PRESS RELEASE

On the publication of the Money and Banking Statistics Compilation Guide Addendum 1

2 December 1998

In April 1998 the European Monetary Institute (EMI) published the "Money and Banking Statistics Compilation Guide - Guidance provided to the NCBs for the compilation of money and banking statistics for submission to the ECB" (Compilation Guide) to assist national central banks (NCBs) in the compilation of the statistical information that they have to submit to the European Central Bank (ECB) in accordance with the statistical requirements for Stage Three of Monetary Union, as set out in full in the report entitled "The statistical requirements for Monetary Union" (Implementation Package), July 1996. Moreover, on 1 September 1998, the ECB formally approved the Compilation Guide.

The April 1998 edition of the Compilation Guide stated that it would be updated periodically. The need for the first such an update has now arisen on two accounts.

First, the guidance currently contained in the Compilation Guide regarding the money market paper item in the MFI balance sheet statistics needs to be enhanced in order to ensure sufficient homogeneity, especially in terms of cross-border classification across the euro area and taking into account that this item is included in the reserve base of the minimum reserve system of the European System of Central Banks (ESCB) (see the press release of the ECB dated 8 July 1998).

Second, while the Compilation Guide refers to a Stage Three environment, a "Stage Two classification issue" has arisen in some Member States, with regard to bill-based lending. In view of the possible importance for the historical series, this update of the Compilation Guide is also warranted in this respect.

The Compilation Guide will be distributed by each of the EU national central banks to interested parties in their respective countries. Copies are also available from the ECB at the following address:

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