Regulation (EC) No 2181/2004 of the European Central Bank of 16 December 2004 amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2004/21)
Date: 2004-12-16
Institutions: European Central Bank
Subjects: accounting entry, bank deposit, data collection, disclosure of information, financial institution, financial statistics, interest, loan, standardised accounting system

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REGULATION (EC) No 2181/2004 OF THE EUROPEAN CENTRAL BANK

of 16 December 2004

amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet
institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18)
of the monetary financial
concerning statistics on interest rates applied by monetary financial institutions to deposits and
loans vis-à-vis households and non-financial corporations

(ECB/2004/21)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

(3)

For the purposes of the statistical information which the
European Central Bank (ECB) needs to fulfil
its tasks,
deposit liabilities and loans have to be reported at their
nominal value.

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

Whereas:

(1)

(2)

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) (2),
insti-
requires monetary
inter alia, monthly statistical
tutions (MFIs)
end-of-month balance
information relating to their
sheets for the purposes of producing the consolidated
balance sheet of the MFI sector.

to report,

financial

financial

Regulation (EC) No 2423/2001 (ECB/2001/13) provides
that the accounting rules to be followed in reporting are
those 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
institutions (3), and in any other
and other
national
international
accounting legislation and international standards have
changed since the adoption of Regulation (EC) No
2423/2001 (ECB/2001/13). Directive 86/635/EEC has
certain financial
been amended to the
effect
International
instruments may be valued at fair value.
also
accounting
the
for
standards may
instruments at fair value.
valuation of certain financial

applicable.

standards

provide

Both

that

(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regu-
lation (EC) No 1746/2003 (ECB/2003/10) (OJ L 250, 2.10.2003,
p. 17).

(3) OJ L 372, 31.12.1986, p. 1. Directive as last amended by Directive
2003/51/EC of the European Parliament and of the Council (OJ L
178, 17.7.2003, p. 16).

(4)

(5)

(6)

(7)

In light of the above, it has become necessary to amend
Regulation (EC) No 2423/2001 (ECB/2001/13)
to
include an explicit requirement regarding the reporting
of deposit liabilities and loans at nominal value.

At the same time, given the current stage in the process
of harmonisation in the field of statistics that has been
reached as a result of Regulation (EC) No 2423/2001
(ECB/2001/13), it is desirable to continue to apply the
valuation rules that have until now been applied to
and purchased loans. Therefore,
provisioned loans
national central banks may allow existing valuation
rules to apply to such loans until
the ECB updates
these rules in order to harmonise reporting further.

In view of the possibility that some MFIs may value debt
securities issued at fair value, it is necessary to clarify the
revaluation’
scope of
adjustments in respect of price revaluation of securities.

reporting of

‘other

the

the

As a consequence of
the above, Regulation (EC) No
63/2002 (ECB/2001/18) of the European Central Bank
of 20 December 2001 concerning statistics on interest
to
rates applied by monetary financial
deposits
and non-
financial corporations (4), should also be amended,

and loans vis-à-vis households

institutions

(4) OJ L 10, 12.1.2002, p. 24.

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HAS ADOPTED THIS REGULATION:

Article 1

Annex II
Regulation.

is amended in accordance with Annex II

to this

Article 3

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

This Regulation shall enter into force on 1 January 2005.

Annex I is amended in accordance with Annex I to this Regu-
lation.

Done at Frankfurt am Main, 16 December 2004.

Article 2

Regulation (EC) No 63/2002 (ECB/2001/18)
follows:

is amended as

For the Governing Council of the ECB
The President of the ECB

Jean-Claude TRICHET

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

ANNEX I

1. part 1, section II is replaced by the following:

‘II Accounting rules

Unless otherwise provided for in this Regulation, the accounting rules followed by MFIs for the purposes of reporting
under this Regulation are those 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 (*), as
well as in any other international standards applicable. Without prejudice to accounting practices and netting
arrangements prevailing in Member States, all financial assets and liabilities are reported on a gross basis for statistical
purposes.
___________
(*) OJ L 372, 31.12.1986, p. 1.’;

2.

in part 1, section III the following paragraphs are added:

‘Statistical valuation of deposit liabilities and loans

15. Deposit liabilities and loans are reported, for the purposes of this Regulation, at the nominal amount outstanding
at the end of the month and on a gross basis. Nominal amount means the amount of principal that a debtor is
contractually obliged to repay to a creditor.

16. NCBs may allow the reporting of provisioned loans net of provisions and the reporting of purchased loans at the
price agreed at the time of their acquisition, provided that such reporting practices are applied by all resident
reporting agents and are necessary to maintain continuity in the statistical valuation of loans with the data
reported for periods prior to January 2005.’;

3.

in part 1, section IV the following paragraph 10 is added:

‘Statistical valuation of deposit liabilities and loans

10. Deposit liabilities and loans are reported according to the rules set out for monthly stocks in paragraphs 15 and

16 of section III.’;

4. paragraph 11 of part 1, section V is replaced by the following:

‘11. 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 because of changes in the reference
value at which securities are recorded, i.e. potential gains/losses. It may also contain valuation changes that arise
from transactions in securities i.e. realised gains/losses.’;

5. paragraph 12 of Part 1, Section V is replaced by the following:

‘12. No minimum reporting requirement is established for the liability side of the balance sheet. However, if valuation
practices applied by reporting agents to debt securities issued result in changes to their end-period stocks, NCBs
are permitted to collect data relating to such changes. Such data are reported as “other revaluation” adjustments.’;

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6. the table entitled ‘Detailed description of instrument categories of the monthly aggregated balance sheet of the MFI

sector’ in part 3 is amended as follows:

(a) the fourth indent of point 7 (Remaining assets) is replaced by the following:

‘— accrued interest receivable on loans

In accordance with the general principle of accruals accounting, interest receivable on loans should be subject
to on-balance-sheet recording as it accrues (i.e. on an accruals basis) rather than when it is actually received
(i.e. on a cash basis). Accrued interest on loans is classified on a gross basis under the category ‘remaining
assets’. Accrued interest is excluded from the loan to which it relates.’.

(b) the fourth indent of point 13 (Remaining liabilities) is replaced by the following:

‘— accrued interest payable on deposits

In accordance with the general principle of accruals accounting, interest payable on deposits should be subject
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 classified on a gross basis under the category “remaining
liabilities”. Accrued interest is excluded from the deposit to which it relates.’

ANNEX II

Annex II to Regulation (EC) No 63/2002 (ECB/2001/18) is amended as follows:

Paragraph 42 of part 4, section XIII is replaced by the following:

‘42.

Unless otherwise stated in the following paragraphs, the instrument breakdown for MFI interest rates and the
definitions of the types of instruments shall follow the asset and liability categories as set out in Annex I to
Regulation (EC) No 2423/2001 (ECB/2001/13).’.