Regulation (EC) No 2181/2004 of the European Central Bank

of 16 December 2004

amending 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)

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 Bank [1], and in particular Articles 5(1) and 6(4) thereof,

Whereas:

(1) 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) [2], requires monetary financial institutions (MFIs) to report, inter alia, monthly statistical information relating to their end-of-month balance sheets for the purposes of producing the consolidated balance sheet of the MFI sector.

(2) Regulation (EC) No 2423/2001 (ECB/2001/13) provides that the accounting rules to be followed in reporting are those laid down in the national transposition of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions [3], and in any other international standards applicable. Both national accounting legislation and international standards have changed since the adoption of Regulation (EC) No 2423/2001 (ECB/2001/13). Directive 86/635/EEC has been amended to the effect that certain financial instruments may be valued at fair value. International accounting standards may also provide for the valuation of certain financial instruments at fair value.

(3) For the purposes of the statistical information which the European Central Bank (ECB) needs to fulfil its tasks, deposit liabilities and loans have to be reported at their nominal value.

(4) In light of the above, it has become necessary to amend Regulation (EC) No 2423/2001 (ECB/2001/13) to include an explicit requirement regarding the reporting of deposit liabilities and loans at nominal value.

(5) At the same time, given the current stage in the process of harmonisation in the field of statistics that has been reached as a result of Regulation (EC) No 2423/2001 (ECB/2001/13), it is desirable to continue to apply the valuation rules that have until now been applied to provisioned loans and purchased loans. Therefore, national central banks may allow existing valuation rules to apply to such loans until the ECB updates these rules in order to harmonise reporting further.

(6) In view of the possibility that some MFIs may value debt securities issued at fair value, it is necessary to clarify the scope of the reporting of the "other revaluation" adjustments in respect of price revaluation of securities.

(7) As a consequence of the above, Regulation (EC) No 63/2002 (ECB/2001/18) of the European Central Bank of 20 December 2001 concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations [4], should also be amended,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EC) No 2423/2001 (ECB/2001/13) is amended as follows:

Annex I is amended in accordance with Annex I to this Regulation.

Article 2

Regulation (EC) No 63/2002 (ECB/2001/18) is amended as follows:

Annex II is amended in accordance with Annex II to this Regulation.

Article 3

This Regulation shall enter into force on 1 January 2005.

Done at Frankfurt am Main, 16 December 2004.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet

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[1] OJ L 318, 27.11.1998, p. 8.

[2] OJ L 333, 17.12.2001, p. 1. Regulation as last amended by Regulation (EC) No 1746/2003 (ECB/2003/10) (OJ L 250, 2.10.2003, p. 17).

[3] OJ L 372, 31.12.1986, p. 1. Directive as last amended by Directive 2003/51/EC of the European Parliament and of the Council (OJ L 178, 17.7.2003, p. 16).

[4] OJ L 10, 12.1.2002, p. 24.

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+++++ ANNEX 1 +++++

+++++ ANNEX 2 +++++