Regulation (EC) No 2174/2002 of the European Central Bank of 21 November 2002 amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2002/8)
Date: 2002-11-21
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, balance sheet, data collection, financial institution, financial statistics, money market, shareholding

6.12.2002

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Official Journal of the European Communities

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REGULATION (EC) No 2174/2002 OF THE EUROPEAN CENTRAL BANK

of 21 November 2002

amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary
financial institutions sector

(ECB/2002/8)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

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

ments in respect of these entities for the purposes of this
Regulation a list of reporting OFIs may need to be drawn
up,

Whereas:

HAS ADOPTED THIS REGULATION:

(1)

(2)

(3)

(4)

Regulation (EC) No 2423/2001 (ECB/2001/13) of 22
November 2001 concerning the consolidated balance
sheet of the monetary financial institutions sector (2), as
corrected by Regulation (EC) No 993/2002 (ECB/2002/
4) (3), requires statistical data on the monetary financial
reported
institutions'
according to the residency of the counterparty, to allow
the compilation of monetary aggregates and other
measures of liquidity and credit that may exclude assets
and liabilities of MFIs held by non-residents of the parti-
cipating Member States.

(MFIs') balance

to be

sheets

Regulation (EC) No 2423/2001 (ECB/2001/13) requires
data in respect of the liability item ‘money market fund
shares/units’ (MMF shares/units) to be reported only as a
total amount instead of according to the residency of the
counterparty.

However, to compile monetary aggregates, the European
Central Bank needs data on the residency breakdown of
holders of MMF shares/units. It is therefore necessary to
establish a procedure according to which the reporting
agents provide the national central banks with the rele-
vant statistical information. It is not necessary to collect
data on price revaluations of MMF shares/units because,
for money and banking statistical purposes, changes in
the value of these instruments are considered as interest
reinvested in the same instrument.

For the purpose of obtaining complete information on
the MFIs' balance sheets, it is necessary to impose certain
reporting requirements on other financial intermediaries
except insurance corporations and pension funds (here-
inafter referred to as ‘OFIs’) (S. 123), when acting in the
context of
financial activities involving MMF shares/
units. In order to establish statistical reporting require-

(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ L 333, 17.12.2001, p. 1.
(3) OJ L 151, 11.6.2002, p. 11.

Article 1

Regulation (EC) No 2423/2001 (ECB/2001/13) is amended as
follows:

1. Article 2 is amended as follows:

The following paragraph 3 is added:

For the purposes of Annex I(1)(III)(vi),

‘3.
the actual
reporting population shall also consist of other financial
intermediaries except insurance corporations and pension
funds (hereinafter referred to as “OFIs”), as set out in Article
2(2)(a) of Regulation (EC) No 2533/98. NCBs may grant
derogations to those entities provided that
the required
statistical
information is collected from other available
sources in accordance with Annex I(1)(III)(vi). NCBs shall
check the fulfilment of this condition in good time in order
if necessary, any derogation with
to grant or withdraw,
effect from the start of each year in agreement with the
ECB. For the purposes of this Regulation, NCBs may estab-
lish and maintain a list of reporting OFIs in accordance with
the principles set out in Annex I(1)(III)(vi).’

2. Annex I(1), Introduction is amended as follows:

(a) The following paragraph is inserted before the final

paragraph:

‘For the purpose of obtaining complete information on
the MFIs' balance sheets,
is necessary to impose
it
certain reporting requirements on other financial inter-
insurance corporations and pension
mediaries except
funds (hereinafter referred to as “OFIs”), when acting in
the context of financial activities involving MMF shares/
units.’

(b) The final paragraph is replaced by the following:

‘This statistical information is collected by the national
central banks (NCBs) from the MFIs and from OFIs,
within the limits set out in Section I(6), according to
national arrangements relying on the harmonised defini-
tions and classifications set out in this Annex.’

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3. Annex I(1)(I) is amended as follows:

(a) The following sentence is added at the end of para-

graph 6:

‘The MMF itself or the persons legally representing it
ensures the provision of any information required to
meet
the statistical reporting requirements of MMFs.
Where necessary for practical reasons, the data may be
effectively submitted by any of the entities that act in
the context of financial activities involving MMF shares/
units, such as depositories.’

(b) The following paragraph 9 is added:

‘9.

For the purposes of this Regulation:

— “MMF registered shares/units”

shall mean MMF
shares/units in respect of which, in accordance with
national legislation, a record is kept identifying the
holders of its shares/units, including information on
the residency of the holder,

in respect of which,

— “MMF bearer shares/units” shall mean MMF shares/
in accordance with
units
national legislation, a record is not kept identifying
the holders of its shares/units, or in respect of which
a record is kept which does not contain information
on the residency of the holder.’

4. Annex I(1)(III) is amended as follows:

The following subsection (vi) is inserted:

‘(vi) Re si de nc y of th e h olde r s of MMF sh ar e s/ u ni ts

13a. Reporting agents report, on a monthly basis, as
a minimum data on the residency of the holders
of MMF shares/units issued by MFIs of the parti-
cipating Member States according to a domestic/
other participating Member States/rest of
the
world breakdown. This will enable NCBs to
provide the ECB with data on the residency of
this instrument and allow the
the holders of
exclusion of holdings of non-residents of
the
participating Member States for the purposes of
the compilation of monetary aggregates.

13b. In accordance with Article 4(4), NCBs may
require data on additional breakdowns not
covered in the requirements of this Regulation,
including breakdowns by counterparty sector,
currency or maturity.

13c. As regards registered shares/units, issuing MMFs
or the persons legally representing them or the
entities referred to in Annex I(1)(I)(6) report data
on the residency breakdown of the holders of
their shares/units issued in the monthly balance
sheet.

13d. As regards bearer shares/units, reporting agents
report data on the residency breakdown of the
holders of MMF shares/units according to the
approach decided by the relevant NCB in agree-
ment with the ECB. This requirement is limited
the following
to one or a combination of
to be adopted having regard to the
options,
the relevant markets and the
organisation of
national
in the Member
State(s)
in question. This will be periodically
monitored by the NCB and the ECB.

legal arrangements

(a)

Issuing MMFs

the entities

Issuing MMFs or the persons legally representing
them or
referred to in Annex
I(1)(I)(6) report data on the residency breakdown
of the holders of their shares/units issued. If an
issuing MMF is not in a position to identify
directly the residency of the holder, it reports the
relevant data on the basis of available informa-
tion. Such information may come from the
agent distributing the shares/units or from any
other entity involved in the issuance, buy-back
or transfer of the shares/units.

(b) MFIs and OFIs as custodians of MMF shares/

units

As reporting agents, MFIs and OFIs acting as
custodians of MMF shares/units report data on
the residency breakdown of
the holders of
shares/units issued by resident MMFs and held in
custody on behalf of the holder or of another
intermediary also acting as a custodian. This
option is applicable if the following conditions
are met. First, the custodian distinguishes MMF
shares/units kept in custody on behalf of holders
from those that are kept on behalf of other
custodians. Second, most of the MMF shares/
units are in the custody of domestic resident
institutions that are classified as financial inter-
mediaries (MFIs or OFIs).

(c) MFIs and OFIs as reporters of transactions of
involving

non-residents

residents with
shares/units of a resident MMF

As reporting agents, MFIs and OFIs acting as
reporters of transactions of residents with non-
residents involving shares/units of a resident
MMF report data on the residency breakdown of
the holders of shares/units issued by resident
MMFs, which they trade on behalf of the holder
or another intermediary also involved in the
transaction. This option is applicable if
the
following conditions are met. First, the reporting
coverage is comprehensive, i.e. it covers substan-
tially all of the transactions carried out by the
reporting agents. Second, accurate data on
purchases and sales with non-residents of the
participating Member
provided.
Third, differences between issuing value and
redemption value, excluding fees, of the same

States

are

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shares/units are minimal. Fourth, the amount of
shares/units held by non-residents of the partici-
pating Member States issued by resident MMFs is
low. If the reporting agent is not in a position to
identify directly the residency of the holder,
it
reports the relevant data on the basis of available
information.

13e.

If registered shares/units or bearer shares/units
are issued for the first time or if market develop-
ments require a change of option or combina-
tion of options, NCBs may grant derogations for
one year in respect of the requirements set out
in paragraphs 13c and d.’

5. Annex I(2), Table 1 (Stocks) is amended as follows:

(a) row 10 (MMFs shares/units) is replaced by the row set

out in the Annex to this Regulation;

(b) a footnote 6, related to row 10 (MMFs shares/units), is

added:
‘Data under this item may be subject to different statis-
tical collection procedures, as decided by an NCB in
accordance with the rules contained in Part 1(III).’

6. Annex V is amended as follows:

The following paragraph 7 is added:
‘7.
From 1 May 2003 until 31 December 2003, monthly
data on the residency of the holders of MMF shares/units
issued by MFIs of the participating Member States according
to a domestic/other participating Member States/rest of the
world breakdown 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.’

This Regulation shall enter into force on 1 May 2003.

Article 2

Done at Frankfurt am Main, 21 November 2002.

On behalf of the Governing Council of the ECB

The President

Willem F. DUISENBERG

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