Regulation (EC) No 2423/2001 of the European Central Bank of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2001/13)
Date: 2001-11-22
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, balance sheet, data collection, financial institution, financial statistics

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I

(Acts whose publication is obligatory)

REGULATION (EC) No 2423/2001 OF THE EUROPEAN CENTRAL BANK

of 22 November 2001

concerning the consolidated balance sheet of the monetary financial institutions sector

(ECB/2001/13)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to Council Regulation (EC) No 2533/98 of 23
November 1998 concerning the
statistical
information by the European Central Bank (1), and in particular
to Article 5(1) and Article 6(4) thereof,

collection of

Having regard to Council Regulation (EC) No 2531/98 of 23
November 1998 concerning the application of minimum
reserves by the European Central Bank (2), and in particular to
Article 6(4) thereof,

Whereas:

(1)

(2)

(3)

the monetary financial

Regulation (EC) No 2819/98 of the European Central
Bank of 1 December 1998 concerning the consolidated
institutions
balance sheet of
sector (ECB/1998/16) (3) has already been amended by
Regulation (EC) No 1921/2000 (ECB/2000/8) (4); now
that new substantial amendments are being made to the
said Regulation,
it is desirable that the provisions in
question should be recast by bringing them together in
a single text with this Regulation.

The European System of Central Banks (ESCB) requires,
its tasks, the production of the
for the fulfilment of
consolidated balance sheet of
the monetary financial
institutions (MFI) sector. The principal purpose thereof
is to provide the European Central Bank (ECB) with a
comprehensive
of monetary
developments in the participating Member States, which
are viewed as one economic territory. These statistics
cover the aggregate financial assets and liabilities,
in
terms of stocks, high quality flows for loans and also
improved flows for holdings of securities.

statistical

picture

The ECB shall, in accordance with the provisions of the
Treaty
Community
(hereinafter referred to as the (cid:145)Treaty(cid:146)) and under the

establishing

European

the

(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ L 318, 27.11.1998, p. 1.
(3) OJ L 356, 30.12.1998, p. 7.
(4) OJ L 229, 9.9.2000, p. 34.

(4)

(5)

(6)

conditions laid down in the Statute of the European
System of Central Banks and of the European Central
Bank (hereinafter referred to as the (cid:145)Statute(cid:146)), make
regulations to the extent necessary to implement the
tasks of the ESCB as defined in the Statute and in some
laid down in the provisions adopted by the
cases
Council referred to in Article 107(6) of the Treaty.

(NCBs),

to collect

central banks

statistical
national

Article 5.1 of the Statute requires the ECB, assisted by
the
the national
from the
information
necessary
competent
from
authorities
economic agents in order to undertake the tasks of the
ESCB. Article 5.2 of the Statute stipulates that the NCBs
shall carry out,
the tasks
described in Article 5.1.

to the extent possible,

either
or

directly

It may be necessary, and may reduce the reporting
burden, for NCBs to collect from the actual reporting
population the statistical information necessary to fulfil
the statistical requirements of
the ECB as part of a
broader statistical reporting framework which the NCBs
establish under their own responsibility in accordance
with Community or national law or established practice
and which serves other statistical purposes, provided
that the fulfilment of the statistical requirements of the
ECB is not jeopardised. In order to foster transparency,
it is appropriate, in these cases, to inform the reporting
agents that data are collected to fulfil other statistical
the ECB may rely on
In specific cases,
purposes.
statistical
information collected for such purposes to
fulfil its requirements.

Article 3 of Regulation (EC) No 2533/98 requires the
ECB to specify the actual reporting population within
the limits of
the reference reporting population and
entitles it to fully or partly exempt specific classes of
reporting
reporting
requirements. Article 6(4) provides that the ECB may
adopt regulations specifying the conditions under which
the right
the compulsory
collection of statistical information may be exercised.

to verify or to carry out

from its

statistical

agents

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(7)

to collect

institutions

regulations or decisions in order

Article 5 of Regulation (EC) No 2531/98 empowers the
to
ECB to adopt
exempt
from the minimum reserve
requirements, to specify modalities to exclude or deduct
liabilities owed to any other institution from the reserve
basis and to establish differing reserve ratios for specific
categories of liabilities. Under Article 6, the ECB has the
right
information
from institutions
necessary for the application of minimum reserves and
the right
the
information which institutions provide to demonstrate
compliance with the minimum reserve requirements. It
in order to reduce the overall reporting
is desirable,
burden,
information regarding the
monthly balance sheet to be used, in addition, for the
the credit
regular calculation of
institutions
to the ESCB’s minimum reserve
system.

to verify the accuracy and quality of

the reserve base of

for the statistical

subject

the

(8)

Article 4 of Regulation (EC) No 2533/98 provides for
Member States to organise themselves in the field of
statistics and to cooperate fully with the ESCB in order
the obligations arising from
to ensure fulfilment of
Article 5 of the Statute.

(9) While it is recognised that regulations adopted by the
ECB under Article 34.1 of the Statute do not confer any
rights or impose any obligations on non-participating
Member States, Article 5 of the Statute applies to both
and non-participating Member States.
participating
Regulation (EC) No 2533/98 recalls that Article 5 of the
Statute, together with Article 5 of the Treaty, implies an
obligation to design and implement at national level all
the measures that the non-participating Member States
consider appropriate in order to carry out the collection
of the statistical information needed to fulfil the ECB’s
statistical
timely
preparations in the field of statistics in order for them
to become participating Member States.

requirements

reporting

and

(10)

In order to facilitate the liquidity management of the
ECB and of credit
reserve requirements
institutions,
should be confirmed at the latest on the first day of the
maintenance period; the need may exceptionally arise
for credit institutions to report revisions to the reserve
to reserve requirements which have been
base or
confirmed;
or
for
acknowledgement of reserve requirements are without
prejudice to the obligation for reporting agents always
to report correct statistical
information and to revise
incorrect statistical information they may have already
reported.

confirmation

procedures

the

(11)

The determination of specific procedures for mergers
and divisions involving credit institutions is necessary in
order to clarify the obligations of these institutions in
respect of
the definitions of
mergers and divisions laid down in this Regulation are

reserve requirements;

(12)

(13)

(14)

(15)

(16)

based on definitions already existing in secondary
Community legislation relating to public limited liability
companies. These definitions have been adapted to the
purposes of
these procedures are
without prejudice to the possibility of holding minimum
reserves through an intermediary.

this Regulation;

The monetary statistics of the ECB are derived from MFI
balance sheet statistics collected in accordance with
Regulation (EC) No 2819/98 (ECB/1998/16) which was
prepared during the second stage of economic and
monetary union and so were considered to be only the
minimum set of data required for monetary policy
purposes. Moreover, the Regulation only covered the
collection of balance sheet stocks and not the reporting
of revaluation adjustment data required to compile flow
the broad monetary
statistics
aggregate M3, from which the growth rates are derived.
Taking into account the limitations of these sets of data,
it was necessary to enhance the MFI balance sheet
statistics.

counterparts of

for

It is necessary to expand the monthly requirements to
provide a monthly breakdown of deposit liabilities by
subsector and further by maturity/currency and of loans
by subsector/maturity and purpose as these breakdowns
are considered essential for monetary policy purposes.
This includes the integration of data previously collected
only on a quarterly basis.

It is necessary to derive stock and flow statistics for the
monetary aggregates and counterparts
in a timely
manner. From the consolidated balance sheet in terms
of stocks,
flow statistics are derived using additional
statistical information relating to exchange rate changes,
other changes
securities and the
write-offs/write-downs of loans and other adjustments
such as reclassifications.

in the value of

and

It is necessary to ensure the availability of appropriately
harmonised
on
a
write-offs/write-downs
requirement to the statistical reporting agents. There is
also a need to collect data on price revaluations of
securities.

data
addressing

quality
by

high
on

loans

The separate balance sheet category (cid:145)money market
paper(cid:146) is removed and merged with the data category
(cid:145)debt securities issued(cid:146) on the liability side. Instruments
classified in this category are entered under
(cid:145)debt
securities
and allocated according to their
original maturity. A corresponding reallocation has been
taken also on the asset side of the MFI balance sheet.

issued(cid:146)

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(17)

The definition of deposits should take into account the
use of balances representing prepaid amounts in the
context of electronic money,

HAS ADOPTED THIS REGULATION:

Article 1

Definitions

this Regulation,

the purpose of

(cid:145)reporting
For
agents(cid:146),
(cid:145)resident(cid:146) and (cid:145)residing(cid:146)
shall have the same meaning as defined in Article 1 of
Regulation (EC) No 2533/98.

(cid:145)participating Member State(cid:146),

the terms

Article 2

Actual reporting population

1.
The actual reporting population shall consist of the MFIs
resident in the territory of the participating Member States. For
statistical purposes, MFIs comprise resident credit institutions
as defined in Community law, and all other resident financial
institutions whose business is to receive deposits and/or close
substitutes for deposits from entities other than MFIs, and, for
their own account (at least in economic terms), to grant credits
and/or make investments in securities.

2.
National central banks may grant derogations to small
MFIs, provided that the MFIs which contribute to the monthly
consolidated balance sheet account for at least 95 % of the
total MFI balance sheet in terms of stocks, in each participating
this
Member State. NCBs
condition in good time in order to grant or withdraw,
if
necessary, any derogation with effect from the start of each
year.

shall check the fulfilment of

Article 3

List of MFIs for statistical purposes

for

statistical purposes,

1.
In accordance with the classification principles set out in
Part 1(I) of Annex I, the ECB shall establish and maintain a list
of MFIs
the
taking into account
frequency and timeliness which
requirements in respect of
the ESCB’s minimum
arise from its use in the context of
reserve system. The competence to establish and maintain the
list of MFIs for statistical purposes pertains to the Executive
Board of the ECB.

3.
The list of MFIs for statistical purposes shall be for
the latest
information only. However,
accessible version of the list in accordance with paragraph 2 is
incorrect, the ECB shall not impose sanctions on any entity
which did not properly fulfil its reporting requirements to the
extent that it relied in good faith on the incorrect list.

in the event

that

Article 4

Statistical reporting requirements

For

the actual

the purposes of

the regular production of

1.
the
consolidated balance sheet of the MFI sector, in terms of stocks
and flows,
report
reporting population shall
monthly statistical
information relating to its end-of-month
balance sheet and monthly flow adjustments in respect of
write-offs/write-downs of
in
respect of security holdings during the reporting period, to the
NCB of the Member State in which the MFI is resident. Further
details on certain items of the balance sheet shall be reported
quarterly, in terms of stocks.

loans and price revaluations

The required statistical information is specified in Annex

2.
I to this Regulation.

The required statistical information shall be reported in
3.
accordance with the minimum standards for transmission,
accuracy, conceptual compliance and revisions as set out in
Annex IV to this Regulation.

the

to be

The NCBs shall define and implement

the reporting
4.
arrangements
reporting
followed by
population in accordance with national characteristics. The
NCBs shall ensure that these reporting arrangements provide
the statistical information required and allow accurate checking
of compliance with the minimum standards for transmission,
accuracy, conceptual compliance and revisions as referred to in
Article 4(3).

actual

5.
The derogations referred to in Article 2(2) shall have the
effect of reducing the statistical reporting requirements of MFIs
as follows:

(cid:151) the credit

institutions to which such derogations apply
shall be subject to the reduced reporting requirements as
set out in Annex II to this Regulation,

(cid:151) those small MFIs that are not credit institutions shall be
subject to the reduced reporting requirements as set out in
Annex III to this Regulation.

Small MFIs may choose not to make use of the derogations
and to fulfil the full reporting requirements instead.

2.
The list of MFIs for statistical purposes and its updates
shall be made accessible by NCBs and the ECB to the
institutions concerned in an appropriate way,
including by
electronic means, via the Internet or, at the request of the
reporting agents concerned, in paper form.

6. Without prejudice to the derogation in Article 2(2), NCBs
the reporting of
may grant a derogation in respect of
(MMFs),
revaluation adjustments
to money market
removing from the MMFs any requirement
the
revaluation adjustment.

funds
to report

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7.
NCBs may grant a derogation in respect of the frequency
and the timeliness of the reporting of price revaluations of
securities and require these data on a quarterly basis and with
the same timeliness as for stock data reported on a quarterly
basis, subject to compliance with the following requirements:

(cid:151) reporting agents shall provide the NCBs with the relevant
information on valuation practices, including quantitative
indications on the percentage of their holdings of these
instruments subject to different valuation methods,

(cid:151) where a substantial price revaluation has occurred, NCBs
shall be entitled to request reporting agents to provide
additional information relating to the month in which the
development took place.

the reporting agent

8.
In the event of a merger, a division or any other
reorganisation that might affect the fulfilment of its statistical
obligations,
inform the
relevant NCB, once the intention to implement such operation
has become public and in due time before the merger, the
division or the reorganisation takes effect, of the procedures
that are planned to fulfil the statistical reporting requirements
set out in this Regulation.

involved shall

out in Annex II to this Regulation. The specific provisions of
laid down in
this Annex shall prevail over provisions
Regulation (EC) No 2818/98 (ECB/1998/15).

Article 6

Verification and compulsory collection

The right to verify or to collect compulsorily the information
which reporting agents shall provide in compliance with the
in this Regulation
statistical reporting requirements set out
shall be exercised by the NCBs, without prejudice to the right
of the ECB to exercise these rights itself. This right shall be
exercised in particular when an institution included in the
the minimum
actual
standards for transmission, accuracy, conceptual compliance
and revisions as set out in Annex IV to this Regulation.

reporting population does not

fulfil

Article 7

Transitional provisions

Transitional provisions
for
Regulation are laid down in Annex V to this Regulation.

application of parts

to this

Article 5

Use of the reported statistical information for the
purposes of Regulation (EC) No 2818/98 (ECB/1998/15)

1.
The statistical information reported by credit institutions
in accordance with this Regulation shall be used by each credit
institution to calculate its reserve base in accordance with
Regulation (EC) No 2818/98 of the European Central Bank of
1 December 1998 on the application of minimum reserves
(ECB/1998/15) (1),
amended by Regulation (EC) No
1921/2000 (ECB/2000/8). In particular, each credit institution
shall use this information to verify the fulfilment of its reserve
requirement over the maintenance period.

as

imposed upon
2. Without prejudice to the obligations
reporting agents by Article 4 and of Annex IV to this
Regulation, credit
to minimum reserves
may report revisions to the reserve base and to the reserve
requirement in accordance with the procedures mentioned in
Article 5 of Regulation (EC) No 2818/98 (ECB/1998/15).

institutions subject

3.
Specific and transitional provisions for the purposes of
the application of the ESCB’s minimum reserve system are set

Article 8

Repeal

Regulation (EC) No 2819/98 (ECB/1998/16)

1.
repealed.

is hereby

References made to the repealed Regulation shall be

2.
construed as being made to this Regulation.

Article 9

Final provision

This Regulation shall enter into force on 1 January 2002.

Done at Frankfurt am Main, 22 November 2001.

On behalf of the Governing Council of the ECB

The President

Willem F. DUISENBERG

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

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STATISTICAL REPORTING REQUIREMENTS AND CLASSIFICATION PRINCIPLES

ANNEX I

PART 1

Monetary financial institutions and statistical reporting requirements

Introduction

The requirement
the
money-creating financial intermediaries for the participating Member States, seen as one economic territory, in terms of
stocks and flows, based on a complete and homogeneous monetary sector and reporting population.

is to produce on a regular basis a properly articulated consolidated balance sheet of

The statistical system for the participating Member States covering the consolidated balance sheet of the monetary
financial institution (MFI) sector therefore comprises the two following main elements:

(cid:151) a list of MFIs for statistical purposes, and

(cid:151) a specification of the statistical information reported by these MFIs at monthly and quarterly frequency.

This statistical
arrangements relying on the harmonised definitions and classifications set out in this Annex.

information is collected by the national central banks (NCBs) from the MFIs according to national

I. Monetary financial institutions

1.

2.

3.

4.

The European Central Bank (ECB) establishes and updates on a regular basis the list of MFIs for statistical
purposes in accordance with the classification principles outlined below. One important aspect is financial
innovation, which itself is affected by the development of the single market and the move to economic and
monetary union, both of which affect
instruments and induce financial
institutions to change the focus of their business. Procedures for monitoring and continuous checking ensure
that the list of MFIs remains up to date, accurate, and as homogeneous as possible and sufficiently stable for
statistical purposes. The list of MFIs for statistical purposes includes an entry on whether or not institutions are
legally subject to the European System of Central Banks (ESCB) minimum reserve system.

the characteristics of

financial

Thus, in accordance with the definition set out in Article 2(1) of this Regulation, the MFI sector comprises, in
addition to central banks, two broad groups of resident financial institutions. These are credit institutions as
defined in Community law ((cid:145)an undertaking whose business is to receive deposits or other repayable funds from
the public (1) and to grant credits for its own account; or an electronic money institution within the meaning of
Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up,
pursuit and prudential supervision of the business of electronic money institutions(cid:146)) (OJ L 275, 27.10.2000, p.
39) (2) and other MFIs, i.e. other resident financial institutions which fulfil the MFI definition, irrespective of the
nature of their business. The degree of substitutability between the instruments issued by the latter and the
deposits placed with credit institutions determines their classification, provided that they meet the MFI definition
in other respects.

It is noted that Directive 2000/12/EC partially excludes some entities from its application. These exempted
entities shall fall under the application of this Regulation, provided that they meet the MFI definition.

Substitutability for deposits in relation to financial instruments issued by financial intermediaries other than
credit institutions is determined by their liquidity, combining characteristics of transferability, convertibility,
certainty and marketability, and having regard, where appropriate, to their term of issue.

5.

For the purpose of defining substitutability for deposits in the previous paragraph:

(cid:151) transferability refers to the possibility of mobilising funds placed in a financial instrument by using payment

facilities, such as cheques, transfer orders, direct debits or similar means,

(1) Including the proceeds arising from the sale of bank bonds to the public.
(2) Article 1 of Directive 2000/12/EC of the European Parliament and the Council of 20 March 2000 relating to the taking up and
pursuit of the business of credit institutions (OJ L 126, 26.5.2000, p. 1), as amended by Directive 2000/28/EC (OJ L 275,
27.10.2000, p. 37), and as it may be amended from time to time.

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(cid:151) convertibility refers to the possibility and the cost of converting financial

instruments into currency or
transferable deposits; the loss of fiscal advantages in such conversion may be considered to be a kind of
penalty that reduces the degree of liquidity,

(cid:151) certainty means knowing precisely in advance the capital value of a financial instrument in terms of national

currency, and

(cid:151) securities quoted and traded regularly on an organised market are considered to be marketable. For shares in
open-end collective investment undertakings, there is no market in the usual sense. Nevertheless, investors
know the daily quotation of the shares and can withdraw funds at this price.

6.

In the case of collective investment undertakings (CIUs), money market
the agreed
conditions for liquidity and are therefore included in the MFI sector. MMFs are defined as those CIUs of which
the units are, in terms of liquidity, close substitutes for deposits and which primarily invest in money market
instruments and/or in MMF shares/units and/or in other transferable debt instruments with a residual maturity
of up to and including one year, and/or in bank deposits, and/or which pursue a rate of return that approaches
the interest rates of money market instruments. The criteria applied in order to identify MMFs shall be derived
from the public prospectus as well as fund rules, instruments of incorporation, established statutes or by-laws,
subscription documents or investment contracts, marketing documents, or any other statement with similar
effects, of the CIUs.

funds (MMFs)

fulfil

7.

For the purpose of defining MMFs in paragraph 6:

(cid:151) CIUs shall mean undertakings the sole object of which is the collective investment of capital raised from the
public and the units of which are, at the request of the holders, repurchased or redeemed directly or
indirectly out of the undertaking’s assets. Such undertakings may be constituted according to law, either
under the law of contract (as common funds managed by management companies), or trust law (as unit
trusts) or under a statute (as investment companies),

(cid:151) bank deposits shall mean cash deposits made with credit institutions, repayable on demand or upon prior
notice of up to three months, or at agreed maturities of up to two years, inclusive of sums paid to credit
institutions in respect of a transfer of securities under repurchase operations or securities loans,

(cid:151) close substitutability for deposits in terms of

liquidity shall mean the ability of units of CIUs, under normal
market circumstances, to be repurchased, redeemed or transferred, at the request of the holder, where the
liquidity of the units is comparable to the liquidity of deposits,

(cid:151) primarily shall be deemed to be at least 85 % of the investment portfolio,

(cid:151) money market instruments shall mean those classes of transferable debt instruments which are normally
(for example, certificates of deposit, commercial paper and banker’s

traded on the money market
acceptances, treasury and local authority bills) because of the following features:

(i)

liquidity, where they can be repurchased, redeemed or sold at limited cost, in terms of low fees and
narrow bid/offer spread, and with very short settlement delay; and

(ii) market depth, where they are traded on a market which is able to absorb a large volume of transactions,

with such trading of large amounts having a limited impact on their price; and

(iii) certainty in value, where their value can be accurately determined at any time or at least once a month;

and

(iv)

low interest risk, where they have a residual maturity of up to and including one year, or regular yield
adjustments in line with money market conditions at least every 12 months; and

(v)

low credit risk, where such instruments are either:

(cid:151) admitted to an official listing on a stock exchange or traded on other regulated markets which

operate regularly, are recognised and are open to the public, or

(cid:151) issued under regulations aimed at protecting investors and savings, or

(cid:151) issued by:

(cid:151) a central, regional or local authority, a central bank of a Member State, the European Union,
the ECB, the European Investment Bank, a non-Member State or, if the latter is a federal State,
by one of the members making up the federation, or by a public international body to which
one or more Member States belong,

or

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(cid:151) an establishment subject to prudential supervision,

in accordance with criteria defined by
Community law or by an establishment which is subject to and complies with prudential rules
considered by the competent authorities to be at least as stringent as those laid down by
Community law, or guaranteed by any such establishment,

or

(cid:151) an undertaking the securities of which have been admitted to an official listing on a stock
exchange or are traded on other regulated markets which operate regularly, are recognised and
are open to the public.

8.

In the European System of Accounts (ESA 95), financial institutions classified as MFIs are categorised in two
subsectors, namely central banks (S.121) (1) and other MFIs (S.122).

II. Accounting rules

Accounting rules followed by MFIs in drawing up their accounts are laid down in the national transposition of Council
Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other
financial institutions (2) and any other international standards applicable. Without prejudice to accounting practices and
netting arrangements prevailing in Member States, all financial assets and liabilities shall be reported on a gross basis
for statistical purposes.

1.

2.

3.

4.

III. The consolidated balance sheet on a monthly basis: stocks

Objective

The objective is to supply monthly data on the business of MFIs in terms of stocks. Data are supplied in
sufficient detail in order to provide the ECB with a comprehensive statistical picture of monetary developments
in the participating Member States seen as one economic territory and to allow flexibility in the calculation of
monetary aggregates and counterparts covering this territory. Moreover, the monthly individual stock data
reported by the credit institutions subject to the ESCB minimum reserves system are used for the calculation of
the reserve base of the said credit institutions in accordance with Regulation (EC) No 2818/98 of the European
Central Bank of 1 December 1998 on the application of minimum reserves (ECB/1998/15) (3), as amended by
Regulation (EC) No 1921/2000 (ECB/2000/8) (4). The monthly reporting requirements in respect of the stocks
are shown in Table 1 below. Cells with thin borders (5) are reported solely by credit institutions subject to
reserve requirements (for full details, see Annex II); this reporting is mandatory except for the reporting of
deposits redeemable at notice over two years which remains voluntary until further notice. A detailed definition
of instruments is presented in Part 3 of this Annex.

Requirements

The ECB compiles the monetary aggregates for the territory of the participating Member States as amounts
outstanding (stocks). The money stock includes notes and coins in circulation and other monetary liabilities
(deposits and other financial instruments which are close substitutes for deposits) of MFIs. The counterparts to
the money stock comprise all other items in the MFI balance sheet. The ECB also compiles flows derived from
the stocks and from other data, including data reported by MFIs (see section V below).

The ECB requires the statistical information to be broken down in terms of instrument/maturity categories,
currencies and counterparties. Since separate requirements apply to liabilities and assets, the two sides of the
MFI balance sheet are considered in turn. They are shown in Table A, in Part 2 of this Annex.

(i) I n s t r u m e n t a n d m a t u r i t y c a t e g o r i e s

(a) Liabilities

The compilation of monetary aggregates covering the participating Member States requires relevant instrument
categories. These are currency in circulation, deposit liabilities, MMF shares/units issued, debt securities issued,
capital and reserves and remaining liabilities. In order to separate monetary and non-monetary liabilities, deposit
liabilities are also broken down into overnight deposits, deposits with agreed maturity, deposits redeemable at
notice and repurchase agreements (repos).

(1) This and subsequent references are to sectors and subsectors in the ESA 95.
(2) OJ L 372, 31.12.1986, p. 1.
(3) OJ L 356, 30.12.1998, p. 1.
(4) OJ L 229, 9.9.2000, p. 34.
(5) Credit institutions may report positions vis-(cid:224)-vis (cid:145)MFIs other than credit institutions subject to minimum reserves, ECB and NCBs(cid:146)
rather than vis-(cid:224)-vis (cid:145)MFIs(cid:146) and (cid:145)credit institutions subject to minimum reserves, ECB and NCBs(cid:146), provided that no loss of detail is
implied and no bold printed positions are affected.

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5.

6.

7.

8.

9.

Original maturity cut-offs provide a substitute for instrument detail where financial instruments are not fully
comparable between markets. The cut-off points for the maturity bands (or for periods of notice) are: for
deposits with agreed maturity, at one-year and two-years’ maturity at issue; and for deposits redeemable at
notice, at three-months’ notice and at two-years’ notice. Repos are not broken down by maturity as these are
usually very short-term instruments (usually less than three-months’ maturity at issue). Debt securities issued by
MFIs are broken down at one year and two years. No maturity breakdown is required for shares/units issued by
MMFs.

(b) Assets

MFI holdings of assets are broken down into cash, loans, securities other than shares, MMF shares/units, shares
and other equity, fixed assets and remaining assets. A maturity breakdown by original maturity (at one year and
five year maturity bands) is required for MFI loans to residents (other than MFIs and general government) of the
participating Member States by subsector and further for MFI loans to households by purpose. A maturity
breakdown is also required for MFI holdings of debt securities issued by other MFIs located in the participating
Member States. These holdings must be broken down into one and two year maturity bands to enable the
inter-MFI holdings of this instrument to be netted off in the calculation of the monetary aggregates.

(ii) C u r r e n c i e s

The ECB shall have the option of defining monetary aggregates in such a way as to include balances
denominated in all currencies combined or in euro alone. Balances in euro are therefore identified separately in
the reporting scheme in respect of those balance sheet items that may be used in the compilation of monetary
aggregates.

(iii) C o u n t e r p a r t i e s

The compilation of monetary aggregates and counterparts covering the participating Member States requires the
identification of those counterparties located in the territory of the participating Member States that form the
money-holding sector. Counterparties located in the domestic territory and in the other participating Member
States are identified separately and treated in exactly the same way in all statistical breakdowns. There is no
requirement for a geographical breakdown of counterparties located outside the territory of the participating
Member States in monthly data.

Counterparties located in the territory of the participating Member States are identified according to their
domestic sector or institutional classification in accordance with the list of MFIs for statistical purposes and the
guidance for the statistical classification of customers provided in the ECB’s Money and Banking Statistics Sector
Manual ((cid:145)Guidance for the statistical classification of customers(cid:146)), which follows classification principles that are
consistent with the ESA 95 as far as possible. In order to allow for the identification of a money-holding sector
of the participating Member States, non-MFI counterparties are divided into general government (S.13), with
central government (S.1311) identified separately in total deposit liabilities, and other resident sectors. In order
to calculate a monthly sector disaggregation of the monetary aggregates and credit counterpart, other resident
sectors are further broken down by the following subsectors: other financial intermediaries + financial auxiliaries
(S.123 + S.124),
insurance corporations and pension funds (S.125), non-financial corporations (S.11) and
households + non-profit institutions serving households (S.14 + S.15). With respect to total deposit liabilities
(cid:145)deposits redeemable at notice over two
and the deposit categories (cid:145)deposits over two years agreed maturity(cid:146),
years(cid:146) and (cid:145)repos(cid:146), an additional distinction is made between credit institutions, other MFI counterparties and
central government for the purposes of the ESCB’s minimum reserve system.

(iv) P u r p o s e o f l o a n s

10.

Loans to households (including non-profit institutions serving households) are broken down by type of loan
(consumer credit; lending for house purchase; other). A detailed definition of consumer and housing loans is
contained in Part 3 of
instrument categories of the monthly
aggregated balance sheet of the MFI sector(cid:146), under category 2: (cid:145)Loans(cid:146).

this Annex, within (cid:145)Detailed description of

(v) C r o s s - r e l a t i n g i n s t r u m e n t a n d m a t u r i t y c a t e g o r i e s w i t h c u r r e n c i e s a n d

c o u n t e r p a r t i e s

11.

The compilation of monetary statistics covering the participating Member States and the data needed for the
calculation of the reserve base of credit institutions subject to the ESCB’s minimum reserve system necessitates
certain cross-relationships being made in the balance sheet between instrument/maturity/currency and
counterparties and, in addition, for loans to households, a further breakdown by purpose.

17.12.2001

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L 333/9

12.

13.

The data requirements are most detailed where the counterparties are part of the money-holding sector.
Statistical information on deposit liabilities by subsector and maturity classified further by currency is necessary
to permit a closer analysis of the developments of the foreign currency components included in M3.
In
investigations concerning the degree of
particular, a currency analysis of
substitutability between foreign currency and euro denominated components of M3. Breakdowns of
the
positions vis-(cid:224)-vis other MFIs are identified only in so far as this is necessary to allow for netting of inter-MFI
balances or to calculate the reserve base.

these components

facilitates

Positions vis-(cid:224)-vis the rest of the world are required for (cid:145)deposits over two years agreed maturity(cid:146),
(cid:145)deposits
redeemable at notice over two years(cid:146) and (cid:145)repos(cid:146) in order to calculate the reserve base subject to the positive
reserve ratio and for total deposit liabilities in order to compile the external counterparts. In addition, for
balance of payments (b.o.p.) and financial accounts purposes, deposit liabilities and loans vis-(cid:224)-vis the rest of the
world are broken down at one year original maturity.

Timeliness

14.

The ECB receives an aggregated monthly balance sheet covering the positions of MFIs in each participating
Member State by close of business on the 15th working day following the end of the month to which the data
relate. NCBs decide when they need to receive data from reporting agents in order to meet this deadline, taking
into account the required timeliness for the ESCB’s minimum reserve system.

1.

2.

3.

IV. Balance sheet statistics at quarterly frequency (stocks)

Objective

Certain data are needed for the further analysis of monetary developments and to serve other statistical
purposes such as financial accounts and balance of payments. The objective is to provide further details on
certain items of the balance sheet for these purposes.

Requirements

The quarterly breakdowns are provided only in respect of key items of
the aggregated balance sheet.
Furthermore, the ECB may allow some flexibility in calculating aggregates where it can be shown from figures
collected at a higher level of aggregation that the data involved are unlikely to be significant.

(a) S u b s e c t o r a n d m a t u r i t y b r e a k d o w n o f c r e d i t t o n o n - M F I s o f t h e p a r t i c i p a t i n g

M e m b e r S t a t e s

In order to enable the complete subsector and maturity structure of MFIs’ overall credit financing (loans and
securities) vis-(cid:224)-vis the money-holding sector to be monitored, loans to general government other than central
government are to be broken down quarterly at one year and five year original maturity and holdings of
securities issued by general government other than central government at one year original maturity, all
cross-related to a subsector breakdown (state government
(S.1313) and social
security funds (S.1314)). A cross-related breakdown by subsector with a maturity split, up to one year and more
than one year, of holdings of securities other than shares issued by residents other than MFIs and general
government is also required. A breakdown of MFI holdings of shares and other equity by subsector is required
vis-(cid:224)-vis the following subsectors: other financial intermediaries + financial auxiliaries (S.123 + S.124), insurance
corporations and pension funds (S.125) and non-financial corporations (S.11).

local government

(S.1312),

4.

Total amounts of MFI loans and MFI holdings of securities other than shares vis-(cid:224)-vis the central government
(S.1311) are also required.

(b) S u b s e c t o r b r e a k d o w n o f M F I d e p o s i t l i a b i l i t i e s t o t h e g e n e r a l g o v e r n m e n t ( o t h e r

t h a n c e n t r a l g o v e r n m e n t ) o f t h e p a r t i c i p a t i n g M e m b e r S t a t e s

5.

The deposit liability categories vis-(cid:224)-vis general government other than central government in the participating
Member States are broken down into the state government (S.1312),
local government (S.1313) and social
security funds (S.1314).

L 333/10

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Official Journal of the European Communities

17.12.2001

6.

7.

8.

9.

1.

2.

3.

4.

(c) C o u n t r y b r e a k d o w n

Counterparties by Member State are identified to analyse further monetary developments and also for the
purposes of the transitional requirements and for data quality checks. In order to provide better information on
the holdings of debt securities by issuing country included in the monetary aggregates, the maturity breakdown
is required at one and two year maturity bands.

(d) C u r r e n c y b r e a k d o w n

The key balance sheet items are broken down into the currencies of the non-participating Member States and
into the major international currencies (the US dollar, the yen and the Swiss franc). These breakdowns are
required in order to permit the calculation of flow statistics for monetary aggregates and counterparts adjusted
for exchange rate changes where these aggregates are defined in such a way as to include all currencies
combined. For b.o.p. and financial account purposes, the currency breakdown for deposit liabilities and loans
vis-(cid:224)-vis the rest of the world is provided with a maturity breakdown at one-year original maturity.

(e) S e c t o r b r e a k d o w n s o f p o s i t i o n s w i t h c o u n t e r p a r t i e s o u t s i d e t h e p a r t i c i p a t i n g
M e m b e r S t a t e s ( n o n - p a r t i c i p a t i n g M e m b e r S t a t e s a n d t h e r e s t o f t h e w o r l d )

For MFIs’ positions vis-(cid:224)-vis counterparties resident outside the territory of the participating Member States,
positions with banks (or MFIs in non-participating Member States) and non-banks need to be distinguished; as
regards non-banks, a distinction is needed between general government and other resident sectors. The sector
classification in accordance with the SNA93 applies where the ESA 95 is not in force.

Timeliness

Quarterly statistics are transmitted by NCBs to the ECB by close of business on the 28th working day following
the end of the month to which they relate. NCBs decide when they need to receive data from reporting agents
in order to meet this deadline.

V. Compilation of flows statistics

Objective

In order to compile flow statistics in respect of the monetary aggregates and counterparts, data on the value of
transactions need to be derived in a timely manner from the consolidated balance sheet in terms of stocks,
which provides information on outstanding assets and liabilities, and additional statistical information relating to
reclassifications, exchange rate changes, other valuation changes and certain other adjustments such as write-offs
of loans.

Requirements

Financial transactions are identified as the difference between stock positions at end-month reporting dates,
from which the effect of changes that arise due to influences other than transactions is removed. For this
purpose, the ECB requires statistical information on these influences relating to many items of the MFI balance
sheet. The information takes the form of adjustments that cover (cid:145)reclassifications and other adjustments(cid:146),
exchange rate adjustments and (cid:145)revaluations and loan write-offs/write-downs(cid:146). In addition, the ECB requires
explanatory information on the adjustments in (cid:145)reclassifications and other adjustments(cid:146).

The statistical requirement addressed to the actual reporting population under this Regulation concerns
exclusively the (cid:145)revaluation adjustments(cid:146), covering both the write-offs/write-downs of
loans and price
revaluations in respect of holdings of securities in the reference period.

Reporting agents are subject to a reporting requirement formed by the (cid:145)minimum requirements(cid:146) identified in
Table 1A in Part 2 of this Annex. The (cid:145)minimum requirements(cid:146) are considered as the minimum required in
order to compile and estimate adjustments in respect of the full set of data required by the ECB. NCBs are
permitted to collect additional data not covered by the (cid:145)minimum requirements(cid:146). These additional data may refer
to the breakdowns marked in Table 1A other than the (cid:145)minimum requirements(cid:146).

17.12.2001

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Official Journal of the European Communities

L 333/11

5.

6.

7.

8.

9.

10.

11.

adjustment.

The requirement addressed to the reporting agents does not cover the exchange rate changes and the
from
reclassification
currency-by-currency stock data supplied by the reporting agents. These data are supplied on a quarterly basis
in accordance with Table 4 in Part 2 of this Annex. The reclassifications mentioned in paragraph 1 are also
excluded because these data are collected by the NCBs themselves using various information sources that are
already available to the NCBs.

the monthly

adjustment

calculates

exchange

ECB

rate

The

Write-offs / write-downs of loans

The adjustment in respect of the write-offs/write-downs is reported in order to remove from the flows statistics
the impact of changes in the value of loans recorded on the balance sheet that are caused by the application of
write-off/write down of loans. It should also reflect the changes in provisions on loans if an NCB decides that
outstanding stocks should be recorded net of provisions. Write-offs/write-downs recognised at the time the loan
is sold or transferred to a third party are also included, where identifiable.

(i) I n s t r u m e n t a n d m a t u r i t y c a t e g o r i e s

Write-offs/write-downs refer to the asset item (cid:145)loans(cid:146). A maturity breakdown is not required as part of the
(cid:145)minimum requirements(cid:146). NCBs may however require reporting agents to submit additional data according to
the maturity breakdown outlined for the monthly stock data.

(ii) C u r r e n c i e s

A breakdown of the (cid:145)revaluation adjustment(cid:146) according to the currency (euro/non-euro) of the loans is not
included in the (cid:145)minimum requirements(cid:146); whereas NCBs may, however, require a currency breakdown.

(iii) C o u n t e r p a r t i e s

The (cid:145)minimum requirements(cid:146)
include the separate identification of amounts written-off/written-down, and
changes in provisions where loans are reported net of provisions, according to the geographical location of the
counterparties. In addition, counterparties located in the participating Member States are classified according to
their institutional sector, with separate data for MFIs and (cid:145)other resident sector(cid:146) and the latter with a further
breakdown by subsector i.e. other financial
insurance
corporations and pension funds (S.125), non-financial corporations (S.11) and households + non-profit
institutions serving households (S.14 + S.15). Furthermore, the household sector is reported with an additional
breakdown according to the purpose of the loan, i.e. consumer credit, lending for house purchase and other
(residual). Total amounts are reported in respect of the loans to the rest of the world, without any additional
breakdown.

intermediaries + financial auxiliaries (S.123 + S.124),

(iv) T i m e l i n e s s

receive aggregated (cid:145)revaluation adjustments(cid:146)

The ECB shall
loan write-offs/write-downs
corresponding to the loans granted by the reporting agents in each participating Member State by close of
business on the 15th working day following the end of the month to which the data relate. NCBs decide when
they need to receive data from reporting agents in order to meet this deadline.

in respect of

Price revaluation of securities

The adjustment in respect of the price revaluation of securities refers to fluctuations in the valuation of
securities that arise because of a change in the price at which securities are recorded or traded. The adjustment
includes the changes that occur over time in the value of end-period balance sheet stocks arising from holding
gains/losses.
It may also contain valuation changes that arise from transactions in securities i.e. realised
gains/losses.

(i) I n s t r u m e n t a n d m a t u r i t y c a t e g o r i e s

(a) Liabilities

12.

Given the accounting rules commonly used to compile stock data, it is assumed that the (cid:145)other revaluation(cid:146)
adjustment refers only to the asset side instrument categories capable of being affected by such developments.
Therefore, no minimum reporting requirement is established for the liability side of the balance sheet.

L 333/12

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Official Journal of the European Communities

17.12.2001

(b) Assets

13.

The price revaluation adjustment is collected from MFIs in respect of the items (cid:145)securities other than shares(cid:146) and
(cid:145)shares and other equity(cid:146). The (cid:145)minimum requirements(cid:146) refer to (cid:145)securities other than shares(cid:146) with original
maturity over two years. Nevertheless, NCBs may extend the requirement beyond the (cid:145)minimum requirements(cid:146),
by requiring the reporting of the same currency and maturity breakdowns as for monthly stock data. In respect
of the item (cid:145)shares and other equity(cid:146), the (cid:145)minimum requirements(cid:146) refer to total amounts by sector and coincide
with the requirement for stock data.

(ii) C u r r e n c i e s

14.

A currency breakdown of the price revaluation is not required in (cid:145)minimum requirements(cid:146). NCBs may extend
the requirement beyond the (cid:145)minimum requirements(cid:146) in respect of the currency breakdown (euro/non-euro).

15.

16.

17.

(iii) C o u n t e r p a r t i e s

In respect of the price revaluation for the item (cid:145)securities other than shares(cid:146), the (cid:145)minimum requirements(cid:146) refer
to the breakdown of the domestic residents and residents of the other participating Member States by sector, i.e.
MFIs, general government and other resident sector. Total amounts of the adjustment are reported in respect of
the rest of the world. NCBs may extend the requirement to cover the same breakdown as for monthly stock
data.

In respect of the price revaluation for (cid:145)shares and other equity(cid:146), the (cid:145)minimum requirements(cid:146) refer to the
breakdown of the domestic residents and residents of the other participating Member States by sector i.e. MFIs
and other resident sectors, and total amounts of the adjustment are reported in respect of the rest of the world.
In this case, the set of (cid:145)minimum requirements(cid:146) coincides with the set of data reported to the ECB by the NCB.

(iv) T i m e l i n e s s

the aggregated revaluation adjustments covering the price revaluations of

The ECB receives
securities
corresponding to the reporting agents in each participating Member State by close of business on the 15th
working day following the end of the month to which the data relate. NCBs decide when they need to receive
data from reporting agents in order to meet this deadline.

17.12.2001

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Official Journal of the European Communities

L 333/13

PART 2

Required breakdowns

Table A

Survey of breakdowns for the purposes of the aggregated balance sheet of the MFI sector

Instrument/maturity categories, counterparties and currencies

(Monthly data breakdowns are indicated in bold with an asterisk)

INSTRUMENT/MATURITY CATEGORIES

Assets

Liabilities

1. Cash *

2. Loans *

up to 1 year (1) *

over 1 year and up to 5 years (1) *

over 5 years (1) *

3. Securities other than shares *

up to 1 year (2) *

over 1 year and up to 2 years (2) *

over 2 years (2) *

4. Money market fund shares/units *

5. Shares and other equity *

6.

Fixed assets *

7. Remaining assets *

8. Currency in circulation

9. Deposits *

up to 1 year (3) *

over 1 year (3) *

9.1. Overnight deposits (4) *

9.2. Deposits with agreed maturity *

up to 1 year *

over 1 year and up to 2 years *

over 2 years (5) *

9.3. Deposits redeemable at notice *

up to 3 months (6) *

over 3 months *

of which over 2 years (9) *

9.4. Repurchase agreements *

10. Money market fund shares/units *

11. Debt securities issued *

up to 1 year *

over 1 year and up to 2 years *

over 2 years *

12. Capital and reserves *

13. Remaining liabilities *

L 333/14

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Official Journal of the European Communities

17.12.2001

A. Domestic residents *

A. Domestic residents *

Assets

Liabilities

COUNTERPARTIES

MFIs *

Non-MFIs *

General government *

central government

state government

local government

social security funds

Other resident sectors (10) *

other financial intermediaries, etc.
(S. 123 + S. 124) (7) (10) *
insurance corporations and pension
funds (S.125) (10) *
non-financial corporations (S.11) (10) *
households, etc. (S.14 + S.15) (8), (10) *

B. Residents of the other participating Member

States *

MFIs *

Non-MFIs *

General government *

central government

state government

local government

social security funds
Other resident sectors (10) *

other financial intermediaries,
etc. (S. 123 + S. 124) (7) (10) *
insurance corporations and
pension funds (S. 125) (10) *
non-financial corporations (S. 11)
(10) *
households, etc. (S. 14 + S. 15) (8)
(10) *

MFIs *

of which: Credit institutions *

Non-MFIs *

General government *

central government *
state government
local government
social security funds

Other resident sectors (10) *

other financial intermediaries, etc.
(S. 123 + S. 124) (7), (10) *
insurance corporations and pension
funds (S. 125) (10) *
non-financial corporations (S. 11) (10) *
households, etc. (S. 14 + S. 15) (8) (10) *

B. Residents of the other participating Member

States *

MFIs *

of which: Credit institutions *

Non-MFIs *

General government *

central government *
state government
local government
social security funds
Other resident sectors (10) *

other financial intermediaries, etc.
(S. 123 + S. 124) (7), (10) *
insurance corporations and pension
funds (S. 125) (10) *
non-financial corporations (S. 11)
(10) *
households, etc. (S. 14 + S. 15) (8)
(10) *

C. Residents of the rest of the world *

Banks

Non-banks

general government

other resident sectors

C. Residents of the rest of the world *

Banks

Non-banks

general government
other resident sectors

D. Not allocated

D. Not allocated

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Official Journal of the European Communities

L 333/15

Currencies

e

x

euro

Foreign currencies

Currencies other than the euro (i.e. other Member State currencies, USD, JPY,
CHF, remaining currencies)

Notes

(1) Monthly maturity breakdown applicable only to loans to other resident sectors than MFIs and general government of

the
participating Member States and the monthly maturity breakdown at one year, for loans to the rest of the world. Quarterly
maturity breakdowns for loans to general government other than central government of the participating Member States.

(2) Monthly maturity breakdown relates only to holdings of securities issued by MFIs located in the participating Member States. As
quarterly data, holdings of securities issued by non-MFIs in the participating Member States are split into (cid:145)up to one year(cid:146) and (cid:145)over
one year(cid:146).

(3) Vis-(cid:224)-vis the rest of the world only.
(4)

Including suspense balances representing amounts stored on prepaid cards issued in the name of MFIs and other liabilities resulting
from the issuance of electronic money.
Including administratively regulated deposits.
Including non-transferable sight deposits.

(5)
(6)
(7) Other financial intermediaries (S.123) + financial auxiliaries (S.124)
(8) Households (S.14) + non-profit institutions serving households (S.15).
(9)
(10) Monthly breakdown by subsector is required for loans and deposits.

The reporting of the item (cid:145)deposits redeemable at notice over two years(cid:146) is voluntary until further notice.

Table 1
(Stocks)
Data required to be provided at monthly frequency
Cells in thin print are reported solely by credit institutions subject to reserve requirements (RRs) (5)

A. Domestic

Non-MFIs

B. Other participating Member States

Non-MFIs

L

3
3
3
/
1
6

BALANCE SHEET ITEMS

MFIs (3)

General government

Other resident sectors

General government

Other resident sectors

of which
credit
institutions
subject to
RRS, ECB
and NCBs

Central
government

Other
general
government

Total

Other
financial
intermediari-
es + finan-
cial auxili-
aries
(S. 123 +
S. 124)

Insurance
corporations
and pension
funds
(S. 125)

Non-finan-
cial corpor-
ations
(S. 11)

Households-
+ non-profit
institutions
serving
households
(S. 14 + S.
15)

MFIs (3)

of which
credit insti-
tutions sub-
ject to RRS,
ECB and
NCBs

Central gov-
ernment

Other gen-
eral govern-
ment

Total

Other
financial
intermediari-
es + finan-
cial auxili-
aries
(S. 123 +
S. 124)

Insurance
corporations
and pension
funds
(S. 125)

Non-finan-
cial corpor-
ations (S.
11)

Households-
+ non-profit
institutions
serving
households
(S. 14 + S.
15)

C. Rest of
the world

D. Not
allocated

E
N

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

(s)

(t)

*

*

*

*
*

*

*
*

*

*

*

*
*

*

*
*

*

*

*
*

*

*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

*

*

*

*
*

*

*
*

*

*

*

*
*

*

*
*

*

*

*
*

*

*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

*

*
*
*

*
*
*
*

Liabilities
8.

Currency in circulation

9.

Deposits

up to 1 year

over 1 year

9e.

Euro

9.1e. Overnight

9.2e. With agreed maturity

up to 1 year

over 1 and up to 2 years
over 2 years (1)

9.3e. Redeemable at notice

up to 3 months (2)

over 3 months

of which over 2 years (4)

9.4e. Repos

Foreign currencies

9x.
9.1x. Overnight

9.2x. With agreed maturity

up to 1 year

over 1 and up to 2 years
over 2 years (1)

9.3x. Redeemable at notice

up to 3 months (2)

over 3 months

of which over 2 years (4)

9.4x. Repos

10.

11.
11e.

MMFs shares/units

Debt securities issued
Euro
up to 1 year

over 1 and up to 2 years

over 2 years

11x.

Foreign currencies
up to 1 year

over 1 and up to 2 years

over 2 years

12.
13.

Capital and reserves

Remaining liabilities

*

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17.12.2001

EN

Official Journal of the European Communities

L 333/17

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General note:
Cells marked with an * are used in the calculation of the reserve base. With respect to debt securities, credit institutions will either present proof of liabilities to be excluded from the reserve base or apply a standardised deduction of a fixed
percentage specified by the ECB.

Including administratevely regulated deposits.
Including non transferable sight savings deposits.

(1)
(2)
(3) Credit institutions may report positions vis-(cid:224)-vis (cid:145)MFIs other than credit institutions subject to minimum reserves, ECB and NCBs(cid:146) rather than vis-(cid:224)-vis (cid:145)MFIs(cid:146) and (cid:145)credit institutions subject to minimum reserves, ECB and NCBs(cid:146),

provided that no loss of detail is implied and no bold printed positions are affected.

(4) The reporting of this item is voluntary until further notice.
(5) Depending on the national collection systems and without projudice to full compliance with the definitions and classification principles of the MFI balance sheet set out in this Regulation, credit institutions subject to reserve
requirements may alternatively report the data necessary to calculate the reserve base (cells marked with an *), except those on negotiable instruments, in accordance with the table below, provided that no bold printed positions are
affected. In this table, strict correspondence with Table 1 must be ensured as described below.

Notes

Reserve base (excluding negotiable instruments), calculated as
the sum of the following columns in Table 1 (Liabilities):
(a) ﬂ (b) + (c) + (d) + (e) + (j) ﬂ (k) + (l) + (m) + (n) + (s)

DEPOSIT LIABILITIES
(Euro and foreign currencies combined)
TOTAL DEPOSITS
9.1e + 9.1x
9.2e + 9.2x
9.3e + 9.3x
9.4e + 9.4x

of which:

9.2e + 9.2x with agreed maturity over two years

of which:

9.3e + 9.3x redeemable at notice over two years

Voluntary reporting

of which:

9.4e + 9.4x repos

L

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17.12.2001

EN

Official Journal of the European Communities

L 333/19

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1

.

2

S
T
E
S
S
A

s
r
a
e
y

5

o
t

p
u

d
n
a

s
r
a
e
y

1

5

r
e
v
o

r
e
v
o

r
a
e
y

1

o
t

p
u

s
e
r
a
h
s

n
a
h
t

r
e
h
t
o

s
e
i
t
i
r
u
c
e
S

.

3

y
t
i
u
q
e

r
e
h
t
o

d
n
a

s
e
r
a
h
S

s
t
i
n
u
/
s
e
r
a
h
s

s
F
M
M

s
t
e
s
s
a

g
n
i
n
i
a
m
e
R

s
t
e
s
s
a

d
e
x
i
F

.

4

.

5

.

6

.

7

r
a
e
y

1

o
t

p
u

r
a
e
y

1

r
e
v
o

.

1

e
l
b
a
T

e
e
s

,
(cid:146)
s
t
n
e
m
e
r
i
u
q
e
r

a
t
a
d

y
l
h
t
n
o
M

(cid:145)

M

.
s
t
i
s
o
p
e
d

d
e
t
a
l
u
g
e
r

y
l
e
v
i
t
a
r
t
s
i
n
m
d
a

i

g
n
i
d
u
l
c
n
I

.
s
t
i
s
o
p
e
d

t
h
g
i
s

e
l
b
a
r
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f
s
n
a
r
t
-
n
o
n

g
n
i
d
u
l
c
n
I

)
1
(

)
2
(

Table 3
Country breakdown
Data to be provided at a quarterly frequency

BE

DK

DE

GR

ES

FR

IE

IT

LU

NL

AT

PT

FI

SE

GB

Total (2)

B. Other participating Member States (i.e. excluding domestic sector) + part of C. Rest of the world (Member States) (1)

Part of C. Rest of the world
(excluding Member States)

L

3
3
3
/
2
0

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

C
o
m
m
u
n
i
t
i
e
s

BALANCE SHEET ITEMS

LIABILITIES

8. Currency in circulation

9. Deposits

a.

from MFIs

b.

from non-MFIs

10. MMFs shares/units

11. Debt securities issued

12. Capital and reserves

13. Remaining liabilities

ASSETS

1. Cash

2.

Loans

a.

to MFIs

b.

to non-MFIs

3.

Securities other than shares

a.

issued by MFIs

up to 1 year

over 1 year and up to 2 years

over 2 years

b.

issued by non-MFIs

4. MMFs shares/units

5.

6.

Shares and other equity

Fixed assets

7. Remaining assets

(1) For the calculation of the consolidated balance sheet aggregates, a differentiation of the country of residence of MFI counterparties by each potential participating Member State would be required.
(2) An individual country breakdown for the (cid:145)rest of the world(cid:146) (excluding Member States) may be of interest, but is considered to be beyond the scope of this exercise. For MFIs read SNA 93 sectors S. 121 + S. 122.

.

1
7
1
2
2
0
0
1

.

17.12.2001

EN

Official Journal of the European Communities

L 333/21

s
e
i
c
n
e
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g
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4

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s
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n

o
t

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b

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t

.
a

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p
e
D

.

9

S
E
I

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I
L
I
B
A
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L

s
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o
t

.

b

s
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F
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t

.
a

d
l
r
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e
R

.

C

r
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y

1

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t

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u

.
i

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e
y

1

r
e
v
o

.
i
i

s
k
n
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n
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n

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t

.

b

s
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n
a
b

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t

.
a

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s
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t
b
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D

s
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/
s
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h
s

s
F
M
M

.

0
1

.

1
1

s
e
i
t
i
l
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b
a
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l

g
n
i
n
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a
m
e
R

.

3
1

+

.

2
1

L 333/22

EN

Official Journal of the European Communities

17.12.2001

s
e
i
c
n
e
r
r
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c

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g
n
n
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F
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C

Y
P
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D
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U

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S
M
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T

I

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S

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C
N
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L
A
B

M

M

M

M

M

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M

M

M

M

M

M

M

M

M

M

M

M

M

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r
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2

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t

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C

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1

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1

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.
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b

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.
a

s
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a
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S

r
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M
g
n
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t
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c
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p

r
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t
O

.

B

s
I
F
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-
n
o
n

y
b

d
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u
s
s
i

.

b

s
I
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y
b

d
e
u
s
s
i

.
a

c
i
t
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o
D

.

A

s
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r
a
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s

n
a
h
t

r
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o

s
e
i
t
i
r
u
c
e
S

.

3

s
I
F
M
-
n
o
n

y
b

d
e
u
s
s
i

.

b

s
I
F
M
y
b

d
e
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s
s
i

.
a

s
k
n
a
b
-
n
o
n

y
b

d
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u
s
s
i

.

b

s
k
n
a
b

y
b

d
e
u
s
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i

.
a

d
l
r
o
w
e
h
t

f
o

t
s
e
R

.

C

s
e
t
a
t
S

r
e
b
m
e
M
g
n
i
t
a
p
i
c
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t
r
a
p

r
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h
t
O

.

B

d
l
r
o
w
e
h
t

f
o

t
s
e
R

.

C

s
t
e
s
s
a

g
n
i
n
i
a
m
e
R

.

7

+

.

6

+

.

5

c
i
t
s
e
m
o
D

.

A

s
t
i
n
u
/
s
e
r
a
h
s

s
F
M
M

.

4

.

1

e
l
b
a
T

e
e
s

,
(cid:146)
s
t
n
e
m
e
r
i

u
q
e
r

a
t
a
d

y
l
h
t
n
o
M

(cid:145)

M

Table 1A
Revaluation adjustment
Data required to be provided at monthly frequency

BALANCE SHEET ITEMS

MFIs

A. Domestic

Non-MFIs

B. Other participating Member States

Non-MFIs

General government

Other resident sectors

General government

Other resident sectors

of which
credit insti-
tutions sub-
ject to RRs,
ECB and
NCBs

Central gov-
ernment

Other gen-
eral govern-
ment

Total

Other finan-
cial and
intermediari-
es + finan-
cial auxili-
aries
(S. 123 +
S. 124)

Insurance
corporations
and pension
funds
(S. 125)

Non-finan-
cial corpor-
ations (S. 11)

Households-
+ non-profit
institutions
serving
households
(S. 14 +
S. 15)

MFI

of which
credit insti-
tutions sub-
ject to RRs,
ECB and
NCBs

Central gov-
ernment

Other gen-
eral govern-
ment

Total

Other finan-
cial and
intermediari-
es + finan-
cial auxili-
aries
(S. 123 +
S. 124)

Insurance
corporations
and pension
funds
(S. 125)

Non-finan-
cial corpor-
ations (S. 11)

Households-
+ non-profit
institutions
serving
households
(S. 14 +
S. 15)

C. Rest of
the world

D. Not
allocated

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

(s)

(t)

LIABILITIES
8.
9.

Currency in circulation
Deposits

up to 1 year

over 1 year

9e.
Euro
9.1e. Overnight

9.2e. With agreed maturity

up to 1 year

over 1 year and up to 2 years

over 2 years

9.3e. Redeemable at notice

up to 3 months

over 3 months

of which over 2 years

9.4e. Repos

9x.

Foreign currencies

9.1x. Overnight

9.2x. With agreed maturity

up to 1 year

over 1 and up to 2 years

over 2 years

9.3x. Redeemable at notice

up to 3 months

over 3 months

of which over 2 years

9.4x. Repos

10.

11.

MMFs shares/units

Debt securities issued

11e.

Euro

up to 1 year

over 1 and up to 2 years

over 2 years

11x.

Foreign currencies

up to 1 year

over 1 and up to 2 years

over 2 years
Capital and reserves

Remaining liabilities

12.

13.

General note:

Series marked with the word (cid:145)MINIMUM(cid:146) are reported by MFIs. NCBs may extend this requirement also to cover the series marked as blank cells (i.e. not containing the word (cid:145)MINIMUM(cid:146)).
Blank cells and MINIMUM cells are reported by the NCB to the ECB. The blank cells with a star on the liability side are assumed to be zero unless there is evidence to the contrary.

*

*
*

*

*

*

.

1
7
1
2
2
0
0
1

.

E
N

O

f
f
i
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a
l

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o
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r
n
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l

o
f

t
h
e

E
u
r
o
p
e
a
n

C
o
m
m
u
n
i
t
i
e
s

L

3
3
3
/
2
3

L 333/24

EN

Official Journal of the European Communities

17.12.2001

)
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(

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(

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b
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17.12.2001

EN

Official Journal of the European Communities

L 333/25

Definitions relating to the consolidated balance sheet to be submitted to the ECB - instrument categories of
liabilities and assets

PART 3

General definitions

For the purpose of compiling the consolidated balance sheet of the MFI sector covering the participating Member
States, the reporting population consists of MFIs included in the list of MFIs for statistical purposes and resident in the
territory of the participating Member States (1). These are:

(cid:151) institutions incorporated and located in the territory, including subsidiaries of parent companies located outside

that territory, and

(cid:151) branches of institutions that have their head office outside that territory.

Subsidiaries are separate incorporated entities in which another entity has a majority or full participation, whereas
branches are unincorporated entities (without independent legal status) totally owned by the parent.

MFIs consolidate for statistical purposes the business of all their offices (registered or head office and/or branches)
located within the same national territory. No consolidation for statistical purposes is permitted across national
boundaries.

When a parent company and its subsidiaries are MFIs located in the same national territory, the parent company is
permitted to consolidate in its statistical returns the business of these subsidiaries, keeping however the business of
credit institutions and other MFIs separate, for the purposes of the ESCB minimum reserve system.

If an institution has branches located within the territories of the other participating Member States, the registered or
head office located in a given participating Member State shall consider the positions towards all these branches as
positions towards residents in the other participating Member States. Conversely, a branch located in a given
participating Member State shall consider the positions towards the registered or head office or towards other branches
of the same institution located within the territories of the other participating Member States as positions towards
residents in the other participating Member States.

If an institution has branches located outside the territory of the participating Member States, the registered or head
office in a given participating Member State shall consider the positions towards all these branches as positions towards
residents of the rest of the world. Conversely, a branch located in a given participating Member State shall consider the
positions towards the registered or head office or towards other branches of the same institution located outside the
participating Member States as positions towards residents of the rest of the world.

Institutions located in offshore financial centres are treated statistically as residents of the territories in which the
centres are located.

Maturity at issue (original maturity) refers to the fixed period of life of a financial instrument before which it cannot be
redeemed (e.g. debt securities) or before which it can be redeemed only with some kind of penalty (e.g. some types of
deposits). The period of notice corresponds to the time between the moment the holder gives notice of an intention to
redeem the instrument and the date on which the holder is allowed to convert it into cash without incurring a penalty.
Financial instruments are classified according to the period of notice only when there is no agreed maturity.

Definitions of sectors

The ESA 95 provides the standard for sector classification. For the sector classification of non-MFI counterparties
located outside the domestic territory, further guidance may be found in the ECB’s Money and Banking Statistics Sector
Manual.

Banking institutions located outside the Member States are referred to as (cid:145)banks(cid:146) rather than as MFIs. Similarly, the term
(cid:145)non-MFI(cid:146) refers only to the Member States; for other countries the term (cid:145)non-banks(cid:146) is appropriate. (cid:145)Non-MFIs(cid:146) comprise
the following sectors and sub-sectors:

(1) In the tables of Part 2 of this Annex, the ECB is to be classified as to MFIs resident of the country where the ECB is physically

located.

L 333/26

EN

Official Journal of the European Communities

17.12.2001

(cid:151) general government: 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 (the ESA 95, paragraphs 2.68 to 2.70),

(cid:151) central government: 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 (the ESA 95, paragraph
2.71),

(cid:151) state government: separate institutional units exercising some of the functions of government at a level below that of
central government and above that of local government, except for the administration of social security funds (the
ESA 95, paragraph 2.72),

(cid:151) local authorities: public administration whose competence extends only to a local part of the economic territory,

excluding local agencies of social security funds (the ESA 95, paragraph 2.73),

(cid:151) social security funds: central, state and local institutional units whose principal activity is to provide social benefits

(the ESA 95, paragraph 2.74).

The other resident sectors, i.e. non-MFI residents other than the general government, comprise:

(cid:151) other

financial

intermediaries + 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 MFIs (the ESA 95, paragraphs 2.53 to 2.56). Also included are financial auxiliaries consisting of all financial
corporations and quasi-corporations that are principally engaged in auxiliary financial activities (the ESA 95,
paragraphs 2.57 to 2.59),

(cid:151) 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 (the ESA 95, paragraphs 2.60 to
2.67),

(cid:151) non-financial

corporations: corporations and quasi-corporations not engaged in financial

intermediation but

principally in the production of market goods and non-financial services (the ESA 95, paragraphs 2.21 to 2.31),

(cid:151) 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 (the ESA 95, paragraphs 2.75 to 2.88).

Definitions of instrument categories

Definitions of the categories of assets and liabilities included in the consolidated balance sheet take account of the
features of different
financial systems. Maturity analyses may provide a substitute for consistency in instrument
definition where instruments are not fully comparable between financial markets.

The following tables provide a detailed standard description of the instrument categories, which NCBs transpose into
categories applicable at the national level in accordance with this Regulation (1).

(1) In other words, these tables are not lists of individual financial instruments.

17.12.2001

EN

Official Journal of the European Communities

L 333/27

Detailed description of instrument categories of the monthly aggregated balance sheet of the MFI sector

Category

Description of main features

ASSET CATEGORIES

1. Cash

2. Loans

Holdings of euro and foreign banknotes and coins
commonly used to make payments

in circulation that are

For the purposes of the reporting scheme, this consists of funds lent by reporting
agents to borrowers, which are not evidenced by documents or are represented by
a single document (even if it has become negotiable). It includes assets in the form
of deposits:

including building and home improvements) and other

(cid:151) loans granted to households in the form of consumer credit (loans granted
for the purpose of personal use in the consumption of goods and services),
lending for house purchases (credit extended for the purpose of investing in
housing,
(loans
granted for purposes such as business, debt consolidation, education, etc.).
Lending for house purchases comprises loans secured on residential property
that are used for the purpose of house purchase and, where identifiable, other
loans for house purchases made on a personal basis or secured against other
forms of assets

(cid:151) deposits placed with other MFIs

(cid:151) financial leases granted to third parties

Financial
leases are contracts whereby the legal owner of a durable good
((cid:145)lessor(cid:146)) lends these assets to a third party ((cid:145)lessee(cid:146)) for most if not all of the
economic lifetime of the assets,
in exchange for instalments covering the
costs of the good plus an imputed interest charge. The lessee is in fact
assumed to receive all of the benefits to be derived from the use of the good
and to incur the costs and risks associated with ownership. For statistical
purposes, financial leases are treated as loans from the lessor to the lessee
(enabling the lessee to purchase the durable good). Financial leases granted by
an MFI (acting as the lessor) are to be recorded in the MFI balance sheet
under the asset item (cid:145)loans(cid:146). The assets (durable goods) which have been lent
to the lessee should not be recorded anywhere on the MFI’s balance sheet

(cid:151) bad debt loans that have not yet been repaid or written off

Bad debt loans are considered to be loans in respect of which repayment is
overdue or otherwise identified as being impaired. NCBs define whether bad
loans are to be recorded gross or net of provisions

(cid:151) holdings of non-negotiable securities

Holdings of securities other than shares and other equity which are not
negotiable and cannot be traded on secondary markets, see also (cid:145)traded loans(cid:146)

(cid:151) traded loans

Loans that have de facto become negotiable are to be classified under the asset
item (cid:145)loans(cid:146) provided that they continue to be evidenced by a single document
and are, as a general rule, only traded occasionally:

(cid:151) subordinated debt in the form of deposits or loans

L 333/28

EN

Official Journal of the European Communities

17.12.2001

Category

Description of main features

Subordinated debt
instruments provide a subsidiary claim on the issuing
institution that can only be exercised after all claims with a higher status (e.g.
deposits/loans) have been satisfied, giving them some of the characteristics of
(cid:145)shares and other equity(cid:146). For statistical purposes, subordinated debt is to be
treated according to the nature of the financial instrument, i.e. classified as
either (cid:145)loans(cid:146) or (cid:145)securities other than shares(cid:146) according to the nature of the
instrument. Where MFI holdings of all
forms of subordinated debt are
currently identified as a single figure for statistical purposes, this figure is to
be classified under the item (cid:145)securities other than shares(cid:146), on the grounds that
is predominately constituted in the form of securities,
subordinated debt
rather than as loans

(cid:151) claims under reverse repos

Counterpart of cash paid out
reporting agents (cid:151) see liability item 9.4

in exchange for securities purchased by

The following item is not treated as a loan:

(cid:151) loans granted on a trust basis

Loans granted on a trust basis ((cid:145)trust loans(cid:146)/(cid:145)fiduciary loans(cid:146)) are loans made in the
name of one party ((cid:145)the trustee(cid:146)) on behalf of a third party ((cid:145)the beneficiary(cid:146)). For
statistical purposes, trust loans are not to be recorded on the balance sheet of the
trustee where the risks and rewards of ownership of the funds remain with the
beneficiary. The risks and rewards of ownership remain with the beneficiary
where: (i) the beneficiary assumes the credit risk of the loan (i.e. the trustee is
responsible only for the administrative management of
the
beneficiary’s investment is guaranteed against loss, should the trustee go into
liquidation (i.e. the trust loan is not part of the assets of the trustee that can be
distributed in the event of bankruptcy)

the loan); or (ii)

Holdings of securities other than shares or other equity, which are negotiable and
usually traded on secondary markets or can be offset on the market, and which
do not grant the holder any ownership rights over the issuing institution. This
item includes:

(cid:151) holdings of securities which give the holder the unconditional right to a fixed
or contractually determined income in the form of coupon payments and/or
a stated fixed sum at a specific date (or dates) or starting from a date defined
at the time of issue

(cid:151) negotiable loans that have been restructured into a large number of identical
documents and that can be traded on secondary markets (see also (cid:145)traded
loans(cid:146) in category 2)

(cid:151) subordinated debt in the form of debt securities (see also (cid:145)subordinated debt

in the form of deposits or loans(cid:146) in category 2)

(cid:151) in order to maintain consistency with the treatment of repo-type operations,
securities lent out under securities lending operations remain on the original
owner’s balance sheet (and are not to be transferred to the balance sheet of
the temporary acquirer) where there is a firm commitment to reverse the
operation (and not simply an option to do so)

3. Securities other than shares

3a. Securities other than shares
of up to and including one
year’s original maturity

(cid:151) Holdings of negotiable debt securities (evidenced or not by documents) of

original maturity of up to and including one year

(cid:151) Negotiable loans of original maturity of up to and including one year that are
restructured into a large number of identical documents and that are traded
on secondary markets

(cid:151) Subordinated debt in the form of debt securities of original maturity of up to

and including one year

17.12.2001

EN

Official Journal of the European Communities

L 333/29

Category

Description of main features

3b. Securities other than shares
of over one year and up to
and including two years’
original maturity

(cid:151) Holdings of negotiable debt securities (evidenced or not by documents) of

over one year and up to and including two years’ original maturity

(cid:151) Negotiable loans of over one year and up to and including two years’ original
maturity that are restructured into a large number of identical documents and
that are traded on secondary markets

(cid:151) Subordinated debt in the form of debt securities of over one year and up to

and including two years’ original maturity

3c. Securities other than shares
of over two years’ original
maturity

(cid:151) Holdings of negotiable debt securities (evidenced or not by documents) of

original maturity over two years

(cid:151) Negotiable loans of over two years’ original maturity that are restructured
into a large number of identical documents and that are traded on secondary
markets

(cid:151) Subordinated debt in the form of debt securities of original maturity over two

years

4. Money/market fund

shares/units

item includes holdings of shares/units issued by MMFs. MMFs are
This asset
in terms of
collective investment undertakings the shares/units of which are,
liquidity, close substitutes for deposits, and which primarily invest
in money
market instruments and/or in MMF shares/units and/or in other transferable debt
instruments with a residual maturity of up to and including one year, and/or in
bank deposits, and/or which pursue a rate of return that approaches the interest
rates of money market instruments (see also categories 5 and 10)

5. Shares and other equity

securities which represent property rights

Holdings of
in corporations or
quasi-corporations. These securities generally entitle the holders to a share in the
profits of corporations or quasi-corporations and to a share in their own funds in
the event of liquidation. Mutual fund shares (other than MMF shares/units) are
included here.

6. Fixed assets

For the purposes of the reporting scheme, this consists of non-financial assets,
tangible or intangible, which are intended to be used repeatedly for more than one
year by reporting agents. They include land and buildings occupied by the MFIs, as
well as equipment, software and other infrastructure. Fixed financial assets are not
recorded here but instead under (cid:145)loans(cid:146)/(cid:145)securities other than shares(cid:146)/(cid:145)shares and
other equity(cid:146), according to the type of instrument

7. Remaining assets

The item (cid:145)remaining assets(cid:146) is regarded as the residual item on the asset side of the
balance sheet, defined as (cid:145)assets not included elsewhere(cid:146)

This item may include:

(cid:151) financial derivative positions with gross positive market values

For statistical purposes, financial derivative instruments that are subject to
on-balance-sheet recording are included here

(cid:151) gross amounts receivable in respect of suspense items

Suspense items are asset balances held in the MFI balance sheet which are not
booked in the name of customers but which nevertheless relate to customers’
funds (e.g. funds that are awaiting investment, transfer or settlement)

(cid:151) gross amounts receivable in respect of transit items

Transit items represent funds (usually belonging to customers) that are in the
course of being transmitted between MFIs. Items include cheques and other
forms of payment that have been sent for collection to other MFIs

L 333/30

EN

Official Journal of the European Communities

17.12.2001

Category

Description of main features

(cid:151) accrued interest receivable on loans

Accrued interest on loans refers to interest that is receivable on the balance
sheet reporting date, but which is not due to be received until a future date
(i.e. until after that reporting date). Accrued interest on loans is to be
classified on a gross basis under the category (cid:145)remaining assets(cid:146). Accrued
interest is to be excluded from the loan to which it relates, which should be
valued at the nominal amount outstanding on the reporting date

(cid:151) dividends to be received

(cid:151) amounts receivable not related to the main MFI business

(cid:151) asset counterpart to coins issued by the State (NCBs’ balance sheets only)

(cid:151) (cid:145)Remaining assets(cid:146) may exclude financial

instruments that take the form of
financial assets (included within the other balance sheet
items), certain
financial instruments that do not take the form of financial assets, such as
guarantees, commitments, administered and trust loans (recorded off-balance
sheet), and non-financial assets, such as land and commodities (included
within (cid:145)fixed assets(cid:146))

LIABILITY CATEGORIES

Category

Description of main features

8. Currency in circulation

The liability category (cid:145)currency in circulation(cid:146) is defined as (cid:145)banknotes and coins in
circulation that are
commonly used to make payments(cid:146). This category includes
banknotes issued by the ECB and the NCBs. Coins in circulation are not a liability
of MFIs
the central
the monetary aggregates and, by
government. However, coins are part of
convention,
the category (cid:145)currency in
to be entered under
circulation(cid:146). The counterpart to this liability is to be included within (cid:145)remaining
assets(cid:146)

in the participating Member States, but a liability of

liability is

this

9. Deposits

Amounts owed to creditors by reporting agents, other than those arising from the
issue of negotiable securities. For the purposes of the reporting scheme, this
category is broken down into overnight deposits, deposits with agreed maturity,
deposits redeemable at notice and repurchase agreements

terms,

In conceptual

(cid:145)Deposits(cid:146) also cover (cid:145)loans(cid:146) as liabilities of MFIs.
loans
represent amounts received by MFIs that are not structured in the form of
(cid:145)deposits(cid:146). The ESA 95 distinguishes between (cid:145)loans(cid:146) and (cid:145)deposits(cid:146) on the basis of
the party that takes the initiative (if this is the borrower, then it constitutes a loan,
but if this is the lender, then it constitutes a deposit), although in practice the
relevance of this distinction will vary according to the national financial structure.
Within the reporting scheme, (cid:145)loans(cid:146) are not recognised as a separate category on
the liabilities side of the balance sheet. Instead, balances that are considered as
(cid:145)loans(cid:146) are to be classified indistinguishably under the item (cid:145)deposit liabilities(cid:146),
unless they are represented by negotiable instruments. This is in line with the
definition of (cid:145)deposit liabilities(cid:146) above. Loans to MFIs that are classified as (cid:145)deposit
liabilities(cid:146) are to be broken down in accordance with the requirements of the
reporting scheme (i.e. by sector, instrument, currency and maturity)

(cid:145)deposit

liabilities(cid:146).

Non-negotiable debt instruments issued by reporting agents are generally to be
classified as
Instruments may be referred to as being
(cid:145)non-negotiable(cid:146) in the sense that there are restrictions on the transfer of legal
they cannot be marketed or,
that means that
ownership of
although technically negotiable, they cannot be traded owing to the absence of an
organised market. Non-negotiable instruments issued by reporting agents that
subsequently become negotiable and that can be traded on secondary markets
should be reclassified as (cid:145)debt securities(cid:146)

the instrument

17.12.2001

EN

Official Journal of the European Communities

L 333/31

Category

Description of main features

9.1. Overnight deposits

Margin deposits (margins) made under derivative contracts should be classified as
(cid:145)deposit liabilities(cid:146), where they represent cash collateral deposited with MFIs and
where they remain in the ownership of the depositor and are repayable to the
depositor when the contract
is closed out. On the basis of current market
practice, it is also suggested that margins received by the reporting agent should
only be classified as (cid:145)deposit liabilities(cid:146) to the extent that the MFI is provided with
funds that are freely available for on-lending. Where a part of the margin received
by the MFI has to be passed to another derivatives market participant (e.g. the
clearing house), only that part which remains at the disposal of the MFI should in
principle be classified as (cid:145)deposit liabilities(cid:146). The complexities of current market
practice may make it difficult to identify those margins that are truly repayable,
because different types of margin are placed indistinguishably within the same
account, or those margins that provide the MFI with resources for on-lending. In
these cases, it is acceptable to classify these margins under (cid:145)remaining liabilities(cid:146) or
as (cid:145)deposit liabilities(cid:146), according to national practice (cid:145)earmarked balances related to
e.g. leasing contracts(cid:146) are classified as deposit liabilities under (cid:145)deposits with agreed
maturity(cid:146) or (cid:145)deposits redeemable at notice(cid:146) depending on the maturity/provisions
of the underlying contract

Funds (deposits) received on a trust basis shall not be recorded on the MFI
statistical balance sheet (see (cid:145)loans granted on a trust basis(cid:146) under category 2)

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 electronic money, either in the form of (cid:145)hardware based(cid:146) e-money
(e.g. prepaid cards) or (cid:145)software based(cid:146) e-money,
issued by MFIs, are included
under this item. This item excludes non-transferable deposits which are technically
withdrawable on demand but which are subject to significant penalties:

(cid:151) balances (interest-bearing or not) which are transferable by cheque, banker’s
order, debit entry or the like, without any significant penalty or restriction

(cid:151) balances (interest-bearing or not) which are immediately convertible into
currency on demand or by close of business on the day following that on
which the deposit was made, without any significant penalty or restriction,
but which are not transferable

(cid:151) balances (interest-bearing or not) representing prepaid amounts in the context

of (cid:145)hardware-based(cid:146) or (cid:145)software-based(cid:146) e-money (e.g. prepaid cards)

(cid:151) loans to be repaid by close of business on the day following that on which

the loan was granted

9.2. Deposits with agreed

maturity

Non-transferable deposits which cannot be converted into currency before an
agreed fixed term or that can only be converted into currency before that agreed
term provided that the holder is charged some kind of penalty. This item also
includes administratively regulated savings deposits where the maturity related
criterion is not relevant (classified in the maturity band (cid:145)over two years(cid:146)). Financial
products with roll-over provisions must be classified according to the earliest
maturity. Although deposits with agreed maturity may feature the possibility of
earlier redemption after prior notification, or may be redeemable on demand
subject to certain penalties, these features are not considered to be relevant for
classification purposes

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Category

Description of main features

9.2a. Deposits of up to and

including one year’s
agreed maturity

(cid:151) Balances placed with a fixed term to maturity of no more than one year
that are

(excluding deposits with an original maturity of one day)
non-transferable and cannot be converted into currency before that maturity

(cid:151) Balances placed with a fixed term to maturity of no more than one year that
term after prior
these balances should be

are non-transferable but can be redeemed before that
notification; where notification has been given,
classified in 9.3a or 9.3b, where appropriate

(cid:151) Balances placed with a fixed term to maturity of no more than one year that
to certain

are non-transferable but can be redeemed on demand subject
penalties

(cid:151) Margin payments made under derivative contracts to be closed out within
one year, representing cash collateral placed to protect against credit risk but
remaining in the ownership of the depositor and being repayable to the
depositor when the contract is closed out

(cid:151) Loans evidenced by a single document of up to and including one year’s

original maturity

(cid:151) Non-negotiable debt

securities

issued by MFIs

(evidenced or not by

documents) of original maturity of up to and including one year

(cid:151) Subordinated debt issued by MFIs in the form of deposits or loans of original

maturity of up to and including one year

9.2b. Deposits of over one year

and up to and including
two years’ agreed maturity

(cid:151) Balances placed with a fixed term to maturity of between one and two years
that are non-transferable and cannot be converted into currency before that
maturity

(cid:151) Balances placed with a fixed term to maturity of between one and two years
that are non-transferable but can be redeemed before that term after prior
notification; where notification has been given,
these balances should be
classified in 9.3a or 9.3b, where appropriate

(cid:151) Balances placed with a fixed term to maturity of between one and two years
that are non-transferable but can be redeemed on demand subject to certain
penalties

(cid:151) Margin payments made under derivative contracts to be closed out within
between one and two years, representing cash collateral placed to protect
against credit risk but remaining in the ownership of the depositor and being
repayable to the depositor when the contract is closed out

(cid:151) Loans evidenced by a single document of between one and two years’ original

maturity

(cid:151) Non-negotiable debt

(evidenced or not by
documents) of original maturity of over one year and up to and including
two years

issued by MFIs

securities

(cid:151) Subordinated debt issued by MFIs in the form of deposits or loans of original

maturity of over one year and up to and including two years

9.2c. Deposits of over two years

agreed maturity

(cid:151) Balances placed with a fixed term to maturity of more than two years that
are non-transferable and cannot be converted into currency before that
maturity

(cid:151) Balances placed with a fixed term to maturity of more than two years that
term after prior
these balances should be

are non-transferable but can be redeemed before that
notification; where notification has been given,
classified in 9.3a or 9.3b, where appropriate

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L 333/33

Category

Description of main features

(cid:151) Balances placed with a fixed term to maturity of more than two years that
to certain

are non-transferable but can be redeemed on demand subject
penalties

(cid:151) Balances (regardless of maturity) in which the interest rates and/or terms and
conditions are specified in national legislation and which are designed to be
held for specific purposes (e.g. house financing) occurring after two years
(even if technically they are redeemable on demand)

(cid:151) Margin payments made under derivative contracts to be closed out in more
than two years, representing cash collateral placed to protect against credit
risk but remaining in the ownership of the depositor and being repayable to
the depositor when the contract is closed out

(cid:151) Loans evidenced by a single document of more than two years’ original

maturity

(cid:151) Non-negotiable debt

securities

issued by MFIs

(evidenced or not by

documents) of original maturity of over two years

(cid:151) Subordinated debt issued by MFIs in the form of deposits or loans of original

maturity of over two years

9.3. 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. They include
deposits which, although perhaps legally withdrawable on demand, would be
subject to penalties and restrictions according to national practice (classified in the
maturity band (cid:145)up to and including three months(cid:146)), and investment accounts
without period of notice or agreed maturity, but which contain restrictive drawing
provisions (classified in the maturity band (cid:145)over three months(cid:146))

9.3a Deposits redeemable at up
to and including three
months notice

(cid:151) Balances placed without a fixed maturity that can be withdrawn only subject
to a pre-announcement of up to and including three months; if redemption
prior to that notice period (or even on demand) is possible, it involves the
payment of a penalty

(cid:151) Non-transferable sight savings deposits and other types of retail deposits
which, although legally redeemable on demand, are subject to significant
penalties

(cid:151) Balances placed with a fixed term to maturity that are non-transferable but
that have been subject to a notification of less than three months for an
earlier redemption

9.3b. Deposits redeemable at

over three months notice
of which over two years
notice (where applicable)

(cid:151) Balances placed without a fixed maturity that can be withdrawn only subject
to a pre-announcement of more than three months; if redemption prior to
that notice period (or even on demand) is possible, it involves the payment of
a penalty

(cid:151) Investment accounts without a period of notice or agreed maturity, but which

contain restrictive drawing provisions

(cid:151) Balances placed with a fixed term to maturity, that are non-transferable but
have been subject to a notification of more than three months for an earlier
redemption

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17.12.2001

Category

Description of main features

9.4. Repos

Counterpart of cash received in exchange for securities/gold sold by reporting
agents at a given price under a firm commitment to repurchase the same (or
similar) securities/gold at a fixed price on a specified future date. Amounts
received by reporting agents in exchange for securities/gold transferred to a third
party ((cid:145)temporary acquirer(cid:146)) are to be classified under (cid:145)repurchase agreements(cid:146)
where there is a firm commitment to reverse the operation and not merely an
option to do so. This implies that reporting agents retain effective (economic)
ownership of the underlying securities/gold during the operation. In this respect,
the transfer of legal ownership is not the relevant feature for determining the
treatment of
the
securities received by way of a repo operation, this sale must be recorded as an
outright transaction in securities/gold and entered in the balance sheet of the
temporary acquirer as a negative position in the securities/gold portfolio

repo-like operations. Where the temporary acquirer

sells

The following three variants of repo-type operations are all structured in such a
way as to satisfy the conditions necessary for treatment as collateralised loans.
Hence amounts received by reporting agetns (in exchange for securities/gold
temporarily transferred to a third party) are classified under
(cid:145)repurchase
agreements(cid:146):

(cid:151) amounts received in exchange for securities/gold temporarily transferred to a

third party in the form of a repurchase agreement

(cid:151) amounts received in exchange for securities/gold temporarily transferred to a

third party in the form of bond lending (against cash collateral)

(cid:151) amounts received in exchange for securities/gold temporarily transferred to a

third party in the form of a sale/buy-back agreement

10. Money market fund

shares/units

Shares or units issued by MMFs. MMFs are collective investment undertakings the
shares/units of which are, in terms of liquidity, close substitutes for deposits, and
which primarily invest in money market instruments and/or in MMF shares/units
and/or in other transferable debt instruments with a residual maturity of up to and
including one year, and/or in bank deposits, and/or which pursue a rate of return
that approaches the interest rates of money market instruments

11. Debt securities issued

Securities other than equity issued by reporting agents, which are instruments
usually negotiable and traded on secondary markets or which can be offset on the
market and which do not grant the holder any ownership rights over the issuing
institution. This item includes securities that give the holder the unconditional
right to a fixed or contractually determined income in the form of coupon
payments and/or a stated fixed sum at a specific date (or dates) or starting from a
date defined at the time of issue. Non-negotiable instruments issued by reporting
agents
(cid:145)debt
securities(cid:146) (see also category 9)

subsequently become negotiable should be reclassified as

that

Subordinated debt issued by MFIs is to be treated in the same way as other debt
incurred by MFIs for the purposes of money and banking statistics. Hence,
subordinated debt issued in the form of securities is to be classified as (cid:145)debt
securities issued(cid:146), whereas subordinated debt
issued by MFIs in the form of
deposits or loans is to be classified as (cid:145)deposit liabilities(cid:146). Where all subordinated
debt issued by MFIs is identified as a single amount for statistical purposes, this
figure is to be classified under the item (cid:145)debt securities issued(cid:146), on the grounds
that subordinated debt is predominately constituted in the form of securities
rather than as loans. Subordinated debt should not be classified under the liability
item (cid:145)capital and reserves(cid:146)

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L 333/35

Category

Description of main features

11a. Debt securities of up to
and including one year’s
original maturity

(cid:151) Negotiable debt securities issued by MFIs (evidenced or not by documents) of

original maturity of up to and including one year

(cid:151) Subordinated debt issued by MFIs in the form of debt securities of original

maturity of up to and including one year

11b. Debt securities of over one

(cid:151) Negotiable debt securities issued by MFIs (evidenced or not by documents) of

year and up to and
including two years’
original maturity

original maturity of over one year and up to and including two years

(cid:151) Subordinated debt issued by MFIs in the form of debt securities of original

maturity of over one year and up to and including two years

11c. Debt securities of over two
years’ original maturity

(cid:151) Negotiable debt securities issued by MFIs (evidenced or not by documents) of

original maturity of over two years

12. Capital and reserves

(cid:151) Subordinated debt issued by MFIs in the form of debt securities of original

maturity of over two years

For the purposes of the reporting scheme, this category comprises the amounts
arising from the issue of equity capital by reporting agents to shareholders or
other proprietors, representing for the holder property rights in the MFI and
generally an entitlement to a share in its profits and to a share in its own funds in
the event of liquidation. Funds arising from non-distributed benefits or funds set
aside by reporting agents in anticipation of likely future payments and obligations
are also included. It includes:

(cid:151) equity capital

(cid:151) non-distributed benefits or funds

(cid:151) specific and general provisions against loans, securities and other types of

assets (may be recorded according to the accounting rules)

13. Remaining liabilities

The item (cid:145)remaining liabilities(cid:146) is regarded as the residual item on the liabilities
side of the balance sheet, defined as (cid:145)liabilities not included elsewhere(cid:146)

This item may include:

(cid:151) financial derivative positions with gross negative market values

For statistical purposes, financial derivative instruments that are subject to
on-balance-sheet recording are to be included here

(cid:151) gross amounts payable in respect of suspense items

Suspense items are balances held in the MFI balance sheet which are not
booked in the name of customers but which nevertheless relate to customers’
funds (e.g. funds that are awaiting investment, transfer or settlement)

(cid:151) gross amounts payable in respect of transit items

Transit items represent funds (usually belonging to customers) that are in the
process of being transmitted between MFIs. Items include credit transfers that
have been debited from customers’ accounts and other items for which the
corresponding payment has not yet been made by the reporting agent

(cid:151) accrued interest payable on deposits

accounting,

interest paid on deposits

Accrued interest on deposits refers to interest that is payable on the balance
sheet reporting date but which is not due to be paid until a future date (i.e.
until after that reporting date). In accordance with the general principle of
accruals
to
on-balance-sheet recording as it accrues (i.e. on an accruals basis) rather than
when it is actually paid (i.e. on a cash basis). Accrued interest on deposits is
to be classified on a gross basis under the category (cid:145)remaining liabilities(cid:146).
Accrued interest is to be excluded from the deposit category to which it
relates, which should be valued at the nominal amount outstanding on the
reporting date

should be

subject

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Category

Description of main features

(cid:151) dividends to be paid

(cid:151) amounts payable not related to the main MFI business (amounts due to

suppliers, tax, wages, social contributions etc.)

(cid:151) provisions representing liabilities against third parties (pensions, dividends

etc.)

(cid:151) margin payments made under derivative contracts

Margin payments (margins) made under derivatives contracts should normally
be classified as (cid:145)deposit liabilities(cid:146) (see category 9)

The complexities of current market practice may make it difficult to identify
those margins that are truly repayable, because different types of margin are
placed indistinguishably within the same account, or those margins that
provide the MFI with resources for on-lending. In these cases, it is acceptable
to classify these margins under (cid:145)remaining liabilities(cid:146) or as (cid:145)deposit liabilities(cid:146),
according to national practice

(cid:151) net positions arising from securities lending without cash collateral

(cid:151) net amounts payable in respect of

future settlements of

transactions in

securities or foreign exchange operations

(cid:145)Remaining liabilities(cid:146) may exclude almost all financial instruments that take
the form of financial liabilities (included within the other balance sheet items);
financial instruments that do not take the form of financial liabilities such as
guarantees, commitments, administered and trust loans (recorded off-balance
sheet), and non-financial liabilities such as capital items on the liabilities side
(included within (cid:145)capital and reserves(cid:146)).

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Official Journal of the European Communities

L 333/37

SPECIFIC AND TRANSITIONAL PROVISIONS AND PROVISIONS ON MERGERS INVOLVING CREDIT
INSTITUTIONS IN RESPECT OF THE APPLICATION OF THE MINIMUM RESERVE SYSTEM

ANNEX II

PART 1

Specific provisions

I. Credit institutions as full reporters

1.

In order to make a correct calculation of the reserve base to which a positive reserve ratio is applied, a detailed
monthly breakdown is required of deposits with an agreed maturity of over two years, of deposits redeemable at
notice of over two years and of repo liabilities of credit institutions vis-(cid:224)-vis the ((cid:145)domestic(cid:146) and (cid:145)other participating
Member States(cid:146)) (cid:145)MFIs(cid:146), (cid:145)credit institutions subject to minimum reserves, ECB and NCBs(cid:146) and (cid:145)central government(cid:146)
sectors, and vis-(cid:224)-vis the (cid:145)rest of the world(cid:146). Credit institutions may also report positions vis-(cid:224)-vis (cid:145)MFIs other than
credit institutions subject to minimum reserves, ECB and NCBs(cid:146), rather than vis-(cid:224)-vis (cid:145)MFIs(cid:146) and (cid:145)credit institutions
subject to minimum reserves, ECB and NCBs(cid:146), provided that no loss of detail is implied and no bold type positions
are affected. Furthermore, depending on the national collection systems and without prejudice to full compliance
with the definitions and classification principles of the MFI balance sheet set out in this Regulation, credit
institutions subject to reserve requirements may alternatively report the data necessary to calculate the reserve base,
except those on negotiable instruments, in accordance with Annex I, Table 1, footnote 5, provided that no bold
type positions are affected.

II. Reporting scheme for credit institutions in the (cid:145)tail(cid:146)

2.

For the purposes of the minimum reserve system of the ESCB, small credit institutions in the (cid:145)tail(cid:146) report, as a
minimum, quarterly data necessary to calculate the reserve base in accordance with this Annex’s table. Credit
institutions in the (cid:145)tail(cid:146) ensure that the reporting according to this Table is fully consistent with the definitions and
classifications applicable in table 1. The (cid:145)tail(cid:146)
institutions’ reserve base data for three (one-month) reserve
maintenance periods is based on end-of-quarter data collected by the NCBs with a deadline of 28 working days
following the end of the quarter to which they relate.

III. Reporting on a consolidated basis as a group by credit institutions subject to the ESCB minimum

reserve system

3. On receiving authorisation from the ECB, credit

to minimum reserves may carry out
consolidated statistical reporting for a group of credit institutions subject to minimum reserves within a single
national territory, provided that all the institutions concerned have renounced the benefit of any lump-sum
allowance from the reserve requirement. The benefit of the lump-sum allowance remains, however, for the group
as a whole. All the institutions concerned are included separately in the ECB’s list of MFIs.

institutions subject

4.

If the group of credit institutions as a whole falls under the (cid:145)tail(cid:146), it is only required to comply with the simplified
reporting for (cid:145)tail(cid:146) institutions. Otherwise, the reporting scheme for full reporters applies to the group as a whole.

IV. The column (cid:145)of which credit institutions subject to reserve requirements, ECB and NCBs(cid:146)

5. The column (cid:145)of which credit institutions subject to reserve requirements, ECB and NCBs(cid:146) does not include the
liabilities of reporting agents vis-(cid:224)-vis institutions listed as exempt from the ESCB’s minimum reserve system, i.e.
institutions which are exempt for reasons other than their being subject to reorganisation measures.

6. The list of exempt institutions contains only those institutions that are exempt for reasons other than their being
subject to reorganisation measures. Institutions which are temporarily exempt from minimum reserve requirements
on account of their being subject to reorganisation measures are treated as institutions subject to minimum reserve
requirements and, therefore, liabilities vis-(cid:224)-vis these institutions are covered under the column (cid:145)of which credit
institutions subject to reserve requirements, ECB and NCBs(cid:146). Liabilities vis-(cid:224)-vis institutions not actually required to
maintain reserve holdings with the ESCB owing to the application of the lump-sum allowance are also covered
under this column.

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PART 2

Transitional provisions

7. The reporting of information on deposits redeemable at notice of over two years is voluntary until further notice.
i.e. they are
Reporting agents have the option of meeting this requirement by means of voluntary reporting,
allowed to report either true figures (including nil positions) or (cid:145)missing information(cid:146)
(using the appropriate
symbol). Once the choice to report true figures has been made, reporting agents are no longer able to report
(cid:145)missing information(cid:146).

PART 3

Mergers involving credit institutions

8.

9.

For the purpose of this Annex, the terms (cid:145)merger(cid:146),
(cid:145)merging institutions(cid:146), and (cid:145)acquiring institution(cid:146) have the
meaning set out in Regulation (EC) No 2818/98 of the European Central Bank of 1 December 1998 on the
application of minimum reserves
amended by Regulation (EC) No 1921/2000
(ECB/2000/8) (2).

(ECB/1998/15) (1),

as

the acquiring
For the maintenance period within which a merger takes effect,
institution are calculated and have to be fulfilled as set out in Article 13 of Regulation (EC) No 2818/98
(ECB/1998/15).

the reserve requirements of

10. For the consecutive maintenance periods, the reserve requirement of the acquiring institution is calculated on the
basis of a reserve base and of statistical information reported in accordance with the rules set out in the Appendix
to this Annex, if applicable. Otherwise, the normal rules for reporting statistical information and calculation of
reserve requirements, as set out in Article 3 of Regulation (EC) No 2818/98 (ECB/1998/15), apply.

11. Temporary derogation from the normal reporting procedures for the acquiring institution

its obligation to report statistical

Without prejudice to the obligations set out in the previous paragraphs, the relevant NCB may authorise the
acquiring institution to fulfil
information through temporary procedures, for
instance separate forms for each of the merging institutions during several periods after the merger has taken
effect. This derogation from normal reporting procedures must be limited to the minimum time possible and
should not exceed six months after the merger has taken effect. This derogation is without prejudice to the
obligation for the acquiring institution to fulfil its reporting obligations in accordance with this Regulation and, if
applicable,
its obligation to assume the reporting obligations of merging institutions in accordance with this
Annex.

(1) OJ L 356, 30.12.1998, p. 1.
(2) OJ L 229, 9.9.2000, p. 34.

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Official Journal of the European Communities

L 333/39

Data required from small credit institutions to be provided at quarterly frequency for minimum reserve
requirements

TABLE

Reserve base calculated as the sum of the following columns
in Table 1 (Liabilities):
(a)ﬂ(b)+(c)+(d)+(e)+(j)+(k)+(l)+(m)+(n)+(s)

DEPOSIT LIABILITIES
(Euro and foreign currencies combined)

9. TOTAL DEPOSITS
9.1e + 9.1x
9.2e + 9.2x
9.3e + 9.3x
9.4e + 9.4x

of which:

9.2e + 9.2x with agreed maturity

over two years

of which:

9.3e + 9.3x redeemable at notice

Voluntary reporting

over two years

of which:

9.4e + 9.4x repos

Outstanding issues, column (t) in Table 1 (Liabilities)

NEGOTIABLE INSTRUMENTS
(Euro and foreign currencies combined)

11. DEBT SECURITIES ISSUED

11e + 11x with agreed maturity

up to two years

11. DEBT SECURITIES ISSUED

11e + 11x with agreed maturity

over two years

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17.12.2001

Specific rules for the calculation of reserve requirements of credit institutions involved in a merger (1)

APPENDIX

Case number

Type of merger

Obligations to be assumed

1

2

3

4

acquires one or more

A merger where a full reporter (acquiring
full
institution)
reporters (merging institutions) takes effect
after the deadline set by the relevant NCB in
accordance with Article 4 of this Regulation
for
the reporting of monthly statistical
information relating to the preceding month

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted

acquires one or more

A merger where a full reporter (acquiring
institution)
tail
institutions and possibly one or more full
reporters (merging institutions) takes effect
after the deadline set by the relevant NCB in
accordance with Article 4 of this Regulation
for the reporting of statistical information
relating to the preceding quarter

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted

acquires one or more

A merger where a full reporter (acquiring
institution)
full
reporters (merging institutions) takes effect
within the period between the end of a
month and the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of monthly
statistical
the
preceding month

information

relating

to

acquires one or more

A merger where a full reporter (acquiring
institution)
tail
institutions and possibly one or more full
reporters (merging institutions) takes effect
within the period between the end of a
quarter and the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of statistical
information
preceding
quarter

relating

the

to

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted. The acquiring
institution shall assume,
in addition to its own
reporting obligations, the reporting obligations of
information
for
merging institutions
relating to the month preceding the merger

statistical

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted. The acquiring
in addition to its own
institution shall assume,
reporting obligations, the reporting obligations of
merging institutions
information
for
relating to the month or the quarter preceding the
merger, depending on the institution

statistical

(1)

The table presents the details of more complex procedures applied to specific cases. For cases not presented in the table, the
normal rules for reporting of statistical information and calculation of reserve requirements, as set out in Article 3 of Regulation
(EC) No 2818/98 (ECB/1998/15), apply.

17.12.2001

EN

Official Journal of the European Communities

L 333/41

Case number

Type of merger

Obligations to be assumed

5

6

7

8

acquires one or more

A merger where a tail institution (acquiring
full
institution)
reporters and possibly one or more tail
institutions
takes
effect after the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of statistical
information relating to the preceding month

institutions)

(merging

acquires one or more
(merging

A merger where a tail institution (acquiring
tail
institution)
takes
institutions
effect after the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of statistical
information
preceding
quarter

institutions)

relating

the

to

institutions)

acquires one or more
(merging

A merger where a tail institution (acquiring
tail
institution)
institutions
takes
effect after the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of statistical
information
preceding
quarter and, as a result of the merger, the
tail institution becomes a full reporter

relating

the

to

institutions)

acquires one or more
(merging

A merger where a tail institution (acquiring
tail
institution)
institutions
takes
effect within the period between the end of
a quarter and the deadline set by the
relevant NCB in accordance with Article 4
the reporting of
of
statistical
the
relating
preceding quarter

this Regulation for
information

to

Same procedure as in Case 1 is applied

From the maintenance period consecutive to the
merger and until
the acquiring institution has
reported quarterly data for the first time after the
merger in accordance with the reduced reporting
requirements imposed upon tail reporters as set
out in Annex II to this Regulation, the reserve
institution is
acquiring
requirement
of
calculated on the basis of
reserve base
a
the acquiring
aggregating the reserve bases of
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted

the

Same procedure as in Case 2 is applied

of

for

the

upon

reserve

imposed

the first

time after

requirement

requirements

From the maintenance period consecutive to the
the acquiring institution has
merger and until
reported,
the merger,
quarterly data in accordance with the reduced
tail
reporting
reporters as set out in Annex II to this Regulation,
the
acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which
would have been relevant for this maintenance
period had the merger not occurred. Only one
lump-sum allowance is granted. The acquiring
in addition to its own
institution shall assume,
reporting obligations, the reporting obligations of
merging institutions
information
for
relating to the quarter preceding the merger

statistical

L 333/42

EN

Official Journal of the European Communities

17.12.2001

Case number

Type of merger

Obligations to be assumed

9

10

11

12

Same procedure as in Case 3 is applied

Same procedure as in Case 4 is applied

(merging

acquires one or more

A merger where a tail institution (acquiring
institution)
full
reporters and possibly one or more tail
institutions
takes
effect within the period between the end of
a month and the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of monthly
statistical
the
preceding month.

institutions)

information

relating

to

institutions)

acquires one or more
(merging

A merger where a tail institution (acquiring
tail
institution)
institutions
takes
effect within the period between the end of
a quarter and the deadline set by the
relevant NCB in accordance with Article 4
the reporting of
of
statistical
the
relating
preceding quarter and, as a result of the
institution becomes a full
merger, the tail
reporter

this Regulation for
information

to

A merger where a full reporter (acquiring
institution)
is created from full reporters
(merging institutions) takes effect within the
period between the end of a month and the
deadline
relevant NCB in
accordance with Article 4 of this Regulation
for
the reporting of monthly statistical
information relating to the preceding month

set by the

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the merging
institutions. The reserve bases to be aggregated
are those which would have been relevant for this
maintenance period had the merger not occurred.
Only one lump-sum allowance is granted. The
acquiring institution shall assume the reporting
obligations of merging institutions for statistical
information relating to the month preceding the
merger

A merger where a full reporter (acquiring
institution) is created from one or more tail
institutions and possibly one or more full
reporters (merging institutions) takes effect
within the period between the end of a
quarter and the deadline set by the relevant
NCB in accordance with Article 4 of this
Regulation for the reporting of statistical
information
preceding
quarter

relating

the

to

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve
base aggregating the reserve bases of the merging
institutions. The reserve bases to be aggregated
are those which would have been relevant for this
maintenance period had the merger not occurred.
Only one lump-sum allowance is granted. The
acquiring institution shall assume the reporting
for data
obligations of merging
relating to the month or the quarter preceding the
merger, depending on the institution

institutions

17.12.2001

EN

Official Journal of the European Communities

L 333/43

Case number

Type of merger

Obligations to be assumed

13

(merging

institutions)

A merger where a tail institution (acquiring
institution) is created from one or more tail
institutions
takes
effect within the period between the end of
a quarter and the deadline set by the
relevant NCB in accordance with Article 4
the reporting of
of
statistical
the
relating
preceding quarter

this Regulation for
information

to

the

For the maintenance period consecutive to the
merger and until
the acquiring institution has
reported quarterly data for the first time after the
merger in accordance with the reduced reporting
requirements imposed upon tail reporters as set
out in Annex II to this Regulation, the reserve
institution is
acquiring
requirement
of
reserve base
calculated on the basis of
a
aggregating the reserve bases of
the merging
institutions. The reserve bases to be aggregated
are those which would have been relevant for this
maintenance period had the merger not occurred.
Only one lump-sum allowance is granted. The
acquiring institution shall assume the reporting
for data
obligations of merging
relating to the quarter preceding the merger

institutions

L 333/44

EN

Official Journal of the European Communities

17.12.2001

ANNEX III

STATISTICAL REQUIREMENTS FOR SMALL MFIs THAT ARE NOT CREDIT INSTITUTIONS

With regard to small MFIs that are not credit institutions, national central banks that decide to relieve small MFIs of full
reporting requirements should inform the institutions concerned thereof, but continue, as a minimum, to collect data
relating to the total balance sheet at least at an annual frequency so that the size of the reporting (cid:145)tail(cid:146) can be
monitored.

17.12.2001

EN

Official Journal of the European Communities

L 333/45

ANNEX IV

MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION

The following minimum standards shall be fulfilled by the reporting agents to meet
requirements of the ECB.

the statistical reporting

(a) Reporting to the NCBs shall be timely and within the deadlines set by the NCBs;

1. Minimum standards for transmission

(b)

statistical reports shall take their form and format from the technical reporting requirements set by the NCBs;

(c)

the contact person(s) within the reporting agent shall be identified; and

(d)

the technical specifications for data transmission to NCBs shall be followed.

(e) The statistical information shall be correct:

2. Minimum standards for accuracy

(cid:151) all linear constraints shall be fulfilled (e.g. balance sheets must balance, subtotals must add up to totals); and

(cid:151) data shall be consistent across all frequencies;

(f)

reporting agents shall be able to provide information on the developments implied by the data supplied;

(g)

the statistical information shall be complete; existing gaps should be acknowledged, explained to NCBs and, where
applicable, bridged as soon as possible;

(h)

the statistical information shall not contain continuous and structural gaps;

(i)

reporting agents shall follow the dimensions and decimals set by the NCBs for the technical transmission of the
data; and

(j)

reporting agents shall follow the rounding policy set by the NCBs for the technical transmission of the data.

3. Minimum standards for conceptual compliance

(k) The statistical information shall comply with the definitions and classifications contained in this Regulation;

(l)

in the event of deviations from these definitions and classifications, where applicable, reporting agents shall
monitor on a regular basis and quantify the difference between the measure used and the measure contained in
this Regulation; and

(m) reporting agents shall be able to explain breaks in the data supplied compared with the previous periods’ figures.

4. Minimum standards for revisions

(n) The revisions policy and procedures set by the ECB and the NCBs shall be followed. Revisions deviating from

regular revisions shall be accompanied by explanatory notes.

L 333/46

EN

Official Journal of the European Communities

17.12.2001

ANNEX V

TRANSITIONAL PROVISIONS FOR THE APPLICATION OF THIS REGULATION

1.

First reporting according to this Regulation begins with monthly data for January 2003.

2.

3.

4.

For a transitional period of 12 months, the new monthly statistical requirements on stock data may be reported to
the ECB with a delay of a further one month from the close of business on the 15th working day following the
end of the month to which the data relate. NCBs decide when they need to receive data from reporting agents in
order to meet this deadline.

For a transitional period of 12 months, the requirements on write-offs/write-downs on loans and price revaluations
on securities data may be reported to the ECB with a delay of a further one month from the close of business on
the 15th working day following the end of the month to which the data relate. NCBs decide when they need to
receive data from reporting agents in order to meet this deadline.

For the monthly maturity breakdown of loans/deposits vis-(cid:224)-vis the rest of the world and the additional quarterly
currency breakdown of these loans/deposits, which items are needed for balance of payments statistics (b.o.p.)
purposes, each Member State will be able to define a timetable for the use of the MFI balance sheet statistics for
b.o.p. purposes according to its specific needs.

5. A separate transitional feature is the subsequent adoption of the euro by other Member States. MFIs take account
of this by retaining the ability to break down by country positions with residents of non-participating Member
States. It would, in principle, also be necessary to break down those balances by currency, separately identifying the
domestic currency of the non-participating Member States, the euro and other currencies. To reduce the potentially
heavy reporting burden, any back data covering the period before a change in the composition of the participating
Member States is known may be produced with some scope for flexibility, subject to prior approval by the ECB.

6.

In view of the cash changeover carried out in the context of the adoption of the euro by a Member State, the items
in the reporting scheme denominated in the national currency of the participating Member State are included in
the items denominated in (cid:145)euro(cid:146) from the date of entry of this Member State into monetary union and prior to the
completion of changeover to the euro of the currency concerned.