Recommendation of the European Central Bank of 31 May 2007 amending Recommendation ECB/2004/16 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (ECB/2007/4)
Date: 2007-05-31
Institutions: European Central Bank
Subjects: European Central Bank, balance of payments, central bank, data collection, disclosure of information, economic statistics, euro area, foreign-exchange reserves

C 136/6

EN

Official Journal of the European Union

20.6.2007

RECOMMENDATIONS

EUROPEAN CENTRAL BANK

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 31 May 2007

amending Recommendation ECB/2004/16 on the statistical reporting requirements of the European
Central Bank in the field of balance of payments and international investment position statistics,
and the international reserves template

(ECB/2007/4)

(2007/C 136/02)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
Article 5.1 thereof,

Whereas:

The first sentence of Article 5.1 of the Statute requires
the European Central Bank (ECB), assisted by the national
central banks (NCBs), to collect either from the compe-
than NCBs or directly from
tent authorities other
economic agents the statistical information necessary in
order for it
the European
to undertake the tasks of
System of Central Banks (ESCB). The second sentence of
Article 5.1 of the Statute provides that for these purposes
the ECB must cooperate with the Community institutions
or bodies and with the competent authorities of
the
Member States or third countries and with international
organisations.

Central Bank (1) requires the Member States to organise
themselves in the field of statistics and to cooperate fully
with the ESCB in order to ensure the fulfilment of the
obligations arising out of Article 5 of the Statute.

(3) When further Member States adopt the euro, it will be
necessary to compile back data for the euro area aggre-
gate in its new composition on balance of payments
(including the seasonally adjusted current account) and
international
investment position statistics. Certain
amendments to Recommendation ECB/2004/16 of 16
July 2004 on the statistical reporting requirements of the
European Central Bank in the field of balance of
payments and international
investment position statis-
tics (2) are therefore required to cater for future enlarge-
ments of the euro area in respect of the provision of
back data. The period for which such back data must be
provided may be reassessed by 2010.
In the case of
Ireland and Italy, such data would have to be reported by
the addressees of this Recommendation,

HAS ADOPTED THIS RECOMMENDATION:

Information that is necessary to meet the ECB's require-
ments in the field of balance of payments and interna-
tional investment position statistics may be collected and/
or compiled by competent authorities other than NCBs.
Therefore, some of the tasks to be undertaken to meet
these requirements require cooperation between the ECB
or the NCBs and such competent authorities, in line with
Article 5.1 of the Statute. Article 4 of Council Regulation
(EC) No 2533/98 of 23 November 1998 concerning the
information by the European
collection of statistical

Article 1

Annexes I, III, IV and VII to Recommendation ECB/2004/16 are
amended in accordance with Annexes I, II, III and IV, respec-
tively, to this recommendation.

(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ C 292, 30.11.2004, p. 21.

(1)

(2)

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Official Journal of the European Union

C 136/7

Article 2

Addressees

This recommendation is addressed to the Central Statistics Office (CSO) in Ireland and the Ufficio Italiano
dei Cambi (UIC) in Italy.

Done at Frankfurt am Main, 31 May 2007.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude TRICHET

Annex I to Recommendation ECB/2004/16 is amended as follows:

1. Paragraph 1.6 is replaced by the following:

ANNEX I

‘From March 2008, starting with data corresponding to January 2008 transactions and to end-2007 positions, port-
folio investment collection systems shall conform to one of the models set out in the table contained in Annex VII.
The chosen model may be phased in to enable the individual NCB to reach the target coverage indicated in Annex VII
at the latest by March 2009, in relation to December 2008 stocks.’

2. The following subparagraph 1.7 is added at the end of paragraph 1:

‘1.7 (a) In respect of any Member State that adopts the euro on or after 1 January 2007, both the NCB of that
Member State and the NCBs of all other participating Member States at the time such Member State adopts
the euro shall provide the ECB with back data corresponding to the data required under Tables 1 to 8 of
Annex III, to enable the compilation of aggregates covering the euro area in its new composition. These NCBs
shall provide the back data from the reference dates set out below, with the exception of the breakdowns
listed under Table 13, for which the earliest reference period to be reported shall be the one indicated in that
table. All back data may be provided on a best estimate basis.

(i) If the Member State that adopts the euro joined the EU before May 2004, the back data shall cover, as a

minimum, the period from 1999.

(ii) If the Member State that adopts the euro joined the EU in May 2004, the back data shall cover, as a

minimum, the period from 2004.

(iii) If the Member State that adopts the euro joined the EU after May 2004, the back data shall cover, as a

minimum, the period from the date on which that Member State joined the EU.

(b) If the back data referred to in subparagraph (a) do not already include monthly observations covering five
years for each of the four main sub-items of the balance of payments current account, namely goods, services,
income and current transfers, then the NCBs shall ensure that the data which they provide include such obser-
vations.’

3. Subparagraph 2.6 is replaced by the following:

‘Transactions and positions in debt securities broken down by currency of issue shall be made available to the ECB
within six months of the end of the period to which the data relate.’

4. The following new subparagraph 4.4a is inserted:

‘4.4a Best estimates are permitted for the following breakdowns in Table 2 of Annex III:

(a) sub-items of income on other investment: I C 2.3.1 to C 2.3.3, and memorandum items 1 to 4;

(b) sub-items of current transfers: I D 1.1 to D 1.8 and D 2.2.1 to D 2.2.11; and

(c) sub-items of capital transfers: II A.1 and A.2.’

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Annex III to Recommendation ECB/2004/16 is amended as follows:

1. Table 2 is replaced by the following:

ANNEX II

‘Table 2

Quarterly national contributions to the euro area balance of payments (1)

I.

Current account

A. Goods

B.

Services

C.

Income

Credit

Debit

Net

extra

extra

extra

extra

extra

extra

1. Compensation of employees

extra

extra

extra

2.

Investment income

2.1. Direct investment

2.1.1.

Income on equity

2.1.1.1. Dividends

and

distributed profit

2.1.1.2. Reinvested

earn-
ings and undistrib-
uted profit

2.1.2.

Income on debt (interest)

2.2. Portfolio investment

2.2.1.

Income on equity

2.2.2.

Income on debt (interest)

2.2.2.1. Bonds and notes

2.2.2.2. Money

market

instruments

2.3. Other investment

2.3.1.

2.3.2.

Interest
(not adjusted for FISIM (2))

according to BPM5

Income attributed to insur-
ance policyholders

2.3.3. Other

Memorandum item:

1.

2.

3.

investment
SNA93 (3) (adjusted for FISIM)

income — interest according to the

value of FISIM

investment income — interest according to BPM5
(not adjusted for FISIM)

4.

investment income — other than interest

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

national

national

national

national

national

extra

extra

extra

extra

extra

extra

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Official Journal of the European Union

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D. Current transfers

1. General government

1.1.

taxes on products

1.2.

other taxes on production

1.3.

subsidies on products

1.4.

other subsidies on production

1.5.

taxes on income, wealth, etc.

1.6.

social contributions

1.7.

1.8.

social benefits other than social transfers in
kind

other current transfers of general govern-
ment

2. Other sectors

2.1. workers' remittances

2.2. other transfers

2.2.1.

taxes on products

2.2.2.

other taxes on production

2.2.3.

subsidies on products

2.2.4.

other subsidies on production

2.2.5.

taxes on income, wealth, etc.

2.2.6.

social contributions

2.2.7.

social benefits other than social
transfers in kind

2.2.8.

net non-life insurance premiums

2.2.9.

non-life insurance claims

2.2.10.

other current transfers of other
sectors not included elsewhere

for

adjustment
net
pension fund reserves

equity of households

the change in
in

2.2.11.

II. Capital account

A. Capital transfers

1.

2.

capital taxes

investment grants and other capital transfers

B. Acquisition/disposal of non-produced non-finan-

cial assets

III. Financial account

1. Direct investment

1.1. Abroad

1.1.1. Equity capital

1.1.1.1. MFIs

(excluding

central

banks)

1.1.1.2. Other sectors

Credit

Debit

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

Net

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

Net assets

Net liabilities

Net

extra

extra

extra

extra

extra

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1.1.2. Reinvested earnings

1.1.2.1. MFIs

(excluding

central

banks)

1.1.2.2. Other sectors

1.1.3. Other capital

1.1.3.1. MFIs

(excluding

central

banks)

1.1.3.2. Other sectors

1.2.

In the reporting country

1.2.1. Equity capital

1.2.1.1. MFIs

(excluding

central

banks)

1.2.1.2. Other sectors

1.2.2. Reinvested earnings

1.2.2.1. MFIs

(excluding

central

banks)

1.2.2.2. Other sectors

1.2.3. Other capital

1.2.3.1. MFIs

(excluding

central

banks)

1.2.3.2. Other sectors

2.

Portfolio investment

2.1. Equity securities

of which: Investment funds and money market
funds shares

(i)

(ii)

(iii)

(iv)

held by monetary authorities

held by general government

held by MFIs (excluding central banks)

held by other sectors

2.1.1. Held by monetary authorities

2.1.2. Held by general government

2.1.3.

Issued by MFIs (excluding central
banks)

Net

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

Net assets

Net liabilities

intra/extra

intra/extra

intra/extra

national

national

national

extra

extra

extra

extra

extra

extra

intra

2.1.4. Held by MFIs
banks)

(excluding central

extra

2.1.5.

Issued by other sectors

2.1.6. Held by other sectors

2.2. Debt securities

2.2.1. Bonds and notes

2.2.1.1.

Issued by monetary autho-
rities

intra

extra

intra/extra

intra/extra

intra

national

national

national

national

national

2.2.1.2. Held by monetary authori-

extra

ties

2.2.1.3.

Issued by general govern-
ment

intra

national

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Net assets

Net liabilities

Net

2.2.1.4. Held by general govern-

ment

2.2.1.5.

Issued by MFIs (excluding
central banks)

extra

intra

2.2.1.6. Held by MFIs

(excluding

extra

central banks)

2.2.1.7.

Issued by other sectors

2.2.1.8. Held by other sectors

intra

extra

2.2.2. Money market instruments

intra/extra

2.2.2.1.

Issued by monetary autho-
rities

intra

2.2.2.2. Held by monetary authori-

extra

ties

national

national

national

national

2.2.2.3.

Issued by general govern-
ment

intra

national

2.2.2.4. Held by general govern-

extra

ment

2.2.2.5.

Issued by MFIs (excluding
central banks)

intra

national

2.2.2.6. Held by MFIs

(excluding

extra

central banks)

2.2.2.7.

Issued by other sectors

2.2.2.8. Held by other sectors

intra

extra

national

3.

Financial derivatives

3.1. Monetary authorities

3.2. General government

3.3. MFIs (excluding central banks)

3.4. Other sectors

4. Other investment

4.1. Monetary authorities

4.1.1. Loans/currency and deposits

4.1.2. Other assets/liabilities

4.2. General government

4.2.1. Trade credits

4.2.2. Loans/currency and deposits

4.2.2.1. Loans

4.2.2.2. Currency and deposits

4.2.3. Other assets/liabilities

4.3. MFIs (excluding central banks)

4.3.1. Loans/currency and deposits

4.3.2. Other assets/liabilities

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

national

national

national

national

national

extra

C 136/12

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Net assets

Net liabilities

Net

extra

extra

extra

extra

4.4. Other sectors

4.4.1. Trade credits

4.4.2. Loans/currency and deposits

4.4.2.1. Loans

4.4.2.2. Currency and deposits

4.4.3. Other assets/liabilities

5. Reserve assets

5.1. Monetary gold

5.2. Special drawing rights

5.3. Reserve position in the IMF

5.4.

Foreign exchange

5.4.1. Currency and deposits

5.4.1.1. with monetary authorities

and the BIS

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

5.4.1.2. with

MFIs
central banks)

(excluding

extra

5.4.2. Securities

5.4.2.1. Equities

5.4.2.2. Bonds and notes

5.4.2.3. Money market instruments

5.4.3. Financial derivatives

5.5. Other claims

extra

extra

extra

extra

extra

extra

(1)

“extra”

“intra”
“national”

means transactions with non-euro area residents (for portfolio investment assets and related income it
refers to the residency of the issuers)
means transactions between different Member States of the euro area
means all cross-border transactions by residents of a participating Member State (used only in connection
with liabilities on portfolio investment accounts and the net balance of the financial derivatives accounts)

(2) Financial intermediation services indirectly measured.
(3) System of National Accounts 1993.’

2. Table 4 is replaced by the following:

‘Table 4

Quarterly national contributions to the euro area international investment position (1)

I. Direct Investment

1.1. Abroad

1.1.1. — Equity and reinvested earnings

1.1.1.1. MFIs (excluding central banks)

1.1.1.2. Other sectors

1.1.2. — Other capital

1.1.2.1. MFIs (excluding central banks)

1.1.2.2. Other sectors

Assets

Liabilities

Net

extra

extra

extra

extra

extra

extra

extra

extra

20.6.2007

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Official Journal of the European Union

C 136/13

Assets

Liabilities

intra/extra

intra/extra

national

national

Net

extra

extra

extra

extra

extra

extra

extra

national

1.2.

In the reporting economy

1.2.1. — Equity and reinvested earnings

1.2.1.1. MFIs (excluding central banks)

1.2.1.2. Other sectors

1.2.2. — Other capital

1.2.2.1. MFIs (excluding central banks)

1.2.2.2. Other sectors

II. Portfolio Investment

2.1. Equity securities

of which: Investment funds and money market funds
shares

(i)

(ii)

(iii)

(iv)

held by monetary authorities

held by general government

held by MFIs (excluding central banks)

held by other sectors

2.1.1. Held by monetary authorities

2.1.2. Held by general government

2.1.3.

Issued by MFIs (excluding central banks)

2.1.4. Held by MFIs (excluding central banks)

2.1.5.

Issued by other sectors

2.1.6. Held by other sectors

2.2. Debt securities

2.2.1. Bonds and notes

2.2.1.1.

Issued by monetary authorities

2.2.1.2. Held by monetary authorities

2.2.1.3.

Issued by general government

2.2.1.4. Held by general government

2.2.1.5.

Issued
central banks)

by MFIs

(excluding

extra

extra

extra

extra

extra

extra

intra

extra

intra

extra

intra/extra

intra/extra

intra

extra

intra

extra

intra

2.2.1.6. Held by MFIs (excluding central

extra

banks)

2.2.1.7.

Issued by other sectors

2.2.1.8. Held by other sectors

intra

extra

2.2.2. Money market instruments

intra/extra

2.2.2.1.

Issued by monetary authorities

2.2.2.2. Held by monetary authorities

2.2.2.3.

Issued by general government

intra

extra

intra

national

national

national

national

national

national

national

national

national

national

national

C 136/14

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Liabilities

Net

extra

extra

extra

extra

extra

extra

national

national

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

2.2.2.4. Held by general government

2.2.2.5.

Issued
central banks)

by MFIs

(excluding

Assets

extra

intra

2.2.2.6. Held by MFIs (excluding central

extra

banks)

2.2.2.7.

Issued by other sectors

2.2.2.8. Held by other sectors

III. Financial derivatives

3.1. Monetary authorities

3.2. General government

3.3. MFIs (excluding central banks)

3.4. Other sectors

IV. Other investment

4.1. Monetary authorities

4.1.1. Loans/currency and deposits

4.1.2. Other assets/liabilities

4.2. General government

4.2.1. Trade credits

4.2.2. Loans/currency and deposits

4.2.2.1. Loans

4.2.2.2. Currency and deposits

4.2.3. Other assets/liabilities

4.3. MFIs (excluding central banks)

4.3.1. Loans/currency and deposits

4.3.2. Other assets/liabilities

4.4. Other sectors

4.4.1. Trade credits

4.4.2. Loans/currency and deposits

4.4.2.1. Loans

4.4.2.2. Currency and deposits

4.4.3. Other assets/liabilities

V. Reserve assets

5.1. Monetary gold

5.2. Special drawing rights

5.3. Reserve position in the IMF

5.4.

Foreign exchange

5.4.1. Currency and deposits

5.4.1.1. with monetary authorities and

the BIS

intra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

5.4.1.2. with MFIs

(excluding central

extra

banks)

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Assets

Liabilities

Net

5.4.2. Securities

5.4.2.1. Equities

5.4.2.2. Bonds and notes

5.4.2.3. Money market instruments

5.4.3. Financial derivatives

5.5. Other claims

extra

extra

extra

extra

extra

extra

(1)

“extra”

“intra”

“national”

means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of
the issuers)

means positions between different Member States of the euro area

means all cross-border positions by residents of a participating Member State (used only in connection
with liabilities on portfolio investment accounts)’

3. Table 5 is replaced by the following:

‘Table 5

Annual national contributions to the euro area international investment position (1)

Assets

Liabilities

I. Direct investment

1.1. Abroad

1.1.1. — Equity and reinvested earnings

1.1.1.1. MFIs (excluding central banks)

1.1.1.2. Other sectors

of which:

1.1.1.A Equity stocks in foreign listed

companies (market values)

1.1.1.B Equity stocks in foreign unlisted
companies (book value)

Memorandum item:

Equity stocks in foreign listed companies (book values)

1.1.2. — Other capital

1.1.2.1. MFIs (excluding central banks)

1.1.2.2. Other sectors

1.2.

In the reporting economy

1.2.1. — Equity and reinvested earnings

1.2.1.1. MFIs (excluding central banks)

1.2.1.2. Other sectors

of which:

1.2.1.A Equity stocks in euro area listed

companies (market values)

Net

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

C 136/16

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Net

extra

extra

extra

extra

extra

national

Assets

Liabilities

1.2.1.B Equity

stocks

in euro area
(book

companies

unlisted
values)

Memorandum item:

Equity stocks in euro area listed companies (book
values)

1.2.2. — Other capital

1.2.2.1. MFIs (excluding central banks)

1.2.2.2. Other sectors

II. Portfolio Investment

2.1. Equity securities

of which: Investment funds and money market funds
shares

intra/extra

intra/extra

national

national

(i)

held by monetary authorities

(ii)

held by general government

(iii)

held by MFIs (excluding central banks)

(iv)

held by other sectors

2.1.1. Held by monetary authorities

2.1.2. Held by general government

2.1.3.

Issued by MFIs (excluding central banks)

2.1.4. Held by MFIs (excluding central banks)

2.1.5.

Issued by other sectors

2.1.6. Held by other sectors

2.2. Debt securities

2.2.1. Bonds and notes

2.2.1.1.

Issued by monetary authorities

2.2.1.2. Held by monetary authorities

2.2.1.3.

Issued by general government

2.2.1.4. Held by general government

2.2.1.5.

Issued
central banks)

by MFIs

(excluding

extra

extra

extra

extra

extra

extra

intra

extra

intra

extra

intra/extra

intra/extra

intra

extra

intra

extra

intra

2.2.1.6. Held by MFIs (excluding central

extra

banks)

2.2.1.7.

Issued by other sectors

2.2.1.8. Held by other sectors

intra

extra

2.2.2. Money market instruments

intra/extra

2.2.2.1.

Issued by monetary authorities

2.2.2.2. Held by monetary authorities

intra

extra

national

national

national

national

national

national

national

national

national

national

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Official Journal of the European Union

C 136/17

Assets

Liabilities

Net

extra

extra

extra

extra

extra

extra

national

national

national

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

2.2.2.3.

Issued by general government

2.2.2.4. Held by general government

2.2.2.5.

Issued
central banks)

by MFIs

(excluding

intra

extra

intra

2.2.2.6. Held by MFIs (excluding central

extra

banks)

2.2.2.7.

Issued by other sectors

2.2.2.8. Held by other sectors

III. Financial derivatives

3.1. Monetary authorities

3.2. General government

3.3. MFIs (excluding central banks)

3.4. Other sectors

IV. Other investment

4.1. Monetary authorities

4.1.1. Loans/currency and deposits

4.1.2. Other assets/liabilities

4.2. General government

4.2.1. Trade credits

4.2.2. Loans/currency and deposits

4.2.2.1. Loans

4.2.2.2. Currency and deposits

4.2.3. Other assets/liabilities

4.3. MFIs (excluding central banks)

4.3.1. Loans/currency and deposits

4.3.2. Other assets/liabilities

4.4. Other sectors

4.4.1. Trade credits

4.4.2. Loans/currency and deposits

4.4.2.1. Loans

4.4.2.2. Currency and deposits

4.4.3. Other assets/liabilities

V. Reserve assets

5.1. Monetary gold

5.2. Special drawing rights

5.3. Reserve position in the IMF

5.4.

Foreign exchange

5.4.1. Currency and deposits

5.4.1.1. with monetary authorities and

the BIS

intra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

extra

5.4.1.2. with MFIs

(excluding central

extra

banks)

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Official Journal of the European Union

20.6.2007

Assets

Liabilities

Net

5.4.2. Securities

5.4.2.1. Equities

5.4.2.2. Bonds and notes

5.4.2.3. Money market instruments

5.4.3. Financial derivatives

5.5. Other claims

extra

extra

extra

extra

extra

extra

(1)

“extra”

means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of the
issuers)

“intra”

“national”

means positions between different Member States of the euro area

means all cross-border positions by residents of a participating Member State (used only in connection with
liabilities on portfolio investment accounts)’

4. Table 9 is replaced by the following:

‘Table 9

ECB geographical breakdowns for quarterly balance of payments flows and annual international investment
position data

— Denmark

— Sweden

— United Kingdom

— EU Member States outside the euro area and excluding Denmark, Sweden and the United Kingdom (1)

— EU institutions (2)

— Switzerland

— Canada

— United States

— Japan

— Offshore centres (3)

— of which: Hong Kong

— International organisations excluding the EU institutions (4)

— Brazil

— China

— India

— Russian Federation’

(1) No individual breakdown is required.
(2) See composition in Table 12. No individual breakdown is required.
(3) Only mandatory for the balance of payments financial account, the related income accounts and the international investment posi-
tion. Current account (excluding income) flows vis-à-vis offshore centres may be reported either separately or indistinguishably
under the residual item category. See composition in Table 11. No individual breakdown is required.

(4) See composition in Table 12. No individual breakdown is required.

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C 136/19

5. Table 13 is amended by inserting the following rows at the end of the Table:

‘Income on equity breakdown

Quarterly b.o.p.

Items I. C.2.1.1.1 and C.2.1.1.2 (*)

Income on other investment breakdown

Quarterly b.o.p.

Items I. C.2.3.1 to C.2.3.3 (*)

Memorandum items 1 to 4 (*)

Current transfer breakdown

Quarterly b.o.p.

Items I. D.1, D.2, D.2.1 and D.2.2 (*)

Q4 2007

March 2008

Q4 2008

March 2009

Q4 2008

March 2009

Q4 2007

March 2008

Items I. D.1.1 to D.1.8 and D.2.2.1 to D 2.2.11 (*)

Q4 2008

March 2009

Capital account breakdown

Quarterly b.o.p.

Items II.A and II.B (*)

Items II.A.1 and II.A.2 (*)

Portfolio investment — equity securities — investment
funds and money market funds shares

Quarterly b.o.p.

Quarterly i.i.p.

Annual i.i.p.

(*) See Table 2 of Annex III’.

Q4 2007

March 2008

Q4 2008

March 2009

Q1 2010

June 2010

Q1 2010

June 2010

End December
2009

June 2010

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 2

Annex III,
Table 4

Annex III,
Table 5'

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Annex IV to Recommendation ECB/2004/16 is amended as follows:

1. The following text is inserted immediately before Section 1:

ANNEX III

‘The terms “resident” and “residing” fall within the definitions laid down in Article 1.4 of Council Regulation (EC)
No 2533/1998. In the case of the euro area, the economic territory comprises: (i) the economic territory of the partici-
pating Member States; and (ii) the ECB, which is regarded as a resident unit of the euro area.

The rest of the world (RoW) comprises the economic territories outside the euro area, i.e. Member States that have not
adopted the euro, all third countries and international organisations, including those physically located within the euro
area. All EU institutions (1) are considered to be resident outside the euro area. Consequently, all transactions of partici-
pating Member States vis-à-vis EU institutions are recorded and classified as non-euro area transactions in the euro
area balance of payments and international investment position statistics.

In the cases set out below, residence is determined as follows:

(a) staff from embassies and military bases are to be classified as residents of the country of the employing govern-
ment, except if they have been recruited locally in the host country where the embassy or military base is located;

(b) when undertaking cross-border transactions in land and/or buildings (e.g. holiday homes), property owners are
treated as if they have transferred their ownership to a notional institutional unit that is actually resident in the
country where the property is located. The notional unit is treated as being owned and controlled by the non-resi-
dent owner;

(c) in the absence of any significant physical dimension to a legal entity, e.g. investment funds (as distinct from their
managers), securitisation vehicles, and some special purpose entities, its residence is determined by the economic
territory under whose laws the entity is incorporated. If the entity is not incorporated, legal domicile is used as a
criterion, namely the country whose legal system governs the creation and continued existence of the entity.’

2. In the third paragraph of subsection 1.1, the second sentence (‘The main difference is that the ECB does not require a

breakdown of direct investment income on equity into distributed and undistributed profits.’) is deleted.

3. The second paragraph of subsection 1.2 (‘While the IMF's standard components of the capital account consist of a
sectoral breakdown into the items “general government” and “other sectors” (with a further breakdown thereafter), the
ECB compiles only a lump-sum capital account, without any breakdown.’) is deleted.

ANNEX IV

Annex VII to Recommendation ECB/2004/16 is amended as follows:

1. In the third paragraph, the second sentence (‘Therefore, if the “project closure document” for Phase 1 of the CSDB
project is not submitted to the Governing Council via the Statistics Committee of the European System of Central
Banks by the end of March 2005, this deadline will be postponed by the same amount of time as that by which the
submission is late.’) is deleted.

2. The sentence starting ‘From March 2008’ and ending ‘in the following table’ is replaced by the following sentence:

‘From the date specified in paragraph 1.6 of Annex I, and taking into account the phasing-in option referred to in that
paragraph, euro area portfolio investment collection systems conform to one of the models in the following table:’.

(1) The ECB is not included.