Choose the experimental features you want to try

This document is an excerpt from the EUR-Lex website

Document 32014O0043

    Guideline (EU) 2015/571 of the European Central Bank of 6 November 2014 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2014/43)

    OJ L 93, 9.4.2015, p. 82–102 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

    Legal status of the document No longer in force, Date of end of validity: 31/01/2022; Repealed by 32021O0835

    ELI: http://data.europa.eu/eli/guideline/2015/571/oj

    9.4.2015   

    EN

    Official Journal of the European Union

    L 93/82


    GUIDELINE (EU) 2015/571 OF THE EUROPEAN CENTRAL BANK

    of 6 November 2014

    amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2014/43)

    THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

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

    Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1),

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

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

    Whereas:

    (1)

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

    (2)

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

    HAS ADOPTED THIS GUIDELINE:

    Article 1

    Amendments to Annex II to Guideline ECB/2014/15

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

    1.

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

    2.

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

     

    ‘Sent

    Received

    Memo items

    Number of transactions

    Value of transactions

    Number of transactions

    Value of transactions

    Transactions per type of payment instrument

    Credit transfers

    Initiated electronically

    of which:

     

     

     

     

    Initiated on a single payment basis

     

     

     

     

    of which:

     

     

     

     

    Online banking based e-payments

    Geo 1

    Geo 1

    Credits to the accounts by simple book entry

    Geo 0

    Geo 0

    Debits from the accounts by simple book entry

    Geo 0

    Geo 0

     

     

     

    Money remittances

    Geo 3

    Geo 3

    Geo 2

    Geo 2

    Transactions via telecommunication, digital or IT device

    Geo 1

    Geo 1

    Geo 2

    Geo 2

    Other services (not included in the Payment Services Directive)

    Geo 4

    Geo 4

    —’

    ;

    3.

    in Part 16, the following definition is added:

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

    .

    Article 2

    Taking effect and implementation

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

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

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

    Article 3

    Addressees

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

    Done at Frankfurt am Main, 6 November 2014.

    For the Governing Council of the ECB

    The President of the ECB

    Mario DRAGHI


    (1)   OJ L 318, 27.11.1998, p. 8.

    (2)   OJ L 372, 31.12.1986, p. 1.

    (3)   OJ L 35, 9.2.2011, p. 31.

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

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


    ANNEX

    ‘PART 12

    Securities issues statistics

    Section 1: Introduction

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

    all issues by euro area residents in any currency, and

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

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

    The table below summarises the reporting requirements.

     

    Securities issues

    By euro area residents

    (each NCB reporting on its domestic residents)

    By RoW residents

    (BIS/NCB)

    Non-euro area Member States

    Other countries

    In euro/national denominations

    Block A

    Block B

    In other currencies  (*1)

    Block C

    Block D

    not required

    Section 2: Reporting requirements

    Table 1

    Block A reporting form for NCBs

     

    DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

    Outstanding amounts

    Gross issues

    Redemptions

    Net issues (*3)

     

    A1

    A2

    A3

    A4

    1.   SHORT-TERM DEBT SECURITIES  (*2)

    Total

    S1

    S68

    S135

    S202

    ECB/NCB

    S2

    S69

    S136

    S203

    MFIs other than central banks

    S3

    S70

    S137

    S204

    OFIs

    S4

    S71

    S138

    S205

    Of which FVC

    S5

    S72

    S139

    S206

    Financial auxiliaries

    S6

    S73

    S140

    S207

    Captive financial institutions

    S7

    S74

    S141

    S208

    Insurance corp. and pension funds

    S8

    S75

    S142

    S209

    Non-financial corporations

    S9

    S76

    S143

    S210

    Central government

    S10

    S77

    S144

    S211

    State and local government

    S11

    S78

    S145

    S212

    Social security funds

    S12

    S79

    S146

    S213

     

     

     

     

     

    2.   LONG-TERM DEBT SECURITIES  (*2)

    Total

    S13

    S80

    S147

    S214

    ECB/NCB

    S14

    S81

    S148

    S215

    MFIs other than central banks

    S15

    S82

    S149

    S216

    OFIs

    S16

    S83

    S150

    S217

    Of which FVC

    S17

    S84

    S151

    S218

    Financial auxiliaries

    S18

    S85

    S152

    S219

    Captive financial institutions

    S19

    S86

    S153

    S220

    Insurance corp. and pension funds

    S20

    S87

    S154

    S221

    Non-financial corporations

    S21

    S88

    S155

    S222

    Central government

    S22

    S89

    S156

    S223

    State and local government

    S23

    S90

    S157

    S224

    Social security funds

    S24

    S91

    S158

    S225

     

     

     

     

     

    2.1.   of which fixed rate issues:

    Total

    S25

    S92

    S159

    S226

    ECB/NCB

    S26

    S93

    S160

    S227

    MFIs other than central banks

    S27

    S94

    S161

    S228

    OFIs

    S28

    S95

    S162

    S229

    Of which FVC

    S29

    S96

    S163

    S230

    Financial auxiliaries

    S30

    S97

    S164

    S231

    Captive financial institutions

    S31

    S98

    S165

    S232

    Insurance corp. and pension funds

    S32

    S99

    S166

    S233

    Non-financial corporations

    S33

    S100

    S167

    S234

    Central government

    S34

    S101

    S168

    S235

    State and local government

    S35

    S102

    S169

    S236

    Social security funds

    S36

    S103

    S170

    S237

     

     

     

     

     

    2.2.   of which floating rate issues:

    Total

    S37

    S104

    S171

    S238

    ECB/NCB

    S38

    S105

    S172

    S239

    MFIs other than central banks

    S39

    S106

    S173

    S240

    OFIs

    S40

    S107

    S174

    S241

    Of which FVC

    S41

    S108

    S175

    S242

    Financial auxiliaries

    S42

    S109

    S176

    S243

    Captive financial institutions

    S43

    S110

    S177

    S244

    Insurance corp. and pension funds

    S44

    S111

    S178

    S245

    Non-financial corporations

    S45

    S112

    S179

    S246

    Central government

    S46

    S113

    S180

    S247

    State and local government

    S47

    S114

    S181

    S248

    Social security funds

    S48

    S115

    S182

    S249

     

     

     

     

     

    2.3.   of which zero coupon bonds:

    Total

    S49

    S116

    S183

    S250

    ECB/NCB

    S50

    S117

    S184

    S251

    MFIs other than central banks

    S51

    S118

    S185

    S252

    OFIs

    S52

    S119

    S186

    S253

    Of which FVC

    S53

    S120

    S187

    S254

    Financial auxiliaries

    S54

    S121

    S188

    S255

    Captive financial institutions

    S55

    S122

    S189

    S256

    Insurance corp. and pension funds

    S56

    S123

    S190

    S257

    Non-financial corporations

    S57

    S124

    S191

    S258

    Central government

    S58

    S125

    S192

    S259

    State and local government

    S59

    S126

    S193

    S260

    Social security funds

    S60

    S127

    S194

    S261

     

     

     

     

     

    3.   LISTED SHARES  (*4)

    Total

    S61

    S128

    S195

    S262

    ECB/NCBs

    S62

    S129

    S196

    S263

    MFIs other than central banks

    S63

    S130

    S197

    S264

    OFIs

    S64

    S131

    S198

    S265

    Financial auxiliaries

    S65

    S132

    S199

    S266

    Insurance corp. and pension funds

    S66

    S133

    S200

    S267

    Non-financial corporations

    S67

    S134

    S201

    S268

     

     

     

     

     


    Table 2

    Block C reporting form for NCBs

     

    DOMESTIC RESIDENT ISSUERS//OTHER CURRENCIES

    Outstanding amounts

    Gross issues

    Redemptions

    Net issues

     

    C1

    C2

    C3

    C4

    4.   SHORT-TERM DEBT SECURITIES

    Total

    S269

    S335

    S401

    S467

    ECB/NCB

    S270

    S336

    S402

    S468

    MFIs other than central banks

    S271

    S337

    S403

    S469

    OFIs

    S272

    S338

    S404

    S470

    Of which FVC

    S273

    S339

    S405

    S471

    Financial auxiliaries

    S274

    S340

    S406

    S472

    Captive financial institutions

    S275

    S341

    S407

    S473

    Insurance corp. and pension funds

    S276

    S342

    S408

    S474

    Non-financial corporations

    S277

    S343

    S409

    S475

    Central government

    S278

    S344

    S410

    S476

    State and local government

    S279

    S345

    S411

    S477

    Social security funds

    S280

    S346

    S412

    S478

     

     

     

     

     

    5.   LONG-TERM DEBT SECURITIES

    Total

    S281

    S347

    S413

    S479

    ECB/NCB

    S282

    S348

    S414

    S480

    MFIs other than central banks

    S283

    S349

    S415

    S481

    OFIs

    S284

    S350

    S416

    S482

    Of which FVC

    S285

    S351

    S417

    S483

    Financial auxiliaries

    S286

    S352

    S418

    S484

    Captive financial institutions

    S287

    S353

    S419

    S485

    Insurance corp. and pension funds

    S288

    S354

    S420

    S486

    Non-financial corporations

    S289

    S355

    S421

    S487

    Central government

    S290

    S356

    S422

    S488

    State and local government

    S291

    S357

    S423

    S489

    Social security funds

    S292

    S358

    S424

    S490

     

     

     

     

     

    5.1.   of which fixed rate issues:

    Total

    S293

    S359

    S425

    S491

    ECB/NCB

    S294

    S360

    S426

    S492

    MFIs other than central banks

    S295

    S361

    S427

    S493

    OFIs

    S296

    S362

    S428

    S494

    Of which FVC

    S297

    S363

    S429

    S495

    Financial auxiliaries

    S298

    S364

    S430

    S496

    Captive financial institutions

    S299

    S365

    S431

    S497

    Insurance corp. and pension funds

    S300

    S366

    S432

    S498

    Non-financial corporations

    S301

    S367

    S433

    S499

    Central government

    S302

    S368

    S434

    S500

    State and local government

    S303

    S369

    S435

    S501

    Social security funds

    S304

    S370

    S436

    S502

     

     

     

     

     

    5.2.   of which floating rate issues:

    Total

    S305

    S371

    S437

    S503

    ECB/NCB

    S306

    S372

    S438

    S504

    MFIs other than central banks

    S307

    S373

    S439

    S505

    OFIs

    S308

    S374

    S440

    S506

    Of which FVC

    S309

    S375

    S441

    S507

    Financial auxiliaries

    S310

    S376

    S442

    S508

    Captive financial institutions

    S311

    S377

    S443

    S509

    Insurance corp. and pension funds

    S312

    S378

    S444

    S510

    Non-financial corporations

    S313

    S379

    S445

    S511

    Central government

    S314

    S380

    S446

    S512

    State and local government

    S315

    S381

    S447

    S513

    Social security funds

    S316

    S382

    S448

    S514

     

     

     

     

     

    5.3.   of which zero coupon bonds:

    Total

    S317

    S383

    S449

    S515

    ECB/NCB

    S318

    S384

    S450

    S516

    MFIs other than central banks

    S319

    S385

    S451

    S517

    OFIs

    S320

    S386

    S452

    S518

    Of which FVC

    S321

    S387

    S453

    S519

    Financial auxiliaries

    S322

    S388

    S454

    S520

    Captive financial institutions

    S323

    S389

    S455

    S521

    Insurance corp. and pension funds

    S324

    S390

    S456

    S522

    Non-financial corporations

    S325

    S391

    S457

    S523

    Central government

    S326

    S392

    S458

    S524

    State and local government

    S327

    S393

    S459

    S525

    Social security funds

    S328

    S394

    S460

    S526

     

     

     

     

     

    6.   LISTED SHARES

    Total

    S329

    S395

    S461

    S527

    MFIs other than central banks

    S330

    S396

    S462

    S528

    OFIs

    S331

    S397

    S463

    S529

    Financial auxiliaries

    S332

    S398

    S464

    S530

    Insurance corp. and pension funds

    S333

    S399

    S465

    S531

    Non-financial corporations

    S334

    S400

    S466

    S532


    Table 3

    Block A memorandum items reporting form for NCBs

     

    DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

    Outstanding amounts

    Gross issues

    Redemptions

    Net issues

     

    A1

    A2

    A3

    A4

    6.   LISTED SHARES

    Captive financial institutions

    S533

    S544

    S555

    S566

     

     

     

     

     

    7.   UNLISTED SHARES

    Total

    S534

    S545

    S556

    S567

    MFIs other than central banks

    S535

    S546

    S557

    S568

    OFIs

    S536

    S547

    S558

    S569

    Insurance corp. and pension funds

    S537

    S548

    S559

    S570

    Non-financial corporations

    S538

    S549

    S560

    S571

     

     

     

     

     

    8.   OTHER EQUITY

    Total

    S539

    S550

    S561

    S572

    MFIs other than central banks

    S540

    S551

    S562

    S573

    OFIs

    S541

    S552

    S563

    S574

    Insurance corp. and pension funds

    S542

    S553

    S564

    S575

    Non-financial corporations

    S543

    S554

    S565

    S576

     

     

     

     

     

     

     

     

     

     

    1.   Residency of the issuer

    Issues by subsidiaries owned by the reporting country's non-residents operating in the reporting country's economic territory must be classified as issues by the reporting country's resident units.

    Issues by head offices located in the reporting country's economic territory which operate internationally must also be considered as issues by resident units. Issues by head offices or subsidiaries located outside the reporting country's economic territory but owned by residents of the reporting country must be considered as issues by non-residents. For example, issues by Volkswagen Brazil are considered to have been carried out by units resident in Brazil and not in the reporting country's territory. In the absence of any physical dimension to an enterprise, its residence is determined according to the economic territory under whose laws the enterprise is incorporated or registered (2).

    To avoid double counting or gaps, the reporting of issues by special purpose entities (SPEs) must be addressed bilaterally, involving the reporters concerned. The NCBs, and not the BIS, must report issues by SPEs which fulfil the residency criteria of the ESA 2010 and are classified as euro area residents.

    2.   Sectoral breakdown of issuers

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

    ECB/NCBs,

    other MFIs,

    OFIs,

    of which financial vehicle corporations engaged in securitisation,

    financial auxiliaries,

    captive financial institutions,

    insurance corporations and pension funds (3),

    non-financial corporations,

    central government,

    State and local government,

    social security funds,

    international institutions.

    Securities issued through SPEs where the ultimate liability for the issue is incurred by the parent organisation and not the SPE must be attributed to the parent organisation and not the SPE. For example, issues by an SPE of “AJAX Electronics”, a non-financial corporation located in the euro area country “Country A”, would have to be allocated to the non-financial corporation sector and reported by Country A. However, the SPE and its parent must be resident in the same country. Hence, where the parent company is not a resident of the reporting country, the SPE must be treated as a notional resident of the reporting country, and the issuing sector must be aligned with the economic function of the SPE. For example, if “ACME Motors” was a non-financial corporation resident in Japan producing automobiles and “ACME Motor Finance” was a subsidiary resident in euro area country “Country B”, issues by ACME Motor Finance would have to be attributed to captive financial institutions of Country B, because the parent company ACME Motors is not resident in the same country. The only exception to this is the case of SPEs owned by government, in which case the security is recorded as being issued by the government in the country of the parent organisation (4).

    A public corporation that becomes privatised by issuing listed shares must be allocated to the non-financial corporation sector. Similarly, a public credit institution (CI) that is privatised must be allocated to the MFIs other than central banks sector. Issues by households or non-profit institutions serving households must be classified as issues by non-financial corporations.

    3.   Maturity of issues

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

    Long-term debt securities comprise securities that have an original maturity of more than one year. Issues with optional maturity dates, the latest of which is more than one year away, and issues with indefinite maturity dates, are classified as long-term.

    A two-year maturity split, as in the MFI balance sheet statistics, is not required.

    4.   Classification of long-term debt securities by interest rate

    Long-term debt securities are divided into:

     

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

     

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

     

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

    5.   Classification of issues

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

    The following is a non-exhaustive list of instruments covered in in the securities issues statistics:

    (a)

    Debt securities

    (i)

    Short-term debt securities

    The following instruments are included as a minimum.

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

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

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

    Bankers' acceptances.

    (ii)

    Long-term debt securities

    The following instruments are illustrative and included as a minimum.

    Bearer bonds.

    Subordinated bonds.

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

    Undated or perpetual bonds.

    Variable rate notes.

    Convertible bonds.

    Covered bonds.

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

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

    Zero coupon bonds.

    Euro bonds.

    Global bonds.

    Privately issued bonds.

    Securities resulting from the conversion of loans.

    Loans that have become negotiable de facto.

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

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

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

    The following instruments are excluded:

    transactions in securities as part of repurchase agreements,

    issues of non-negotiable securities,

    non-negotiable loans.

    (b)

    Listed shares

    Listed shares include the following.

    Capital shares issued by limited liability companies.

    Redeemed shares in limited liability companies.

    Dividend shares issued by limited liability companies.

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

    Private placements where possible.

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

    Listed shares exclude:

    shares offered for sale but not taken up on issue,

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

    the equity of partners with unlimited liability in incorporated partnerships,

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

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

    6.   Currency of issue

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

    7.   Time of recording issue

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

    8.   Reconciliation of stocks and flows

    NCBs must submit information on outstanding amounts, gross issues, redemptions and net issues of short-term and long-term debt securities and on listed shares.

    The table below illustrates the link between stocks (i.e. outstanding amounts) and flows (i.e. gross issues, redemptions and net issues). In practice, the link is more complex due to price and exchange rate valuation changes, reinvested (i.e. accrued) interest, reclassifications, revisions and other adjustments.

    (i)

    Outstanding issues at end of reporting period

    Outstanding issues at end of previous reporting period

    +

    Gross issues during reporting period

    Redemptions during reporting period

    +

    Reclassifications and other changes

    (ii)

    Outstanding issues at end of reporting period

    Outstanding issues at end of previous reporting period

    +

    Net issues during reporting period

     

     

    +

    Reclassifications and other changes

    (a)   Gross issues

    Gross issues during the reporting period must include all issues of debt securities and listed shares where the issuer sells newly-created securities for cash. They concern the regular creation of new instruments. The point in time at which issues have been concluded is defined as the time at which payment is made; the recording of issues must therefore reflect as closely as possible the timing of payment for the underlying issue.

    For listed shares, gross issues cover newly-created shares which are issued for cash by corporations listed on a stock exchange for the first time, including newly-created companies or private companies becoming public companies. Gross issues also cover newly-created shares which are issued against cash during the privatisation of public corporations when the corporation's shares are listed on a stock exchange. The issue of bonus shares must be excluded (11). Gross issues must not be reported in the event of a sole listing of a corporation on a stock exchange where no new capital is raised.

    The exchange or transfer of existing securities during a takeover or merger is not covered (12) within the reported gross issues or redemptions, except for new instruments which are created and issued against cash by a euro area resident entity.

    Issues of securities which can later be converted into other instruments must be recorded as issues in their original instrument category; on conversion they are to be recorded as having been redeemed from this instrument category, with an identical amount then treated as gross issues in a new category (13).

    (b)   Redemptions

    Redemptions during the reporting period cover all repurchases of debt securities and listed shares by the issuer, where the investor receives cash for the securities. Redemptions concern the regular deletion of instruments. They cover all debt securities reaching their maturity date, as well as early redemptions. Company share buy-backs are covered if the company either repurchases all shares against cash prior to a change of its legal form, or repurchases part of its shares against cash and subsequently cancels them, leading to a reduction in capital. Company share buy-backs are not covered if they represent investments by a company in its own shares (14).

    Redemptions must not be reported in the event of a sole delisting from a stock exchange.

    (c)   Net issues

    Net issues are the balance of all gross issues made minus all redemptions that have occurred during the reporting period.

    The outstanding amounts of listed shares must cover the market value of all the listed shares of the resident entities. The outstanding amounts of listed shares reported by a euro area country may therefore increase or decrease following relocation of a listed entity. This also applies in the event of a takeover or merger where no instruments are created and issued against cash and/or redeemed against cash and cancelled. To avoid double counting or gaps for debt securities and listed shares in the event of an issuer relocating to another resident country, the relevant NCBs must coordinate the timing of reporting of such an event bilaterally.

    9.   Valuation

    The value of a securities issue comprises a price component and, where an issue is denominated in a currency other than the reporting currency, an exchange rate component.

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

    (a)

    Price valuation

    Stocks and flows of listed shares must be reported at market value.

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

    Formula

    where

    A

    =

    nominal value = effective amount paid and accrued interest

    E

    =

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

    P

    =

    face value (repaid at end of maturity)

    T

    =

    time to maturity from issue date (in days)

    t

    =

    time passed since issue date (in days)

    There may be certain differences in the price valuation procedure used across countries.

    The ESA 2010 price valuation approach, which requires flows for debt securities and shares to be recorded at transaction value and stocks at market value, is not applied in this context.

    For deep-discounted and zero coupon bonds, the reporting NCB must calculate accrued interest where feasible.

    (b)

    Reporting currency and exchange rate valuation

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

    (i)

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

    (ii)

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

    10.   Conceptual consistency

    Securities issues statistics and MFI balance sheet statistics are linked for the purpose of issues of negotiable instruments by MFIs. The coverage of instruments and of the MFIs that issue them are conceptually consistent, as well as the allocation of instruments to maturity bands and the currency breakdown. Differences between securities issues statistics and MFI balance sheet statistics exist regarding the valuation principles (i.e. with respect to debt securities, face value for the former and market value for the latter). Except for valuation differences and the netting of own holdings of securities on the balance sheet of MFIs for each country, the outstanding amount of securities issued by MFIs reported for securities issues statistics corresponds to item 11 (“debt securities issued”) on the liability side of the MFI balance sheet. Short-term debt securities as defined for securities issues statistics correspond to debt securities issued up to one year. Long-term debt securities as defined for securities issues statistics equal the sum of debt securities issued over one and up to two years and debt securities issued over two years.

    NCBs must review the coverage of the securities issues statistics and the MFI balance sheet statistics and indicate any conceptual differences to the ECB. Three types of consistency checks are performed in respect of issues by: (a) NCBs in euro/national denominations; (b) MFIs other than central banks in euro/national denominations; and (c) MFIs other than central banks in other currencies. Conceptual differences may arise between securities issue statistics and MFI balance sheet statistics, since the securities issues statistics and the MFI balance sheet statistics are derived from national reporting systems with different purposes.

    11.   Data requirements

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

    Section 3: National explanatory notes

    Each NCB must submit a report describing the data provided in the context of this exercise. The report must cover the topics detailed below and follow the proposed layout as closely as possible. NCBs must provide additional information on instances where data reported do not comply with this Guideline, or where they have not provided the data, and the reasons for this. The report must not be submitted later than the data.

    1.   Data sources/data collection system: details of the data sources used to compile securities issues statistics must be given: administrative sources for government issues, direct reporting from MFIs and other institutions, newspapers, and data providers such as the International Financial Review etc. NCBs must indicate whether the data are collected and stored on an issue-by-issue basis, and their criteria. Alternatively, NCBs must indicate whether the data are collected and stored indistinguishably as amounts issued by individual issuers during a reporting period, e.g. for direct data collection systems. NCBs must provide information on the criteria used in direct reporting to identify the reporting agents and the information to be submitted.

    2.   Compilation procedures: the method used to compile data in this exercise must be briefly described, e.g. aggregation of information on individual securities issues, arrangements for existing time series and whether published or not.

    3.   Residence of the issuer: NCBs must specify whether it is possible to fully apply the ESA 2010 (and IMF) definition of residency in classifying issues. If this is not possible, or only partially possible, NCBs must provide a full explanation of the criteria actually used.

    4.   Sectoral breakdown of issuers: NCBs must indicate deviations from the classification of issuers according to the sectoral breakdown defined in Section 2 point 2. The notes must explain the identified deviations and any grey areas.

    5.   Currency of issue: if it is not possible to separately identify the currency components of an issue, NCBs must explain deviations from the rules. Furthermore, NCBs that cannot distinguish for all securities between issues in local denominations, in other euro/national denominations and in other currencies, must describe where such issues have been classified and indicate the total amount of issues that were not properly allocated to illustrate the size of the distortion.

    6.   Classification of issues: NCBs must provide comprehensive information on the type of securities covered by the national data, including their national terms. If coverage is known to be partial, NCBs must explain existing gaps. In particular, NCBs must provide the information set out below.

    —   Private placements: NCBs must indicate whether or not they are covered in the reported data.

    —   Bankers' acceptances: if negotiable and included in the reported data for short-term debt securities, the reporting NCB must explain in the national explanatory notes the national procedures for recording these instruments and their nature.

    —   Listed shares: NCBs must indicate whether unlisted shares or other equity are covered in the reported data with an estimate of the amount of unlisted shares and/or other equity to illustrate the size of the distortion. NCBs must indicate in the national explanatory notes any known gaps in the coverage of listed shares.

    7.   Instrument analysis of long-term debt securities: if the sum of fixed rate, variable rate and zero coupon bonds does not add up to the total for long-term debt securities, NCBs must give the type and amount of long-term securities for which no such breakdown is available.

    8.   Maturity of issues: if the strict application of the short and long-term debt security definitions cannot be followed, NCBs must indicate where the reported data deviate.

    9.   Redemptions: NCBs must specify how they derive the information on redemptions and whether the information is collected by direct reporting or calculated by residual.

    10.   Price valuation: NCBs must specify in detail in the national explanatory notes the valuation procedure used for (a) short-term debt securities; (b) long-term debt securities; (c) discounted bonds; and (d) listed shares. Any valuation difference for stocks and flows must be explained.

    11.   Reporting frequency, timeliness and time range: NCBs must specify the extent to which the data compiled for this exercise has been provided in conformity with the user requirements, i.e. with a timeliness of five weeks for monthly data. The length of the time series provided must also be given. Any breaks in the series must be reported, e.g. differences in the coverage of securities over time.

    12.   Revisions: NCBs must provide brief explanatory notes for any revisions and clarify the reason for them and their extent.

    13.   Estimated coverage per instrument issued by domestic residents: NCBs must give national estimates of the coverage of securities for each category of issues by domestic residents, i.e. issues of short-term securities, long-term securities, and listed shares, in local currency, other euro/national denominations including ECU, and other currencies in accordance with the table below. The estimates for “coverage in %” must indicate the share of securities covered in each instrument category as percentages of the total issue, which must be reported under the relevant heading following the reporting rules. Brief descriptions may be provided in “comments”. NCBs must also indicate any changes in coverage as a result of joining the monetary union.

     

    Coverage in %:

    Comments:

    Issues in euro/national denominations

    Local denomination

    STS

     

     

    LTS

     

     

    QUS

     

     

    Euro/national denominations other than the local currency including ECU

    STS

     

     

    LTS

     

     

    In other currencies

    STS

     

     

    LTS

     

     

    STS

    =

    short-term debt securities.

    LTS

    =

    long-term debt securities.

    QUS

    =

    listed shares.

    Section 4: Requirements for the Bank for International Settlements

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

    Table 4

    Block B Reporting form for the BIS

     

    ROW RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

    Outstanding amounts

    Gross issues

    Redemptions

     

    B1

    B2

    B3

    9.   SHORT-TERM DEBT SECURITIES

    Total

    S577

    S642

    S707

    NCB

    S578

    S643

    S708

    MFIs other than central banks

    S579

    S644

    S709

    OFIs

    S580

    S645

    S710

    Of which FVC

    S581

    S646

    S711

    Financial auxiliaries

    S582

    S647

    S712

    Captive financial institutions

    S583

    S648

    S713

    Insurance corp. and pension funds

    S584

    S649

    S714

    Non-financial corporations

    S585

    S650

    S715

    Central government

    S586

    S651

    S716

    State and local government

    S587

    S652

    S717

    Social security funds

    S588

    S653

    S718

    International organisations

    S589

    S654

    S719

     

     

     

     

    10.   LONG-TERM DEBT SECURITIES

    Total

    S590

    S655

    S720

    NCB

    S591

    S656

    S721

    MFIs other than central banks

    S592

    S657

    S722

    OFIs

    S593

    S658

    S723

    Of which FVC

    S594

    S659

    S724

    Financial auxiliaries

    S595

    S660

    S725

    Captive financial institutions

    S596

    S661

    S726

    Insurance corp. and pension funds

    S597

    S662

    S727

    Non-financial corporations

    S598

    S663

    S728

    Central government

    S599

    S664

    S729

    State and local government

    S600

    S665

    S730

    Social security funds

    S601

    S666

    S731

    International organisations

    S602

    S667

    S732

     

     

     

     

    10.1.   of which fixed rate issues:

    Total

    S603

    S668

    S733

    NCB

    S604

    S669

    S734

    MFIs other than central banks

    S605

    S670

    S735

    OFIs

    S606

    S671

    S736

    Of which FVC

    S607

    S672

    S737

    Financial auxiliaries

    S608

    S673

    S738

    Captive financial institutions

    S609

    S674

    S739

    Insurance corp. and pension funds

    S610

    S675

    S740

    Non-financial corporations

    S611

    S676

    S741

    Central government

    S612

    S677

    S742

    State and local government

    S613

    S678

    S743

    Social security funds

    S614

    S679

    S744

    International organisations

    S615

    S680

    S745

     

     

     

     

    10.2.   of which floating rate issues:

    Total

    S616

    S681

    S746

    NCB

    S617

    S682

    S747

    MFIs other than central banks

    S618

    S683

    S748

    OFIs

    S619

    S684

    S749

    Of which FVC

    S620

    S685

    S750

    Financial auxiliaries

    S621

    S686

    S751

    Captive financial institutions

    S622

    S687

    S752

    Insurance corp. and pension funds

    S623

    S688

    S753

    Non-financial corporations

    S624

    S689

    S754

    Central government

    S625

    S690

    S755

    State and local government

    S626

    S691

    S756

    Social security funds

    S627

    S692

    S757

    International organisations

    S628

    S693

    S758

     

     

     

     

    10.3.   of which zero coupon bonds:

    Total

    S629

    S694

    S759

    NCB

    S630

    S695

    S760

    MFIs other than central banks

    S631

    S696

    S761

    OFIs

    S632

    S697

    S762

    Of which FVC

    S633

    S698

    S763

    Financial auxiliaries

    S634

    S699

    S764

    Captive financial institutions

    S635

    S700

    S765

    Insurance corp. and pension funds

    S636

    S701

    S766

    Non-financial corporations

    S637

    S702

    S767

    Central government

    S638

    S703

    S768

    State and local government

    S639

    S704

    S769

    Social security funds

    S640

    S705

    S770

    International organisations

    S641

    S706

    S771

     

     

     

     

    Maturity of issues

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

    Sectoral breakdown of issuers

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

    Sectoral breakdown in BIS database

     

    Classification in report forms

    Central bank

    NCB and ECB

    Commercial banks

    MFIs

    OFI

    OFIs

    Central government

    Central government

    Other government

    State agencies

    State and local government

    Corporations

    Non-financial corporations

    International institutions

    International institutions (RoW)

    Classification of issues

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

    certificates of deposit,

    commercial paper,

    treasury bills,

    bonds,

    euro commercial paper,

    medium-term notes,

    other short-term paper.

    Valuation

    Current BIS valuation rules are face value for debt securities and issue price for listed shares.

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


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

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

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

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

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

    (2)  See paragraph 2.07 of the ESA 2010.

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

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

    (5)  See paragraph 5.102 of the ESA 2010.

    (6)  Category F.3 of the ESA 2010.

    (7)  Category F.511 of the ESA 2010.

    (8)  Category F.512 of the ESA 2010.

    (9)  Category F.519 of the ESA 2010.

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

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

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

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

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

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

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

    (17)  See paragraph 6.64 of the ESA 2010.


    Top