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Document 32019R0113
Regulation (EU) 2019/113 of the European Central Bank of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33)
Regulation (EU) 2019/113 of the European Central Bank of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33)
Regulation (EU) 2019/113 of the European Central Bank of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33)
OJ L 23, 25.1.2019, p. 19–34
(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
25.1.2019 |
EN |
Official Journal of the European Union |
L 23/19 |
REGULATION (EU) 2019/113 OF THE EUROPEAN CENTRAL BANK
of 7 December 2018
amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5 thereof,
Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1), and in particular Articles 5(1) and 6(4) thereof,
After consulting the European Commission,
Whereas:
(1) |
Regulation (EU) No 1333/2014 of the European Central Bank (ECB/2014/48) (2) requires the reporting of statistical data by reporting agents in order that the European System of Central Banks (ESCB), in the fulfilment of its tasks, may produce statistics on the euro money market. |
(2) |
To ensure the availability of high quality statistics on the euro money market, it is necessary to amend certain provisions of Regulation (EU) No 1333/2014 (ECB/2014/48). In particular, it is important to ensure that each reporting agent reports to the European Central Bank (ECB) or the relevant national central bank (NCB) all transactions entered into between the reporting agent and financial corporations (except central banks where the transaction is not for investment purposes), as well as general government and certain non-financial corporations. In addition, it is necessary to ensure that the data collection benefits from the extended mandatory use of the Legal Entity Identifier (LEI) in reporting in the Union. |
(3) |
Given the importance of ensuring the availability of timely statistics on the euro money market, it is also necessary to harmonise and strengthen the obligations of reporting agents to transmit information to NCBs or the ECB in a timely manner. |
(4) |
Precautions should be taken to ensure that statistical information is collected, compiled and transmitted by reporting agents in a manner which protects the integrity of the information. In particular, it is important to emphasise that statistical information received by the NCBs or the ECB should be impartial, i.e. a neutral representation of observable transactions entered into at arm's-length by the reporting agent, objective and reliable, in order to conform with the general principles in the ESCB's Public commitment on European Statistics (3). Moreover, reporting agents should ensure that any errors in reported statistical information are corrected and communicated to the ECB and the relevant NCB at the earliest possible date. |
(5) |
Implementation of these provisions will ensure that the ESCB has more timely, comprehensive, detailed, harmonised and reliable statistical information on the euro money market, which will allow for a more in-depth analysis of the monetary policy transmission mechanism. In addition, the data collected may be used for the development and administration of a euro unsecured overnight interest rate. |
(6) |
Therefore, Regulation (EU) No 1333/2014 (ECB/2014/48) should be amended accordingly, |
HAS ADOPTED THIS REGULATION:
Article 1
Amendments
Regulation (EU) No 1333/2014 (ECB/2014/48) is amended as follows:
1. |
Article 1 is amended as follows:
|
2. |
Article 3 is amended as follows:
|
3. |
Article 4 is amended as follows:
|
4. |
Article 5 is deleted; |
5. |
Annex I to Regulation (EU) No 1333/2014 (ECB/2014/48) is replaced by the text set out in Annex I to this Regulation; |
6. |
Annex II to Regulation (EU) No 1333/2014 (ECB/2014/48) is replaced by the text set out in Annex II to this Regulation; |
7. |
Annex III to Regulation (EU) No 1333/2014 (ECB/2014/48) is replaced by the text set out in Annex III to this Regulation; |
8. |
Annex IV to Regulation (EU) No 1333/2014 (ECB/2014/48) is replaced by the text set out in Annex IV to this Regulation. |
Article 2
Final provisions
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 15 March 2019.
This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.
Done at Frankfurt am Main, 7 December 2018.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) OJ L 318, 27.11.1998, p. 8.
(2) Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97).
(3) Available on the ECB's website at www.ecb.europa.eu
ANNEX I
‘ANNEX I
Reporting scheme for money market statistics relating to secured transactions
PART 1
TYPE OF INSTRUMENTS
Reporting agents report to the European Central Bank (ECB) or the relevant national central bank (NCB) all repurchase agreements and transactions entered into thereunder, including tri-party repo transactions, which are denominated in euro with a maturity of up to and including one year (defined as transactions with a maturity date of not more than 397 days after the settlement date) between the reporting agent and financial corporations (except central banks where the transaction is not for investment purposes), general government, or non-financial corporations classified as “wholesale” according to the Basel III LCR Framework. Intra-group transactions shall be excluded.
PART 2
TYPE OF DATA
1. |
Type of transaction-based data (*1) to be reported for each transaction:
|
2. |
Materiality threshold:
Transactions undertaken with non-financial corporations should only be reported when undertaken with non-financial corporations classified as “wholesale” on the basis of the Basel III LCR Framework (*2). |
(*1) The electronic reporting standards and the technical specifications for the data are laid down separately. They are available on the ECB's website at: www.ecb.europa.eu.
(*2) See “Basel III: The liquidity coverage ratio and liquidity risk monitoring tools”, Basel Committee on Banking Supervision, January 2013, pp. 23 to 27, available on the Bank for International Settlements' website at: www.bis.org.
ANNEX II
‘ANNEX II
Reporting scheme for money market statistics relating to unsecured transactions
PART 1
TYPE OF INSTRUMENTS
1. |
Reporting agents report to the European Central Bank (ECB) or the relevant national central bank (NCB):
For the purposes of paragraphs 1(a) and (b) above, intra–group transactions shall be excluded. |
2. |
The table below provides a detailed standard description of the instrument categories for transactions which reporting agents are required to report to the ECB. In the event that the reporting agents are required to report the transactions to their NCB, the relevant NCB should transpose these descriptions of instrument categories at national level in accordance with this Regulation.
|
PART 2
TYPE OF DATA
1. |
Type of transaction-based data (*1) to be reported for each transaction:
|
2. |
Materiality threshold:
Transactions undertaken with non-financial corporations should only be reported when undertaken with non-financial corporations classified as “wholesale” on the basis of the Basel III LCR Framework. |
(*1) The electronic reporting standards and the technical specifications for the data are laid down separately. They are available on the ECB's website at: www.ecb.europa.eu.
ANNEX III
‘ANNEX III
Reporting scheme for money market statistics relating to derivatives transactions
PART 1
TYPE OF INSTRUMENTS
Reporting agents report to the European Central Bank (ECB) or the relevant national central bank (NCB):
(a) |
all foreign exchange swap transactions, in which euro are bought/sold spot against a foreign currency and re-sold or re-bought at a forward date at a pre-agreed foreign exchange forward rate with a maturity of up to and including one year (defined as transactions with a maturity date of not more than 397 days after the settlement date of the spot leg of the foreign exchange swap transaction), between the reporting agent and financial corporations (except central banks where the transaction is not for investment purposes), general government, or non-financial corporations classified as “wholesale” according to the Basel III LCR Framework; |
(b) |
overnight index swaps (OIS) transactions denominated in euro between the reporting agent and financial corporations (except central banks where the transaction is not for investment purposes), general government, or non-financial corporations classified as “wholesale” according to the Basel III LCR Framework. |
For the purposes of paragraphs (a) and (b) above, intra–group transactions shall be excluded.
PART 2
TYPE OF DATA
1. |
Type of transaction-based data (*1) for foreign exchange swap transactions to be reported for each transaction:
|
2. |
Type of transaction-based data for OIS transactions to be reported for each transaction:
|
3. |
Materiality threshold:
Transactions undertaken with non-financial corporations should only be reported when undertaken with non-financial corporations classified as “wholesale” on the basis of the Basel III LCR Framework. |
(*1) The electronic reporting standards and the technical specifications for the data are laid down separately. They are available on the ECB's website at: www.ecb.europa.eu.
ANNEX IV
‘ANNEX IV
Minimum standards to be applied by the actual reporting population
Reporting agents must fulfil the following minimum standards to meet the European Central Bank's (ECB's) statistical reporting requirements.
1. |
Minimum standards for transmission:
|
2. |
Minimum standards for accuracy:
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3. |
Minimum standards for compliance with concepts:
|
4. |
Minimum standards for revisions:
The revisions policy and procedures set by the ECB and the relevant NCB must be followed. Revisions deviating from regular revisions must be accompanied by explanatory notes. |
5. |
Minimum standards for data integrity:
|