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Document 02021O0830-20220201

Consolidated text: Guideline (EU) 2021/830 of the European Central Bank of 26 March 2021 on balance sheet item statistics and interest rate statistics of monetary financial institutions (ECB/2021/11)

ELI: http://data.europa.eu/eli/guideline/2021/830/2022-02-01

02021O0830 — EN — 01.02.2022 — 001.001


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GUIDELINE (EU) 2021/830 OF THE EUROPEAN CENTRAL BANK

of 26 March 2021

on balance sheet item statistics and interest rate statistics of monetary financial institutions (ECB/2021/11)

(OJ L 208 11.6.2021, p. 1)

Amended by:

 

 

Official Journal

  No

page

date

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GUIDELINE (EU) 2022/67 OF THE EUROPEAN CENTRAL BANK of 6 January 2022

  L 11

56

18.1.2022




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GUIDELINE (EU) 2021/830 OF THE EUROPEAN CENTRAL BANK

of 26 March 2021

on balance sheet item statistics and interest rate statistics of monetary financial institutions (ECB/2021/11)



SECTION 1

SUBJECT MATTER AND SCOPE

Article 1

Subject matter

This Guideline establishes the reporting requirements for NCBs on statistical information to be reported on balance sheet items and interest rates of monetary financial institutions (MFIs), balance sheet items of non-MFI credit institutions, the minimum reserves and structural financial indicators of credit institutions, and statistical information on post office giro institutions (POGIs) and central government required for the compilation of monetary aggregates and counterparts. In particular, this Guideline specifies the information to be reported by the NCBs to the ECB, the treatment of that information, the frequency and timing of that reporting and the standards applied to that reporting.

Article 2

Definitions

For the purposes of this Guideline, the definitions in Article 2 of Regulation (EU) 2021/379 (ECB/2021/2), Article 1 of Regulation (EU) No 1072/2013 of the European Central Bank (ECB/2013/34) ( 1 ) and Article 1 of Regulation (EU) No 1074/2013 of the European Central Bank (ECB/2013/39) ( 2 ) apply.

The following definitions also apply:

(1) 

‘statistical information’ means ‘statistical information’ as defined in Article 1(11) of Council Regulation (EC) No 2533/98 ( 3 );

(2) 

‘production period’ means the period between the timeliness prescribed pursuant to this Guideline for reporting statistical information from the NCBs to the ECB and the closing of data reception by the ECB;

(3) 

‘reserve base’ means ‘reserve base’ as defined in Article 2(8) of Regulation (EU) 2021/378 (ECB/2021/1).

(4) 

‘maintenance period’ means ‘maintenance period’ as defined in Article 2(10) of Regulation (EU) 2021/378 (ECB/2021/1).



SECTION 2

MFI BALANCE SHEET ITEMS

Article 3

Statistical information to be reported on balance sheet items of central banks

1.  

NCBs shall report to the ECB the following balance sheet items of the central bank sector:

(a) 

the end-month outstanding amounts specified in Table 1 in Part 2 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the following:

(i) 

deposit liabilities reported solely by credit institutions subject to reserve requirements;

(ii) 

intra-group positions;

(iii) 

syndicated loans;

(iv) 

notional cash pool positions;

(v) 

MMF shares/units issued;

(vi) 

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

(vii) 

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

(viii) 

own holdings of securities;

(b) 

the end-quarter outstanding amounts specified in Tables 2, 3 and 4 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(c) 

the end-month and end-quarter outstanding amounts specified in Table 1 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available;

(d) 

the end-quarter outstanding amounts specified in Table 3 in Part 1 of Annex II to this Guideline.

2.  

NCBs shall report to the ECB the following statistical information on revaluation adjustments of the central bank sector:

(a) 

the monthly revaluation adjustments specified in Table 1A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of:

(i) 

intra-group positions;

(ii) 

syndicated loans;

(iii) 

notional cash pool positions;

(iv) 

MMF shares/units issued;

(v) 

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

(vi) 

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

(vii) 

own holdings of securities;

(b) 

the quarterly revaluation adjustments specified in Table 2A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(c) 

the monthly and quarterly revaluation adjustments specified in Table 1 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available;

(d) 

the quarterly revaluation adjustments specified in Table 3 in Part 1 of Annex II to this Guideline.

3.  

NCBs shall report to the ECB the following statistical information on reclassification adjustments of the central bank sector:

(a) 

the monthly reclassification adjustments with respect to each outstanding amount item reported pursuant to paragraph 1(a);

(b) 

the quarterly reclassification adjustments with respect to each outstanding amount item specified in Table 2 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the items which refer to breakdowns of loans by remaining maturities;

(c) 

the monthly and quarterly reclassification adjustments specified in Table 1 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available;

(d) 

the quarterly reclassification adjustments specified in Table 3 in Part 1 of Annex II to this Guideline.

4.  

NCBs shall derive the statistical information to be reported pursuant to this Article from their accounting systems in accordance with the tables available on the ECB website ( 4 ) that provide a bridging between the statistical and accounting balance sheet items, and in particular shall apply the following:

(a) 

for accounting items 9.5 ‘other claims within the Eurosystem (net)’ and 10.4 ‘other liabilities within the Eurosystem (net)’, NCBs shall identify assets separately from liabilities and report them on a gross basis;

(b) 

where accounting item 14 ‘revaluation accounts’ is to be reported on a gross basis for accounting purposes, NCBs shall report it on a net basis for statistical purposes;

(c) 

where NCBs revalue their securities portfolios on a monthly or more frequent basis for internal purposes, as referred to in Article 9(2) of Guideline (EU) 2016/2249 of the European Central Bank (ECB/2016/34) ( 5 ), those revaluations shall be reflected in the statistical information reported pursuant to paragraph 2 on a monthly basis;

(d) 

without prejudice to the valuations applied for accounting purposes, NCBs shall apply one of the following valuations to the reporting of securities held and issued:

(i) 

market valuations as referred to in paragraph 38 of Chapter 7 of Annex A to Regulation (EU) No 549/2013 of the European Parliament and of the Council ( 6 ); or

(ii) 

accounting valuations in accordance with the harmonised accounting rules in Article 9 of Guideline (EU) 2016/2249 (ECB/2016/34) where the accounting valuations do not diverge significantly from the market value.

5.  
With respect to the balance sheet of the ECB, the statistical information referred to in this Article shall be made available by the relevant ECB business area to ECB Directorate-General Statistics.
6.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification and revaluation adjustments shall be reported in accordance with Annex I to this Guideline.

Article 4

Statistical information to be reported on balance sheet items of other MFIs

1.  

NCBs shall report to the ECB the following balance sheet items of other MFIs:

(a) 

the end-month outstanding amounts specified in Table 1 in Part 2 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the deposit liabilities reported solely by credit institutions subject to reserve requirements;

(b) 

the end-quarter outstanding amounts specified in Tables 2, 3 and 4 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(c) 

the end-month outstanding amounts on securitisations and other loans transfers specified in Table 5b in Part 5 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(d) 

the end-month and end-quarter outstanding amounts specified in Table 2 in Part 1 of Annex II to this Guideline to the extent that data are available, including on a best estimate basis, where data are available;

(e) 

the end-quarter outstanding amounts specified in Table 3 in Part 1 of Annex II to this Guideline to the extent that data are available, including on a best estimate basis, where data are available.

2.  

NCBs shall report to the ECB the following statistical information on revaluation adjustments of other MFIs:

(a) 

the monthly revaluation adjustments specified in Table 1A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(b) 

the monthly revaluation adjustments specified in Table 5b in Part 5 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(c) 

the quarterly revaluation adjustments specified in Table 2A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2);

(d) 

the monthly and quarterly revaluation adjustments specified in Table 2 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available;

(e) 

the quarterly revaluation adjustments specified in Table 3 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available.

3.  

NCBs shall report to the ECB the following statistical information on reclassification adjustments of other MFIs:

(a) 

the monthly reclassification adjustments with respect to each outstanding amount item reported pursuant to paragraph 1(a);

(b) 

the monthly reclassification adjustments with respect to each outstanding amount item reported pursuant to paragraph 1(c);

(c) 

the quarterly reclassification adjustments with respect to each outstanding amount item specified in Table 2 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the items which refer to breakdowns of loans by remaining maturities;

(d) 

the monthly and quarterly reclassification adjustments specified in Table 2 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available;

(e) 

the quarterly reclassification adjustments specified in Table 3 in Part 1 of Annex II to this Guideline on a best estimate basis, where data are available.

4.  
NCBs shall report to the ECB the statistical information on monthly net loan transfers as specified in Table 5a in Part 5 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2).
5.  

NCBs shall report to the ECB the following statistical information, where available, on loans securitised or otherwise transferred by MFIs which are serviced by non-MFIs:

(a) 

the end-month outstanding amounts of loans serviced by non-MFIs as specified in Table 1 in Part 2 of Annex II to this Guideline;

(b) 

the monthly financial transactions in the outstanding amounts of loans serviced by non-MFIs, excluding the impact of loan transfers as specified in Table 1 in Part 2 of Annex II to this Guideline.

6.  
NCBs shall report net transfers, outstanding amounts, revaluation adjustments and reclassification adjustments as specified in Table 2 in Part 2 of Annex II to this Guideline where NCBs have instructed MFIs to include in the reporting of Block 1 of Tables 5a and 5b in Part 5 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2) loans transferred by an MFI where another domestic MFI acts as servicer, in accordance with Section 2.3 of Part 5 of Annex I of Regulation (EU) 2021/379 (ECB/2021/2).
7.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification and revaluation adjustments shall be reported in accordance with Annex I to this Guideline. Where relevant, the statistical information to be reported pursuant to this Article shall be grossed up in accordance with Article 8.

Article 5

Statistical information to be reported on money market funds (MMF) balance sheet items

1.  
NCBs shall report to the ECB statistical information on the end-quarter outstanding amounts of MMF balance sheets specified in Tables 1 and 2 in Part 3 of Annex II to this Guideline.
2.  
NCBs shall report to the ECB statistical information on the quarterly revaluation adjustments specified in Table 1 in Part 3 of Annex II to this Guideline. Where a derogation is granted pursuant to Article 9(6) of Regulation (EU) 2021/379 (ECB/2021/2) to some or all MMFs in respect of the reporting of revaluation adjustments, NCBs shall provide information on a best estimate basis where the amounts involved are significant.
3.  
NCBs shall report to the ECB statistical information on the quarterly reclassification adjustments specified in Table 1 in Part 3 of Annex II to this Guideline.
4.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification and revaluation adjustments shall be reported in accordance with Annex I to this Guideline. Where relevant, the statistical information to be reported pursuant to this Article shall be grossed up in accordance with Article 8.

Article 6

Statistical information to be reported on MFI undrawn credit lines

1.  

NCBs shall report to the ECB, on a quarterly basis, the following statistical information on the amounts of undrawn credit lines granted by other MFIs:

(a) 

the outstanding amounts specified in Table 1 in Part 4 of Annex II to this Guideline relating to the end-month balance sheet of each month of the quarter; or

(b) 

the outstanding amounts specified in Table 1 in Part 4 of Annex II to this Guideline relating to the end-month balance sheet for the last month of the quarter.

For the purposes of the first subparagraph, NCBs shall report statistical information where actual information is available. Where no actual information is available, NCBs shall report estimates.

2.  
NCBs shall report to the ECB statistical information on reclassification adjustments with respect to each outstanding amount reported pursuant to paragraph 1, on a best effort basis.
3.  

NCBs shall report statistical information on MFI undrawn credit lines with reference to one or both of the following, where possible:

(a) 

‘off-balance sheet amount’ as defined in Annex IV to Regulation (EU) No 2016/867 (ECB/2016/13);

(b) 

‘undrawn credit facilities’ classified as ‘medium risk’, ‘medium/low risk’ and ‘low risk’, as referred to in Annex I to Regulation (EU) No 575/2013.

Where NCBs do not report the statistical information with reference to points (a) and (b) of the first subparagraph, NCBs shall report that statistical information with reference to relevant national definitions.

4.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification adjustments shall be reported in accordance with Annex I to this Guideline. Where relevant, the statistical information to be reported pursuant to this Article shall be grossed up in accordance with Article 8.

Article 7

Statistical information to be reported on MFI loans to non-financial corporations by economic activity

1.  
NCBs shall report to the ECB, where available, statistical information on end-quarter outstanding amounts of MFI loans to euro area non-financial corporations broken down by economic activity following the statistical classification of economic activities in the Union (NACE Rev. 2) ( 7 ) in accordance with Part 5 of Annex II to this Guideline.
2.  
NCBs shall provide explanations to the ECB, upon request, on the impact of reclassifications on outstanding amounts reported pursuant to paragraph 1, including reclassification adjustments reported pursuant to Article 4(3).
3.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30.

Article 8

Grossing-up of MFI balance sheet items

1.  
Where NCBs grant derogations to MFIs in accordance with paragraphs 1, 2, 4, 6 and 7 of Article 9 of Regulation (EU) 2021/379 (ECB/2021/2), NCBs shall gross up the statistical information collected pursuant to that Regulation to represent the entire reporting population for the purposes of compiling the monthly and quarterly statistical information to be reported to the ECB in accordance with this Section.
2.  

Where NCBs gross up statistical information pursuant to paragraph 1, they shall apply at least one of the following:

(a) 

for information on missing breakdowns, estimates shall be derived by applying ratios based on a subset of the actual reporting population considered to be most representative of the tail institutions as follows:

(i) 

NCBs of Member States whose contribution to the aggregated MFI balance sheet of the euro area exceeds 2 % shall determine this subset so that the total balance sheet of the entities in the subset does not exceed 35 % of the national aggregated MFI balance sheet;

(ii) 

NCBs of Member States whose contribution to the aggregated MFI balance sheet of the euro area does not exceed 2 % shall determine this subset so that the total balance sheet of the entities in the sub-set does not exceed 35 % of the national aggregated MFI balance sheet, unless the grossing-up according to this approach would incur significant costs for the NCB, in which case the NCB may apply ratios based on the actual reporting population instead;

(iii) 

the requirements to determine subsets of the actual reporting population referred to in sub-paragraphs (i) and (ii) shall not apply when the balance sheets of the institutions to which the derogations are granted account does not exceed 1 % of the national aggregated MFI balance sheet. In such cases the NCB may apply ratios based on the actual reporting population instead;

(b) 

in applying point (a), both the tail institutions and the subset of the actual reporting population may be subdivided into different groups by reference to the type of institution;

(c) 

where the combined contribution of MMFs granted derogations pursuant to Article 9(1) of Regulation (EU) 2021/379 (ECB/2021/2) exceeds 30 % of the national MMF balance sheet, NCBs shall gross up the statistical information relating to MMFs separately from deposit-taking corporations and in accordance with one of the following:

(i) 

NCBs shall use the statistical information collected from MMFs that are not granted derogations pursuant to Article 9(1) of Regulation (EU) 2021/379 (ECB/2021/2) where that statistical information is sufficiently representative for the purposes of grossing up;

(ii) 

NCBs shall estimate a balance sheet for the MMF sector from alternative sources of information, at least once a year, and use it as the basis for grossing up where all MMFs are granted derogations pursuant to Article 9(1) of Regulation (EU) 2021/379 (ECB/2021/2), or if the statistical information collected from MMFs that are not granted derogations pursuant to Article 9(1) of Regulation (EU) 2021/379 (ECB/2021/2) is not sufficiently representative for the purposes of grossing up;

(d) 

where statistical information is collected pursuant to Regulation (EU) 2021/379 (ECB/2021/2) at a lower frequency or with later timeliness than the statistical information to be reported to the ECB pursuant to this Guideline, NCBs shall estimate the statistical information for the missing periods by either:

(i) 

repeating the information where the results have proven to be adequate; or

(ii) 

applying appropriate statistical estimation techniques to take account of any trends or seasonal patterns.

For the purposes of points (a) to (d), the ratios or any other intermediate calculation used for grossing up may be derived from information obtained from supervisory authorities where that information is sufficiently aligned with the statistical information to be grossed up.

3.  

Where NCBs have granted a derogation to MFIs pursuant to Article 9(7) of Regulation (EU) 2021/379 (ECB/2021/2), they shall gross up by estimating the quarterly statistical information to be reported to the ECB pursuant to Article 4 as follows:

(a) 

where NCBs collect statistical information from MFIs pursuant to Regulation (EU) 2021/379 (ECB/2021/2) at a lower frequency than quarterly, they may use that statistical information for the purposes of estimating the statistical information for the missing periods, or they may apply appropriate statistical estimation techniques to take account of any trends or seasonal patterns;

(b) 

where NCBs collect statistical information from MFIs pursuant to Regulation (EU) 2021/379 (ECB/2021/2) at a more aggregated level, they may use that statistical information for the purposes of estimating the statistical information to be reported to the ECB pursuant to Article 4, or they may use suitable breakdowns as a basis for such estimates;

(c) 

where NCBs collect quarterly statistical information pursuant to Regulation (EU) 2021/379 (ECB/2021/2) from MFIs which covers at least 80% of deposits, loans and debt securities holdings and investment fund shares/units, collectively, of residents in the non-euro area Member State in respect of which the derogation applies, they shall estimate the statistical information to be reported on that basis; or

(d) 

where NCBs estimate the statistical information to be reported on the basis of alternative sources, they shall make the necessary adjustments to take into account differing concepts and definitions applied pursuant to Regulation (EU) 2021/379 (ECB/2021/2) as compared to those applied in those alternative sources.

Article 9

Timeliness

1.  
NCBs shall report to the ECB the monthly statistical information referred to in this Section by close of business on the 15th working day following the end of the month to which the information relates, in accordance with Article 7(2) of Regulation (EU) 2021/379 (ECB/2021/2) and the reporting calendar referred to in Article 32.
2.  
NCBs shall report to the ECB the quarterly statistical information referred to in this Section by close of business on the 28th working day following the end of the quarter to which the information relates, in accordance with Article 7(3) of Regulation (EU) 2021/379 (ECB/2021/2) and the reporting calendar referred to in Article 32.

Article 10

Revisions

1.  

NCBs may revise the statistical information reported pursuant to this Section as follows:

(a) 

revisions to the latest and previous monthly statistical information reported pursuant to Articles 3 and 4 may be submitted to the ECB at any time;

(b) 

revisions to the latest quarterly statistical information reported pursuant to Articles 3 and 4 may be submitted to the ECB at any time;

(c) 

revisions to the statistical information reported pursuant to Articles 3 and 4 other than revisions referred to in points (a) and (b) may be submitted to the ECB outside a monthly production period;

(d) 

revisions to the statistical information reported pursuant to Articles 5 to 7 may be submitted to the ECB at any time.

NCBs may, after notifying the ECB, revise the statistical information referred to in point (c) during a monthly production period where the revisions significantly improve the quality of the statistical information. The ECB may process these revisions after that monthly production period. The ECB shall inform the relevant NCB where the processing of those revisions is postponed until after the monthly production period.

2.  

NCBs shall provide explanations to the ECB for revisions submitted pursuant to paragraph 1 upon request. NCBs shall also provide explanations to the ECB in both of the following cases:

(a) 

NCBs shall provide explanations for revisions of at least EUR 5 billion (in absolute value) and shall provide those explanations at the same time as the revisions and in any case before the closing of data production by the ECB for that production period;

(b) 

where NCBs submit revisions during a monthly production period in accordance with the second subparagraph of paragraph 1, explanations shall be provided at the time of reporting.

Explanations submitted pursuant to the first subparagraph shall indicate whether the revisions affecting the reported series are final or may be subject to further revision.



SECTION 3

MFI INTEREST RATES

Article 11

Statistical information to be reported on MFI interest rate statistics

1.  

NCBs shall report to the ECB the following information on interest rates applied by MFIs to deposits and loans with regard to households and non-financial corporations (‘MFI interest rates’ or ‘MIR’):

(a) 

the national monthly statistical information relating to outstanding amounts and new business specified in Appendices 1 and 2 of Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34);

(b) 

the national monthly statistical information relating to new business specified in Part 1 of Annex III to this Guideline.

The statistical information reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. NCBs shall report that information in accordance with Part 3 of Annex III to this Guideline where applicable.

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2.  

NCBs may grant derogations from any of the following statistical reporting requirements relating to interest rates on, and business volumes of, collateralised or guaranteed loans to non-financial corporations:

(a) 

indicators 62 to 79 in Table 3 of Appendix 2 to Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34); and

(b) 

indicators 81, 83 and 85 in Table 4 of Appendix 2 to Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34),

provided that the national aggregate business volume of total loans in the corresponding loan size category and initial period of interest-rate fixation category, as set out in indicators 37 to 54 in Table 2 of Appendix 2 to Annex I to Regulation (EU) No 1072/2013 (ECB/2013/34), represents less than:

(i) 

10 % of the national aggregate business volume of the sum of all loans in the same size category; and

(ii) 

2 % of the euro area aggregate business volume for the same size and same initial period of interest-rate fixation category.

Derogations granted by NCBs pursuant to this paragraph shall be without prejudice to Article 4 of Regulation (EU) No 1072/2013 (ECB/2013/34).

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3.  
Where derogations are granted pursuant to paragraph 2, the thresholds referred to therein shall be verified by NCBs on an annual basis.

Article 12

Grossing up of MFI interest rate statistics

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1.  
Where the statistical information on MIR received by the NCBs does not represent the reference reporting population due to the use of sampling, NCBs shall select and maintain the sample and gross up statistical information on the new business volumes to ensure that 100 % of the reference reporting population is represented, as specified in Part 2 of Annex III to this Guideline.

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2.  
Where NCBs grant derogations to the reporting requirements on MFI interest rate statistics in accordance with Article 4 of Regulation (EU) No 1072/2013 (ECB/2013/34) or Article 11(2) of this Guideline, statistical information reported pursuant to Article 11(1) of this Guideline shall be carried forward into the missing monthly periods by applying appropriate statistical estimation techniques to take into account trends in the information or seasonal patterns.

Article 13

Timeliness

NCBs shall report to the ECB the statistical information referred to in Article 11 by close of business on the 19th working day following the end of the month to which the information relates, in accordance with Article 3(4) of Regulation (EU) No 1072/2013 (ECB/2013/34) and the reporting calendar referred to in Article 32.

Article 14

Revisions

1.  
NCBs may revise the statistical information reported pursuant to this Section at any time except during the relevant production period, where NCBs may only revise the statistical information reported for the previous reference period.

NCBs may, after notifying the ECB, revise the statistical information reported pursuant to this Section during the relevant production period where the revisions significantly improve the quality of the statistical information. The ECB may process those revisions after that production period. The ECB shall inform the relevant NCB where the processing of those revisions is postponed until after the monthly production period.

2.  

NCBs shall provide upon request by the ECB the following explanations for revisions submitted pursuant to paragraph 1:

(a) 

explanations for revisions which significantly improve the quality of statistical information reported to the ECB;

(b) 

explanations for revisions to statistical information reported to the ECB for periods prior to the previous reference month.

Explanations submitted pursuant to the first subparagraph shall indicate whether the revisions affecting the reported series are final or may be subject to further revision.



SECTION 4

INDIVIDUAL MFI BALANCE SHEET ITEMS AND INTEREST RATES

Article 15

Identification of credit institutions for which individual statistical information is to be reported

1.  

NCBs shall report statistical information set out in Article 16 for credit institutions which are resident in the euro area Member States, except for the following:

(a) 

non-MFI credit institutions;

(b) 

tail institutions; and

(c) 

credit institutions that have total assets equal to or below EUR 100 million, where the Governing Council of the ECB has granted permission to the relevant NCB pursuant to paragraph 2.

For the purposes of reporting statistical information to the ECB pursuant to Article 16, the relevant NCB may report statistical information for groups of credit institutions. Those groups of credit institutions shall be identified by the NCBs in consultation with the ECB.

2.  
The Governing Council of the ECB may grant permission to apply the threshold referred to in paragraph 1(c) upon request by the relevant NCB where the reporting burden for that NCB would be disproportionately affected. Where the Governing Council of the ECB considers that the reporting burden for that NCB would no longer be disproportionately affected, it may withdraw that permission upon request by the relevant NCB.
3.  
NCBs shall record the credit institutions and groups of credit institutions referred to in paragraph 1 in the Register of Institutions and Affiliates Database (RIAD) established pursuant to Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16) ( 8 ).
4.  

NCBs shall record the credit institutions and groups of credit institutions referred to in paragraph 1 that are core institutions for the purpose of this Section where any of the following apply:

(a) 

the credit institution is a member of the panel of credit institutions for which individual MFI data was transmitted to the ECB for the reference period January 2021 in accordance with Article 17a(1) of Guideline ECB/2014/15;

(b) 

the credit institution is a new credit institution that results from a merger, acquisition or other corporate reorganisation involving one or more core institutions that takes places after the entering into force of this Guideline;

(c) 

the credit institution is a resident of a Member State that adopts the euro after the entry into force of this Guideline and it is identified as a core institution by the Governing Council of the ECB, in consultation with the Statistics Committee.

Where the Governing Council of the ECB identifies core institutions pursuant to point (c) of the first subparagraph, it shall notify the relevant NCB thereof.

5.  
Where NCBs have been granted permission to exclude credit institutions that have total assets equal to or below EUR 100 million pursuant to paragraph 1(c), they shall review the total assets of credit institutions at least once every three years and record the information in RIAD accordingly. The Governing Council shall be informed of the results of that review without undue delay.

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6.  
The Governing Council of the ECB may delegate to the Executive Board the power to grant or withdraw the permission to apply the threshold referred to in paragraph 1(c) pursuant to paragraph 2. When exercising that delegated power, the Executive Board shall consider whether the reporting burden for the relevant NCB would be disproportionately affected in the absence of the threshold.

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7.  
Where the Executive Board exercises its delegated power pursuant to paragraph 6, they shall inform the Governing Council without undue delay of any decisions taken.

Article 16

Statistical information to be reported on individual MFI balance sheet items and interest rates (IBSI and IMIR)

1.  

NCBs shall report to the ECB statistical information collected in accordance with Regulation (EU) 2021/379 (ECB/2021/2) on the following individual balance sheet items (IBSI) of the credit institutions referred to in Article 15(1):

(a) 

the end-month outstanding amounts specified in Tables 1 and 2 in Annex IV to this Guideline;

(b) 

the end-quarter outstanding amounts specified in Tables 1 and 2 in Annex IV to this Guideline;

Where NCBs collect the statistical information referred to in point (b) of the first subparagraph on a monthly basis, they may instead report to the ECB the end-month outstanding amounts for those items.

2.  

NCBs shall report to the ECB the monthly ‘ancillary series’ specified in Tables 1 and 2 in Annex IV to this Guideline relating to the balance sheet of the credit institutions referred to in Article 15(1), in accordance with Annex I to this Guideline. Those ancillary series shall comprise one or both of the following:

(a) 

revaluation and reclassification adjustments;

(b) 

loan transfers.

3.  

NCBs shall report to the ECB the following individual MFI interest rate (IMIR) statistical information collected in accordance with Regulation (EU) No 1072/2013 (ECB/2013/34) from the core institutions referred to in Article 15(4):

(a) 

the monthly interest rates applied to outstanding amounts of euro-denominated deposits of and loans to households and non-financial corporations resident in the euro area specified in Table 3 in Annex IV to this Guideline;

(b) 

the monthly new business volumes of euro-denominated deposits of and loans to households and non-financial corporations resident in the euro area specified in Table 3 in Annex IV to this Guideline;

(c) 

the monthly interest rates applied to new business volumes of euro-denominated deposits of and loans to households and non-financial corporations resident in the euro area specified in Table 3 in Annex IV to this Guideline.

4.  

Where statistical information are reported for groups of credit institutions referred to in Article 15(1), NCBs shall apply the following:

(a) 

the outstanding amounts reported by NCBs pursuant to paragraph 1 shall be calculated as the sum of the outstanding amounts of the individual members of the group;

(b) 

the ancillary series reported by NCBs pursuant to paragraph 2 shall be calculated as the sum of the ancillary series of the individual members of the group;

(c) 

the interest rates reported by NCBs pursuant to paragraph 3 shall be calculated as weighted averages, whereas the group volume is calculated as the sum of the individual volumes. If the NCB collects the information on the group on an institution-by-institution basis, the interest rate averages shall only cover the institutions which are included in the national MIR sample and shall not be subject to derogation; the same approach applies to the group volumes.

5.  
NCBs shall provide explanations to the ECB, upon request and on a best effort basis, on mergers and acquisitions, other corporate reorganisations and loan transfers that took place during the reference month which impact the statistical information of core institutions reported pursuant to this Article.
6.  
The ECB may use and share within the Eurosystem the explanations provided pursuant to paragraph 5 in order to support the analysis of data having due regard to the applicable confidentiality regime.

Article 17

Timeliness

1.  
NCBs shall report to the ECB the statistical information reported pursuant to paragraphs 1 and 2 of Article 16 for core institutions referred to in Article 15(4) by close of business on the 15th working day following the reference period to which they relate, and in accordance with the reporting calendar referred to in Article 32. Otherwise, NCBs shall report the statistical information to the ECB by close of business on the 20th working day following the reference period to which they relate, and in accordance with the reporting calendar referred to in Article 32.
2.  
NCBs shall report to the ECB the statistical information reported pursuant to Article 16(3) by close of business on the 19th working day following the reference period to which they relate, and in accordance with the reporting calendar referred to in Article 32.

Article 18

Revisions

1.  
Where NCBs revise statistical information in accordance with Article 10, they shall also, where relevant, revise the IBSI statistical information reported pursuant to paragraphs 1 and 2 of Article 16.
2.  
Revisions to the statistical information reported pursuant to paragraphs 1 and 2 of Article 16 relating to credit institutions that are not core institutions shall be reported by NCBs on a best effort basis.
3.  
Where NCBs revise statistical information in accordance with Article 14, they shall also, where relevant, revise the IMIR statistical information reported pursuant to Article 16(3).
4.  
NCBs shall provide explanations to the ECB, upon request, for revisions submitted pursuant to this Article.



SECTION 5

MINIMUM RESERVES OF CREDIT INSTITUTIONS

Article 19

Statistical information to be reported on reserve base

1.  
NCBs shall report to the ECB the statistical information on end-month outstanding amounts specified in Table 1 in Part 1 of Annex V to this Guideline relating to the aggregated reserve base of credit institutions as calculated in accordance with Regulation (EU) 2021/378 (ECB/2021/1).
2.  
The statistical information reported pursuant to paragraph 1 shall be derived from the statistical information set out in Regulation (EU) 2021/379 (ECB/2021/2) that are collected by the NCB from credit institutions which are subject to minimum reserves pursuant to Regulation (EU) 2021/378 (ECB/2021/1).

For those credit institutions that are tail institutions, NCBs shall use in the calculation of the end-month aggregated reserve base the latest end-quarter statistical information available following publication by the ECB of quarterly statistical information collected pursuant to Article 4 of this Guideline.

3.  
NCBs shall report to the ECB statistical information on the aggregated lump sum allowance specified in Table 2 in Part 1 of Annex V to this Guideline that is deducted from the minimum reserves of credit institutions in accordance with Article 6(2) of Regulation (EU) 2021/378 (ECB/2021/1).
4.  
NCBs may revise the statistical information reported pursuant to this Article at any time. Where revisions are reported by NCBs pursuant to this Article after the maintenance period has begun, the ECB may choose not to process those revisions.

Where a notifying party revises its reserve base in accordance with Article 7(5) of Regulation (EU) 2021/378 (ECB/2021/1), NCBs shall revise the statistical information reported pursuant to this Article accordingly.

Article 20

Statistical information to be reported on macro ratio statistics

NCBs shall report to the ECB the statistical information on end-month outstanding amounts relating to the macro ratio as specified in the table in Part 2 of Annex V to this Guideline.

The statistical information reported pursuant to the first subparagraph shall be derived by NCBs from the available monthly statistical information collected from credit institutions pursuant to Regulation (EU) 2021/379 (ECB/2021/2). Where the statistical information to be reported is not applicable to a Member State, the relevant NCB shall report the statistical information as zero.

Article 21

Timeliness

NCBs shall report to the ECB relevant monthly statistical information referred to in Articles 19 and 20 by close of business on the last working day preceding the start of the relevant maintenance period, and in accordance with the reporting calendar referred to in Article 32.



SECTION 6

POST OFFICE GIRO INSTITUTIONS (POGIs) AND CENTRAL GOVERNMENT

Article 22

Statistical information to be reported on POGIs and central government

1.  

NCBs shall report to the ECB the statistical information on end-month outstanding amounts specified in the Table 1 in Annex VI to this Guideline covering the following:

(a) 

POGIs reporting pursuant to Article 3 of Regulation (EU) No 1074/2013 (ECB/2013/39);

(b) 

monetary liabilities of central government and holdings by central government of cash and securities issued by euro area MFIs.

2.  
NCBs shall not be required to report statistical information pursuant to this Article where the statistical information referred to in paragraph 1(a) does not exist and the assets and liabilities referred to in paragraph 1(b) do not exist or are insignificant.
3.  
NCBs shall report to the ECB reclassification adjustments with respect to each outstanding amount item reported pursuant to paragraph 1, as specified in Table 1 in Annex VI to this Guideline.
4.  
NCBs shall report to the ECB revaluation adjustments, where significant, as specified in Table 1 in Annex VI to this Guideline.
5.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification and revaluation adjustments shall be reported in accordance with Annex I to this Guideline.

Article 23

Timeliness

NCBs shall report to the ECB the statistical information referred to in this Section by close of business on the 15th working day following the end of the month to which the information relates, in accordance with Article 5 of Regulation (EU) No 1074/2013 (ECB/2013/39) and the reporting calendar referred to in Article 32 of this Guideline.

Article 24

Revisions

1.  

NCBs may revise the statistical information reported pursuant to this Section as follows:

(a) 

revisions to the latest and previous monthly statistical information may be submitted to the ECB at any time;

(b) 

revisions to monthly statistical information other than the latest and previous monthly statistical information may be submitted outside the monthly production period.

NCBs may, after notifying the ECB, revise the statistical information referred to in point (b) during the monthly production period where this significantly improves the quality of the information. The ECB may process these revisions after the monthly production period. The ECB shall inform the relevant NCB where the processing of those revisions is postponed until after the monthly production period.

2.  

NCBs shall provide explanations to the ECB for the revisions reported pursuant to paragraph 1 upon request and as follows:

(a) 

NCBs shall provide explanations for revisions at least EUR 5 billion (in absolute value) and shall provide those explanations at the same time as the revisions and in any case before the closing of data production by the ECB for that production period;

(b) 

where NCBs submit revisions during a monthly production period in accordance with the second subparagraph of paragraph 1, explanations shall be provided at the time of reporting.

Explanations submitted pursuant to the first subparagraph shall indicate whether the revisions affecting the reported series are final or may be subject to further revision.



SECTION 7

STRUCTURAL FINANCIAL INDICATORS (SFIs) OF CREDIT INSTITUTIONS

Article 25

Statistical information to be reported on SFIs of credit institutions

1.  
NCBs shall report to the ECB the SFIs of credit institutions which are MFIs as specified in Annex VII to this Guideline. SFIs shall be reported on an aggregated basis and verified in accordance with Article 30.

By way of derogation from the first subparagraph, NCB may provide the statistical information referred to therein by means of alternative data sources. The ECB may use that information to derive the SFIs of credit institutions, subject to an agreement between the ECB and the NCB.

2.  
Where the statistical information reported pursuant to paragraph 1 does not include the entire reporting population, NCBs shall gross up that statistical information to represent the entire reporting population.

For the purposes of the first subparagraph, NCBs shall provide explanations to the ECB.

3.  
NCBs may revise the information reported pursuant to this Article during the production period and shall provide explanations on those revisions upon request by the ECB.

Article 26

Timeliness

NCBs shall report to the ECB the annual statistical information for the SFIs referred to in Article 25 by the end of March of each year and in accordance with the reporting calendar referred to in Article 32 with reference to the previous year, except the indicator ‘number of employees of credit institutions’ which shall be provided by the end of May each year and in accordance with the reporting calendar referred to in Article 32 with reference to the previous year.



SECTION 8

NON-MFI CREDIT INSTITUTIONS

Article 27

Statistical information to be reported on balance sheet items of non-MFI credit institutions

1.  

NCBs shall report to the ECB the following balance sheet items of non-MFI credit institutions:

(a) 

the end-month outstanding amounts specified in Table 1 in Part 2 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the following:

(i) 

deposit liabilities reported solely by credit institutions subject to reserve requirements;

(ii) 

notional cash pool positions;

(iii) 

MMF shares/units issued;

(iv) 

items for which derogations on statistical reporting requirements have been granted by NCBs pursuant to Article 9(5)(b) of Regulation (EU) 2021/379 (ECB/2021/2);

(b) 

the end-quarter outstanding amounts specified in Tables 2, 3 and 4 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of items for which derogations on statistical reporting requirements have been granted by NCBs pursuant to Article 9(5)(b) of Regulation (EU) 2021/379 (ECB/2021/2).

2.  

NCBs shall report to the ECB the following statistical information on revaluation adjustments of non-MFI credit institutions:

(a) 

the monthly revaluation adjustments specified in Table 1A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of the following;

(i) 

notional cash pool positions;

(ii) 

MMF shares/units issued;

(iii) 

items for which derogations on statistical reporting requirements have been granted by NCBs pursuant to Article 9(5)(b) of Regulation (EU) 2021/379 (ECB/2021/2);

(b) 

the quarterly revaluation adjustments specified in Table 2A in Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of items for which derogations on statistical reporting requirements have been granted by NCBs pursuant to Article 9(5)(b) of Regulation (EU) 2021/379 (ECB/2021/2).

3.  

NCBs shall report to the ECB the following statistical information on reclassification adjustments of non-MFI credit institutions:

(a) 

the monthly reclassification adjustments with respect to each outstanding amount item reported pursuant to paragraph 1(a);

(b) 

the quarterly reclassification adjustments with respect to each outstanding amount item specified in Table 2 in Part 3 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2), with the exception of items for which derogations on statistical reporting requirements have been granted by NCBs pursuant to Article 9(5)(b) of Regulation (EU) 2021/379 (ECB/2021/2).

4.  

NCBs shall not be required to report statistical information pursuant to this Article in either of the following cases:

(a) 

there are no resident non-MFI credit institutions; or

(b) 

the relevant NCB has granted derogations on the reporting of statistical information pursuant to Article 5(2) of Regulation (EU) 2021/379 (ECB/2021/2) to all resident non-MFI credit institutions in accordance with Article 9(5)(a) of that Regulation.

5.  
The statistical information to be reported pursuant to this Article shall be on an aggregated basis, and verified in accordance with Article 30. Statistical information on reclassification and revaluation adjustments shall be reported in accordance with Annex I to this Guideline.

Article 28

Timeliness

1.  
NCBs shall report to the ECB the monthly statistical information referred to in this Section by close of business on the 15th working day following the end of the month to which the information relates, in accordance with Article 7(2) of Regulation (EU) 2021/379 (ECB/2021/2) and the reporting calendar referred to in Article 32 of this Guideline.
2.  
NCBs shall report to the ECB the quarterly statistical information referred to in this Section by close of business on the 28th working day following the end of the quarter to which the information relates, in accordance with Article 7(3) of Regulation (EU) 2021/379 (ECB/2021/2) and the reporting calendar referred to in Article 32 of this Guideline.

Article 29

Revisions

1.  
NCBs may revise the statistical information reported pursuant to this Section at any time.
2.  
NCBs shall provide explanations to the ECB for revisions submitted pursuant to paragraph 1 upon request.

Explanations submitted pursuant to the first subparagraph shall indicate whether the revisions affecting the reported series are final or may be subject to further revision.



SECTION 9

VERIFICATION, BACK DATA REPORTING AND TRANSMISSION

Article 30

Verification and explanations

1.  
Without prejudice to Regulation (EC) No 2533/98, Regulation (EU) 2021/379 (ECB/2021/2), Regulation (EU) No 1072/2013 (ECB/2013/34) and Regulation (EU) No 1074/2013 (ECB/2013/39), NCBs shall monitor and ensure the quality and reliability of statistical information made available to the ECB pursuant to this Guideline.
2.  
Before reporting the statistical information to the ECB pursuant to this Guideline, NCBs shall verify that the information fulfil the linear constraints provided and maintained by the ECB including, where relevant, linear constraints that relate to consistency across frequencies.

NCBs shall provide explanations to the ECB upon request of any discrepancies identified pursuant to that verification.

3.  

NCBs shall verify the following with regard to linear constraints that relate to consistency across frequencies referred to in paragraph 2:

(a) 

that the quarterly statistical information is consistent with the corresponding monthly statistical information reported pursuant to Articles 3 and 4;

(b) 

that the quarterly statistical information is consistent with the corresponding monthly statistical information reported pursuant to Article 27;

(c) 

that the statistical information on the balance sheet items of MMFs reported pursuant to Article 5 is consistent with the corresponding end of quarter information on the balance sheet items of other MFIs reported pursuant to Article 4.

Where the statistical information referred to in point (a) is not consistent across frequencies, NCBs shall, on a best effort basis, submit revisions of statistical information that is consistent across frequencies by means of estimation.

4.  

NCBs shall monitor the consistency, using the dedicated bridging tables referred to in Article 3(4), between the end-month outstanding amounts reported pursuant to Article 3(1)(a) and either of the following outstanding amounts reported pursuant to Guideline (EU) 2016/2249 (ECB/2016/34):

(a) 

the daily financial statement of the Eurosystem produced for the last working day of the month;

(b) 

the last disaggregated weekly financial statement of the respective month.

NCBs shall provide the ECB, upon request, with results of the consistency monitoring referred to in the first subparagraph and explanations of the discrepancies between the outstanding amounts.

5.  
Where NCBs report the number of branches and subsidiaries of non-resident credit institutions as specified in Annex VII pursuant to Article 25, they shall ensure that this statistical information is consistent, from 1999 onwards, with the information recorded on the list of MFIs for statistical purposes established pursuant to Article 4 of Regulation (EU) 2021/379 (ECB/2021/2).
6.  
NCBs shall provide explanations upon request by the ECB on the developments in the statistical information reported pursuant to this Guideline, including breaks in statistical information reported compared with the previous reference period.
7.  
Where NCBs estimate statistical information to be reported pursuant to this Guideline, they shall provide explanations to the ECB upon request.

Article 31

Back data reporting requirements in the event of adoption of the euro

1.  

Where a non-euro area Member State adopts the euro following the entry into force of this Guideline, the NCB of that Member State shall report the following to the ECB:

(a) 

statistical information on MFI balance sheet items statistics, including MMF balance sheet statistics, for all reporting reference periods since the accession to the Union of that Member State and in any case for at least three years prior to the Member State’s adoption of the euro;

(b) 

statistical information on MFI balance sheet items statistics for the three years prior to the Member State’s accession to the Union, unless otherwise agreed with the ECB.

2.  
NCBs of Member States which adopt the euro shall compile the statistical information referred to in paragraph 1 as if the Member State was part of the euro area throughout all reporting reference periods. For this purpose, NCBs may use statistical information reported to the ECB before the Member State’s adoption of the euro in accordance with the reporting schemes adapted by the ECB for non-euro area Member States. NCBs shall report statistical information in accordance with the requirements which were applicable to euro area Member States in the respective reporting reference periods, unless the ECB and the relevant NCB agree to exclude some statistical information.
3.  
NCBs of euro area Member States shall report to the ECB positions with residents of non-euro area Member States that adopt the euro following the entry into force of this Guideline in respect of MFI balance sheet items statistics covering the three years prior to such adoption, unless otherwise agreed with the ECB. NCBs shall only report monthly outstanding amounts of those positions which have been reported in accordance with Regulation (EU) 2021/379 (ECB/2021/2), and which exceed EUR 50 million. NCBs may also report monthly outstanding amounts of such positions which are below EUR 50 million on a voluntary basis.

Article 32

Reporting calendar

By the end of September each year, the ECB shall communicate the exact transmission dates to the NCBs in the form of a reporting calendar. NCBs shall report the statistical information pursuant to this Guideline in accordance with that reporting calendar.

Article 33

Transmission

1.  
NCBs shall transmit the statistical information to be reported pursuant to this Guideline electronically, using the means specified by the ECB. The statistical message format developed for this electronic exchange of statistical information shall be the format agreed by the ESCB.
2.  
Where paragraph 1 does not apply, NCBs may use other means of transmitting statistical information with the ECB’s prior consent.



SECTION 10

SIMPLIFIED AMENDMENT PROCEDURE AND PUBLICATION

Article 34

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 35

Publication

NCBs shall not publish national contributions to the monthly euro area monetary aggregates and their counterparts until the ECB has published these aggregates. Where NCBs publish such information, they shall be the same as the information that contributed to the most recent publication of euro area aggregates. Where NCBs reproduce euro area aggregates published by the ECB, they shall reproduce them faithfully.



SECTION 11

FIRST REPORTING AND TRANSITIONAL PROVISIONS

Article 36

First reporting

1.  
First reporting for monthly statistical information to be reported pursuant to this Guideline shall begin with statistical information for January 2022.
2.  
First reporting for quarterly statistical information to be reported pursuant to this Guideline shall begin with statistical information for the first quarter of 2022. The quarterly statistical information to be reported for the fourth quarter of 2021 shall be reported in accordance with Parts 1, 4, 7, 19 and 20 of Annex II to Guideline ECB/2014/15 on monetary and financial statistics.
3.  
First reporting for annual statistical information to be reported pursuant to this Guideline shall begin with statistical information for 2021.

Article 37

Transitional provisions

1.  
For the period 15 April 2021 to 1 February 2022, where NCBs report information on IBSI in accordance with Article 17a of Guideline ECB/2014/15on monetary and financial statistics, they shall identify the credit institutions for which such information is to be reported in accordance with Article 15 of this Guideline. NCBs shall report that information to the ECB within the timeliness requirements set out in Article 17 of this Guideline for the period 15 April 2021 to 1 February 2022.
2.  
For the period 15 April 2021 to 1 February 2022, where NCBs report information on IMIR in accordance with Article 17a of Guideline ECB/2014/15 on monetary and financial statistics, they shall report that information for core institutions as referred to in Article 15(4) of this Guideline. NCBs shall report that information to the ECB within the timeliness requirements set out in Article 17 of this Guideline for the period 15 April 2021 to 1 February 2022.
3.  
For the period 26 June 2021 to 1 February 2022, NCBs shall report the statistical information collected from non-MFI credit institutions pursuant to Article 17(2) of Regulation (EU) 2021/379 (ECB/2021/2) in accordance with Section 8 of this Guideline. NCBs shall report that information to the ECB by 29 April 2022 at the latest.



SECTION 12

FINAL PROVISIONS

Article 38

Taking effect

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 and the ECB shall comply with this Guideline from 1 February 2022.

Article 39

Addressees

This Guideline is addressed to all Eurosystem central banks.




ANNEX I

REPORTING OF ADJUSTMENTS AND THE DERIVATION OF TRANSACTIONS

PART 1

General description of the procedure for deriving transactions

Financial transactions are the net acquisition of financial assets or the net incurrence of liabilities for each type of financial instrument, i.e. the sum of all financial transactions that occur during the relevant reference period. The framework for deriving transactions for monetary financial institutions (MFI) balance sheet items (BSI) is based on the European System of Regional and National Accounts (hereinafter the ‘ESA 2010’) established by Regulation (EU) No 549/2013 of the European Parliament and of the Council ( 9 ). Deviations from this international standard are made concerning both the data content and names of statistical concepts, where necessary. This Annex is interpreted in accordance with the ESA 2010, unless Regulation (EU) 2021/379 (ECB/2021/2) ( 10 ) or this Guideline explicitly or implicitly override its provisions.

In the context of BSI statistics, the ECB calculates transactions by taking, for each asset and liability item, the difference between outstanding amounts at end-period reporting dates and then removing the effect of developments that are not the result of transactions (‘adjustments’). These are grouped into the main categories ‘reclassification adjustments’, ‘revaluation adjustments’, and ‘exchange rate adjustments’. National central banks (NCBs) report ‘reclassification adjustments’ and ‘revaluation adjustments’ to the ECB so that these non-transaction effects can be removed in the calculation of transactions. ‘Exchange rate adjustments’ are normally derived by the ECB. Transactions are calculated on a net basis, i.e. there is no requirement to identify gross financial transactions or turnover. Financial transactions should generally be measured at the transaction value – the value at which assets are acquired/disposed of and/or liabilities are created, liquidated or exchanged – which may not necessarily be the same as the price listed in the market or the fair value of the asset at the time of the transaction. The transaction value does not include service charges, fees, commissions, or similar payments for services provided in carrying out the transaction.

This Annex reviews the methodology for deriving transactions in the context of BSI statistics. Part 2 focuses on the principles for the reporting of adjustments from the NCBs to the ECB ( 11 ). Part 3 then looks at special adaptations made in the compilation framework for BSI statistics.

Further details and numerical examples are provided in the ‘Manual on MFI balance sheet statistics’ published on the ECB's website.

PART 2

Reporting of adjustments from the NCBs to the ECB

1.    Underlying principles for adjustments

Reclassification and revaluation adjustments are subject to the same double-entry accounting system as outstanding amounts and are therefore balanced. Where a balancing item is required due to the different valuations which apply to the statistical, as compared to the accounting, balance sheet – i.e. a ‘statistical/accounting discrepancy’ – this should be recorded in ‘remaining liabilities’ (as a positive or negative amount, as appropriate).

Interest on deposits, loans and debt securities issued and held should be recorded on an accrual basis, but should never be recorded as a transaction with the instrument concerned. For loans and deposits this is guaranteed by the requirement specified in Part 2 of Annex II to Regulation (EU) 2021/379 (ECB/2021/2) to record accrued interest on these instruments in ‘remaining assets’ and ‘remaining liabilities’. The Regulation, however, contains no rule on the treatment of accrued interest on debt securities issued or held. In fact, accrued interest is often intrinsic to market prices and difficult to disentangle from the accounting price as it is reported in the statistical balance sheet. In the interest of coherent and cross-country comparable data, the following should be applied:

(a) 

if accrued interest is intrinsic to the accounting price as it is reported in the statistical balance sheet, it should be subject to a revaluation adjustment;

(b) 

if accrued interest is excluded from the outstanding amount of the securities to which it relates in the statistical balance sheet, it is classified under ‘remaining assets’ or ‘remaining liabilities’, and not treated as a revaluation adjustment.

This suggested treatment is also reflected in the reporting requirements laid down in this Guideline (see Part 1 of Annex II).

When a monthly adjustment is reported, it may affect the breakdowns of items reported quarterly. Consistency should be ensured between the two sets of data, i.e. where applicable, the sum of the monthly adjustments must equal the quarterly adjustment. If a threshold is established for the quarterly adjustments, or the quarterly adjustments cannot be identified in full or to the same level of detail as the monthly adjustment, the adjustment is calculated so as to avoid discrepancies with the adjustment reported for the monthly data.

2.    Reclassification adjustments

‘Reclassification adjustments’ comprise any change in the balance sheet of the reference sector that arises as a result of changes in the composition and structure of the reporting population, changes in the classification of financial instruments and counterparties, changes in statistical definitions and the (partial) correction of reporting errors, all of which give rise to breaks in the series and thereby affect the comparability of two successive end-of-period outstanding amounts. Euro area enlargements can be viewed as a special case of reclassification.

NCBs report data on reclassification adjustments, as specified in this Guideline, using data directly reported by the reporting population, supervisory information, plausibility checks, ad hoc enquiries (e.g. related to outliers), national statistical requirements, information on joiners and leavers of the reporting population and any other source available to them. NCBs identify changes in outstanding amounts that are due to reclassifications and report the net amount. A net increase in outstanding amounts due to reclassifications is entered with a positive sign, a net decrease in outstanding amounts with a negative sign.

Estimates of reclassification adjustments may be made by NCBs, in particular when the information is not readily available or of poor quality. The ECB is not expected to make ex post adjustments unless the NCBs identify sharp changes due to reclassifications in the final data which cannot be corrected in due time by the NCBs. In this case the ECB may make ex post adjustments in agreement with the relevant NCB.

In principle, NCBs report ‘reclassification adjustments’ for each item specified in this Guideline. In cases where the estimated reclassification amounts are below EUR 5 million for the own balance sheet of the NCB, or below EUR 50 million for the aggregated balance sheet of other reporting agents, NCBs may report reclassification adjustment amounts of zero or as a missing value. These thresholds are intended to help the NCBs decide whether to compile adjustments or not. However, where relatively detailed information is collected regardless of the threshold, it may be counterproductive for the NCB to try to apply such a threshold. This flexibility is without prejudice to the requirement for consistency within the reported data for the reference period, and between monthly and quarterly data, as described below.

Within the limits defined by the revision policy, NCBs correct reporting errors in outstanding amounts as soon as the errors are identified. Ideally, the corrections entirely remove the error from the outstanding amounts, especially where the error affects a single period or a limited time range. In these circumstances, no break in series occurs. However, where the error affects historical data and no correction of past data is made or is made only for a limited time range, then a break occurs between the first period with the corrected figure and the last period containing the incorrect figure. In this case, NCBs identify the size of the break that occurs and enter an adjustment under ‘reclassification adjustments’. Similar practices apply to the implementation of changes of statistical definitions affecting reported data, as well as to correcting for breaks that may be due to the introduction, change or abandonment of grossing-up methods.

The boundary for treating transfers of assets as transactions is defined by the existence of two separate institutional units which act by mutual agreement. If, however, the transfers occur as a result of the creation or disappearance of an institutional unit, they should be treated as ‘reclassification adjustments’. In particular, if a merger or acquisition leads to the disappearance of one or more institutional units, all cross-positions that existed between the merging institutions are netted at the time when the units cease to exist from the system and reclassification adjustments must be reported accordingly. Corporate divisions are treated symmetrically.

3.    Revaluation adjustments

‘Revaluation adjustments’ reported pursuant to this Guideline are normally compiled by NCBs on the basis of data directly reported by the reporting agents. NCBs, however, may also cover these reporting requirements indirectly (e.g. by collecting data on transactions directly) or via security-by-security data or other data reported by the reporting population and in any case are permitted to collect additional data from reporting agents as necessary.

4.    Exchange rate adjustments

Movements in exchange rates against the euro that occur between end-period reporting dates give rise to changes in the value of foreign currency assets and liabilities when expressed in euro. NCBs should report assets and liabilities denominated in foreign currencies translated into euro using the ECB reference exchange rates prevailing on the day to which the data relate. As any changes in outstanding amounts resulting from movements in exchange rates represent holding gains/losses and are not financial transactions, the valuation effects need to be identified so that they can be excluded from transactions. Revaluation adjustments due to exchange rate changes may also contain valuation changes that arise from transactions in assets/liabilities, i.e. realised gains/losses; however, there are divergent national practices in this respect.

The ECB normally derives the necessary exchange rate adjustments based on the statistical information provided by NCBs. Where NCBs are in a position to compile more accurate exchange rate adjustments, they may instead agree with the ECB to transmit exchange rate adjustments which will be used by the ECB to derive transactions.

PART 3

Special rules and adaptations

1.    Money market funds

The NCBs include adjustments data on money market funds (MMFs) when fulfilling their reporting obligations in respect of ‘reclassification adjustments’ and ‘revaluation adjustments’. These adjustments are also reported separately for MMFs in accordance with the dedicated quarterly reporting scheme.

NCBs report reclassification adjustments where there is a change in the MMF reporting population, as defined in Article 2 of Regulation (EU) 2021/379 (ECB/2021/2), resulting from amendments to the scope of entities authorised as MMFs in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council ( 12 ). A change in the MMF reporting population that results from a change in a fund’s investment policy is recorded as a financial transaction and not as a reclassification. This follows from the fact that any change in investment policy has to be agreed by the investors prior to the change and is therefore seen as an active investment decision.

Article 9(6) of Regulation (EU) 2021/379 (ECB/2021/2) provides that NCBs may grant derogations to some or all MMFs in respect of the reporting of revaluation adjustments. In these cases, NCBs should nevertheless provide information on a best estimate basis where the amounts involved are significant, in accordance with Article 5(2) of this Guideline.

The calculation of revaluation adjustments on MMF assets follows the common procedure applicable to all MFIs. On the liabilities side, positive changes in the value of MMF shares/units have traditionally been considered as transactions, in parallel to the payment (as opposed to the accrual) of interest on deposits, implying that the counterpart of the revaluations on the assets side would not be ‘money market fund shares/units’ but ‘remaining liabilities’. However, with respect to cases where MMF shares/units decline in price as a result of losses on the fund’s assets, this cannot be compared to interest payments. Against this background, Table 1A of Part 4 of Annex I to Regulation (EU) 2021/379 (ECB/2021/2) includes requirements on revaluation adjustments for MMF shares/units; NCBs should use this item to balance the price revaluations on the assets side, where relevant. The allocation should be performed in such a way as to only cover the actual price revaluations that are reflected as changes in the value of MMF shares/units.

2.    Individual MFI balance sheet item (IBSI) statistics

In accordance with Article 16(2) of this Guideline, NCBs report ancillary series covering revaluation and reclassification adjustments (see Part 2 of this Annex) and loan transfers on a best efforts basis.

In order to reduce the reporting burden, NCBs may apply a threshold approach when deriving the ancillary series. In particular, for where the absolute amount of the ancillary series to be reported is below the maximum of EUR 50 million and 1 % of the respective outstanding amount, i.e. threshold = max(EUR 50 million, 1 % of outstanding amount), NCBs may instead report the amount as zero or as a missing value. This threshold, which also applies to groups of credit institutions, is indicative and aims to help NCBs to decide whether to make an adjustment or not. Where the information is not readily available or is of a poor quality, the NCB may decide either to make estimates or to report a missing value.

In addition and in accordance with this Guideline, NCBs are only required to report ancillary series for credit institutions that are not core institutions to the extent that the statistical information are collected from those credit institutions in accordance with Regulation (EU) 2021/379 (ECB/2021/2). Where none of the statistical information required for reporting an ancillary series is available from the credit institutions that are not core institutions, NCBs may report a missing value.

3.    POGIs and central government

NCBs report, where relevant, statistical information on POGIs and central government covering their monetary liabilities vis-à-vis euro area resident non-monetary financial institutions and their holdings of cash and securities issued by euro area MFIs in accordance with Section 6 of this Guideline. For the purpose of compiling transactions, adjustments are, in principle, also provided in line with the requirements established for MFI balance sheet statistics, although in practice changes due to exchange rate or market price changes are unlikely to occur. These data are reported as indicated in Annex VI.




ANNEX II

PART 1



Table 1

Additional items to be reported for the balance sheet of central banks (1)

BALANCE SHEET ITEMS

Total

Euro area

Rest of the world

 

 

 

Domestic

Euro area other than domestic

 

Non-MFIs

LIABILITIES

 

 

 

 

 

8.  Currency in circulation

 

 

 

 

 

of which: Banknotes

 

 

 

 

 

Euro banknotes

M (†)

 

 

 

 

National denomination banknotes (2)

M (†)

 

 

 

 

of which: Coins

 

 

 

 

 

Coins denominated in euro

M (†)

 

 

 

 

Coins in national denominations (2)

M (†)

 

 

 

 

9.  Deposits

 

 

 

 

 

9.1.e  Overnight deposits (euro)

 

 

 

 

M

9.1.x  Overnight deposits (foreign currencies)

 

 

 

 

M

10.  MMFs shares/units

 

 

 

 

 

11.  Debt securities issued

 

 

 

 

 

up to 1 year (3)

 

M

M

M

 

12.  Capital and reserves

 

 

 

 

 

13.  Remaining liabilities

 

 

 

 

 

of which: transit items

M

 

 

 

 

of which: suspense items

M

 

 

 

 

of which: intra-Eurosystem liabilities on euro banknotes in circulation

 

M

 

 

of which: provisions representing liabilities against third parties

M

 

 

 

 

of which: net equity of households in pension funds reserves (4)

Q (#)

 

 

 

 

of which: adjustment for accounting/statistical discrepancies (5)

M (#)

 

 

 

 

Counterpart of SDRs

M (#)

 

 

 

 

ASSETS

 

 

 

 

 

1.  Cash

 

 

 

 

 

2.  Loans

 

 

 

 

 

o/w International reserves related deposits held with the ECB (6)

 

 

M

 

 

3.  Debt securities held

 

 

 

 

 

of which: interest accrued on debt securities held (7)

Q

 

 

 

 

4.  Equity

 

 

 

 

 

5.  Investment fund shares/units

 

 

 

 

 

6.  Non-financial assets

 

 

 

 

 

7.  Remaining assets

 

 

 

 

 

of which: transit items

M

 

 

 

 

of which: suspense items

M

 

 

 

 

of which: intra-Eurosystem claims on euro banknotes in circulation

 

M

 

 

of which: prepayment for insurance premiums and reserves for outstanding claims (8)

Q (#)

 

 

 

 

of which: claims related to coins in circulation issued by central government

 

M

 

 

 

of which: interest accrued on debt securities held (7)

Q

 

 

 

 

Gold & gold receivables (only monetary gold)

M (#)

 

 

 

 

Receivables from IMF - drawing rights, SDRs, other

M (#)

 

 

 

 

(1)   

Outstanding amounts to be reported for all items. Reclassfication and revaluation adjustments to be reported for cells marked (#). Reclassfication adjustments only to be reported for cells marked (†).

(2)   

Banknotes and coins denominated in the former national currencies which remain outstanding after the adoption of the euro. Data should be reported for at least 12 months after the enlargement.

(3)   

To be reported only if the phenomenon is applicable.

(4)   

Provisions representing liabilities against third parties which are liabilities of MFIs with households in the form of technical provisions established to provide pensions for employees. This typically refers to employee pension funds that have not been externalised to an independent institution.

(5)   

This item represents an adjustment, in net terms, made to balance the statistical balance sheet for discrepancies between the statistical and accounting valuations of reported assets and liabilities.

(6)   

This item includes the NCBs’ euro-denominated claims equivalent to the transfer of foreign currency reserves from the NCBs to the ECB.

(7)   

Accruals to be reported within debt securities held or in remaining assets in accordance with national practices.

(8)   

The part of gross premiums paid by MFIs which is to be allocated to the following accounting period plus claims by MFIs that are not yet settled.



Table 2

Additional items to be reported for the balance sheet of other MFIs (1)

BALANCE SHEET ITEMS

Total

Euro area

Rest of the world

 

 

 

Domestic

Euro area other than domestic

 

Non-MFIs

LIABILITIES

 

 

 

 

 

8.  Currency in circulation

 

 

 

 

 

9.  Deposits

 

 

 

 

 

of which: counterpart liability to non-derecognised loans (2)

 

M

M

M

 

9.1.e  Overnight deposits (euro)

 

 

 

 

M

9.1.x  Overnight deposits (foreign currencies)

 

 

 

 

M

10.  MMFs shares/units

 

 

 

 

 

11.  Debt securities issued (3)

 

 

 

 

 

up to 1 year

 

M (#)

M (#)

M (#)

 

over 1 & up to 2 years

 

M (#)

M (#)

M (#)

 

Euro

 

 

 

 

 

up to 1 year

 

M (#)

M (#)

M (#)

 

over 1 & up to 2 years

 

M (#)

M (#)

M (#)

 

Foreign currencies

 

 

 

 

 

up to 1 year

 

M (#)

M (#)

M (#)

 

over 1 & up to 2 years

 

M (#)

M (#)

M (#)

 

of which: interest accrued on debt securities issued (4)

Q

 

 

 

 

12.  Capital and reserves

 

 

 

 

 

13.  Remaining liabilities

 

 

 

 

 

of which: transit items

M

 

 

 

 

of which: suspense items

M

 

 

 

 

of which: provisions representing liabilities against third parties

M

 

 

 

 

of which: net equity of households in pension funds reserves (5)

Q (#)

 

 

 

 

of which: interest accrued on debt securities issued (4)

Q

 

 

 

 

of which: adjustment for accounting/statistical discrepancies (6)

M (#)

 

 

 

 

ASSETS

 

 

 

 

 

1.  Cash

 

 

 

 

 

2.  Loans

 

 

 

 

 

3.  Debt securities held

 

 

 

 

 

of which: interest accrued on debt securities held (4)

Q

 

 

 

 

4.  Equity

 

 

 

 

 

5.  Investment fund shares/units

 

 

 

 

 

6.  Non-financial assets

 

 

 

 

 

7.  Remaining assets

 

 

 

 

 

of which: transit items

M

 

 

 

 

of which: suspense items

M

 

 

 

 

of which: prepayment for insurance premiums and reserves for outstanding claims (7)

Q (#)

 

 

 

 

of which: interest accrued on debt securities held (4)

Q

 

 

 

 

(1)   

Outstanding amounts to be reported for all items. Reclassification and revaluation adjustments to be reported for cells marked (#). Reclassfication adjustments only to be reported for cells marked (†).

(2)   

These items represent the counterpart liability to loans securitised but not derecognised from the MFI balance sheet under the applicable accounting standards.

(3)   

Subject to agreement between ECB and NCB, these series may not be reported by the NCB where alternative data sources are used by ECB.

(4)   

Accruals to be reported within the corresponding instrument category or in remaining assets/remaining liabilities in accordance with national practices.

(5)   

Provisions representing liabilities against third parties which are liabilities of MFIs with households in the form of technical provisions established to provide pensions for employees. This typically refers to employee pension funds that have not been externalised to an independent institution.

(6)   

This item represents an adjustment, in net terms, made to balance the statistical balance sheet for discrepancies between the statistical and accounting valuations of reported assets and liabilities.

(7)   

The part of gross premiums paid by MFIs which is to be allocated to the following accounting period plus claims by MFIs that are not yet settled.



Table 3

Loans granted to euro area other financial intermediaries + financial auxiliaries + captive financial institutions and money lenders (S.125+S.126+S.127)

Outstanding amounts, revaluation adjustments and reclassification adjustments (quarterly)

BALANCE SHEET ITEMS

A. Domestic

B. Euro area other than domestic

 

Total

Other financial intermediaries (S.125)

Financial auxiliaries (S.126)

Captive financial institutions and money lenders (S.127)

Total

Other financial intermediaries (S.125)

Financial auxiliaries (S.126)

Captive financial institutions and money lenders (S.127)

ASSETS

 

 

 

 

 

 

 

 

Loans

 

 

 

 

 

 

 

 

up to 1 year

 

 

 

 

 

 

 

 

over 1 and up to 5 years

 

 

 

 

 

 

 

 

over 5 years

 

 

 

 

 

 

 

 

PART 2

image Table 1
Loans transferred by domestic MFIs with impact on reported loan stocks (1) serviced by non-MFIs
Outstanding amounts and financial transactions excluding the impact of loan transfers (monthly)

image Table 2
Transferred loans serviced by a domestic MFI other than the transferor (1)
Net transfers, outstanding amounts, reclassification adjustments and revaluation adjustments (monthly) (2)

PART 3