Opinion of the European Central Bank of 7 February 2014 on transmission of data necessary to define monetary policy (CON/2014/11)
Date: 2014-02-07
Institutions: European Central Bank
Subjects: Poland, data collection, monetary policy, national law, payment system, statistics

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 7 February 2014 

on transmission of data necessary to define monetary policy 

(CON/2014/11) 

Introduction and legal basis 

On 13 January 2014, the European Central Bank (ECB) received a request from the Polish Minister for 

Finance for an opinion on a draft ordinance of the Finance Minister on the procedures, scope and time 

frame for the transmission to Narodowy Bank Polski of data necessary to define monetary policy and to 

make periodical assessments of the monetary situation of the State (hereinafter the ‘draft ordinance’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union and the third, fourth and sixth indents of Article 2(1) and Article 2(2) 

of  Council  Decision  98/415/EC  of  29 June  1998  on  the  consultation  of  the  European  Central  Bank  by 
national  authorities  regarding  draft  legislative  provisions1,  as  the  draft  law  relates  to  Narodowy  Bank 

Polski (NBP), compilation and distribution of monetary, financial, banking, payment systems and balance 

of payments statistics, and rules applicable to financial institutions insofar as they materially influence the 

stability of financial institutions and markets and instruments of monetary policy. In accordance with the 

first  sentence  of  Article  17.5  of  the  Rules  of  Procedure  of  the  European  Central  Bank,  the  Governing 

Council has adopted this opinion. 

1.  

Purpose of the draft law 

1.1  The draft ordinance is a recast of the Ordinance of the Finance Minister of 16 December 2009 on 

the  procedures,  scope  and  time  frame  for  the  transmission  to  Narodowy  Bank  Polski  of  data 

necessary to define monetary policy and to make periodical assessments of the monetary situation 
of the State2 (hereinafter the ‘recast ordinance’). 

1.2  The  draft  ordinance  implements  Article  23(2c)  of  the  Law  on  Narodowy  Bank  Polski3,  which 

authorises the Finance Minister to impose obligations to report data used, inter alia, for monetary 

policy  purposes  and  for  monetary  statistics  purposes,  on  non-banking  entities  which  are  deemed 

significant enough on the basis of their position and share in the financial market. Pursuant to the 

recast ordinance, such reporting obligations are currently imposed on investment funds. The draft 

ordinance:  (a)  recasts  the  provisions  relating  to  the  reporting  obligations  of  investment  funds; 

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2 
3 

OJ L 189, 3.7.1998, p. 42. 
Published in Dziennik Ustaw (Dz. U.) of 2009 No 221, item 1740. 
Dz. U. of 2013, item 908. 

 
 
 
 
                                                 
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(b) extends  reporting  obligations  to  cover  credit  unions  also,  inter  alia,  in  view  of  the  fact  that 
credit  unions  are  now  subject  to  NBP’s  minimum  reserve  requirements4;  and  (c)  sets  out  the 

procedures  for  the  reporting  of  minimum  reserve-related  data  by  individual  credit  unions  to  the 

National Credit Union, and of aggregated data by the National Credit Union to NBP. This data will 

then  be used by  NBP  to  verify  the  National  Credit Union’s  calculation of  the  required  minimum 
reserve on a consolidated basis5. 

2. 

The appropriate time to consult the ECB 

The ECB has underlined in several opinions that ‘even in cases of extreme urgency national authorities 

are not relieved of their duty to consult the ECB and to allow sufficient time to take the ECB’s views into 

account, as laid down in Articles 127(4) and 282(5) of the Treaty’. The request for an opinion on the draft 

ordinance was received by the ECB very shortly before the entry into force of the provisions that trigger 

the  above-mentioned  credit  unions’  reporting  obligations  and  the  planned  entry  into  force  of  the  draft 

ordinance. The ECB would appreciate it if the consulting authority would consult the ECB in the future 

on an earlier stage in order to allow sufficient time for its views to be taken into account in accordance 

with Council Decision 98/415/EC. 

3. 

Specific observations 

3.1 

In  its  opinions  relating  to  the  Law  of  5  November  2009  on  credit  unions,  the  ECB  advocated 
including credit unions in NBP’s minimum reserves regime6. The ECB welcomes the fact that such 
inclusion  has  now  entered  into  force,  and  that  the  related  reporting  obligations7  are  imposed  on 

credit unions under the draft ordinance. Whereas, until now, credit unions’ reporting obligations for 

monetary  statistics  purposes  were  provided  for  by  means  of  contractual  measures,  the  ECB 

welcomes the fact that reporting obligations have been clarified by replacing contractual measures 
with regulatory arrangements8.  

3.2  The ECB understands that, unlike reporting obligations of banks that are defined in an instrument 
of  NBP9,  reporting  obligations  of  non-bank  financial  institutions,  due  to  limitations  imposed  on 

4  

5 

6 

7 
8 
9 

See  Article  12(2)  and  Articles  38-41  of  the  Law  on  Narodowy  Bank  Polski  as  amended,  with  effect  from 
27 January 2014, by Articles 83 and 93 of the Law of 5 November 2009 on credit unions (Dz. U. of 2012, item. 855). 
Pursuant to Article 38(5) of the Law on Narodowy Bank Polski, credit unions hold minimum reserves with the National 
Credit Union, a central association to which all credit unions are affiliated, and the National Credit Union holds its own 
reserves and credit unions’ consolidated minimum reserves on a central account maintained for it by NBP. 
See paragraphs 2.1 to 2.5 of Opinion CON/2009/60 and paragraph 2.1 of Opinion CON/2013/5. All ECB opinions are 
published on the ECB’s website at www.ecb.europa.eu. 
See reporting templates PD001 to PD003 in Annex 2 to the draft ordinance. 
See reporting templates PD004 to PD006 in Annex 2 to the draft ordinance. 
See  resolution  of  the  NBP  Management  Board  No  53/2011  of  22  September  2011  on  the  procedure  and  specific 
principles of transmission by banks to Narodowy Bank Polski of data necessary to define monetary policy and to make 
periodical  assessments  of  the  monetary  situation of  the  State, financial  situation of  banks  and  risks  within  the  banking 
sector (published in Dziennik Urzędowy NBP of 2011 No 14, item 15). 

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NBP’s  legislative  powers10,  are  defined  by  a  ministerial  ordinance.  The  ECB  welcomes  the 

declaration of the Polish authorities that the draft ordinance aims at achieving consistency between 

these two reporting regimes, as well as their alignment with the evolution of the ESCB’s reporting 
framework, in view of the future participation of NBP in the Eurosystem11. 

3.3  The  ECB  notes  in  this  context  that  the  ESCB’s  reporting  framework  for  non-bank  entities  is 

currently  evolving.  This  includes,  with  effect  from  1  January  2015:  (a)  replacing  the  reporting 

obligations currently imposed on investment funds under Regulation ECB/2007/8 of 27 July 2007 
concerning  statistics  on  the  assets  and  liabilities  of  investment  funds12  by  the  newly  adopted 

Regulation ECB/2013/38 of 18 October 2013 concerning statistics on the assets and liabilities of 
investment funds13; and (b) replacing the reporting obligations currently imposed on securitisation 

vehicles  under  Regulation  ECB/2008/30  of  19 December 2008  concerning  statistics  on  the  assets 
and  liabilities  of  financial  vehicle  corporations  engaged  in  securitisation  transactions14  by 

Regulation ECB/2013/40 of 18 October 2013 concerning statistics on the assets and liabilities of 
financial vehicle corporations engaged in securitisation transactions15. The ECB invites the Polish 

authorities to adequately consider the implications of these changes for the draft ordinance. 

3.4  The ECB notes that, as part of another legislative initiative16, the above mentioned Article 23(2c) of 

the Law on Narodowy Bank Polski, on the basis of which the draft ordinance will be issued, may 

be amended by adding ‘analysis aimed at mitigating systemic risk’ to the list of purposes for which 

information provided by investment funds and credit unions may be used by NBP. This additional 

macro-prudential purpose may have to be reflected in the scope of reporting requirements set out in 

the annexes to the draft ordinance. 

This opinion will be published on the ECB’s website. 

Done at Frankfurt am Main, 7 February 2014. 

[signed] 

The President of the ECB 

Mario DRAGHI 

10   

11 

12  
13  
14  
15  
16 

See Article 23(4) of the Law on Narodowy Bank Polski, the wording of which results from paragraph 3 of judgement of 
the Constitutional Tribunal in case K 25/99 (Dz. U. of 2000 No 53, item 648). 
See  pages  1  and  4  of  the  explanatory  memorandum  to  the  recast  ordinance.  See  also  paragraphs  2  and  3  of  Opinion 
CON/2008/53. 
OJ L 211, 11.8.2007, p. 8. 
OJ L 297, 7.11.2013, p. 73. 
OJ L 15, 20.1.2009, p. 1. 
OJ L 297, 7.11.2013, p. 107. 
See Article 57(2) of the draft law on macro-prudential oversight of the national financial system. 

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