carried out using a nationally standardised electronic data form, which would assist in  more timely and accurate reporting.  
 
This opinion will be  published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 23 December  2015.  
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
                                                 
7   Guideline of the European Central Bank of 9 December 2011 on the statistical reporting requirements of the Europe-
an Central Bank in the field of external statistics *OJ L 63. 3.3.2012, p. 1) . 
8  Available on the ECB’s website at www.ecb.europa.eu.  
9   Available on the ECB’s website at www.ecb.europa.eu.