Regulation (EC) No 1027/2006 of the European Central Bank of  14 June 2006  on statistical reporting requirements in respect of post office giro institutions that receive deposits from non-monetary financial institution euro area residents  (ECB/2006/8)
Date: 2006-06-14
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, data collection, euro area, exchange of information, financial statistics, post office financial services

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Official Journal of the European Union

6.7.2006

REGULATION (EC) No 1027/2006 OF THE EUROPEAN CENTRAL BANK

of 14 June 2006

on statistical reporting requirements in respect of post office giro institutions that receive deposits
from non-monetary financial institution euro area residents

(ECB/2006/8)

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
information by the European Central Bank (1), and in particular
Article 5(1) and Article 6(4) thereof,

Whereas:

(1)

(2)

(3)

its

for

the

statistical

fulfilment of

Regulation (EC) No 2533/98 provides in Article 2(1)
that,
reporting
requirements, the European Central Bank (ECB), assisted
by the national central banks (NCBs), shall have the right
to collect statistical information within the limits of the
reference reporting population and of what is necessary
to carry out the tasks of the European System of Central
Banks. Article 2(2)(b) further provides that post office
the reference
giro institutions
reporting population, to the extent necessary to fulfil
the ECB’s statistical reporting requirements in, inter alia,
the field of money and banking statistics.

(POGIs) are part of

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) was adopted on the basis of Regu-
lation (EC) No 2533/98. Under Article 2(1) of Regulation
(EC) No 2423/2001 (ECB/2001/13), the actual reporting
population consists of the monetary financial institutions
the participating
in the territory of
resident
(MFIs)
Member States.

The euro area monetary aggregates and their coun-
terparts are derived mainly from the MFI balance sheet
data collected under Regulation (EC) No 2423/2001
(ECB/2001/13). However,
euro area monetary
aggregates include not only monetary liabilities of MFIs
vis-à-vis non-MFI euro area residents excluding central
government but also monetary liabilities of central
government
residents
excluding central government. Therefore, supplementary
information on central government deposit
statistical

vis-à-vis non-MFI

euro area

the

(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 2181/2004 (ECB/2004/21) (OJ L 371, 18.12.2004,
p. 42).

liabilities and central government holdings of cash and
securities issued by MFIs is currently collected under
Guideline ECB/2003/2 of 6 February 2003 concerning
the
certain
statistical
European Central Bank
for
reporting by the national central banks of statistical
information in the
and banking
statistics (3).

of
procedures

field of money

requirements

reporting

and

the

(4)

(5)

(6)

In some of the participating Member States, POGIs no
longer belong to the central government sector under the
European system of national and regional accounts in the
Community (the ESA 95) (4), and they are not limited to
their national
receiving deposits solely on behalf of
Treasuries, but may receive deposits on their own
account. It is therefore no longer possible for statistical
information on such deposits to be reported within the
framework of Guideline ECB/2003/2.

POGIs that receive deposits are in this respect performing
similar activities to those performed by MFIs. Both types
of entity should therefore be subject to similar statistical
reporting requirements in so far as such requirements are
relevant to their business.

To ensure such harmonised treatment and to safeguard
the availability of statistical
information on deposits
received by POGIs, it is necessary to adopt a new regu-
lation that
imposes reporting requirements on these
entities,

HAS ADOPTED THIS REGULATION:

Article 1

Definitions

For the purposes of this Regulation:

— the terms ‘participating Member State’, ‘reporting agents’ and
‘resident’ have the same meaning as defined in Article 1 of
Regulation (EC) No 2533/98;

(3) OJ L 241, 26.9.2003, p. 1. Guideline as last amended by Guideline

ECB/2005/4 (OJ L 109, 29.4.2005, p. 6).

(4) As adopted by the Council of the European Union in its Regulation
(EC) No 2223/96 of 25 June 1996 on the European system of
national and regional accounts in the Community (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).

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Official Journal of the European Union

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— ‘POGI’ means a post office that belongs to the sector ‘non-
financial corporations’ (Sector 11 of the ESA 95), and, as a
complement to postal services, receives deposits from non-
MFI euro area residents with a view to providing money
transfer services for its depositors.

Article 2

Actual reporting population

The actual reporting population shall consist of the POGIs

1.
resident in the territory of the participating Member States.

The Executive Board of

the ECB may establish and
2.
maintain a list of POGIs subject to this Regulation. The NCBs
and the ECB shall make this list and its updates accessible to the
POGIs concerned in an appropriate way, including via electronic
means, the Internet or, at the request of the POGIs concerned,
in paper form. The list shall be for information only. However,
in the event that the latest accessible version of the list is
incorrect, the ECB shall not impose sanctions on any POGI
which has not properly fulfilled its reporting requirements to
the extent that it relied in good faith on the incorrect list.

The NCBs

shall define and implement

the reporting
4.
arrangements to be followed by the actual reporting population
in accordance with national characteristics. The NCBs shall
ensure that these reporting arrangements provide the statistical
information required under this Regulation and allow accurate
checking of compliance with the minimum standards for trans-
mission, accuracy, conceptual compliance and revisions set out
in Annex III.

5.
In the event of a merger, a division or any other reorga-
nisation that might affect the fulfilment of its statistical obli-
gations, the reporting agent involved shall inform the relevant
NCB, once the intention to implement such operation has
become public and in due time before the merger,
the
division or the reorganisation takes effect, of the procedures
that are planned to fulfil the statistical reporting requirements
set out in this Regulation.

Article 4

Timeliness

a

grant

POGIs

NCBs may

derogation from the
3.
information under this Regu-
requirement to report statistical
lation, provided that
information is
already collected from other available sources. NCBs shall
check the fulfilment of this condition in good time in order
to grant or withdraw, if necessary, any derogation with effect
from the start of each year, in agreement with the ECB.

the required statistical

Article 3

Statistical reporting requirements

The actual

reporting population shall

report monthly
1.
information relating to its end-of-month balance
statistical
sheet,
the participating
to the NCB of
Member State in which the POGI is resident.

in terms of stocks,

the statistical

to Article 3(1) and (2)

information reported
The NCBs shall transmit
pursuant
to the ECB by close of
business on the 15th working day following the end of the
month to which they relate. The NCBs shall decide when they
need to receive data from reporting agents in order to meet this
deadline.

Article 5

Accounting rules

Subject

to paragraphs 2 and 3,

1.
the accounting rules
followed by POGIs for the purposes of reporting under this
Regulation shall be those laid down in the national transpo-
sition of Council Directive 86/635/EEC of 8 December 1986 on
the annual accounts and consolidated accounts of banks and
other financial institutions (1), as well as in any other interna-
tional accounting standards, in each case insofar as they apply
to POGIs. Without prejudice to accounting practices and netting
arrangements prevailing in the participating Member States, all
financial assets and liabilities shall be reported on a gross basis
for statistical purposes.

2.
The statistical information required under this Regulation
relates to business carried out by a POGI on its own account
and is specified in Annexes I and II.

3.
The statistical information required under this Regulation
shall be reported in accordance with the minimum standards for
transmission, accuracy, conceptual compliance and revisions set
out in Annex III.

Deposit

liabilities and loans shall be reported at

the
2.
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.

(1) OJ L 372, 31.12.1986, p. 1.

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Official Journal of the European Union

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the time of

NCBs may allow the reporting of provisioned loans net of
3.
provisions and the reporting of purchased loans at the price
agreed at
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.

Article 6

Verification and compulsory collection

The right to verify or to compulsorily collect the information
which reporting agents shall provide in compliance with the
in this Regulation
statistical reporting requirements set out
shall be exercised by the NCBs, without prejudice to the right
of the ECB to exercise these rights itself. This right shall be
exercised in particular when a POGI
included in the actual
reporting population does not fulfil the minimum standards

transmission,

for
revisions as set out in Annex III.

accuracy,

conceptual

compliance

and

Article 7

Final provisions

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

Done at Frankfurt am Main, 14 June 2006.

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

Jean-Claude TRICHET

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ANNEX II

DEFINITIONS RELATING TO THE STATISTICAL REPORTING REQUIREMENTS

POGIs consolidate for statistical purposes the business of all their offices (registered or head office and/or branches)
located within the same national
territory. No consolidation for statistical purposes is permitted across national
boundaries.

General definitions

When a parent company and its subsidiaries are POGIs located in the same national territory, the parent company is
permitted to consolidate in its statistical returns the business of these subsidiaries. Subsidiaries are separate incorporated
entities in which another entity has a majority or full participation, whereas branches are unincorporated entities (without
independent legal status) totally owned by the parent.

If a POGI has branches located within the territories of the other participating Member States, the registered or head office
located in a given participating Member State must consider the positions towards all these branches as positions towards
residents in the other participating Member States. Conversely, a branch located in a given participating Member State
must consider the positions towards the registered or head office or towards other branches of the same institution
located within the territories of the other participating Member States as positions towards residents in the other
participating Member States.

If a POGI has branches located outside the territory of the participating Member States, the registered or head office in a
given participating Member State must consider the positions towards all these branches as positions towards residents of
the rest of the world. Conversely, a branch located in a given participating Member State must consider the positions
towards the registered or head office or towards other branches of the same institution located outside the participating
Member States as positions towards residents of the rest of the world.

POGIs located in offshore financial centres are treated statistically as residents of the territories in which the centres are
located.

Definitions of sectors

The ESA 95 provides the standard for sector classification. Counterparties of POGIs located in the territory of the
participating Member States are identified according to their domestic sector or institutional classification in accordance
with the list of MFIs for statistical purposes and the guidance for the statistical classification of customers provided in the
(‘Guidance for the statistical classification of customers’), which follows
ECB’s Money and Banking Sector Manual
classification principles that are consistent with the ESA 95 as far as possible.

‘MFIs’ comprise the following sectors and subsectors:

— monetary financial

institutions (MFI): resident credit institutions as defined in Community law, and other resident
financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other
than MFIs and, for their own account (at least in economic terms), to grant credits and/or make investments in
securities,

— credit institutions: as defined in Community law (1), (a) an undertaking whose business is to receive deposits or other
repayable funds from the public (2) and to grant credits for its own account; or (b) an electronic money institution
within the meaning of Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000
on the taking up, pursuit and prudential supervision of the business of electronic money institutions (3),

— central banks: the national central banks of the participating Member States and the ECB,

— money market funds: those collective investment undertakings of which the units are,

in terms of liquidity, close
substitutes for deposits and which primarily invest in money market instruments and/or in MMF shares/units
and/or in other transferable debt instruments with a residual maturity of up to and including one year, and/or in
bank deposits, and/or which pursue a rate of return that approaches the interest rates on money market instruments,

— other monetary financial institutions: other resident financial institutions which fulfil the MFI definition, irrespective of

the nature of their business.

(1) Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and
pursuit of the business of credit institutions (OJ L 126, 26.5.2000, p. 1). Directive as last amended by Directive 2006/29/EC (OJ L 70,
9.3.2006, p. 50), and as it may be amended from time to time.

(2) Including the proceeds arising from the sale of bank bonds to the public.
(3) OJ L 275, 27.10.2000, p. 39. Directive as it may be amended from time to time.

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Banking institutions located outside the Member States are referred to as ‘banks’ rather than as MFIs. Similarly, the term
‘non-MFI’ refers only to the Member States; for other countries the term ‘non-banks’ is appropriate. ‘Non-MFIs’ comprise
the following sectors and subsectors:

— general government: resident units which are principally engaged in the production of non-market goods and services,
intended for individual and collective consumption and/or in the redistribution of national income and wealth (the
ESA 95, paragraphs 2.68 to 2.70),

— central government: administrative departments of the State and other central agencies whose competence extends over
the whole economic territory, except for the administration of social security funds (the ESA 95, paragraph 2.71),

— state government: separate institutional units exercising some of the functions of government at a level below that of
central government and above that of local government, except for the administration of social security funds (the
ESA 95, paragraph 2.72),

— local authorities: public administration whose competence extends only to a local part of the economic territory,

excluding local agencies of social security funds (the ESA 95, paragraph 2.73),

— social security funds: central, state and local institutional units whose principal activity is to provide social benefits (the

ESA 95, paragraph 2.74).

The other resident sectors, i.e. non-MFI residents other than the general government, comprise:

— other

financial

intermediaries + financial auxiliaries: non-monetary financial corporations and quasi-corporations
(excluding insurance corporations and pension funds) principally engaged in financial intermediation by incurring
liabilities in forms other than currency, deposits and/or close substitutes for deposits from institutional units other
than MFIs (the ESA 95, paragraphs 2.53 to 2.56). Also included are financial auxiliaries consisting of all financial
corporations and quasi-corporations that are principally engaged in auxiliary financial activities (the ESA 95, para-
graphs 2.57 to 2.59),

— insurance corporations and pension funds: non-monetary financial corporations and quasi-corporations principally
engaged in financial intermediation as the consequence of the pooling of risks (the ESA 95, paragraphs 2.60 to 2.67),

— non-financial corporations: corporations and quasi-corporations not engaged in financial intermediation but principally

in the production of market goods and non-financial services (the ESA 95, paragraphs 2.21 to 2.31),

— households:

individuals or groups of individuals as consumers, and producers of goods and non-financial services
exclusively for their own final consumption, and as producers of market goods and non-financial and financial
services provided that
institutions
which serve households and which are principally engaged in the production of non-market goods and services
intended for particular groups of households (the ESA 95, paragraphs 2.75 to 2.88).

those of quasi-corporations.

Included are non-profit

their activities are not

For the sector classification of non-MFI counterparties located outside the domestic territory, further guidance may be
found in the ECB’s Money and Banking Statistics Sector Manual.

Definitions of instrument categories

Definitions of the categories of assets and liabilities take account of the features of different financial systems. Certain
categories of assets and liabilities are broken down according to their maturity at issue. Maturity at issue (original
maturity) refers to the fixed period of life of a financial
instrument before which it cannot be redeemed (e.g. debt
securities) or before which it can be redeemed only with some kind of penalty (e.g. some types of deposits). The period of
notice corresponds to the time between the moment the holder gives notice of an intention to redeem the instrument and
the date on which the holder is allowed to convert it into cash without incurring a penalty. Financial instruments are
classified according to the period of notice only when there is no agreed maturity.

The following tables provide a detailed standard description of the instrument categories, which NCBs transpose into
categories applicable at the national level in accordance with this Regulation (1).

(1) In other words, these tables are not lists of individual financial instruments.

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6.7.2006

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L 184/24

EN

Official Journal of the European Union

6.7.2006

ANNEX III

MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION

Reporting agents must fulfil the following minimum standards to meet the ECB’s statistical reporting requirements.

1. Minimum standards for transmission

(a) Reporting to the NCBs must be timely and within the deadlines set by them;

(b)

statistical reports must take the form and format from the technical reporting requirements set by the NCBs;

(c)

the contact person(s) within the reporting agent must be identified;

(d)

the technical specifications for data transmission to NCBs must be followed.

2. Minimum standards for accuracy

(e) The statistical information must be correct:

— all linear constraints must be fulfilled (e.g. subtotals must add up to totals);
— data must be consistent across frequencies;

(f)

(g)

reporting agents must be able to provide information on the developments implied by the data supplied;

all statistical
applicable, bridged as soon as possible;

information must be complete: gaps should be acknowledged, explained to NCBs and, where

(h)

the statistical information must not contain continuous and structural gaps;

(i)

reporting agents must follow the dimensions and decimals set by the NCBs for the technical transmission of the
data;

(j)

reporting agents must follow the rounding policy set by the NCBs for the technical transmission of the data.

3. Minimum standards for conceptual compliance

(k) The statistical

information must comply with the definitions and classifications contained in this Regulation;

(l)

In the event of deviations from these definitions and classifications, where applicable, reporting agents must
monitor on a regular basis and quantify the difference between the measure used and the measure contained in
this Regulation;

(m) Reporting agents must be able to explain breaks in the data supplied compared with the previous periods’ figures.

4. Minimum standards for revisions

(n) The revisions policy and procedures set by the ECB and the NCBs must be followed. Revisions deviating from

regular revisions must be accompanied by explanatory notes.