Access to European Union law
<a href="https://eur-lex.europa.eu/content/help/eurlex-content/experimental-features.html" target="_blank">More about the experimental features corner</a>
Choose the experimental features you want to try
EUR-Lex
Access to European Union law

This document is an excerpt from the EUR-Lex website

You are here
Use quotation marks to search for an "exact phrase". Append an asterisk (*) to a search term to find variations of it (transp*, 32019R*). Use a question mark (?) instead of a single character in your search term to find variations of it (ca?e finds case, cane, care).
Search tips
Need more search options? Use the Advanced search

Document 32004R0501

EU countries’ quarterly financial statistics for general government

Legal status of the document This summary has been archived and will not be updated, because the summarised document is no longer in force or does not reflect the current situation.

Date of last review:
27/02/2017
Initial creation date:
27/02/2017
Summarised document(s):
Author:
Publications Office of the European Union
  • Archived: true

    • EU countries’ quarterly financial statistics for general government

     

    SUMMARY OF:

    Regulation (EC) No 501/2004 on general government’s quarterly financial accounts

    WHAT IS THE AIM OF THE REGULATION?

    It lists and defines the main categories of public sector financial transactions* and financial assets* and liabilities* whose details European Union (EU) countries must communicate to the European Commission (Eurostat) every 3 months.

    KEY POINTS

    • According to Eurostat, general government consists of 4 sub-sectors:
      • central government;
      • state government;
      • local government; and
      • social security funds.
    • The information on financial transactions and financial assets and liabilities which EU countries’ statistics offices must provide to Eurostat, every quarter are set out in ESA 95. It covers:
      • gold and special drawing rights*
      • currency and deposits
      • short-* and long-term securities*, other than shares and financial derivatives*
      • financial derivatives (a contract between one or more parties based upon a financial asset(s))
      • short-term loans*
      • shares and other equity*
      • net equity of households in life insurance and pension funds
      • prepayments of insurance premiums and reserves for outstanding claims
      • other accounts receivable or payable.
    • The data which EU countries must provide to Eurostat cover central, state and local government and social security funds as well as general government (consolidated and non-consolidated).
    • Deadlines exist for transmitting the data. For instance, in general, they should be forwarded to Eurostat at the latest 3 months after the quarter they cover.
    • EU governments must explain to Eurostat the sources and methods they use to compile the data they provide.
    • Eurostat must inform the European Statistical System Committee and the Committee on Monetary, Financial and Balance Statistics of the sources and methods each EU government uses.
    • The Commission, by 31 December 2005 at the latest, had to present a report to the European Parliament and the Council assessing the reliability of the national quarterly data.

    FROM WHEN DOES THE REGULATION APPLY?

    It has applied since 8 April 2004 and applied up to 31 August 2014.

    BACKGROUND

    The European system of national and regional accounts, known as ESA 95 (now replaced by ESA 2010), collects comparable, up-to-date and reliable information on the structure and developments of national and regional economies in the EU.

    * KEY TERMS

    Financial transaction: agreement, communication or movement between a buyer and a seller to exchange an asset for payment.
    Financial asset: something owned, such as cash, goods, land, buildings or equipment, that can provide future benefits.
    Liabilities: obligations that require either money to be paid or services to be performed.
    Special drawing rights: a form of international money, created by the International Monetary Fund, based on a weighted average of various convertible currencies.
    Short-term securities: assets expected to expire or be liquidated within 1 year with some exceptions. Examples are treasury bills.
    Long-term security: a financial instrument, such as a bond.
    Financial derivative: a contract whose value comes from the performance of an underlying entity, such as an asset, index, or interest rate.
    Short-term loan: a loan scheduled to be repaid in less than a year.
    Shares and other equity: a company’s equity comprises stocks (shares) or other forms of security that represent an ownership interest.

    MAIN DOCUMENT

    Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (OJ L 81, 19.3.2004, pp. 1-5)

    Successive amendments to Regulation (EC) No 501/2004 have been incorporated in the original text. This consolidated version is of documentary value only.

    last update 27.02.2017

    Top