Guideline (EU) 2018/1151 of the European Central Bank of 2 August 2018 amending Guideline ECB/2011/23 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2018/19)
Date: 2018-08-02
Institutions: European Central Bank
Subjects: European System of Central Banks, balance of payments, data collection, disclosure of information, economic statistics, euro, euro area, foreign-exchange reserves, paper money




L_2018209EN.01000201.xml










20.8.2018   


EN


Official Journal of the European Union


L 209/2








            GUIDELINE (EU) 2018/1151 OF THE EUROPEAN CENTRAL BANK
         
of 2 August 2018
         
amending Guideline ECB/2011/23 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2018/19)


THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,


Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 3.1, 3.3, 5.1, 12.1, 14.3 and 16 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), and in particular Articles 4 thereof,

Whereas:







(1)


In order to respond to increasing analytical needs, for monetary policy and financial stability purposes, stemming from the financial and economic crises, the consequences of globalisation (e.g. financial engineering and increased complexity of multinational firms), and financial innovation, quarterly balance of payments and international investment positions statistics need to be further enhanced. In addition, further integration between quarterly balance of payments and international investment position statistics and national (including sectoral) accounts statistics is required.












(2)


The non-financial corporate sector is economically very important, but is not yet separately covered in Guideline ECB/2011/23 (2). Moreover, the significance of the individual sub-sectors of non-monetary financial institutions for the financing of the economy is still growing, which increases the importance of collecting information on these sub-sectors for the sake of transparency and to enhance economical and financial analysis.












(3)


Exchange rate risks and currency imbalances are increasingly relevant in the context of globalisation and financial integration, as identified in the G20 Data Gaps Initiative. As a first step towards a better understanding of these risks, and to shed further light on the development of the relative importance of key currencies, comprehensive information on the currency of denomination of international investment positions should be reported on a quarterly basis.












(4)


For a thorough bilateral analysis of the transactions and international investment positions of the euro area vis-à-vis its main trading partners, improvements to the geographical detail are needed so that all G-20 countries are individually identified. Moreover, data quality considerations, i.e. bilateral asymmetries analysis, require the collection of quarterly data on bilateral transactions and positions between all Member States.












(5)


Consistency between balance of payments and international investment position statistics on the one hand and national (including sectoral) accounts statistics on the other is of paramount importance in the efforts to improve data quality. The methodologies underlying the compilation of these two data sets are identical; thus data from the two statistical domains are frequently combined for analytical purposes. It is therefore important that sufficient detail by instrument type is available in the balance of payments and international investment positions statistics to allow for precise combination of the two data sets.












(6)


The compilation and release of euro area aggregates for all the new data requirements should be accompanied by a comprehensive release of the respective national data sets to enable a meaningful cross-country analysis of this information. The publishable national data sets should not contain confidential statistical information according to Regulation (EC) No 2533/98.












(7)


In order to allow sufficient time to prepare for the necessary changes to national statistical compilation methods, the national central banks whose currency is the euro should comply with this Guideline from 1 March 2021.












(8)


Therefore, Guideline ECB/2011/23 should be amended accordingly,





HAS ADOPTED THIS GUIDELINE:



Article 1

Amendments

Guideline ECB/2011/23 is amended as follows:






1.


in Article 1, point (17) is replaced by the following:






‘(17)


“publishable national data sets” means the national series identified in the columns under the words “publishable subset” in Tables 2 and 4 of Annex II, which are subsets of the data presented in the remaining columns of the respective Tables, and which are not confidential statistical information pursuant to Regulation (EC) No 2533/98.’;














2.


in Article 2, paragraph 1a is deleted;










3.


in Article 3a, paragraph 1 is replaced by the following:

‘1.   The ECB shall transmit to the NCBs the euro area aggregates it publishes, as well as the publishable national data sets.’;











4.


Article 6 is amended as follows:






(a)


paragraph 1 is replaced by the following:

‘1.   Without prejudice to the ECB's monitoring tasks as laid down in Annex V, the NCBs shall, in cooperation with other competent authorities as mentioned in Article 4 where relevant, ensure the monitoring and the assessment of the quality of statistical information made available to the ECB. The ECB assesses these data in a similar and timely manner. The Executive Board shall report yearly to the Governing Council on the quality of the data and make these reports available to the public.’;











(b)


paragraph 3 is replaced by the following:

‘3.   Where the data for an item in Tables 1 to 5 of Annex II are of negligible or of insignificant size for euro area and national statistics, or the data for that item cannot be collected at reasonable cost, best estimates based on sound statistical methodologies shall be permitted provided the analytical value of the statistics is not compromised. In addition, best estimates shall be permitted for the following breakdowns in Tables 1, 2, 4 and 6 of Annex II:






(a)


sub-items of primary income on direct investment and other investment;










(b)


sub-items of other primary income and of secondary income;










(c)


sub-items of capital transfers in the capital account;










(d)


geographical breakdown of financial derivatives liabilities;










(e)


reinvested earnings credits on investment funds shares without an ISIN code;










(f)


investment income credits on investment funds shares with an ISIN code (until the CSDB is deemed fit for the appropriate derivation of this item);










(g)


breakdown of cross-border banknote shipments by denomination;










(h)


sector breakdown of transactions and positions in “currency and deposits” (assets) of “other sectors”;










(i)


breakdown of international investment positions by currency of denomination and residual maturity.’;



















5.


Annexes I and II are amended in accordance with the Annex to this Guideline.






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 Eurosystem central banks shall comply with this Guideline from 1 March 2021.



Article 3

Addressees

This Guideline is addressed to all Eurosystem central banks.




Done at Frankfurt am Main, 2 August 2018.


For the Governing Council of the ECB


The President of the ECB

Mario DRAGHI
            





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

(2)  Guideline 2012/120/EU of the European Central Bank of 9 December 2011 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23) (OJ L 65, 3.3.2012, p. 1).




ANNEX
Annexes I and II to Guideline ECB/2011/23 are amended as follows:






1.


Annex I is amended as follows:






(a)


Section 1 is replaced by the following:
‘1.   Balance of payments statistics

The European Central Bank (ECB) requires balance of payments statistics at two frequencies: monthly and quarterly in respect of the corresponding reference calendar periods. Annual data are compiled by adding up the quarterly data reported by the Member States for the corresponding year. As far as possible, balance of payments statistics should be consistent with other statistics provided for the conduct of monetary policy, in particular quarterly national (including sectoral) accounts and monthly money and banking statistics.
1.1.   Monthly balance of payments statistics


Objective

The objective of the monthly balance of payments of the euro area is to show the main items affecting monetary conditions and exchange markets (see Annex II, Table 1).

Requirements

It is essential that the data are suitable for use in the calculation of the balance of payments of the euro area.
In view of the short deadline for the provision of the monthly balance of payments data, their highly aggregated nature and their use for monetary policy purposes and foreign exchange operations, the ECB allows some departure from international standards (see Article 2(4)), where unavoidable. Recording on a full accruals or transactions basis is not required. Where necessary to meet the deadline, the ECB will accept estimates or preliminary data, as long as these do not significantly deviate from international standards and the provision of such estimates or preliminary data ensures sufficient data quality.
The requirement for each broad category of transaction is assets and liabilities (or credits and debits for current account items). In general this requires NCBs, as regards international transactions, to distinguish between transactions with residents of other euro area Member States and transactions outside the euro area. NCBs do this in a consistent manner.
When membership of the euro area changes, NCBs are required to implement the change in the definition of the country composition of the euro area from the date on which the change in membership takes effect. Best estimates for historical data covering the enlarged euro area are requested from NCBs of the euro area in its previous composition and from the NCB of the new euro area Member States.
In order to permit a meaningful aggregation of the data relating to the euro area on a monthly basis in the area of portfolio investment, a distinction is required between transactions in securities issued by euro area residents and transactions in securities issued by non-euro area residents. The statistics on net transactions in portfolio investment assets of the euro area are compiled by aggregating reported net transactions in securities issued by non-euro area residents. Statistics on net transactions in portfolio investment liabilities of the euro area are compiled by consolidation of net transactions in total national liabilities and net transactions in securities issued and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment income.
With a view to compiling the monetary presentation of the balance of payments, NCBs are required to submit the data broken down by institutional sector. For the monthly balance of payments the following is the sectoral breakdown:






—


for direct investment: (a) deposit-taking corporations except the central bank; (b) money market funds; (c) general government; (d) other sectors,










—


for portfolio investment assets and other investment: (a) the central bank; (b) deposit-taking corporations except the central bank; (c) money market funds; (d) general government; (e) other sectors.




With a view to compiling a sectoral breakdown of the balance of payments, thereby allowing the construction of a monetary presentation, NCBs will be required to provide data on net transactions in portfolio investment securities issued by euro area residents broken down by the institutional sector to which the issuer belongs. In addition, portfolio investment liabilities will include a breakdown by institutional sector of the domestic issuer.
The statistics on net transactions in portfolio investment liabilities of the euro area broken down by sector are then compiled by consolidation of the respective sectors' net total national liabilities and the corresponding net transactions in securities issued and purchased by euro area residents.
NCBs (and other competent authorities where appropriate) collect portfolio investment data according to one of the models set out in the table contained in Annex VI.
1.2.   Quarterly balance of payments statistics


Objective

The objective of the quarterly balance of payments of the euro area is to provide more detailed information to permit further analysis of international transactions. Quarterly balance of payments data are also the basis for detailed country economic monitoring.
These statistics notably contribute to the compilation of the euro area sectoral and financial accounts and to the joint publication of Union/euro area balance of payments in cooperation with the European Commission (Eurostat).

Requirements

Quarterly balance of payments statistics conform as far as possible to international standards (see Article 2(4)). The required breakdown of quarterly balance of payments statistics is presented in Annex II, Table 2. Harmonised concepts and definitions used in the capital and financial accounts are set out in Annex III.
The breakdown of the quarterly current account is similar to the one required for the monthly figures. However, for services and income a more detailed breakdown is needed on a quarterly basis.
In the financial account, the ECB follows the requirements of the sixth edition of the International Monetary Fund (IMF) Balance of Payments and International Investment Position Manual (hereinafter the “BPM6”) for the “other investment” item. There is a difference in the presentation of the breakdown (i.e. sector as first priority). This sectoral breakdown is more detailed but remains compatible with the breakdown of the BPM6 where instruments have priority. As in the BPM6 presentation, currency and deposits are distinguished from loans and other investments.
NCBs are required to distinguish between transactions with euro area Member States and all other international transactions. The statistics on net transactions in portfolio investment assets of the euro area are compiled by aggregating reported net transactions in securities issued by non-euro area residents. Statistics on net transactions in portfolio investment liabilities of the euro area are compiled by consolidation of net transactions in total national liabilities and net transactions in securities issued and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment income.
NCBs are also required to submit quarterly data broken down by institutional sector. This data requirement exceeds the IMF's standard components. NCBs must submit quarterly data for the following sectors: (a) central banks; (b) deposit-taking corporations, excluding central banks; (c) money market funds; (d) general government; (e) non-money market fund investment funds; (f) insurance corporations and pension funds; (g) other financial institutions; (h) non-financial corporations; and (i) households and non-profit institutions serving households.
For compiling the statistics on euro area net transactions in portfolio investment liabilities by sector of the euro area resident issuers, the requirements for quarterly data are similar to those for monthly balance of payments.
In line with the system of national accounts, the BPM6 recommends that interest should be recorded on an accruals basis. This requirement affects the current account (investment income) as well as the financial account.’;










(b)


Section 3 is replaced by the following:
‘3.   International investment position statistics


Objective

The international investment position is a statement of the external assets and liabilities of the euro area as a whole, for monetary policy and exchange market analysis. In particular, it contributes to the assessment of the Member States' external vulnerability and to monitoring the developments in holdings of liquid assets abroad by the money-holding sector. This statistical information is key to the compilation of the rest of the world account in the euro area quarterly financial accounts. Quarterly international investment position statistics are also the basis for detailed country economic monitoring, including in the context of the European Commission's macroeconomic imbalances procedure (*1).

Requirements

The NCBs must deliver international investment position statistics on a quarterly basis in respect of end-of-period stock levels and revaluations due to exchange rate or other price changes.
The international investment position data conform as far as possible with international standards (see Article 2(4)). The ECB compiles the international investment position for the euro area as a whole. The breakdown of the international investment position for the euro area is presented in Annex II, Table 4.
The international investment position shows financial stocks at the end of the reference period, valued at end-period prices. Changes in the value of stocks could be due to the following factors. First, part of the change in the value during the reference period will be due to the financial transactions that have taken place and been recorded in the balance of payments. Second, part of the changes in positions at the beginning and at the end of a given period will be caused by changes in the prices of the financial assets and liabilities shown. Third, in the event that stocks are denominated in currencies other than the unit of account used for the international investment position, changes in the exchange rates vis-à-vis other currencies will also affect the values. Finally, any other change which is not due to the above factors will be considered as due to other changes in volume during the period.
A proper reconciliation between the financial flows and stocks of the euro area requires changes in value owing to price, to exchange rate changes and to other changes in volume to be distinguished.
Coverage of the international investment position should be as close as possible to that for quarterly balance of payments flows. The concepts, definitions and breakdowns are in line with those used for quarterly balance of payments flows.
As far as possible, data on the international investment position should be consistent with other statistics, in particular money and banking statistics and financial accounts.
As for the monthly and quarterly balance of payments, NCBs are required to distinguish in their international investment position statistics between holdings vis-à-vis euro area Member States and all other international positions. A distinction between holdings in securities issued by euro area residents and in securities issued by non-euro area residents is required in the portfolio investment accounts. Statistics on assets in portfolio investment of the euro area are compiled by aggregating reported assets in securities issued by non-euro area residents. Statistics on liabilities in portfolio investment of the euro area are compiled by consolidation of total national liabilities and holdings in securities issued and purchased by euro area residents.
Portfolio investment assets and liabilities within the international investment position are compiled purely from stock data.
NCBs (and other competent statistical authorities where appropriate) collect, as a minimum, quarterly portfolio investment stocks of assets and liabilities on a security-by-security basis according to one of the models set out in the table contained in Annex VI.

(*1)  Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area (OJ L 306, 23.11.2011, p. 8) and Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011, p. 25).’;"
                        














2.


Annex II is amended as follows:






(a)


Table 2 is replaced by the following:
‘Table 2


Quarterly balance of payments










 


Credit


Debit


Publishable subset




Credit


Debit












1.



Current account (1)






Geo 4d (2)


Geo 1


Geo 4d


Geo 1







Goods



Geo 4


Geo 4


Geo 4d


Geo 4d




General merchandise on a balance of payments basis


Geo 3


Geo 3


Geo 1


Geo 1






Net exports of goods under merchanting


Geo 3


 


Geo 1


 




Goods acquired under merchanting (negative credit)


Geo 3


 


 


 




Goods sold under merchanting


Geo 3


 


 


 




Non-monetary gold


Geo 3


Geo 3


 


 




Branding — quasi-transit trade adjustment


Geo 4


Geo 4


 


 







Services



Geo 4


Geo 4


Geo 4d


Geo 4d




Manufacturing services on physical inputs owned by others


Geo 4


Geo 4


Geo 1


Geo 1




Maintenance and repair services not included elsewhere (n.i.e.)


Geo 4


Geo 4


Geo 1


Geo 1




Transport


Geo 4


Geo 4


Geo 1


Geo 1




Travel


Geo 4


Geo 4


Geo 1


Geo 1




Construction


Geo 4


Geo 4


Geo 1


Geo 1




Insurance and pension services


Geo 4


Geo 4


Geo 1


Geo 1






Financial services


Geo 4


Geo 4


Geo 1


Geo 1




Explicitly charged and other financial services


Geo 3


Geo 3


 


 




Financial intermediation services indirectly measured (FISIM)


Geo 3


Geo 3


 


 




Charges for the use of intellectual property n.i.e.


Geo 4


Geo 4


Geo 1


Geo 1




Telecommunications, computer, and information services


Geo 4


Geo 4


Geo 1


Geo 1






Other business services


Geo 4


Geo 4


Geo 1


Geo 1




Research and development services


Geo 3


Geo 3


 


 




Professional and management consulting services


Geo 3


Geo 3


 


 




Technical, trade-related, and other business services


Geo 3


Geo 3


 


 




Personal, cultural and recreational services


Geo 4


Geo 4


Geo 1


Geo 1




Government goods and services n.i.e.


Geo 4


Geo 4


Geo 1


Geo 1







Primary income



Geo 4d


Geo 1


Geo 4d


Geo 1




Compensation of employees


Geo 4


Geo 4


Geo 1


Geo 1






Investment income


Geo 4d


Geo 1


Geo 4d


Geo 1




By resident sector (Sec 2d) (3)


Geo 1


Geo 1


Geo 1


Geo 1






Direct investment


Geo 4d


Geo 4d


Geo 4d


Geo 4d






Equity (dividends and reinvested earnings)


Geo 4


Geo 4


Geo 2


Geo 2




In direct investment enterprises


Geo 3


Geo 3


 


 




In direct investor (reverse investment)


Geo 3


Geo 3


 


 




Between fellow enterprises


Geo 3


Geo 3


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 







Of which: reinvested earnings


Geo 4


Geo 4


Geo 1


Geo 1




By resident sector (Sec 2)


Geo 2


Geo 2


 


 






Debt instruments


Geo 4


Geo 4


Geo 2


Geo 2




In direct investment enterprises


Geo 3


Geo 3


 


 




In direct investor (reverse investment)


Geo 3


Geo 3


 


 




Between fellow enterprises


Geo 3


Geo 3


 


 





Of which: interest before FISIM allocation


Geo 3


Geo 3


 


 







Of which: interest


Geo 1


Geo 1


Geo 1


Geo 1




By resident sector (Sec 2)


Geo 2


Geo 2


 


 






Portfolio investment


Geo 4d


Geo 1


Geo 4d


Geo 1






Equity and investment fund shares


Geo 4


Geo 1


Geo 2


Geo 1






Equity securities


Geo 1


Geo 1


Geo 1


Geo 1






Dividends


 


 


 


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 






Investment fund shares


Geo 1


Geo 1


Geo 1


Geo 1






Dividends


 


 


 


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 






Reinvested earnings


 


 


 


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 






Debt securities


Geo 2


Geo 1


Geo 2


Geo 1






Short-term


Geo 4


Geo 1


Geo 2


Geo 1






Interest


 


 


 


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 






Long-term


Geo 4


Geo 1


Geo 2


Geo 1






Interest


 


 


 


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 






Other investment


Geo 4


Geo 4


Geo 4d


Geo 4d




Withdrawals from income of quasi-corporations


Geo 3


Geo 3


 


 






Interest


Geo 3


Geo 3


Geo 1


Geo 1




By resident sector (Sec 2)


Geo 2


Geo 2


 


 





Of which: interest on special drawing rights (SDRs)


 


Geo 1


 


 







Of which: interest before FISIM allocation


Geo 3


Geo 3


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 






Investment income attributable to policyholders in insurance, pension schemes, and standardised guarantee schemes


Geo 3


Geo 3


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 






Reserve assets


Geo 3


 


Geo 1


 





Of which: interest


Geo 3


 


 


 






Other primary income


Geo 4


Geo 4


Geo 2


Geo 2






General government


Geo 3


Geo 3


 


 






Taxes on production and on imports


Geo 3, UIs


Geo 3, UIs


 


 




Taxes on products


Geo 3, UIs


Geo 3, UIs


 


 




Other taxes on production


Geo 3, UIs


Geo 3, UIs


 


 






Subsidies


Geo 3, UIs


Geo 3, UIs


 


 




Subsidies on products


Geo 3, UIs


Geo 3, UIs


 


 




Other subsidies on production


Geo 3, UIs


Geo 3, UIs


 


 




Rents


Geo 3


Geo 3


 


 






Other sectors


Geo 3


Geo 3


 


 






Taxes on production and on imports


Geo 3, UIs


Geo 3, UIs


 


 




Taxes on products


Geo 3, UIs


Geo 3, UIs


 


 




Other taxes on production


Geo 3, UIs


Geo 3, UIs


 


 






Subsidies


Geo 3, UIs


Geo 3, UIs


 


 




Subsidies on products


Geo 3, UIs


Geo 3, UIs


 


 




Other subsidies on production


Geo 3, UIs


Geo 3, UIs


 


 




Rents


Geo 3


Geo 3


 


 







Secondary income



Geo 4


Geo 4


Geo 2


Geo 2






General government


Geo 3


Geo 3


Geo 1


Geo 1




Current taxes on income, wealth, etc.


Geo 3


 


 


 




Social contributions


Geo 3


 


 


 




Social benefits


 


Geo 3


 


 




Current international cooperation


Geo 3, UIs


Geo 3, UIs


 


 




Miscellaneous current transfers


Geo 3


Geo 3


 


 




Value added tax and gross national income-based Union own resources


 


Union Institutions


 


 






Other sectors


Geo 3


Geo 3


Geo 1


Geo 1




Current taxes on income, wealth, etc.


 


Geo 3


 


 




Social contributions


Geo 3


Geo 3


 


 




Social benefits


Geo 3


Geo 3


 


 




Net non-life insurance premiums


Geo 3


Geo 3


 


 




Non-life insurance claims


Geo 3


Geo 3


 


 






Miscellaneous current transfers


Geo 3


Geo 3


 


 







Of which: personal transfers (between resident and non-resident households)


Geo 3


Geo 3


 


 





Of which: workers' remittances


Geo 4


Geo 4


Geo 1


Geo 1




Adjustment for change in pension entitlements


Geo 3


Geo 3


 


 












2.


Capital account






Geo 4


Geo 4


Geo 4d


Geo 4d




Gross acquisitions/disposals of non-produced non-financial assets


Geo 3


Geo 3


Geo 1


Geo 1






Capital transfers


Geo 3


Geo 3


Geo 1


Geo 1






General government


Geo 3


Geo 3


 


 




Capital taxes


Geo 3


 


 


 




Investment grants


Geo 3


Geo 3


 


 






Other capital transfers


Geo 3


Geo 3


 


 





Of which: debt forgiveness


Geo 3


Geo 3


 


 






Other sectors


Geo 3


Geo 3


 


 




Capital taxes


 


Geo 3


 


 




Investment grants


Geo 3


 


 


 






Other capital transfers


Geo 3


Geo 3


 


 





Of which: debt forgiveness


Geo 3


Geo 3


 


 


















 


Net acquisition of financial assets


Net incurrence of liabilities


Net


Publishable subset




Net acquisition of financial assets


Net incurrence of liabilities


Net












3.


Financial account






Geo 2 (4)


Geo 1


Geo 1


Geo 2 (4)


Geo 1


Geo 1







Direct investment



Geo 4d


Geo 4d


 


Geo 4d


Geo 4d


 




By resident sector (Sec 2d)


Geo 1


Geo 1


 


Geo 1


Geo 1


 






Equity and investment fund shares


Geo 4


Geo 4


 


Geo 2


Geo 2


 




In direct investment enterprises


Geo 3


Geo 3


 


 


 


 




In direct investor (reverse investment)


Geo 3


Geo 3


 


 


 


 




Between fellow enterprises


Geo 3


Geo 3


 


 


 


 












a.


Equity securities






 


 


 


 


 


 






Listed shares


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 






Unlisted shares and other equity


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 




 


 


 


 


 


 


 




 


 


 


 


 


 


 










b.


Investment fund shares






Geo 2


Geo 2


 


 


 


 





Of which: reinvestment of earnings


Geo 1


Geo 1


 


 


 


 






Debt instruments


Geo 4


Geo 4


 


Geo 2


Geo 2


 




In direct investment enterprises


Geo 3


Geo 3


 


 


 


 




In direct investor (reverse investment)


Geo 3


Geo 3


 


 


 


 




Between fellow enterprises


Geo 3


Geo 3


 


 


 


 






Debt securities


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 






Loans


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 






Trade credits and advances


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 






Other debt instruments


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


 


 


 







Portfolio investment



Geo 4d


Geo 1


 


Geo 4d


Geo 1


 






Equity and investment fund shares


Geo 4


Geo 1


 


Geo 2


Geo 1


 






Equity securities


Geo 1


Geo 1


 


Geo 1


Geo 1


 






By resident sector (Sec 2)


Geo 3


Geo 1


 


 


 


 




Listed shares


Geo 2


Geo 1


 


 


 


 




Unlisted shares


Geo 2


Geo 1


 


 


 


 






By resident sector (Sec 2d)


 


 


 


Geo 1


Geo 1


 




Listed shares


 


 


 


Geo 1


Geo 1


 




Unlisted shares


 


 


 


Geo 1


Geo 1


 






By counterpart issuer sector (Sec 2)


 


 


 


 


 


 




Listed shares


Geo 2


 


 


 


 


 




Unlisted shares


Geo 2


 


 


 


 


 






Investment fund shares


Geo 1


Geo 1


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 


 


 





Of which: reinvestment of earnings


Geo 1


Geo 1


 


 


 


 






Debt securities


Geo 2


Geo 1


 


Geo 2


Geo 1


 






Short-term


Geo 4


Geo 1


 


Geo 2


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 


 


 






Long-term


Geo 4


Geo 1


 


Geo 2


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


 


 


 


 


 







Financial derivatives (other than reserves) and employee stock options



 


 


Geo 1


 


 


Geo 1




By resident sector (Sec 2)


 


 


Geo 3


 


 


 







Other investment



Geo 4


Geo 4


 


Geo 4d


Geo 4d


 




By resident sector (Sec 2r)


Geo 1


Geo 1


 


Geo 1


Geo 1


 






Other equity


Geo 1


Geo 1


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 3


 


 


 


 






Currency and deposits


Geo 2


Geo 2


 


Geo 2


Geo 2


 





Of which: euro currency


Geo 1


Geo 1


 


 


 


 






By resident sector (Sec 2)


 


 


 


 


 


 






Short-term


Geo 3


Geo 3


 


 


 


 





Of which: intra-Eurosystem claims/liabilities


Geo 1


Geo 1


 


 


 


 




Long-term


Geo 3


Geo 3


 


 


 


 






By resident sector (Sec 2r)


 


 


 


Geo 1


Geo 1


 




Short-term


 


 


 


Geo 1


Geo 1


 




Long-term


 


 


 


Geo 1


Geo 1


 






Loans


Geo 2


Geo 2


 


Geo 2


Geo 2


 






By resident sector (Sec 2)


 


 


 


 


 


 




Short-term


Geo 3, IMF


Geo 3, IMF


 


 


 


 




Long-term


Geo 3, IMF


Geo 3, IMF


 


 


 


 






By resident sector (Sec 2r)


 


 


 


Geo 1


Geo 1


 




Short-term


 


 


 


Geo 1


Geo 1


 




Long-term


 


 


 


Geo 1


Geo 1


 






Insurance, pension schemes and standardised guarantee schemes


Geo 1


Geo 1


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 3


 


 


 


 






Trade credits and advances


Geo 2


Geo 2


 


Geo 2


Geo 2


 






By resident sector (Sec 2)


 


 


 


 


 


 




Short-term


Geo 3


Geo 3


 


 


 


 




Long-term


Geo 3


Geo 3


 


 


 


 





Of which: Non-financial corporations


 


 


 


Geo 1


Geo 1


 






Other accounts receivable/payable


Geo 1


Geo 1


 


Geo 1


Geo 1


 






By resident sector (Sec 2)


 


 


 


 


 


 




Short-term


Geo 3


Geo 3


 


 


 


 




Long-term


Geo 3


Geo 3


 


 


 


 




SDRs


 


Geo 1


 


 


Geo 1


 





Reserve assets



Geo 3


 


 


Geo 1


 


 












4.


Balancing Items






 


 


 


 


 


 




Balance on goods and services


 


 


Geo 4


 


 


Geo 4d




Current account balance


 


 


Geo 1


 


 


Geo 1




Net lending (+)/net borrowing (–) (balance from current and capital account)


 


 


Geo 1


 


 


Geo 1




Net lending (+)/net borrowing (–) (from financial account)


 


 


Geo 1


 


 


Geo 1




Net errors and omissions


 


 


Geo 1


 


 


Geo 1












5.


Memo items






 


 


 


 


 


 






Direct investment (extended directional principle)



Outward




Inward



 



Outward




Inward



 




Investment income


Geo 1


Geo 1


 


Geo 1


Geo 1


 




Financial transactions


Geo 1


Geo 1


 


Geo 1


Geo 1


 










(1)


Concepts and definitions of selected items are specified in Annex III.










(2)


The details of the required geographical breakdowns are specified in Table 7.










(3)


The details of the required institutional sector breakdowns are specified in Table 8.










(4)


Including net transactions (net acquisitions of financial assets minus net incurrence of liabilities) in financial derivatives.’


















(b)


Table 2A is deleted;










(c)


Table 4 is replaced by the following:
‘Table 4


Quarterly international investment position
















 


Assets (/outward)


Liabilities (/inward)


Net


Publishable subset




Positions




Positions


Revaluations due to exchange rate changes


Revaluations due to other price changes


Positions


Revaluations due to exchange rate changes


Revaluations due to other price changes


Revaluations due to other price changes


Assets


Liabilities


Net












1.


Financial account
 (1)






Geo 2 (2)



 


 


Geo 1


 


 


 


Geo2


Geo 1


Geo1 (5)








Direct investment



Geo 4d


 


 


Geo 4d


 


 


 


Geo 4d


Geo 4d


 




By resident sector (Sec 2d) (3)



Geo 1


 


 


Geo 1


 


 


 


Geo 1


Geo 1


 






Equity and investment fund shares


Geo 4


 


 


Geo 4


 


 


 


Geo 2


Geo 2


 




In direct investment enterprises


Geo 2


 


 


Geo 2


 


 


 


 


 


 




In direct investor (reverse investment)


Geo 2


 


 


Geo 2


 


 


 


 


 


 




Between fellow enterprises


Geo 2


 


 


Geo 2


 


 


 


 


 


 












a.


Equity securities






 


 


 


 


 


 


 


 


 


 






Listed shares


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


 


 


 


 






Unlisted shares and other equity


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


 


 


 


 










b.


Investment fund shares






Geo 2


 


 


Geo 2


 


 


 


 


 


 






Debt instruments


Geo 4


 


 


Geo 4


 


 


 


Geo 2


Geo 2


 




In direct investment enterprises


Geo 2


 


 


Geo 2


 


 


 


 


 


 




In direct investor (reverse investment)


Geo 2


 


 


Geo 2


 


 


 


 


 


 




Between fellow enterprises


Geo 2


 


 


Geo 2


 


 


 


 


 


 






Debt securities


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


 


 


 


 






Loans


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


Geo 2


Geo 2


 


 


 


 


 






Trade credits


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


 


Geo 2


Geo 2


 


 


 


 


 






Other debt instruments


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


 


 


 


 







Portfolio investment



Geo 4d


 


 


Geo 1


 


 


 


Geo 4d


Geo 1


 






Equity and investment fund shares


Geo 4


 


 


Geo 1


 


 


 


Geo 2


Geo 1


 




By currency of denomination (Cur 1) (4)



Geo 1


 


 


Geo 1


 


 


 


 


 


 






Equity securities


Geo 1


 


 


Geo 1


 


 


 


Geo 1


Geo 1


 






By resident sector (Sec 2)


Geo 3


 


 


Geo 1


 


 


 


 


 


 




Listed shares


Geo 2


Geo 2


Geo 2


Geo 1


Geo 1


Geo 1


 


 


 


 




Unlisted shares


Geo 2


Geo 2


Geo 2


Geo 1


Geo 1


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


 


 


 


 


Geo 1


Geo 1


 






By counterpart issuer sector (Sec 2)


 


 


 


 


 


 


 


 


 


 




Listed shares


Geo 2


Geo 2


Geo 2


 


 


 


 


 


 


 




Unlisted shares


Geo 2


Geo 2


Geo 2


 


 


 


 


 


 


 






Investment fund shares


Geo 1


 


 


Geo 1


 


 


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 1


Geo 1


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


Geo 2


Geo 2


 


 


 


 


 


 


 






Debt securities


Geo 2


 


 


Geo 1


 


 


 


Geo 2


Geo 1


 






Short-term


Geo 4


 


 


Geo 1


 


 


 


Geo 2


Geo 1


 




By resident sector (Sec 2)


Geo 3


Geo 2


Geo 2


Geo 1


Geo 1


Geo 1


 


 


 


 




By resident sector (Sec 2d)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


Geo 2


Geo 2


 


 


 


 


 


 


 




By currency of denomination (Cur 1)


Geo 2


 


 


Geo 1


 


 


 


 


 


 






Long-term


Geo 4


 


 


Geo 1


 


 


 


Geo 2


Geo 1


 






By resident sector (Sec 2)


Geo 3


Geo 2


Geo 2


Geo 1


Geo 1


Geo 1


 


 


 


 




With redemption due in one year or less


 


 


 


Geo 1


 


 


 


 


 


 




With redemption due in more than one year


 


 


 


Geo 1


 


 


 


 


 


 




By resident sector (Sec 2d)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By counterpart issuer sector (Sec 2)


Geo 2


Geo 2


Geo 2


 


 


 


 


 


 


 




By currency of denomination (Cur 1)


Geo 2


 


 


Geo 1


 


 


 


 


 


 







Financial derivatives (other than reserves) and employee stock options



Geo 4


 


 


Geo 4


 


 


Geo 1


Geo 1


Geo 1


Geo 1




By resident sector (Sec 2)


Geo 2


 


 


Geo 2


 


 


Geo 2


 


 


 




By resident sector (Sec 2r)


 


 


 


 


 


 


 


 


 


Geo 1







Other investment



Geo 4


 


 


Geo 4


 


 


 


Geo 4d


Geo 4d


 




By resident sector (Sec 2)


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


Geo 2


 


 


 


 




By resident sector (Sec 2d)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By currency of denomination (Cur 1)


Geo 1


 


 


Geo 1


 


 


 


 


 


 






Other equity


Geo 1


Geo 2


Geo 2


Geo 1


Geo 2


Geo 2


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 2


 


 


Geo 2


 


 


 


 


 


 






Currency and deposits


Geo 4


Geo 2


 


Geo 4


Geo 2


 


 


Geo 2


Geo 2


 





Of which: euro currency


Geo 1


 


 


Geo 1


 


 


 


 


 


 






By resident sector (Sec 2)


 


 


 


 


 


 


 


 


 


 






Short-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 





Of which: intra-Eurosystem claims/liabilities


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Long-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 






By resident sector (Sec 2r)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




Short-term


 


 


 


 


 


 


 


Geo 1


Geo 1


 




Long-term


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By currency of denomination (Cur 1)


Geo 1


 


 


Geo 1


 


 


 


 


 


 






Loans


Geo 4


Geo 2


 


Geo 4


Geo 2


 


 


Geo 2


Geo 2


 






By resident sector (Sec 2)


 


 


 


 


 


 


 


 


 


 




Short-term


Geo 3, IMF


 


 


Geo 3, IMF


 


 


 


 


 


 




Long-term


Geo 3, IMF


 


 


Geo 3, IMF


 


 


 


 


 


 






By resident sector (Sec 2r)


 


 


 


 


 


 


 


Geo 1


Geo 1


 




Short-term


 


 


 


 


 


 


 


Geo 1


Geo 1


 




Long-term


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By currency of denomination (Cur 1)


Geo 1


 


 


Geo 1


 


 


 


 


 


 






Insurance, pension schemes, and standardised guarantee schemes


Geo 1


Geo 2


Geo 2


Geo 1


Geo 2


Geo2


 


Geo 1


Geo 1


 




By resident sector (Sec 2)


Geo 3


 


 


Geo 3


 


 


 


 


 


 






Trade credits and advances


Geo 4


Geo 2


 


Geo 4


Geo 2


 


 


Geo 2


Geo 2


 






By resident sector (Sec 2)


 


 


 


 


 


 


 


 


 


 




Short-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 




Long-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 





Of which: non-financial corporations


 


 


 


 


 


 


 


Geo 1


Geo 1


 




By currency of denomination (Cur 1)


Geo 1


 


 


Geo 1


 


 


 


 


 


 






Other accounts receivable/payable


Geo 1


Geo 2


 


Geo 1


Geo 2


 


 


Geo 1


Geo 1


 






By resident sector (Sec 2)


 


 


 


 


 


 


 


 


 


 




Short-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 




Long-term


Geo 3


 


 


Geo 3


 


 


 


 


 


 




SDRs


 


 


 


Geo 1


Geo 1


 


 


 


Geo 1


 












2.


Memo items






 


 


 


 


 


 


 


 


 


 







Total financial account (excluding reserve assets and financial derivatives and employee stock options)



 


 


 


 


 


 


 


 


 


 






By currency of denomination (Cur 1)


 


 


 


 


 


 


 


 


 


 




Monetary financial institutions (MFIs)


Geo 1


 


 


Geo 1


 


 


 


 


 


 




General government


Geo 1


 


 


Geo 1


 


 


 


 


 


 






Other sectors


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Non-money market fund (MMF) investment funds


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Insurance corporations and pension funds


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Other financial institutions


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Non-financial corporations


Geo 1


 


 


Geo 1


 


 


 


 


 


 




Households and non-profit institutions serving households (NPISHs)


Geo 1


 


 


Geo 1


 


 


 


 


 


 







External debt



 


 


 


 


 


 


 


 


 


 






Gross external debt


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2d)


 


 


 


Geo 1


 


 


 


 


Geo 1


 






Net external debt


 


 


 


 


 


 


 


 


 


 




By resident sector (Sec 2d)


 


 


 


Geo 1


 


 


 


 


Geo 1


 





Direct investment (extended directional principle)



Geo 1


 


 


Geo 1


 


 


 


Geo 1


Geo 1


 














(d)


Table 4A is deleted.










(e)


Table 7 is replaced by the following:
‘Table 7


Geographical breakdowns











Geo 0


Geo 1


Geo 2


Geo 3


Geo 4


Geo 4d




Domestic + rest of the world


Rest of the world


Rest of the world


Rest of the world


Rest of the world


Rest of the world




Intra-euro area


Intra-euro area


Intra-euro area


Intra-euro area




Extra-euro area


Extra-euro area


Extra-euro area


Extra-euro area




 


Intra-Union


Intra-Union


Intra-Union




 


Extra-Union


Extra-Union


Extra-Union




 


 


Individual Union Member States, the ECB and the European Stability Mechanism (ESM)


G-20 countries (outside the euro area)




 


 


Offshore financial centres


Of which: United Kingdom




 


 


Of which: Hong Kong


Of which: United States’




 


 


Union institutions (excluding the ECB and ESM)


 




 


 


Of which: European Investment Bank


 




 


 


International organisations (excluding Union institutions)


 




 


 


Of which: IMF


 




 


 


G-20 countries (outside the euro area)


 




 


 


Argentina


 




 


 


Australia


 




 


 


Brazil


 




 


 


Canada


 




 


 


China


 




 


 


India


 




 


 


Indonesia


 




 


 


Japan


 




 


 


Mexico


 




 


 


Russia


 




 


 


Saudi Arabia


 




 


 


South Africa


 




 


 


South Korea


 




 


 


Turkey


 




 


 


United Kingdom


 




 


 


United States


 




 


 


Norway


 




 


 


Switzerland


 














(f)


Table 8 is replaced by the following:
‘Table 8


Sector breakdowns









Sec 1


Sec 2


Sec 2d


Sec 2r




Total economy






 


Central bank










 


Other MFIs






 


Deposit-taking corporations except the central bank










 


MMFs














 


General government










 


Other sectors






Total economy






 


Central bank










 


Other MFIs






 


Deposit-taking corporations except the central bank










 


MMFs














 


General government










 


Other sectors






 


Non-MMF investment funds










 


Insurance corporations and pension funds










 


Other financial institutions










 


Non-financial corporations










 


Households and NPISHs










Total economy






 


Central bank










 


Other MFIs










 


General government










 


Other sectors

Of which:







 


Non-MMF investment funds










 


Insurance corporations and pension funds










 


Other financial institutions










 


Non-financial corporations










Total economy






 


Central bank










 


Other MFIs










 


General government










 


Other sectors’


















(g)


The following Table 9 is added:

                                             ‘
                                             Table 9


Currency of denomination breakdown

Cur 1
Euro
US dollar
Japanese yen
Other currencies’
                                       










(*1)  Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area (OJ L 306, 23.11.2011, p. 8) and Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011, p. 25).’;”


(1)  Concepts and definitions of selected items are specified in Annex III.

(2)  The details of the required geographical breakdowns are specified in Table 7.

(3)  The details of the required institutional sector breakdowns are specified in Table 8.

(4)  The details of the required currency of denomination breakdowns are specified in Table 9.

(5)  The detail is also part of the full requirement’