CELEX: 52007HB0004
Language: en
Date: 2007-05-31 00:00:00
Title: Recommendation of the European Central Bank of 31 May 2007 amending Recommendation ECB/2004/16 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (ECB/2007/4)

20.6.2007   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 136/6
            
         
      RECOMMENDATION OF THE EUROPEAN CENTRAL BANK
   
   of 31 May 2007
   amending Recommendation ECB/2004/16 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template
   (ECB/2007/4)
   (2007/C 136/02)
   THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
   Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 thereof,
   Whereas:
   
               (1)
            
            
               The first sentence of Article 5.1 of the Statute requires the European Central Bank (ECB), assisted by the national central banks (NCBs), to collect either from the competent authorities other than NCBs or directly from economic agents the statistical information necessary in order for it to undertake the tasks of the European System of Central Banks (ESCB). The second sentence of Article 5.1 of the Statute provides that for these purposes the ECB must cooperate with the Community institutions or bodies and with the competent authorities of the Member States or third countries and with international organisations.
            
         
               (2)
            
            
               Information that is necessary to meet the ECB's requirements in the field of balance of payments and international investment position statistics may be collected and/or compiled by competent authorities other than NCBs. Therefore, some of the tasks to be undertaken to meet these requirements require cooperation between the ECB or the NCBs and such competent authorities, in line with Article 5.1 of the Statute. Article 4 of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1) requires the Member States to organise themselves in the field of statistics and to cooperate fully with the ESCB in order to ensure the fulfilment of the obligations arising out of Article 5 of the Statute.
            
         
               (3)
            
            
               When further Member States adopt the euro, it will be necessary to compile back data for the euro area aggregate in its new composition on balance of payments (including the seasonally adjusted current account) and international investment position statistics. Certain amendments to Recommendation ECB/2004/16 of 16 July 2004 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics (2) are therefore required to cater for future enlargements of the euro area in respect of the provision of back data. The period for which such back data must be provided may be reassessed by 2010. In the case of Ireland and Italy, such data would have to be reported by the addressees of this Recommendation,
            
         HAS ADOPTED THIS RECOMMENDATION:
   Article 1
   Annexes I, III, IV and VII to Recommendation ECB/2004/16 are amended in accordance with Annexes I, II, III and IV, respectively, to this recommendation.
   Article 2
   Addressees
   This recommendation is addressed to the Central Statistics Office (CSO) in Ireland and the Ufficio Italiano dei Cambi (UIC) in Italy.
   
      Done at Frankfurt am Main, 31 May 2007.
      
         
            For the Governing Council of the ECB
         
         
            The President of the ECB
         
         Jean-Claude TRICHET
         
      
   
   
      (1)  OJ L 318, 27.11.1998, p. 8.
   
      (2)  OJ C 292, 30.11.2004, p. 21.
   
      ANNEX I
      Annex I to Recommendation ECB/2004/16 is amended as follows:
      
                  1.
               
               
                  Paragraph 1.6 is replaced by the following:
                  ‘From March 2008, starting with data corresponding to January 2008 transactions and to end-2007 positions, portfolio investment collection systems shall conform to one of the models set out in the table contained in Annex VII. The chosen model may be phased in to enable the individual NCB to reach the target coverage indicated in Annex VII at the latest by March 2009, in relation to December 2008 stocks.’
               
            
                  2.
               
               
                  The following subparagraph 1.7 is added at the end of paragraph 1:
                  
                              ‘1.7
                           
                           
                              
                                          (a)
                                       
                                       
                                          In respect of any Member State that adopts the euro on or after 1 January 2007, both the NCB of that Member State and the NCBs of all other participating Member States at the time such Member State adopts the euro shall provide the ECB with back data corresponding to the data required under Tables 1 to 8 of Annex III, to enable the compilation of aggregates covering the euro area in its new composition. These NCBs shall provide the back data from the reference dates set out below, with the exception of the breakdowns listed under Table 13, for which the earliest reference period to be reported shall be the one indicated in that table. All back data may be provided on a best estimate basis.
                                          
                                                      (i)
                                                   
                                                   
                                                      If the Member State that adopts the euro joined the EU before May 2004, the back data shall cover, as a minimum, the period from 1999.
                                                   
                                                
                                                      (ii)
                                                   
                                                   
                                                      If the Member State that adopts the euro joined the EU in May 2004, the back data shall cover, as a minimum, the period from 2004.
                                                   
                                                
                                                      (iii)
                                                   
                                                   
                                                      If the Member State that adopts the euro joined the EU after May 2004, the back data shall cover, as a minimum, the period from the date on which that Member State joined the EU.
                                                   
                                                
                                    
                                          (b)
                                       
                                       
                                          If the back data referred to in subparagraph (a) do not already include monthly observations covering five years for each of the four main sub-items of the balance of payments current account, namely goods, services, income and current transfers, then the NCBs shall ensure that the data which they provide include such observations.’
                                       
                                    
                        
            
                  3.
               
               
                  Subparagraph 2.6 is replaced by the following:
                  ‘Transactions and positions in debt securities broken down by currency of issue shall be made available to the ECB within six months of the end of the period to which the data relate.’
               
            
                  4.
               
               
                  The following new subparagraph 4.4a is inserted:
                  
                              ‘4.4a
                           
                           
                              Best estimates are permitted for the following breakdowns in Table 2 of Annex III:
                              
                                          (a)
                                       
                                       
                                          sub-items of income on other investment: I C 2.3.1 to C 2.3.3, and memorandum items 1 to 4;
                                       
                                    
                                          (b)
                                       
                                       
                                          sub-items of current transfers: I D 1.1 to D 1.8 and D 2.2.1 to D 2.2.11; and
                                       
                                    
                                          (c)
                                       
                                       
                                          sub-items of capital transfers: II A.1 and A.2.’
                                       
                                    
                        
            
   
      ANNEX II
      Annex III to Recommendation ECB/2004/16 is amended as follows:
      
                  1.
               
               
                  Table 2 is replaced by the following:
                  ‘Table 2
                  Quarterly national contributions to the euro area balance of payments (1)
                  
                  
                               
                           
                           
                              Credit
                           
                           
                              Debit
                           
                           
                              Net
                           
                        
                              
                                          I.
                                       
                                       
                                          Current account
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          A.
                                       
                                       
                                          Goods
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          B.
                                       
                                       
                                          Services
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          C.
                                       
                                       
                                          Income
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          1.
                                       
                                       
                                          Compensation of employees
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.
                                       
                                       
                                          Investment income
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.
                                       
                                       
                                          Direct investment
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.1.1.
                                       
                                       
                                          Income on equity
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.1.1.1.
                                       
                                       
                                          Dividends and distributed profit
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.1.1.2.
                                       
                                       
                                          Reinvested earnings and undistributed profit
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.1.2.
                                       
                                       
                                          Income on debt (interest)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.
                                       
                                       
                                          Portfolio investment
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.2.1.
                                       
                                       
                                          Income on equity
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.2.2.
                                       
                                       
                                          Income on debt (interest)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.2.2.1.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.2.2.2.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.3.
                                       
                                       
                                          Other investment
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.3.1.
                                       
                                       
                                          Interest according to BPM5 (not adjusted for FISIM (2))
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.3.2.
                                       
                                       
                                          Income attributed to insurance policyholders
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.3.3.
                                       
                                       
                                          Other
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              Memorandum item:
                           
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          1.
                                       
                                       
                                          investment income — interest according to the SNA93  (3)(adjusted for FISIM)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.
                                       
                                       
                                          value of FISIM
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.
                                       
                                       
                                          investment income — interest according to BPM5 (not adjusted for FISIM)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.
                                       
                                       
                                          investment income — other than interest
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          D.
                                       
                                       
                                          Current transfers
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.1.
                                       
                                       
                                          taxes on products
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.2.
                                       
                                       
                                          other taxes on production
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.3.
                                       
                                       
                                          subsidies on products
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.4.
                                       
                                       
                                          other subsidies on production
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.5.
                                       
                                       
                                          taxes on income, wealth, etc.
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.6.
                                       
                                       
                                          social contributions
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.7.
                                       
                                       
                                          social benefits other than social transfers in kind
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.8.
                                       
                                       
                                          other current transfers of general government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.1.
                                       
                                       
                                          workers' remittances
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.
                                       
                                       
                                          other transfers
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.1.
                                       
                                       
                                          taxes on products
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.2.
                                       
                                       
                                          other taxes on production
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.3.
                                       
                                       
                                          subsidies on products
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.4.
                                       
                                       
                                          other subsidies on production
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.5.
                                       
                                       
                                          taxes on income, wealth, etc.
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.6.
                                       
                                       
                                          social contributions
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.7.
                                       
                                       
                                          social benefits other than social transfers in kind
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.8.
                                       
                                       
                                          net non-life insurance premiums
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.9.
                                       
                                       
                                          non-life insurance claims
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.10.
                                       
                                       
                                          other current transfers of other sectors not included elsewhere
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.2.11.
                                       
                                       
                                          adjustment for the change in net equity of households in pension fund reserves
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          II.
                                       
                                       
                                          Capital account
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          A.
                                       
                                       
                                          Capital transfers
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          1.
                                       
                                       
                                          capital taxes
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          2.
                                       
                                       
                                          investment grants and other capital transfers
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          B.
                                       
                                       
                                          Acquisition/disposal of non-produced non-financial assets
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                               
                           
                           
                              Net assets
                           
                           
                              Net liabilities
                           
                           
                              Net
                           
                        
                              
                                          III.
                                       
                                       
                                          Financial account
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          1.
                                       
                                       
                                          Direct investment
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.
                                       
                                       
                                          Abroad
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.
                                       
                                       
                                          Equity capital
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.
                                       
                                       
                                          Reinvested earnings
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.3.
                                       
                                       
                                          Other capital
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.3.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.3.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.
                                       
                                       
                                          In the reporting country
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.
                                       
                                       
                                          Equity capital
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.
                                       
                                       
                                          Reinvested earnings
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.3.
                                       
                                       
                                          Other capital
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.3.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.3.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          2.
                                       
                                       
                                          Portfolio investment
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.
                                       
                                       
                                          Equity securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                 of which: Investment funds and money market funds shares
                              
                           
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          (i)
                                       
                                       
                                          held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (ii)
                                       
                                       
                                          held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iii)
                                       
                                       
                                          held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iv)
                                       
                                       
                                          held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.1.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.2.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.3.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.4.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.5.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.6.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.
                                       
                                       
                                          Debt securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          3.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          3.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          3.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          3.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          3.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          4.
                                       
                                       
                                          Other investment
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          4.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          5.
                                       
                                       
                                          Reserve assets
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.1.
                                       
                                       
                                          Monetary gold
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.2.
                                       
                                       
                                          Special drawing rights
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.3.
                                       
                                       
                                          Reserve position in the IMF
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.
                                       
                                       
                                          Foreign exchange
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.1.
                                       
                                       
                                          with monetary authorities and the BIS
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.2.
                                       
                                       
                                          with MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.
                                       
                                       
                                          Securities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.1.
                                       
                                       
                                          Equities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.2.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.3.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.3.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.5.
                                       
                                       
                                          Other claims
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
            
                  2.
               
               
                  Table 4 is replaced by the following:
                  ‘Table 4
                  Quarterly national contributions to the euro area international investment position (4)
                  
                  
                               
                           
                           
                              Assets
                           
                           
                              Liabilities
                           
                           
                              Net
                           
                        
                              
                                          I.
                                       
                                       
                                          Direct Investment
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.
                                       
                                       
                                          Abroad
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Equity and reinvested earnings
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Other capital
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.
                                       
                                       
                                          In the reporting economy
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Equity and reinvested earnings
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Other capital
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          II.
                                       
                                       
                                          Portfolio Investment
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.1.
                                       
                                       
                                          Equity securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                 of which: Investment funds and money market funds shares
                              
                           
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          (i)
                                       
                                       
                                          held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (ii)
                                       
                                       
                                          held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iii)
                                       
                                       
                                          held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iv)
                                       
                                       
                                          held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.1.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.2.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.3.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.4.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.5.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.6.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.
                                       
                                       
                                          Debt securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          III.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          IV.
                                       
                                       
                                          Other investment
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          4.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          V.
                                       
                                       
                                          Reserve assets
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.1.
                                       
                                       
                                          Monetary gold
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.2.
                                       
                                       
                                          Special drawing rights
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.3.
                                       
                                       
                                          Reserve position in the IMF
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.
                                       
                                       
                                          Foreign exchange
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.1.
                                       
                                       
                                          with monetary authorities and the BIS
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.2.
                                       
                                       
                                          with MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.
                                       
                                       
                                          Securities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.1.
                                       
                                       
                                          Equities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.2.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.3.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.3.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.5.
                                       
                                       
                                          Other claims
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
            
                  3.
               
               
                  Table 5 is replaced by the following:
                  ‘Table 5
                  Annual national contributions to the euro area international investment position (5)
                  
                  
                               
                           
                           
                              Assets
                           
                           
                              Liabilities
                           
                           
                              Net
                           
                        
                              
                                          I.
                                       
                                       
                                          Direct investment
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.
                                       
                                       
                                          Abroad
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Equity and reinvested earnings
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                 of which:
                              
                           
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          1.1.1.A
                                       
                                       
                                          Equity stocks in foreign listed companies (market values)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.1.B
                                       
                                       
                                          Equity stocks in foreign unlisted companies (book value)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                 Memorandum item:
                              
                           
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                 Equity stocks in foreign listed companies (book values)
                              
                           
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Other capital
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.1.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.
                                       
                                       
                                          In the reporting economy
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Equity and reinvested earnings
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                 of which:
                              
                           
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          1.2.1.A
                                       
                                       
                                          Equity stocks in euro area listed companies (market values)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.1.B
                                       
                                       
                                          Equity stocks in euro area unlisted companies (book values)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                 Memorandum item:
                              
                           
                           
                               
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                 Equity stocks in euro area listed companies (book values)
                              
                           
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.
                                       
                                       
                                          
                                                      —
                                                   
                                                   
                                                      Other capital
                                                   
                                                
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.1.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          1.2.2.2.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              extra
                           
                        
                              
                                          II.
                                       
                                       
                                          Portfolio Investment
                                       
                                    
                           
                               
                           
                           
                               
                           
                           
                              national
                           
                        
                              
                                          2.1.
                                       
                                       
                                          Equity securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                 of which: Investment funds and money market funds shares
                              
                           
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          (i)
                                       
                                       
                                          held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (ii)
                                       
                                       
                                          held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iii)
                                       
                                       
                                          held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          (iv)
                                       
                                       
                                          held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.1.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.2.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.3.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.4.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.1.5.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.1.6.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.
                                       
                                       
                                          Debt securities
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.1.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.1.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              intra/extra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.1.
                                       
                                       
                                          Issued by monetary authorities
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.2.
                                       
                                       
                                          Held by monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.3.
                                       
                                       
                                          Issued by general government
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.4.
                                       
                                       
                                          Held by general government
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.5.
                                       
                                       
                                          Issued by MFIs (excluding central banks)
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.6.
                                       
                                       
                                          Held by MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          2.2.2.7.
                                       
                                       
                                          Issued by other sectors
                                       
                                    
                           
                              intra
                           
                           
                              national
                           
                           
                               
                           
                        
                              
                                          2.2.2.8.
                                       
                                       
                                          Held by other sectors
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          III.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          3.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          IV.
                                       
                                       
                                          Other investment
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                              extra
                           
                        
                              
                                          4.1.
                                       
                                       
                                          Monetary authorities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.1.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.
                                       
                                       
                                          General government
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.2.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.2.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.
                                       
                                       
                                          MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.1.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.3.2.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.
                                       
                                       
                                          Other sectors
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.1.
                                       
                                       
                                          Trade credits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.
                                       
                                       
                                          Loans/currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          4.4.2.1.
                                       
                                       
                                          Loans
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.2.2.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          4.4.3.
                                       
                                       
                                          Other assets/liabilities
                                       
                                    
                           
                              extra
                           
                           
                              extra
                           
                           
                               
                           
                        
                              
                                          V.
                                       
                                       
                                          Reserve assets
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.1.
                                       
                                       
                                          Monetary gold
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.2.
                                       
                                       
                                          Special drawing rights
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.3.
                                       
                                       
                                          Reserve position in the IMF
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.
                                       
                                       
                                          Foreign exchange
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.
                                       
                                       
                                          Currency and deposits
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.1.
                                       
                                       
                                          with monetary authorities and the BIS
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.1.2.
                                       
                                       
                                          with MFIs (excluding central banks)
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.
                                       
                                       
                                          Securities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.1.
                                       
                                       
                                          Equities
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.2.
                                       
                                       
                                          Bonds and notes
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.2.3.
                                       
                                       
                                          Money market instruments
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.4.3.
                                       
                                       
                                          Financial derivatives
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
                              
                                          5.5.
                                       
                                       
                                          Other claims
                                       
                                    
                           
                              extra
                           
                           
                               
                           
                           
                               
                           
                        
            
                  4.
               
               
                  Table 9 is replaced by the following:
                  ‘Table 9
                  ECB geographical breakdowns for quarterly balance of payments flows and annual international investment position data
                  
                              —
                           
                           
                              Denmark
                           
                        
                              —
                           
                           
                              Sweden
                           
                        
                              —
                           
                           
                              United Kingdom
                           
                        
                              —
                           
                           
                              EU Member States outside the euro area and excluding Denmark, Sweden and the United Kingdom (6)
                              
                           
                        
                              —
                           
                           
                              EU institutions (7)
                              
                           
                        
                              —
                           
                           
                              Switzerland
                           
                        
                              —
                           
                           
                              Canada
                           
                        
                              —
                           
                           
                              United States
                           
                        
                              —
                           
                           
                              Japan
                           
                        
                              —
                           
                           
                              Offshore centres (8)
                              
                              
                                          —
                                       
                                       
                                          of which: Hong Kong
                                       
                                    
                        
                              —
                           
                           
                              International organisations excluding the EU institutions (9)
                              
                           
                        
                              —
                           
                           
                              Brazil
                           
                        
                              —
                           
                           
                              China
                           
                        
                              —
                           
                           
                              India
                           
                        
                              —
                           
                           
                              Russian Federation’
                           
                        
            
                  5.
               
               
                  Table 13 is amended by inserting the following rows at the end of the Table:
                  
                              ‘Income on equity breakdown
                           
                        
                              Quarterly b.o.p.
                              Items I. C.2.1.1.1 and C.2.1.1.2 (10)
                              
                           
                           
                              Q4 2007
                           
                           
                              March 2008
                           
                           
                              Annex III, Table 2
                           
                        
                              Income on other investment breakdown
                           
                        
                              Quarterly b.o.p.
                              Items I. C.2.3.1 to C.2.3.3 (10)
                              
                           
                           
                              Q4 2008
                           
                           
                              March 2009
                           
                           
                              Annex III, Table 2
                           
                        
                              Memorandum items 1 to 4 (10)
                              
                           
                           
                              Q4 2008
                           
                           
                              March 2009
                           
                           
                              Annex III, Table 2
                           
                        
                              Current transfer breakdown
                           
                        
                              Quarterly b.o.p.
                              Items I. D.1, D.2, D.2.1 and D.2.2 (10)
                              
                           
                           
                              Q4 2007
                           
                           
                              March 2008
                           
                           
                              Annex III, Table 2
                           
                        
                              Items I. D.1.1 to D.1.8 and D.2.2.1 to D 2.2.11 (10)
                              
                           
                           
                              Q4 2008
                           
                           
                              March 2009
                           
                           
                              Annex III, Table 2
                           
                        
                              Capital account breakdown
                           
                        
                              Quarterly b.o.p.
                              Items II.A and II.B (10)
                              
                           
                           
                              Q4 2007
                           
                           
                              March 2008
                           
                           
                              Annex III, Table 2
                           
                        
                              Items II.A.1 and II.A.2 (10)
                              
                           
                           
                              Q4 2008
                           
                           
                              March 2009
                           
                           
                              Annex III, Table 2
                           
                        
                              Portfolio investment — equity securities — investment funds and money market funds shares
                           
                        
                              Quarterly b.o.p.
                           
                           
                              Q1 2010
                           
                           
                              June 2010
                           
                           
                              Annex III, Table 2
                           
                        
                              Quarterly i.i.p.
                           
                           
                              Q1 2010
                           
                           
                              June 2010
                           
                           
                              Annex III, Table 4
                           
                        
                              Annual i.i.p.
                           
                           
                              End December 2009
                           
                           
                              June 2010
                           
                           
                              Annex III, Table 5'
                           
                        
            
         (1)  
      
                  “extra”
               
               
                  means transactions with non-euro area residents (for portfolio investment assets and related income it refers to the residency of the issuers)
               
            
                  “intra”
               
               
                  means transactions between different Member States of the euro area
               
            
                  “national”
               
               
                  means all cross-border transactions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts and the net balance of the financial derivatives accounts)
               
            
         (2)  Financial intermediation services indirectly measured.
      
         (3)  System of National Accounts 1993.’
      
         (4)  
      
                  “extra”
               
               
                  means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of the issuers)
               
            
                  “intra”
               
               
                  means positions between different Member States of the euro area
               
            
                  “national”
               
               
                  means all cross-border positions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts)’
               
            
         (5)  
      
                  “extra”
               
               
                  means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of the issuers)
               
            
                  “intra”
               
               
                  means positions between different Member States of the euro area
               
            
                  “national”
               
               
                  means all cross-border positions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts)’
               
            
         (6)  No individual breakdown is required.
      
         (7)  See composition in Table 12. No individual breakdown is required.
      
         (8)  Only mandatory for the balance of payments financial account, the related income accounts and the international investment position. Current account (excluding income) flows vis-à-vis offshore centres may be reported either separately or indistinguishably under the residual item category. See composition in Table 11. No individual breakdown is required.
      
         (9)  See composition in Table 12. No individual breakdown is required.
      
         (10)  See Table 2 of Annex III’.
   
   
      ANNEX III
      Annex IV to Recommendation ECB/2004/16 is amended as follows:
      
                  1.
               
               
                  The following text is inserted immediately before Section 1:
                  ‘The terms “resident” and “residing” fall within the definitions laid down in Article 1.4 of Council Regulation (EC) No 2533/1998. In the case of the euro area, the economic territory comprises: (i) the economic territory of the participating Member States; and (ii) the ECB, which is regarded as a resident unit of the euro area.
                  The rest of the world (RoW) comprises the economic territories outside the euro area, i.e. Member States that have not adopted the euro, all third countries and international organisations, including those physically located within the euro area. All EU institutions (1) are considered to be resident outside the euro area. Consequently, all transactions of participating Member States vis-à-vis EU institutions are recorded and classified as non-euro area transactions in the euro area balance of payments and international investment position statistics.
                  In the cases set out below, residence is determined as follows:
                  
                              (a)
                           
                           
                              staff from embassies and military bases are to be classified as residents of the country of the employing government, except if they have been recruited locally in the host country where the embassy or military base is located;
                           
                        
                              (b)
                           
                           
                              when undertaking cross-border transactions in land and/or buildings (e.g. holiday homes), property owners are treated as if they have transferred their ownership to a notional institutional unit that is actually resident in the country where the property is located. The notional unit is treated as being owned and controlled by the non-resident owner;
                           
                        
                              (c)
                           
                           
                              in the absence of any significant physical dimension to a legal entity, e.g. investment funds (as distinct from their managers), securitisation vehicles, and some special purpose entities, its residence is determined by the economic territory under whose laws the entity is incorporated. If the entity is not incorporated, legal domicile is used as a criterion, namely the country whose legal system governs the creation and continued existence of the entity.’
                           
                        
            
                  2.
               
               
                  In the third paragraph of subsection 1.1, the second sentence (‘The main difference is that the ECB does not require a breakdown of direct investment income on equity into distributed and undistributed profits.’) is deleted.
               
            
                  3.
               
               
                  The second paragraph of subsection 1.2 (‘While the IMF's standard components of the capital account consist of a sectoral breakdown into the items “general government” and “other sectors” (with a further breakdown thereafter), the ECB compiles only a lump-sum capital account, without any breakdown.’) is deleted.
               
            
         (1)  The ECB is not included.
   
   
      ANNEX IV
      Annex VII to Recommendation ECB/2004/16 is amended as follows:
      
                  1.
               
               
                  In the third paragraph, the second sentence (‘Therefore, if the “project closure document” for Phase 1 of the CSDB project is not submitted to the Governing Council via the Statistics Committee of the European System of Central Banks by the end of March 2005, this deadline will be postponed by the same amount of time as that by which the submission is late.’) is deleted.
               
            
                  2.
               
               
                  The sentence starting ‘From March 2008’ and ending ‘in the following table’ is replaced by the following sentence:
                  ‘From the date specified in paragraph 1.6 of Annex I, and taking into account the phasing-in option referred to in that paragraph, euro area portfolio investment collection systems conform to one of the models in the following table:’.