This document is an excerpt from the EUR-Lex website
Document 32012A1016(01)
Commission Opinion of 15 October 2012 on a draft regulation of the European Central Bank concerning statistics on holdings of securities
Commission Opinion of 15 October 2012 on a draft regulation of the European Central Bank concerning statistics on holdings of securities
Commission Opinion of 15 October 2012 on a draft regulation of the European Central Bank concerning statistics on holdings of securities
OJ C 312, 16.10.2012, p. 1–2
(BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
16.10.2012 |
EN |
Official Journal of the European Union |
C 312/1 |
COMMISSION OPINION
of 15 October 2012
on a draft regulation of the European Central Bank concerning statistics on holdings of securities
2012/C 312/01
1. Introduction
1.1. |
On 9 August 2012, the Commission received a request from the European Central Bank (ECB) for an opinion on a draft ECB regulation concerning statistics on holdings of securities (hereinafter the ‘draft regulation’). |
1.2. |
The Commission welcomes this request in accordance with the obligation to consult the Commission as laid down in Article 5(2) of Council Regulation (EC) No 2533/98 concerning the collection of statistical information by the ECB. |
2. Specific observations
2.1. |
The Commission welcomes the reference to Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community (ESA 95). The Commission considers that mention should also be made in the recitals to the ongoing revision of ESA 95 in the form of the ESA 2010 (Commission proposal COM(2010) 774 final). |
2.2. |
Greater prominence should be given to monetary policy in the motivation for the draft regulation, e.g. by the reinforcing the related wording in recital No 2. |
2.3. |
When applied, the new data collection set out in the draft regulation should ensure a more harmonised set of statistics on holdings of euro-area securities and better information on the holdings of securities by large banking and insurance groups. Attention should be paid that the system of derogations and thresholds provided for in the draft regulation does not affect the quality of information which may be used in the context of the analysis and the assessment of EU financial stability. |
2.4. |
The availability of the data collected under the draft regulation is likely to be important also for other institutions beyond the ECB. Therefore, the Commission considers that the ECB should undertake to make these statistics available to other institutions or publish them in adequate form, while observing confidentiality restrictions. |
2.5. |
As reference is made to the ESA in this regulation, the ECB should check that consistency with ESA definitions is ensured as appropriate. In particular, the following corrections could be made in:
|
2.6. |
Since the Commission is required to be consulted on the draft regulation, a citation to that effect should be inserted in the draft regulation. |
3. Conclusion
3.1. |
The Commission generally supports the draft regulation insofar as it provides better information on the financial sector in the euro area, in support of sector analysis and financial stability assessment. However, the Commission is of the opinion that the draft regulation could be more specific on the issues raised above. |
3.2. |
The Commission will welcome any future consultations on relevant draft ECB regulations. |
Done at Luxembourg, 15 October 2012.
For the Commission
Algirdas ŠEMETA
Member of the Commission