Regulation (EC) No 25/2009 of the European Central Bank of 19 December 2008 concerning the balance sheet of the monetary financial institutions sector (Recast) (ECB/2008/32)
Date: 2008-12-19
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, balance sheet, data collection, financial institution, financial statistics

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REGULATION (EC) No 25/2009 OF THE EUROPEAN CENTRAL BANK

of 19 December 2008

concerning the balance sheet of the monetary financial institutions sector (Recast)

(ECB/2008/32)

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
to Article 5(1) and Article 6(4) thereof,

Having regard to Council Regulation (EC) No 2531/98 of
23 November 1998 concerning the application of minimum
reserves by the European Central Bank (2), and in particular to
Article 6(4) thereof,

Having regard to Directive 2006/48/EC of
the European
Parliament and of the Council of 14 June 2006 relating to the
taking up and pursuit of the business of credit institutions
(recast) (3),

Having regard to Council Regulation (EC) No 2223/96 of
25 June 1996 on the European system of national and regional
accounts in the Community (4),

Whereas:

(1) 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) (5) has been significantly amended on
several occasions. Since further amendments
to this
Regulation are now required,
it should be recast in the
interests of clarity and transparency.

(2)

its

fulfilment of

The European System of Central Banks (ESCB) requires, for
the production of
the
the
tasks,
consolidated balance sheet of
the monetary financial
institutions (MFI) sector. The principal purpose thereof is
to provide the European Central Bank (ECB) with a
comprehensive statistical picture of monetary develop-
ments in the participating Member States, which are viewed
as one economic territory. These statistics cover aggregate
financial assets and liabilities,
in terms of stocks and
transactions, based on a complete and homogeneous MFI
sector and reporting population, and are produced on a
regular basis. Sufficiently detailed statistical data are also
necessary to guarantee the continued analytical usefulness
of the calculated monetary aggregates and counterparts
covering this territory.

(3)

The ECB is required, in accordance with the EC Treaty and
the
under the conditions laid down in the Statute of

(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ L 318, 27.11.1998, p. 1.
(3) OJ L 177, 30.6.2006, p. 1.
(4) OJ L 310, 30.11.1996, p. 1.
(5) OJ L 333, 17.12.2001, p. 1.

European System of Central Banks and of the European
Central Bank (the ESCB Statute), to make regulations to the
extent necessary to implement the ESCB's tasks as defined
in the ESCB Statute and in some cases as laid down in the
provisions adopted by the Council pursuant
to Arti-
cle 107(6) of the Treaty.

(4) Article 5.1 of the ESCB Statute requires the ECB, assisted by
the national central banks (NCBs), to collect the necessary
statistical information either from the competent national
authorities or directly from economic agents in order to
undertake the ESCB's tasks. Article 5.2 of the ESCB Statute
stipulates that the NCBs shall carry out, to the extent
possible, the tasks described in Article 5.1.

(5) Article 3 of Regulation (EC) No 2533/98 requires the ECB
to specify the actual reporting population within the limits
of the reference reporting population and entitles it to fully
or partly exempt specific classes of reporting agents from
its statistical reporting requirements. Article 6(4) provides
that
specifying the
conditions under which the right to verify or to carry out
the compulsory collection of statistical information may be
exercised.

the ECB may adopt

regulations

(6) Article 4 of Regulation (EC) No 2533/98 requires Member
States to organise themselves in the field of statistics and to
cooperate fully with the ESCB in order to ensure fulfilment
of the obligations arising from Article 5 of the ESCB
Statute.

(7)

It may be appropriate for NCBs to collect from the actual
reporting population the statistical information necessary
to fulfil the ECB's statistical requirements as part of a
broader statistical reporting framework which the NCBs
establish under their own responsibility in accordance with
Community or national
law or established practice and
which also serves other statistical purposes, provided that
the fulfilment of the ECB's statistical requirements is not
jeopardised. This may also reduce the reporting burden. In
order to foster transparency, it is appropriate, in these cases,
to inform the reporting agents that data are collected to
fulfil other statistical purposes. In specific cases, the ECB
may rely on statistical information collected for such other
purposes to fulfil its requirements.

(8)

The statistical requirements are most detailed where the
the money-holding sector.
counterparties are part of
Detailed data are required on:
(a) deposit liabilities by
subsector and maturity classified further by currency to
permit a closer analysis of the developments of the foreign

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currency components included in M3 and to facilitate
investigations concerning the degree of substitutability
between foreign currency and euro-denominated compo-
nents of M3; (b) loans by subsector, maturity, purpose,
interest rate reset and currency, as this information is
for monetary analysis purposes;
considered essential
(c) positions vis-à-vis other MFIs in so far as this is
necessary to allow for netting of inter-MFI balances or to
calculate the reserve base; (d) positions vis-à-vis non-euro
area residents (rest of the world) for ‘deposits over two years
agreed maturity’, ‘deposits redeemable at notice over two
years’ and ‘repos’
in order to calculate the reserve base
subject to the positive reserve ratio; (e) positions vis-à-vis
the rest of the world for total deposit liabilities in order to
compile the external counterparts; (f) deposit liabilities and
loans vis-à-vis the rest of the world below and above one
year original maturity for balance of payments and financial
accounts purposes.

information on MFIs'

(9) Where this may reduce the reporting burden on credit
institutions and support
the development of enhanced
statistics, NCBs are encouraged to promote security-by-
security reporting arrangements for the collection of the
statistical
securities portfolios
required by this Regulation. In respect of money market
funds (MMFs), NCBs may allow them to report in line with
Regulation (EC) No 958/2007 of the European Central
Bank of 27 July 2007 concerning statistics on the assets
and liabilities of investment funds (ECB/2007/8) (1), so as to
alleviate the burden on fund managers.

(10) Financial transactions are computed by the ECB as the
difference between stock positions at end-month reporting
dates, from which the effect of changes that arise due to
influences other
removed. The
than transactions
requirement addressed to the reporting agents does not
cover the exchange rate changes, which are calculated by
the ECB from currency-by-currency stock data supplied by
the reporting agents, or the reclassification adjustments,
which are collected by the NCBs themselves using various
information sources that are already available.

is

(11) Article 5 of Regulation (EC) No 2531/98 empowers the
ECB to adopt regulations or decisions in order to exempt
institutions from the minimum reserve requirements, to
specify modalities to exclude or deduct liabilities owed to
any other institution from the reserve base, and to establish
differing reserve ratios for specific categories of liabilities.
Under Article 6 of Regulation (EC) No 2531/98, the ECB
has the right to collect from institutions the information
necessary for the application of minimum reserve require-
ments, and to verify the accuracy and quality of
the
information which institutions provide to demonstrate
compliance with the minimum reserve requirements. In
order to reduce the overall reporting burden, it is desirable
for
information regarding the monthly
balance sheet to be used for the regular calculation of the
reserve base of the credit institutions subject to the ECB's

the statistical

(1) OJ L 211, 11.8.2007, p. 8.

minimum reserve system, in accordance with Regulation
(EC) No 1745/2003 of
the European Central Bank of
12 September 2003 on the application of minimum
reserves (ECB/2003/9) (2).

(12) The determination of specific procedures to be applied in
the case of mergers involving credit institutions is necessary
in order to clarify the obligations of these institutions in
respect of reserve requirements.

(13) The ECB requires

information on the

securitisation
activities of MFIs in order to interpret credit and loan
developments in the euro area. Such information also
complements data reported under Regulation (EC) No 24/
2009 of the European Central Bank of 19 December 2008
concerning statistics on the assets and liabilities of financial
vehicle corporations engaged in securitisation transactions
(ECB/2008/30) (3).

(14) While it is recognised that regulations adopted by the ECB
do not confer any rights or impose any obligations on non-
participating Member States, Article 5 of the ESCB Statute
applies to both participating and non-participating Member
States. Regulation (EC) No 2533/98 recalls that Article 5 of
the ESCB Statute, together with Article 10 of the Treaty,
implies an obligation on the non-participating Member
States to design and implement at national level all the
measures that they consider appropriate in order to carry
out the collection of the statistical information needed to
fulfil the ECB's statistical reporting requirements and to
ensure timely preparations in the field of statistics in order
for them to become participating Member States,

HAS ADOPTED THIS REGULATION:

Article 1

Definitions

For the purpose of this Regulation:

— ‘monetary financial

institution’

(MFI) means a resident
credit institution as defined in Community law, or another
resident financial institution whose business is to receive
deposits and/or close substitutes for deposits from entities
other than MFIs and, for its own account (at least in
economic terms), to grant credits and/or make investments
in securities. The MFI sector comprises (4): (a) central banks;
(b) credit institutions as defined in Article 4(1) of Directive

(2) OJ L 250, 2.10.2003, p. 10.
(3) See page 1 of this Official Journal.
(4)

In the European System of Accounts (ESA 95), financial institutions
classified as MFIs are categorised into two subsectors, namely ‘central
banks’ (S.121) and ‘other MFIs’ (S.122).

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2006/48/EC (an undertaking whose business is to receive
deposits or other repayable funds from the public (1) and to
grant credits for its own account or an electronic money
institution within the meaning of Directive 2000/46/EC of
the European Parliament and of the Council of 18 Septem-
ber 2000 on the taking up, pursuit of and prudential
supervision of the business of electronic money institu-
tions (2)); and (c) other MFIs, i.e. other resident financial
institutions which fulfil the MFI definition, irrespective of
the nature of their business. The degree of substitutability
between the instruments issued by the latter and the
deposits placed with credit institutions determines their
classification, provided that they meet the MFI definition in
other respects. In the case of collective investment under-
takings, MMFs fulfil the agreed conditions for liquidity and
are therefore included in the MFI sector (see principles on
identification of MFIs in Annex I, Part 1),

— ‘participating Member State’ means a participating Member
State as defined in Article 1 of Regulation (EC) No 2533/
98,

— ‘non-participating Member State’ means a Member State

which has not adopted the euro,

transferee, achieved either by transfer of ownership or by
sub-participation,

— ‘loan acquisition’ means the economic transfer of a loan or
pool of loans from a non-MFI transferor to the reporting
agent, achieved either by transfer of ownership or by sub-
participation.

Article 2

Actual reporting population

1. The actual reporting population shall consist of the MFIs
resident in the territory of the participating Member States (in
line with Annex II, Part 1).

2. The MFIs in the actual reporting population shall be subject
to full reporting requirements unless any derogation granted
pursuant to Article 8 applies.

— ‘reporting agent’ means a reporting agent as defined in

Article 1 of Regulation (EC) No 2533/98,

3.
Entities which meet the MFI definition shall fall under the
scope of this Regulation even if they are excluded from the scope
of Directive 2006/48/EC.

— ‘resident’ means

resident as defined in Article 1 of

Regulation (EC) No 2533/98,

— ‘financial vehicle corporation’

(FVC) means a financial
vehicle corporation as defined in Article 1 of Regulation
(EC) No 24/2009 (ECB/2008/30),

— ‘securitisation’ means a transaction which is either: (a) a
traditional securitisation as defined in Article 4 of Directive
2006/48/EC; and/or (b) a securitisation as defined in
Article 1 of Regulation (EC) No 24/2009 (ECB/2008/30),
which involves the disposal of the loans being securitised to
an FVC,

— ‘electronic money institution’ and ‘electronic money’ mean
electronic money institution and electronic money as
defined in Article 1(3) of Directive 2000/46/EC,

— ‘write-down’ means the direct reduction of the carrying
amount of a loan on the balance sheet due to its
impairment,

4.
For the purposes of the collection of information on the
residency of the holders of MMF shares/units as specified in
Annex I, Part 2, Section 5.5, the actual reporting population shall
also consist of other
insur-
ance corporations and pension funds (OFIs), as set out in Arti-
cle 2(2)(a) of Regulation (EC) No 2533/98, subject
to any
derogations.

intermediaries except

financial

Article 3

List of MFIs for statistical purposes

1. The Executive Board of the ECB shall establish and maintain
a list of MFIs for statistical purposes, taking into account the
requirements in respect of frequency and timeliness which arise
from its use in the context of the ECB's minimum reserve system.
The list of MFIs for statistical purposes shall include an entry on
whether or not they are subject to the ECB's minimum reserve
system. The list of MFIs shall be up to date, accurate, as
homogeneous as possible and sufficiently stable for statistical
purposes.

— ‘servicer’ means an MFI which manages the loans under-
lying a securitisation on a day-to-day basis in terms of the
collection of principal and interest from the obligors, which
is then forwarded to investors in the securitisation scheme,

2. The list of MFIs for statistical purposes and its updates shall
be made accessible by NCBs and the ECB to the reporting agents
in an appropriate manner, including by electronic means, via the
Internet or, at the request of the reporting agents, in paper form.

— ‘loan disposal’ means the economic transfer of a loan or
to a non-MFI
loans by the reporting agent

pool of

(1)

Including the proceeds arising from the sale of bank bonds to the
public.

(2) OJ L 275, 27.10.2000, p. 39.

3. The list of MFIs for statistical purposes shall be for
information only. However,
if the latest accessible version of
the list is incorrect, the ECB shall not impose sanctions on any
entity which did not properly fulfil its reporting requirements to
the extent that it relied in good faith on the incorrect list.

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Article 4

Statistical reporting requirements

taking into account the timeliness requirements of the ECB's
minimum reserve system where relevant, and shall inform the
reporting agents accordingly.

1. The actual reporting population shall report to the NCB of
the Member State in which the MFI is resident monthly stocks
relating to the end-of-month balance sheet and monthly
aggregated revaluation adjustments. Aggregated revaluation
adjustments shall be reported in respect of
loan write-offs/
write-downs corresponding to the loans granted by the reporting
agents and covering the price revaluations of securities. Further
details on certain items of the balance sheet and non-balance
sheet information shall be reported quarterly or annually. The
required statistical information is specified in Annex I.

2. NCBs may collect the required statistical
information on
securities issued and held by MFIs on a security-by-security basis,
to the extent that the data referred to in paragraph 1 can be
derived in accordance with minimum statistical standards as
specified in Annex IV.

shall

report

in accordance with the minimum
3. MFIs
requirements set out in Table 1A of Part 5 of Annex I monthly
revaluation adjustments in respect of the full set of data required
by the ECB. NCBs may collect additional data not covered by the
minimum requirements. These additional data may refer to the
breakdowns marked in Table 1A other than the ‘minimum
requirements’.

4.
In addition, the ECB may require explanatory information
on the adjustments in ‘reclassifications and other adjustments’
collected by the NCBs.

Article 5

Additional statistical reporting requirements for loan
securitisations and other loan transfers

MFIs shall report the following in accordance with Part 6 of
Annex I:

2. Monthly statistics shall be transmitted by the NCBs to the
ECB by close of business on the 15th working day following the
end of the month to which they relate.

3. Quarterly statistics shall be transmitted by the NCBs to the
ECB by close of business on the 28th working day following the
end of the quarter to which they relate.

4. Annual statistics shall be transmitted by the NCBs to the ECB
in accordance with Article 17(2) of Guideline ECB/2007/9 of
1 August 2007 on monetary, financial institutions and markets
statistics (recast) (1).

Article 7

Accounting rules for the purposes of statistical reporting

in this Regulation,

1. Unless otherwise provided for
the
accounting rules followed by MFIs for the purposes of reporting
under this Regulation shall be 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 (2), as well as in any other
international standards applicable.

liabilities and loans shall be reported at

their
2. Deposit
principal amount outstanding at the end of the month. Write-
downs as determined by the relevant accounting practices shall
be excluded from this amount. Deposit liabilities and loans shall
not be netted against any other assets or liabilities.

3. Without prejudice to accounting practices and netting
arrangements prevailing in Member States, all financial assets
and liabilities shall be reported on a gross basis for statistical
purposes.

1.

2.

The net flow of loan securitisations and other loan transfers
carried out during the reporting period;

The end-of-quarter amount outstanding in respect of all
loans for which the MFI acts as servicer in a securitisation;

the time of

4. NCBs may allow the reporting of provisioned loans net of
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.

3. When applying the International Accounting Standard 39
(IAS 39) or similar national accounting rules, the end-of-
period amount outstanding in respect of loans disposed of
by means of a securitisation that has not been derecognised
from the balance sheet.

Article 6

Timeliness

Article 8

Derogations

1. Derogations may be granted to small MFIs (MFIs in the ‘tail’).

(a) NCBs may grant derogations to small MFIs, provided that
their combined contribution to the national MFI balance
sheet in terms of stocks does not exceed 5 %;

1. NCBs shall decide when they need to receive data from
reporting agents in order to meet the deadlines set out below,

(1) OJ L 341, 27.12.2007, p. 1.
(2) OJ L 372, 31.12.1986, p. 1.

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(b) with regard to credit institutions, the derogations referred
to in point (a) shall have the effect of reducing the statistical
reporting requirements of credit institutions to which such
derogations apply without prejudice to the requirements for
the calculation of minimum reserves as set out in Annex III;

information on the residency of the holder(s). ‘MMF bearer
shares/units’ shall mean MMF shares/units in respect of
which, in accordance with national legislation, a record is
not kept identifying the holder(s) thereof, or in respect of
which a record is kept which does not contain information
on the residency of the holder(s).

(c) with regard to small MFIs that are not credit institutions,
where a derogation referred to in point (a) applies NCBs
shall continue, as a minimum, to collect data relating to the
total balance sheet at least at an annual frequency so that
the size of the reporting ‘tail’ can be monitored;

(d) without prejudice to point (a), NCBs may grant derogations
to credit institutions that do not benefit from the regime
laid down in points (a) and (b) with the effect of reducing
their reporting requirements to those laid down in Part 7 of
Annex I, provided that their combined contribution to the
national MFI balance sheet in terms of stocks exceeds
neither 10 % of the national MFI balance sheet nor 1 % of
the euro area MFI balance sheet;

(e) NCBs shall check the fulfilment of the conditions set out in
points (a) and (d)
in good time in order to grant or
withdraw, if necessary, any derogation with effect from the
start of each year;

(f)

small MFIs may choose not to make use of the derogations
and to fulfil the full reporting requirements instead.

2. Derogations may be granted to MMFs.

NCBs may grant derogations to MMFs from the reporting
requirements set out in Article 4(1) provided that MMFs instead
report balance sheet data in accordance with Article 6 of
Regulation (EC) No 958/2007 (ECB/2007/8), subject to the
following requirements:

— MMFs report such data on a monthly basis in accordance
with the ‘combined approach’ set out
to
Regulation (EC) No 958/2007 (ECB/2007/8) and in
accordance with the timeliness requirements set out in
Article 9 thereof,

in Annex I

— MMFs report end-of-month stock data on MMF shares/units
in accordance with the timeliness requirements set out in
Article 6(2).

(b) Where registered shares/units or bearer shares/units are
issued for the first time or where market developments
require a change of option or combination of options (as
defined in Section 5.5 of Part 2 of Annex I), NCBs may
grant derogations for one year in respect of the require-
ments set out in Section 5.5 of Part 2 of Annex I.

(c) As regards residency of the holders of MMF shares/units,
NCBs may grant derogations to reporting agents provided
that the required statistical information is collected from
other available sources in accordance with Section 5.5 of
Part 2 of Annex I. 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. For the purposes of this
Regulation, NCBs may establish and maintain a list of
reporting OFIs in accordance with the principles set out in
Section 5.5 of Part 2 of Annex I.

4. Without prejudice to paragraph 1, derogations may be
granted to electronic money institutions.

(a) Without prejudice to Directive 2006/48/EC and Article 2 of
Regulation (EC) No 1745/2003 (ECB/2003/9) and subject
to point (b), NCBs may grant derogations to individual
electronic money institutions. The NCBs shall check the
fulfilment of the requirements of point (b) in good time in
order to grant or withdraw, if necessary, any derogation.
Any NCB that grants such a derogation shall inform the
ECB thereof.

(b) NCBs may grant derogations to individual electronic money
institutions if at least one of the following conditions is
fulfilled:

(i)

the electronic money that they issue is accepted as
payment only by a limited number of undertakings,
which can be clearly distinguished by:

— their location in the same premises or other

limited local area, and/or

— their close financial or business relationship with
the issuing institution, such as a shared owner-
ship, marketing or distribution structure, even if
the issuing institution and the accepting under-
taking are set up as separate legal entities; or

3. Derogations may be granted in respect of MMF shares/units.

(ii)

(a)

‘MMF registered shares/units’ shall mean MMF shares/units
in respect of which, in accordance with national legislation,
a record is kept identifying the holder(s) thereof, including

over three-quarters of
unrelated to the
electronic money and the liabilities
outstanding
EUR 100 million.

their total balance sheet
is
issuance or administration of
relating to
exceed

electronic money

do not

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(c)

is granted a
If an electronic money institution that
derogation is not exempted from the minimum reserve
requirements, it shall report, as a minimum, the quarterly
data necessary to calculate the reserve base, as laid down in
Annex III. The institution may choose to report
the
restricted set of reserve base data at a monthly frequency.

(d) Whenever an individual electronic money institution is
granted a derogation, the ECB will, for statistical purposes,
record the institution in the list of MFIs as a non-financial
corporation. The institution will also be treated as a non-
financial corporation in situations where it is the counter-
party of an MFI. The institution will continue to be treated
the ECB's
as a credit
minimum reserve requirements.

the purposes of

institution for

least

on the instrument category, maturity and issuer which
the
is at
for
breakdowns defined as ‘minimum requirements’
in
Part 5 of Annex I.

the derivation of

sufficient

6. Derogations may be granted in respect of the statistical
reporting of
that are disposed of by means of a
securitisation.

loans

MFIs applying the IAS 39 or similar national accounting rules
may be allowed by their NCB to exclude from the stocks required
by Parts 2 and 3 of Annex I any loans disposed of by means of a
securitisation in accordance with national practice, provided that
this practice is applied by all resident MFIs.

5. Derogations may be granted in respect of
adjustments.

revaluation

7. Derogations may be granted in respect of certain quarterly
stocks related to non-euro area Member States.

(a) Without prejudice to paragraph 1, NCBs may grant
derogations in respect of
the reporting of revaluation
adjustments to MMFs, removing from the MMFs any
requirement to report revaluation adjustments.

(b) NCBs may grant derogations in respect of the frequency
and timeliness of the reporting of price revaluations of
securities and require these data on a quarterly basis and
with the same timeliness as for stock data reported on a
quarterly basis, subject to the following requirements:

If figures collected at a higher level of aggregation show that
positions vis-à-vis counterparties resident in any Member State
or positions vis-à-vis the currency of a Member State that has not
adopted the euro are insignificant, an NCB may decide not to
require reporting in relation to such a Member State. The NCB
shall inform its reporting agents of any such decision.

Article 9

Minimum standards and national reporting arrangements

(i)

reporting agents, using different valuation methods,
shall provide the NCBs with the relevant information
on valuation practices, including quantitative indica-
tions on the percentage of their holdings of these
instruments;

information shall be reported in
1. The required statistical
accordance with the minimum standards for
transmission,
accuracy, conceptual compliance and revisions as set out in
Annex IV.

(ii) where a substantial price revaluation has occurred,
NCBs shall be entitled to request reporting agents to
provide additional information relating to the month
in which this took place.

(c) NCBs may grant derogations in respect of the reporting of
price revaluations of securities, including the granting of
complete exemption from any such reporting, to credit
institutions which report the monthly stocks of securities
on a security-by-security basis, subject to the following
requirements:

(i)

the information reported includes, for each security,
its carrying value on the balance sheet;

(ii)

for securities without publicy available identification
codes, the information reported includes information

2. The NCBs
the reporting
shall define and implement
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 and allow accurate checking of compliance
with the minimum standards
transmission, accuracy,
conceptual compliance and revisions as set out in Annex IV.

for

Article 10

Mergers, divisions and reorganisations

the fulfilment of

its statistical obligations,

In the event of a merger, division or any other reorganisation that
might affect
the
reporting agent concerned shall inform the relevant NCB, once
the intention to implement such an operation has become public
and within a reasonable time before it takes effect, of
the
procedures that are planned to fulfil the statistical reporting
requirements set out in this Regulation.

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Article 11

Use of the reported statistical information for the purpose
of minimum reserves

1. The statistical information reported by credit institutions in
accordance with this Regulation shall be used by each credit
institution to calculate its reserve base in accordance with
Regulation (EC) No 1745/2003 (ECB/2003/9). In particular, each
credit
information to verify the
its reserve requirement over the maintenance
fulfilment of
period.

institution shall use this

2. The reserve base data for the small institutions in the ‘tail’ for
three reserve maintenance periods shall be based on end-of-
quarter data collected by the NCBs within 28 working days
following the end of the quarter to which they relate.

3. The special rules on the application of the ECB's minimum
reserve system set out
in Annex III shall prevail over any
provisions of Regulation (EC) No 1745/2003 (ECB/2003/9) in
the case of conflict.

credit

institutions,

requirements

In order to facilitate the liquidity management of the ECB
4.
and of
shall be
reserve
confirmed at the latest on the first day of the maintenance
period; however the need may exceptionally arise for credit
institutions to report revisions to the reserve base or to reserve
requirements which have been confirmed. The procedures for
confirmation or acknowledgement of reserve requirements are
without prejudice to the obligation for reporting agents always to
report correct statistical information and to revise as soon as
possible any incorrect statistical information they have already
reported.

Article 12

Verification and compulsory collection

to verify or collect

The NCBs shall exercise the right
the
information which reporting agents are required to provide
pursuant to this Regulation, without prejudice to the ECB's right
to exercise this right itself. In particular, the NCBs shall exercise
this right when an institution included in the actual reporting
population does not fulfil the minimum standards for transmis-
sion, accuracy, conceptual compliance and revisions specified in
Annex IV.

Done at Frankfurt am Main, 19 December 2008.

Article 13

First reporting

1.
First reporting according to this Regulation shall begin with
data for June 2010, including data back to December 2009 for
Table 5 only.

2.
First reporting according to this Regulation in respect of
cells corresponding to syndicated loans in Table 1 of Part 2 of
Annex I shall begin with data for December 2011.

3.
First reporting according to this Regulation in respect of
cells corresponding to Member States that have adopted the euro
in Table 3 of Part 3 of Annex I shall begin with the first quarterly
data after the date of their adoption of the euro.

4.
First reporting according to this Regulation in respect of
cells corresponding to Member States that have not adopted the
euro in Tables 3 and 4 of Part 3 of Annex I shall begin with the
first quarterly data after the date of their accession to the EU. If
the relevant NCB decides not
to require first reporting of
insignificant data beginning with the first quarterly data after the
date of the relevant Member State or Member States' accession to
the EU, reporting shall begin 12 months after the NCB informs
the reporting agents that data are required.

Article 14

Repeal

1. Regulation (EC) No 2423/2001 (ECB/2001/13) shall be
repealed with effect from 1 July 2010.

2. References made to the repealed Regulation shall be
construed as references to this Regulation and be read in
accordance with the correlation table set out in Annex V.

Article 15

Final provision

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

It shall apply from 1 July 2010.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude TRICHET

20.1.2009

EN

Official Journal of the European Union

L 15/21

ANNEX I

MONETARY FINANCIAL INSTITUTIONS AND STATISTICAL REPORTING REQUIREMENTS

The statistical system for the participating Member States covering the balance sheet of the monetary financial institution
(MFI) sector comprises the two following main elements:

Introduction

(a)

a list of MFIs for statistical purposes (see Part 1 for identification of certain MFIs); and

(b)

a specification of the statistical information reported by these MFIs at monthly, quarterly and annual frequency (see
Parts 2, 3, 4, 5, 6 and 7).

For the purpose of obtaining complete information on the MFIs' balance sheets, it is also necessary to impose certain
reporting requirements on other financial intermediaries except insurance corporations and pension funds (OFIs), when
acting in the context of financial activities involving money market fund (MMF) shares/units. This statistical information is
collected by the national central banks (NCBs) from the MFIs and from OFIs, in accordance with Part 2 and according to
national arrangements relying on the harmonised definitions and classifications set out in Article 1 and Annex II.

The money stock includes notes and coins in circulation and other monetary liabilities (deposits and other financial
instruments which are close substitutes for deposits) of MFIs. The counterparts to the money stock comprise all other items
in the MFI balance sheet. The ECB also compiles financial transactions derived from the stocks and from other data,
including revaluation adjustment data reported by MFIs (see Part 5).

The statistical information required by the ECB is summarised in Part 8.

PART 1

Identification of certain MFIs

Section 1: Identification of certain MFIs based on principles of substitutability of deposits

1.1. Financial

institutions other than credit institutions which issue financial

instruments that are considered close
substitutes for deposits are classified as MFIs provided that they meet the MFI definition in other respects. The
classification is based on the criteria of substitutability of deposits (i.e. whether liabilities are classified as deposits)
which is determined by their liquidity, combining characteristics of transferability, convertibility, certainty and
marketability, and having regard, where appropriate, to their term of issue.

These criteria for the substitutability of deposits are also applied to determine whether liabilities should be classified as
deposits, unless there is a separate category for such liabilities.

1.2. For the purposes both of determining substitutability of deposits and classifying liabilities as deposits:

— transferability refers to the possibility of mobilising funds placed in a financial instrument by using payment

facilities, such as cheques, transfer orders, direct debits or similar means,

— convertibility refers to the possibility and the cost of converting financial

instruments into currency or
transferable deposits; the loss of fiscal advantages in the case of such conversion may be considered a penalty
that reduces the degree of liquidity,

— certainty means knowing precisely in advance the capital value of a financial instrument in terms of national

currency, and

— securities quoted and traded regularly on an organised market are considered to be marketable. For shares in
open-end collective investment undertakings, there is no market in the usual sense. Nevertheless, investors
know the daily quotation of the shares and can withdraw funds at this price.

L 15/22

EN

Official Journal of the European Union

20.1.2009

Section 2: Principles for identification of MMFs

2.1. MMFs are defined as those collective investment undertakings (CIUs) the shares/units of which 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 of money market
instruments. The criteria applied in order to identify MMFs are derived from the public prospectus as well as fund
rules, instruments of incorporation, established statutes or by-laws, subscription documents or investment contracts,
marketing documents, or any other statement with similar effects, of the CIUs.

The MMF itself or the person legally representing it ensures the provision of any information required to meet its
statistical reporting requirements. 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.

2.2. For the purpose of defining MMFs:

— ‘CIUs’ means undertakings the sole object of which is the collective investment of capital raised from the public
and the units of which are, at the request of the holders, repurchased or redeemed directly or indirectly out of
the undertaking's assets. Such undertakings may be constituted according to law, either under the law of
contract (as common funds managed by management companies), or trust law (as unit trusts), or under
company law (as investment companies),

— ‘bank deposits’ means cash deposits made with credit institutions, repayable on demand or upon prior notice of
up to three months, or at agreed maturities of up to two years, inclusive of sums paid to credit institutions in
respect of a transfer of securities under repurchase agreements and securities lending,

— ‘close substitutability for deposits in terms of liquidity’ means the ability of units of CIUs, under normal market
circumstances, to be repurchased, redeemed or transferred, at the request of the holder, where the liquidity of
the units is comparable to the liquidity of deposits,

— ‘primarily’ means at least 85 % of the investment portfolio,

— ‘money market instruments’ means those classes of transferable debt instruments which are normally traded on
the money market (for example, certificates of deposit, commercial paper and banker's acceptances, treasury and
local authority bills) because of the following features:

(a)

liquidity, where they can be repurchased, redeemed or sold at limited cost, in terms of low fees and narrow
bid/offer spread, and with very short settlement delay; and

(b) market depth, where they are traded on a market which is able to absorb a large volume of transactions,

with such trading of large amounts having a limited impact on their price; and

(c)

(d)

certainty in value, where their value can be accurately determined at any time or at least once a month;
and

low interest risk, where they have a residual maturity of up to and including one year, or regular yield
adjustments in line with money market conditions at least every 12 months; and

(e)

low credit risk, where such instruments are either:

(1)

admitted to an official listing on a stock exchange or traded on other regulated markets which
operate regularly, are recognised and are open to the public; or

(2)

issued under regulations aimed at protecting investors and savings; or

(3)

issued by:

— a central, regional or local authority, a central bank of a Member State, the EU, the ECB, the
European Investment Bank, a non-Member State or, if the latter is a federal State, by one of the
members making up the federation, or by a public international body to which one or more
Member States belong,

or

20.1.2009

EN

Official Journal of the European Union

L 15/23

— an establishment subject to prudential supervision in accordance with criteria defined by
Community law, or by an establishment which is subject to and complies with prudential
rules considered by the competent authorities to be at least as stringent as those laid down by
Community law, or guaranteed by any such establishment,

or

— an undertaking the securities of which have been admitted to an official listing on a stock
exchange or are traded on other regulated markets which operate regularly, are recognised and
are open to the public.

PART 2

Balance sheet (monthly stocks)

To compile the monetary aggregates and counterparts for the territory of the participating Member States, the ECB requires
the data in Table 1 as follows:

1.

Instrument categories

(a)

Liabilities

The relevant instrument categories are: currency in circulation, deposit liabilities, MMF shares/units issued, debt
securities issued, capital and reserves and remaining liabilities. In order to separate monetary and non-monetary
liabilities, deposit liabilities are also broken down into overnight deposits, deposits with agreed maturity,
deposits redeemable at notice and repurchase agreements (repos). See definitions in Annex II.

(b) Assets

The relevant instrument categories are: cash, loans, securities other than shares, MMF shares/units, shares and
other equity, fixed assets and remaining assets. See definitions in Annex II.

2.

Breakdown by maturity

Original maturity cut-offs provide a substitute for instrument detail where financial
comparable between markets.

instruments are not fully

(a)

Liabilities

The cut-off points for the maturity bands (or for periods of notice) are: for deposits with agreed maturity, at one
year and two years' maturity at issue; and for deposits redeemable at notice, at three months' and two years'
notice. Repos are not broken down by maturity as these are usually very short-term instruments (usually less
than three months' maturity at issue). Debt securities issued by MFIs are broken down at one and two years. No
maturity breakdown is required for shares/units issued by MMFs.

(b) Assets

The cut-off points for the maturity bands are: for MFI loans to residents (other than MFIs and general
government) of the participating Member States by subsector and further for MFI loans to households by
purpose, at one and five year maturity bands; and for MFI holdings of debt securities issued by other MFIs
located in the participating Member States, at one and two year maturity bands to enable the inter-MFI holdings
of this instrument to be netted off in the calculation of the monetary aggregates.

3.

Breakdown by purpose and separate identification of loans to sole proprietors/unincorporated partnerships

Loans to households and non-profit institutions serving households are further broken down by loan purpose (credit
for consumption, lending for house purchase, other lending). Within the category ‘other lending’, loans granted to sole
proprietors/unincorporated partnerships are to be identified separately (see definitions of instrument categories in
Part 2 of Annex II and definitions of sectors in Part 3 of Annex II). NCBs may waive the requirement of separate
identification of loans to sole proprietors/unincorporated partnerships if such loans constitute less than 5 % of the
participating Member State's total lending to households.

L 15/24

EN

Official Journal of the European Union

20.1.2009

4.

Breakdown by currency

For balance sheet items that may be used in the compilation of monetary aggregates, balances in euro must be
identified separately so that the ECB has the option of defining monetary aggregates in terms of balances denominated
in all currencies combined or in euro alone.

5.

Breakdown by counterparties sector and residency

5.1. The compilation of monetary aggregates and counterparts covering the participating Member States requires the
identification of those counterparties located in the territory of the participating Member States that form the money-
holding sector. For this purpose, non-MFI counterparties are divided, following ESA 95 (see Annex II, Part 3), into
general government (S.13), with central government (S.1311) identified separately in total deposit liabilities, and other
resident sectors. In order to calculate a monthly sector disaggregation of the monetary aggregates and credit
resident sectors are further broken down by the following subsectors: other financial
counterparts, other
intermediaries + financial auxiliaries (S.123 + S.124), insurance corporations and pension funds (S.125), non-financial
corporations (S.11) and households + non-profit institutions serving households (S.14 + S.15). For sole proprietors/
unincorporated partnerships see Section 3. With respect to total deposit liabilities and the deposit categories ‘deposits
over two years agreed maturity’, ‘deposits redeemable at notice over two years’ and ‘repos’, an additional distinction is
made between credit institutions, other MFI counterparties and central government for the purposes of the ECB's
minimum reserve system.

5.2. With respect to total deposit liabilities, deposit liabilities with maturity of up to two years and the asset category

‘securities other than shares’, an additional distinction is made for counterparties that are FVCs.

5.3. Certain deposits/loans arising from repos/reverse repos or analogous operations with ‘other financial intermediaries
(S.123) + financial auxiliaries (S.124)’ may relate to transactions with a central counterparty. A central counterparty is
an entity that legally interposes itself between counterparties to contracts traded in financial markets, becoming the
buyer to every seller and the seller to every buyer. Because such transactions are often substitutes for bilateral business
among MFIs, an additional distinction is made within the deposit category ‘repurchase agreements’ with respect to
business with these counterparties. Similarly, an additional distinction is made within the asset category ‘loans’ with
respect to reverse repurchase agreements with these counterparties.

5.4. Counterparties located in the domestic territory and in the other participating Member States are identified separately
and treated in the same way in all statistical breakdowns. There is no requirement for a geographical breakdown of
counterparties located outside the territory of the participating Member States. Counterparties 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 ECB's Sector Manual (1), which follows classification
principles that are consistent with the ESA 95 as far as possible.

5.5.

In the case of MMF shares/units issued by MFIs of the participating Member States, reporting agents report as a
minimum data on the residency of the holders according to a domestic/other participating Member States/rest of the
world breakdown to allow the exclusion of holdings of non-residents of the participating Member States. As regards
registered shares/units, issuing MMFs or the persons legally representing them report data on the residency breakdown
of the holders of their shares/units issued in the monthly balance sheet. As regards bearer shares/units, reporting
agents report data on the residency breakdown of the holders of MMF shares/units in accordance with the approach
decided by the relevant NCB in agreement with the ECB. This requirement is limited to one or a combination of the
following options, to be selected having regard to the organisation of the relevant markets and the national legal
arrangements in the Member State in question. This requirement will be periodically monitored by the NCB.

(a)

Issuing MMFs:

Issuing MMFs or the persons legally representing them report data on the residency breakdown of the holders of
their shares/units issued. Such information may come from the agent distributing the shares/units or from any
other entity involved in the issue, 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

(1) Monetary, financial institutions and markets statistics sector manual. Guidance for the statistical classification of customers, March 2007, as

amended.

20.1.2009

EN

Official Journal of the European Union

L 15/25

of another intermediary also acting as a custodian. This option is applicable if (i) the custodian distinguishes
MMF shares/units kept in custody on behalf of holders from those kept on behalf of other custodians; and (ii)
most of the MMF shares/units are in the custody of domestic resident institutions that are classified as financial
intermediaries (MFIs or OFIs).

(c) MFIs and OFIs as reporters of transactions of residents with non-residents involving 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 (i) the reporting coverage is comprehensive, i.e. it covers substantially all
of the transactions carried out by the reporting agents; (ii) accurate data on purchases and sales with non-
residents of the participating Member States are provided; (iii) differences between issuing value and redemption
value, excluding fees, of the same shares/units are minimal; and (iv) the amount of shares/units held by non-
residents of the participating Member States issued by resident MMFs is low.

(d)

If options (a) to (c) do not apply, the reporting agents, including MFIs and OFIs, report the relevant data on the
basis of available information.

Table 1

Monthly stocks (1)

BALANCE SHEET ITEMS

A.

Domestic

B.

Other participating Member States

MFIs (3)

Credit
institu-
tions

of which:
credit
institu-
tions
subject
to RRs,
ECB and
NCBs

General govern-
ment (S.13)

Central
Govern-
ment
(S.1311)

Other
general
govern-
ment

Non-MFIs

Other resident sectors

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of which:
CCP (4)

of which:
FVCs

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions and
pension
funds
(S.125)

House-
holds +
non-
profit
institu-
tions ser-
ving
house-
holds
(S.14 +
S.15)

MFIs (3)

Credit
institu-
tions

of which:
credit
institu-
tions
subject
to RRs,
ECB and
NCBs

General govern-
ment (S.13)

Central
Govern-
ment
(S.1311)

Other
general
govern-
ment

Non-MFIs

Other resident sectors

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of which:
CCP (4)

of which:
FVCs

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions and
pension
funds
(S.125)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

House-
holds +
non-
profit
institu-
tions
serv-
ing
house-
holds
(S.14 +
S.15)
(r)

LIABILITIES

8.

Currency in circulation

9. Deposits

— up to 1 year

— over 1 year

of which Transferable deposits

of which up to 2 years

of which syndicated loans

9e. Euro

9.1e. Overnight

Of which Transferable deposits

9.2e. With agreed maturity

up to 1 year

over 1 and up to 2 years

over 2 years

9.3e. Redeemable at notice

up to 3 months

over 3 months

of which over 2 years (2)

9.4e. Repos

9x.

Foreign currencies

9.1x. Overnight

9.2x. With agreed maturity

up to 1 year

over 1 and up to 2 years

over 2 years

9.3x. Redeemable at notice

up to 3 months

over 3 months
of which over 2 years (2)

9.4x. Repos

10. MMFs shares/units (3)

11. Debt securities issued

11e. Euro

— up to 1 year

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

C.

Rest of the world

Total

Banks

Non-
Banks

D.
Not allo-
cated

(s)

*

*

*

*

*

*

*

(t)

*

L

1
5
/
2
6

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

BALANCE SHEET ITEMS

A.

Domestic

B.

Other participating Member States

MFIs (3)

Credit
institu-
tions

of which:
credit
institu-
tions
subject
to RRs,
ECB and
NCBs

General govern-
ment (S.13)

Central
Govern-
ment
(S.1311)

Other
general
govern-
ment

Non-MFIs

Other resident sectors

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of which:
CCP (4)

of which:
FVCs

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions and
pension
funds
(S.125)

House-
holds +
non-
profit
institu-
tions ser-
ving
house-
holds
(S.14 +
S.15)

MFIs (3)

Credit
institu-
tions

of which:
credit
institu-
tions
subject
to RRs,
ECB and
NCBs

General govern-
ment (S.13)

Central
Govern-
ment
(S.1311)

Other
general
govern-
ment

Non-MFIs

Other resident sectors

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of which:
CCP (4)

of which:
FVCs

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions and
pension
funds
(S.125)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

— over 1 and up to 2 years
of which up to 2 years and
nominal capital guarantee
below 100 %
— over 2 years

11x. Foreign currencies

— up to 1 year
— over 1 and up to 2 years
of which up to 2 years and
nominal capital guarantee
below 100 %
— over 2 years
12. Capital and reserves
13. Remaining liabilities

Table 1. Liabilities

House-
holds +
non-
profit
institu-
tions
serv-
ing
house-
holds
(S.14 +
S.15)
(r)

(s)

C.

Rest of the world

Total

Banks

Non-
Banks

D.
Not allo-
cated

.

.

2
0
1
2
0
0
9

(t)

*

*

*
*

*

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

L

1
5
/
2
7

BALANCE SHEET ITEMS

MFIs

General
govern-
ment
(S.13)

A.

Domestic

Non-MFIs

Other resident sectors

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of
which:
CCP (4)

of
which:
FVCs

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions
and pen-
sion
funds
(S.125)

Households + non-profit institutions serving
households (S.14 + S.15)

Total

Credit
for con-
sump-
tion

Lending
for
house
purchase

Other lending

of
which:
SP/UP (5)

B.

Other participating Member States

MFIs

General
govern-
ment
(S.13)

Total

Other financial intermediaries
+ financial auxiliaries (S.123 +
S.124)

of
which:
CCP (4)

of
which:
FVCs

Non-MFIs

Other resident sectors

Non-
financial
corpora-
tions
(S.11)

Insur-
ance cor-
pora-
tions
and pen-
sion
funds
(S.125)

Households + non-profit institutions serving
households (S.14 + S.15)

Total

Credit
for con-
sump-
tion

Lending
for
house
purchase

Other lending

of which:
SP/UP (5)

C.
Rest of
the
world

D.
Not allo-
cated

ASSETS
1.
1e.
2.

Cash
of which euro
Loans
— up to 1 year
— over 1 year and up to 5

years

— over 5 years
of which: syndicated loans
of which: repos

2e of which euro

3.
3e.

of which: revolving loans and
overdrafts
of which convenience credit
card credit
of which extended credit card
credit
Securities other than shares
Euro
up to 1 year
over 1 and up to 2 years
over 2 years
Foreign currencies
up to 1 year
over 1 and up to 2 years
over 2 years
4. MMF shares/units
5.
6.
7.

Shares and other equity
Fixed assets
Remaining assets

3x.

(1) Cells marked with an * are used in the calculation of the reserve base. With respect to debt securities, credit institutions will either present proof of liabilities to be excluded from the reserve base or apply a standardised deduction of a fixed percentage specified by the ECB. Cells in thin print are reported solely by credit institutions subject to

Table 1. Assets

reserve requirements (RRs). See also special rules on the application of minimum reserves in Annex III.

(2) The reporting of this item is voluntary until further notice.
(3) Data under this item may be subject to different statistical collection procedures, as decided by an NCB in accordance with the rules contained in Annex I, Part 2.
(4) Central counterparties.
(5) Sole proprietors/unincorporated partnerships.

L

1
5
/
2
8

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

20.1.2009

EN

Official Journal of the European Union

L 15/29

PART 3

Balance sheet (quarterly stocks)

To further analyse monetary developments and to serve other statistical purposes, the ECB requires the following in respect
of key items:

1.

Subsector, maturity and real estate collateral breakdown of credit to non-MFIs of the participating Member States (see
Table 2).

This is required to enable the monitoring of the complete subsector and maturity structure of MFIs' overall credit
financing (loans and securities) vis-à-vis the money-holding sector. For non-financial corporations and households,
further ‘of which’ positions are required identifying the loans secured with real estate collateral.

For loans denominated in euro with original maturity over one and over two years vis-à-vis non-financial corporations
and households, further ‘of which’ positions are required for certain remaining maturities and interest rate reset
periods (see Table 2). An interest rate reset is understood as a change in the interest rate of a loan which is foreseen in
the current loan contract. Loans subject to interest rate reset include, inter alia, loans with interest rates which are
periodically revised in accordance with the evolution of an index (e.g. Euribor), loans with interest rates which are
revised on a continuous basis (floating rates), and loans with interest rates which are revisable at the MFI's discretion.

2.

Subsector breakdown of MFI deposit liabilities to the general government (other than central government) of the
participating Member States (see Table 2).

This is required as complementary information to the monthly reporting.

3.

Sector breakdown of positions with counterparties outside the participating Member States (non-participating
Member States and the rest of the world) (see Table 2).

The sector classification in accordance with the System of National Accounts (SNA 93) applies where the ESA 95 is
not in force.

4.

Country breakdown (see Table 3).

This breakdown is required to analyse further monetary developments and also for the purposes of the transitional
requirements and for data quality checks.

5.

Currency breakdown (see Table 4).

This breakdown is required in order to permit the calculation of
counterparts adjusted for exchange rate changes where these aggregates include all currencies combined.

transactions for monetary aggregates and

Table 2

Quarterly stocks (Sector breakdown)

BALANCE SHEET ITEMS

A.

Domestic

Non MFIs

B.

Other participating Member States

Non-MFIs

General government (S.13)

Other resident sectors

General government (S.13)

Other resident sectors

Total

Central
govern-
ment
(S.1311)

Total

Other general government

Total

State
govern-
ment
(S.1312)

Local
govern-
ment
(S.1313)

Social
security
funds
(S.1314)

Other
financial
interme-
diaries +
financial
auxilia-
ries
(S.123 +
S.124)

Insur-
ance
corpora-
tions
and
pension
funds
(S.125)

Non-financial
corporations
(S.11)

Real
estate
collat-
eral

Households + non-profit institutions serving households (S.14 +
S.15)

Total

Total

Credit for con-
sumption

Lending for
house purchase

Other lending

Central
govern-
ment
(S.1311)

Total

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

Other general government

Total

State
govern-
ment
(S.1312)

Local
govern-
ment
(S.1313)

Social
security
funds
(S.1314)

Other
financial
interme-
diaries +
financial
auxilia-
ries
(S.123 +
S.124)

Insur-
ance
corpora-
tions
and
pension
funds
(S.125)

Non-financial
corporations
(S.11)

Households + non-profit institutions serving households (S.14 +
S.15)

Total

Credit for con-
sumption

Lending for
house purchase

Other lending

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

C.

Rest of the world

Total

Banks

Non-banks

General
govern-
ment

Other
resident
sectors

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

LIABILITIES

8.

Currency in circu-
lation

9.

Deposits

9.1. Overnight

9.2. With agreed
maturity

9.3. Redeemable at

notice

9.4. Repos

10. MMFs shares/units

11. Debt securities

issued

12. Capital and
reserves

13. Remaining liabil-

ities

ASSETS

1.

2.

Cash

Loans

up to 1 year

over 1 and up to
5 years

over 5 years

2e.

Euro

Loans with origi-
nal maturity over
1 year

O/w: Loans with
remaining matu-
rity of less than or
equal to 1 year

O/w: Loans with
remaining matu-
rity over 1 year
and with interest
rate reset in the
next 12 months

M

L

1
5
/
3
0

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

BALANCE SHEET ITEMS

A.

Domestic

Non MFIs

B.

Other participating Member States

Non-MFIs

General government (S.13)

Other resident sectors

General government (S.13)

Other resident sectors

Total

Central
govern-
ment
(S.1311)

Total

Other general government

Total

State
govern-
ment
(S.1312)

Local
govern-
ment
(S.1313)

Social
security
funds
(S.1314)

Other
financial
interme-
diaries +
financial
auxilia-
ries
(S.123 +
S.124)

Insur-
ance
corpora-
tions
and
pension
funds
(S.125)

Non-financial
corporations
(S.11)

Real
estate
collat-
eral

Households + non-profit institutions serving households (S.14 +
S.15)

Total

Total

Credit for con-
sumption

Lending for
house purchase

Other lending

Central
govern-
ment
(S.1311)

Total

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

Other general government

Total

State
govern-
ment
(S.1312)

Local
govern-
ment
(S.1313)

Social
security
funds
(S.1314)

Other
financial
interme-
diaries +
financial
auxilia-
ries
(S.123 +
S.124)

Insur-
ance
corpora-
tions
and
pension
funds
(S.125)

Non-financial
corporations
(S.11)

Households + non-profit institutions serving households (S.14 +
S.15)

Total

Credit for con-
sumption

Lending for
house purchase

Other lending

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

Real
estate
collat-
eral

C.

Rest of the world

Total

Banks

Non-banks

General
govern-
ment

Other
resident
sectors

Loans with origi-
nal maturity over
2 years
O/w: Loans with
remaining matu-
rity of less than or
equal to 2 years
O/w: Loans with
remaining matu-
rity over 2 years
and with interest
rate reset in the
next 24 months
Securities other
than shares
up to 1 year
over 1 year
4. MMFs shares/units
5.

3.

Shares and other
equity
Fixed assets
Remaining assets

6.
7.

M

M

M

M

M

M

M

M

M

Monthly data requirements, see Table 1.

.

.

2
0
1
2
0
0
9

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

L

1
5
/
3
1

BALANCE SHEET ITEMS

Each other participating Member State (i.e. excluding domestic sector) and each other EU Member State

Rest of the world (excluding EU)

Member State

Member State

Member State

Member State

Table 3

Quarterly stocks (country breakdown)

LIABILITIES
8. Currency in circulation
9. Deposits
from MFIs
from non-MFIs
10. MMF shares/units
11. Debt securities issues
12. Capital and reserves
13. Remaining liabilities
ASSETS
1. Cash
2. Loans
to MFIs
to non-MFIs

3. Securities other than shares

issued by MFIs
up to 1 year
over 1 year and up to 2 years
over 2 years
issued by non-MFIs
4. MMF shares/units
5. Shares and other equity
Fixed assets
6.
7. Remaining assets

L

1
5
/
3
2

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

BALANCE SHEET ITEMS

All currencies com-
bined

Euro

Total

EU Member State
currency

EU Member State
currency

EU Member State
currency

GBP

Total

USD

JPY

CHF

Remaining currencies
combined

EU currencies other than euro

Currencies other than EU Member State currencies combined

Table 4

Quarterly stocks (currency breakdown)

LIABILITIES
9. Deposits

A. Domestic
from MFIs
from non-MFIs

B. Other participating Member States

from MFIs
from non-MFIs
C. Rest of the world
up to 1 year
over 1 year

from banks
from non-banks

10. MMF shares/units
11. Debt securities issued
12. Capital and reserves
13. Remaining liabilities
ASSETS
2. Loans

A. Domestic
to MFIs
to non-MFIs

B. Other participating Member States

to MFIs
to non-MFIs

C. Rest of the world
up to 1 year
over 1 year

to banks
to non-banks

3. Securities other than shares

A. Domestic

issued by MFIs
issued by non-MFIs

B. Other participating Member States

issued by MFIs
Issued by non-MFIs
C. Rest of the world
issued by banks
issued by non-banks

4. MMF shares/units
A. Domestic
B. Other participating Member States
C. Rest of the world
5. + 6. + 7.Remaining assets

M

M

M

M

M

M
M

M
M

M
M

M
M

M
M
Q

M
M
M

M
M

M
M

M
M
Q

M
M

M
M

Q

M
M
M
M

M

Q

Monthly data requirements, see Table 1.
5. + 6. + 7. Remaining assets
Quarterly data requirements, see Table 2.

.

.

2
0
1
2
0
0
9

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

L

1
5
/
3
3

L 15/34

EN

Official Journal of the European Union

20.1.2009

PART 4

Non-balance sheet information (annual data)

For payment statistics and other purposes, the ECB requires the following two items:

1.

Number of transferable overnight deposits accounts.

This item refers to the number of transferable overnight deposits accounts (see definitions of instrument categories in
Part 2 of Annex II) held with the reporting institution.

2.

Number of transferable overnight deposits accounts: Internet/personal computer (PC)-linked.

This item refers to the number of transferable overnight deposits accounts held with the reporting institution which
the account holder can access and use electronically via the Internet or PC banking using dedicated software and
dedicated telecommunication lines in order to effectuate payments. Transferable overnight deposits with telephone or
mobile phone banking access are not included, unless they are also accessible via the Internet or PC banking.

NON-BALANCE SHEET ITEMS

A.

Domestic

Table

Annual data

B. Other parti-
cipating Member
States

C.

RoW

D.

Not allocated

Non-
MFIs

Non-
MFIs

Non-
banks

Non-
MFIs (1)

Number of transferable over-
night deposit accounts

Number of transferable inter-
net/PC-linked overnight deposit
accounts

(1) Non-banks for the RoW.

PART 5

Reporting of revaluation adjustments for the compilation of transactions

To compile transactions in respect of the monetary aggregates and counterparts for the territory of the participating
Member States, the ECB requires revaluation adjustments in respect of the write-offs/write-downs of loans and price
revaluation of securities:

1. Write-offs/write-downs of loans

The adjustment in respect of the write-offs/write-downs of loans is reported to allow the ECB to compile financial
transactions from the stocks reported in two consecutive reporting periods. The adjustment reflects any changes in
the stock of loans reported in accordance with Parts 2 and 3 caused by the application of write-downs, including the
writing down of the full outstanding amount of a loan (write-off). The adjustment should also reflect the changes in
provisions on loans if an NCB decides that balance sheet stocks are recorded net of provisions. Write-offs/write-downs
of loans recognised at the time the loan is sold or transferred to a third party are also included, where identifiable.

The minimum requirements for write-offs/write-downs of loans are set out in Table 1A.

2.

Price revaluation of securities

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

20.1.2009

EN

Official Journal of the European Union

L 15/35

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.

The minimum requirements for price revaluation of securities are set out in Table 1A.

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.

Table 1A

Monthly revaluation adjustments (1)

BALANCE SHEET ITEMS

MFIs

of which
credit insti-
tutions sub-
ject to RRs,
ECB and
NCBs

A.

Domestic

Non-MFIs

General government

Central
Government

Other gen-
eral govern-
ment

Total

Other resident sectors

Non-finan-
cial corpora-
tions (S.11)

Insurance
corporations
and pension
funds
(S.125)

Other finan-
cial interme-
diaries +
financial
auxiliaries
(S.123 +
S.124)

Households
+ non-profit
institutions
serving
households
(S.14 +
S.15)

B.

Other participating Member States

MFIs

of which
credit insti-
tutions sub-
ject to RRs,
ECB and
NCBs

General government

Central gov-
ernment

Other gen-
eral govern-
ment

Total

Non-MFIs

Other resident sectors

Non-finan-
cial corpora-
tions (S.11)

Insurance
corporations
and pension
funds
(S.125)

Other finan-
cial interme-
diaries +
financial
auxiliaries
(S.123 +
S.124)

Households
+ non-profit
institutions
serving
households
(S.14 +
S.15)

C.

Rest

of the
world

D.
Not
allocated

LIABILITIES
8
9. Deposits

Currency in circulation

up to 1 year
over 1 year

9e. Euro
9.1e. Overnight
9.2e. With agreed maturity

up to 1 year
over 1 and up to 2 years
over 2 years

9.3e. Redeemable at notice
up to 3 months
over 3 months
of which over 2 years

9.4e. Repos
9.x. Foreign currencies
9.1x. Overnight
9.2x. With agreed maturity

up to 1 year
over 1 and up to 2 years
over 2 years

9.3x. Redeemable at notice
up to 3 months
over 3 months
of which over 2 years

9.4x. Repos
10. MMFs shares/units
11. Debt securities issued
11e Euro

up to 1 year
over 1 and up to 2 years
over 2 years
11x. Foreign currencies
up to 1 year
over 1 and up to 2 years
over 2 years

12. Capital and reserves
13. Remaining liabilities

Table 1A. Liabilities

*
*
*

*
*
*

L

1
5
/
3
6

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

BALANCE SHEET ITEMS

MFIs

General
goverment

Total

A.

Domestic

Non-MFIs

Other resident sectors

Non-finan-
cial cor-
porations
(S.11)

Insurance
corpora-
tions and
pension
funds
(S.125)

Other
financial
intermedi-
aries +
financial
auxiliaries
(S.123 +
S.124)

Households + non-profit institutions serving
households (S.14 + S.15)

Credit for
consump-
tion

Lending for
house pur-
chase

Other lending

of which:
SP/UP (2)

B.

Other participating Member States

MFIs

Non-MFIs

C.
Rest of
the world

D.
Not
allocated

General
govern-
ment

Total

Other resident sectors

Non-finan-
cial cor-
porations
(S.11)

Insurance
corpora-
tions and
pension
funds
(S.125)

Other
financial
intermedi-
aries +
financial
auxiliaries
(S.123 +
S.124)

Households + non-profit institutions serving
households (S.14 + S.15)

Credit for
consump-
tion

Lending for
house pur-
chase

Other lending

of which:
SP/UP (3)

ASSETS
1.
1e.
2.

Cash
of which euro
Loans
up to 1 year
over 1 year and up to 5 years
over 5 years
of which: syndicated loans
of which euro
Securities other than shares
of which: over 2 years (3)
Euro
up to 1 year
over 1 and up to 2 years
over 2 years
Foreign currencies

2e.
3.

3e.

3x.

up to 1 year
over 1 and up to 2 years
over 2 years
4. MMF shares/units
5.
6.
7.

Shares and other equity (2)
Fixed assets
Remaining assets

MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM MINIMUM MINIMUM

MINIMUM

(no cell)

(no cell)

MINIMUM

MINIMUM

MINIMUM

MINIMUM

MINIMUM

(1) Series marked with the word ‘MINIMUM’ are reported by MFIs. NCBs may extend this requirement also to cover the series marked as blank cells (i.e.not containing the word ‘MINIMUM’). Blank cells and MINIMUM cells are reported by the NCB to the ECB. The blank cells with a star on the liability side are assumed to be zero unless there is evidence

Table 1A. Assets

to the contrary.

(2) NCBs may request MFIs to report this item on a quarterly basis instead of monthly.
(3) Sole proprietors/unincorporated partnerships.

.

.

2
0
1
2
0
0
9

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

L

1
5
/
3
7

L 15/38

EN

Official Journal of the European Union

20.1.2009

PART 6

Reporting requirements for loan securitisations and other loan transfers

1.

Definitions

For the purposes of this Part ‘derecognition’ means the removal of a loan or part thereof from the stocks reported in
accordance with Parts 2 and 3 of Annex I, including its removal due to the application of a derogation referred to in
Article 8(6).

2.

General requirements

Data are reported in accordance with Article 7(2), qualified by those of Article 7(4) when applicable. All data items are
broken down according to the residency and subsector of the loan obligor as indicated in the column headings of
Table 5. Loans disposed of during a warehousing phase in a securitisation (when the securitisation is not yet
completed because securities or similar instruments have not yet been issued to investors) are treated as if they were
already securitised.

3.

Requirements for reporting net flows of loans securitised or otherwise transferred

3.1. For the purposes of Article 5(1), MFIs calculate the items in Parts 1 and 2 of Table 5 as net flows of loans securitised
or otherwise disposed of during the relevant period minus loans acquired during the relevant period. Loans
transferred to or acquired from another euro area MFI, and loans whose transfer occurs as a result of a merger,
takeover or division involving the reporting agent, are not included in this calculation.

3.2. The items referred to in Section 3.1 are allocated to Parts 1 and 2 of Table 5 as follows:

— disposals and acquisitions with an impact on the loan stocks reported in accordance with Parts 2 and 3 of
Annex I, i.e. disposals implying derecognition and acquisitions implying recognition or re-recognition, are
allocated to Part 1,

— disposals and acquisitions without an impact on the loan stocks reported in accordance with Parts 2 and 3 of
Annex I, i.e. disposals not implying derecognition and acquisitions not implying recognition or re-recognition,
are allocated to Part 2.

3.3. The items in Part 1 of Table 5 are, on a monthly basis, further broken down according to the counterparty in the loan
transfer, distinguishing between FVCs, of which FVCs resident in the euro area, and other counterparties. Further
breakdowns by original maturity and purpose of the loan are required on a quarterly basis for some items as indicated
in Table 5(b).

4.

Requirements for reporting the outstanding amounts of loans serviced in a securitisation

4.1. The requirements referred to in Article 5(2) apply irrespective of whether the serviced loans or their respective
servicing rights are recognised on the reporting agent's balance sheet. The data are reported in accordance with Part 3
of Table 5.

4.2. With respect to loans serviced for FVCs resident in other euro area Member States, MFIs provide further breakdowns,

by aggregating the serviced loans separately for each Member State in which an FVC is resident.

4.3. NCBs may collect the data referred to in Article 5(2), or part thereof, on an FVC-by-FVC basis from resident MFIs
acting as servicers of securitised loans. If an NCB considers that the data referred to in Section 4.1 and the breakdowns
referred to in Section 4.2 may be collected on an FVC-by-FVC basis, it shall inform the MFIs whether, and the extent to
which, the reporting referred to in Sections 4.1 and 4.2 is required.

5.

Reporting requirements for MFIs applying the IAS 39 or similar national accounting rules

5.1. MFIs applying the IAS 39 or similar rules report the end-of-month amounts outstanding of loans disposed of by
means of a securitisation that have not been subject to derecognition in accordance with Part 4 of Table 5.

5.2. MFIs to which the derogation in Article 8(6) applies report the end-of-quarter amounts outstanding of the loans
disposed of by means of a securitisation that have been subject to derecognition but are still recognised on the
financial statements in accordance with Part 4 of Table 5.

Table 5a

Securitisations and other loan transfers: monthly data

BALANCE SHEET ITEMS

A.

Domestic

B.

Other participating Member States

C.

Rest of

the world

General government (S.13)

Other resident sectors

General government (S.13)

Other resident sectors

Total

Other general
government
(S.1312 +
S.1313 +
S.1314)

Total

Other financial
intermediaries +
financial auxil-
iaries (S.123 +
S.124)

Insurance cor-
porations and
pension funds
(S.125)

Non-financial
corporations
(S.11)

Households +
non-profit insti-
tutions serving
households
(S.14 + S.15)

Total

Other general
government
(S.1312 +
S.1313 +
S.1314)

Total

Other financial
intermediaries +
financial auxil-
iaries (S.123 +
S.124)

Insurance cor-
porations and
pension funds
(S.125)

Non-financial
corporations
(S.11)

Households +
non-profit insti-
tutions serving
households
(S.14 + S.15)

1.

Net flows of loans securitised or otherwise
transferred: transactions with impact on reported
loan stocks calculated as disposals minus acquisi-
tions
Counterparty in the transfer is an FVC

1.1.
1.1.1. o/w counterparty in the transfer is a euro area FVC
1.2.
2.

other counterparties in the transfer
Net flows of loans securitised or otherwise
transferred: transactions without impact on
reported loan stocks calculated as disposals minus
acquisitions

4.

2.1. All counterparties in the transfer
3.

Outstanding amounts of loans serviced in a
securitisation (1)
Outstanding amounts of securitised loans not
derecognised (2)
Total

4.1.
4.1.1. o/w securitised through a euro area FVC

.

.

2
0
1
2
0
0
9

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

L

1
5
/
3
9

BALANCE SHEET ITEMS

A.

Domestic

Table 5b

Securitisations and other loan transfers: quarterly data

General government
(S.13)

Total

Other gen-
eral govern-
ment
(S.1312 +
S.1313 +
S.1314)

Other resident sectors

General government
(S.13)

B.

Other participting Member States

Other resident sectors

C.

Rest

of the
world

Total

Non-finan-
cial cor-
porations
(S.11)

Insurance
corpora-
tions and
pension
funds
(S.125)

Other
financial
intermediar-
ies + finan-
cial auxil-
iaries
(S.123 +
S.124)

Households + non-profit institutions serving house-
holds (S.14 + S.15)

Total

Credit for
consump-
tion

Lending for
house pur-
chase

Other lending

SP/UP (3)

Total

Other gen-
eral govern-
ment
(S.1312 +
S.1313 +
S.1314)

Other
financial
intermediar-
ies + finan-
cial auxil-
iaries (S.123
+ S.124)

Insurance
corpora-
tions and
pension
funds
(S.125)

Non-finan-
cial cor-
porations
(S.11)

Households + non-profit institutions serving
households (S.14 + S.15)

Credit for
consump-
tion

Lending for
house pur-
chase

Other lending

SP/UP (3)

1.

1.1.

Net flows of loans securitised or other-
wise transferred: transactions with impact
on reported loan stocks calculated as
disposals minus acquisitions
counterparty in the transfer is an FVC
Loan purpose
up to 1 year
over 1 and up to 5 years
over 5 years

1.1.1. o/w counterparty in the transfer is a euro

area FVC
up to 1 year
over 1 and up to 5 years
over 5 years

M

M

M

M

M

M

M

M

M

1.2 Other counterparties in the transfer

M

M

M

M

M

2.

Loan purpose
Net flows of loans securitised or other-
wise transferred: transactions without
impact on reported loan stocks calculated
as disposals minus acquisitions

2.1. All counterparties in the transfer
3.

Outstanding amounts of loans serviced in
a securitisation
Loans serviced: all FVCs
up to 1 year
over 1 and up to 5 years
over 1 and up to 5 years

3.1

M

M

M

M

M

3.1.1 Loans serviced: of which euro area FVCs

up to 1 year
over 1 and up to 5 years
over 5 years

M

Monthly data requirements, see Table 5a.

(1) This item required at quarterly frequency only, see Table 5(b) for the reporting scheme.
(2) Regarding the reporting obligation referred to in Annex I, Part 6, Section 5.2, only the row ‘Total’ is reported, and only at quarterly frequency.
(3) Sole proprietors/unincorporated partnerships.

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

M

L

1
5
/
4
0

E
N

O

f
f
i
c
i
a
l

J
o
u
r
n
a
l

o
f

t
h
e

E
u
r
o
p
e
a
n

U
n
o
n

i

.

.

2
0
1
2
0
0
9

20.1.2009

EN

Official Journal of the European Union

L 15/41

PART 7

Simplified reporting for small credit institutions

Credit institutions to which the derogations referred to in Article 8(1)(d) apply may be exempted from the following
requirements:

1.

2.

3.

4.

5.

The breakdown by currency referred to in Part 2, Section 4.

The separate identification of:

— positions with central counterparties as referred to in Part 2, Section 5.3,

— syndicated loans as indicated in Part 2, Table 1,

— debt securities of up to two years' maturity and nominal capital guarantee below 100 %, as indicated in Part 2,

Table 1.

The sector breakdown referred to in Part 3, Section 3.

The country breakdown referred to in Part 3, Section 4.

The currency breakdown referred to in Part 3, Section 5.

In addition, these credit institutions may fulfill the reporting requirements referred to in Parts 2, 5 and 6 by reporting data
only on a quarterly basis and in accordance with the timeliness requirement given for quarterly statistics in Article 6(3).

PART 8

Summary

Summary of breakdowns for the purposes of the aggregated balance sheet of the MFI sector (1)

BALANCE SHEET ITEMS

Instrument and maturity categories

ASSETS

LIABILITIES

8. Currency in circulation
9. Deposits

up to 1 year (5)
over 1 year (5)

of which transferable deposits
of which up to 2 years
of which syndicated loans

9.1. Overnight deposits

of which transferable deposits
9.2. Deposits with agreed maturity

up to 1 year
over 1 year and up to 2 years
over 2 years

9.3. Deposits redeemable at notice

up to 3 months
over 3 months
of which over 2 years (6)

9.4. Repos
10. MMF shares/units
11. Debt securities issued
up to 1 year
over 1 year and up to 2 years

of which up to 2 years and nominal capital guarantee below
100 %

over 2 years

12. Capital and reserves
13. Remaining liabilities

1. Cash
Loans
2.

up to 1 year (2)
over 1 year and up to 5 years (2)
over 5 years (2)

of which: syndicated loans
of which: repos
of which: revolving loans and overdrafts (euro)
of which: convenience credit card credit (euro)
of which: extended credit card credit (euro)
of which: real estate collateral (3)
Loans with original maturity over 1 year (euro)
of which: loans with remaining maturity of less than 1 year
of which: loans with remaining maturity over 1 year and with interest
rate reset in the next 12 months
Loans with original maturity over 2 years (euro)
of which: loans with remaining maturity of less than 2 years
of which: loans with remaining maturity over 2 years and with interest
rate reset in the next 24 months
Securities other than shares

3.

up to 1 year (4)
over 1 year and up to 2 years (4)
over 2 years (4)
4. MMF shares/units
Shares and other equity
5.
Fixed assets
6.
7. Remaining assets

NON-BALANCE SHEET ITEMS

Number of transferable overnight deposits accounts

Number of transferable Internet/PC-linked overnight deposits accounts

L 15/42

EN

Official Journal of the European Union

20.1.2009

ASSETS

Counterparties and purpose categories

A. Domestic residents

LIABILITIES

A. Domestic residents

MFIs
Non-MFIs

General government
central government
state government
local government
social security funds
Other resident sectors (7)

other financial intermediaries and financial auxiliaries
(S.123 + S.124) (7)
of which: central counterparties (3)
of which: FVCs (3)
insurance corporations and pension funds (S.125) (7)
non-financial corporations (S.11) (7)
households and non-profit institutions serving house-
holds (S.14 + S.15) (7)

credit for consumption (3)
lending for house purchase (3)
other lending (3)
of which: sole proprietors/unincorporated partner-
ships (3)

B. Residents of the other euro area Member States

MFIs
Non-MFIs

General government
central government
state government
local government
social security funds
Other resident sectors (7)

other financial intermediaries and financial auxiliaries
(S.123 + S.124) (7)
of which: central counterparties (3)
of which: FVCs (3)
insurance corporations and pension funds (S.125) (7)
non-financial corporations (S.11) (7)
households and non-profit institutions serving house-
holds (S.14 + S.15) (7)

credit for consumption (3)
lending for house purchase (3)
other lending (3)
of which: sole proprietors/unincorporated partner-
ships (3)
C. Residents of the rest of the world

Banks
Non-banks

General government
Other residents

D. Not allocated

MFIs
of which:Credit institutions
Non-MFIs

General government

central government
other general government

state government
local government
social security funds
Other resident sectors (7)

other financial intermediaries and financial auxiliaries
(S.123 + S.124) (7)
of which: central counterparties (3)
of which: FVCs (3)
insurance corporations and pension funds (S.125)
non-financial corporations (S.11) (7)
households and non-profit institutions serving house-
holds (S.14 + S.15) (7) (3)

B. Residents of the other euro area Member States

MFIs
of which:Credit institutions
Non-MFIs

General government

central government
other general government

state government
local government
social security funds
Other resident sectors (7)

other financial intermediaries and financial auxiliaries
(S.123 + S.124) (7)
of which: central counterparties (3)
of which: FVCs (3)
insurance corporations and pension funds (S.125) (7)
non-financial corporations (S.11) (7)
households and non-profit institutions serving house-
holds (S.14 + S.15) (7) (3)

C. Residents of the rest of the world

Banks
Non-banks

General government
Other residents

D. Not allocated

Currencies

e euro
x foreign currencies – currencies other than the euro (i.e. other Member States currencies, USD, JPY, CHF, remaining currencies) (8).
Notes
(1) Monthly data breakdowns are indicated in bold, quarterly data breakdowns are indicated in normal type and non-balance sheet annual data are indicated in italics.
(2) Monthly maturity breakdown relates only to loans to main resident sectors other than MFIs and general government of the participating Member States. The corresponding

maturity breakdowns for loans to general government other than central government of the participating Member States is quarterly.

(3) For loans, a further breakdown by purpose is included for the subsector S.14 + S.15. In addition, for a limited number of instruments, further ‘of which positions’ are
required for some subsectors:
‘of which sole proprietors/
unincorporated partnerships’ for loans to the subsector S.14; ‘of which real estate collateral’ for loans to the subsectors S.11 and S.14 + S.15 (quarterly requirements only).
(4) Monthly maturity breakdown relates only to holdings of securities issued by MFIs located in the participating Member States. As quarterly data, holdings of securities issued

‘of which central counterparties’ and ‘of which financial vehicle corporations’ for the subsector S.123;

by non-MFIs in the participating Member States are split into ‘up to one year’ and ‘over one year’.

(5) Vis-à-vis the rest of the world only.
(6) The reporting of the item ‘deposits redeemable at notice over two years’ is voluntary until further notice.
(7) Monthly breakdown by subsector is required for loans and deposits.
(8) Quarterly breakdown by currency of each other EU Member State is required for selected items only.

20.1.2009

EN

Official Journal of the European Union

L 15/43

ANNEX II

CONSOLIDATION PRINCIPLES AND DEFINITIONS

PART 1

Consolidation for statistical purposes within the same national territory

1.

For each participating Member State, the reporting population consists of MFIs included in the list of MFIs for
statistical purposes and resident in the territory of the participating Member States (1). These are:

— institutions incorporated and located in that territory, including subsidiaries (2) of parent companies located

outside that territory, and

— branches of institutions that have their head office outside that territory.

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

2.

MFIs 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.

(a)

(b)

(c)

If a parent company and its subsidiaries are MFIs located in the same national territory, the parent company is
permitted to consolidate in its statistical returns the business of these subsidiaries, keeping however the business
of credit institutions and other MFIs separate.

If an institution has branches located within the territories of the other participating Member States, the
registered or head office located in a given participating Member State considers 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 considers 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 an institution has branches located outside the territory of the participating Member States, the registered or
head office located in a given participating Member State considers 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 considers 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.

PART 2

Definitions of instrument categories

1.

2.

(1)
(2)

This table provides a detailed standard description of the instrument categories which NCBs transpose into categories
applicable at the national level in accordance with this Regulation (3). The definitions refer to the ESA 95.

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.

In the tables of this Annex, the ECB is classified as an MFI resident in the country where the ECB is physically located.
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.

(3) That is, this table is not a list of individual financial instruments.

L 15/44

EN

Official Journal of the European Union

20.1.2009

Table

Instrument categories

ASSET CATEGORIES

Category

Description of main features

1.

Cash

Holdings of euro and foreign banknotes and coins in circulation that are
commonly used to make payments

2.

Loans of up to and including
one year/over one year and up
to and including five years/of
over five years' original matu-
rity

For the purposes of the reporting scheme, this item consists of funds lent by
reporting agents to borrowers which are not evidenced by documents or are
represented by a single document (even if it has become negotiable). It includes in
particular assets in the form of deposits. NCBs may also require the full sector
breakdown for this item. This item includes:

(a)

loans granted to households and non-profit institutions serving households,
broken down by:

— credit for consumption (loans granted for the purpose of mainly

personal use in the consumption of goods and services). Credit for
consumption granted to sole proprietors/unincorporated partnerships
is comprised in this category, if the reporting MFI knows that the loan
is predominantly used for personal consumption purposes

— lending for house purchase (credit extended for the purpose of

investing in houses for own use or rental, including building and
refurbishments). It comprises loans secured on residential property
that are used for the purpose of house purchase and other loans for
house purchase made on a personal basis or secured against other
forms of assets. Housing loans granted to sole proprietors/unin-
corporated partnerships are comprised in this category unless the
reporting MFI knows that the house is predominantly used for
business related purposes, in which case it is reported as ‘other lending
of which sole proprietors/unincorporated partnerships’

— other (loans granted for purposes other than consumption and house
purchase, such as business, debt consolidation, education, etc.). This
category may include loans for consumption purposes to sole
proprietors/unincorporated partnerships (see Annex II Part 3) if these
are not reported under the category ‘credit for consumption’. Unless
the conditions for reduced reporting apply, an ‘of which’ position is to
be reported, separately identifying within this category the loans
granted to sole proprietors (see Annex II, Part 3)

(b)

credit card debt

For the purpose of this Regulation, this category comprises credit granted to
households or non-financial corporations either via delayed debit cards (i.e.
cards providing convenience credit as defined below) or via credit cards (i.e.
cards providing convenience credit and extended credit). Credit card debt is
recorded on dedicated card accounts and therefore not evident on current or
overdraft accounts. Convenience credit is defined as the credit granted at an
interest rate of 0 % in the period between the payment transaction(s)
effectuated with the card during one billing cycle and the date at which the
debit balances from this specific billing cycle become due. Extended credit is
defined as the credit granted after the due date(s) of the previous billing cy-
cle(s) has/have passed, i.e. debit amounts on the card account that have not
been settled when this was first possible, for which an interest rate or tiered
interest rates usually greater than 0 % are charged. Often minimum
instalments per month have to be made, to at least partially repay extended
credit.

The counterpart to these forms of credit is the entity liable to eventually
repay the amounts outstanding in accordance with the contractual
agreement, which coincides with the cardholder in the case of privately used
cards, but not in the case of company cards

20.1.2009

EN

Official Journal of the European Union

L 15/45

Category

Description of main features

(c)

revolving loans and overdrafts

Revolving loans are loans that have all the following features: 1. the
borrower may use or withdraw funds to a pre-approved credit limit without
giving prior notice to the lender; 2. the amount of available credit can
increase and decrease as funds are borrowed and repaid; 3. the credit may be
used repeatedly; 4. there is no obligation of regular repayment of funds.

Revolving loans include the amounts obtained through a line of credit and
not yet repaid (outstanding amounts). A line of credit is an agreement
between a lender and borrower that allows a borrower to take advances,
during a defined period and up to a certain limit, and repay the advances at
his discretion before a defined date. Amounts available through a line of
credit that have not been withdrawn or have already been repaid are not to
be considered under any BSI category. Overdrafts are debit balances on
current accounts. Both revolving loans and overdrafts exclude loans
provided through credit cards. The total amount owed by the borrower is to
be reported, irrespective of whether it is within or beyond any limit agreed
beforehand between the lender and the borrower with regard to size and/or
maximum period of the loan

(d)

syndicated loans (single loan agreements, in which several institutions
participate as lenders).

Syndicated loans only cover cases where the borrower knows, from the loan
contract, that the loan is made by several lenders. For statistical purposes,
only amounts actually disbursed by lenders (rather than total credit lines) are
regarded as syndicated loans. The syndicated loan is usually arranged and
coordinated by one institution (often called the ‘lead manager) and is actually
made by various participants in the syndicate. Participants, including the
lead manager, all report their share of the loan vis-à-vis the borrower (i.e. not
vis-à-vis the lead manager) in their balance sheet assets

(e)

(f)

deposits, as defined under liability category 9

financial leases granted to third parties

Financial leases are contracts whereby the legal owner of a durable good
(lessor) lends these assets to a third party (lessee) for most if not all of the
economic lifetime of the assets, in exchange for instalments covering the
cost of the good plus an imputed interest charge. The lessee is in fact
assumed to receive all of the benefits to be derived from the use of the good
and to incur the costs and risks associated with ownership. For statistical
purposes, financial leases are treated as loans from the lessor to the lessee
(enabling the lessee to purchase the durable good). The assets (durable
goods) which have been lent to the lessee are not recorded anywhere on the
MFI's balance sheet

(g)

bad debt loans that have not yet been repaid or written off

The total amount of loans in respect of which repayment is overdue or
otherwise identified as being impaired, partially or totally, in accordance
with the definition of default in Directive 2006/48/EC

(h)

holdings of non-negotiable securities

Holdings of securities other than shares and other equity which are not
negotiable and cannot be traded on secondary markets, see also ‘traded
loans’

(i)

traded loans

Loans that have de facto become negotiable are to be classified under the
asset item ‘loans’ provided that they continue to be evidenced by a single
document and are, as a general rule, only traded occasionally

(j)

subordinated debt in the form of deposits or loans

Subordinated debt instruments provide a subsidiary claim on the issuing
institution that can only be exercised after all claims with a higher status (e.g.
deposits/loans) have been satisfied, giving them some of the characteristics
of ‘shares and other equity’. For statistical purposes, subordinated debt is to
be classified as either ‘loans’ or ‘securities other than shares’ according to the
nature of the financial instrument. Where MFI holdings of all forms of
subordinated debt are currently identified as a single figure for statistical
purposes, this figure is to be classified under the item ‘securities other than
shares’, on the grounds that subordinated debt is predominately constituted
in the form of securities, rather than as loans

(k)

claims under reverse repos or securities borrowing against cash collateral
Counterpart of cash paid out in exchange for securities purchased by
reporting agents, or securities borrowing against cash collateral, see liability
item 9.4

L 15/46

EN

Official Journal of the European Union

20.1.2009

Category

Description of main features

For the purpose of this reporting scheme, the breakdown of loans according to
real estate collateral includes the total amount of outstanding loans which are
collateralised in accordance with Annex VIII, Part 1, Sections 13-19 of Directive
2006/48/EC, with an outstanding loan/collateral ratio of 1 or below 1. If these
rules are not applied by the reporting agent, the determination of the loans to be
included in this breakdown is based on the approach chosen to comply with
capital requirements.

The following item is not treated as a loan:
— loans granted on a trust basis

Loans granted on a trust basis (trust loans'/'fiduciary loans) are loans made in
the name of one party (the trustee) on behalf of a third party (the
beneficiary). For statistical purposes, trust loans are not to be recorded on
the balance sheet of the trustee where the risks and rewards of ownership of
the funds remain with the beneficiary. The risks and rewards of ownership
remain with the beneficiary where: (a) the beneficiary assumes the credit risk
of the loan (i.e. the trustee is responsible only for the administrative
management of the loan); or (b) the beneficiary's investment is guaranteed
against loss, should the trustee go into liquidation (i.e. the trust loan is not
part of the assets of the trustee that can be distributed in the event of
bankruptcy)

3.

Securities other than shares

Holdings of securities other than shares or other equity, which are negotiable and
usually traded on secondary markets or can be offset on the market, and which do
not grant the holder any ownership rights over the issuing institution. This item
includes:
(a)

holdings of securities which give the holder the unconditional right to a
fixed or contractually determined income in the form of coupon payments
and/or a stated fixed sum at a specific date (or dates) or starting from a date
defined at the time of issue
negotiable loans that have been restructured into a large number of identical
documents and that can be traded on secondary markets (see also ‘traded
loans’ in category 2i)
subordinated debt in the form of debt securities (see also ‘subordinated debt
in the form of deposits or loans’ in category 2j)

(b)

(c)

3a/3b/3c Securities other than shares
of up to and including one
year/of over one year and
up to and including two
years/of over two years’
original maturity

Securities lent out under securities lending operations or sold under a repurchase
agreement remain on the original owner's balance sheet (and are not to be
recorded on the balance sheet of the temporary acquirer) where there is a firm
commitment to reverse the operation (and not simply an option to do so). Where
the temporary acquirer sells the securities received, this sale must be recorded as an
outright transaction in securities and entered in the balance sheet of the temporary
acquirer as a negative position in the securities portfolio

These items include:
(a)

Holdings of negotiable debt securities (evidenced or not by documents) of
original maturity of up to and including one year/of over one year and up to
and including two years/of over two years' original maturity

(b) Negotiable loans of original maturity of up to and including one year/of over
one year and up to and including two years/of over two years' original
maturity that are restructured into a large number of identical documents
and that are traded on secondary markets
Subordinated debt in the form of debt securities of original maturity of up to
and including one year/of over one year and up to and including two years/
of over two years' original maturity

(c)

4.

MMF shares/units

This asset item includes holdings of shares/units issued by MMFs. See also
definition in Annex I, Part 1, Section 2 (see also liability category 5 and asset
category 10)

5.

Shares and other equity

Holdings of securities which represent property rights in corporations or quasi-
corporations. These securities generally entitle the holders to a share in the profits
of corporations or quasi-corporations and to a share in their own funds in the
event of liquidation. Mutual fund shares (other than MMF shares/units) are
included here

6.

Fixed assets

For the purposes of the reporting scheme, this consists of non-financial assets,
tangible or intangible, which are intended to be used repeatedly for more than one
year by reporting agents. They include land and buildings occupied by the MFIs, as
well as equipment, software and other infrastructure
Fixed financial assets are not recorded here but instead under ‘loans’/‘securities
other than shares’/‘shares and other equity’, according to the type of instrument

20.1.2009

EN

Official Journal of the European Union

L 15/47

Category

Description of main features

7.

Remaining assets

(c)

(b)

The item ‘remaining assets’ is the residual item on the asset side of the balance
sheet, defined as ‘assets not included elsewhere’. NCBs may require the reporting of
specific sub-positions included in this item. Remaining assets may include:
financial derivative positions with gross positive market values
(a)
For statistical purposes, financial derivative instruments that are subject to
on-balance-sheet recording are included here
gross amounts receivable in respect of suspense items
Suspense items are asset balances held in the MFI balance sheet which are
not booked in the name of customers but which nevertheless relate to
customers' funds (e.g. funds that are awaiting investment, transfer or
settlement)
gross amounts receivable in respect of transit items
Transit items represent funds (usually belonging to customers) that are in the
course of being transmitted between MFIs. Items include cheques and other
forms of payment that have been sent for collection to other MFIs
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
dividends to be received
amounts receivable not related to the main MFI business
asset counterpart to coins issued by the State (NCBs' balance sheets only)

(e)
(f)
(g)
Remaining assets' exclude financial instruments that take the form of financial
assets (included within the other balance sheet items), certain financial instruments
that do not take the form of financial assets, such as guarantees, commitments,
administered and trust loans (recorded off-balance sheet), and non-financial assets,
such as land and commodities (included within ‘fixed assets)

(d)

LIABILITY CATEGORIES

Category

Description of main features

8.

Currency in circulation

The liability category ‘currency in circulation’ is defined as ‘banknotes and coins in
circulation that are commonly used to make payments’. This category includes
banknotes issued by the ECB and the NCBs. Coins in circulation are not a liability
of MFIs in the participating Member States, but a liability of the central
government. However, coins are part of the monetary aggregates and, by
convention, this liability is to be entered under the category ‘currency in
circulation’. The counterpart to this liability is to be included within ‘remaining
assets’

9.

Deposits

Amounts (shares, deposits or other), which are owed to creditors by reporting
agents and which comply with the features described in Annex I, Part 1, Section 1,
except those arising from the issue of negotiable securities or MMF shares/units.
For the purposes of the reporting scheme, this category is broken down into
overnight deposits, deposits with agreed maturity, deposits redeemable at notice
and repurchase agreements
(a)

deposits and loans
‘Deposits’ also cover ‘loans’ as liabilities of MFIs. In conceptual terms, loans
represent amounts received by MFIs that are not structured in the form of
‘deposits’. The ESA 95 distinguishes between ‘loans’ and ‘deposits’ on the
basis of the party that takes the initiative (if this is the borrower, then it
constitutes a loan, but if this is the lender, then it constitutes a deposit).
Within the reporting scheme, ‘loans’ are not recognised as a separate
category on the liabilities side of the balance sheet. Instead, balances that are
considered as ‘loans’ are to be classified indistinguishably under the item
‘deposit liabilities’, unless they are represented by negotiable instruments.
This is in line with the definition of ‘deposit liabilities’ above. Loans to MFIs
that are classified as ‘deposit liabilities’ are to be broken down in accordance
with the requirements of the reporting scheme (i.e. by sector, instrument,
currency and maturity); syndicated loans received by MFIs fall under this
category

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Category

Description of main features

(b)

non-negotiable debt instruments

Non-negotiable debt instruments issued by reporting agents are generally to
be classified as ‘deposit liabilities’. Instruments may be referred to as being
‘non-negotiable’ in the sense that there are restrictions on the transfer of
legal ownership of the instrument which means that they cannot be
marketed or, although technically negotiable, cannot be traded owing to the
absence of an organised market. Non-negotiable instruments issued by
reporting agents that subsequently become negotiable and that can be traded
on secondary markets should be reclassified as ‘debt securities’

(c) margin deposits

Margin deposits (margins) made under derivative contracts should be
classified as ‘deposit liabilities’ where they represent cash collateral deposited
with MFIs and where they remain in the ownership of the depositor and are
repayable to the depositor when the contract is closed out. On the basis of
current market practice, it is also suggested that margins received by the
reporting agent should only be classified as ‘deposit liabilities’ to the extent
that the MFI is provided with funds that are freely available for on-lending.
Where a part of the margin received by the MFI has to be passed to another
derivatives market participant (e.g. the clearing house), only that part which
remains at the disposal of the MFI should in principle be classified as ‘deposit
liabilities’. The complexities of current market practice may make it difficult
to identify those margins that are truly repayable, because different types of
margin are placed indistinguishably within the same account, or those
margins that provide the MFI with resources for on lending. In these cases, it
is acceptable to classify these margins under ‘remaining liabilities’ or as
‘deposit liabilities’; according to national practice ‘earmarked balances related
to e.g. leasing contracts’ are classified as deposit liabilities under ‘deposits
with agreed maturity’ or ‘deposits redeemable at notice’ depending on the
maturity/provisions of the underlying contract. Funds (deposits) received on
a trust basis are not recorded on the MFI statistical balance sheet (see ‘loans
granted on a trust basis’ under category 2)

(d)

shares issued by MFIs

Shares issued by MFIs are classified as deposits instead of as capital and
reserves if: (1) there is a debtor-creditor economic relationship between the
issuing MFI and the holder (regardless of any property rights in these shares);
and (2) the shares can be converted into currency or redeemed without
significant restrictions or penalties. A notice period is not considered to be a
significant restriction. In addition, such shares must comply with the
following conditions:
— the relevant national regulatory provisions provide no unconditional

right to the issuing MFI to refuse redemption of its shares

— the shares are ‘value certain’, i.e. under normal circumstances they will

be paid out at their nominal value in the event of redemption and

— in the event of the MFI's insolvency, the holders of its shares are legally

subject neither to the obligation to cover outstanding liabilities in
addition to the nominal value of the shares (i.e. the shareholders’
participation in the subscribed capital) nor to any other onerous
supplementary obligations. The subordination of shares to any other
instrument issued by the MFI does not qualify as an onerous
supplementary obligation

The notice periods for the conversion of such shares into currency are used
in order to classify these shares according to the breakdown by notice period
within the instrument category ‘deposits’. These notice periods also apply
when determining the reserve ratio under Article 4 of Regulation (EC)
No 1745/2003 (ECB/2003/9). Any earmarked shares relating to loans made
by the MFI should be classified as deposit liabilities, with the same original
maturity breakdown as the underlying loan, i.e. as ‘deposits with agreed
maturity’ or ‘deposits redeemable at notice’, depending on the maturity
provisions of the underlying loan contract
When held by MFIs, such shares issued by MFIs and classified as deposits
instead of capital and reserves are classified by the holding MFI as loans on
the asset side of its balance sheet

(e)

securitisation liabilities
Counterpart of loans and/or other assets disposed of in a securitisation but
still recognised on the statistical balance sheet

The following item is not treated as a deposit:
— Funds (deposits) received on a trust basis (see ‘Loans granted on a trust basis’

under category 2)

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Category

Description of main features

9.1. Overnight deposits

9.1a. Transferable deposits

9.2. Deposits with agreed maturity

9.2a/9.2b/9.2c. Deposits of up to and
including one year/of
over one year and up
to and including two
years/of over two
years' agreed matu-
rity

Deposits which are convertible into currency and/or which are transferable on
demand by cheque, banker's order, debit entry or similar means, without
significant delay, restriction or penalty. This item includes:
— balances (interest-bearing or not) which are immediately convertible into

currency on demand or by close of business on the day following that on
which the demand was made, without any significant penalty or restriction,
but which are not transferable

— balances (interest-bearing or not) representing prepaid amounts in the

context of ‘hardware-based’ or ‘software-based’ e-money (e.g. prepaid cards)
— loans to be repaid by close of business on the day following that on which

the loan was granted

Transferable deposits are those deposits within the category ‘overnight deposits’
which are directly transferable on demand to make payments to other economic
agents by commonly used means of payment, such as credit transfer and direct
debit, possibly also by credit or debit card, e-money transactions, cheques, or
similar means, without significant delay, restriction or penalty. Deposits that can
only be used for cash withdrawal and/or deposits from which funds can only be
withdrawn or transferred through another account of the same owner are not to
be included as transferable deposits

Non-transferable deposits which cannot be converted into currency before an
agreed fixed term or that can only be converted into currency before that agreed
term provided that the holder is charged some kind of penalty. This item also
includes administratively regulated savings deposits where the maturity related
criterion is not relevant (classified in the maturity band ‘over two years’). Financial
products with roll-over provisions must be classified according to the earliest
maturity. Although deposits with agreed maturity may feature the possibility of
earlier redemption after prior notification, or may be redeemable on demand
subject to certain penalties, these features are not considered to be relevant for
classification purposes

These items include for each maturity breakdown:
(a)

Balances placed with a fixed term to maturity of up to and including one
year/of over one year and up to and including two years/of over two years
that are non-transferable and cannot be converted into currency before that
maturity
Balances placed with a fixed term to maturity of up to and including one
year/of over one year and up to and including two years/of over two years
that are non-transferable but can be redeemed before that term after prior
notification; where notification has been given, these balances are classified
in 9.3a or 9.3b where appropriate
Balances placed with a fixed term to maturity of up to and including one
year/of over one year and up to and including two years/of over two years
that are non-transferable but can be redeemed on demand subject to certain
penalties

(b)

(c)

(f)

(e)

(d) Margin payments made under derivative contracts to be closed out within
one year/between one and two years/over two years, representing cash
collateral placed to protect against credit risk but remaining in the
ownership of the depositor and being repayable to the depositor when the
contract is closed out
Loans evidenced by a single document of up to and including one year/of
over one year and up to and including two years/of over two years' original
maturity
Non-negotiable debt securities issued by MFIs (evidenced or not by
documents) of original maturity of up to and including one year/of over one
year and up to and including two years/of over two years
Subordinated debt issued by MFIs in the form of deposits or loans of original
maturity of up to and including one year/over one year and up to and
including two years/over two years
Securitisation liabilities
Counterpart of loans and/or other assets disposed of in a securitisation but
still recognised on the statistical balance sheet. By convention these liabilities
are assigned to the maturity breakdown ‘over two years’ agreed maturity’

(h)

(g)

In addition, deposits of over two years’ agreed maturity include:
— balances (regardless of maturity) in which the interest rates and/or terms and
conditions are specified in national legislation and which are designed to be
held for specific purposes (e.g. house financing) occurring after two years
(even if technically they are redeemable on demand)

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Category

Description of main features

9.3. Deposits redeemable at notice

Non-transferable deposits without any agreed maturity which cannot be converted
into currency without a period of prior notice; before the expiry the conversion
into currency is not possible or possible only with a penalty. They include deposits
which, although perhaps legally withdrawable on demand, would be subject to
penalties and restrictions according to national practice (classified in the maturity
band ‘up to and including three months), and investment accounts without period
of notice or agreed maturity, but which contain restrictive drawing provisions
(classified in the maturity band ‘over three months)

9.3a/9.3b. Deposits redeemable at up

to and including three
months/of over three
months’ notice of which
over two years’ notice

9.4. Repos

These items include:
(a)

(b)

Balances placed without a fixed maturity that can be withdrawn only subject
to a prior notice of up to and including three months/of over three months,
of which over two years; if redemption prior to that notice period (or even
on demand) is possible, it involves the payment of a penalty
Balances placed with a fixed term to maturity that are non-transferable but
that have been subject to a notification of less than three months/of over
three months, of which over two years, for an earlier redemption
In addition, deposits redeemable at up to and including three months' notice
include:
— Non-transferable sight savings deposits and other types of retail deposits
which, although legally redeemable on demand, are subject to significant
penalties

And, deposits redeemable at over three months' notice of which over two years'
notice (where applicable) include:
— Investment accounts without a period of notice or agreed maturity, but

which contain restrictive drawing provisions

Counterpart of cash received in exchange for securities sold by reporting agents at
a given price under a firm commitment to repurchase the same (or similar)
securities at a fixed price on a specified future date. Amounts received by reporting
agents in exchange for securities transferred to a third party (temporary acquirer)
are to be classified under ‘repurchase agreements’ where there is a firm
commitment to reverse the operation and not merely an option to do so. This
implies that reporting agents retain all risks and rewards of the underlying
securities during the operation.
The following variants of repo-type operations are all classified under ‘repurchase
agreements’:
— amounts received in exchange for securities temporarily transferred to a
third party in the form of securities lending against cash collateral
— amounts received in exchange for securities temporarily transferred to a

third party in the form of a sale/buy-back agreement

The securities underlying repo type operations are recorded following the rules in
asset item 3 ‘Securities other than shares’. Operations involving the temporary
transfer of gold against cash collateral are also included under this item

10. MMF shares/units

Shares or units issued by MMFs. See definition in Annex I, Part 1, Section 2

11. Debt securities issued

Securities other than equity issued by reporting agents, which are instruments
usually negotiable and traded on secondary markets or which can be offset on the
market and which do not grant the holder any ownership rights over the issuing
institution. This item includes:
(a)

securities that give the holder the unconditional right to a fixed or
contractually determined income in the form of coupon payments and/or a
stated fixed sum at a specific date (or dates) or starting from a date defined at
the time of issue

(b) Non-negotiable instruments issued by reporting agents that subsequently
become negotiable should be reclassified as ‘debt securities’ (see also
category 9)

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Category

Description of main features

(c)

Subordinated debt issued by MFIs is to be treated in the same way as other
debt incurred by MFIs for the purposes of money and banking statistics.
Hence, subordinated debt issued in the form of securities is to be classified as
‘debt securities issued’, whereas subordinated debt issued by MFIs in the form
of deposits or loans is to be classified as ‘deposit liabilities’. Where all
subordinated debt issued by MFIs is identified as a single amount for
statistical purposes, this figure is to be classified under the item ‘debt
securities issued’, on the grounds that subordinated debt is predominately
constituted in the form of securities rather than as loans. Subordinated debt
should not be classified under the liability item ‘capital and reserves’
(d) Hybrid instruments. Negotiable instruments with a combination of debt and

derivative components, including:
— negotiable debt instruments containing embedded derivatives
— negotiable instruments whose redemption value and/or coupon is

linked to the development of an underlying reference asset, asset price
or other reference indicator over the maturity of the instrument

11a/11b/11c. Debt securities of up to

and including one
year/of over one year
and up to and includ-
ing two year/of over
two years' original
maturity

These items include for each maturity breakdown:
(a)

Negotiable debt securities issued by MFIs (evidenced or not by documents)
of original maturity of up to and including one year/of over one year and up
to and including two years/of over two years' original maturity
Subordinated debt issued by MFIs in the form of debt securities of original
maturity of up to and including one year/of over one year and up to and
including two year/of over two years' original maturity

(b)

11d. Of which debt securities up to
two years and nominal capital
guarantee below 100 %

Hybrid instruments issued by MFIs of original maturity of up to two years and
which at maturity may have a contractual redemption value in the issuing currency
lower than the amount originally invested due to their combination of debt and
derivative components

12. Capital and reserves

13. Remaining liabilities

For the purposes of the reporting scheme, this category comprises the amounts
arising from the issue of equity capital by reporting agents to shareholders or other
proprietors, representing for the holder property rights in the MFI and generally an
entitlement to a share in its profits and to a share in its own funds in the event of
liquidation. Funds arising from non-distributed benefits or funds set aside by
reporting agents in anticipation of likely future payments and obligations are also
included. It includes:
(a)
(b)
(c)

equity capital
non-distributed benefits or funds
specific and general provisions against loans, securities and other types of
assets (may be recorded according to the accounting rules)

The item ‘remaining liabilities’ is the residual item on the liabilities side of the
balance sheet, defined as ‘liabilities not included elsewhere’. NCBs may require the
reporting of specific sub-positions included in this item. Remaining liabilities may
include:
(a)

financial derivative positions with gross negative market values
For statistical purposes, financial derivative instruments that are subject to
on-balance-sheet recording are to be included here
gross amounts payable in respect of suspense items
Suspense items are balances held in the MFI balance sheet which are not
booked in the name of customers but which nevertheless relate to
customers' funds (e.g. funds that are awaiting investment, transfer or
settlement)
gross amounts payable in respect of transit items
Transit items represent funds (usually belonging to customers) that are in the
process of being transmitted between MFIs. Items include credit transfers
that have been debited from customers' accounts and other items for which
the corresponding payment has not yet been made by the reporting agent

(b)

(c)

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Category

Description of main features

(d)

(e)
(f)

(g)

accrued interest payable on deposits
In accordance with the general principle of accruals accounting, interest
payable on deposits is 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
dividends to be paid
amounts payable not related to the main MFI business (amounts due to
suppliers, tax, wages, social contributions, etc.)
provisions representing liabilities against third parties (pensions, dividends
etc.)

(h) margin payments made under derivative contracts

Margin payments (margins) made under derivatives contracts are normally
classified as ‘deposit liabilities’ (see category 9). The complexities of current
market practice may make it difficult to identify those margins that are truly
repayable, because different types of margin are placed indistinguishably
within the same account, or those margins that provide the MFI with
resources for on-lending. In these cases, it is acceptable to classify these
margins under ‘remaining liabilities’ or as ‘deposit liabilities’, according to
national practice
net amounts payable in respect of future settlements of transactions in
securities or foreign exchange operations

(i)

‘Remaining liabilities’ may exclude almost all financial instruments that take the
form of financial liabilities (included within the other balance sheet items),
financial instruments that do not take the form of financial liabilities such as
guarantees, commitments, administered and trust loans (recorded off-balance
sheet), and non-financial liabilities such as capital items on the liabilities side
(included within ‘capital and reserves’)

PART 3

Definitions of sectors

The ESA 95 provides the standard for the sector classification. Counterparties located in the territory of the participating
Member States are identified according to their sector in accordance with the list of MFIs for statistical purposes and the
guidance for the statistical classification of counterparties provided in the ECB's Sector Manual. 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 used.

Table

Definitions of sectors

Sector

Definition

MFIs

See Article 1 of this Regulation

General government (S.13) (ESA 95, paragraphs 2.68
to 2.70)

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

Central government (S.1311) (ESA 95, paragraph
2.71)

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

State government (S.1312) (ESA 95, paragraph 2.72)

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

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Sector

Definition

Local government (S.1313) (ESA 95, paragraph 2.73)

Public administration whose competence extends only to a local
part of the economic territory, excluding local agencies of social
security funds

Social security funds (S.1314) (ESA 95, para-
graph 2.74)

Central, state and local institutional units whose principal activity
is to provide social benefits

Other financial intermediaries (S.123) + financial
auxiliaries (S.124) (ESA 95, paragraphs 2.53 to 2.59)

Financial corporations and quasi-corporations (except 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, or insurance technical reserves.
FVCs, non-MFI central counterparties and financial auxiliaries
consisting of all financial corporations and quasi-corporations that
are principally engaged in auxiliary financial activities are included

Insurance corporations and pension funds (S.125)
(ESA 95, paragraphs 2.60 to 2.67)

Financial corporations and quasi-corporations principally engaged
in financial intermediation as the consequence of the pooling of
risks

Non-financial corporations (S.11) (ESA 95, para-
graphs 2.21 to 2.31)

Corporations and quasi-corporations not engaged in financial
intermediation but principally in the production of market goods
and non-financial services

Households (S.14) and non-profit institutions serving
households (S.15) (ESA 95, paragraphs 2.75 to 2.88)

Sole proprietors and unincorporated partnerships
(sub-population of ‘Households’) (ESA 95, para-
graph 2.76d)

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 their activities are not those of
quasi-corporations. Non-profit institutions which serve house-
holds and which are principally engaged in the production of non-
market goods and services intended for particular groups of
households are included

Sole proprietors and unincorporated partnerships without
independent legal status — other than those created as quasi-
corporations — which are market producers. This includes
unincorporated businesses, (partnerships of) self-employed law-
yers, doctors etc. In the case of sole proprietors, the business entity
is inseparably linked to the natural person(s) who is/are the own-
er(s), combining all rights and obligations arising from the
business and the private sphere

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APPLICATION OF MINIMUM RESERVE REQUIREMENTS AND RELATED SPECIAL RULES

ANNEX III

PART 1

Minimum reserve requirements for credit institutions: general rules

1.

2.

3.

Cells marked with an * in Table 1 in Annex I are used in the calculation of the reserve base. With respect to debt
securities, credit institutions either present proof of liabilities to be excluded from the reserve base or apply a
standardised deduction of a fixed percentage specified by the ECB. Cells in thin print are reported solely by credit
institutions subject to reserve requirements.

The column ‘of which credit institutions subject to reserve requirements, ECB and NCBs’ does not include the liabilities
of reporting agents vis-à-vis institutions listed as exempt from the ECB's minimum reserve system, i.e. institutions
which are exempt for reasons other than their being subject to reorganisation measures. Institutions which are
temporarily exempt from minimum reserve requirements on account of their being subject to reorganisation
measures are treated as institutions subject to minimum reserve requirements and, therefore, liabilities vis-à-vis these
institutions are covered under the column ‘of which credit institutions subject to reserve requirements, ECB and NCBs’.
Liabilities vis-à-vis institutions not actually required to maintain reserve holdings with the ESCB owing to the
application of the lump-sum allowance are also covered under this column.

Full reporters may also report positions vis-à-vis ‘MFIs other than credit institutions subject to minimum reserves, ECB
and NCBs’, rather than vis-à-vis ‘MFIs’ and ‘credit institutions subject to minimum reserves, ECB and NCBs’, provided
that no loss of detail results and no bold type positions are affected. Furthermore, depending on the national
collection systems and without prejudice to full compliance with the definitions and classification principles of the
MFI balance sheet set out in this Regulation, credit institutions subject to reserve requirements may alternatively report
the data necessary to calculate the reserve base, except those on negotiable instruments, in accordance with the table
below, provided that no bold type positions of Table 1 in Annex I are affected.

4.

Small credit institutions in the ‘tail’ report, as a minimum, quarterly data necessary to calculate the reserve base in
accordance with the table below.

5.

For reporting in accordance with the table below, strict correspondence with Table 1 of Annex I must be ensured.

Table

Data required for minimum reserves

Reserve base calculated as the sum of the following columns in
Table 1 (Liabilities): (a) - (b) + (c) + (d) + (e) + (j) - (k) + (l) + (m) +
(n) + (s)

DEPOSIT LIABILITIES

(Euro and foreign currencies combined)

9. Total deposits

9.1e + 9.1x

9.2e + 9.2x

9.3e + 9.3x

9.4e + 9.4 x

of which:

9.2e + 9.2.x With agreed maturity

over two years

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Reserve base calculated as the sum of the following columns in
Table 1 (Liabilities): (a) - (b) + (c) + (d) + (e) + (j) - (k) + (l) + (m) +
(n) + (s)

of which:

9.3e + 9.3.x redeemable at notice

Voluntary reporting (1)

over two years

of which:

9.4e + 9.4.x repos

NEGOTIABLE INSTRUMENTS
(Euro and foreign currencies combined)
11. Debit securities issued

11e + 11x with agreed maturity

up to two years

over two years

Outstanding issues, column (t) in Table 1 (Liabilities)

(1) Reporting agents have the option of meeting this reporting requirement by means of voluntary reporting i.e. they are allowed to
report either true figures (including nil positions) or ‘missing information’. Once the choice to report true figures has been made,
reporting agents are no longer able to report ‘missing information’.

PART 2

Special rules

Section 1: Statistical reporting on an aggregated basis as a group by credit institutions subject to the ECB's
minimum reserve system

1.1. Subject to the fulfilment of the conditions set out in Article 11 of Regulation (EC) No 1745/2003 (ECB/2003/9), the
ECB's Executive Board may allow credit institutions subject to minimum reserve requirements to carry out aggregated
statistical reporting as a group within a single national territory. All institutions concerned are included separately in
the ECB's list of MFIs.

1.2.

If credit institutions have been permitted to hold minimum reserves through an intermediary, pursuant to Article 10
of Regulation (EC) No 1745/2003 (ECB/2003/9), and do not benefit from the group reporting referred to in this
section, the relevant NCB may authorise the intermediary to carry out aggregated statistical reporting (other than in
respect of the reserve base) on behalf of credit institutions. All institutions concerned are included separately in the
ECB's list of MFIs.

1.3.

If the group of credit institutions as a whole falls under the ‘tail’, it is only required to comply with the simplified
reporting for ‘tail’ institutions. Otherwise, the reporting scheme for full reporters applies to the group as a whole.

Section 2: Reserve requirements in the case of mergers involving credit institutions

2.1. For the purpose of this Annex, the terms ‘merger’, ‘merging institutions’, and ‘acquiring institution’ have the meanings

set out in Article 1 of Regulation (EC) No 1745/2003 (ECB/2003/9).

2.2. For the maintenance period within which a merger takes effect, the reserve requirements of the acquiring institution
are calculated and have to be fulfilled as set out in Article 13 of Regulation (EC) No 1745/2003 (ECB/2003/9).

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2.3. For the consecutive maintenance periods, the reserve requirement of the acquiring institution is calculated on the basis
of a reserve base and of statistical information reported in accordance with the rules set out in the table below.
Otherwise, the normal rules for reporting statistical information and calculation of reserve requirements, as set out in
Article 3 of Regulation (EC) No 1745/2003 (ECB/2003/9), apply.

2.4. Without prejudice to the obligations set out in the previous paragraphs, the relevant NCB may authorise the acquiring
institution to fulfil its obligation to report statistical information through temporary procedures, for instance separate
forms for each of the merging institutions during several periods after the merger has taken place. The length of this
derogation from normal reporting procedures should be limited to the extent possible and should not exceed six
months after the merger has taken place. This derogation is without prejudice to the obligation for the acquiring
institution to fulfil its reporting obligations in accordance with this Regulation and, if applicable, its obligation to
assume the reporting obligations of merging institutions in accordance with this Annex.

Table

Special rules for the calculation of reserve requirements of credit institutions involved in a merger (1)

Case num-
ber

Type of merger

Obligations to be assumed

1

2

3

4

A merger where a full reporter (acquiring institu-
tion) acquires one or more full reporters (merging
institutions) takes effect after the deadline set by the
relevant NCB for the reporting of monthly statistical
information relating to the preceding month

A merger where a full reporter (acquiring institu-
tion) acquires one or more tail institutions and
possibly one or more full reporters (merging
institutions) takes effect after the deadline set by the
relevant NCB for the reporting of statistical
information relating to the preceding quarter

A merger where a full reporter (acquiring institu-
tion) acquires one or more full reporters (merging
institutions) takes effect within the period between
the end of a month and the deadline set by the
relevant NCB for the reporting of monthly statistical
information relating to the preceding month

A merger where a full reporter (acquiring institu-
tion) acquires one or more tail institutions and
possibly one or more full reporters (merging
institutions) takes effect within the period between
the end of a quarter and the deadline set by the
relevant NCB for the reporting of statistical
information relating to the preceding quarter

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which would
have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum
allowance is granted

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which would
have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum
allowance is granted

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which would
have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum
allowance is granted. The acquiring institution
assumes, in addition to its own reporting obligations,
the reporting obligations of merging institutions for
statistical information relating to the month preced-
ing the merger

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the acquiring
institution and of the merging institutions. The
reserve bases to be aggregated are those which would
have been relevant for this maintenance period had
the merger not occurred. Only one lump-sum
allowance is granted. The acquiring institution
assume, in addition to its own reporting obligations,
the reporting obligations of merging institutions for
statistical information relating to the month or the
quarter preceding the merger, depending on the
institution

(1) This table presents the details of more complex procedures applied to specific cases. For cases not presented in the table, the normal rules
for reporting of statistical information and calculation of reserve requirements, as set out in Article 3 of Regulation (EC) No 1745/2003
(ECB/2003/9), apply.

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Case num-
ber

Type of merger

Obligations to be assumed

5

6

7

8

9

A merger where a tail institution (acquiring
institution) acquires one or more full reporters and
possibly one or more tail institutions (merging
institutions) takes effect after the deadline set by the
relevant NCB for the reporting of statistical
information relating to the preceding month

A merger where a tail institution (acquiring
institution) acquires one or more tail institutions
(merging institutions) takes effect after the deadline
set by the relevant NCB for the reporting of
statistical information relating to the preceding
quarter

A merger where a tail institution (acquiring
institution) acquires one or more tail institutions
(merging institutions) takes effect after the deadline
set by the relevant NCB for the reporting of
statistical information relating to the preceding
quarter and, as a result of the merger, the tail
institution becomes a full reporter

A merger where a tail institution (acquiring
institution) acquires one or more tail institutions
(merging institutions) takes effect within the period
between the end of a quarter and the deadline set by
the relevant NCB for the reporting of statistical
information relating to the preceding quarter

A merger where a tail institution (acquiring
institution) acquires one or more full reporters and
possibly one or more tail institutions (merging
institutions) takes effect within the period between
the end of a month and the deadline set by the
relevant NCB for the reporting of monthly statistical
information relating to the preceding month

The same procedure as in Case 1 is applied

From the maintenance period consecutive to the
merger and until the acquiring institution has
reported quarterly data for the first time after the
merger in accordance with the reduced reporting
requirements imposed upon tail reporters as set out in
Annex III to this Regulation, the reserve requirement
of the acquiring institution is calculated on the basis
of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions.
The reserve bases to be aggregated are those which
would have been relevant for this maintenance period
had the merger not occurred. Only one lump-sum
allowance is granted

The same procedure as in Case 2 is applied

From the maintenance period consecutive to the
merger and until the acquiring institution has
reported for the first time after the merger quarterly
data in accordance with the reduced reporting
requirements imposed upon tail reporters as set out in
Annex III to this Regulation, the reserve requirement
of the acquiring institution is calculated on the basis
of a reserve base aggregating the reserve bases of the
acquiring institution and of the merging institutions.
The reserve bases to be aggregated are those which
would have been relevant for this maintenance period
had the merger not occurred. Only one lump-sum
allowance is granted. The acquiring institution
assumes, in addition to its own reporting obligations,
the reporting obligations of merging institutions for
statistical information relating to the quarter preced-
ing the merger

The same procedure as in Case 3 is applied

10

A merger where a tail institution (acquiring
institution) acquires one or more tail institutions
(merging institutions) takes effect within the period
between the end of a quarter and the deadline set by
the relevant NCB for the reporting of statistical
information relating to the preceding quarter and,
as a result of the merger, the tail institution becomes
a full reporter

The same procedure as in Case 4 is applied

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Official Journal of the European Union

20.1.2009

Case num-
ber

11

12

13

Type of merger

Obligations to be assumed

A merger where a full reporter (acquiring institu-
tion) is created from full reporters (merging
institutions) takes effect within the period between
the end of a month and the deadline set by the
relevant NCB for the reporting of monthly statistical
information relating to the preceding month

A merger where a full reporter (acquiring institu-
tion) is created from one or more tail institutions
and possibly one or more full reporters (merging
institutions) takes effect within the period between
the end of a quarter and the deadline set by the
relevant NCB for the reporting of statistical
information relating to the preceding quarter

A merger where a tail institution (acquiring
institution) is created from one or more tail
institutions (merging institutions) takes effect within
the period between the end of a quarter and the
deadline set by the relevant NCB for the reporting of
statistical information relating to the preceding
quarter

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the merging institu-
tions. The reserve bases to be aggregated are those
which would have been relevant for this maintenance
period had the merger not occurred. Only one lump-
sum allowance is granted. The acquiring institution
assumes the reporting obligations of merging insti-
tutions for statistical information relating to the
month preceding the merger

For the maintenance period consecutive to the
merger, the reserve requirement of the acquiring
institution is calculated on the basis of a reserve base
aggregating the reserve bases of the merging institu-
tions. The reserve bases to be aggregated are those
which would have been relevant for this maintenance
period had the merger not occurred. Only one lump-
sum allowance is granted. The acquiring institution
assumes the reporting obligations of merging insti-
tutions for data relating to the month or the quarter
preceding the merger, depending on the institution

From the maintenance period consecutive to the
merger and until the acquiring institution has
reported quarterly data for the first time after the
merger in accordance with the reduced reporting
requirements imposed upon tail reporters as set out in
Annex III to this Regulation, the reserve requirement
of the acquiring institution is calculated on the basis
of a reserve base aggregating the reserve bases of the
merging institutions. The reserve bases to be
aggregated are those which would have been relevant
for this maintenance period had the merger not
occurred. Only one lump-sum allowance is granted.
The acquiring institution assumes the reporting
obligations of merging institutions for data relating to
the quarter preceding the merger

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L 15/59

MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION

ANNEX IV

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 the relevant NCB;

(b)

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

(c)

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

(d)

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

2.

Minimum standards for accuracy:

(a)

the statistical information must be correct:

— all linear constraints must be fulfilled (e.g. assets and liabilities must balance, subtotals must add up to

totals), and

— data must be consistent across all frequencies;

(b)

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

(c)

the statistical information must be complete: existing gaps must be acknowledged, explained to NCBs and,
where applicable, bridged as soon as possible;

(d)

the statistical information must not contain continuous and structural gaps;

(e)

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

(f)

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

3.

Minimum standards for conceptual compliance:

(a)

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

(b)

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; and

(c)

reporting agents must be able to explain breaks in the data supplied compared with the previous periods’
figures.

4.

Minimum standards for revisions:

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.

L 15/60

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Official Journal of the European Union

20.1.2009

ANNEX V

CORRELATION TABLE

Regulation (EC) No 2423/2001 (ECB/2001/13)

This regulation

Article 1

Article 2(1)

Article 2(2)

Article 2(3)

Article 3(1)

Article 3(2)

Article 3(3)

Article 4(1)

Article 4(2)

Article 4(3)

Article 4(4)

Article 4(5)

Article 4(6)

Article 4(7)

Article 4(8)

Article 5

Article 6

Article 7

Article 8

Article 9

Annex I, Part 1, Introduction

Annex I, Part 1, I, point 1

Annex I, Part 1, I, point 2

Annex I, Part 1, I, point 3

Annex I, Part 1, I, point 4

Annex I, Part 1, I, point 5

Annex I, Part 1, I, point 6

Annex I, Part 1, I, point 7

Annex I, Part 1, I, point 8

Annex I, Part 1, I, point 9

Annex I, Part 1, II

Annex I, Part 1, III, point 1

Annex I, Part 1, III, point 2

Annex I, Part 1, III, point 3

Annex I, Part 1, III, (i), (a), point 4

Annex I, Part 1, III, (i), (a), point 5

Annex I, Part 1, III, (i), (b), point 6

Annex I, Part 1, III, (ii), point 7

Annex I, Part 1, III, (iii), point 8

Annex I, Part 1, III, (iii), point 9

Annex I, Part 1, III, (iv), point 10

Annex I, Part 1, III, (v), point 11

Annex I, Part 1, III, (v), point 12

Annex I, Part 1, III, point 13

Annex I, Part 1, III, (vi), point 13a

Annex I, Part 1, III, (vi), point 13b

Annex I, Part 1, III, (vi), point 13c

Article 1

Article 1 first indent; Article 2(1)

Article 8(1)

Article 8(1)(e)

Article 3(1)

Article 3(2)

Article 3(3)

Article 4(1)

Article 4(1)

Article 9(1)

Article 9(2)

Article 8(1)(b); Article 8(1)(c)

Article 8(5)(a)

Article 8(5)(b)

Article 10

Article 11

Article 12

—

Article 14

Article 15

Annex I, Introduction

Article 3(1)

Article 1 first indent

Article 2(3)

Annex 1, Part 1, Section 1, point 1.1

Annex 1, Part 1, Section 1, point 1.2

Article 1 first indent; Annex 1, Part 1, Section 2, point 2.1

Annex 1, Part 1, Section 2, point 2.2

Article 1 first indent

Article 8(3)(a)

Article 7

Recital 2, recital 10, Annex III, Part 1, point 1

Annex I, Introduction; Annex I, Part 2

Annex I, Part 2

Annex I, Part 2, point 1(a)

Annex I, Part 2, point 2

Annex I, Part 2, point 1(b)

Annex I, Part 2, point 4

Annex I, Part 2, point 5.1

Annex I, Part 2, point 5.1

Annex I, Part 2, point 3

—

Recital 8

Recital 8

Annex I, Part 2, point 5.5

—

Annex I, Part 2, point 5.5

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Official Journal of the European Union

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Regulation (EC) No 2423/2001 (ECB/2001/13)

This regulation

Annex I, Part 1, III, (vi), point 13d

Annex I, Part 1, III, (vi), point 13e

Annex I, Part 1, III, (vi), point 14

Annex I, Part 1, III, (vi), point 15

Annex I, Part 1, III, (vi), point 16

Annex I, Part 1, IV, point 1

Annex I, Part 1, IV, point 2

Annex I, Part 1, IV, (a), point 3

Annex I, Part 1, IV, (a), point 4

Annex I, Part 1, IV, (b), point 5

Annex I, Part 1, IV, (c), point 6

Annex I, Part 1, IV, (c), point 6a

Annex I, Part 1, IV, (d), point 7

Annex I, Part 1, IV, (d), point 7a

Annex I, Part 1, IV, (e), point 8

Annex I, Part 1, IV, (e), point 9

Annex I, Part 1, IV, (e), point 9a

Annex I, Part 1, IV, point 10

Annex I, Part 1, V, point 1

Annex I, Part 1, V, point 2

Annex I, Part 1, V, point 3

Annex I, Part 1, V, point 4

Annex I, Part 1, V, point 5

Annex I, Part 1, V, point 6

Annex I, Part 1, V, (i), point 7

Annex I, Part 1, V, (ii), point 8

Annex I, Part 1, V, (iii), point 9

Annex I, Part 1, V, (iv), point 10

Annex I, Part 1, V, point 11

Annex I, Part 1, V, (i), point 12

Annex I, Part 1, V, point 13

Annex I, Part 1, V, (ii), point 14

Annex I, Part 1, V, (iii), point 15

Annex I, Part 1, V, point 16

Annex I, Part 1, V, (iv), point 17

Annex I, Part 2, Table A

Annex I, Part 2, Table 1

Annex I, Part 2, point 5.5

Article 8(3)(b)

Article 6

Article 7(2)

Article 7(4)

Annex I, Part 3

Annex I, Part 3

Annex I, Part 3, point 1

—

Annex I, Part 3, point 2

Annex I, Part 3, point 4

Article 8(6)

Annex I, Part 3, point 5

Article 8(6)

Annex I, Part 3, point 3

Article 6

—

Article 7

Recital 9

Recital 9; Article 4

Article 4(1)

Article 4(2)

Recital 9

Annex I, Part 5, point 1

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Article 6

Annex I, Part 4, point 2

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Annex I, Part 5, Table 1A

Article 6

Annex I, Part 8

Annex I, Part 2

Annex I, Part 2, Table 1, footnote 5

Annex III, Part 1, point 3

Annex I, Part 2, Table 2

Annex I, Part 2, Table 3

Annex I, Part 2, Table 4

Annex I, Part 2, Table 1A

Annex I, Part 3, General definitions

Annex I, Part 3, Definitions of sectors

Annex I, Part 3, Definitions of instrument categories

Annex I, Part 3, Table

Annex II, Part 1, I, point 1

Annex II, Part 1, II, point 2

Annex II, Part 1, III, point 3

Annex II, Part 1, III, point 4

Annex II, Part 1, IV, point 5

Annex II, Part 1, IV, point 6

Annex I, Part 3

Annex I, Part 3

Annex I, Part 3

Annex I, Part 5

Annex II, Part 1

Annex II, Part 3

Annex II, Part 2

Annex II, Part 2

Article 2(2);
Annex III, Part 1, point 3

Annex III, Part 1, point 4

Annex III, Part 2, Section 1, point 1.1

Annex III, Part 2, Section 1, point 1.2

Annex III, Part 1, point 2

Annex III, Part 1, point 2

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Official Journal of the European Union

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Regulation (EC) No 2423/2001 (ECB/2001/13)

This regulation

Annex II, Part 2, point 7

Annex II, Part 3, point 8

Annex II, Part 3, point 9

Annex II, Part 3, point 10

Annex II, Part 3, point 11

Annex II, Part 3, Table

Annex II, Appendix, Table

Annex III

Annex IV

Annex V

Annex III, Part 1, Table, footnote

Annex III, Part 2, Section 2, point 2.1

Annex III, Part 2, Section 2, point 2.2

Annex III, Part 2, Section 2, point 2.3

Annex III, Part 2, Section 2, point 2.4

Annex III, Part 1, Table

Annex II, Part 2, Table

Article 8

Annex IV

Article 13