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Document 32014O0043

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

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

In force

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

9.4.2015   

EN

Official Journal of the European Union

L 93/82


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

of 6 November 2014

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

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

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

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

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

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

Whereas:

(1)

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

(2)

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

HAS ADOPTED THIS GUIDELINE:

Article 1

Amendments to Annex II to Guideline ECB/2014/15

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

1.

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

2.

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

 

‘Sent

Received

Memo items

Number of transactions

Value of transactions

Number of transactions

Value of transactions

Transactions per type of payment instrument

Credit transfers

Initiated electronically

of which:

 

 

 

 

Initiated on a single payment basis

 

 

 

 

of which:

 

 

 

 

Online banking based e-payments

Geo 1

Geo 1

Credits to the accounts by simple book entry

Geo 0

Geo 0

Debits from the accounts by simple book entry

Geo 0

Geo 0

 

 

 

Money remittances

Geo 3

Geo 3

Geo 2

Geo 2

Transactions via telecommunication, digital or IT device

Geo 1

Geo 1

Geo 2

Geo 2

Other services (not included in the Payment Services Directive)

Geo 4

Geo 4

—’

;

3.

in Part 16, the following definition is added:

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

.

Article 2

Taking effect and implementation

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

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

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

Article 3

Addressees

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

Done at Frankfurt am Main, 6 November 2014.

For the Governing Council of the ECB

The President of the ECB

Mario DRAGHI


(1)  OJ L 318, 27.11.1998, p. 8.

(2)  OJ L 372, 31.12.1986, p. 1.

(3)  OJ L 35, 9.2.2011, p. 31.

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

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


ANNEX

‘PART 12

Securities issues statistics

Section 1: Introduction

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

all issues by euro area residents in any currency, and

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

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

The table below summarises the reporting requirements.

 

Securities issues

By euro area residents

(each NCB reporting on its domestic residents)

By RoW residents

(BIS/NCB)

Non-euro area Member States

Other countries

In euro/national denominations

Block A

Block B

In other currencies  (2)

Block C

Block D

not required

Section 2: Reporting requirements

Table 1

Block A reporting form for NCBs

 

DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

Outstanding amounts

Gross issues

Redemptions

Net issues (4)

 

A1

A2

A3

A4

1.   SHORT-TERM DEBT SECURITIES  (3)

Total

S1

S68

S135

S202

ECB/NCB

S2

S69

S136

S203

MFIs other than central banks

S3

S70

S137

S204

OFIs

S4

S71

S138

S205

Of which FVC

S5

S72

S139

S206

Financial auxiliaries

S6

S73

S140

S207

Captive financial institutions

S7

S74

S141

S208

Insurance corp. and pension funds

S8

S75

S142

S209

Non-financial corporations

S9

S76

S143

S210

Central government

S10

S77

S144

S211

State and local government

S11

S78

S145

S212

Social security funds

S12

S79

S146

S213

 

 

 

 

 

2.   LONG-TERM DEBT SECURITIES  (3)

Total

S13

S80

S147

S214

ECB/NCB

S14

S81

S148

S215

MFIs other than central banks

S15

S82

S149

S216

OFIs

S16

S83

S150

S217

Of which FVC

S17

S84

S151

S218

Financial auxiliaries

S18

S85

S152

S219

Captive financial institutions

S19

S86

S153

S220

Insurance corp. and pension funds

S20

S87

S154

S221

Non-financial corporations

S21

S88

S155

S222

Central government

S22

S89

S156

S223

State and local government

S23

S90

S157

S224

Social security funds

S24

S91

S158

S225

 

 

 

 

 

2.1.   of which fixed rate issues:

Total

S25

S92

S159

S226

ECB/NCB

S26

S93

S160

S227

MFIs other than central banks

S27

S94

S161

S228

OFIs

S28

S95

S162

S229

Of which FVC

S29

S96

S163

S230

Financial auxiliaries

S30

S97

S164

S231

Captive financial institutions

S31

S98

S165

S232

Insurance corp. and pension funds

S32

S99

S166

S233

Non-financial corporations

S33

S100

S167

S234

Central government

S34

S101

S168

S235

State and local government

S35

S102

S169

S236

Social security funds

S36

S103

S170

S237

 

 

 

 

 

2.2.   of which floating rate issues:

Total

S37

S104

S171

S238

ECB/NCB

S38

S105

S172

S239

MFIs other than central banks

S39

S106

S173

S240

OFIs

S40

S107

S174

S241

Of which FVC

S41

S108

S175

S242

Financial auxiliaries

S42

S109

S176

S243

Captive financial institutions

S43

S110

S177

S244

Insurance corp. and pension funds

S44

S111

S178

S245

Non-financial corporations

S45

S112

S179

S246

Central government

S46

S113

S180

S247

State and local government

S47

S114

S181

S248

Social security funds

S48

S115

S182

S249

 

 

 

 

 

2.3.   of which zero coupon bonds:

Total

S49

S116

S183

S250

ECB/NCB

S50

S117

S184

S251

MFIs other than central banks

S51

S118

S185

S252

OFIs

S52

S119

S186

S253

Of which FVC

S53

S120

S187

S254

Financial auxiliaries

S54

S121

S188

S255

Captive financial institutions

S55

S122

S189

S256

Insurance corp. and pension funds

S56

S123

S190

S257

Non-financial corporations

S57

S124

S191

S258

Central government

S58

S125

S192

S259

State and local government

S59

S126

S193

S260

Social security funds

S60

S127

S194

S261

 

 

 

 

 

3.   LISTED SHARES  (5)

Total

S61

S128

S195

S262

ECB/NCBs

S62

S129

S196

S263

MFIs other than central banks

S63

S130

S197

S264

OFIs

S64

S131

S198

S265

Financial auxiliaries

S65

S132

S199

S266

Insurance corp. and pension funds

S66

S133

S200

S267

Non-financial corporations

S67

S134

S201

S268

 

 

 

 

 


Table 2

Block C reporting form for NCBs

 

DOMESTIC RESIDENT ISSUERS//OTHER CURRENCIES

Outstanding amounts

Gross issues

Redemptions

Net issues

 

C1

C2

C3

C4

4.   SHORT-TERM DEBT SECURITIES

Total

S269

S335

S401

S467

ECB/NCB

S270

S336

S402

S468

MFIs other than central banks

S271

S337

S403

S469

OFIs

S272

S338

S404

S470

Of which FVC

S273

S339

S405

S471

Financial auxiliaries

S274

S340

S406

S472

Captive financial institutions

S275

S341

S407

S473

Insurance corp. and pension funds

S276

S342

S408

S474

Non-financial corporations

S277

S343

S409

S475

Central government

S278

S344

S410

S476

State and local government

S279

S345

S411

S477

Social security funds

S280

S346

S412

S478

 

 

 

 

 

5.   LONG-TERM DEBT SECURITIES

Total

S281

S347

S413

S479

ECB/NCB

S282

S348

S414

S480

MFIs other than central banks

S283

S349

S415

S481

OFIs

S284

S350

S416

S482

Of which FVC

S285

S351

S417

S483

Financial auxiliaries

S286

S352

S418

S484

Captive financial institutions

S287

S353

S419

S485

Insurance corp. and pension funds

S288

S354

S420

S486

Non-financial corporations

S289

S355

S421

S487

Central government

S290

S356

S422

S488

State and local government

S291

S357

S423

S489

Social security funds

S292

S358

S424

S490

 

 

 

 

 

5.1.   of which fixed rate issues:

Total

S293

S359

S425

S491

ECB/NCB

S294

S360

S426

S492

MFIs other than central banks

S295

S361

S427

S493

OFIs

S296

S362

S428

S494

Of which FVC

S297

S363

S429

S495

Financial auxiliaries

S298

S364

S430

S496

Captive financial institutions

S299

S365

S431

S497

Insurance corp. and pension funds

S300

S366

S432

S498

Non-financial corporations

S301

S367

S433

S499

Central government

S302

S368

S434

S500

State and local government

S303

S369

S435

S501

Social security funds

S304

S370

S436

S502

 

 

 

 

 

5.2.   of which floating rate issues:

Total

S305

S371

S437

S503

ECB/NCB

S306

S372

S438

S504

MFIs other than central banks

S307

S373

S439

S505

OFIs

S308

S374

S440

S506

Of which FVC

S309

S375

S441

S507

Financial auxiliaries

S310

S376

S442

S508

Captive financial institutions

S311

S377

S443

S509

Insurance corp. and pension funds

S312

S378

S444

S510

Non-financial corporations

S313

S379

S445

S511

Central government

S314

S380

S446

S512

State and local government

S315

S381

S447

S513

Social security funds

S316

S382

S448

S514

 

 

 

 

 

5.3.   of which zero coupon bonds:

Total

S317

S383

S449

S515

ECB/NCB

S318

S384

S450

S516

MFIs other than central banks

S319

S385

S451

S517

OFIs

S320

S386

S452

S518

Of which FVC

S321

S387

S453

S519

Financial auxiliaries

S322

S388

S454

S520

Captive financial institutions

S323

S389

S455

S521

Insurance corp. and pension funds

S324

S390

S456

S522

Non-financial corporations

S325

S391

S457

S523

Central government

S326

S392

S458

S524

State and local government

S327

S393

S459

S525

Social security funds

S328

S394

S460

S526

 

 

 

 

 

6.   LISTED SHARES

Total

S329

S395

S461

S527

MFIs other than central banks

S330

S396

S462

S528

OFIs

S331

S397

S463

S529

Financial auxiliaries

S332

S398

S464

S530

Insurance corp. and pension funds

S333

S399

S465

S531

Non-financial corporations

S334

S400

S466

S532


Table 3

Block A memorandum items reporting form for NCBs

 

DOMESTIC RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

Outstanding amounts

Gross issues

Redemptions

Net issues

 

A1

A2

A3

A4

6.   LISTED SHARES

Captive financial institutions

S533

S544

S555

S566

 

 

 

 

 

7.   UNLISTED SHARES

Total

S534

S545

S556

S567

MFIs other than central banks

S535

S546

S557

S568

OFIs

S536

S547

S558

S569

Insurance corp. and pension funds

S537

S548

S559

S570

Non-financial corporations

S538

S549

S560

S571

 

 

 

 

 

8.   OTHER EQUITY

Total

S539

S550

S561

S572

MFIs other than central banks

S540

S551

S562

S573

OFIs

S541

S552

S563

S574

Insurance corp. and pension funds

S542

S553

S564

S575

Non-financial corporations

S543

S554

S565

S576

 

 

 

 

 

 

 

 

 

 

1.   Residency of the issuer

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

Issues by head offices located in the reporting country's economic territory which operate internationally must also be considered as issues by resident units. Issues by head offices or subsidiaries located outside the reporting country's economic territory but owned by residents of the reporting country must be considered as issues by non-residents. For example, issues by Volkswagen Brazil are considered to have been carried out by units resident in Brazil and not in the reporting country's territory. In the absence of any physical dimension to an enterprise, its residence is determined according to the economic territory under whose laws the enterprise is incorporated or registered (6).

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

2.   Sectoral breakdown of issuers

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

ECB/NCBs,

other MFIs,

OFIs,

of which financial vehicle corporations engaged in securitisation,

financial auxiliaries,

captive financial institutions,

insurance corporations and pension funds (7),

non-financial corporations,

central government,

State and local government,

social security funds,

international institutions.

Securities issued through SPEs where the ultimate liability for the issue is incurred by the parent organisation and not the SPE must be attributed to the parent organisation and not the SPE. For example, issues by an SPE of “AJAX Electronics”, a non-financial corporation located in the euro area country “Country A”, would have to be allocated to the non-financial corporation sector and reported by Country A. However, the SPE and its parent must be resident in the same country. Hence, where the parent company is not a resident of the reporting country, the SPE must be treated as a notional resident of the reporting country, and the issuing sector must be aligned with the economic function of the SPE. For example, if “ACME Motors” was a non-financial corporation resident in Japan producing automobiles and “ACME Motor Finance” was a subsidiary resident in euro area country “Country B”, issues by ACME Motor Finance would have to be attributed to captive financial institutions of Country B, because the parent company ACME Motors is not resident in the same country. The only exception to this is the case of SPEs owned by government, in which case the security is recorded as being issued by the government in the country of the parent organisation (8).

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

3.   Maturity of issues

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

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

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

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

Long-term debt securities are divided into:

 

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

 

Variable interest rate debt securities, i.e. debt securities where the coupon rate and/or underlying principal is linked to a general price index for goods and services (such as the consumer price index), an interest rate, or an asset price resulting in a variable nominal coupon payment over the life of the issue. For the purposes of securities issues statistics, mixed interest rate debt securities are classified as variable interest rate (9).

 

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

5.   Classification of issues

Issues are analysed under two broad groupings: (a) debt securities (10), and (b) listed shares (11). Securities issued via private placement are covered as far as possible. Money market paper is included indistinguishably as part of debt securities. Unlisted shares (12) and other equity (13) may be reported on a voluntary basis as two separate memorandum items. Shares/units issued by money market funds and other investment funds are excluded.

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

(a)

Debt securities

(i)

Short-term debt securities

The following instruments are included as a minimum.

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

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

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

Bankers' acceptances.

(ii)

Long-term debt securities

The following instruments are illustrative and included as a minimum.

Bearer bonds.

Subordinated bonds.

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

Undated or perpetual bonds.

Variable rate notes.

Convertible bonds.

Covered bonds.

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

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

Zero coupon bonds.

Euro bonds.

Global bonds.

Privately issued bonds.

Securities resulting from the conversion of loans.

Loans that have become negotiable de facto.

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

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

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

The following instruments are excluded:

transactions in securities as part of repurchase agreements,

issues of non-negotiable securities,

non-negotiable loans.

(b)

Listed shares

Listed shares include the following.

Capital shares issued by limited liability companies.

Redeemed shares in limited liability companies.

Dividend shares issued by limited liability companies.

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

Private placements where possible.

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

Listed shares exclude:

shares offered for sale but not taken up on issue,

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

the equity of partners with unlimited liability in incorporated partnerships,

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

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

6.   Currency of issue

Dual currency bonds must be classified according to the denomination of the bond. Dual currency bonds are defined as bonds that are scheduled to be redeemed or the coupon paid in a different currency from the denomination of the bond. If a global bond is issued in more than one currency, each portion must be reported as a separate issue, according to its currency of issue. Where issues are denominated in two currencies, e.g. 70 % in euro and 30 % in US dollars, the relevant components of the issue must be reported separately where possible according to the currency denomination. Hence, in the given example 70 % of the issue must be reported as issues in euro/national denominations (14) and 30 % as issues in other currencies. Where it is not possible to separately identify the currency components of an issue, the actual breakdown made by the reporting country must be indicated in the national explanatory notes.

7.   Time of recording issue

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

8.   Reconciliation of stocks and flows

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

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

(i)

Outstanding issues at end of reporting period

Outstanding issues at end of previous reporting period

+

Gross issues during reporting period

Redemptions during reporting period

+

Reclassifications and other changes

(ii)

Outstanding issues at end of reporting period

Outstanding issues at end of previous reporting period

+

Net issues during reporting period

 

 

+

Reclassifications and other changes

(a)   Gross issues

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

For listed shares, gross issues cover newly-created shares which are issued for cash by corporations listed on a stock exchange for the first time, including newly-created companies or private companies becoming public companies. Gross issues also cover newly-created shares which are issued against cash during the privatisation of public corporations when the corporation's shares are listed on a stock exchange. The issue of bonus shares must be excluded (15). Gross issues must not be reported in the event of a sole listing of a corporation on a stock exchange where no new capital is raised.

The exchange or transfer of existing securities during a takeover or merger is not covered (16) within the reported gross issues or redemptions, except for new instruments which are created and issued against cash by a euro area resident entity.

Issues of securities which can later be converted into other instruments must be recorded as issues in their original instrument category; on conversion they are to be recorded as having been redeemed from this instrument category, with an identical amount then treated as gross issues in a new category (17).

(b)   Redemptions

Redemptions during the reporting period cover all repurchases of debt securities and listed shares by the issuer, where the investor receives cash for the securities. Redemptions concern the regular deletion of instruments. They cover all debt securities reaching their maturity date, as well as early redemptions. Company share buy-backs are covered if the company either repurchases all shares against cash prior to a change of its legal form, or repurchases part of its shares against cash and subsequently cancels them, leading to a reduction in capital. Company share buy-backs are not covered if they represent investments by a company in its own shares (18).

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

(c)   Net issues

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

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

9.   Valuation

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

NCBs must report short-term debt securities at face value (19) and listed shares at market value. For long-term debt securities different methods may be used for valuation depending on the interest rate type, resulting in a mixed valuation for the total. For example, fixed interest rate and variable interest rate issues are typically valued at face value, and zero coupon bonds at the nominal value. Generally, the relative amount of zero coupon bonds is small, so that no provision for a mixed valuation value is made in the code list; the total amount of long-term debt securities is reported at face value. Where the magnitude of the phenomenon is significant, the value “Z” for “not specified” is used. In general, whenever there is a situation where mixed valuation occurs, details are provided by the NCB at the attribute level in accordance with the attributes in Annex III.

(a)

Price valuation

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

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

Formula

where

A

=

nominal value = effective amount paid and accrued interest

E

=

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

P

=

face value (repaid at end of maturity)

T

=

time to maturity from issue date (in days)

t

=

time passed since issue date (in days)

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

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

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

(b)

Reporting currency and exchange rate valuation

NCBs must report all data to the ECB expressed in euro, including historical series. For the conversion into euro of securities issued by domestic residents in other currencies (Block C) (20), NCBs must follow as closely as possible the exchange rate valuation principles based on the ESA 2010 (21), as set out below.

(i)

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

(ii)

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

10.   Conceptual consistency

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

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

11.   Data requirements

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

Section 3: National explanatory notes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Coverage in %:

Comments:

Issues in euro/national denominations

Local denomination

STS

 

 

LTS

 

 

QUS

 

 

Euro/national denominations other than the local currency including ECU

STS

 

 

LTS

 

 

In other currencies

STS

 

 

LTS

 

 

STS

=

short-term debt securities.

LTS

=

long-term debt securities.

QUS

=

listed shares.

Section 4: Requirements for the Bank for International Settlements

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

Table 4

Block B Reporting form for the BIS

 

ROW RESIDENT ISSUERS//EURO/NATIONAL DENOMINATIONS

Outstanding amounts

Gross issues

Redemptions

 

B1

B2

B3

9.   SHORT-TERM DEBT SECURITIES

Total

S577

S642

S707

NCB

S578

S643

S708

MFIs other than central banks

S579

S644

S709

OFIs

S580

S645

S710

Of which FVC

S581

S646

S711

Financial auxiliaries

S582

S647

S712

Captive financial institutions

S583

S648

S713

Insurance corp. and pension funds

S584

S649

S714

Non-financial corporations

S585

S650

S715

Central government

S586

S651

S716

State and local government

S587

S652

S717

Social security funds

S588

S653

S718

International organisations

S589

S654

S719

 

 

 

 

10.   LONG-TERM DEBT SECURITIES

Total

S590

S655

S720

NCB

S591

S656

S721

MFIs other than central banks

S592

S657

S722

OFIs

S593

S658

S723

Of which FVC

S594

S659

S724

Financial auxiliaries

S595

S660

S725

Captive financial institutions

S596

S661

S726

Insurance corp. and pension funds

S597

S662

S727

Non-financial corporations

S598

S663

S728

Central government

S599

S664

S729

State and local government

S600

S665

S730

Social security funds

S601

S666

S731

International organisations

S602

S667

S732

 

 

 

 

10.1.   of which fixed rate issues:

Total

S603

S668

S733

NCB

S604

S669

S734

MFIs other than central banks

S605

S670

S735

OFIs

S606

S671

S736

Of which FVC

S607

S672

S737

Financial auxiliaries

S608

S673

S738

Captive financial institutions

S609

S674

S739

Insurance corp. and pension funds

S610

S675

S740

Non-financial corporations

S611

S676

S741

Central government

S612

S677

S742

State and local government

S613

S678

S743

Social security funds

S614

S679

S744

International organisations

S615

S680

S745

 

 

 

 

10.2.   of which floating rate issues:

Total

S616

S681

S746

NCB

S617

S682

S747

MFIs other than central banks

S618

S683

S748

OFIs

S619

S684

S749

Of which FVC

S620

S685

S750

Financial auxiliaries

S621

S686

S751

Captive financial institutions

S622

S687

S752

Insurance corp. and pension funds

S623

S688

S753

Non-financial corporations

S624

S689

S754

Central government

S625

S690

S755

State and local government

S626

S691

S756

Social security funds

S627

S692

S757

International organisations

S628

S693

S758

 

 

 

 

10.3.   of which zero coupon bonds:

Total

S629

S694

S759

NCB

S630

S695

S760

MFIs other than central banks

S631

S696

S761

OFIs

S632

S697

S762

Of which FVC

S633

S698

S763

Financial auxiliaries

S634

S699

S764

Captive financial institutions

S635

S700

S765

Insurance corp. and pension funds

S636

S701

S766

Non-financial corporations

S637

S702

S767

Central government

S638

S703

S768

State and local government

S639

S704

S769

Social security funds

S640

S705

S770

International organisations

S641

S706

S771

 

 

 

 

Maturity of issues

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

Sectoral breakdown of issuers

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

Sectoral breakdown in BIS database

 

Classification in report forms

Central bank

NCB and ECB

Commercial banks

MFIs

OFI

OFIs

Central government

Central government

Other government

State agencies

State and local government

Corporations

Non-financial corporations

International institutions

International institutions (RoW)

Classification of issues

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

certificates of deposit,

commercial paper,

treasury bills,

bonds,

euro commercial paper,

medium-term notes,

other short-term paper.

Valuation

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

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


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

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

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

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

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

(6)  See paragraph 2.07 of the ESA 2010.

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

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

(9)  See paragraph 5.102 of the ESA 2010.

(10)  Category F.3 of the ESA 2010.

(11)  Category F.511 of the ESA 2010.

(12)  Category F.512 of the ESA 2010.

(13)  Category F.519 of the ESA 2010.

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

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

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

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

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

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

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

(21)  See paragraph 6.64 of the ESA 2010.


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