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Document 32007O0003
Guideline of the European Central Bank of 31 May 2007 amending Guideline ECB/2004/15 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (ECB/2007/3)
Guideline of the European Central Bank of 31 May 2007 amending Guideline ECB/2004/15 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (ECB/2007/3)
Guideline of the European Central Bank of 31 May 2007 amending Guideline ECB/2004/15 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (ECB/2007/3)
OJ L 159, 20.6.2007, p. 48–62
(BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV) This document has been published in a special edition(s)
(HR)
No longer in force, Date of end of validity: 31/05/2014; Repealed by 32011O0023
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Official Journal
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20.6.2007 |
EN |
Official Journal of the European Union |
L 159/48 |
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 31 May 2007
amending Guideline ECB/2004/15 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template
(ECB/2007/3)
(2007/426/EC)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 and 5.2 thereof,
Whereas:
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(1) |
Due to changing needs resulting from economic and technical developments, it is necessary to regularly update the data requirements in Guideline ECB/2004/15 of 16 July 2004 on the statistical reporting requirements of the European Central Bank in the field of balance of payments and international investment position statistics, and the international reserves template (1), and to readjust the level of the breakdown required under that Guideline. |
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(2) |
When further Member States adopt the euro, it will be necessary to compile back data for the euro area aggregate in its new composition, on balance of payments (including the seasonally adjusted current account) and international investment position statistics. Certain amendments to Guideline ECB/2004/15 are therefore required to cater for future enlargements of the euro area in respect of the provision of back data. The period for which such back data must be provided may be reassessed by 2010. |
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(3) |
The Nationale Bank van België/Banque Nationale de Belgique is responsible for providing back data for both Belgium and Luxembourg prior to January 2002 and therefore can only provide joint back data for Belgium and Luxembourg prior to January 2002. |
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(4) |
The availability of a functioning Centralised Securities Database (CSDB) of sufficient quality is essential for ensuring the smooth operation of security-by-security data collection systems and for fulfilling the target coverage referred to in Annex VI to Guideline ECB/2004/15 at the quality level specified in that Guideline. The Governing Council, having regard to any observations by the General Council, will assess, in the course of 2007 and afterwards if relevant, whether the quality (including coverage) of the securities information in the CSDB and the arrangements for data exchange with the Member States are sufficient to enable national central banks (NCBs), or other competent statistical authorities where relevant, to meet the quality standards specified in Guideline ECB/2004/15, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Guideline ECB/2004/15 is amended as follows:
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1. |
Article 2 is amended as follows:
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2. |
Article 3 is amended as follows: Paragraph 6 is replaced by the following: ‘6. Transactions and positions in debt securities broken down by currency of issue shall be made available to the ECB within six months of the end of the period to which the data relate.’ |
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3. |
Article 6 is amended as follows: The following new paragraph 4a is inserted after paragraph 4: ‘4a. Best estimates shall be permitted for the following breakdowns in Table 2 of Annex II:
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4. |
Annexes II, III and VI to Guideline ECB/2004/15 are amended in accordance with Annexes I, II and III, respectively, to this Guideline. |
Article 2
Entry into force
This Guideline shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
Article 3
Addressees
This Guideline is addressed to the NCBs of the Member States that have adopted the euro.
Done at Frankfurt am Main, 31 May 2007.
For the Governing Council of the ECB
The President of the ECB
Jean-Claude TRICHET
ANNEX I
Annex II to Guideline ECB/2004/15 is amended as follows:
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1. |
Table 2 is replaced by the following: ‘TABLE 2 Monthly national contributions to the euro area balance of payments (1)
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2. |
Table 4 is replaced by the following: ‘TABLE 4 Quarterly national contributions to the euro area international investment position (4)
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3. |
Table 5 is replaced by the following: ‘TABLE 5 Annual national contributions to the euro area international investment position (5)
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4. |
Table 9 is replaced by the following: ‘TABLE 9 ECB geographical breakdowns for quarterly balance of payments flows and annual international investment position data
(6) No individual breakdown is required." (7) See composition in Table 12. No individual breakdown is required." (8) Only mandatory for the balance of payments financial account, the related income accounts and the international investment position. Current account (excluding income) flows vis-à-vis offshore centres may be reported either separately or indistinguishably under the residual item category. See composition in Table 11. No individual breakdown is required." (9) See composition in Table 12. No individual breakdown is required.’ " |
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5. |
Table 13 is amended by inserting the following rows at the end of the Table:
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(6) No individual breakdown is required.
(7) See composition in Table 12. No individual breakdown is required.
(8) Only mandatory for the balance of payments financial account, the related income accounts and the international investment position. Current account (excluding income) flows vis-à-vis offshore centres may be reported either separately or indistinguishably under the residual item category. See composition in Table 11. No individual breakdown is required.
(9) See composition in Table 12. No individual breakdown is required.’ ’
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“extra” |
means transactions with non-euro area residents (for portfolio investment assets and related income it refers to the residency of the issuers) |
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“intra” |
means transactions between different Member States of the euro area |
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“national” |
means all cross-border transactions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts and the net balance of the financial derivatives accounts) |
(2) Financial intermediation services indirectly measured.
(3) System of National Accounts 1993.’
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“extra” |
means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of the issuers) |
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“intra” |
means positions between different Member States of the euro area |
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“national” |
means all cross-border positions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts)’ |
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“extra” |
means positions with non-euro area residents (for portfolio investment assets, it refers to the residency of the issuers) |
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“intra” |
means positions between different Member States of the euro area |
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“national” |
means all cross-border positions by residents of a participating Member State (used only in connection with liabilities on portfolio investment accounts)’ |
(*1) See Table 2 of Annex II.’
ANNEX II
Annex III to Guideline ECB/2004/15 is amended as follows:
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1. |
The following text is inserted immediately before Section 1: ‘The terms “resident” and “residing” fall within the definitions laid down in Article 1(4) of Council Regulation (EC) No 2533/98. In the case of the euro area, the economic territory comprises: (i) the economic territory of the participating Member States; and (ii) the ECB, which is regarded as a resident unit of the euro area. The rest of the world (RoW) comprises the economic territories outside the euro area, i.e. Member States that have not adopted the euro, all third countries and international organisations, including those physically located within the euro area. All EU institutions (*1) are considered to be resident outside the euro area. Consequently, all transactions of participating Member States vis-à-vis EU institutions are recorded and classified as non-euro area transactions in the euro area balance of payments and international investment position statistics. In the cases set out below, residence is determined as follows:
(*1) The ECB is not included.’ " |
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2. |
In the third paragraph of subsection 1.1, the second sentence (‘The main difference is that the ECB does not require a breakdown of direct investment income on equity into distributed and undistributed profits.’) is deleted. |
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3. |
The second paragraph of subsection 1.2 (‘While the IMF’s standard components of the capital account consist of a sectoral breakdown into the items “general government” and “other sectors” (with a further breakdown thereafter), the ECB compiles only a lump-sum capital account, without any breakdown.’) is deleted. |
(*1) The ECB is not included.’ ”
ANNEX III
Annex VI to Guideline ECB/2004/15 is amended as follows:
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1. |
In the third paragraph, the second sentence (‘Therefore, if the “project closure document” for Phase 1 of the CSDB project is not submitted to the Governing Council via the Statistics Committee of the European System of Central Banks by the end of March 2005, this deadline will be postponed by the same amount of time as that by which the submission is late.’) is deleted. |
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2. |
The sentence starting ‘From March 2008’ and ending ‘in the following table’ is replaced by the following sentence: ‘From the date specified in Article 2(6) and taking into account the phasing-in option referred to in that paragraph, euro area portfolio investment collection systems conform to one of the models in the following table:’ |