Guideline of the European Central Bank

of 19 December 2008

amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics (recast)

(ECB/2008/31)

(2009/160/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 Articles 5.1, 12.1 and 14.3 thereof,

Having regard to Regulation (EC) No 25/2009 of the European Central Bank of 19 December 2008 concerning the balance sheet of the monetary financial institutions sector (recast) (ECB/2008/32) [1],

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank [2],

Having regard to Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions [3],

Having regard to Guideline ECB/2006/16 of 10 November 2006 on the legal framework for accounting and financial reporting in the European System of Central Banks [4],

Having regard to Annex A to Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community [5],

Having regard to Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2008/30) [6],

Whereas:

(1) Regulation (EC) No 24/2009 (ECB/2008/30) concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (hereinafter the "FVCs") establishes that under certain conditions FVCs may be exempt from some or all reporting requirements set out in Regulation (EC) No 24/2009 (ECB/2008/30) and national central banks (NCBs) may instead derive the required data from other statistical, public or supervisory data sources.

(2) Data on FVC issued securities and/or FVCs’ holdings of securities may be derived from a centralised securities database (CSDB); therefore, a functioning CSDB is considered essential to enable the derivation of data on FVC issued securities and/or FVCs’ holdings of securities,

HAS ADOPTED THIS GUIDELINE:

Article 1

Guideline ECB/2007/9 [7] is amended as follows:

1. the following Article 18a is inserted:

"Article 18a

Statistics on the assets and liabilities of FVCs

1. Scope of reporting

2. Reporting frequency and deadline

3. Revision policy

The following general rules shall apply to the revision of quarterly data:

(a) during the regular production periods, i.e. from the 28th working day following the end of the reference quarter to the day preceding the day the data are disseminated back to the NCBs, NCBs may revise the data referring to the previous reference quarter;

(b) outside the regular production periods, NCBs may also revise data referring to reference periods prior to the previous reference quarter, inter alia, in case of mistakes, reclassifications or improved reporting procedures;

(c) revisions to data reported under Regulation (EC) No 25/2009 of the European Central Bank (ECB/2008/32) [] on loans originated and serviced by euro area MFIs shall be included, where relevant, in the FVC statistics according to paragraphs (a) and (b).

4. Reporting approaches

5. Data sources and data quality standards

6. Loans originated and serviced by euro area MFIs and exchange of cross-border information

7. Derogations and grossing-up

8. Explanatory notes

9. Monitoring the quality of data not directly reported by FVCs or MFIs

10. Monitoring the quality of the CSDB or other securities database in the context of FVC issued securities

If the CSDB or another securities database is used as a data source for FVC statistics in accordance with paragraph 5, NCBs shall provide the ECB, on an annual basis, with indicators on the coverage and quality of the relevant set of securities in the CSDB or the other securities database, in accordance with the methodology to be separately communicated to the NCBs.The above information shall be transmitted to the ECB by the end of February each year by taking as a reference the end-December data of the preceding year.

2. the following Article 20a is inserted:

"Article 20a

List of FVCs for statistical purposes

1. Scope of reporting

2. Reporting frequency and deadline

3. Transmission standards

4. Acquisition and error acknowledgements

5. Dissemination of the list of FVCs

The ECB shall take a copy of the FVC dataset, excluding values marked as confidential, at 18.00 CET on the second working day following the deadline for reporting referred to in paragraph 2. The updated information shall become available by 12.00 CET the next day.The ECB shall not publish values which have been marked as confidential.At the same time as releasing the list of FVCs on its website, the ECB shall send it to the NCBs via the RIAD Data Exchange System.";

3. Annex III is amended and Annex VIII is added in accordance with the Annex to this Guideline;

4. in the Glossary, the definition of financial vehicle corporations is replaced with the following:

"Financial vehicle corporations engaged in securitisation transactions are defined in Article 1(1) of Regulation (EC) No 24/2009 (ECB/2008/30)."

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 all Eurosystem central banks.

Done at Frankfurt am Main, 19 December 2008.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet

[1] OJ L 15, 20.1.2009, p. 14.

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

[3] OJ L 372, 31.12.1986, p. 1.

[4] OJ L 348, 11.12.2006, p. 1.

[5] OJ L 310, 30.11.1996, p. 1.

[6] OJ L 15, 20.1.2009, p. 1.

[7] OJ L 341, 27.12.2007, p. 1.

[] OJ L 15, 20.1.2009, p. 14.

[] OJ L 15, 20.1.2009, p. 1.

[] For example, estimations, e.g. interpolations and extrapolations, may be necessary when data are collected from public or supervisory sources at a frequency lower than quarterly and with a timeliness longer than the 28th working day following the reference period.";

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ANNEX

1. The following Part 15 is added to Annex III:

"PART 15

FVC Reporting table

Table 1

Outstanding amounts and financial transactions

Data required to be provided on a quarterly basis

ANC: Anchor serie

NON-ANC: Non-anchor serie

ANC/MFI: Anchor series, which are partly derived from data directly collected from MFIs via Regulation (EC) No 24/2009 (ECB/2008/30) when euro area MFIs are the originators and servicers of the loans.

| A.Domestic | B.Other participating Member States | C.RoW | D.Total |

Total | MFIs | Non-MFIs — Total | Total | MFIs | Non-MFIs — Total |

| General Gov’t | Other residents | | General Gov’t | Other residents |

Total | Other financial intermediaries + financial auxiliaries (S.123 + S.124) | Insurance corporations and pension funds (S.125) | Non-financial corporations (S.11) | Households + non-profit institutions serving households (S.14 + S.15) | Total | Other financial intermediaries + financial auxiliaries (S.123 + S.124) | Insurance corporations and pension funds (S.125) | Non-financial corporations (S.11) | Households + non-profit institutions serving households (S.14 + S.15) |

| o/w FVCs | | o/w FVCs |

ASSETS

1.Deposit and loan claims | | ANC | | | | | ANC | | | | | ANC | | | | | ANC | | | | | ANC |

2.Securitised loans | | | | | | | | | | | | | | | | | | | | | | ANC |

2aeuro area MFI as originator (total maturity) | | | | ANC/MFI | | ANC/MFI | | ANC/MFI | | ANC/MFI | | | | ANC/MFI | | ANC/MFI | | ANC/MFI | | ANC/MFI | | ANC/MFI |

up to 1 year | | | | | | | | | ANC/MFI | | | | | | | | | | ANC/MFI | | | |

over 1 year and up to 5 years | | | | | | | | | ANC/MFI | | | | | | | | | | ANC/MFI | | | |

over 5 years | | | | | | | | | ANC/MFI | | | | | | | | | | ANC/MFI | | | |

2beuro area General Government as originator | | | | | | | | | | | | | | | | | | | | | | ANC |

2ceuro area OFI and ICPF as originator | | | | | | | | | | | | | | | | | | | | | | ANC |

2deuro area NFC as originator | | | | | | | | | | | | | | | | | | | | | | ANC |

2enon-euro area originator | | | | | | | | | | | | | | | | | | | | | | ANC |

3.Securities other than shares | | | | | | | | | | | | | | | | | | | | | | ANC |

up to 1 year | | NON-ANC | NON-ANC | | | | NON-ANC | | | | | NON-ANC | NON-ANC | | | | NON-ANC | | | | NON-ANC | |

over 1 year and up to 2 years | | NON-ANC | NON-ANC | | | | NON-ANC | | | | | NON-ANC | NON-ANC | | | | NON-ANC | | | | NON-ANC | |

over 2 years | | NON-ANC | NON-ANC | | | | NON-ANC | | | | | NON-ANC | NON-ANC | | | | NON-ANC | | | | NON-ANC | |

4.Other securitised assets | | | | | | | | | | | | | | | | | | | | | | ANC |

4aof which euro area General Government as originator | | | | | | | | | | | | | | | | | | | | | | ANC |

4bof which euro area NFC as originator | | | | | | | | | | | | | | | | | | | | | | ANC |

5.Shares and other equity | | | | | | | NON-ANC | | | | | | | | | | NON-ANC | | | | | NON-ANC |

6.Financial derivatives | | | | | | | | | | | | | | | | | | | | | | ANC |

7.Fixed assets | | | | | | | | | | | | | | | | | | | | | | NON-ANC |

8.Remaining assets | | | | | | | | | | | | | | | | | | | | | | NON-ANC |

LIABILITIES

9.Loans and deposits received | | | | | | | ANC | | | | | | | | | | ANC | | | | | ANC |

10.Debt securities issued | | | | | | | | | | | | | | | | | | | | | | |

up to 1 year | | | | | | | | | | | | | | | | | | | | | | ANC |

over 1 year and up to 2 years | | | | | | | | | | | | | | | | | | | | | | ANC |

over 2 years | | | | | | | | | | | | | | | | | | | | | | ANC |

11.Capital and Reserves | | | | | | | | | | | | | | | | | | | | | | ANC |

12.Financial derivatives | | | | | | | | | | | | | | | | | | | | | | ANC |

13.Remaining liabilities | | | | | | | | | | | | | | | | | | | | | | NON-ANC |

Table 2

Write-offs/write-downs

Data required to be provided on a quarterly basis

| D.Total |

ASSETS

2Securitised loans | |

Table 3

Outstanding amounts to be exchanged between NCBs

Balance sheet items | Total [1] | A.Domestic | B.Other participating Member States |

| Gen. Gov’t (S. 13) | Other resident sectors | | Gen. Gov’t (S. 13) | Other resident sectors |

Total | Total | OFIs & financial auxil. (S.123 + S.124) | Ins. corp. & pension funds (S.125) | NFC (S.11) | Households (S.14 + S.15) | Total | Total | OFIs & financial auxil. (S.123 + S.124) | Ins. corp. & pension funds (S.125) | NFC (S.11) | Households (S.14 + S.15) |

ASSETS

Securitised loans

FVCs located in euro area country A | | | | | | | | | | | | | | | |

FVCs located in euro area country B | | | | | | | | | | | | | | | |

FVCs located in euro area country C | | | | | | | | | | | | | | | |

etc. | | | | | | | | | | | | | | | |

up to 1 year

FVCs located in euro area country A | | | | | | | | | | | | | | | |

FVCs located in euro area country B | | | | | | | | | | | | | | | |

FVCs located in euro area country C | | | | | | | | | | | | | | | |

etc. | | | | | | | | | | | | | | | |

over 1 year and up to 5 yrs

FVCs located in euro area country A | | | | | | | | | | | | | | | |

FVCs located in euro area country B | | | | | | | | | | | | | | | |

FVCs located in euro area country C | | | | | | | | | | | | | | | |

etc. | | | | | | | | | | | | | | | |

over 5 years

FVCs located in euro area country A | | | | | | | | | | | | | | | |

FVCs located in euro area country B | | | | | | | | | | | | | | | |

FVCs located in euro area country C | | | | | | | | | | | | | | | |

etc. | | | | | | | | | | | | | | | |

2. The following Annex VIII is added:

"ANNEX VIII

LIST OF FVCs FOR STATISTICAL PURPOSES

PART 1

Variables for reporting the list of financial vehicle corporations (FVCs) for statistical purposes

Variable name | Variable description | Status |

object_request | This variable specifies the type of FVC update sent and may have one of six predefined values: "fvc_req_new": request for addition of a new FVC"fvc_req_mod": request for modifications to an FVC"fvc_req_del": request for an FVC to be deleted"fvc_req_realloc": request for reallocation of the identification code of a deleted FVC to a new FVC"fvc_req_mod_id_realloc": request for reallocation of the identification code of a deleted FVC to another FVC"fvc_req_mod_id": request for a change of the identification code (fvc_id) of an FVC to a different identification code | Mandatory |

fvc_confidentiality_flag | This variable indicates the confidentiality status of the entire record. One of three predefined values should be selected: "F" (free, not confidential), "N" (confidential; may be released for European System of Central Banks (ESCB) use only; not for external release) or "C" (confidential; not for release to the ESCB or the public) If partial confidentiality of any one particular variable is required, the value "F" must be used | Mandatory |

fvc_id | The primary key for the FVC dataset is the unique identification code (hereinafter the "id code") for each FVC It is comprised of two parts: "host" and "id" The values for the two parts combined ensure that the "fvc_id" is unique to that FVC | Mandatory |

host | The two-character country ISO code for the FVC’s country of registration, one of two parts of the "fvc_id" variable (see above) | Mandatory when part of id code |

id | The FVC’s id code, one of two parts of the "fvc_id" variable (see above) | Mandatory when part of id code |

name | The FVC’s full registration name, including the company designation, e.g. plc, Ltd, SpA, etc. | Mandatory |

address | The FVC’s location details or its management company where applicable, composed of four parts: "postal_address", "postal_box", "postal_code" and "city" | Mandatory for "new" and "mod" requests |

postal_address | The street name and the number of the building | Mandatory for "new" and "mod" requests |

postal_box | The post office box number, using national box convention systems | Mandatory for "new" and "mod" requests |

postal_code | The postcode, using the national postal system conventions | Mandatory for "new" and "mod" requests |

city | The city of location | Mandatory for "new" and "mod" requests |

management company name | The full, registered name of the FVC’s management company If this information is missing, the value "not available" (where the FVC has a management company) or "not applicable" (where the FVC does not have a management company) must be reported | Mandatory |

management company name_confidentiality_flag | This variable indicates the confidentiality status of the information on the management company name One of three predefined values should be selected: "F" (free, not confidential), "N" (confidential; may be released for ESCB use only; not for external release) or "C" (confidential; not for release to the ESCB or to the public) | Mandatory |

nature of securitisation | This variable specifies the type of securitisation undertaken by the FVC One out of four predefined values should be selected: "traditional", "synthetic", "other" or "not available" | Mandatory |

nature of securitisation_confidentiality_flag | This variable indicates the confidentiality status of the information on the nature of securitisation One of three predefined values should be selected: "F" (free, not confidential), "N" (confidential; may be released for ESCB use only; not for external release) or "C" (confidential; not for release to the ESCB or the public) | Mandatory |

ISIN codes | This variable specifies the ISIN [1] codes for each class of security per single securitisation, issued by the FVC The variable is composed of several parts including reference to: "ISIN_1", "ISIN_2", "ISIN_3", "ISIN_4" and "ISIN_n" As a minimum requirement, at least one ISIN code (ISIN_1) must be reported If reporting an FVC for which ISIN codes are not applicable, or not available, the 12 characters term "XXXXXXXXXXXX" must be reported for "ISIN_1" | Mandatory |

free_text | Explanatory information on the FVC | |

PART 2

Validation checks

1. General checks

It will be checked that:

- all mandatory variables are completed,

- the value for the variable "object_request" is one of the six predefined types as set out in Part 1 of this Annex ("fvc_req_new", "fvc_req_mod", "fvc_req_del", "fvc_req_realloc", "fvc_req_mod_id_realloc", "fvc_req_mod_id") depending on the kind of information transmitted, and

- NCBs use the Roman alphabet when reporting updates to the European Central Bank (ECB).

2. Id code checks

It will be checked that:

- the variable "fvc_id" is comprised of two separate parts, a "host" variable and an "id" variable, and the values for the two parts combined ensure that the "fvc_id" is unique to an FVC,

- the value for the variable "host" for an FVC is a two-character country ISO code,

- a previously used id code is not allocated to a new FVC. If such an action is unavoidable, NCBs must send an "fvc_req_realloc" request to the ECB,

- when reporting an id code change for an existing FVC, a specific "fvc_req_mod_id" request is used, and

- when reporting an id code change to a previously deleted id code, a specific "fvc_req_mod_id_realloc" request is used.

If the identification code has already been used (either for an existing FVC or an FVC which has been previously deleted) and the request is not an "fvc_req_mod_id_realloc", or the new FVC identification code is in the current list, the ECB rejects the request.

If the variable "fvc_id" is incomplete, incorrect or missing, the ECB rejects the entire request.

3. Name

It will be checked that:

- this variable specifies the FVC’s name,

- the FVC’s name, including its designation is consistently reported for all names where this is applicable,

- the lower case convention is followed to allow for accents, and

- lower case is used where applicable.

If the variable "name" is missing, the ECB rejects the entire request.

4. Address

It will be checked that:

- at least one of the address variables "postal_address", "postal_box" or "postal_code" is completed,

- the "postal_address" variable indicates the street name and street number of the FVC (or its management company, as applicable),

- the "postal_box" variable uses national box convention systems, and that no post office box text references are placed in front of "postal_box" numbers, and

- the "postal_code" variable uses national postal system conventions and specifies the relevant postcode.

If at least one of the "address" variables is missing, the ECB rejects the entire request.

5. City

It will be checked that the variable "city" specifies the city where the FVC is located.

If the variable "city" is missing, the ECB rejects the entire request.

6. Management company name and associated confidentiality flag

A management company is an institution which provides management or administration services to the FVC.

It will be checked that:

- the variable "management company name" is completed either with a company name or as "not available" or "not applicable",

- if the variable "management company name" is given as "not available", an accompanying reason has also been provided in the "free_text" field; otherwise, the ECB will send a warning,

- the variable "management company name_confidentiality_flag" is completed either with an "F", "N" or "C".

If the variable "management company name" is missing, the ECB rejects the entire request.

7. Nature of securitisation and associated confidentiality flag

It will be checked that:

- the variable "nature of securitisation" is completed with one of the four predefined values: "traditional", "synthetic", "other" or "not available",

- if the variable "nature of securitisation" is given as "not available", an accompanying reason has also been provided in the "free_text" field; otherwise, the ECB will send a warning,

- the variable "nature of securitisation_confidentiality_flag" is completed either with an "F", "N" or "C".

If the variable "nature of securitisation" is missing, the ECB rejects the entire request.

8. ISIN codes

It will be checked that:

- under the variable "ISIN codes", at least the variable "ISIN_1" is completed for each FVC, and that the value for "ISIN_1" is either the actual code or the 12 characters term "XXXXXXXXXXXX",

- ISIN codes per FVC are not duplicated,

- ISIN codes across FVCs are not duplicated.

If the variables "ISIN codes" and "ISIN_1" are missing, i.e. neither the actual code, nor the term "XXXXXXXXXXXX" is provided, the ECB rejects the entire request.

9. Confidentiality checks

NCBs may mark certain values or the entire record as confidential with the specified confidentiality flag variables, when reporting an update to an FVC to the ECB.

In such cases, accompanying information on the reason for confidentiality should be provided in the "free_text" field.

The ECB does not publish such values on its website or disseminate them back to NCBs. The confidentiality flags are described in detail below:

"F" | Free: this value is non-confidential and may be published |

"N" | Confidential statistical information: this value may be disseminated within the ESCB, but not published |

"C" | Confidential statistical information: this value may not be disseminated within the ESCB nor published; it remains within the ECB’s statistical production environment |

It will be checked that:

- the "fvc_confidentiality_flag", "management company name_confidentiality_flag" and "nature of securitisation_confidentiality_flag", are completed with one of the following predefined values: "F", "N" or "C",

- if "management company name_confidentiality_flag" and/or "nature of securitisation_confidentiality_flag" are "N" or "C", then "fvc_confidentiality_flag" should be "F"."

[1] Includes domestic area, other euro area participating Member States and rest of the world."

[1] International Securities Identification Number: a code uniquely identifying a securities issue, composed of 12 alphanumeric characters.

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