20.8.2018

Official Journal of the European Union

L 209/2

GUIDELINE (EU) 2018/1151 OF THE EUROPEAN CENTRAL BANK

of 2 August 2018

amending Guideline ECB/2011/23 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2018/19)

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 Articles 3.1, 3.3, 5.1, 12.1, 14.3 and 16 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 4 thereof,

Whereas:

(1)

In order to respond to increasing analytical needs, for monetary policy and financial stability purposes, stemming from the financial and economic crises, the consequences of globalisation (e.g. financial engineering and increased complexity of multinational firms), and financial innovation, quarterly balance of payments and international investment positions statistics need to be further enhanced. In addition, further integration between quarterly balance of payments and international investment position statistics and national (including sectoral) accounts statistics is required.

(2)

The non-financial corporate sector is economically very important, but is not yet separately covered in Guideline ECB/2011/23 (2). Moreover, the significance of the individual sub-sectors of non-monetary financial institutions for the financing of the economy is still growing, which increases the importance of collecting information on these sub-sectors for the sake of transparency and to enhance economical and financial analysis.

(3)

Exchange rate risks and currency imbalances are increasingly relevant in the context of globalisation and financial integration, as identified in the G20 Data Gaps Initiative. As a first step towards a better understanding of these risks, and to shed further light on the development of the relative importance of key currencies, comprehensive information on the currency of denomination of international investment positions should be reported on a quarterly basis.

(4)

For a thorough bilateral analysis of the transactions and international investment positions of the euro area vis-à-vis its main trading partners, improvements to the geographical detail are needed so that all G-20 countries are individually identified. Moreover, data quality considerations, i.e. bilateral asymmetries analysis, require the collection of quarterly data on bilateral transactions and positions between all Member States.

(5)

Consistency between balance of payments and international investment position statistics on the one hand and national (including sectoral) accounts statistics on the other is of paramount importance in the efforts to improve data quality. The methodologies underlying the compilation of these two data sets are identical; thus data from the two statistical domains are frequently combined for analytical purposes. It is therefore important that sufficient detail by instrument type is available in the balance of payments and international investment positions statistics to allow for precise combination of the two data sets.

(6)

The compilation and release of euro area aggregates for all the new data requirements should be accompanied by a comprehensive release of the respective national data sets to enable a meaningful cross-country analysis of this information. The publishable national data sets should not contain confidential statistical information according to Regulation (EC) No 2533/98.

(7)	In order to allow sufficient time to prepare for the necessary changes to national statistical compilation methods, the national central banks whose currency is the euro should comply with this Guideline from 1 March 2021.

(8)	Therefore, Guideline ECB/2011/23 should be amended accordingly,

HAS ADOPTED THIS GUIDELINE:

Article 1

Amendments

Guideline ECB/2011/23 is amended as follows:

in Article 1, point (17) is replaced by the following:

‘(17)

“publishable national data sets” means the national series identified in the columns under the words “publishable subset” in Tables 2 and 4 of Annex II, which are subsets of the data presented in the remaining columns of the respective Tables, and which are not confidential statistical information pursuant to Regulation (EC) No 2533/98.’;

2.	in Article 2, paragraph 1a is deleted;

3.	in Article 3a, paragraph 1 is replaced by the following: ‘1. The ECB shall transmit to the NCBs the euro area aggregates it publishes, as well as the publishable national data sets.’;

Article 6 is amended as follows:

(a)

paragraph 1 is replaced by the following:

‘1. Without prejudice to the ECB's monitoring tasks as laid down in Annex V, the NCBs shall, in cooperation with other competent authorities as mentioned in Article 4 where relevant, ensure the monitoring and the assessment of the quality of statistical information made available to the ECB. The ECB assesses these data in a similar and timely manner. The Executive Board shall report yearly to the Governing Council on the quality of the data and make these reports available to the public.’;

(b)

paragraph 3 is replaced by the following:

‘3. Where the data for an item in Tables 1 to 5 of Annex II are of negligible or of insignificant size for euro area and national statistics, or the data for that item cannot be collected at reasonable cost, best estimates based on sound statistical methodologies shall be permitted provided the analytical value of the statistics is not compromised. In addition, best estimates shall be permitted for the following breakdowns in Tables 1, 2, 4 and 6 of Annex II:

(a)	sub-items of primary income on direct investment and other investment;

(b)	sub-items of other primary income and of secondary income;

(c)	sub-items of capital transfers in the capital account;

(d)	geographical breakdown of financial derivatives liabilities;

(e)	reinvested earnings credits on investment funds shares without an ISIN code;

(f)	investment income credits on investment funds shares with an ISIN code (until the CSDB is deemed fit for the appropriate derivation of this item);

(g)	breakdown of cross-border banknote shipments by denomination;

(h)	sector breakdown of transactions and positions in “currency and deposits” (assets) of “other sectors”;

(i)	breakdown of international investment positions by currency of denomination and residual maturity.’;

5.	Annexes I and II are amended in accordance with the Annex to this Guideline.

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 Eurosystem central banks shall comply with this Guideline from 1 March 2021.

Article 3

Addressees

This Guideline is addressed to all Eurosystem central banks.

Done at Frankfurt am Main, 2 August 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) Guideline 2012/120/EU of the European Central Bank of 9 December 2011 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23) (OJ L 65, 3.3.2012, p. 1).

ANNEX

Annexes I and II to Guideline ECB/2011/23 are amended as follows:

Annex I is amended as follows:

(a)

Section 1 is replaced by the following:

‘1. Balance of payments statistics

The European Central Bank (ECB) requires balance of payments statistics at two frequencies: monthly and quarterly in respect of the corresponding reference calendar periods. Annual data are compiled by adding up the quarterly data reported by the Member States for the corresponding year. As far as possible, balance of payments statistics should be consistent with other statistics provided for the conduct of monetary policy, in particular quarterly national (including sectoral) accounts and monthly money and banking statistics.

1.1. Monthly balance of payments statistics

Objective

The objective of the monthly balance of payments of the euro area is to show the main items affecting monetary conditions and exchange markets (see Annex II, Table 1).

Requirements

It is essential that the data are suitable for use in the calculation of the balance of payments of the euro area.

In view of the short deadline for the provision of the monthly balance of payments data, their highly aggregated nature and their use for monetary policy purposes and foreign exchange operations, the ECB allows some departure from international standards (see Article 2(4)), where unavoidable. Recording on a full accruals or transactions basis is not required. Where necessary to meet the deadline, the ECB will accept estimates or preliminary data, as long as these do not significantly deviate from international standards and the provision of such estimates or preliminary data ensures sufficient data quality.

The requirement for each broad category of transaction is assets and liabilities (or credits and debits for current account items). In general this requires NCBs, as regards international transactions, to distinguish between transactions with residents of other euro area Member States and transactions outside the euro area. NCBs do this in a consistent manner.

When membership of the euro area changes, NCBs are required to implement the change in the definition of the country composition of the euro area from the date on which the change in membership takes effect. Best estimates for historical data covering the enlarged euro area are requested from NCBs of the euro area in its previous composition and from the NCB of the new euro area Member States.

In order to permit a meaningful aggregation of the data relating to the euro area on a monthly basis in the area of portfolio investment, a distinction is required between transactions in securities issued by euro area residents and transactions in securities issued by non-euro area residents. The statistics on net transactions in portfolio investment assets of the euro area are compiled by aggregating reported net transactions in securities issued by non-euro area residents. Statistics on net transactions in portfolio investment liabilities of the euro area are compiled by consolidation of net transactions in total national liabilities and net transactions in securities issued and purchased by euro area residents.

An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment income.

With a view to compiling the monetary presentation of the balance of payments, NCBs are required to submit the data broken down by institutional sector. For the monthly balance of payments the following is the sectoral breakdown:

—	for direct investment: (a) deposit-taking corporations except the central bank; (b) money market funds; (c) general government; (d) other sectors,

—	for portfolio investment assets and other investment: (a) the central bank; (b) deposit-taking corporations except the central bank; (c) money market funds; (d) general government; (e) other sectors.

With a view to compiling a sectoral breakdown of the balance of payments, thereby allowing the construction of a monetary presentation, NCBs will be required to provide data on net transactions in portfolio investment securities issued by euro area residents broken down by the institutional sector to which the issuer belongs. In addition, portfolio investment liabilities will include a breakdown by institutional sector of the domestic issuer.

The statistics on net transactions in portfolio investment liabilities of the euro area broken down by sector are then compiled by consolidation of the respective sectors' net total national liabilities and the corresponding net transactions in securities issued and purchased by euro area residents.

NCBs (and other competent authorities where appropriate) collect portfolio investment data according to one of the models set out in the table contained in Annex VI.

1.2. Quarterly balance of payments statistics

Objective

The objective of the quarterly balance of payments of the euro area is to provide more detailed information to permit further analysis of international transactions. Quarterly balance of payments data are also the basis for detailed country economic monitoring.

These statistics notably contribute to the compilation of the euro area sectoral and financial accounts and to the joint publication of Union/euro area balance of payments in cooperation with the European Commission (Eurostat).

Requirements

Quarterly balance of payments statistics conform as far as possible to international standards (see Article 2(4)). The required breakdown of quarterly balance of payments statistics is presented in Annex II, Table 2. Harmonised concepts and definitions used in the capital and financial accounts are set out in Annex III.

The breakdown of the quarterly current account is similar to the one required for the monthly figures. However, for services and income a more detailed breakdown is needed on a quarterly basis.

In the financial account, the ECB follows the requirements of the sixth edition of the International Monetary Fund (IMF) Balance of Payments and International Investment Position Manual (hereinafter the “BPM6”) for the “other investment” item. There is a difference in the presentation of the breakdown (i.e. sector as first priority). This sectoral breakdown is more detailed but remains compatible with the breakdown of the BPM6 where instruments have priority. As in the BPM6 presentation, currency and deposits are distinguished from loans and other investments.

NCBs are required to distinguish between transactions with euro area Member States and all other international transactions. The statistics on net transactions in portfolio investment assets of the euro area are compiled by aggregating reported net transactions in securities issued by non-euro area residents. Statistics on net transactions in portfolio investment liabilities of the euro area are compiled by consolidation of net transactions in total national liabilities and net transactions in securities issued and purchased by euro area residents.

An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment income.

NCBs are also required to submit quarterly data broken down by institutional sector. This data requirement exceeds the IMF's standard components. NCBs must submit quarterly data for the following sectors: (a) central banks; (b) deposit-taking corporations, excluding central banks; (c) money market funds; (d) general government; (e) non-money market fund investment funds; (f) insurance corporations and pension funds; (g) other financial institutions; (h) non-financial corporations; and (i) households and non-profit institutions serving households.

For compiling the statistics on euro area net transactions in portfolio investment liabilities by sector of the euro area resident issuers, the requirements for quarterly data are similar to those for monthly balance of payments.

In line with the system of national accounts, the BPM6 recommends that interest should be recorded on an accruals basis. This requirement affects the current account (investment income) as well as the financial account.’;

(b)

Section 3 is replaced by the following:

‘3. International investment position statistics

Objective

The international investment position is a statement of the external assets and liabilities of the euro area as a whole, for monetary policy and exchange market analysis. In particular, it contributes to the assessment of the Member States' external vulnerability and to monitoring the developments in holdings of liquid assets abroad by the money-holding sector. This statistical information is key to the compilation of the rest of the world account in the euro area quarterly financial accounts. Quarterly international investment position statistics are also the basis for detailed country economic monitoring, including in the context of the European Commission's macroeconomic imbalances procedure (*1).

Requirements

The NCBs must deliver international investment position statistics on a quarterly basis in respect of end-of-period stock levels and revaluations due to exchange rate or other price changes.

The international investment position data conform as far as possible with international standards (see Article 2(4)). The ECB compiles the international investment position for the euro area as a whole. The breakdown of the international investment position for the euro area is presented in Annex II, Table 4.

The international investment position shows financial stocks at the end of the reference period, valued at end-period prices. Changes in the value of stocks could be due to the following factors. First, part of the change in the value during the reference period will be due to the financial transactions that have taken place and been recorded in the balance of payments. Second, part of the changes in positions at the beginning and at the end of a given period will be caused by changes in the prices of the financial assets and liabilities shown. Third, in the event that stocks are denominated in currencies other than the unit of account used for the international investment position, changes in the exchange rates vis-à-vis other currencies will also affect the values. Finally, any other change which is not due to the above factors will be considered as due to other changes in volume during the period.

A proper reconciliation between the financial flows and stocks of the euro area requires changes in value owing to price, to exchange rate changes and to other changes in volume to be distinguished.

Coverage of the international investment position should be as close as possible to that for quarterly balance of payments flows. The concepts, definitions and breakdowns are in line with those used for quarterly balance of payments flows.

As far as possible, data on the international investment position should be consistent with other statistics, in particular money and banking statistics and financial accounts.

As for the monthly and quarterly balance of payments, NCBs are required to distinguish in their international investment position statistics between holdings vis-à-vis euro area Member States and all other international positions. A distinction between holdings in securities issued by euro area residents and in securities issued by non-euro area residents is required in the portfolio investment accounts. Statistics on assets in portfolio investment of the euro area are compiled by aggregating reported assets in securities issued by non-euro area residents. Statistics on liabilities in portfolio investment of the euro area are compiled by consolidation of total national liabilities and holdings in securities issued and purchased by euro area residents.

Portfolio investment assets and liabilities within the international investment position are compiled purely from stock data.

NCBs (and other competent statistical authorities where appropriate) collect, as a minimum, quarterly portfolio investment stocks of assets and liabilities on a security-by-security basis according to one of the models set out in the table contained in Annex VI.

(*1) Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area (OJ L 306, 23.11.2011, p. 8) and Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011, p. 25).’;"

Annex II is amended as follows:

(a)

Table 2 is replaced by the following:

‘Table 2

Quarterly balance of payments

Credit

Debit

Publishable subset

Credit

Debit

1.	Current account (1)

Geo 4d (2)

Geo 1

Geo 4d

Geo 1

Goods

Geo 4

Geo 4d

General merchandise on a balance of payments basis

Geo 3

Geo 1

Net exports of goods under merchanting

Geo 3

Geo 1

Goods acquired under merchanting (negative credit)

Geo 3

Goods sold under merchanting

Geo 3

Non-monetary gold

Geo 3

Branding — quasi-transit trade adjustment

Geo 4

Services

Geo 4

Geo 4d

Manufacturing services on physical inputs owned by others

Geo 4

Geo 1

Maintenance and repair services not included elsewhere (n.i.e.)

Geo 4

Geo 1

Transport

Geo 4

Geo 1

Travel

Geo 4

Geo 1

Construction

Geo 4

Geo 1

Insurance and pension services

Geo 4

Geo 1

Financial services

Geo 4

Geo 1

Explicitly charged and other financial services

Geo 3

Financial intermediation services indirectly measured (FISIM)

Geo 3

Charges for the use of intellectual property n.i.e.

Geo 4

Geo 1

Telecommunications, computer, and information services

Geo 4

Geo 1

Other business services

Geo 4

Geo 1

Research and development services

Geo 3

Professional and management consulting services

Geo 3

Technical, trade-related, and other business services

Geo 3

Personal, cultural and recreational services

Geo 4

Geo 1

Government goods and services n.i.e.

Geo 4

Geo 1

Primary income

Geo 4d

Geo 1

Geo 4d

Geo 1

Compensation of employees

Geo 4

Geo 1

Investment income

Geo 4d

Geo 1

Geo 4d

Geo 1

By resident sector (Sec 2d) (3)

Geo 1

Direct investment

Geo 4d

Equity (dividends and reinvested earnings)

Geo 4

Geo 2

In direct investment enterprises

Geo 3

In direct investor (reverse investment)

Geo 3

Between fellow enterprises

Geo 3

By resident sector (Sec 2)

Geo 2

Of which: reinvested earnings

Geo 4

Geo 1

By resident sector (Sec 2)

Geo 2

Debt instruments

Geo 4

Geo 2

In direct investment enterprises

Geo 3

In direct investor (reverse investment)

Geo 3

Between fellow enterprises

Geo 3

Of which: interest before FISIM allocation

Geo 3

Of which: interest

Geo 1

By resident sector (Sec 2)

Geo 2

Portfolio investment

Geo 4d

Geo 1

Geo 4d

Geo 1

Equity and investment fund shares

Geo 4

Geo 1

Geo 2

Geo 1

Equity securities

Geo 1

Dividends

By resident sector (Sec 2)

Geo 3

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Investment fund shares

Geo 1

Dividends

By resident sector (Sec 2)

Geo 3

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Reinvested earnings

By resident sector (Sec 2)

Geo 3

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Debt securities

Geo 2

Geo 1

Geo 2

Geo 1

Short-term

Geo 4

Geo 1

Geo 2

Geo 1

Interest

By resident sector (Sec 2)

Geo 3

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Long-term

Geo 4

Geo 1

Geo 2

Geo 1

Interest

By resident sector (Sec 2)

Geo 3

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Other investment

Geo 4

Geo 4d

Withdrawals from income of quasi-corporations

Geo 3

Interest

Geo 3

Geo 1

By resident sector (Sec 2)

Geo 2

Of which: interest on special drawing rights (SDRs)

Geo 1

Of which: interest before FISIM allocation

Geo 3

By resident sector (Sec 2)

Geo 2

Investment income attributable to policyholders in insurance, pension schemes, and standardised guarantee schemes

Geo 3

By resident sector (Sec 2)

Geo 2

Reserve assets

Geo 3

Geo 1

Of which: interest

Geo 3

Other primary income

Geo 4

Geo 2

General government

Geo 3

Taxes on production and on imports

Geo 3, UIs

Taxes on products

Geo 3, UIs

Other taxes on production

Geo 3, UIs

Subsidies

Geo 3, UIs

Subsidies on products

Geo 3, UIs

Other subsidies on production

Geo 3, UIs

Rents

Geo 3

Other sectors

Geo 3

Taxes on production and on imports

Geo 3, UIs

Taxes on products

Geo 3, UIs

Other taxes on production

Geo 3, UIs

Subsidies

Geo 3, UIs

Subsidies on products

Geo 3, UIs

Other subsidies on production

Geo 3, UIs

Rents

Geo 3

Secondary income

Geo 4

Geo 2

General government

Geo 3

Geo 1

Current taxes on income, wealth, etc.

Geo 3

Social contributions

Geo 3

Social benefits

Geo 3

Current international cooperation

Geo 3, UIs

Miscellaneous current transfers

Geo 3

Value added tax and gross national income-based Union own resources

Union Institutions

Other sectors

Geo 3

Geo 1

Current taxes on income, wealth, etc.

Geo 3

Social contributions

Geo 3

Social benefits

Geo 3

Net non-life insurance premiums

Geo 3

Non-life insurance claims

Geo 3

Miscellaneous current transfers

Geo 3

Of which: personal transfers (between resident and non-resident households)

Geo 3

Of which: workers' remittances

Geo 4

Geo 1

Adjustment for change in pension entitlements

Geo 3

2.	Capital account

Geo 4

Geo 4d

Gross acquisitions/disposals of non-produced non-financial assets

Geo 3

Geo 1

Capital transfers

Geo 3

Geo 1

General government

Geo 3

Capital taxes

Geo 3

Investment grants

Geo 3

Other capital transfers

Geo 3

Of which: debt forgiveness

Geo 3

Other sectors

Geo 3

Capital taxes

Geo 3

Investment grants

Geo 3

Other capital transfers

Geo 3

Of which: debt forgiveness

Geo 3

Net acquisition of financial assets

Net incurrence of liabilities

Net

Publishable subset

Net acquisition of financial assets

Net incurrence of liabilities

Net

3.	Financial account

Geo 2 (4)

Geo 1

Geo 2 (4)

Geo 1

Direct investment

Geo 4d

By resident sector (Sec 2d)

Geo 1

Equity and investment fund shares

Geo 4

Geo 2

In direct investment enterprises

Geo 3

In direct investor (reverse investment)

Geo 3

Between fellow enterprises

Geo 3

a.	Equity securities

Listed shares

By resident sector (Sec 2)

Geo 2

Unlisted shares and other equity

By resident sector (Sec 2)

Geo 2

b.	Investment fund shares

Geo 2

Of which: reinvestment of earnings

Geo 1

Debt instruments

Geo 4

Geo 2

In direct investment enterprises

Geo 3

In direct investor (reverse investment)

Geo 3

Between fellow enterprises

Geo 3

Debt securities

By resident sector (Sec 2)

Geo 2

Loans

By resident sector (Sec 2)

Geo 2

Trade credits and advances

By resident sector (Sec 2)

Geo 2

Other debt instruments

By resident sector (Sec 2)

Geo 2

Portfolio investment

Geo 4d

Geo 1

Geo 4d

Geo 1

Equity and investment fund shares

Geo 4

Geo 1

Geo 2

Geo 1

Equity securities

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 1

Listed shares

Geo 2

Geo 1

Unlisted shares

Geo 2

Geo 1

By resident sector (Sec 2d)

Geo 1

Listed shares

Geo 1

Unlisted shares

Geo 1

By counterpart issuer sector (Sec 2)

Listed shares

Geo 2

Unlisted shares

Geo 2

Investment fund shares

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Of which: reinvestment of earnings

Geo 1

Debt securities

Geo 2

Geo 1

Geo 2

Geo 1

Short-term

Geo 4

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Long-term

Geo 4

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Financial derivatives (other than reserves) and employee stock options

Geo 1

By resident sector (Sec 2)

Geo 3

Other investment

Geo 4

Geo 4d

By resident sector (Sec 2r)

Geo 1

Other equity

Geo 1

By resident sector (Sec 2)

Geo 3

Currency and deposits

Geo 2

Of which: euro currency

Geo 1

By resident sector (Sec 2)

Short-term

Geo 3

Of which: intra-Eurosystem claims/liabilities

Geo 1

Long-term

Geo 3

By resident sector (Sec 2r)

Geo 1

Short-term

Geo 1

Long-term

Geo 1

Loans

Geo 2

By resident sector (Sec 2)

Short-term

Geo 3, IMF

Long-term

Geo 3, IMF

By resident sector (Sec 2r)

Geo 1

Short-term

Geo 1

Long-term

Geo 1

Insurance, pension schemes and standardised guarantee schemes

Geo 1

By resident sector (Sec 2)

Geo 3

Trade credits and advances

Geo 2

By resident sector (Sec 2)

Short-term

Geo 3

Long-term

Geo 3

Of which: Non-financial corporations

Geo 1

Other accounts receivable/payable

Geo 1

By resident sector (Sec 2)

Short-term

Geo 3

Long-term

Geo 3

SDRs

Geo 1

Reserve assets

Geo 3

Geo 1

4.	Balancing Items

Balance on goods and services

Geo 4

Geo 4d

Current account balance

Geo 1

Net lending (+)/net borrowing (–) (balance from current and capital account)

Geo 1

Net lending (+)/net borrowing (–) (from financial account)

Geo 1

Net errors and omissions

Geo 1

5.	Memo items

Direct investment (extended directional principle)

Outward

Inward

Outward

Inward

Investment income

Geo 1

Financial transactions

Geo 1

(1)	Concepts and definitions of selected items are specified in Annex III.

(2)	The details of the required geographical breakdowns are specified in Table 7.

(3)	The details of the required institutional sector breakdowns are specified in Table 8.

(4)	Including net transactions (net acquisitions of financial assets minus net incurrence of liabilities) in financial derivatives.’

(b)	Table 2A is deleted;

(c)

Table 4 is replaced by the following:

‘Table 4

Quarterly international investment position

Assets (/outward)

Liabilities (/inward)

Net

Publishable subset

Positions

Revaluations due to exchange rate changes

Revaluations due to other price changes

Positions

Revaluations due to exchange rate changes

Revaluations due to other price changes

Assets

Liabilities

Net

1.	Financial account (1)

Geo 2 (2)

Geo 1

Geo2

Geo 1

Geo1 (5)

Direct investment

Geo 4d

By resident sector (Sec 2d) (3)

Geo 1

Equity and investment fund shares

Geo 4

Geo 2

In direct investment enterprises

Geo 2

In direct investor (reverse investment)

Geo 2

Between fellow enterprises

Geo 2

a.	Equity securities

Listed shares

By resident sector (Sec 2)

Geo 2

Unlisted shares and other equity

By resident sector (Sec 2)

Geo 2

b.	Investment fund shares

Geo 2

Debt instruments

Geo 4

Geo 2

In direct investment enterprises

Geo 2

In direct investor (reverse investment)

Geo 2

Between fellow enterprises

Geo 2

Debt securities

By resident sector (Sec 2)

Geo 2

Loans

By resident sector (Sec 2)

Geo 2

Trade credits

By resident sector (Sec 2)

Geo 2

Other debt instruments

By resident sector (Sec 2)

Geo 2

Portfolio investment

Geo 4d

Geo 1

Geo 4d

Geo 1

Equity and investment fund shares

Geo 4

Geo 1

Geo 2

Geo 1

By currency of denomination (Cur 1) (4)

Geo 1

Equity securities

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 1

Listed shares

Geo 2

Geo 1

Unlisted shares

Geo 2

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Listed shares

Geo 2

Unlisted shares

Geo 2

Investment fund shares

Geo 1

By resident sector (Sec 2)

Geo 2

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

Debt securities

Geo 2

Geo 1

Geo 2

Geo 1

Short-term

Geo 4

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 2

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

By currency of denomination (Cur 1)

Geo 2

Geo 1

Long-term

Geo 4

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Geo 3

Geo 2

Geo 1

With redemption due in one year or less

Geo 1

With redemption due in more than one year

Geo 1

By resident sector (Sec 2d)

Geo 1

By counterpart issuer sector (Sec 2)

Geo 2

By currency of denomination (Cur 1)

Geo 2

Geo 1

Financial derivatives (other than reserves) and employee stock options

Geo 4

Geo 1

By resident sector (Sec 2)

Geo 2

By resident sector (Sec 2r)

Geo 1

Other investment

Geo 4

Geo 4d

By resident sector (Sec 2)

Geo 2

By resident sector (Sec 2d)

Geo 1

By currency of denomination (Cur 1)

Geo 1

Other equity

Geo 1

Geo 2

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Geo 2

Currency and deposits

Geo 4

Geo 2

Geo 4

Geo 2

Of which: euro currency

Geo 1

By resident sector (Sec 2)

Short-term

Geo 3

Of which: intra-Eurosystem claims/liabilities

Geo 1

Long-term

Geo 3

By resident sector (Sec 2r)

Geo 1

Short-term

Geo 1

Long-term

Geo 1

By currency of denomination (Cur 1)

Geo 1

Loans

Geo 4

Geo 2

Geo 4

Geo 2

By resident sector (Sec 2)

Short-term

Geo 3, IMF

Long-term

Geo 3, IMF

By resident sector (Sec 2r)

Geo 1

Short-term

Geo 1

Long-term

Geo 1

By currency of denomination (Cur 1)

Geo 1

Insurance, pension schemes, and standardised guarantee schemes

Geo 1

Geo 2

Geo 1

Geo 2

Geo2

Geo 1

By resident sector (Sec 2)

Geo 3

Trade credits and advances

Geo 4

Geo 2

Geo 4

Geo 2

By resident sector (Sec 2)

Short-term

Geo 3

Long-term

Geo 3

Of which: non-financial corporations

Geo 1

By currency of denomination (Cur 1)

Geo 1

Other accounts receivable/payable

Geo 1

Geo 2

Geo 1

Geo 2

Geo 1

By resident sector (Sec 2)

Short-term

Geo 3

Long-term

Geo 3

SDRs

Geo 1

2.	Memo items

Total financial account (excluding reserve assets and financial derivatives and employee stock options)

By currency of denomination (Cur 1)

Monetary financial institutions (MFIs)

Geo 1

General government

Geo 1

Other sectors

Geo 1

Non-money market fund (MMF) investment funds

Geo 1

Insurance corporations and pension funds

Geo 1

Other financial institutions

Geo 1

Non-financial corporations

Geo 1

Households and non-profit institutions serving households (NPISHs)

Geo 1

External debt

Gross external debt

By resident sector (Sec 2d)

Geo 1

Net external debt

By resident sector (Sec 2d)

Geo 1

Direct investment (extended directional principle)

Geo 1

(d)	Table 4A is deleted.

(e)

Table 7 is replaced by the following:

‘Table 7

Geographical breakdowns

Geo 0	Geo 1	Geo 2	Geo 3	Geo 4	Geo 4d
Domestic + rest of the world	Rest of the world	Rest of the world	Rest of the world	Rest of the world	Rest of the world
		Intra-euro area	Intra-euro area	Intra-euro area	Intra-euro area
		Extra-euro area	Extra-euro area	Extra-euro area	Extra-euro area
			Intra-Union	Intra-Union	Intra-Union
			Extra-Union	Extra-Union	Extra-Union
				Individual Union Member States, the ECB and the European Stability Mechanism (ESM)	G-20 countries (outside the euro area)
				Offshore financial centres	Of which: United Kingdom
				Of which: Hong Kong	Of which: United States’
				Union institutions (excluding the ECB and ESM)
				Of which: European Investment Bank
				International organisations (excluding Union institutions)
				Of which: IMF
				G-20 countries (outside the euro area)
				Argentina
				Australia
				Brazil
				Canada
				China
				India
				Indonesia
				Japan
				Mexico
				Russia
				Saudi Arabia
				South Africa
				South Korea
				Turkey
				United Kingdom
				United States
				Norway
				Switzerland

(f)

Table 8 is replaced by the following:

‘Table 8

Sector breakdowns

Sec 1

Sec 2

Sec 2d

Sec 2r

Total economy

Central bank

Other MFIs

Deposit-taking corporations except the central bank

MMFs

General government

Other sectors

Total economy

Central bank

Other MFIs

Deposit-taking corporations except the central bank

MMFs

General government

Other sectors

Non-MMF investment funds

Insurance corporations and pension funds

Other financial institutions

Non-financial corporations

Households and NPISHs

Total economy

Central bank

Other MFIs

General government

Other sectors

Of which:

Non-MMF investment funds

Insurance corporations and pension funds

Other financial institutions

Non-financial corporations

Total economy

Central bank

Other MFIs

General government

Other sectors’

(g)	The following Table 9 is added: ‘Table 9 Currency of denomination breakdown Cur 1 Euro US dollar Japanese yen Other currencies’

(1) Concepts and definitions of selected items are specified in Annex III.

(2) The details of the required geographical breakdowns are specified in Table 7.

(3) The details of the required institutional sector breakdowns are specified in Table 8.

(4) The details of the required currency of denomination breakdowns are specified in Table 9.

(5) The detail is also part of the full requirement’

		ISSN 1977-0677
Official Journal of the European Union		L 209

English edition	Legislation	Volume 61 20 August 2018

Contents		II Non-legislative acts	page
		DECISIONS
	*	Decision (EU, Euratom) 2018/1150 of the representatives of the Governments of the Member States of 25 July 2018 appointing a Judge to the Court of Justice	1
		GUIDELINES
	*	Guideline (EU) 2018/1151 of the European Central Bank of 2 August 2018 amending Guideline ECB/2011/23 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2018/19)	2