Guideline ECB/2021/11 on balance sheet item statistics and interest rate statistics of monetary financial institutions

GUIDELINE (EU) [2021/[XX]] OF THE EUROPEAN CENTRAL BANK

of 26 March 2021

on balance sheet item statistics and interest rate statistics of monetary financial institutions

(ECB/2021/11)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 5.1, 12.1 and 14.3 thereof,

Whereas:

1. In order to fulfil its tasks under the Treaties, the European Central Bank (ECB) requires the reporting of statistical information on the balance sheet of the monetary financial institutions (MFI) sector of the Member States whose currency is the euro (hereinafter the 'euro area Member States'). This information provides the ECB with a comprehensive statistical picture of monetary developments in the euro area Member States which are seen as one economic territory. Sufficiently detailed statistical information is also necessary to guarantee the continued analytical usefulness of the euro area monetary aggregates and counterparts for the conduct of macroprudential and structural analysis at Union level.
2. The collection of statistical information from national central banks (NCBs) should be harmonised across the euro area. Accordingly, it is necessary to lay down common rules for collection and treatment of that information. It is important to ensure that those rules do not impose an unreasonable reporting burden on NCBs. NCBs should therefore report that statistical
   information to the ECB using the statistical information collected in accordance with Regulation (EU) 2021/379 of the European Central Bank (ECB/2021/2)1, Regulation (EU) No 1072/2013 of the European Central Bank (ECB/2013/34)2 and Regulation (EU) No 1074/2013 of the European

1 Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (ECB/2021/2) (OJ L 73, 3.3.2021, p.16).

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Regulation (EU) No 1072/2013 of the European Central Bank of 24 September 2013 concerning statistics on interest rates applied by monetary financial institutions (ECB/2013/34)( OJ L 297, 7.11.2013, p. 51).

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Central Bank (ECB/2013/39)3. The ECB may make use of the statistical information reported pursuant to this Guideline in accordance with Council Regulation (EC) No 2533/984.

1. Certain definitions in Regulation (EC) No 2533/98 are also relevant for the purposes of reporting pursuant to this Guideline and should therefore apply.
2. MFIs which are part of the actual reporting population are required to report statistical information relating to their balance sheets to the national central bank (NCB) of the Member State in which they are resident pursuant to Regulation (EU) 2021/379 (ECB/2021/2). It is therefore necessary to define the formats and procedures that NCBs must follow in order to report to the ECB statistical information derived from that information collected from the actual reporting population and from the NCBs' own balance sheet. In addition, for statistical reporting purposes, the ECB should derive statistical information from its own balance sheet, corresponding to the statistical information derived by NCBs from their balance sheets.
3. In order to allow monetary developments to be analysed according to the type of MFIs, the ECB compiles statistics on the aggregated balance sheet of money market funds (MMFs) and deposit- taking corporations other than central banks. To derive these statistics for the euro area and individual euro area Member States, it is necessary that the ECB collects from NCBs statistical information on the assets and liabilities of MMFs.
4. With the aim of ensuring that the statistical information on the MFI sector reported to the ECB is representative of the entire reporting population of each euro area Member State, common rules on grossing up should be set for small MFIs that have been exempted from certain reporting requirements in accordance with Article 9 of Regulation (EU) 2021/379 (ECB/2021/2) and in accordance with Article 4 of Regulation (EU) No 1072/2013 (ECB/2013/34). For the same reason, common rules on grossing up should be set for MFIs that have been selected by NCBs by way of a sample in accordance with Article 2 of Regulation (EU) No 1072/2013 (ECB/2013/34).
5. To better analyse developments in respect of loans granted by MFIs to non-financial corporations in the euro area and individual euro area Member States, NCBs should report to the ECB, where available, statistical information on MFI loans to non-financial corporations by economic activity.
6. To complement the analysis of credit developments in the euro area and individual euro area Member States, NCBs should provide information to the ECB on MFI undrawn credit lines broken down by institutional sector. In order to enhance cross-country comparability, NCBs should report statistical information on undrawn credit lines that are consistent with the definitions

Regulation (EU) No 1074/2013 of the European Central Bank of 18 October 2013 on statistical reporting requirements for post office giro institutions that receive deposits from non-monetary financial institution euro area residents (ECB/2013/39) (OJ L 297, 7.11.2013, p. 94).

Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (OJ L 318, 27.11.1998, p. 8).

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established in Regulation (EU) No 575/2013 of the European Parliament and of the Council5 and Regulation (EU) 2016/867 of the European Central Bank (ECB/2016/13)6.

1. The ECB needs to monitor the transmission of monetary policy through changes in the interest rates applied by MFIs to deposits and loans with regard to households and non-financial corporations. It is therefore necessary to define the formats and procedures that NCBs must follow in order to report such information to the ECB, in compliance with Regulation (EU) No 1072/2013 of the European Central Bank (ECB/2013/34).
2. The Eurosystem needs to make use of individual monetary financial institutions' balance sheet item and interest rate statistics collected pursuant to Regulation (EU) 2021/379of the European Central Bank (ECB/2021/2) and Regulation (EU) No 1072/2013 of the European Central Bank (ECB/2013/34), respectively, for monetary policy, financial stability and macroprudential policy purposes, as well as for tasks related to the microprudential supervision of credit institutions in the euro area Member States. NCBs should therefore be required to report to the ECB the necessary individual MFI balance sheet item (IBSI) and interest rate (IMIR) statistics.
3. On 5 June 2020 the Governing Council approved an extension of the panel of euro area credit institutions for the transmission to the ECB of individual balance sheet items7, the regular
   transmission of which commences with respect to balance sheet information referring to February 2021. In order to mitigate the increased reporting burden for NCBs arising from that extension, it is appropriate that the requirements relating to the transmission of IBSI information for those credit institutions are limited as compared to the transmission of IBSI information for credit institutions included in the panel prior to its extension (core institutions).
4. In order to complement the timely analysis of monetary and credit developments, it is appropriate that the ECB receives IBSI and IMIR information at the same time as national aggregates for core institutions, whose business cover a significant share of the relevant aggregate indicators. In order to avoid breaks in IBSI and IMIR time series and to ensure continued coverage of the national aggregates of core institutions, it is appropriate that a new credit institution resulting from a merger, acquisition or other corporate reorganisation involving one or more core institutions should itself be a core institution. Where a Member State adopts the euro, it is necessary to identify which of the resident credit institutions should be core institutions for the purposes of the timely analysis of monetary and credit developments in that Member State, also taking into account the reporting burden for the relevant NCB.

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).

Regulation (EU) 2016/867 of the European Central Bank of 18 May 2016 on the collection of granular credit and credit risk data (ECB/2016/13) (OJ L 144, 1.6.2016, p. 44).

See Decisions taken by the Governing Council of the ECB on 26 June 2020, available on the ECB's website: www.ecb.europa.eu.

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1. In accordance with Article 12.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the 'Statute of the ESCB'), the Governing Council may decide to delegate certain powers to the Executive Board. In accordance with the general principles on delegation as developed and confirmed by the Court of Justice of the European Union, delegation of decision-making powers should be limited, proportionate and based on specified criteria. Accordingly, it is appropriate to provide that where the Governing Council or Executive Board grants or withdraws permission for NCBs to apply a specified threshold to the balance sheets of euro area credit institutions for which individual data are reported to the ECB, they shall consider whether such application would result in a disproportionate reporting burden on those NCBs.
2. The ECB maintains the Register of Institutions and Affiliates Data (hereinafter 'RIAD'), a central repository of reference data on institutional units relevant for statistical purposes. The reference data for MFIs and information regarding the euro area credit institutions for which IBSI or IMIR data are reported by NCBs is stored in RIAD in accordance with Guideline (EU) 2018/876 of the European Central Bank (ECB/2018/16)8. It is therefore appropriate to specify the information that NCBs are required to input and update in RIAD in respect of the euro area credit institutions for which IBSI or IMIR data are reported.
3. In order to reduce the overall reporting burden, the statistical information collected under Regulation (EU) 2021/379 (ECB/2021/2) is used for the regular calculation of the reserve base
   of the credit institutions subject to the ECB's minimum reserve regime in accordance with
   Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1)9. In order for the ECB to produce statistics on the breakdown of the aggregate reserve base according to the types of liabilities, it is necessary that NCBs report to the ECB statistical information on the reserve base of credit institutions for the individual euro area Member States. It is also necessary for the ECB to collect statistical information on the macro ratio in order to monitor the appropriateness of the standard deduction referred to in Article 5 of Regulation (EU) 2021/378 (ECB/2021/1).
4. The euro area monetary aggregates and their counterparts are derived mainly from the MFI balance sheet data collected pursuant to Regulation (EU) 2021/379 (ECB/2021/2). However, the euro area monetary aggregates include not only monetary liabilities of MFIs but also monetary liabilities of central government and of post office giro institutions (POGIs) that do not belong to the central government sector. It is therefore necessary that statistical information on POGIs that
   receive deposits from non-monetary financial institutions resident in the euro area in accordance with Regulation (EU) No 1074/2013 of the European Central Bank (ECB/2013/39)10 is reported

Guideline (EU) 2018/876 of the European Central Bank of 1 June 2018 on the Register of Institutions and Affiliates Data (ECB/2018/16) (OJ L 154, 18.6.2018, p. 3).

Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p.1).

10 Regulation (EU) No 1074/2013 of the European Central Bank of 18 October 2013 on statistical reporting requirements for post office giro institutions that receive deposits from non-monetary financial institution euro area residents (ECB/2013/39) (OJ L 297, 7.11.2013, p. 94).

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to the ECB. For the same reason, it is necessary that statistical information on monetary liabilities of central government, and holdings by central government of cash and securities issued by euro area MFIs, is reported to the ECB. Accordingly, the formats and procedures for reporting such information to the ECB should be defined.

1. To aid the analysis of the structure and developments in the euro area banking sector, NCBs should report structural financial indicators of credit institutions in accordance with the templates specified in this Guideline. In order to reduce the reporting burden, NCBs should have the option to make the information available in alternative data sources, which may be used by the ECB to derive the necessary indicators subject to an agreement with the ECB.
2. Regulation (EU) 2019/2033 of the European Parliament and of the Council11 amends, inter alia, the definition of 'credit institution' in Regulation (EU) No 575/2013 to include systemic investment firms, which in so far as those firms are not carrying out activities consistent with the common standards, definitions and classifications for the statistical classification of deposit-taking corporations, are not MFIs. Consequently, Regulation (EU) 2021/379 (ECB/2021/2) distinguishes credit institutions classified in the MFI sector from non-MFI credit institutions in the scope of the actual reporting population. In order for the ECB to effectively monitor the activities of credit institutions, it is necessary for the information collected by NCBs from non-MFI credit institutions pursuant to Regulation (EU) 2021/379 (ECB/2021/2) to be transmitted to the ECB.
3. In order to ensure the accuracy and quality of the statistical information collected by the ECB, it is necessary to provide for the monitoring, verification and, where appropriate, the revision of statistical information reported by NCBs. For the same reasons, NCBs should provide explanations to the ECB for revisions that significantly improve the statistical information reported, or where requested by the ECB.
4. Article 5 of the Statute of the ESCB, together with Article 4(3) of the Treaty on European Union, implies that Member States whose currency is not the euro (hereinafter the 'non-euro area
   Member States') which plan to adopt the euro should design and implement measures for the collection of the statistical information required to fulfil the ECB's statistical reporting requirements in preparation for such adoption of the euro. Accordingly, the application of this Guideline may be extended to the NCBs of non-euro area Member States for a defined reference period where appropriate. In addition, for the purposes of enabling the ECB to obtain a comprehensive overview of the statistical information collected and to carry out relevant analysis, the NCBs of non-euro area Member States that adopt the euro should be required to provide the ECB with statistical information covering a specified period prior to their adoption of the euro and their accession to the Union.

11 Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).

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