Regulation (EC) No 2423/2001 of the European Central Bank of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2001/13)
Modified by
Regulation (EC) No 993/2002 of the European Central Bankof 6 June 2002correcting Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sectorRegulation (EC) No 2423/2001 of the European Central Bank (OJ L 333, 17.12.2001, p. 1).(ECB/2002/4), 302R0993, June 11, 2002
Regulation (EC) No 2174/2002 of the European Central Bankof 21 November 2002amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sector(ECB/2002/8)Corrigendum to Regulation (EC) No 2174/2002 of the European Central Bank of 21 November 2002 amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2002/8)(Official Journal of the European Communities L 330 of 6 December 2002), 302R2174302R2174R(01), December 6, 2002
Regulation (EC) No 1746/2003 of the European Central Bankof 18 September 2003amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector(ECB/2003/10), 303R1746, October 2, 2003
Regulation (EC) No 2181/2004 of the European Central Bankof 16 December 2004amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations(ECB/2004/21), 304R0021(01), December 18, 2004
Corrected by
Corrigendum to Regulation (EC) No 2423/2001 of the European Central Bank of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2001/13), 301R2423R(01), February 27, 2002
Corrigendum to Regulation (EC) No 2174/2002 of the European Central Bank of 21 November 2002 amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2002/8), 302R2174R(01), December 20, 2002
Regulation (EC) No 2423/2001 of the European Central Bankof 22 November 2001concerning the consolidated balance sheet of the monetary financial institutions sector(ECB/2001/13)THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central BankOJ L 318, 27.11.1998, p. 8., and in particular to Article 5(1) and Article 6(4) thereof,Having regard to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central BankOJ L 318, 27.11.1998, p. 1., and in particular to Article 6(4) thereof,Whereas:(1)Regulation (EC) No 2819/98 of the European Central Bank of 1 December 1998 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/1998/16)OJ L 356, 30.12.1998, p. 7. has already been amended by Regulation (EC) No 1921/2000 (ECB/2000/8)OJ L 229, 9.9.2000, p. 34.; now that new substantial amendments are being made to the said Regulation, it is desirable that the provisions in question should be recast by bringing them together in a single text with this Regulation.(2)The European System of Central Banks (ESCB) requires, for the fulfilment of its tasks, the production of the consolidated balance sheet of the monetary financial institutions (MFI) sector. The principal purpose thereof is to provide the European Central Bank (ECB) with a comprehensive statistical picture of monetary developments in the participating Member States, which are viewed as one economic territory. These statistics cover the aggregate financial assets and liabilities, in terms of stocks, high quality flows for loans and also improved flows for holdings of securities.(3)The ECB shall, in accordance with the provisions of the Treaty establishing the European Community (hereinafter referred to as the "Treaty") and under the conditions laid down in the Statute of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the "Statute"), make regulations to the extent necessary to implement the tasks of the ESCB as defined in the Statute and in some cases laid down in the provisions adopted by the Council referred to in Article 107(6) of the Treaty.(4)Article 5.1 of the Statute requires the ECB, assisted by the national central banks (NCBs), to collect the necessary statistical information either from the competent national authorities or directly from economic agents in order to undertake the tasks of the ESCB. Article 5.2 of the Statute stipulates that the NCBs shall carry out, to the extent possible, the tasks described in Article 5.1.(5)It may be necessary, and may reduce the reporting burden, for NCBs to collect from the actual reporting population the statistical information necessary to fulfil the statistical requirements of the ECB as part of a broader statistical reporting framework which the NCBs establish under their own responsibility in accordance with Community or national law or established practice and which serves other statistical purposes, provided that the fulfilment of the statistical requirements of the ECB is not jeopardised. In order to foster transparency, it is appropriate, in these cases, to inform the reporting agents that data are collected to fulfil other statistical purposes. In specific cases, the ECB may rely on statistical information collected for such purposes to fulfil its requirements.(6)Article 3 of Regulation (EC) No 2533/98 requires the ECB to specify the actual reporting population within the limits of the reference reporting population and entitles it to fully or partly exempt specific classes of reporting agents from its statistical reporting requirements. Article 6(4) provides that the ECB may adopt regulations specifying the conditions under which the right to verify or to carry out the compulsory collection of statistical information may be exercised.(7)Article 5 of Regulation (EC) No 2531/98 empowers the ECB to adopt regulations or decisions in order to exempt institutions from the minimum reserve requirements, to specify modalities to exclude or deduct liabilities owed to any other institution from the reserve basis and to establish differing reserve ratios for specific categories of liabilities. Under Article 6, the ECB has the right to collect from institutions the information necessary for the application of minimum reserves and the right to verify the accuracy and quality of the information which institutions provide to demonstrate compliance with the minimum reserve requirements. It is desirable, in order to reduce the overall reporting burden, for the statistical information regarding the monthly balance sheet to be used, in addition, for the regular calculation of the reserve base of the credit institutions subject to the ESCB's minimum reserve system.(8)Article 4 of Regulation (EC) No 2533/98 provides for Member States to organise themselves in the field of statistics and to cooperate fully with the ESCB in order to ensure fulfilment of the obligations arising from Article 5 of the Statute.(9)While it is recognised that regulations adopted by the ECB under Article 34.1 of the Statute do not confer any rights or impose any obligations on non-participating Member States, Article 5 of the Statute applies to both participating and non-participating Member States. Regulation (EC) No 2533/98 recalls that Article 5 of the Statute, together with Article 5 of the Treaty, implies an obligation to design and implement at national level all the measures that the non-participating Member States consider appropriate in order to carry out the collection of the statistical information needed to fulfil the ECB's statistical reporting requirements and timely preparations in the field of statistics in order for them to become participating Member States.(10)In order to facilitate the liquidity management of the ECB and of credit institutions, reserve requirements should be confirmed at the latest on the first day of the maintenance period; the need may exceptionally arise for credit institutions to report revisions to the reserve base or to reserve requirements which have been confirmed; the procedures for confirmation or acknowledgement of reserve requirements are without prejudice to the obligation for reporting agents always to report correct statistical information and to revise incorrect statistical information they may have already reported.(11)The determination of specific procedures for mergers and divisions involving credit institutions is necessary in order to clarify the obligations of these institutions in respect of reserve requirements; the definitions of mergers and divisions laid down in this Regulation are based on definitions already existing in secondary Community legislation relating to public limited liability companies. These definitions have been adapted to the purposes of this Regulation; these procedures are without prejudice to the possibility of holding minimum reserves through an intermediary.(12)The monetary statistics of the ECB are derived from MFI balance sheet statistics collected in accordance with Regulation (EC) No 2819/98 (ECB/1998/16) which was prepared during the second stage of economic and monetary union and so were considered to be only the minimum set of data required for monetary policy purposes. Moreover, the Regulation only covered the collection of balance sheet stocks and not the reporting of revaluation adjustment data required to compile flow statistics for counterparts of the broad monetary aggregate M3, from which the growth rates are derived. Taking into account the limitations of these sets of data, it was necessary to enhance the MFI balance sheet statistics.(13)It is necessary to expand the monthly requirements to provide a monthly breakdown of deposit liabilities by subsector and further by maturity/currency and of loans by subsector/maturity and purpose as these breakdowns are considered essential for monetary policy purposes. This includes the integration of data previously collected only on a quarterly basis.(14)It is necessary to derive stock and flow statistics for the monetary aggregates and counterparts in a timely manner. From the consolidated balance sheet in terms of stocks, flow statistics are derived using additional statistical information relating to exchange rate changes, other changes in the value of securities and the write-offs/write-downs of loans and other adjustments such as reclassifications.(15)It is necessary to ensure the availability of appropriately harmonised and high quality data on write-offs/write-downs on loans by addressing a requirement to the statistical reporting agents. There is also a need to collect data on price revaluations of securities.(16)The separate balance sheet category "money market paper" is removed and merged with the data category "debt securities issued" on the liability side. Instruments classified in this category are entered under "debt securities issued" and allocated according to their original maturity. A corresponding reallocation has been taken also on the asset side of the MFI balance sheet.(17)The definition of deposits should take into account the use of balances representing prepaid amounts in the context of electronic money,HAS ADOPTED THIS REGULATION: