Regulation (EC) No 1161/2005 of the European Parliament and of the Council of 6 July 2005 on the compilation of quarterly non-financial accounts by institutional sector
Date: 2005-07-06
Institutions: Council of the European Union, European Parliament
Subjects: EU Member State, Economic and Monetary Union, Eurostat, data transmission, economic statistics, national accounts

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REGULATION (EC) No 1161/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

on the compilation of quarterly non-financial accounts by institutional sector

of 6 July 2005

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

There is, therefore, a need to produce quarterly accounts
by institutional sector, for the European Union as a
whole and for the euro area.

Having regard to the Treaty establishing the European
Community, and in particular Article 285(1) thereof,

Having regard to the proposal from the Commission,

(4)

Having regard to the opinion of the European Central Bank (1),

Acting in accordance with the procedure laid down in
Article 251 of the Treaty (2),

Whereas:

(1) The Action Plan on Economic and Monetary Union
(EMU) Statistical Requirements endorsed by the Ecofin
Council in September 2000 specifies that a limited set of
quarterly sector accounts is urgently needed, and that
these should be available within 90 days of the end of the
quarter concerned.

(2) The Joint Report of

the Ecofin Council and the
Commission to the European Council on Eurozone
statistics and indicators, as adopted by the Ecofin Council
on 18 February 2003, emphasises that high priority
including quarterly national
actions in several
accounts by institutional sector, should be fully imple-
mented by 2005.

fields,

Production of these accounts is part of the overall aim to
compile a system of annual and quarterly accounts for
the European Union and for the euro area. The system
includes the main macroeconomic aggregates and the
financial and non-financial accounts by institutional
sector. The aim is to achieve consistency across all these
accounts and, with regard to the rest of
the world
accounts, between the balance of payments and the
national accounts data.

(5) The compilation of European accounts by institutional
sector, in accordance with the principles of the European
system of national and regional accounts
in the
in Council Regulation (EC)
Community as set out
No 2223/96 (3), requires the transmission by Member
States of quarterly national accounts by institutional
sector. However, the European accounts must reflect the
economy of the European area as a whole and may differ
from the simple aggregation of Member States’ accounts.
In particular, the objective is to take account of the
transactions of
the
European Union in the accounts of the area concerned
(the European Union or the euro-zone, whichever is
applicable).

the institutions and bodies of

(3) The analysis of cyclical movements in the European
Union economy and the conduct of monetary policy
within the EMU require macroeconomic statistics on the
economic behaviour and the interrelationship of indivi-
dual institutional sectors which are impossible to identify
in data compiled at the level of the economy as a whole.

(6) The production of specific Community statistics is
governed by the rules set out in Council Regulation
(EC) No 322/97 of 17 February 1997 on Community
Statistics (4).

(1) OJ C 42, 18.2.2004, p. 23.
(2) Opinion of the European Parliament of 30 March 2004 (OJ
C 103 E, 29.4.2004, p. 141), Council Common Position of
8 March 2005 (not yet published in the Official Journal) and
Position of the European Parliament of 26 May 2005 (not yet
published in the Official Journal).

(3) OJ L 310, 30.11.1996, p. 1. Regulation as last amended by
Regulation (EC) No 1267/2003 of the European Parliament and
of the Council (OJ L 180, 18.7.2003, p. 1).

(4) OJ L 52, 22.2.1997, p. 1. Regulation as amended by Regulation
(EC) No 1882/2003 of the European Parliament and of the
Council (OJ L 284, 31.10.2003, p. 1).

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(7)

this Regulation, namely the
Since the objective of
compilation of quarterly non-financial accounts by
institutional sector for the European Union and the euro
area, cannot be achieved satisfactorily by the Member
States and can therefore, by reason of the scale and
effects of the action, be better achieved at Community
level, the Community may adopt measures,
in accor-
dance with the principle of subsidiarity as set out in
Article 5 of the Treaty. In accordance with the principle
of proportionality, as set out
this
Regulation does not go beyond what is necessary to
achieve that objective. In particular, where Member States
make a negligible contribution to the European totals,
they should not be required to report the full detail of
data.

in that Article,

(8) The measures necessary for the implementation of this
Regulation should be adopted in accordance with
Council Decision 1999/468/EC of 28 June 1999 laying
down the procedures for the exercise of implementing
powers conferred on the Commission (1).

(9) The Statistical Programme Committee set up by Council
Decision 89/382/EEC, Euratom (2) and the Committee
on Monetary, Financial and Balance of Payments
Statistics set up by Council Decision 91/115/EEC (3) have
been consulted,

HAVE ADOPTED THIS REGULATION:

2. A timetable for the transmission of items P.1, P.2, D.42,
D.43, D.44, D.45, and B.4G, respectively, and any decision to
require a breakdown of the transactions listed in the Annex by
counterpart sector shall be adopted in accordance with the
procedure referred to in Article 8(2). Any such decision shall
not be adopted before the Commission has reported to the
European Parliament and the Council on the implementation
of this Regulation pursuant to Article 9.

3. The quarterly data referred to in paragraph 1 shall be
delivered to the Commission at the latest 90 calendar days
after the end of the quarter to which the data relate. During a
transitional period of three years from the entry into force of
this Regulation the quarterly data referred to in paragraph 1
shall be delivered to the Commission at the latest 95 calendar
days after the end of the quarter to which the data relate. Any
revision of the data for previous quarters shall be transmitted
at the same time.

4. The time of transmission specified in paragraph 3 may be
adjusted, by a maximum of five days, in accordance with the
procedure referred to in Article 8(2).

5. The first transmission of quarterly data shall relate to data
for the third quarter of 2005. Member States shall deliver
than 3 January 2006. This
these data no later
first
transmission shall
include back data for the periods from
the first quarter of 1999.

Article 1

Purpose

the
This Regulation provides a common framework for
contributions of the Member States to the compilation of
quarterly European non-financial accounts by institutional
sector.

Article 2

Transmission of quarterly non-financial accounts by
institutional sector

shall

to the Commission
1. Member States
quarterly non-financial accounts by institutional sector, as
specified in the Annex, except, in the first instance, items P.1,
P.2, D.42, D.43, D.44, D.45 and B.4G.

transmit

Article 3

Reporting obligations

1. All Member States shall transmit the data described in the
Annex, with respect to the rest of the world sector (S.2) and
the general government sector (S.13). A Member State for
which gross domestic product at current prices normally
represents more than 1 % of the corresponding Community
total shall transmit the data described in the Annex for all
institutional sectors.

2. The Commission shall determine the percentage of
Community total gross domestic product at current prices
that a Member State‘s gross domestic product normally
represents, as specified in paragraph 1, on the basis of the
three years’ annual data
arithmetic mean of
transmitted by Member States.

the latest

(1) OJ L 184, 17.7.1999, p. 23.
(2) OJ L 181, 28.6.1989, p. 47.
(3) OJ L 59, 6.3.1991, p. 19.

3. The proportion (1 %) of the Community total referred to
in paragraph 1 may be adjusted in accordance with the
procedures referred to in Article 8(2).

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4. Derogations from this Regulation may be accepted by the
Commission if national statistical systems require major
adaptation. Such derogations shall last not more than three
years from the date of entry into force of this Regulation, or
that of the implementing measures adopted in accordance
with the procedure referred to in Article 8(2).

Article 4

2. Member States shall supply the Commission with an up-
to-date description of the sources, methods and statistical
treatments used within a year of their first transmission of
data.

3. Member States shall inform the Commission of major
methodological or other changes that would affect the data
transmitted not later than three months after such change
takes effect.

Definitions and standards

Article 7

The standards, definitions, classifications, and accounting rules
for data transmitted for the purposes of this Regulation shall
be those laid down in Regulation (EC) No 2223/96 (herein-
after referred to as the ESA Regulation).

Article 5

Data sources and consistency requirements

1. Member States shall compile the information requested in
this Regulation using all sources they consider relevant, giving
priority to direct information such as administrative sources
or surveys of enterprises and households.

When such direct
in
particular for the back data required under Article 2(5), best
estimates may be transmitted.

information cannot be collected,

2. Data transmitted by Member States for the purposes of
this Regulation shall be consistent with the quarterly non-
financial accounts of
the general government and the
quarterly main aggregates of the total economy, transmitted
to the Commission under the data transmission programme
of the ESA Regulation.

3. The quarterly data transmitted by Member States for the
this Regulation shall be aligned with the
purposes of
the data
corresponding annual data transmitted under
transmission programme of the ESA Regulation.

Article 6

Quality standards and reports

1. Member States shall take all measures necessary to ensure
that the quality of the data transmitted improves over time to
to be defined in
meet
accordance with the procedure referred to in Article 8(2).

the common quality standards

Implementing measures

The implementing measures shall be laid down in accordance
with the procedure referred to in Article 8(2). Such measures
shall include:

(a)

(b)

determining the timetable for the transmission of the
items P.1, P.2, D.42, D.43, D.44, D.45 and B.4G pursuant
to Article 2(2);

requiring the transactions shown in the Annex to be
broken down by counterpart sector in accordance with
Article 2(2);

(c)

revising the timetable of quarterly transmissions pur-
suant to Article 2(4);

(d)

adjusting the proportion (1 %) of the Community total to
determine the obligation to transmit data for all
institutional sectors pursuant to Article 3(3);

(e)

defining data quality standards
Article 6(1).

in accordance with

Article 8

Committee procedure

1. The Commission shall be assisted by the Statistical
Programme Committee.

2. Where reference is made to this paragraph, Articles 5 and
7 of Decision 1999/468/EC shall apply, having regard to the
provisions of Article 8 thereof.

The period referred to in Article 5(6) of Decision 1999/468/
EC shall be set at three months.

3. The Committee shall adopt its rules of procedure.

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Article 9

Report on implementation

Within five years of the entry into force of this Regulation, the
Commission shall submit a report to the European Parliament
and the Council on its implementation.

In particular, this report shall:

(b)

(c)

the
assess the benefits accruing to the Community,
Member States and the providers and users of statistical
information of the statistics produced in relation to their
costs;

identify areas for potential
ments considered necessary in light of
obtained.

improvement and amend-
the results

Article 10

Entry into force

(a)

provide information on the quality of
produced;

the statistics

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

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

Done at Strasbourg, 6 July 2005.

For the European Parliament
For the President
J. BORRELL FONTELLES

For the Council
The President
J. STRAW

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