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20.6.2007 |
EN |
Official Journal of the European Union |
C 136/6 |
RECOMMENDATION OF THE EUROPEAN CENTRAL BANK
of 31 May 2007
amending Recommendation ECB/2004/16 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/2007/4)
(2007/C 136/02)
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 thereof,
Whereas:
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(1) |
The first sentence of Article 5.1 of the Statute requires the European Central Bank (ECB), assisted by the national central banks (NCBs), to collect either from the competent authorities other than NCBs or directly from economic agents the statistical information necessary in order for it to undertake the tasks of the European System of Central Banks (ESCB). The second sentence of Article 5.1 of the Statute provides that for these purposes the ECB must cooperate with the Community institutions or bodies and with the competent authorities of the Member States or third countries and with international organisations. |
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(2) |
Information that is necessary to meet the ECB's requirements in the field of balance of payments and international investment position statistics may be collected and/or compiled by competent authorities other than NCBs. Therefore, some of the tasks to be undertaken to meet these requirements require cooperation between the ECB or the NCBs and such competent authorities, in line with Article 5.1 of the Statute. Article 4 of Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (1) requires the Member States to organise themselves in the field of statistics and to cooperate fully with the ESCB in order to ensure the fulfilment of the obligations arising out of Article 5 of the Statute. |
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(3) |
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 Recommendation ECB/2004/16 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 (2) 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. In the case of Ireland and Italy, such data would have to be reported by the addressees of this Recommendation, |
HAS ADOPTED THIS RECOMMENDATION:
Article 1
Annexes I, III, IV and VII to Recommendation ECB/2004/16 are amended in accordance with Annexes I, II, III and IV, respectively, to this recommendation.
Article 2
Addressees
This recommendation is addressed to the Central Statistics Office (CSO) in Ireland and the Ufficio Italiano dei Cambi (UIC) in Italy.
Done at Frankfurt am Main, 31 May 2007.
For the Governing Council of the ECB
The President of the ECB
Jean-Claude TRICHET
(1) OJ L 318, 27.11.1998, p. 8.
(2) OJ C 292, 30.11.2004, p. 21.
ANNEX I
Annex I to Recommendation ECB/2004/16 is amended as follows:
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1. |
Paragraph 1.6 is replaced by the following: ‘From March 2008, starting with data corresponding to January 2008 transactions and to end-2007 positions, portfolio investment collection systems shall conform to one of the models set out in the table contained in Annex VII. The chosen model may be phased in to enable the individual NCB to reach the target coverage indicated in Annex VII at the latest by March 2009, in relation to December 2008 stocks.’ |
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2. |
The following subparagraph 1.7 is added at the end of paragraph 1:
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3. |
Subparagraph 2.6 is replaced by the following: ‘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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4. |
The following new subparagraph 4.4a is inserted:
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ANNEX II
Annex III to Recommendation ECB/2004/16 is amended as follows:
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1. |
Table 2 is replaced by the following: ‘Table 2 Quarterly 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
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5. |
Table 13 is amended by inserting the following rows at the end of the Table:
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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)’ |
(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.
(10) See Table 2 of Annex III’.
ANNEX III
Annex IV to Recommendation ECB/2004/16 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 2533/1998. 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:
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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 IV
Annex VII to Recommendation ECB/2004/16 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 paragraph 1.6 of Annex I, 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:’. |