Guideline of the European Central Bank of 30 July 2002 concerning certain statistical reporting requirements of the European Central Bank and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics (ECB/2002/5)
Date: 2002-07-30
Institutions: European Central Bank
Subjects: European Central Bank, balance sheet, central bank, data collection, euro area, exchange of information, financial institution, statistics

15.8.2002

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Official Journal of the European Communities

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EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 30 July 2002

concerning certain statistical reporting requirements of the European Central Bank and the proce-
dures for reporting by the national central banks of statistical information in the field of money
and banking statistics

(ECB/2002/5)

(2002/656/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter referred to
as the ‘Statute’) and in particular to Articles 5.1, 12.1 and 14.3
thereof,

Whereas:

(1)

of

ECB/1998/16

1 December

1998
Regulation
concerning the consolidated balance sheet of the mone-
tary financial institutions sector (1), as amended by Regu-
lation ECB/2000/8 (2), provides that, for the purposes of
the regular production of the said consolidated balance
institutions (MFIs) which
sheet, the monetary financial
are part of the actual reporting population shall report
statistical information relating to their balance sheets to
the national central bank (NCB) of the Member State in
which they are resident;
is therefore necessary to
it
define the formats and procedures that the NCBs must
follow in order to report to the European Central Bank
(ECB),
in compliance with Regulation ECB/1998/16,
statistical information derived from that collected from
the actual reporting population and from their own
balance sheets; for statistical reporting purposes, the ECB
shall derive data from its own balance sheet, corre-
sponding to the data derived by the NCBs from their
own balance sheets; the monetary aggregates calculated
by the ECB may include deposit liabilities and close
substitutes for deposit liabilities issued by the central
government; it is also necessary to define such formats
and procedures for the regular production of the flows
statistics derived from the consolidated balance sheet of
the MFI sector and from additional information to be
received from the NCBs.

(2)

Since the adoption of Guideline ECB/2000/13 of 13
November 2000 concerning certain statistical reporting
requirements of
the European Central Bank and the
procedures for reporting by the national central banks of

(1) OJ L 356, 30.12.1998, p. 7.
(2) OJ L 229, 9.9.2000, p. 34.

the

statistical information in the field of money and banking
statistics (3),
information
within the Eurosystem has developed significantly. The
annexes to Guideline ECB/2000/13 should therefore be
brought up to date by the present Guideline.

exchange of

statistical

(3)

(4)

(5)

Regulation ECB/2001/13 of 22 November 2001
concerning the consolidated balance sheet of the mone-
tary financial institutions sector (4) (as corrected by Regu-
lation ECB/2002/4 (5)) and Regulation ECB/2001/18 of
20 December 2001 concerning statistics on interest rates
institutions to deposits
applied by monetary financial
and non-financial
and loans
vis-à-vis households
corporations (6) set new statistical
reporting require-
ments, which are to begin with first
reporting of
monthly data for January 2003. Therefore, the present
Guideline will have to be replaced by a new guideline
with effect from 1 January 2003. In the interest of legal
certainty as well as operational soundness within the
Eurosystem, it is however necessary to adopt the present
Guideline. In the context of the transparency policy of
the ECB, and given the transitional nature of the present
Guideline,
it is considered appropriate to publish the
Guideline’s annexes only on the ECB website. The Guide-
line without its annexes will be published in the Official
Journal of the European Communities. The ECB will publish
the new Guideline with its annexes in the Official Journal
of the European Communities.

The ECB, in cooperation with the NCBs, identifies and
keeps a record of the features of e-money schemes in the
European Union, the availability of the statistical infor-
mation concerned and the compilation methods related
to it.

Supplementary data relating to the credit institutions’
balance sheets are necessary for the conduct of macro-
prudential analysis at European level.

(3) Not yet published in the Official Journal.
(4) OJ L 333, 17.12.2001, p. 1.
(5) OJ L 151, 11.6.2002, p. 11.
(6) OJ L 10, 12.1.2002, p. 24.

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(6)

(7)

Supplementary data relating to ‘other financial intermedi-
aries, except insurance corporations and pension funds’
(OFIs) are necessary in order to complete the statistical
picture of the euro area; indeed, activities undertaken by
OFIs are similar and complementary to those undertaken
by MFIs and, in particular, given that for ECB statistical
purposes, balance sheet data on OFIs totally or partially
owned by MFIs are not included in the MFIs’ balance
sheets,
in this
context the ECB follows, for the time being, a short-term
approach consisting of compiling statistics using infor-
mation available at national level.

is important

these data;

to collect

it

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

institutions to the ‘other

(13)

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

(8) Without prejudice to the statutory obligations of the
NCBs vis-à-vis the International Monetary Fund (IMF),
the ECB may act as a gateway for the NCBs of the parti-
cipating Member States
supplementary
to transmit
money and banking statistics to the IMF.

(14)

(9)

(10)

(11)

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

the statistical
Regulation ECB/1998/16 provides that
information reported by credit institutions in accordance
with its rules shall be used to calculate the reserve base
in accordance with Regulation ECB/1998/15 of 1
December 1998 on the
application of minimum
reserves (1), as last amended by Regulation ECB/2002/
3 (2);
for analytical purposes the ECB must produce,
every month, statistics on the breakdown of the aggre-
gate reserve base according to the types of liabilities.

Regulation ECB/1998/16 provides that
the ECB shall
establish and maintain, taking into account the require-
ments in respect of frequency and timeliness which arise
from its use in the context of the minimum reserve
system of the European System of Central Banks (ESCB),
a list of MFIs for statistical purposes; it is therefore neces-
sary to define the formats and procedures that the NCBs
must follow in order to report to the ECB the informa-
tion necessary to fulfil the said task.

(12) With the aim of improving the quality of the euro area
MFI sector balance sheet statistics, common rules have to
be set for grossing-up for small MFIs that have been
relieved of
full reporting requirements in accordance
with Article 2(2) of Regulation ECB/1998/16.

The ECB needs to monitor the transmission of monetary
policy through changes in the interest rates applied in
the main refinancing operations of the ESCB, in order to
better understand the structure and functioning of the
price mechanism on monetary aggregates and in finan-
cial markets and to assess sectoral financial conditions;
for this purpose, statistical information on the develop-
ment of retail interest rates are required; in this context,
the ECB will, until the year 2003, follow a short-term
approach with respect to retail interest rates, consisting
of compiling, on the basis of information available at the
national
creating an additional
reporting burden on the reporting population, a limited
number of such aggregate retail rates covering the euro
area viewed as one economic territory;
for a more
detailed analysis of retail interest rates the ECB will rely
in particular on key national rates, i.e. those interest rates
that are considered to be the main indicators of retail
financial market
in the Member State
concerned, as usually monitored by the users.

and without

conditions

level

(15)

It is necessary to set up a procedure to carry out tech-
nical amendments to the annexes to this Guideline in an
effective manner, provided that
such amendments
neither change the underlying conceptual framework nor
affect the reporting burden, and account shall be taken
of the views of the Statistics Committee of the ESCB
when following this procedure; NCBs may propose such
technical amendments to the annexes to this Guideline
through the Statistics Committee.

(1) OJ L 356, 30.12.1998, p. 1.
(2) OJ L 106, 23.4.2002, p. 9.

(16)

In accordance with Articles 12.1 and 14.3 of the Statute,
ECB guidelines form an integral part of Community law,

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HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

For the purpose of this Guideline:

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

2. The term ‘euro area’ shall mean the territory of participating

Member States.

3. The term ‘Eurosystem’ shall mean the ECB and the NCBs of

participating Member States.

4. The term ‘credit institution’ shall have the same meaning as
in Section I.2 of part 1 of Annex I to Regulation ECB/1998/
16.

Article 2

Consolidated balance sheet of the MFI sector and deriva-
tion of flows

In particular,

the required statistical

1.
The NCBs shall compile and report two aggregate balance
sheets of the subsectors ‘central bank’ and ‘other MFIs’ of their
respective Member State, in accordance with Regulation ECB/
1998/16.
information
concerning the ‘central bank’ balance sheet is further defined in
the bridging tables for money and banking statistics as laid
down in Annex XVII to this Guideline. The ECB shall, for statis-
tical reporting purposes, derive data from its own balance sheet,
corresponding to the data derived by the NCBs from their own
balance sheets. The ECB and the NCBs, as compilers of the
follow the procedure laid
ECB’s/NCBs’ balance sheets, shall
down in Annex XVIII to this Guideline in their regular moni-
toring of the consistency between the end-month aggregated
balance sheet of the Eurosystem for statistical purposes and the
weekly financial statement of
the Eurosystem and in their
regular reporting to the ECB of the outcome of their moni-
toring. This statistical information shall be reported in accor-
dance with the calendar set out in Annex XIV to this Guideline.

To allow the ECB to carry out a macro-prudential analysis
3.
of the European banking sector, NCBs shall report balance sheet
data on the credit institutions sector according to the guidelines
laid down in Annex III to this Guideline.

the NCBs shall report statistical

For the purposes of the compilation of the monetary
4.
aggregates,
information on
general government deposit liabilities and close substitutes for
deposit liabilities in accordance with Annex IV to this Guideline
and data on the holders of money market funds’ shares/units in
accordance with the residency breakdown laid down in Annex I
to and with the same
to this Guideline, as a supplement
frequency and timeliness as the statistical
information to be
provided in accordance with Regulation ECB/1998/16.

5.
To allow the ECB to derive flows statistics relating to
monetary aggregates and counterparts, the NCBs shall report
statistical information in accordance with the Manual of Proce-
dures for the compilation of flow statistics as laid down in
Annex V to this Guideline.

the
6. Without prejudice to the statutory obligations of
NCBs vis-à-vis the IMF, the NCBs may decide to use the ECB as
a gateway to transmit supplementary money and banking statis-
tics to the IMF. These additional data and their related reporting
instructions are described in Annex VI to this Guideline.

To the extent that the statistical information is available,
7.
including on a best estimate basis, or
the business
concerned is significant from a monetary point of view, NCBs
shall report further statistical information in accordance with
the list of memorandum items laid down in Annex XIX to this
Guideline; the ECB in cooperation with the NCBs shall identify
and keep a record of the availability of the statistical informa-
tion concerned and the compilation methods related to it.

that

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

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

To the extent that the statistical information is available,
2.
NCBs shall report further statistical information on electronic
money issued by MFIs and non-MFIs, in accordance with the list
of items laid down in Annex II to this Guideline. Monthly data
are to be submitted to the ECB at least twice a year. The ECB in
cooperation with the NCBs shall identify and keep a record, on
a yearly basis, of the features of electronic money schemes in
the European Union, the availability of the statistical informa-
tion concerned and the compilation methods related to it.

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

Article 3

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

1.
To allow the regular production of statistics on the
reserve base, NCBs shall report to the ECB statistical informa-
tion in accordance with Annex VII to this Guideline.

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In order to monitor the accuracy of the current standar-
2.
dised deductions from the reserve base which credit institutions
may apply to the outstanding amounts of their debt securities
issued with an agreed maturity of up to two years and of their
money market paper liabilities in accordance with Article 3(2)
of Regulation ECB/1998/15, the ECB shall make calculations on
a monthly basis, using end-month statistical information that
credit institutions submit to NCBs in accordance with Regula-
tion ECB/1998/16. The NCBs shall compile the required aggre-
gates in accordance with Annex VIII to this Guideline and shall
report these aggregates to the ECB.

Article 4

List of MFIs for statistical purposes

In order that the list of MFIs for statistical purposes remains
accurate and up-to-date, NCBs shall report updates in accor-
dance with Annex IX to this Guideline.

Article 5

Grossing-up procedure

Where NCBs grant derogations to MFIs in accordance with
Article 2(2) of Regulation ECB/1998/16, in order to ensure the
quality of the euro area MFI balance sheet statistics, NCBs shall,
in accordance with Annex X to this Guideline, gross-up to the
100 % coverage for these MFIs in the compilation of
the
monthly and quarterly MFI balance sheet data reported to the
ECB.

Article 6

Balance sheet data on OFIs

For the regular production by the ECB of statistics on the
activity of resident OFIs, NCBs shall report statistical informa-
tion, to the extent that it is available, in accordance with Annex
XV to this Guideline.

Article 7

Securities issues

For the regular production by the ECB of securities issues statis-
tics covering all issues by euro area residents in any currency
and all issues worldwide in euro, both domestic and interna-
tional, NCBs shall report statistical information, to the extent
that it is available, in accordance with Annex XI to this Guide-
line within a deadline of five weeks following the end of the
reference month.

Article 8

Retail interest rate statistics

the end of the reference month. The calendar is set out in
Annex XIV to this Guideline.

2.
NCBs shall regularly report to the ECB key national retail
interest rates, i.e. those interest rates that are considered to be
the main indicators of retail financial market conditions in the
Member State concerned, as usually monitored by the users.

Article 9

Quality of the statistical information

1. Without prejudice to the ECB’s rights regarding verifica-
tion set out in Regulation (EC) No 2533/98 and Regulation
ECB/1998/16, the NCBs shall monitor and ensure the quality
and reliability of statistical information made available to the
ECB.

2. Where necessary, the NCBs shall send revisions to the
ECB in accordance with the policy laid down in Annex XII to
this Guideline.

Article 10

Transmission standard

1.
The required statistical information shall be reported to
the ECB in a form that meets the requirements laid down in
Annex XII to this Guideline. This Annex also describes the form
information to the
in which the ECB will return statistical
NCBs.

2.
The NCBs shall use the facility provided by the ESCB,
which relies upon the telecommunications network ‘ESCB-Net’,
information
for the electronic transmission of the statistical
required by the ECB. The statistical message format developed
for this electronic exchange of statistical
information is the
‘Gesmes/CB’ format. This requirement shall not prevent the use
of any other means of transmitting statistical information to the
ECB as an agreed fall-back solution.

Article 11

Simplified amendment procedure

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

Article 12

Repeals

1.
For the regular production by the ECB of statistics on
aggregate retail interest rates covering the euro area, NCBs shall
report statistical information in accordance with Annex XIII to
this Guideline within a deadline of 18 working days following

Guideline ECB/2000/NP12 of 13 November 2000 concerning
certain reporting requirements of the European Central Bank
and the national central banks of statistical information relating
to their own balance sheet and Guideline ECB/2000/13 are
hereby repealed.

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Article 13

Final provisions

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

This Guideline shall enter into force on the day following its adoption.

This Guideline without its annexes shall be published in the Official Journal of the European Communities. The
Annexes to the Guideline shall only be published on the ECB website.

Done at Frankfurt am Main, 30 July 2002.

On behalf of the Governing Council of the
ECB

The President

Willem F. DUISENBERG