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Document 32021R0379

Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (recast) (ECB/2021/2)

OJ L 73, 3.3.2021, p. 16–85 (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 In force

ELI: http://data.europa.eu/eli/reg/2021/379/oj

3.3.2021   

EN

Official Journal of the European Union

L 73/16


REGULATION (EU) 2021/379 OF THE EUROPEAN CENTRAL BANK

of 22 January 2021

on the balance sheet items of credit institutions and of the monetary financial institutions sector (recast) (ECB/2021/2)

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 thereof,

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1), and in particular Articles 5(1) and 6(4) thereof,

Having regard to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (2), and in particular Article 6(4) thereof,

Whereas:

(1)

Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) (3) has been amended and requires further substantial amendments, in particular in the light of recent amendments to Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9 (4) Regulation (EU) 2017/1131 of the European Parliament and of the Council (5) and Regulation (EU) 2019/2033 of the European Parliament and of the Council (6). It should therefore be recast in the interests of clarity.

(2)

The European Commission was consulted on the amendments to the statistical requirements set out in Regulation (EU) No 1071/2013 (ECB/2013/33) in accordance with Article 5(2) of Regulation (EC) No 2533/98.

(3)

Article 3 of Regulation (EC) No 2533/98 requires the European Central Bank (ECB) to specify the actual reporting population within the limits of the reference reporting population and entitles it to fully or partly exempt specific classes of reporting agents from its statistical reporting requirements. Article 6(4) provides that the ECB may adopt regulations specifying the conditions under which the right to verify or to carry out the compulsory collection of statistical information may be exercised.

(4)

Article 4 of Regulation (EC) No 2533/98 requires Member States to organise themselves in the field of statistics and to cooperate fully with the European System of Central Banks (ESCB) in order to ensure fulfilment of the obligations arising from Article 5 of the Statute of the ESCB.

(5)

The ESCB requires, for the fulfilment of its tasks, statistical information on the financial assets and liabilities, in terms of outstanding amounts and transactions, on the monetary financial institution (MFI) sector and on credit institutions as defined in Union law. In order to provide the ECB with a comprehensive statistical picture of monetary developments in the Member States whose currency is the euro (hereinafter the ‘euro area Member States’), which are viewed as one economic territory, it is necessary to produce a consolidated balance sheet of the MFI sector based on a complete and homogeneous reporting population. Sufficiently detailed statistical information is also necessary to guarantee the continued analytical usefulness of the euro area monetary aggregates and counterparts.

(6)

Regulation (EU) 2019/2033 amends, inter alia, the definition of ‘credit institutions’ in Regulation (EU) No 575/2013 of the European Parliament and the Council (7) to include systemic investment firms. Consequently, it is necessary to adapt the reference in the definition of ‘monetary financial institution’ in Regulation (EU) No 1071/2013 (ECB/2013/33) to the relevant amended provision in Regulation (EU) No 575/2013 in order to maintain consistency in the common standards, definitions and classifications for the statistical classification of deposit-taking corporations, and the homogeneity of the MFI sector. Nevertheless, it is also necessary to ensure the continued availability of the statistical information on all credit institutions as defined in Article 4(1)(1) of Regulation (EU) No 575/2013, as amended, including for the calculation of the reserve bases for those credit institutions in accordance with Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) (8). Non-MFI credit institutions are therefore included within the scope of the recast.

(7)

In order to reduce the overall reporting burden, it is desirable for the statistical information regarding the monthly balance sheet of credit institutions to be used for the regular calculation of the reserve base of the credit institutions subject to the ECB’s minimum reserve system, in accordance with Regulation (EU) 2021/378 (ECB/2021/1). Furthermore, the reporting requirements relating to the reserve base should be adapted to accommodate the reporting of deposits placed with credit institutions subject to minimum reserve requirements without reference to a specific statistical classification.

(8)

In order to facilitate the fulfilment of statistical requirements by groups of related reporting agents, it is appropriate that MFIs may be permitted to report on behalf of other reporting agents that are also MFIs resident in the same Member State. It is nevertheless necessary that the statistical information reported for such groups is sufficient, where relevant, for the calculation of the reserve base of credit institutions in accordance with Regulation (EU) 2021/378 (ECB/2021/1). Therefore, statistical information necessary for the calculation of the reserve base of each member of such groups should be reported, except where the group has been permitted to report reserves on an aggregated basis for the group as a whole pursuant to Regulation (EU) 2021/378 (ECB/2021/1).

(9)

It may be appropriate for national central banks (NCBs) to collect from the actual reporting population the statistical information necessary to fulfil the ECB’s statistical requirements as part of a broader statistical reporting framework which the NCBs establish under their own responsibility in accordance with Union or national law or established practice and which also serves other statistical purposes, provided that the fulfilment of the ECB’s statistical requirements is not jeopardised. This may also reduce the reporting burden. In order to foster transparency, it is appropriate, in these cases, to inform the reporting agents that data are collected to fulfil other statistical purposes. In specific cases, the ECB may rely on statistical information collected for such other purposes to fulfil its requirements.

(10)

The ECB needs to monitor the transmission of monetary policy and, in particular, the impact of changes in the interest rates applied to the main refinancing operations and targeted longer-term refinancing operations and of the purchases conducted under the asset purchase programmes on the lending conditions for households and non-financial corporations. In order for the ECB to monitor the conditions of credit in the real economy and its role as counterpart to the monetary aggregates in a more effective and timely manner, it is necessary to collect further statistical information on securitisations and other transfers by MFIs on a monthly basis, in particular relating to loans to households broken down by purpose and loans to non-financial corporations broken down by maturity.

(11)

The ECB requires statistical information on notional cash pooling so that the impact of deposits and loans in notional cash pools can be distinguished from that of other deposits and loans in the analysis of monetary and credit developments.

(12)

In order to facilitate the analysis of credit developments, certain definitions and reporting practices should be aligned with those of other regulatory reporting requirements established by the ECB.

(13)

It is also necessary to align the definition of money market funds (MMFs) for statistical purposes with supervisory rules in order to increase market transparency and facilitate reporting, in so far as the collective investment undertakings authorised under Regulation (EU) 2017/1131 issue financial instruments that are considered close substitutes for deposits.

(14)

In order to enhance analysis of the balance sheet of the MFI sector for the euro area as a whole, it is necessary to promote the harmonisation of the reporting requirements for certain items with complementing statistical information provided by NCBs under Guideline ECB/2014/15 of the European Central Bank (9).

(15)

In order for the ECB to effectively monitor interbank activity, it is necessary to collect information on assets and liabilities with breakdowns by MFI counterparties and to improve consistency between the counterparty information collected on a monthly and quarterly basis.

(16)

Furthermore, to clarify the relationship between MFIs and other parts of the financial sector, including financial intermediaries other than monetary financial institutions, and to support the compilation of monetary union financial accounts, it is necessary to collect statistical information on deposits and equities with breakdowns of counterparties by subsectors.

(17)

Information on MFIs’ holdings of debt securities issued by the governments of each Member State must be collected on a timely basis in order to accurately monitor exposures to these securities. Information on Member States should be complemented by information on assets and liabilities from Union authorities, including the Single Resolution Board (SRB) and the European Financial Stability Facility (EFSF). In addition, updates to reporting requirements are necessary as a result of the withdrawal of the United Kingdom from the Union.

(18)

It is also necessary to collect information related to total real estate holdings to monitor the extent of ownership of such assets by MFIs, and better understand developments in their overall non-financial assets.

(19)

The latest monthly and quarterly requirements should be introduced with respect to reference periods falling within a calendar quarter in order to facilitate their implementation by reporting agents. Consequently, the first reporting of the monthly requirements is for the reference period January 2022, and the first reporting of the quarterly requirements refers to the first quarter of 2022. In order to ensure the continued availability of the necessary data, the quarterly data requirements should be maintained with respect to the reference period of the fourth quarter of 2021. The reporting requirements established pursuant to this Regulation should therefore apply after the respective reference period for the monthly information to be reported, namely 1 February 2022.

(20)

It is necessary to set up a procedure to carry out technical amendments to the Annexes to this Regulation in an effective manner, provided that such amendments neither change the underlying conceptual framework nor increase the reporting burden. Account should be taken of the views of the Statistics Committee of the ESCB when following this procedure. NCBs should propose such technical amendments to the Annexes to this Regulation through the Statistics Committee.

(21)

However, in order to ensure legal certainty, it is necessary that the provisions of this Regulation which are a direct consequence of the amendment to the definition of ‘credit institutions’ pursuant to Regulation (EU) 2019/2033 apply at the same time as that amendment on 26 June 2021.

(22)

For reasons of consistency and legal certainty, it is also necessary that the provisions of this Regulation which refer to Regulation (EU) 2021/378 (ECB/2021/1) apply from the same date as the provisions of that Regulation,

HAS ADOPTED THIS REGULATION:

Article 1

Subject matter and scope

This Regulation establishes the reporting requirements for the following reporting agents which are resident in the territory of the euro area Member States with regard to statistical information on balance sheet items:

(a)

monetary financial institutions (MFIs) other than credit institutions;

(b)

credit institutions which are either:

(i)

authorised in accordance with Article 8 of Directive 2013/36/EU of the European Parliament and of the Council (10); or

(ii)

exempt from such authorisation pursuant to Article 2(5) of Directive 2013/36/EU;

(c)

branches of credit institutions, including branches established in a euro area Member State of credit institutions with neither their registered office nor their head office located in a euro area Member State; but excluding branches established outside of a euro area Member State of credit institutions which are established in a euro area Member State.

Article 2

Definitions

For the purposes of this Regulation, the following definitions apply:

(1)

‘monetary financial institution’ (MFI) means an entity that belongs to one of the following sectors:

(a)

central banks;

(b)

other MFIs, which comprise deposit-taking corporations except central banks, and money market funds (MMFs);

(2)

‘credit institution’ means ‘credit institution’ as defined in Article 4(1)(1) of Regulation (EU) No 575/2013;

(3)

‘deposit-taking corporations except central banks’ means any of the following:

(a)

those credit institutions the business of which is referred to in Article 4(1)(1)(a) of Regulation (EU) No 575/2013;

(b)

financial institutions other than those referred to in point (a) whose principal activity is financial intermediation as referred to in paragraph 2.56 in Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council (11), and whose business is to receive deposits and/or close substitutes for deposits, as referred to in Part 1 of Annex I, from institutional units including from non-MFIs and to grant loans and/or make investments in securities on their own account;

(c)

electronic money institutions that are principally engaged in financial intermediation as referred to in point (b) in the form of issuing electronic money;

(4)

‘non-MFI credit institution’ means a credit institution the business of which does not consist of the activities referred to in Article 4(1)(1)(a) of Regulation (EU) No 575/2013;

(5)

‘money market funds’ or ‘MMFs’ means collective investment undertakings that have been authorised pursuant to Article 4 of Regulation (EU) 2017/1131 and that issue shares or units which are close substitutes for deposits as referred to in Part 1 of Annex I to this Regulation;

(6)

‘reporting agents’ means ‘reporting agents’ as defined in Article 1(2) of Regulation (EC) No 2533/98;

(7)

‘resident’ means ‘resident’ as defined in Article 1(4) of Regulation (EC) No 2533/98;

(8)

‘relevant NCB’ means the national central bank of the euro area Member State in which the reporting agent is resident;

(9)

‘financial vehicle corporation’ or ‘FVC’ means ‘financial vehicle corporation’ as defined in Article 1 of Regulation (EU) No 1075/2013 of the European Central Bank (ECB/2013/40) (12);

(10)

‘securitisation’ means a transaction that is either a traditional securitisation as defined in Article 2(9) of Regulation (EU) 2017/2402 of the European Parliament and of the Council (13), or a securitisation as defined in Article 1(2) of Regulation (EU) No 1075/2013 (ECB/2013/40) in which there is a disposal of the loans being securitised to an FVC;

(11)

‘electronic money institution’ means ‘electronic money institution’ as defined in Article 2(1) of Directive 2009/110/EC of the European Parliament and of the Council (14);

(12)

‘electronic money’ means ‘electronic money’ as defined in Article 2(2) of Directive 2009/110/EC;

(13)

‘write-down’ means the direct reduction of the carrying amount of a loan on the balance sheet due to its impairment;

(14)

‘write-off’ means a write-down of the full carrying amount of a loan leading to its removal from the balance sheet;

(15)

‘servicer’ means an MFI which manages loans underlying a securitisation or loans that have otherwise been transferred in terms of the collection of principal and interest from the obligors;

(16)

‘intra-group positions’ mean loans to or deposits from euro area deposit-taking corporations that belong to the same group, consisting of a parent and all its directly or indirectly controlled euro area resident group-members;

(17)

‘tail institution’ means an MFI that has been granted a derogation pursuant to Article 9(1) and (2), or a non-MFI credit institution that has been granted a derogation pursuant to Article 9(5)(a);

(18)

‘loan loss provisions’ means allowances set aside by the reporting agent for loan losses in accordance with applicable accounting practices;

(19)

‘own holdings of securities’ means securities held by the issuing reporting agent, resulting from either of the following:

(a)

the retention of the securities at issuance or the purchase by the reporting agent of securities previously sold, which are recorded in the accounting balance sheet of the issuing reporting agent;

(b)

the retention of the securities at issuance or the purchase by the reporting agent of securities previously sold, which are not recorded in the accounting balance sheet but which are used or available for use by the issuer for market operations;

(20)

‘notional cash pooling’ means cash pooling arrangements provided by an MFI or MFIs to a group of entities (‘pool participants’) where the interest to be paid or received by the MFI is calculated on the basis of a ‘notional’ net position of all accounts in the pool and where each pool participant:

(a)

maintains a separate account; and

(b)

may draw down overdrafts backed by deposits of other pool participants, without a transfer of funds between accounts;

(21)

‘branch’ means ‘branch’ as defined in Article 4(1)(17) of Regulation (EU) No 575/2013;

(22)

‘derecognition’ means the removal of a loan or part thereof from the outstanding amounts reported in accordance with Parts 2 and 3 of Annex I;

(23)

‘loan transfer’ means an acquisition or disposal by the reporting agent of a loan or pool of loans, achieved either by transfer of ownership or by sub-participation;

(24)

‘merger’ means an operation whereby one or more institutions (the acquired institutions), on being dissolved without going into liquidation, transfer all their assets and liabilities to another institution (the acquiring institution), which may be a newly established institution.

Article 3

Actual reporting population

1.   The actual reporting population shall consist of MFIs and non-MFI credit institutions which are resident in the territory of the euro area Member States.

2.   Where NCBs collect statistical information on the residency of the holders of MMF shares/units from other financial intermediaries except insurance corporations and pension funds (OFIs), as defined in paragraphs 2.86 to 2.94 of Annex A to Regulation (EU) No 549/2013, in accordance with Article 5(4) of this Regulation, those NCBs may include those OFIs as part of the actual reporting population for the purposes of Article 5(4) of this Regulation.

Article 4

List of MFIs for statistical purposes

1.   The Executive Board shall establish and maintain a list of MFIs based on the statistical information recorded by NCBs as referred to in Article 4 of Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16) (15).

2.   The ECB shall publish the up-to-date list of MFIs for statistical purposes, including by electronic means.

3.   Where the latest accessible version of the list is incorrect, the ECB shall not impose sanctions on a reporting agent which does not properly fulfil its statistical reporting requirements under this Regulation to the extent that that reporting agent relied in good faith on the incorrect list.

Reporting agents shall report the required statistical information in accordance with this Regulation where their exclusion from the list is manifestly erroneous.

Article 5

Statistical reporting requirements

1.   MFIs shall report all of the following statistical information to the relevant NCB:

(a)

the end-month outstanding amounts specified in Table 1 in Part 2 of Annex I;

(b)

the monthly revaluation adjustments specified as minimum requirements in Table 1A in Part 4 of Annex I, and the other monthly revaluation adjustments in that table where required by the relevant NCB;

(c)

the monthly net loan transfers specified in Table 5a in Part 5 of Annex I;

(d)

the end-month outstanding amounts and monthly revaluation adjustments of transferred loans specified in Table 5b in Part 5 of Annex I;

(e)

the end-quarter outstanding amounts specified in Tables 2, 3 and 4 in Part 3 of Annex I;

(f)

the quarterly revaluation adjustments specified as minimum requirements in Table 2A in Part 4 of Annex I, and the other quarterly revaluation adjustments in that table where required by the relevant NCB.

NCBs may collect the quarterly statistical information specified in points (e) and (f) of the first subparagraph on a monthly basis where such collection facilitates the data production process.

2.   Non-MFI credit institutions shall report to the relevant NCB all of the following statistical information:

(a)

the end-month outstanding amounts specified in Table 1 in Part 2 of Annex I, with the exception of the following:

(i)

notional cash pool positions;

(ii)

MMF shares/units issued;

(b)

the monthly revaluation adjustments specified as minimum requirements in Table 1A in Part 4 of Annex I, and the other monthly revaluation adjustments in that table where required by the relevant NCB, with the exception of the following:

(i)

notional cash pool positions;

(ii)

MMF shares/units issued;

(c)

the end-quarter outstanding amounts specified in Table 2 in Part 3 of Annex I, with the exception of the items which refer to breakdowns of loans by remaining maturities;

(d)

the end-quarter outstanding amounts specified in Tables 3 and 4 in Part 3 of Annex I;

(e)

the quarterly revaluation adjustments specified as minimum requirements in Table 2A in Part 4 of Annex I, and the other quarterly revaluation adjustments in that table where required by the relevant NCB.

NCBs may collect the quarterly statistical information specified in points (c) to (e) of the first subparagraph on a monthly basis where such collection facilitates the data production process.

3.   NCBs may collect statistical information pursuant to paragraphs 1 and 2 on securities issued and held on a security-by-security basis where that statistical information is derived in accordance with the minimum standards specified in Annex IV.

4.   NCBs may collect statistical information on the residency of the holders of MMF shares/units issued by MFIs from other available sources as set out in Section 5.7 of Part 2 of Annex I where that information complies with the minimum standards defined in Annex IV.

Article 6

Group reporting by MFIs

1.   Where a parent company and its subsidiaries are MFIs resident in the same Member State, the parent company may consolidate the statistical information on the business of these subsidiaries in the statistical information reported pursuant to Article 5(1). Where the group includes credit institutions and other MFIs, that statistical information shall be reported separately for credit institutions and other MFIs.

2.   The relevant NCB may authorise a credit institution to report statistical information referred to in Article 5(1) on behalf of a group of credit institutions on an aggregated basis, where all of the following apply:

(a)

the credit institution is not consolidating the statistical information on the business of these subsidiaries in the statistical information reported pursuant to Article 5(1) in accordance with paragraph 1;

(b)

the relevant NCB has granted permission to hold minimum reserves through that credit institution pursuant to Article 10(5) of Regulation (EU) 2021/378 (ECB/2021/1) and where that credit institution is the intermediary institution within the meaning of Article 10(1) of that Regulation;

(c)

all members of the group are MFIs resident in the same Member State.

Where a credit institution has been authorised by the relevant NCB pursuant to the first subparagraph, that credit institution shall report the statistical information on its own balance sheet and on the balance sheet of each member of the group, on an aggregated basis, in accordance with Article 5(1).

3.   Where MFIs report on a group basis in accordance with paragraphs 1 and 2, they shall report, as a minimum, the information set out in Table 1 in Part 1 of Annex III for the purposes of calculating the reserve base of each member of the group in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).

Where an MFI that reports on a group basis in accordance with paragraphs 1 and 2 has been granted permission to report the reserve base on an aggregated basis pursuant to Article 11 of Regulation (EU) 2021/378 (ECB/2021/1), the first subparagraph shall not apply.

4.   All members of the groups referred to in paragraphs 1 and 2 shall be included separately in the list of MFIs referred to in Article 4.

Article 7

Timeliness

1.   NCBs shall determine the frequency and timeliness with which they receive statistical information from reporting agents pursuant to this Regulation in order to meet the reporting deadlines referred to in paragraphs 2 and 3, and shall inform the reporting agents accordingly.

2.   NCBs shall transmit monthly statistics to the ECB by close of business on the 15th working day following the end of the month to which they relate.

3.   NCBs shall transmit quarterly statistics to the ECB by close of business on the 28th working day following the end of the quarter to which they relate.

Article 8

Accounting rules for the purposes of statistical reporting

1.   For the purposes of reporting pursuant to this Regulation and unless otherwise provided, reporting agents shall follow the accounting rules set out in Council Directive 86/635/EEC (16) and in any other applicable international standards.

For the purposes of this Regulation, reporting agents shall report all financial assets and liabilities on a gross basis.

2.   Where reporting agents report deposit liabilities and loans, the following shall apply:

(a)

reporting agents shall report the end-month principal outstanding amounts of deposit liabilities and loans.

(b)

reporting agents shall exclude write-offs and write-downs as determined by the relevant accounting practices from the amount referred to in point (a).

(c)

reporting agents shall not net deposit liabilities and loans against any other assets or liabilities.

3.   NCBs may allow all reporting agents to report loans net of loan loss provisions where they have allowed all reporting agents to do so prior to the adoption of this Regulation in accordance with Article 8(4) of Regulation (EU) No 1071/2013 (ECB/2013/33).

4.   MFIs shall exclude from the respective asset and liability amounts their own holdings of debt securities and equities that they have issued. NCBs may allow MFIs to report their own holdings of securities within the respective assets and liabilities, including on a security-by-security basis in accordance with Article 5(3), where the NCB is able to derive the necessary asset and liability breakdowns specified in Annex I, excluding the amounts of own holdings of securities.

Article 9

Derogations

1.   NCBs may grant derogations to small MFIs from the statistical reporting requirements referred to in Article 5(1) provided that both of the following apply:

(a)

the combined contribution of all small MFIs that are granted a derogation does not exceed 5 % of the outstanding amounts of total assets of the national MFI balance sheet;

(b)

the combined contribution of all MMFs that are granted a derogation does not exceed either of the following thresholds:

(i)

10 % of the outstanding amounts of total assets of the national MMF balance sheet, where that national MMF balance sheet accounts for more than 15 % of the total euro area MMF balance sheet;

(ii)

30 % of the outstanding amounts of total assets of the national MMF balance sheet, where that national MMF balance sheet accounts for less than 15 % of the total euro area MMF balance sheet, except where that national MMF balance sheet accounts for less than 1 % of the total euro area MMF balance sheet, in which case no threshold shall apply.

Where NCBs grant derogations pursuant to the first subparagraph, as a minimum they shall collect all of the following statistical information:

(a)

the outstanding amount of total assets on an annual basis;

(b)

the statistical information referred to in Annex III necessary to calculate the reserve base of credit institutions in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).

2.   NCBs may grant derogations to small MFIs that are credit institutions from the statistical reporting requirements set out in Annex I, in accordance with Part 6 of that Annex, provided that both of the following apply:

(a)

the combined contribution of all credit institutions that are granted derogations does not exceed 10 % of the outstanding amounts of total assets of the national MFI balance sheet; and

(b)

the combined contribution of all credit institutions that are granted derogations does not exceed 1 % of the outstanding amounts of total assets of the aggregated euro area MFI balance sheet.

3.   Tail institutions may either apply the derogations that have been granted by NCBs pursuant to paragraphs 1, 2 or 5(a), or report the statistical information in accordance with Article 5.

4.   NCBs may grant derogations to MMFs from the following statistical reporting requirements:

(a)

the requirements set out in Article 5(1), where all of the following apply:

(i)

MMFs report statistical information on balance sheet items in accordance with Article 5 of Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) (17);

(ii)

MMFs report the statistical information referred to in point (i) on a monthly basis in accordance with paragraph 1 of Part 1 of Annex I to Regulation (EU) No 1073/2013 (ECB/2013/38), and within the timeliness decided by the NCBs pursuant to Article 9 thereof;

(iii)

MMFs report end-of-month outstanding amounts of MMF shares/units issued within the timeliness determined by the NCBs pursuant to Article 7 of this Regulation;

(b)

any of the following statistical reporting requirements set out in Annex I:

(i)

the breakdown of deposits of and loans granted to non-MFI counterparties as referred to in Section 5.1 of Part 2 of Annex I and the breakdown of positions with MFI counterparties as referred to in Section 5.2 of Part 2 of Annex I;

(ii)

the information on accrued interest on loans and deposits referred to in Section 7 of Part 2 of Annex I;

(iii)

the separate sector breakdown of insurance corporations sector and the pension funds sector referred to in Section 5.1 of Part 2 of Annex I;

(iv)

the information on intra-group loans and deposits referred to in Section 5.3 of Part 2 of Annex I;

(v)

the sector breakdown referred to in Section 3 of Part 3 of Annex I;

(vi)

the country breakdown referred to in Section 7 of Part 3 of Annex I;

(vii)

the information on real estate holdings referred to in Section 4 of Part 3 of Annex I;

(viii)

the breakdown of equity referred to in Section 6 of Part 3 of Annex I;

(ix)

the information on securitisations and other loan transfers referred to in Part 5 of Annex I.

(c)

the statistical reporting requirements on the residency of the holders of MMF shares or units referred to in Section 5.7 of Part 2 of Annex I, where any of the following apply:

(i)

the MMF shares/units are issued for the first time;

(ii)

the required statistical information on the residency of the holders of MMF shares/units is collected from other sources in accordance with Section 5.7 of Part 2 of Annex I;

(iii)

it is no longer possible, due to market developments, for NCBs to collect the required information of the residency of the holders of MMF shares/units as referred to in point (ii).

Where NCBs grant derogations to MMFs in accordance with sub-points (i), (ii), (v) or (vi) of point (b) of the first subparagraph, they shall ensure that the combined contribution of the derogations to the corresponding total outstanding amount for each item in the national MFI balance sheet does not exceed 5 %.

Where NCBs grant derogations to MMFs in accordance with sub-point (iii) of point (b) of the first subparagraph, they shall distinguish separate blocks for assets and liabilities positions and for domestic residents and residents of other euro area Member States and ensure that the contribution of the insurance corporations and pension funds sectors combined within each block for which the derogation applies does not exceed 5 % of the relevant block of the national MMF balance sheet

Where NCBs grant derogations to MMFs in accordance with sub-points (i) and (iii) of point (c) of the first subparagraph, those derogations shall apply for a period of 12 months.

5.   NCBs may grant derogations to non-MFI credit institutions from any the following statistical reporting requirements:

(a)

the requirements referred to in Article 5(2) where the outstanding amounts of total assets of the reporting agent are less than or equal to EUR 350 million;

(b)

any of the following statistical reporting requirements set out in Annex I:

(i)

the information on maturity breakdowns of loans denominated in euro to non-financial corporations;

(ii)

the information on maturity and loan purpose breakdowns of loans denominated in euro to households and non-profit institutions serving households;

(iii)

the breakdown of capital and reserves referred to in Section 6 of Part 2 of Annex I;

(iv)

the information on real estate holdings referred to in Section 4 of Part 3 of Annex I;

(v)

the breakdown of equity referred to in Section 6 of Part 3 of Annex I;

(vi)

the information on accrued interest on loans and deposits referred to in Section 7 of Part 2 of Annex I;

(vii)

the information on own holdings of securities set out in Table 1 in Part 2 of Annex I.

Where NCBs grant derogations pursuant to point (a) of the first subparagraph, as a minimum they shall collect all of the following statistical information:

(a)

the outstanding amount of total assets on an annual basis;

(b)

the statistical information referred to in Annex III necessary to calculate the reserve base of credit institutions in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).

6.   NCBs may grant the following derogations to MFIs and non-MFI credit institutions from the requirement to report revaluation adjustments pursuant to Article 5(1) and (2):

(a)

a derogation to MMFs from the requirement to report revaluation adjustments set out in Part 4 of Annex I;

(b)

a derogation to MFIs and non-MFI credit institutions from the requirement to report revaluation adjustments on securities set out in Table 1A in Part 4 of Annex I on a monthly basis. Where a derogation is granted pursuant to this point, reporting agents shall report those revaluation adjustments on a quarterly basis and shall provide NCBs, upon request, with both of the following:

(i)

the valuation methods used for the reporting of statistical information on securities and information on the share of their holdings to which the various valuation methods apply; and

(ii)

identification of the month in which a substantial price revaluation takes place within the quarter.

(c)

NCBs may grant derogations to MFIs and non-MFI credit institutions from the requirement to report revaluation adjustments set out in Part 4 of Annex I where the reporting agent reports the end-month outstanding amounts of securities on a security-by-security basis. Where a derogation is granted pursuant to this point, both of the following shall apply:

(i)

the information reported includes, for each security, its carrying value on the balance sheet; and

(ii)

for securities without publicly available identification codes, the information reported includes information on the instrument category, maturity and issuer which is sufficient for the derivation of the breakdowns specified as ‘minimum requirements’ in Tables 1A and 2A of Part 4 of Annex I.

7.   NCBs may grant derogations to MFIs from the statistical reporting requirements referred to in Sections 7 to 9 of Part 3 of Annex I relating to a non-euro area Member State where either of the following apply:

(a)

statistical information collected at a higher level of aggregation show that positions with counterparties resident in that non-euro area Member State are insignificant;

(b)

statistical information collected at a higher level of aggregation show that positions in the currency of that non-euro area Member State are insignificant.

Where an NCB grants derogations to MFIs pursuant to the first subparagraph relating to a country that accedes to the Union, the NCB may withdraw those derogations 12 months after informing MFIs of its intention to withdraw those derogations.

Where NCBs grant derogations to MFIs pursuant to the first subparagraph, they may also grant those same derogations to non-MFI credit institutions.

8.   NCBs may grant derogations to MFIs from the statistical reporting requirements on notional cash pooling as set in Part 2 of Annex I in the following cases:

(a)

where the outstanding amounts of notional cash pool deposits from, or loans to, euro area residents (excluding MFIs) in the national MFI balance sheet does not exceed EUR 2 billion;

(b)

where the threshold referred to in point (a) is exceeded, NCBs may grant derogations to an MFI where the outstanding amounts on its balance sheet of notional cash pool deposits from, or loans to, euro area residents (excluding MFIs) does not exceed EUR 500 million.

9.   NCBs may grant derogations to MFIs in respect of the requirement to separately identify loans to sole proprietorships/partnerships without legal status referred to in Section 3 of Part 2 of Annex I where those loans comprise less than 5 % of the total lending to households in the national MFI balance sheet.

Where NCBs grant derogations to MFIs pursuant to the first subparagraph, they shall also grant those same derogations to non-MFI credit institutions.

10.   Where NCBs grant derogations pursuant to paragraphs 1, 2, 4, 5 and 9, they shall verify that the thresholds referred to therein are not exceeded. That verification shall be performed in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the following year.

Where NCBs grant derogations pursuant to paragraph 8, they shall verify that the thresholds referred to therein are not exceeded. That verification shall be performed at least once every two years and in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of the following year.

Article 10

Minimum standards and national reporting arrangements

1.   Reporting agents shall comply with the statistical reporting requirements to which they are subject in accordance with the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

2.   NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance with national requirements. NCBs shall ensure that these reporting arrangements provide the required statistical information and allow for accurate checking of the fulfilment of the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

Article 11

Mergers, divisions and reorganisations

1.   An actual reporting agent shall notify the relevant NCB of a merger, division or other reorganisation where:

(a)

that merger, division or other reorganisation is likely to affect an actual reporting agent’s fulfilment of its reporting requirements; and

(b)

the intention to implement the operation referred to in point (a) is public knowledge.

2.   The notification referred to in paragraph 1 shall:

(a)

be given a reasonable time before the merger, division or other reorganisation takes effect; and

(b)

specify the procedures to be used to fulfil the statistical reporting requirements set out in this Regulation.

3.   Where a merger between reporting agents takes place between the end of a reference period and the deadline for the reporting of statistical information for that reference period determined by the relevant NCB pursuant to Article 7(1), the acquiring institution shall fulfil the reporting requirements of the acquired institutions for that reference period as if the merger had not occurred.

4.   Where a merger between reporting agents takes place during a reference period, NCBs may permit the acquiring institution to report statistical information for the acquired institutions separately from its own statistical information for that reference period and for subsequent reference periods.

For the purposes of the first subparagraph, NCBs may not permit the acquiring institution to report statistical information for the acquired institutions separately from its own statistical information for a period of longer than six months after the merger.

Article 12

Reporting of statistical information on the reserve base

1.   Credit institutions shall report to the relevant NCB the statistical information referred to in Annex III that is necessary to calculate the reserve base of credit institutions in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).

2.   Credit institutions shall report, as a minimum, the statistical information set out in Table 1 in Part 1 of Annex III on a quarterly basis where the following apply:

(a)

the credit institution is a tail institution;

(b)

the credit institution reports on behalf of a group, in accordance with Article 6, that is comprised solely of tail institutions.

Article 13

Verification and compulsory collection

The NCBs shall exercise the right to verify or collect compulsorily the information which reporting agents are required to provide pursuant to this Regulation, without prejudice to the ECB’s right to exercise these rights itself. In particular, the NCBs shall exercise this right when an institution included in the actual reporting population does not fulfil the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex IV.

Article 14

First reporting

1.   First reporting of monthly statistical information pursuant to Article 5(1) and (2) shall start with data for January 2022.

2.   First reporting of quarterly statistical information pursuant to Article 5(1) and (2) shall start with data for the first quarter of 2022.

Article 15

Simplified amendment procedure

Taking account of the views of the Statistics Committee, the ECB’s Executive Board shall make any necessary technical amendments to the Annexes provided that such amendments neither change the underlying conceptual framework nor affect the reporting burden on reporting agents in Member States. The Executive Board shall inform the Governing Council of any such amendment without undue delay.

Article 16

Repeal

1.   Regulation (EU) No 1071/2013 (ECB/2013/33) is repealed with effect from 26 June 2021.

2.   References to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance with the correlation table set out in Annex VI.

Article 17

Transitional provisions

1.   MFIs as referred to in Article 2(1) shall apply the provisions of Regulation (EU) No 1071/2013 (ECB/2013/33) from 26 June 2021 to 1 February 2022.

2.   Non-MFI credit institutions as referred to in Article 2(4) shall apply the reporting requirements applicable to MFIs laid down in Regulation (EU) No 1071/2013 (ECB/2013/33) from 26 June 2021 to 1 February 2022, with the exception of reporting requirements laid down in Article 6 of that Regulation. With the exception of the statistical information referred to in Annex III necessary to calculate the reserve base of credit institutions in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1), NCBs may specify a date for non-MFI credit institutions to report the information in accordance with this paragraph. That date shall be no later than 31 March 2022.

3.   NCBs may grant derogations to non-MFI credit institutions from the statistical reporting requirements referred to in paragraph 1 where the outstanding amounts of total assets of the reporting agent are less than or equal to EUR 350 million.

Where NCBs grant derogations pursuant to the first subparagraph, as a minimum they shall collect the statistical information referred to in Annex III necessary to calculate the reserve base of credit institutions in accordance with Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).

4.   For the purposes of paragraphs 1 and 2, reporting agents shall not be required to report the real estate collateral breakdowns of credit referred to in Section 1 of Part 3 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33).

5.   Reporting agents shall continue to report certain items of the balance sheet information on a quarterly basis, in accordance with the third sentence of Article 5(1) of Regulation (EU) No 1071/2013 (ECB/2013/33) and as specified in Annex I to that Regulation, until 28 February 2022.

6.   For the period 26 June 2021 to 1 February 2022, where reporting agents referred to in paragraphs 1 and 2 report liabilities owed to credit institutions that are subject to minimum reserve requirements under Regulation (EU) 2021/378 (ECB/2021/1), they shall include their liabilities owed to non-MFI credit institutions in that reporting.

Article 18

Final provision

This Regulation shall enter into force on the fifth day following that of its publication in the Official Journal of the European Union. It shall apply from 26 June 2021.

However, Articles 5, 8 and 9 shall apply from 1 February 2022.

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.

Done at Frankfurt am Main, 22 January 2021.

For the Governing Council of the ECB

The President of the ECB

Christine LAGARDE


(1)   OJ L 318, 27.11.1998, p. 8.

(2)   OJ L 318, 27.11.1998, p. 1.

(3)  Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33) (OJ L 297, 7.11.2013, p. 1).

(4)  Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9) (OJ L 250, 2.10.2003, p. 10). Recent amendments to Regulation (EC) No 1745/2003 of the European Central Bank (ECB/2003/9) are included in the recast of that Regulation in Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserves (ECB/2021/1) (See page 1 of this Official Journal).

(5)  Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (OJ L 169, 30.6.2017, p. 8).

(6)  Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).

(7)  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1.).

(8)  Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserves (ECB/2021/1) (See page 1 of this Official Journal).

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

(10)  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

(11)  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).

(12)  Regulation (EU) No 1075/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2013/40) (OJ L 297, 7.11.2013, p. 107).

(13)  Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).

(14)  Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).

(15)  Guideline (EU) 2018/876 of the European Central Bank of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16) (OJ L 154, 18.6.2018, p. 3).

(16)  Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1).

(17)  Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) (OJ L 297, 7.11.2013, p. 73).


ANNEX I

STATISTICAL REPORTING REQUIREMENTS

PART 1

Identification of certain MFIs based on principles of substitutability of deposits

1.1.

Financial institutions other than credit institutions which issue financial instruments that are considered close substitutes for deposits are classified as MFIs provided that they meet the MFI definition in other respects. The classification is based on the criteria of substitutability of deposits, i.e. whether liabilities are classified as deposits, which is determined by their liquidity, combining characteristics of transferability, convertibility, certainty and marketability, and having regard, where appropriate, to their term of issue.

These criteria for the substitutability of deposits are also applied to determine whether liabilities should be classified as deposits, unless there is a separate category for such liabilities.

1.2.

For the purposes both of determining substitutability of deposits and classifying liabilities as deposits:

(a)

transferability refers to the possibility of mobilising funds placed in a financial instrument by using payment facilities, such as cheques, transfer orders, direct debits or similar means;

(b)

convertibility refers to the possibility and the cost of converting financial instruments into currency or transferable deposits; the loss of fiscal advantages in the case of such conversion may be considered a penalty that reduces the degree of liquidity;

(c)

certainty means knowing precisely in advance the capital value of a financial instrument in terms of national currency;

(d)

securities quoted and traded regularly on an organised market are considered to be marketable. For shares in open-end collective investment undertakings, there is no market in the usual sense. Nevertheless, investors know the daily quotation of the shares and can withdraw funds at this price.

1.3.

Shares/units issued by collective investment undertakings that operate solely as employee savings schemes and where under those schemes investors are only permitted to redeem their investment in accordance with restrictive redemption terms not linked to market developments are not considered close substitutes for deposits.

PART 2

Balance sheet (monthly outstanding amounts)

To compile the euro area monetary aggregates and counterparts, the ECB requires the data in Table 1. Additional data are required for the purposes of the ECB’s minimum reserve system. The monthly requirements are as follows:

1.   Instrument categories

(a)   Liabilities

The relevant instrument categories are: currency in circulation, deposit liabilities, MMF shares/units issued, debt securities issued, capital and reserves and remaining liabilities. In order to separate monetary and non-monetary liabilities, deposit liabilities are also broken down into overnight deposits, deposits with agreed maturity, deposits redeemable at notice and repurchase agreements (repos). See definitions in Annex II.

(b)   Assets

The relevant instrument categories are: cash, loans, debt securities held, equity, investment fund shares, non-financial assets and remaining assets. See definitions in Annex II.

2.   Breakdown by maturity

Original maturity cut-offs provide a substitute for instrument detail where financial instruments are not fully comparable between markets.

(a)   Liabilities

The cut-off points for the maturity bands, or for periods of notice, are: for deposits with agreed maturity, at one year and two years’ maturity at issue; and for deposits redeemable at notice, at three months’ and two years’ notice. Repos are not broken down by maturity as these are usually very short-term instruments, i.e. usually less than three months’ maturity at issue. Debt securities issued by MFIs are broken down at one and two years. No maturity breakdown is required for shares/units issued by MMFs.

(b)   Assets

The cut-off points for the maturity bands are: for loans to euro area residents (other than MFIs) by subsector and further for loans to households by purpose, at one and five year maturity bands, with an additional cut-off at two years for loans to euro area non-financial corporations and to households by purpose denominated in euro; and for holdings of debt securities issued by MFIs located in the euro area, at one and two year maturity bands.

3.   Breakdown by purpose and separate identification of loans to sole proprietorships/partnerships without legal status

Loans to households and non-profit institutions serving households are further broken down by loan purpose (credit for consumption, lending for house purchase, other lending). Within the category ‘other lending’, loans granted to sole proprietorships/partnerships without legal status are to be identified separately.

4.   Breakdown by currency

For balance sheet items that may be used in the compilation of monetary aggregates, balances in euro must be identified separately so that the ECB has the option of defining monetary aggregates in terms of balances denominated in all currencies combined or in euro alone.

5.   Breakdown by sector and residency of counterparties

5.1.

The compilation of the euro area monetary aggregates and counterparts requires the identification of those counterparties located in the territory of the euro area that form the money-holding sector. For this purpose, non-MFI counterparties are divided, as set out in the revised European System of Accounts (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013 (see Part 3 of Annex II), into general government (S.13), with central government (S.1311) identified separately in total deposit liabilities, and other resident sectors. In order to calculate a monthly sector disaggregation of the monetary aggregates and credit counterparts, other resident sectors are further broken down by the following subsectors: non-financial corporations (S.11), households + non-profit institutions serving households (S.14 + S.15), insurance corporations (S.128), pension funds (S.129), non-MMF investment funds (S.124), other financial intermediaries (S.125), financial auxiliaries (S.126), and captive financial institutions and money lenders (S.127). For the purpose of reporting some balance sheet items, such as loans and debt securities, the latter three sectors are merged (S.125 + S.126 + S.127). An additional distinction is made for counterparties that are FVCs and central clearing counterparties, within other financial intermediaries (S.125). For sole proprietorships/partnerships without legal status see Section 3.

For the purposes of the ECB’s minimum reserve system, a distinction is made in Table 1 for central government with respect to total deposit liabilities and the deposit categories ‘deposits over two years agreed maturity’, ‘deposits redeemable at notice over two years’ and ‘repos’. Also for the calculation of the reserve base, information is collected with respect to liabilities to other credit institutions subject to minimum reserve requirements, as specified in Part 1 of Annex III.

5.2.

MFI counterparties are divided into central banks (S.121), with a separate identification of the ECB, deposit-taking corporations except central banks (S.122), and MMFs (S.123). This is to better understand lending and funding policies in the banking sector and to better monitor interbank activities.

5.3.

With respect to intra-group positions, an additional distinction is made for reporting agents’ loan and deposit positions and transactions with deposit-taking corporations except central banks (S.122) to allow the identification of inter-linkages between entities belonging to the same group (domestic and other euro area Member States).

5.4.

With respect to debt securities holdings with original maturity up to one year, with a currency breakdown, an additional distinction is made for general government (S.13) to ensure a better overview on the inter-linkages between sovereigns and banks.

5.5.

Certain deposits/loans arising from repos/reverse repos or analogous operations may relate to transactions with central counterparties. A central counterparty is an entity that legally interposes itself between counterparties to contracts traded in financial markets, becoming the buyer to every seller and the seller to every buyer. In accordance with Article 8(2), such business must be reported under deposits and loans, regardless of the treatment which applies for other reporting purposes. Because such transactions are often substitutes for bilateral business among MFIs, an additional distinction is made for repos and reverse repos involving central counterparties that are classified as other financial intermediaries (S.125).

5.6.

‘Domestic’ counterparties are identified separately from ‘euro area other than domestic’ counterparties with respect to all statistical breakdowns. Counterparties located in the Member States are identified according to their domestic sector or institutional classification in accordance with the lists maintained by the ECB for statistical purposes, the ECB’s ‘Manual on MFI balance sheet statistics’, and the ESA 2010. EU institutions that are euro area residents while not being resident of a Member State (the ECB is an example) are reported as ‘euro area other than domestic’ counterparties. Counterparties located outside the Member States are classified in accordance with the System of National Accounts (hereinafter the ‘SNA 2008’).

5.7.

In the case of MMF shares/units issued by MFIs of the euro area Member States, reporting agents report as a minimum data on the residency of the holders according to a domestic/euro area other than domestic/rest of the world breakdown to allow the exclusion of holdings of non-residents of the euro area. NCBs may also derive the necessary statistical information from the data collected on the basis of Regulation (EU) No 1011/2012 (ECB/2012/24), to the extent that the data comply with timeliness pursuant to Article 7 of this Regulation and with the minimum standards defined in Annex IV.

(a)

As regards MMF shares/units for which, in accordance with national legislation, a record is kept identifying the holders thereof, including information on the residency of the holders, issuing MMFs or the persons legally representing them report data on the residency breakdown of the holders of their shares/units issued in the monthly balance sheet.

(b)

As regards MMF shares/units for which no record is kept identifying the holders thereof, in accordance with national legislation, or for which a record is kept but it does not contain information on the residency of the holders, reporting agents report data on the residency breakdown in accordance with the approach decided by the relevant NCB in agreement with the ECB. This requirement is limited to one or a combination of the following options, to be selected having regard to the organisation of the relevant markets and the national legal arrangements in the Member State in question. This requirement will be periodically monitored by the NCB.

(i)

Issuing MMFs:

Issuing MMFs or the persons legally representing them report data on the residency breakdown of the holders of their shares/units issued. Such information may come from the agent distributing the shares/units or from any other entity involved in the issue, buy-back or transfer of the shares/units.

(ii)

MFIs and OFIs as custodians of MMF shares/units:

As reporting agents, MFIs and OFIs acting as custodians of MMF shares/units report data on the residency breakdown of the holders of shares/units issued by resident MMFs and held in custody on behalf of the holder or of another intermediary also acting as a custodian. This option is applicable if: (i) the custodian distinguishes MMF shares/units kept in custody on behalf of holders from those kept on behalf of other custodians; and (ii) most of the MMF shares/units are in the custody of domestic resident institutions that are classified as financial intermediaries (MFIs or OFIs).

(iii)

MFIs and OFIs as reporters of transactions of residents with non-residents involving shares/units of a resident MMF:

As reporting agents, MFIs and OFIs acting as reporters of transactions of residents with non-residents involving shares/units of a resident MMF report data on the residency breakdown of the holders of shares/units issued by resident MMFs, which they trade on behalf of the holder or another intermediary also involved in the transaction. This option is applicable if: (i) the reporting coverage is comprehensive, i.e. it covers substantially all of the transactions carried out by the reporting agents; (ii) accurate data on purchases and sales with non-residents of the euro area are provided; (iii) differences between issuing value and redemption value, excluding fees, of the same shares/units are minimal; (iv) the amount of shares/units held by non-residents of the euro area issued by resident MMFs is low.

(iv)

If options (i) to (ii) do not apply, the reporting agents, including MFIs and OFIs, report the relevant data on the basis of available information.

6.   Breakdown of capital and reserves

This breakdown is required for providing information on the accounting components of capital and reserves and to monitor the interaction of this item with other balance sheet developments.

7.   Identification of on-balance sheet positions for derivatives and accrued interest on loans and deposits within the remaining assets and remaining liabilities.

This breakdown is required for enhancing consistency among statistics.

8.   Own holdings of securities

Table 1 requires information on MFIs’ own holdings of debt securities and equities, which are excluded from assets and liabilities in accordance with Article 8(4).

Image 1
Table 1 Monthly outstanding amounts (1) 1

Image 2

Image 3

Image 4

PART 3

Balance sheet (quarterly outstanding amounts)

To further analyse monetary developments and to serve other statistical purposes, the ECB requires the following in respect of key items:

1.

Subsector and maturity breakdown of credit to euro area non-MFIs (see Table 2).

This is required to enable the monitoring of the complete subsector and maturity structure of overall credit financing (loans and securities) in respect of the money-holding sector.

For loans denominated in euro with original maturity over one year and with original maturity over two years to non-financial corporations and households, further ‘of which’ positions are required for certain remaining maturities and interest rate reset periods (see Table 2). An interest rate reset is understood as a change in the interest rate of a loan which is provided for in the current loan contract. Loans subject to interest rate reset include, inter alia, loans with interest rates which are periodically revised in accordance with the evolution of an index, e.g. Euribor, loans with interest rates which are revised on a continuous basis, i.e. floating rates, and loans with interest rates which are revisable at the lender’s discretion.

2.

Subsector breakdown of deposit liabilities to the general government (other than central government) of the euro area Member States (see Table 2).

This is required as complementary information to the monthly reporting.

3.

Sector breakdown of positions with counterparties outside the euro area (see Table 2).

The sector classification in accordance with the SNA 2008 applies where the ESA 2010 is not in force.

4.

Identification of real estate within non-financial assets.

This breakdown is required to provide additional information on non-financial assets and to monitor the relative importance of holdings of real estate by the banking sector.

5.

Identification of on-balance sheet positions for derivatives with a sector breakdown within the remaining assets and remaining liabilities (see Table 2).

This breakdown is required for enhancing consistency among statistics and complements the monthly reporting.

6.

Breakdown of equities held into listed shares, unlisted shares and other equity (see Table 2).

This complements the monthly reporting by providing information on how the equities may be traded.

7.

Country breakdown and positions with the European Investment Bank, the European Stability Mechanism, the European Financial Stability Facility, and the Single Resolution Board (see Table 3).

This breakdown is required to analyse further monetary developments, to provide statistical information relating to Member States that may adopt the euro, and for data quality checks.

The breakdown by country is to be provided with respect to each Member State. Where a country accedes to the Union, the reporting of the breakdown for that Member State begins with the quarterly reference period that includes the date of their accession.

The breakdown by country is also to be provided with respect to countries which withdraw, or have withdrawn, from the Union, i.e. as a separate breakdown within ‘Rest of the world (excluding EU)’.

8.

Sector breakdown for intra-euro area cross border deposits from and loans to non-MFIs (see Table 3).

This breakdown is required to assess the positions of reporting agents in each individual Member State with counterparties resident in the other euro area Member States.

Where a Member State adopts the euro, the reporting of the breakdown for that Member State begins with the quarterly reference period that includes the date of their adoption of the euro.

9.

Currency breakdown (see Table 4).

The breakdown by currency is required for loans with respect to the national currency of each non-euro area Member State and for deposits, loans and debt securities held for selected currencies (GBP, USD, CHF and JPY).

This breakdown is required to permit the calculation of transactions for monetary aggregates and counterparts adjusted for exchange rate changes where these aggregates include all currencies combined.