Guideline (EU) 2015/571 of the European Central Bank of 6 November 2014 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2014/43)
Date: 2014-11-06
Institutions: European Central Bank
Subjects: EU statistics, central bank, disclosure of information, euro area, financial control, financial statistics, money market, payment




L_2015093EN.01008201.xml










9.4.2015   


EN


Official Journal of the European Union


L 93/82








            GUIDELINE (EU) 2015/571 OF THE EUROPEAN CENTRAL BANK
         
of 6 November 2014
         
amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2014/43)


THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 5.1, 12.1 and 14.3 thereof,


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),


Having regard to Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (2),


Having regard to Guideline ECB/2010/20 of 11 November 2010 on the legal framework for accounting and financial reporting in the European System of Central Banks (3),

Whereas:







(1)


It is necessary to update the compilation of statistics on the issuance of securities to take into account updates to the European System of Accounts 2010, and to start compiling statistics on the issuance of securities by financial vehicle corporations engaged in securitisation transactions (‘FVCs’) within this framework.












(2)


It is also necessary to amend the reporting requirements for payment transactions involving non-monetary financial institutions laid down in Guideline ECB/2014/15 (4), thereby ensuring the appropriate recording of certain national payment instruments and services not explicitly mentioned or covered by Directive 2007/64/EC of the European Parliament and of the Council (5),





HAS ADOPTED THIS GUIDELINE:



Article 1

Amendments to Annex II to Guideline ECB/2014/15

Annex II to Guideline ECB/2014/15 is amended as follows:






1.


Part 12 is replaced by the text in the Annex to this Guideline;










2.


in Part 16, Table 3 is replaced by the following:









 


‘Sent


Received




Memo items


Number of transactions


Value of transactions


Number of transactions


Value of transactions





Transactions per type of payment instrument






Credit transfers





Initiated electronically







of which:


 


 


 


 




Initiated on a single payment basis


 


 


 


 






of which:


 


 


 


 




Online banking based e-payments


Geo 1


Geo 1


—


—




Credits to the accounts by simple book entry


Geo 0


Geo 0


—


—




Debits from the accounts by simple book entry


Geo 0


Geo 0


—


—




 


 


 


—


—




Money remittances


Geo 3


Geo 3


Geo 2


Geo 2




Transactions via telecommunication, digital or IT device


Geo 1


Geo 1


Geo 2


Geo 2




Other services (not included in the Payment Services Directive)


Geo 4


Geo 4


—


—’




;










3.


in Part 16, the following definition is added:

‘Other services (not included in the Payment Services Directive)
— payment related services other than those services defined in Article 4(3) of Directive 2007/64/EC.’.





Article 2

Taking effect and implementation


1.   This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.


2.   The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with the Annex to this Guideline and apply it from the date of its adoption.


3.   The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with Article 1(2) of this Guideline and apply it from 1 January 2015.



Article 3

Addressees

This Guideline is addressed to the national central banks of the Member States whose currency is the euro.




Done at Frankfurt am Main, 6 November 2014.


For the Governing Council of the ECB


The President of the ECB

Mario DRAGHI
            





(1)  
            OJ L 318, 27.11.1998, p. 8.

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

(3)  
            OJ L 35, 9.2.2011, p. 31.

(4)  Guideline ECB/2014/15 of 4 April 2014 on monetary and financial statistics (OJ L 340, 26.11.2014, p. 1).

(5)  Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ L 319, 5.12.2007, p. 1).




ANNEX


                     ‘PART 12

Securities issues statistics


Section 1: Introduction

Securities issues statistics for the euro area provide two main aggregates:






—


all issues by euro area residents in any currency, and










—


all issues made worldwide in euro, both domestic and international.




A principal distinction must be drawn on the basis of the residency of the issuer whereby the Eurosystem NCBs collectively cover all issues by the residents of the euro area (1). The Bank for International Settlements (BIS) reports issues by the “rest of the world” (RoW), referring to all non-euro area residents (including international organisations not resident in the euro area).
The table below summarises the reporting requirements.








 


Securities issues




By euro area residents
(each NCB reporting on its domestic residents)


By RoW residents
(BIS/NCB)




Non-euro area Member States


Other countries





In euro/national denominations




Block A




Block B






In other currencies
 (*1)




Block C




Block D


not required






Section 2: Reporting requirements


Table 1


Block A reporting form for NCBs










 


DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS




Outstanding amounts


Gross issues


Redemptions


Net issues (*3)





 


A1


A2


A3


A4





1.   SHORT-TERM DEBT SECURITIES
 (*2)






Total


S1


S68


S135


S202




ECB/NCB


S2


S69


S136


S203




MFIs other than central banks


S3


S70


S137


S204






OFIs


S4


S71


S138


S205




Of which FVC


S5


S72


S139


S206




Financial auxiliaries


S6


S73


S140


S207




Captive financial institutions


S7


S74


S141


S208




Insurance corp. and pension funds


S8


S75


S142


S209




Non-financial corporations


S9


S76


S143


S210




Central government


S10


S77


S144


S211




State and local government


S11


S78


S145


S212




Social security funds


S12


S79


S146


S213




 


 


 


 


 





2.   LONG-TERM DEBT SECURITIES
 (*2)






Total


S13


S80


S147


S214




ECB/NCB


S14


S81


S148


S215




MFIs other than central banks


S15


S82


S149


S216






OFIs


S16


S83


S150


S217




Of which FVC


S17


S84


S151


S218




Financial auxiliaries


S18


S85


S152


S219




Captive financial institutions


S19


S86


S153


S220




Insurance corp. and pension funds


S20


S87


S154


S221




Non-financial corporations


S21


S88


S155


S222




Central government


S22


S89


S156


S223




State and local government


S23


S90


S157


S224




Social security funds


S24


S91


S158


S225




 


 


 


 


 





2.1.   of which fixed rate issues:






Total


S25


S92


S159


S226




ECB/NCB


S26


S93


S160


S227




MFIs other than central banks


S27


S94


S161


S228






OFIs


S28


S95


S162


S229




Of which FVC


S29


S96


S163


S230




Financial auxiliaries


S30


S97


S164


S231




Captive financial institutions


S31


S98


S165


S232




Insurance corp. and pension funds


S32


S99


S166


S233




Non-financial corporations


S33


S100


S167


S234




Central government


S34


S101


S168


S235




State and local government


S35


S102


S169


S236




Social security funds


S36


S103


S170


S237




 


 


 


 


 





2.2.   of which floating rate issues:






Total


S37


S104


S171


S238




ECB/NCB


S38


S105


S172


S239




MFIs other than central banks


S39


S106


S173


S240






OFIs


S40


S107


S174


S241




Of which FVC


S41


S108


S175


S242




Financial auxiliaries


S42


S109


S176


S243




Captive financial institutions


S43


S110


S177


S244




Insurance corp. and pension funds


S44


S111


S178


S245




Non-financial corporations


S45


S112


S179


S246




Central government


S46


S113


S180


S247




State and local government


S47


S114


S181


S248




Social security funds


S48


S115


S182


S249




 


 


 


 


 





2.3.   of which zero coupon bonds:






Total


S49


S116


S183


S250




ECB/NCB


S50


S117


S184


S251




MFIs other than central banks


S51


S118


S185


S252






OFIs


S52


S119


S186


S253




Of which FVC


S53


S120


S187


S254




Financial auxiliaries


S54


S121


S188


S255




Captive financial institutions


S55


S122


S189


S256




Insurance corp. and pension funds


S56


S123


S190


S257




Non-financial corporations


S57


S124


S191


S258




Central government


S58


S125


S192


S259




State and local government


S59


S126


S193


S260




Social security funds


S60


S127


S194


S261




 


 


 


 


 





3.   LISTED SHARES
 (*4)






Total


S61


S128


S195


S262




ECB/NCBs


S62


S129


S196


S263




MFIs other than central banks


S63


S130


S197


S264




OFIs


S64


S131


S198


S265




Financial auxiliaries


S65


S132


S199


S266




Insurance corp. and pension funds


S66


S133


S200


S267




Non-financial corporations


S67


S134


S201


S268




 


 


 


 


 








Table 2


Block C reporting form for NCBs










 


DOMESTIC RESIDENT ISSUERS//OTHER CURRENCIES




Outstanding amounts


Gross issues


Redemptions


Net issues




 


C1


C2


C3


C4





4.   SHORT-TERM DEBT SECURITIES






Total


S269


S335


S401


S467




ECB/NCB


S270


S336


S402


S468




MFIs other than central banks


S271


S337


S403


S469






OFIs


S272


S338


S404


S470




Of which FVC


S273


S339


S405


S471




Financial auxiliaries


S274


S340


S406


S472




Captive financial institutions


S275


S341


S407


S473




Insurance corp. and pension funds


S276


S342


S408


S474




Non-financial corporations


S277


S343


S409


S475




Central government


S278


S344


S410


S476




State and local government


S279


S345


S411


S477




Social security funds


S280


S346


S412


S478




 


 


 


 


 





5.   LONG-TERM DEBT SECURITIES






Total


S281


S347


S413


S479




ECB/NCB


S282


S348


S414


S480




MFIs other than central banks


S283


S349


S415


S481






OFIs


S284


S350


S416


S482




Of which FVC


S285


S351


S417


S483




Financial auxiliaries


S286


S352


S418


S484




Captive financial institutions


S287


S353


S419


S485




Insurance corp. and pension funds


S288


S354


S420


S486




Non-financial corporations


S289


S355


S421


S487




Central government


S290


S356


S422


S488




State and local government


S291


S357


S423


S489




Social security funds


S292


S358


S424


S490




 


 


 


 


 





5.1.   of which fixed rate issues:






Total


S293


S359


S425


S491




ECB/NCB


S294


S360


S426


S492




MFIs other than central banks


S295


S361


S427


S493






OFIs


S296


S362


S428


S494




Of which FVC


S297


S363


S429


S495




Financial auxiliaries


S298


S364


S430


S496




Captive financial institutions


S299


S365


S431


S497




Insurance corp. and pension funds


S300


S366


S432


S498




Non-financial corporations


S301


S367


S433


S499




Central government


S302


S368


S434


S500




State and local government


S303


S369


S435


S501




Social security funds


S304


S370


S436


S502




 


 


 


 


 





5.2.   of which floating rate issues:






Total


S305


S371


S437


S503




ECB/NCB


S306


S372


S438


S504




MFIs other than central banks


S307


S373


S439


S505






OFIs


S308


S374


S440


S506




Of which FVC


S309


S375


S441


S507




Financial auxiliaries


S310


S376


S442


S508




Captive financial institutions


S311


S377


S443


S509




Insurance corp. and pension funds


S312


S378


S444


S510




Non-financial corporations


S313


S379


S445


S511




Central government


S314


S380


S446


S512




State and local government


S315


S381


S447


S513




Social security funds


S316


S382


S448


S514




 


 


 


 


 





5.3.   of which zero coupon bonds:






Total


S317


S383


S449


S515




ECB/NCB


S318


S384


S450


S516




MFIs other than central banks


S319


S385


S451


S517






OFIs


S320


S386


S452


S518




Of which FVC


S321


S387


S453


S519




Financial auxiliaries


S322


S388


S454


S520




Captive financial institutions


S323


S389


S455


S521




Insurance corp. and pension funds


S324


S390


S456


S522




Non-financial corporations


S325


S391


S457


S523




Central government


S326


S392


S458


S524




State and local government


S327


S393


S459


S525




Social security funds


S328


S394


S460


S526




 


 


 


 


 





6.   LISTED SHARES






Total


S329


S395


S461


S527




MFIs other than central banks


S330


S396


S462


S528




OFIs


S331


S397


S463


S529




Financial auxiliaries


S332


S398


S464


S530




Insurance corp. and pension funds


S333


S399


S465


S531




Non-financial corporations


S334


S400


S466


S532








Table 3


Block A memorandum items reporting form for NCBs










 


DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS




Outstanding amounts


Gross issues


Redemptions


Net issues




 


A1


A2


A3


A4





6.   LISTED SHARES






Captive financial institutions


S533


S544


S555


S566




 


 


 


 


 





7.   UNLISTED SHARES






Total


S534


S545


S556


S567




MFIs other than central banks


S535


S546


S557


S568




OFIs


S536


S547


S558


S569




Insurance corp. and pension funds


S537


S548


S559


S570




Non-financial corporations


S538


S549


S560


S571




 


 


 


 


 





8.   OTHER EQUITY






Total


S539


S550


S561


S572




MFIs other than central banks


S540


S551


S562


S573




OFIs


S541


S552


S563


S574




Insurance corp. and pension funds


S542


S553


S564


S575




Non-financial corporations


S543


S554


S565


S576




 


 


 


 


 




 


 


 


 


 




1.   Residency of the issuer

Issues by subsidiaries owned by the reporting country's non-residents operating in the reporting country's economic territory must be classified as issues by the reporting country's resident units.
Issues by head offices located in the reporting country's economic territory which operate internationally must also be considered as issues by resident units. Issues by head offices or subsidiaries located outside the reporting country's economic territory but owned by residents of the reporting country must be considered as issues by non-residents. For example, issues by Volkswagen Brazil are considered to have been carried out by units resident in Brazil and not in the reporting country's territory. In the absence of any physical dimension to an enterprise, its residence is determined according to the economic territory under whose laws the enterprise is incorporated or registered (2).
To avoid double counting or gaps, the reporting of issues by special purpose entities (SPEs) must be addressed bilaterally, involving the reporters concerned. The NCBs, and not the BIS, must report issues by SPEs which fulfil the residency criteria of the ESA 2010 and are classified as euro area residents.
2.   Sectoral breakdown of issuers

Issues must be classified according to the sector incurring the liability for the securities issued. The sectoral classification comprises the following 12 types of issuers:






—


ECB/NCBs,










—


other MFIs,










—


OFIs,










—


of which financial vehicle corporations engaged in securitisation,










—


financial auxiliaries,










—


captive financial institutions,










—


insurance corporations and pension funds (3),










—


non-financial corporations,










—


central government,










—


State and local government,










—


social security funds,










—


international institutions.




Securities issued through SPEs where the ultimate liability for the issue is incurred by the parent organisation and not the SPE must be attributed to the parent organisation and not the SPE. For example, issues by an SPE of “AJAX Electronics”, a non-financial corporation located in the euro area country “Country A”, would have to be allocated to the non-financial corporation sector and reported by Country A. However, the SPE and its parent must be resident in the same country. Hence, where the parent company is not a resident of the reporting country, the SPE must be treated as a notional resident of the reporting country, and the issuing sector must be aligned with the economic function of the SPE. For example, if “ACME Motors” was a non-financial corporation resident in Japan producing automobiles and “ACME Motor Finance” was a subsidiary resident in euro area country “Country B”, issues by ACME Motor Finance would have to be attributed to captive financial institutions of Country B, because the parent company ACME Motors is not resident in the same country. The only exception to this is the case of SPEs owned by government, in which case the security is recorded as being issued by the government in the country of the parent organisation (4).
A public corporation that becomes privatised by issuing listed shares must be allocated to the non-financial corporation sector. Similarly, a public credit institution (CI) that is privatised must be allocated to the MFIs other than central banks sector. Issues by households or non-profit institutions serving households must be classified as issues by non-financial corporations.
3.   Maturity of issues


Short-term debt securities comprise securities that have an original maturity of one year or less, even if they are issued under longer-term facilities.

Long-term debt securities comprise securities that have an original maturity of more than one year. Issues with optional maturity dates, the latest of which is more than one year away, and issues with indefinite maturity dates, are classified as long-term.
A two-year maturity split, as in the MFI balance sheet statistics, is not required.
4.   Classification of long-term debt securities by interest rate

Long-term debt securities are divided into:






 



Fixed interest rate debt securities, i.e. debt securities which are issued and redeemed at par value and debt securities issued at a discount or premium to their par value.










 



Variable interest rate debt securities, i.e. debt securities where the coupon rate and/or underlying principal is linked to a general price index for goods and services (such as the consumer price index), an interest rate, or an asset price resulting in a variable nominal coupon payment over the life of the issue. For the purposes of securities issues statistics, mixed interest rate debt securities are classified as variable interest rate (5).










 



Zero coupon bonds issued at discount, i.e. instruments that have no interest payments and are issued at a considerable discount to par value. Most of the discount represents the equivalent of the interest accrued during the life of the bond.




5.   Classification of issues

Issues are analysed under two broad groupings: (a) debt securities (6), and (b) listed shares (7). Securities issued via private placement are covered as far as possible. Money market paper is included indistinguishably as part of debt securities. Unlisted shares (8) and other equity (9) may be reported on a voluntary basis as two separate memorandum items. Shares/units issued by money market funds and other investment funds are excluded.
The following is a non-exhaustive list of instruments covered in in the securities issues statistics:






(a)


Debt securities






(i)


Short-term debt securities
The following instruments are included as a minimum.






—


Treasury bills and other short-term paper issued by general government.










—


Negotiable short-term paper issued by financial and by non-financial corporations. A variety of terms are used for such paper including commercial paper, commercial bills, promissory notes, bills of trade, bills of exchange and certificates of deposit.










—


Short-term securities issued under long-term underwritten note issuance facilities.










—


Bankers' acceptances.














(ii)


Long-term debt securities
The following instruments are illustrative and included as a minimum.






—


Bearer bonds.










—


Subordinated bonds.










—


Bonds with optional maturity dates, the latest of which is more than one year away.










—


Undated or perpetual bonds.










—


Variable rate notes.










—


Convertible bonds.










—


Covered bonds.










—


Index-linked securities where the value of the principal is linked to a price index, the price of a commodity or an exchange rate index.










—


Deep-discounted bonds, which have small coupon payments and are issued at a discount to face value.










—


Zero coupon bonds.










—


Euro bonds.










—


Global bonds.










—


Privately issued bonds.










—


Securities resulting from the conversion of loans.










—


Loans that have become negotiable de facto.










—


Debentures and loan stock convertible into shares, whether shares of the issuing corporation or shares of another company, so long as they have not been converted. Where separable from the underlying bond, the conversion option, which is considered to be a financial derivative, is excluded.










—


Shares or stocks that pay a fixed income but do not provide for participation in the distribution of the residual value of the corporation on dissolution, including non-participating preference shares.










—


Financial assets issued as part of the securitisation of loans, mortgages, credit card debt, accounts receivable and other assets.




The following instruments are excluded:






—


transactions in securities as part of repurchase agreements,










—


issues of non-negotiable securities,










—


non-negotiable loans.


















(b)


Listed shares
Listed shares include the following.






—


Capital shares issued by limited liability companies.










—


Redeemed shares in limited liability companies.










—


Dividend shares issued by limited liability companies.










—


Preferred or preference stocks or shares which provide for participation in the distribution of the residual value on dissolution of a corporation. These may be listed or unlisted on a recognised exchange.










—


Private placements where possible.
If a company is privatised and the government keeps part of the shares of the privatised company but the rest are quoted on a regulated market, the whole value of the company's capital is recorded within the outstanding amounts of listed shares, since all shares could potentially be traded at any time at market value. The same applies if part of the shares is sold to large investors and only the remaining part, i.e. the free float, is traded on the stock exchange.




Listed shares exclude:






—


shares offered for sale but not taken up on issue,










—


debentures and loan stock convertible into shares, which are included once they are converted into shares,










—


the equity of partners with unlimited liability in incorporated partnerships,










—


government investments in the capital of international organisations that are legally constituted as corporations with share capital,










—


issues of bonus shares at the time of issue only and split share issues; bonus shares and split shares are however included indistinguishably in the total stock of listed shares.








6.   Currency of issue

Dual currency bonds must be classified according to the denomination of the bond. Dual currency bonds are defined as bonds that are scheduled to be redeemed or the coupon paid in a different currency from the denomination of the bond. If a global bond is issued in more than one currency, each portion must be reported as a separate issue, according to its currency of issue. Where issues are denominated in two currencies, e.g. 70 % in euro and 30 % in US dollars, the relevant components of the issue must be reported separately where possible according to the currency denomination. Hence, in the given example 70 % of the issue must be reported as issues in euro/national denominations (10) and 30 % as issues in other currencies. Where it is not possible to separately identify the currency components of an issue, the actual breakdown made by the reporting country must be indicated in the national explanatory notes.
7.   Time of recording issue

An issue is considered to have occurred when the issuer receives payment, and not when the syndicate takes up the commitment.
8.   Reconciliation of stocks and flows

NCBs must submit information on outstanding amounts, gross issues, redemptions and net issues of short-term and long-term debt securities and on listed shares.
The table below illustrates the link between stocks (i.e. outstanding amounts) and flows (i.e. gross issues, redemptions and net issues). In practice, the link is more complex due to price and exchange rate valuation changes, reinvested (i.e. accrued) interest, reclassifications, revisions and other adjustments.














(i)


Outstanding issues at end of reporting period


≈


Outstanding issues at end of previous reporting period


+


Gross issues during reporting period


–


Redemptions during reporting period


+


Reclassifications and other changes




(ii)


Outstanding issues at end of reporting period


≈


Outstanding issues at end of previous reporting period


+


Net issues during reporting period


 


 


+


Reclassifications and other changes




(a)   Gross issues
Gross issues during the reporting period must include all issues of debt securities and listed shares where the issuer sells newly-created securities for cash. They concern the regular creation of new instruments. The point in time at which issues have been concluded is defined as the time at which payment is made; the recording of issues must therefore reflect as closely as possible the timing of payment for the underlying issue.
For listed shares, gross issues cover newly-created shares which are issued for cash by corporations listed on a stock exchange for the first time, including newly-created companies or private companies becoming public companies. Gross issues also cover newly-created shares which are issued against cash during the privatisation of public corporations when the corporation's shares are listed on a stock exchange. The issue of bonus shares must be excluded (11). Gross issues must not be reported in the event of a sole listing of a corporation on a stock exchange where no new capital is raised.
The exchange or transfer of existing securities during a takeover or merger is not covered (12) within the reported gross issues or redemptions, except for new instruments which are created and issued against cash by a euro area resident entity.
Issues of securities which can later be converted into other instruments must be recorded as issues in their original instrument category; on conversion they are to be recorded as having been redeemed from this instrument category, with an identical amount then treated as gross issues in a new category (13).
(b)   Redemptions
Redemptions during the reporting period cover all repurchases of debt securities and listed shares by the issuer, where the investor receives cash for the securities. Redemptions concern the regular deletion of instruments. They cover all debt securities reaching their maturity date, as well as early redemptions. Company share buy-backs are covered if the company either repurchases all shares against cash prior to a change of its legal form, or repurchases part of its shares against cash and subsequently cancels them, leading to a reduction in capital. Company share buy-backs are not covered if they represent investments by a company in its own shares (14).
Redemptions must not be reported in the event of a sole delisting from a stock exchange.
(c)   Net issues
Net issues are the balance of all gross issues made minus all redemptions that have occurred during the reporting period.
The outstanding amounts of listed shares must cover the market value of all the listed shares of the resident entities. The outstanding amounts of listed shares reported by a euro area country may therefore increase or decrease following relocation of a listed entity. This also applies in the event of a takeover or merger where no instruments are created and issued against cash and/or redeemed against cash and cancelled. To avoid double counting or gaps for debt securities and listed shares in the event of an issuer relocating to another resident country, the relevant NCBs must coordinate the timing of reporting of such an event bilaterally.
9.   Valuation

The value of a securities issue comprises a price component and, where an issue is denominated in a currency other than the reporting currency, an exchange rate component.
NCBs must report short-term debt securities at face value (15) and listed shares at market value. For long-term debt securities different methods may be used for valuation depending on the interest rate type, resulting in a mixed valuation for the total. For example, fixed interest rate and variable interest rate issues are typically valued at face value, and zero coupon bonds at the nominal value. Generally, the relative amount of zero coupon bonds is small, so that no provision for a mixed valuation value is made in the code list; the total amount of long-term debt securities is reported at face value. Where the magnitude of the phenomenon is significant, the value “Z” for “not specified” is used. In general, whenever there is a situation where mixed valuation occurs, details are provided by the NCB at the attribute level in accordance with the attributes in Annex III.






(a)


Price valuation
Stocks and flows of listed shares must be reported at market value.
An exception to the recording of stocks and flows of debt securities at face value is made in respect of deep-discounted and zero coupon bonds, where the outstanding amounts and gross issues are recorded at the nominal value, i.e. the discounted price at the time of issue plus accrued interest, and the redemptions at maturity at face value. The nominal value of the outstanding amounts of zero coupon bonds can be calculated as shown below.





where







A


=


nominal value = effective amount paid and accrued interest




E


=


discounted price at time at issue (amount paid at the time of issuance)




P


=


face value (repaid at end of maturity)




T


=


time to maturity from issue date (in days)




t


=


time passed since issue date (in days)




There may be certain differences in the price valuation procedure used across countries.
The ESA 2010 price valuation approach, which requires flows for debt securities and shares to be recorded at transaction value and stocks at market value, is not applied in this context.
For deep-discounted and zero coupon bonds, the reporting NCB must calculate accrued interest where feasible.










(b)


Reporting currency and exchange rate valuation
NCBs must report all data to the ECB expressed in euro, including historical series. For the conversion into euro of securities issued by domestic residents in other currencies (Block C) (16), NCBs must follow as closely as possible the exchange rate valuation principles based on the ESA 2010 (17), as set out below.






(i)


Outstanding issues must be converted into euro/national denominations at the relevant mid-market exchange rate prevailing at the end of the reporting period, i.e. the close of business on the last working day of the reporting period.










(ii)


Gross issues and redemptions must be converted into euro/national denominations using the mid-market exchange rate prevailing at the time of payment. If it is not possible to identify the exact exchange rate applicable for the conversion, an exchange rate that is as close as possible to the mid-market rate at the time of payment may be used.








10.   Conceptual consistency

Securities issues statistics and MFI balance sheet statistics are linked for the purpose of issues of negotiable instruments by MFIs. The coverage of instruments and of the MFIs that issue them are conceptually consistent, as well as the allocation of instruments to maturity bands and the currency breakdown. Differences between securities issues statistics and MFI balance sheet statistics exist regarding the valuation principles (i.e. with respect to debt securities, face value for the former and market value for the latter). Except for valuation differences and the netting of own holdings of securities on the balance sheet of MFIs for each country, the outstanding amount of securities issued by MFIs reported for securities issues statistics corresponds to item 11 (“debt securities issued”) on the liability side of the MFI balance sheet. Short-term debt securities as defined for securities issues statistics correspond to debt securities issued up to one year. Long-term debt securities as defined for securities issues statistics equal the sum of debt securities issued over one and up to two years and debt securities issued over two years.
NCBs must review the coverage of the securities issues statistics and the MFI balance sheet statistics and indicate any conceptual differences to the ECB. Three types of consistency checks are performed in respect of issues by: (a) NCBs in euro/national denominations; (b) MFIs other than central banks in euro/national denominations; and (c) MFIs other than central banks in other currencies. Conceptual differences may arise between securities issue statistics and MFI balance sheet statistics, since the securities issues statistics and the MFI balance sheet statistics are derived from national reporting systems with different purposes.
11.   Data requirements

Statistical returns are expected from each country for each applicable time series. NCBs must notify the ECB promptly in writing with explanations if a particular item does not apply in a particular country. NCBs may be temporarily exempted from the reporting of a time series if the underlying phenomenon does not exist. NCBs must also notify this occurrence or any other departures from the reporting scheme described in Annex III. Furthermore, they must inform the ECB when revisions are sent together with explanations on the nature of these revisions.

Section 3: National explanatory notes

Each NCB must submit a report describing the data provided in the context of this exercise. The report must cover the topics detailed below and follow the proposed layout as closely as possible. NCBs must provide additional information on instances where data reported do not comply with this Guideline, or where they have not provided the data, and the reasons for this. The report must not be submitted later than the data.
1.   Data sources/data collection system: details of the data sources used to compile securities issues statistics must be given: administrative sources for government issues, direct reporting from MFIs and other institutions, newspapers, and data providers such as the International Financial Review etc. NCBs must indicate whether the data are collected and stored on an issue-by-issue basis, and their criteria. Alternatively, NCBs must indicate whether the data are collected and stored indistinguishably as amounts issued by individual issuers during a reporting period, e.g. for direct data collection systems. NCBs must provide information on the criteria used in direct reporting to identify the reporting agents and the information to be submitted.
2.   Compilation procedures: the method used to compile data in this exercise must be briefly described, e.g. aggregation of information on individual securities issues, arrangements for existing time series and whether published or not.
3.   Residence of the issuer: NCBs must specify whether it is possible to fully apply the ESA 2010 (and IMF) definition of residency in classifying issues. If this is not possible, or only partially possible, NCBs must provide a full explanation of the criteria actually used.
4.   Sectoral breakdown of issuers: NCBs must indicate deviations from the classification of issuers according to the sectoral breakdown defined in Section 2 point 2. The notes must explain the identified deviations and any grey areas.
5.   Currency of issue: if it is not possible to separately identify the currency components of an issue, NCBs must explain deviations from the rules. Furthermore, NCBs that cannot distinguish for all securities between issues in local denominations, in other euro/national denominations and in other currencies, must describe where such issues have been classified and indicate the total amount of issues that were not properly allocated to illustrate the size of the distortion.
6.   Classification of issues: NCBs must provide comprehensive information on the type of securities covered by the national data, including their national terms. If coverage is known to be partial, NCBs must explain existing gaps. In particular, NCBs must provide the information set out below.
—   Private placements: NCBs must indicate whether or not they are covered in the reported data.
—   Bankers' acceptances: if negotiable and included in the reported data for short-term debt securities, the reporting NCB must explain in the national explanatory notes the national procedures for recording these instruments and their nature.
—   Listed shares: NCBs must indicate whether unlisted shares or other equity are covered in the reported data with an estimate of the amount of unlisted shares and/or other equity to illustrate the size of the distortion. NCBs must indicate in the national explanatory notes any known gaps in the coverage of listed shares.
7.   Instrument analysis of long-term debt securities: if the sum of fixed rate, variable rate and zero coupon bonds does not add up to the total for long-term debt securities, NCBs must give the type and amount of long-term securities for which no such breakdown is available.
8.   Maturity of issues: if the strict application of the short and long-term debt security definitions cannot be followed, NCBs must indicate where the reported data deviate.
9.   Redemptions: NCBs must specify how they derive the information on redemptions and whether the information is collected by direct reporting or calculated by residual.
10.   Price valuation: NCBs must specify in detail in the national explanatory notes the valuation procedure used for (a) short-term debt securities; (b) long-term debt securities; (c) discounted bonds; and (d) listed shares. Any valuation difference for stocks and flows must be explained.
11.   Reporting frequency, timeliness and time range: NCBs must specify the extent to which the data compiled for this exercise has been provided in conformity with the user requirements, i.e. with a timeliness of five weeks for monthly data. The length of the time series provided must also be given. Any breaks in the series must be reported, e.g. differences in the coverage of securities over time.
12.   Revisions: NCBs must provide brief explanatory notes for any revisions and clarify the reason for them and their extent.
13.   Estimated coverage per instrument issued by domestic residents: NCBs must give national estimates of the coverage of securities for each category of issues by domestic residents, i.e. issues of short-term securities, long-term securities, and listed shares, in local currency, other euro/national denominations including ECU, and other currencies in accordance with the table below. The estimates for “coverage in %” must indicate the share of securities covered in each instrument category as percentages of the total issue, which must be reported under the relevant heading following the reporting rules. Brief descriptions may be provided in “comments”. NCBs must also indicate any changes in coverage as a result of joining the monetary union.









 


Coverage in %:


Comments:




Issues in euro/national denominations


Local denomination


STS


 


 




LTS


 


 




QUS


 


 




Euro/national denominations other than the local currency including ECU


STS


 


 




LTS


 


 




In other currencies


STS


 


 




LTS


 


 











STS


=


short-term debt securities.




LTS


=


long-term debt securities.




QUS


=


listed shares.









Section 4: Requirements for the Bank for International Settlements

The reporting requirements for the BIS follow the same principles as those for NCBs outlined in sections 1-3, except for the following:

Table 4


Block B Reporting form for the BIS









 


ROW RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS




Outstanding amounts


Gross issues


Redemptions




 


B1


B2


B3




9.   SHORT-TERM DEBT SECURITIES






Total


S577


S642


S707




NCB


S578


S643


S708




MFIs other than central banks


S579


S644


S709






OFIs


S580


S645


S710




Of which FVC


S581


S646


S711




Financial auxiliaries


S582


S647


S712




Captive financial institutions


S583


S648


S713




Insurance corp. and pension funds


S584


S649


S714




Non-financial corporations


S585


S650


S715




Central government


S586


S651


S716




State and local government


S587


S652


S717




Social security funds


S588


S653


S718




International organisations


S589


S654


S719




 


 


 


 




10.   LONG-TERM DEBT SECURITIES






Total


S590


S655


S720




NCB


S591


S656


S721




MFIs other than central banks


S592


S657


S722






OFIs


S593


S658


S723




Of which FVC


S594


S659


S724




Financial auxiliaries


S595


S660


S725




Captive financial institutions


S596


S661


S726




Insurance corp. and pension funds


S597


S662


S727




Non-financial corporations


S598


S663


S728




Central government


S599


S664


S729




State and local government


S600


S665


S730




Social security funds


S601


S666


S731




International organisations


S602


S667


S732




 


 


 


 




10.1.   of which fixed rate issues:






Total


S603


S668


S733




NCB


S604


S669


S734




MFIs other than central banks


S605


S670


S735






OFIs


S606


S671


S736




Of which FVC


S607


S672


S737




Financial auxiliaries


S608


S673


S738




Captive financial institutions


S609


S674


S739




Insurance corp. and pension funds


S610


S675


S740




Non-financial corporations


S611


S676


S741




Central government


S612


S677


S742




State and local government


S613


S678


S743




Social security funds


S614


S679


S744




International organisations


S615


S680


S745




 


 


 


 




10.2.   of which floating rate issues:






Total


S616


S681


S746




NCB


S617


S682


S747




MFIs other than central banks


S618


S683


S748






OFIs


S619


S684


S749




Of which FVC


S620


S685


S750




Financial auxiliaries


S621


S686


S751




Captive financial institutions


S622


S687


S752




Insurance corp. and pension funds


S623


S688


S753




Non-financial corporations


S624


S689


S754




Central government


S625


S690


S755




State and local government


S626


S691


S756




Social security funds


S627


S692


S757




International organisations


S628


S693


S758




 


 


 


 




10.3.   of which zero coupon bonds:






Total


S629


S694


S759




NCB


S630


S695


S760




MFIs other than central banks


S631


S696


S761






OFIs


S632


S697


S762




Of which FVC


S633


S698


S763




Financial auxiliaries


S634


S699


S764




Captive financial institutions


S635


S700


S765




Insurance corp. and pension funds


S636


S701


S766




Non-financial corporations


S637


S702


S767




Central government


S638


S703


S768




State and local government


S639


S704


S769




Social security funds


S640


S705


S770




International organisations


S641


S706


S771




 


 


 


 





Maturity of issues

With regard to maturity, the BIS considers all euro commercial paper ECP and other euro notes drawn under a short-term programme as short-term instruments, and all instruments issued under long-term documentation as long-term instruments whatever their original maturity.

Sectoral breakdown of issuers

The BIS follows the mappings between the sectoral breakdown of issuers available in the BIS database and those requested in the report forms, as shown in the table below.







Sectoral breakdown in BIS database


 


Classification in report forms




Central bank


→


NCB and ECB




Commercial banks


→


MFIs




OFI


→


OFIs




Central government


→


Central government




Other government
State agencies


→


State and local government




Corporations


→


Non-financial corporations




International institutions


→


International institutions (RoW)





Classification of issues

The following instruments contained in the BIS database are classified as debt securities in the securities issues statistics:






—


certificates of deposit,










—


commercial paper,










—


treasury bills,










—


bonds,










—


euro commercial paper,










—


medium-term notes,










—


other short-term paper.





Valuation

Current BIS valuation rules are face value for debt securities and issue price for listed shares.
The BIS reports to the ECB all issues by RoW residents in euro/national denominations (Block B) in US dollars using the end-of-period exchange rate for amounts outstanding and the period's average exchange rate for issues and redemptions. The ECB converts all data into euro using the same principle as initially applied by the BIS. For periods prior to 1 January 1999, the exchange rate between the ECU and the US dollar must be used as a proxy.’
                  



(1)  If reporters encounter a methodological issue not expressly covered in this Guideline, they should apply the revised European system of national and regional accounts (“ESA 2010”) laid down in Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (OJ L 174, 26.6.2013, p. 1).

(*1)  
            “Other currencies” refers to all other currencies, including the national currencies of non-euro area Member States.

(*2)  Debt securities other than shares refer to “securities other than shares, excluding financial derivatives”.

(*3)  Net issues are only required should NCBs not be able to transmit either gross issues or redemptions.

(*4)  Listed shares refer to “listed shares excluding investment fund and money market fund shares/units”.

(2)  See paragraph 2.07 of the ESA 2010.

(3)  In practice debt securities are not issued by pension funds.

(4)  See paragraphs 2.17 to 2.20 of the ESA 2010.

(5)  See paragraph 5.102 of the ESA 2010.

(6)  Category F.3 of the ESA 2010.

(7)  Category F.511 of the ESA 2010.

(8)  Category F.512 of the ESA 2010.

(9)  Category F.519 of the ESA 2010.

(10)  Block A for NCBs and Block B for the BIS.

(11)  Not defined as a financial transaction; see paragraphs 5.158 and 6.59 of the ESA 2010, and Section 5(b) of this Part.

(12)  Transaction on a secondary market involving a change of the holder not covered by these statistics.

(13)  Considered as two financial transactions; see paragraphs 5.96 and 6.25 of the ESA 2010, and Section 5(a)(ii) of this Part.

(14)  Transaction on a secondary market involving a change of the holder is not covered by these statistics.

(15)  For more detail on the definition of “face value”, “market value” and “nominal value” see paragraphs 5.90, 7.38 and 7.39 of the ESA 2010.

(16)  Since 1 January 1999, for securities issued by domestic residents in euro (part of Block A) no exchange rate valuation is required, and securities issued by domestic residents in euro/national denominations (remaining part of Block A) are converted into euro applying the irrevocable conversion rates of 31 December 1998.

(17)  See paragraph 6.64 of the ESA 2010.