PRESS RELEASE

New Regulation in the field of money and banking statistics

6 December 2002

At its meeting on 21 November 2002, the Governing Council of the European Central Bank (ECB) approved a new Regulation amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institution sector. This new Regulation will enter into force on 1 May 2003.

The Regulation provides for the collection of monthly statistics on the holders of money market fund (MMF) shares/units broken down by the residency of the holder, thereby expanding the range of statistical requirements covered by Regulation ECB/2001/13.

The aim of the new Regulation is to enhance the quality of the data on the holders of MMF shares/units, which are used in the calculation of the monetary aggregate M3. The intention to introduce this new reporting requirement was already signalled in the press release issued by the ECB on 22 November 2001, when Regulation ECB/2001/13 was approved.

This new requirement is addressed to MMFs, in their capacity as issuers of shares/units, as well as to other monetary financial institutions and other financial intermediaries to the extent that these hold in their custody shares/units issued by resident MMFs or otherwise transact in MMF shares/units on their own behalf or on behalf of third parties.

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