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Document 32018O0017
Guideline (EU) 2018/877 of the European Central Bank of 1 June 2018 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
Guideline (EU) 2018/877 of the European Central Bank of 1 June 2018 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
Guideline (EU) 2018/877 of the European Central Bank of 1 June 2018 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
OJ L 154, 18.6.2018, p. 22–37
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
No longer in force, Date of end of validity: 31/01/2022; Repealed by 32021O0835
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18.6.2018 |
EN |
Official Journal of the European Union |
L 154/22 |
GUIDELINE (EU) 2018/877 OF THE EUROPEAN CENTRAL BANK
of 1 June 2018
amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
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 5.1, 12.1 and 14.3 thereof,
Whereas:
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(1) |
The European Central Bank (ECB) needs to monitor the transmission of monetary policy and in particular the impact of changes in the interest rates applied to the main refinancing operations and targeted longer-term refinancing operations and of the purchases conducted under the asset purchase programmes on the lending conditions for households and non-financial corporations. For this purpose, statistical information on securitisations and other transfers by monetary financial institutions (MFIs) of loans to households broken down by purpose is required on a monthly basis. In addition, statistical information on notional cash pooling is required so that the impact of such positions can be distinguished from that of other deposits and loans on the balance sheets of MFIs. Following the establishment of the Single Resolution Board, which became fully operational on 1 January 2015, it is also necessary that positions vis-à-vis the SRB are reported. It is therefore necessary to lay down the formats and procedures that the national central banks (NCBs) of the Member States whose currency is the euro must follow in order to report such information to the ECB. |
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(2) |
The ECB maintains the Register of Institutions and Affiliates Data (RIAD), a central repository of reference data on institutional units relevant for statistical purposes. RIAD stores, inter alia, the lists of MFIs, investment funds (IFs), financial vehicle corporations and payment statistics relevant institutions. As the rules and procedures specifying how NCBs report the required data to the ECB using RIAD are set out in a separate Guideline, for reasons of legal certainty the provisions of Guideline ECB/2014/15 (1) that deal with such rules and procedures need to be deleted. |
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(3) |
Regulation (EU) No 1073/2013 of the European Central Bank (ECB/2013/38) (2) establishes the requirements for the reporting of statistics on the assets and liabilities of IFs. The NCBs need to classify and aggregate these data. In particular, it is necessary to identify undertakings for collective investment in transferable securities in IFs statistics, in relation to which a new classification of the existing data will be required, based on information from the RIAD. |
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(4) |
Therefore, Guideline ECB/2014/15 should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline ECB/2014/15 is amended as follows:
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1. |
in Article 1, paragraph 4 is deleted; |
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2. |
in Article 3, the fifth subparagraph of paragraph 1(a) is replaced by the following: ‘All items are mandatory; however, with reference to cells in Tables 3 and 4 of Part 3 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) corresponding to the non-euro area Member States, some special provisions apply, as described in paragraph 8. Also with reference to that Table 3, following the establishment of the Single Resolution Board (SRB) in 2015 in accordance with Regulation (EU) No 806/2014 of the European Parliament and of the Council (*1), NCBs are also required to submit positions vis-à-vis the SRB under the “selected EU institution” cell. Furthermore, with reference to the requirements of Table 5 of Part 5 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) for reporting of securitised and derecognised loans which are serviced by MFIs, NCBs may extend the reporting requirements to include loans otherwise transferred which are serviced by MFIs. To the extent that this additional information is not included in the reporting under Table 5 of Part 5 of Annex I to Regulation (EU) No 1071/2013 (ECB/2013/33) but is available to the NCBs, the data shall be included in Table 4 of Part 1 of Annex II to this Guideline. To the extent that information on loans securitised or otherwise transferred which are not serviced by MFIs is available to NCBs (e.g. from OFIs or financial auxiliaries acting as servicers to the loans), these data shall be included in Table 4 of Part 1 of Annex II. To the extent that statistical information is available to NCBs on notional cash pooling, these data shall be included in Table 5 of Part 1 of Annex II. (*1) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).’;" |
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3. |
in Article 8, paragraph 2 is replaced by the following: ‘2. Reporting frequency and deadline The reserve base statistics shall comprise six time series for credit institutions, referring to month-end stock figures to be transmitted to the ECB at the latest by the NCB working day preceding the start of the reserve maintenance period, via the European System of Central Banks (ESCB) data exchange system. Credit institutions in the tail shall report to the NCBs a limited breakdown on a quarterly basis. For these tail credit institutions, simplified reserve base statistics shall be used for the three reserve maintenance periods. NCBs shall use the quarterly reserve base data from the credit institutions in the tail for the monthly figures reported to the ECB in the three data transmissions following their release.’; |
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4. |
in Article 9(2), the first subparagraph is replaced by the following: ‘The three time series for the credit institutions, referring to month-end stocks figures, shall be transmitted to the ECB at the latest by the NCB working day preceding the start of the maintenance period.’; |
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5. |
in Article 17a(1), the fifth subparagraph is replaced by the following: ‘NCBs shall make the necessary amendments to the information recorded in RIAD when the panel's membership is affected.’; |
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6. |
in Article 19, paragraph 1(a) is amended as follows:
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7. |
in Article 20, paragraph 6 is deleted; |
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8. |
in Article 20(7), the first subparagraph is replaced by the following: ‘If NCBs compile data on FVCs' assets and liabilities directly from the FVCs and, where relevant, based on data reported by domestic MFIs under Regulation (EU) No 1071/2013 (ECB/2013/33) and grant derogations to FVCs under Article 5(1)(b) of Regulation (EU) No 1075/2013 (ECB/2013/40), the NCBs shall gross up to 100 % coverage for all FVCs when compiling the data on FVCs' quarterly assets and liabilities reported to the ECB for outstanding amounts, financial transactions and write-offs/write-downs.’; |
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9. |
Article 24 is deleted; |
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10. |
Article 25 is deleted; |
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11. |
Annexes II, III and IV and the Glossary are amended in accordance with the Annex to this Guideline; |
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12. |
Annexes V and VI are deleted. |
Article 2
Taking effect
This Guideline shall take effect on the day of its notification to the NCBs of the Member States whose currency is the euro.
Article 3
Addressees
This Guideline is addressed to the NCBs of the Member States whose currency is the euro.
Done at Frankfurt am Main, 1 June 2018.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline ECB/2014/15 of 4 April 2014 on monetary and financial statistics (OJ L 340, 26.11.2014, p. 1).
(2) Regulation (EU) No 1073/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) (OJ L 297, 7.11.2013, p. 73).
ANNEX
Annexes II, III and IV and the Glossary to Guideline ECB/2014/15 are amended as follows:
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1. |
Annex II is amended as follows:
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Annex III is amended as follows:
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3. |
in Annex IV, the second sentence in Section 2 of Part 3 is replaced by the following: ‘NCBs must fulfil the requirements on the basis of data reported by MFIs.’; |
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4. |
in the Glossary, the following entries are added: ‘Capital and reserves sub-items are as follows:
Holdings of own securities by MFIs comprise securities which were purchased by another investor at issue and then re-purchased by the original issuer, as well as securities effectively issued and retained by the holder at issuance. All types of own holdings should be collected, namely:
Net worth is the balancing item of a balance sheet (B.90) (ESA 2010, paragraph 7.02). The stock of the assets and liabilities recorded in the balance sheet are valued at the appropriate prices, which are usually the market prices prevailing on the date to which the balance sheet relates. In a defined benefit pension scheme, however, the level of pension benefits promised to participating employees is determined by a formula agreed in advance. The liability of a defined benefit pension scheme is equal to the present value of the promised benefits, and therefore in a defined benefit pension scheme net worth can be different from zero. In a defined contribution scheme the benefits paid are dependent on the performance of the assets acquired by the pension scheme. The liability of a defined contribution scheme is the current market value of the fund's assets. The fund's net worth is always zero. Notional cash pooling is defined, for the purposes of this Guideline, as a cash pooling arrangement provided by an MFI (or MFIs) to a group of entities (hereinafter the “pool participants”) where: (a) the pool participants each maintain separate accounts; (b) the interest to be paid or received by the MFI is calculated on the basis of a “notional” net position of all accounts in the pool; and (c) pool participants may draw down overdrafts backed by deposits of other pool participants, without a transfer of funds between accounts.’. |
(*1) Adjustments for write-offs/write-downs only apply in respect of Part 2; reclassification adjustments apply throughout.
(1) NCBs may extend the coverage of this item to loans otherwise transferred and derecognised from the MFI balance sheet for which the MFI acts as servicer, in accordance with the practice applied in Table 5 of Annex I of Regulation ECB/2013/33.
(2) Sole proprietorships/partnerships without legal status.’;
(3) NCBs report available data on loans derecognised by MFIs which are not included in the reported data of Table 5 of Annex I of Regulation ECB/2013/33.
(4) Sole proprietorships/partnerships without legal status.’;
(*2) Adjustments for write-offs/write-downs only apply in respect of Loans; reclassification adjustments apply throughout.’;
(*3) Stocks are to be transmitted to the ECB for all cells; reclassification adjustments only for the cells indicated with a #. Cells marked with a cross (†) indicate low priority memorandum items.
(5) Banknotes and coins denominated in the former national currencies which remain outstanding after the adoption of the euro. Data should be reported for at least 12 months after the enlargement.
(6) Debt securities issued by the NCB are to be reported only if the phenomenon is applicable.
(7) Net positions vis-à-vis the Eurosystem originated by (a) distribution of euro banknotes issued by the ECB (8 % of total issues); and (b) application of the capital share mechanism. The individual NCB's and ECB's net credit or debit position must be allocated to either the asset or liability side of the balance sheet according to the sign; i.e. a positive net position vis-à-vis the Eurosystem must be reported on the asset side, a negative net position on the liability side.’;
(*4) Stocks are to be transmitted to the ECB for all cells; reclassification and revaluation adjustments only for the cells indicated with a #. Cells marked with a cross (†) indicate low priority memorandum items.
(8) These items represent the counterpart liability to loans securitised but not derecognised from the MFI balance sheet under the applicable accounting standards.
(9) Subject to agreement between the ECB and the NCB, this set of information does not need to be reported by the NCBs where alternative data sources are used by the ECB.
(10) Holdings of own MMF shares/units should be reported only if the phenomenon is applicable.’;