HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
13.9.2013 Official
Journal
of
the
European
Union L
244/23
COMMISSION DELEGATED REGULATION (EU) No 877/2013
of 27 June 2013
supplementing Regulation (EU) No 473/2013 of the European Parliament and of the Council on
common provisions for monitoring and assessing draft budgetary plans and ensuring the correction
of excessive deficit of the Member States in the euro area
THE EUROPEAN COMMISSION,
a Council recommendation made in accordance with
Article 126(7) and every three months if subject to a
Council decision to give notice in accordance with
Article 126(9) TFEU on the action taken to correct the
Having regard to the Treaty on the Functioning of the European
excessive deficit. The reporting should contain, for the
Union,
general government and its sub-sectors, the in-year
budgetary execution, the budgetary impact of discre
tionary measures taken on both the expenditure and
Having regard to Regulation (EU) No 473/2013 of the
the revenue side, targets for the government expenditure
European Parliament and of the Council of 21 May 2013 on
and revenues and information on the measures adopted
common provisions for monitoring and assessing draft
and the nature of those envisaged to achieve the targets.
budgetary plans and ensuring the correction of excessive
This more frequent reporting will help the Commission
deficit of the Member States in the euro area ( 1 ), and in
and the EFC to continuously monitor whether the
particular Article 10(3) thereof,
Member State concerned is on track to correct its
excessive deficit.
Whereas:
(4) According
to
Article
10(3)
of
Regulation
(EU)
No
473/2013, the content of this additional reporting is to
(1) Regulation
(EU)
No
473/2013
sets
up
a
closer
moni
be specified by the Commission. This delegated act
toring for Member States whose currency is the euro in
provides a clear framework for the information to be
excessive deficit procedure by means of additional
reported by Member States whose currency is the euro
reporting requirements aiming at ensuring prevention
and which are subject to an excessive deficit procedure.
and early correction of any deviations from the Council
The reporting established by this delegated Regulation
recommendations or decisions to give notice to correct
will provide a structured and harmonised view of the
the excessive deficit.
budgetary situation of the Member States concerned.
The report should contain annual and quarterly data in
order to provide details on the on-going correction. Data
should be reported on a cash and accrual basis
(2) Such
monitoring
complements
the
existing
reporting
(according to the European System of National
obligations set out in Article 3(4)(a) and Article 5(1)(a)
Accounts ESA) in order to allow a better understanding
of Council Regulation (EC) No 1467/97 of 7 July 1997
of the dynamics of the budgetary situation. Given that an
on speeding up and clarifying the implementation of the
excessive deficit procedure can be open on the basis of
excessive deficit procedure ( 2 ) which require that a
non-compliance with either or both the deficit and the
Member State in excessive deficit procedure subject to
debt-to-GDP Treaty reference values, the evolution of the
a Council recommendation made in accordance with
main components of the general government deficit and
Article 126(7) of the Treaty or a notice made in
debt developments should be reported.
accordance with Article 126(9) of the Treaty shall
report to the Council and the Commission on action
taken to correct the excessive deficit. This report shall
include the targets for government expenditure and
(5)
Actual data reported under this delegated act should be
revenue and for the discretionary measures on both the
consistent with data reported to Eurostat in the context
expenditure and the revenue side consistent with the
of the excessive deficit procedure,
Council’s recommendation, as well as information on
the measures taken and the nature of those envisaged
to achieve the targets.
HAS ADOPTED THIS REGULATION:
(3) Regulation
(EU)
No
473/2013
complements
this
initial
reporting requirement by requiring a more frequent
reporting from Member States whose currency is the
Article 1
euro which are in excessive deficit. The latter will have
Subject matter
to report to the Commission and to the Economic and
Financial Committee (EFC) every six months if subject to
This Regulation lays down specifications concerning the content
of the reports that may be requested by the Commission from
( 1 ) OJ L 140, 27.5.2013, p. 11.
Member States whose currency is the euro which are subject to
( 2 ) OJ L 209, 2.8.1997, p. 6.
an excessive deficit procedure.

---

L 244/24
EN
Official Journal of the European Union
13.9.2013
Article 2
or decision to give notice in accordance with Article 126(7)
or Article 126(9) TFEU, including detailed information on
Structure and content of the reporting
budgetary measures planned or already taken to achieve
1. The
reports
referred
to
in
Article
1
shall
have
the
these targets and their budgetary impact.
following structure:
2. The
reports
shall
include
tables
as
indicated
in
the
Annex
— Actual balances, debt developments, and updated budgetary
to this Regulation.
plans for the period of correction for the general
government and its sub-sectors;
Article 3
— Description and quantification of the fiscal strategy in
Entry into force
nominal and structural terms (cyclical component of the
balance, net of one-off and temporary measures) to
This Regulation shall enter into force on the third day following
correct the excessive deficit by the deadline set by the
that of its publication in the Official Journal of the European
Council in the view of the latest Council recommendation
Union.
This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaties.
Done at Brussels, 27 June 2013.
For the Commission
The President
José Manuel BARROSO

---

EN
13.9.2013 Official
Journal
of
the
European
Union L
244/25
ANNEX
Tables to be included in the reports to be submitted in accordance with Article 10(3) of Regulation (EU) No
473/2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the
correction of excessive deficit of the Member States in the euro area
NB: In tables below, Year t corresponds to the year of submission of the report. Reporting for the items indicated in bold
is compulsory. The conceptual framework agreed in the context of Council Directive 2011/85/EU ( 1 ) should be imple
mented.
Table 1a
In-year quarterly budgetary execution on cash basis ( a ) for the general government and its sub-sectors ( b )
Year t (*)
EUR millions
Q1 Q2 Q3 Q4
Overall balance by sub-sector (6-7)
1. General government
2. Central government
3. State government
4. Local government
5. Social security funds
For each sub-sector (please indicate which)
6. Total revenue/inflows
Of which (indicative list)
Taxes, of which:
Direct Taxes
Indirect taxes, of which:
VAT
Social contributions
Sales
Other current revenue
Capital revenue
Inflows from operations in financial
instruments
7. Total expenditure/outflows
Of which (indicative list)
Purchase of goods and services
Compensation of employees
Interest
Subsidies
Social benefits
( 1 ) OJ L 306, 23.11.2011, p. 41.

---

L 244/26
EN
Official Journal of the European Union
13.9.2013
Year t (*)
EUR millions
Q1 Q2 Q3 Q4
Other current expenditure
Capital transfers payable
Capital investments
Outflows from operations in financial
instruments
(*) The reporting is mandatory up to the current quarter included. If the data for the current quarter is not available, please provide latest
available monthly data, indicating which month it corresponds to. For the overall balance of the general government, please provide the
information until the latest available quarter (i.e. q-1). The normal quality assurance and revision policy should apply.
( a ) Equivalent figures from public accounting may be provided if cash-based data are not available; please specify the accounting basis used
to fill all the information provided in this table.
( b ) Corresponding to the reporting to be provided in accordance with Article 3(2) of Directive 2011/85/EU.
Table 1b
In-year quarterly budgetary execution and prospects in accordance with ESA standards and seasonally non-
adjusted ( a ) for the general government and its sub-sectors
The data of budgetary execution provided in Table 1a and 1b should be consistent; a reconciliation table showing the
methodology of transition between the two tables should be communicated.
Year t (*)
EUR millions ESA
code
Q1 Q2 Q3 Q4
Net lending (+)/net borrowing (–)
1. General government ( a ) S.13
2. Central government S.1311
3. State government S.1312
4. Local government S.1313
5. Social security funds S.1314
For the general government (voluntary for the sub-sectors)
6. Total revenue ( a ) TR
Of which
Taxes on production and imports D.2
Current taxes on income, wealth, etc. D.5
Capital taxes D.91
Social contributions D.61
Property income D.4
Other ( b )
7. Total expenditure ( a ) TE
Of which
Compensation of employees D.1
Intermediate consumption P.2

---

EN
13.9.2013 Official
Journal
of
the
European
Union L
244/27
Year t (*)
EUR millions ESA
code
Q1 Q2 Q3 Q4
Social payments D.62,
D.632 ( c )
Interest expenditure D.41
Subsidies D.3
Gross fixed capital formation ( a ) P.51
Capital transfers D.9
Other ( d )
8. Gross debt ( e )
(*) The reporting shall span until the end of the current Year t; quarterly prospects are not binding and reported as estimates (possibly
subject to revisions) for informational and monitoring purposes.
( a ) For the general government, the items labelled with ‘( a )’ are to be additionally provided in seasonally-adjusted terms; if it cannot be
provided by the national authorities, the seasonal adjustment will be performed by Eurostat, in liaison with the Member State concerned.
( b ) P.11 + P.12 + P.131 + D.39rec + D.7rec + D.9rec (other than D.91rec).
( c ) Under ESA95: D6311_D63121_D63131pay; in ESA2010 D632pay.
( d ) D.29pay + D.4pay (other than D.41pay) + D.5pay + D.7pay + P.52 + P.53 + K.2 + D.8.
( e ) As defined in Council Regulation (EC) No 479/2009 (OJ L 145, 10.6.2009, p. 1).
Table 1c
Annual budgetary targets in accordance with ESA standards for the general government and its sub-sectors
ESA Code Year
t
–
1 Year
t Year
t
+
…
(*)
Net lending(+)/net borrowing (–) by sub-sector (% GDP)
1. General
government S.13
2. Central
government S.1311
3. State
government S.1312
4. Local
government S.1313
5. Social
security
funds S.1314
General government (S.13) (% GDP)
6. Total
revenue TR
7. Total
expenditure TE
8. Interest
expenditure D.41
9. Primary
balance ( a )
10. One-off and other temporary
measures ( b )
rate of change rate
of
change rate
of
change
11. Real GDP growth
12. Potential GDP growth
contributions:
— labour

---

L 244/28
EN
Official Journal of the European Union
13.9.2013
ESA Code Year
t
–
1 Year
t Year
t
+
…
(*)
— capital
— total factor productivity
% potential GDP %
potential
GDP %
potential
GDP
13. Output gap
14. Cyclical budgetary component
15. Cyclically-adjusted balance (1 – 14)
14. Cyclically-adjusted primary balance
(13 + 6)
15. Structural balance (13 – 10)
(*) Following the request from the Commission to activate the reporting requirements provided for by Article 10(3) of Regulation (EU)
No 473/2013, the reporting starts from the year of the opening of the excessive deficit procedure in accordance with Article 126(6)
TFEU, and spans until the excessive deficit is planned to be corrected, in accordance with the deadline set by the Council recom
mendation in accordance with Article 126(7) TFEU or decision to give notice in accordance with Article 126(9) TFEU.
( a ) The primary balance is calculated as (B.9, item 8) plus (D.41, item 9).
( b ) A plus sign means deficit-reducing measures.
Table 2
Targets for the expenditure and revenues of the general government (S.13) in accordance with ESA standards
% GDP ESA
Code Year
t
–
1 Year
t Year
t
+
1 Year
t
+
…
(*)
1. Total
revenue
target
TR
(= table 1c. 6)
Of which
1.1. Taxes on production and imports D.2
1.2. Current taxes on income, wealth, etc. D.5
1.3. Capital taxes D.91
1.4. Social contributions D.61
1.5. Property income D.4
1.6. Other ( a )
p.m.: Tax burden
(D.2 + D.5 + D.61 + D.91-D.995) ( b )
2. Total
expenditure
target
TE ( c )
(= table 1c.7)
Of which
2.1. Compensation of employees D.1
2.2. Intermediate consumption P.2
2.3. Social payments D.62,
D.6311,
D.63121,
D.63131 ( f )
of which:
Unemployment benefits ( d )
2.4. Interest expenditure D.41

---

EN
13.9.2013 Official
Journal
of
the
European
Union L
244/29
% GDP ESA
Code Year
t
–
1 Year
t Year
t
+
1 Year
t
+
…
(*)
2.5. Subsidies D.3
2.6. Gross fixed capital formation P.51
2.7. Capital transfers D.9
2.8. Other ( e )
(*) Following the request from the Commission to activate the reporting requirements provided for by Article 10(3) of Regulation (EU)
No 473/2013, the reporting starts from the year of the opening of the excessive deficit procedure in accordance with Article 126(6)
TFEU, and spans until the excessive deficit is planned to be corrected, in accordance with the deadline set by the Council Recom
mendation in accordance with Article 126(7) TFEU or decision to give notice in accordance with Article 126(9) TFEU.
( a ) P.11 + P.12 + P.131 + D.39rec + D.7rec + D.9rec (other than D.91rec).
( b ) Including those collected by the EU and including an adjustment for uncollected taxes and social contributions D.995), if appropriate.
( c ) TR TE B:9:
( d ) Includes cash benefits (D.621 and D.624) and in kind benefits (D.631) related to unemployment benefits.
( e ) D.29 + D.4 (other than D.41) + D.5 + D.7 + P.52 + P.53 + K.2 + D.8.
( f ) In ESA2010: D.62, D.632.
Table 3a
Budgetary measures adopted and envisaged by the general government and its sub-sectors on both the
expenditure and the revenue side to achieve the targets presented in Table 2
Expected budgetary impact of measures adopted and envisaged ( a )
Incremental budgetary impact (EUR million)
Target (Expendi
on year
List of measures
Detailed
Accounting
description (
ture/Revenue)

b )
ESA Code
principle ( c )
Adoption Status
t – 1
t t
+
1 t + 2 t +
(*)
TOTAL
(*) Year when the excessive deficit is planned to be corrected, in accordance with the deadline set by the Council recommendation in
accordance with Article 126(7) TFEU or decisions to give notice in accordance with Article 126(9) TFEU.
( a ) Only measures sufficiently detailed and credibly announced should be reported.
( b ) Including reporting on which sub-sector is taking the measure.
( c ) By default, the impact of the measures will be reported on accrual basis, but, if impossible and reporting is in cash, it should be
indicated explicitly. The impact is to be recorded in incremental terms – as opposed to levels – compared to the previous year’s baseline
projection. Simple permanent measures should be recorded as having an effect of +/– X in the year(s) they are introduced and zero
otherwise (the overall impact on the level of revenues or expenditures must not cancel out). If the impact of a measure varies over time,
only the incremental impact should be recorded in the table. By their nature, one-off measures should be always recorded as having an
effect of +/–X in the year of the first budgetary impact and –/+ X in the following year, i.e. the overall impact on the level of revenues
or expenditures in two consecutive years must be zero.
Table 3b
In-year quarterly reporting on the budgetary impact of the measures presented in Table 3a
In-year reporting for measures having an effect on year t (choose one of the
alternatives below) ( b )
List of
Expected annual budgetary impact for year t
measures (
Quarterly observed budgetary
(EUR million)

a )
impact (EUR million) ( c )
Cumulative observed budgetary impact since
(= Table 3a)
the start of the year (EUR million)
Q1 Q2 Q3 Q4

---

L 244/30
EN
Official Journal of the European Union
13.9.2013
In-year reporting for measures having an effect on year t (choose one of the
alternatives below) ( b )
List of
Expected annual budgetary impact for year t
measures (
Quarterly observed budgetary
(EUR million)

a )
impact (EUR million) ( c )
Cumulative observed budgetary impact since
(= Table 3a)
the start of the year (EUR million)
Q1 Q2 Q3 Q4
TOTAL
( a ) Select the measures reported in Table 3a which have a budgetary impact in year t.
( b ) Filling one of the two alternatives is mandatory: quarterly reporting (estimates possibly subject to revisions) at least until the current
quarter and/or sum of the observed budgetary impact until the current date.
( c ) Indicate for each quarter whether the data reported corresponds to observed data; the reporting is mandatory up to the current quarter
included.
Table 4
General government (S.13) debt developments and prospects
Year t – 1 Year
t Year
t
+
…
(*)
ESA Code %
GDP %
GDP %
GDP
1. Gross
debt ( a )
(= Table 1b.8 for the general govern
ment)
2. Change
in
gross
debt
ratio
Contributions to changes in gross debt
3. Primary
balance
(= Table 1c. 9)
4. Interest
expenditure
D.41
(= Table 1c.8)
5. Stock-flow
adjustment
of which:
— Differences between cash and
accruals ( b )
— Net accumulation of financial
assets ( c )
of which:
— Privatisation proceeds
— Valuation effects and other ( d )
p.m.: Implicit interest rate on debt ( e )
(%)
Other relevant variables
6. Liquid
financial
assets
( f )
7. Net
financial
debt 7 1 6
8. Debt
amortization
(existing
bonds)
since
the end of the previous year
9. Percentage of debt denominated in
foreign currency (%)

---

EN
13.9.2013 Official
Journal
of
the
European
Union L
244/31
Year t – 1 Year
t Year
t
+
…
(*)
ESA Code %
GDP %
GDP %
GDP
10. Average maturity (years)
11. Real GDP growth (%)
(= Table 1c row 11)
(*) Following the request from the Commission to activate the reporting requirements provided for by Article 10(3) of Regulation (EU)
No 473/2013, the reporting starts from the year of the opening of the excessive deficit procedure in accordance with Article 126(6)
TFEU, and spans until the excessive deficit is planned to be corrected, in accordance with the deadline set by the Council recom
mendation in accordance with Article 126(7) TFEU or decision to give notice in accordance with Article 126(9) TFEU.
( a ) As defined in Regulation (EC) No 479/2009.
( b ) The differences concerning interest expenditure, other expenditure and revenue could be distinguished when relevant or in case the
debt-to-GDP ratio is above the reference value.
( c ) Liquid assets (currency), government securities, assets on third countries, government controlled enterprises and the difference between
quoted and non-quoted assets could be distinguished when relevant or in case the debt-to-GDP ratio is above the reference value.
( d ) Changes due to exchange rate movements, and operation in secondary market could be distinguished when relevant or in case the
debt-to-GDP ratio is above the reference value.
( e ) Proxied by interest expenditure divided by the debt level of the previous year.
( f ) Liquid assets are here defined as AF.1, AF.2, AF.3 (consolidated for general government, i.e. netting out financial positions between
government entities), A.F511, AF.52 (only if quoted in stock exchange).

---

Document Outline

• �

---