Commission Regulation (EC) No 1889/2002 of 23 October 2002 on the implementation of Council Regulation (EC) No 448/98 completing and amending Regulation (EC) No 2223/96 with respect to the allocation of financial intermediation services indirectly measured (FISIM) within the European System of national and regional Accounts (ESA) (Text with EEA relevance)
Date: 2002-10-23
Institutions: European Commission
Subjects: Economic and Monetary Union, European accounting system, data transmission, financial analysis, financial statistics

24.10.2002

EN

Official Journal of the European Communities

L 286/11

COMMISSION REGULATION (EC) No 1889/2002

of 23 October 2002

on the implementation of Council Regulation (EC) No 448/98 completing and amending Regulation
(EC) No 2223/96 with respect to the allocation of financial intermediation services indirectly
measured (FISIM) within the European System of national and regional Accounts (ESA)

(Text with EEA relevance)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to Council Regulation (EC) No 448/98 of 16
February 1998 completing and amending Regulation (EC) No
2223/96 with respect to the allocation of financial intermedia-
tion services indirectly measured (FISIM) within the European
System of national and regional Accounts (ESA) (1) and in parti-
cular Article 5(3) thereof,

Whereas:

Council Regulation (EC) No 2223/96 of 25 June 1996
on the European System of national and regional
accounts in the Community (2), as last amended by Regu-
lation (EC) No 359/2002 of the European Parliament
and of the Council (3), (hereafter ‘the ESA 95’) contains
the reference framework of common standards, defini-
tions, classifications and accounting rules for drawing up
the accounts of the Member States for the statistical
requirements of
in order to obtain
comparable results between Member States.

the Community,

Regulation (EC) No 448/98,
in its Annex I, amended
Annex A to Regulation (EC) No 2223/96 in order to
introduce in the ESA 95 methodology the principle for
allocating FISIM and set up experimental methods of
allocating FISIM which were to be tested by Member
States from 1995 to 2001, the trial period being suffi-
ciently long to evaluate whether the allocation yielded
more reliable results than the present zero allocation for
the correct measurement of
the economic activity
concerned.

(1)

(2)

(3)

report concluded that the results of the trial period were
positive, as it is broadly recognised that the allocation of
FISIM would lead to major improvements in the metho-
dology of the ESA 95 and to a more accurate compar-
ison of gross domestic product (GDP) levels within the
European Union.

Since the findings of the final evaluation report on the
reliability of the results obtained during the trial period
have been positive, the method to be used for the alloca-
tion of FISIM must be adopted before 31 December
2002 in accordance with Article 5(3) of Regulation (EC)
No 448/98.

In its final report presented to the European Parliament
and the Council, the Commission considered that two
in order to enable
additional years could be useful
Member States to make further improvements in the
sources and methods used for the allocation of FISIM.

The Committee on Monetary, Financial and Balance of
Payments Statistics (CMFB), set up by Council Decision
91/115/EEC (4), as amended by Decision 96/174/EC (5),
has been consulted.

The measures provided for in this Regulation are in
accordance with
Statistical
Programme Committee (SPC),

opinion

the

the

of

(4)

(5)

(6)

(7)

HAS ADOPTED THIS REGULATION:

Article 1

In accordance with Article 5(1) of Regulation (EC) No
448/98, a final report has been presented on 21 June
2002 by the Commission to the European Parliament
and the Council, containing a qualitative and quantita-
tive analysis of
the experimental
the implications of
methods for allocating and calculating FISIM. This final

1. Member States shall carry out the following calculations
and allocations in accordance with the detailed methodology
described in Annex III to Council Regulation (EC) No 448/98:

(a) the calculation and allocation of FISIM among user sectors,
using the reference rate defined as ‘method 1’ in point 1(b)
of Annex III to Council Regulation (EC) no 448/98;

(1) OJ L 58, 27.2.1998, p. 1.
(2) OJ L 310, 30.11.1996, p. 1.
(3) OJ L 58, 28.2.2002, p. 1.

(4) OJ L 59, 6.3.1991, p. 19.
(5) OJ L 51, 1.3.1996, p. 48.

L 286/12

EN

Official Journal of the European Communities

24.10.2002

(b) the calculation and allocation of imported and exported
FISIM (including FISIM between resident financial interme-
diaries and non-resident financial intermediaries), using the
reference rate defined as the ‘external’ reference rate in
point 1(b) of Annex III to Council Regulation (EC) no 448/
98;

(c) the allocation of FISIM among user industries, based on the
stocks of loans and deposits for each industry or, if this
information is not reliable, on the output for each industry;

(d) the calculation of FISIM at constant prices, on the basis of
the formula provided in point 3 of Annex III to Council
Regulation (EC) No 448/98.

to the Commission the
transmit
2. Member States shall
results of the calculations made pursuant to this Article as part
of the tables referred to in Article 3 of Regulation (EC) No
2223/96 (Transmission programme of national accounts data),
including backwards calculations from 1995 onwards.

Article 2

This Regulation shall enter
into force on the 20th day
following that of its publication in the Official Journal of the
European Communities.

It shall apply as from 1 January 2005.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 23 October 2002.

For the Commission

Pedro SOLBES MIRA

Member of the Commission