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3.3.2012 Official
Journal
of
the
European
Union L
65/1
II
(Non-legislative acts)
GUIDELINES
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 9 December 2011
on the statistical reporting requirements of the European Central Bank in the field of external
statistics
(recast)
(ECB/2011/23)
(2012/120/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
(3)
The first sentence of Article 5.1 of the Statute of the
European System of Central Banks and of the European
Central Bank (hereinafter ‘the Statute of the ESCB’)
requires the European Central Bank (ECB), assisted by
Having regard to the Statute of the European System of Central
the national central banks (NCBs), to collect either
Banks and of the European Central Bank, and in particular
from the competent authorities other than NCBs, or
Articles 3.1 and 3.3, Articles 5.1, 12.1, 14.3 and Article 16
directly from economic agents, the statistical information
thereof,
necessary for it to undertake the tasks of the ESCB. The
second sentence of Article 5.1 provides that for these
purposes it will cooperate with the Union institutions
or bodies and with the competent authorities of the
Having regard to Council Regulation (EC) No 2533/98 of
Member States or third countries and with international
23 November 1998 concerning the collection of statistical
organisations. Article 5.2 stipulates that the NCBs will
information by the European Central Bank ( 1 ), and in particular
carry out, to the extent possible, the tasks described in
Articles 4 and 8 thereof,
Article 5.1.
Whereas:
(4) Information
necessary
to
meet
the
ECB's
requirements
in
the field of external statistics may be collected and/or
compiled by competent authorities other than NCBs.
(1) Guideline
ECB/2004/15
of
16
July
2004
on
the
statistical
Therefore, some of the tasks to be undertaken under
reporting requirements of the European Central Bank in
this Guideline require cooperation between the ECB or
the field of balance of payments and international
the NCBs and such competent authorities. Article 4 of
investment position statistics, and the international
Regulation (EC) No 2533/98 requires the Member States
reserves template ( 2 ) has been substantially amended.
to organise themselves in the field of statistics and to
Since further amendments are to be made, it should be
cooperate fully with the ESCB to ensure the fulfilment
recast in the interests of clarity.
of the obligations arising out of Article 5 of the Statute
of the ESCB.
(2) To
fulfil
its
tasks,
the
European
System
of
Central
Banks
(ESCB) requires comprehensive and reliable external stat
istics consisting of balance of payments and international
(5) Part
of
the
necessary
statistical
information
relates
to
the
investment position statistics, and the international
financial account of the balance of payments, the related
reserves template, showing the main items affecting
income and the international investment position for
monetary conditions and exchange markets in the euro
which the Eurosystem has prime responsibility. In order
area, and statistics on cross-border shipments of euro
to be able to fulfil their obligation to assist the ECB in
banknotes.
this area, it should be ensured that the NCBs are
equipped with the necessary statistical expertise, in
( 1 ) OJ L 318, 27.11.1998, p. 8.
particular as regards concepts, methodology and data
( 2 ) OJ L 354, 30.11.2004, p. 34.
collection, compilation, analysis and transmission.

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Official Journal of the European Union
3.3.2012
(6)
Since the adoption of Guideline ECB/2004/15, the inter
investment securities issued by euro area residents and held
national statistical standards which are the reference for
by residents in other euro area Member States. This will
the compilation of the balance of payments and the
ultimately allow the compilation of a sectoral breakdown
international investment position have been revised. In
in respect of the euro area portfolio investment liabilities
particular, the International Monetary Fund (IMF) has
data.
published the sixth edition of the Balance of Payments
and International Investment Position Manual (hereinafter
the ‘BPM6’) and the United Nations Statistical
Commission has revised the international statistical
standard for national accounts in its latest version in
(11) As a contribution to the annual review of the inter
2008 of the System of National Accounts. In addition,
national role of the euro, statistical data on transactions
the European Commission has proposed a regulation on
and positions in debt securities broken down by currency
the European system of national and regional accounts in
are needed to assess the role of the euro as an investment
the European Union (ESA 2010) (
currency.

1 ).
(7) Given
the
inherent
difficulties
in
the
compilation
of (12) The
ESCB
needs
comprehensive
statistics
to
estimate
portfolio investment statistics, it was considered
holdings of euro banknotes by entities outside the euro
necessary to define common approaches for the
area. To this end, statistical information on the cross-
collection of this information across the euro area.
border shipments of euro banknotes between Member
Portfolio investment collection systems in the euro area
States whose currency is the euro and countries outside
should conform to a common standard, i.e. one of the
the euro area is of particular relevance. Such statistics are
four models entailing, as a minimum, the collection of
necessary to facilitate decision-making in the area of euro
quarterly stocks on a security-by-security basis as set out
banknote issuance with respect to the production
in the table contained in Annex VI.
planning of euro banknotes, management of stocks and
the coordination of the issuance and transfers of euro
banknotes by NCBs and the ECB in accordance with
their respective competences. Euro banknote shipment
statistics contribute to the assessment of monetary and
(8) Reporting
of
data
on
transactions
and
positions
in
the
foreign exchange developments and are needed to assess
assets and/or liabilities of euro area residents vis-à-vis
the role of the euro as an investment currency outside
residents of other euro area Member States is necessary
the euro area.
to fulfil the ECB's statistical requirements in the area of
portfolio investment (and related income). The data are
used to compile the euro area aggregated transactions
and positions in portfolio investment liabilities and
debits in portfolio investment income. This is in
(13) The
quality
assessment
for
the
euro
area
balance
of
accordance with national requirements or established
payments and international investment position statistics
practices.
and the international reserves template should be
performed in accordance with the ECB Statistics
Quality Framework. The NCBs, in cooperation with
other competent authorities, where appropriate, should
assess the quality of the data which they contribute.
(9) Quarterly
euro
area
balance
of
payments
and
inter
national investment position statistics are used as input
in the compilation of the rest of the world account in the
quarterly euro area financial accounts. Also for this
purpose, information on transactions and positions vis-
(14) According
to
Article
3a
of
Regulation
(EC)
No
2533/98
à-vis residents in other euro area Member States as
and the Public Commitment on European Statistics by
described in this Guideline needs to be collected and
the European System of Central Banks, the development,
compiled.
production and dissemination of European statistics by
the ESCB are governed by the principles of impartiality,
objectivity, professional independence, cost-effectiveness,
statistical confidentiality, minimisation of the reporting
(10) The
centralised
securities
database
(hereinafter
the
‘CSDB’)
burden and high output quality.
is made available to NCBs and to other competent auth
orities, subject to licence and other relevant constraints.
The CSDB will be the main source of securities reference
data to be used in their production of the required data for
(15) Transmission from the NCBs to the ECB of confidential
the compilation of the euro area transactions and positions
statistical information takes place to the extent and in the
statistics concerning portfolio investment. In particular, by
detail necessary for the exercise of the tasks of the ESCB.
combining information from the CSDB with data collected
Where competent authorities other than NCBs are the
on a security-by-security basis, it should be possible to
sources of statistical information marked as confidential,
accurately compile transactions and positions in portfolio
such confidential statistical information should be used
by the ECB in accordance with Regulation (EC)
( 1 ) COM(2010) 774 final.
No 2533/98.

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EN
3.3.2012 Official
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European
Union L
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(16) It
is necessary
to set up
a procedure
to carry
out
(10) ‘international transaction’ means any transaction that
technical amendments to the Annexes to this Guideline
creates or redeems, in full or in part, claims or debts, or
in an effective manner, provided that such amendments
any transaction that implies the transfer of a right over an
neither change the underlying conceptual framework nor
object between residents in a euro area Member State and
affect the reporting burden of reporting agents in
non-residents in that Member State;
Member States. Account will be taken of the views of
the ESCB Statistics Committee when following this
procedure. NCBs may propose such technical
amendments through the ESCB Statistics Committee,
(11) ‘international positions’ means the stock of financial claims
on and financial liabilities to non-residents in a euro area
Member State. International positions also encompass: (a)
HAS ADOPTED THIS GUIDELINE:
land, other tangible non-produced assets and other
immovable assets physically located outside a euro area
Member State that are owned by residents in that
Article 1
Member State, and/or physically located inside a euro
area Member State and owned by non-residents; and (b)
Definitions
monetary gold and special drawing rights (SDRs) owned
by residents;
For the purposes of this Guideline:
(1) ‘external statistics’ means balance of payments and inter
(12) ‘revaluations’ means holding gains and losses on inter
national investment position statistics, the international
national positions arising from changes to the exchange
reserves template and statistics on the cross-border
rate and/or other prices;
shipment of euro banknotes;
(2) ‘balance of payments’ means the statistical statement that
(13) ‘reserve assets’ means highly liquid, marketable and credi
reports, with the appropriate breakdown, international
tworthy claims held by the Eurosystem on non-euro area
transactions during the period under review;
residents and denominated in currencies other than the
euro, plus gold, reserve positions in the IMF and SDR
holdings;
(3) ‘international investment position’ means the balance sheet
that reports, with the appropriate breakdown, the stock of
international financial assets and liabilities at a reference
(14) ‘other foreign currency assets’ means (a) claims held by the
date;
Eurosystem on euro area residents denominated in
currencies other than the euro; and (b) claims held by
the Eurosystem on non-euro area residents denominated
(4) ‘international reserves template’ means the statistical
in currencies other than the euro which do not meet the
statement that reports, with the appropriate breakdown,
liquidity, marketability and creditworthiness criteria of
stocks of reserve assets, other foreign currency assets and
reserve assets;
reserve-related liabilities of the Eurosystem at a reference
date;
(15) ‘reserve-related liabilities’ means predetermined and
(5) ‘cross-border shipment of euro banknotes’ means the
contingent short-term net drains on the Eurosystem,
export and/or import of euro banknotes;
similar to reserve assets and other foreign currency assets
of the Eurosystem;
(6) ‘export of euro banknotes’ means any delivery of euro
banknotes from an NCB or from another monetary
financial institution (MFI) resident in the euro area to
(16) ‘security-by-security’ data collection means the collection
any legal person outside the euro area;
of data broken down into individual securities.
(7) ‘import of euro banknotes’ means any delivery of euro
Article 2
banknotes to an NCB or to another MFI resident in the
euro area from any legal person outside the euro area;
Statistical obligations of the NCBs
1. The
NCBs
shall
make
available
to
the
ECB
data
on
the
(8) ‘resident’ and ‘residing’ have the same meaning as defined
international transactions, positions and revaluations, as well as
in Article 1(4) of Regulation (EC) No 2533/98;
on the stocks of reserve assets, other foreign currency assets and
reserve-related liabilities, necessary to enable the ECB to compile
the aggregated balance of payments and international
(9) ‘rest of the world’ means all international organisations
investment position statistics and the international reserves
and residents in all territories other than a specific euro
template of the euro area. The data shall be made available as
area Member State, which act as counterparts to the
defined in Tables 1 to 5 of Annex II and in accordance with the
residents in that Member State;
deadlines defined in Article 3.

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Official Journal of the European Union
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2. The NCBs shall also make available to the ECB data on
By derogation from Article 2(7), the Banque centrale du
cross-border shipments of euro banknotes as defined in Table 6
Luxembourg shall not be required to transmit back data for
of Annex II. The NCBs shall report data on cross-border
the period ending December 2001. The Nationale Bank van
shipments of euro banknotes where the best estimate of the
Belgi/Banque Nationale de Belgique shall transmit joint back
total amount of all cross-border shipments within the
data for Belgium and Luxembourg for the period ending
previous year exceeds EUR 1 000 million.
December 2001. The same procedure is applied in case of
any back data regarding a period prior to the physical intro
duction of the euro required in case of methodological changes
or any other modification in the requirements.
3. The
data
shall
be
accompanied
by
readily
available
information on single major events and on reasons for revi
sions, when the magnitude of the change to the data caused
Article 3
by such single major events or revisions is significant or on
request by the ECB. Available information on single major
Timeliness
events shall also be exchanged with other euro area NCBs in
the framework of existing arrangements, for instance in the
1. The data required for the compilation of the monthly
context of foreign direct investment.
balance of payments of the euro area and the data on revalu
ations of euro area reserve assets shall be made available to the
ECB by 2.00 p.m. Central European Time (CET) ( 1 ) of the 44th
calendar day following the end of the month to which the data
4. For monthly and quarterly transactions and quarterly posi
relate.
tions, the required data shall be made available to the ECB as
laid down in Annexes I, II and III, which conform with current
international standards, notably the BPM6. For the monthly
2. The data required for the compilation of the quarterly
international reserves template, the required data shall be
balance of payments and the quarterly international investment
made available to the ECB as laid down in Annexes I, II and
position of the euro area shall be made available to the ECB by
III, which conform with the IMF ‘International Reserves and
2.00 p.m. of:
Foreign Currency Liquidity: Guidelines for a Data Template’.
(a) the 85th calendar day following the end of the quarter to
5. The
required
data
on
the
balance
of
payments
shall
be
which the data relate, from 2014 to 2016;
made available on a monthly and quarterly basis. The required
data on the international reserves template shall be made
available on a monthly basis. The required data on the inter
(b) the 82nd calendar day following the end of the quarter to
national investment position shall be made available on a
which the data relate, in 2017 and 2018;
quarterly basis. The required data on cross-border shipments
of euro banknotes shall be made available on a monthly basis.
(c) the 80th calendar day following the end of the quarter to
which the data relate, from 2019.
6. Portfolio
investment
collection
systems
shall
conform
with
one of the models set out in the table contained in Annex VI.
3. The data required for the compilation of the international
reserves template of the Eurosystem shall be made available to
the ECB by 2.00 p.m. of the 10th calendar day following the
7. In the event of an enlargement of the euro area, both the
end of the month to which the data relate.
NCB of that Member State and the NCBs of all other euro area
Member States at the time that Member State adopts the euro
shall provide the ECB with back data to enable the compilation
4. The
data
required
on
the
cross-border
shipments
of
euro
of aggregates covering the euro area in its new composition.
banknotes as defined in Table 6 of Annex II shall be made
These NCBs shall provide back data from 2008 on a best
available to the ECB by 2.00 p.m. of the 35th calendar day
estimate basis. The items and breakdowns to be reported shall
following the end of the month to which the data relate.
be decided by the Executive Board of the ECB on proposal by
the ESCB Statistics Committee on a case-by-case basis.
5. Where a deadline referred to in paragraphs 1 to 4 falls on
TARGET2 closing day, the deadline shall be extended to the
following TARGET2 operating day ( 2 ).
If the Member State that adopts the euro joined the Union after
2007, the back data shall cover, as a minimum, the period from
the date on which that Member State joined the Union.
6. The
national
collection
of
the
data
referred
to
in
para
graphs 1 to 5 shall be organised with a view to meeting
these deadlines.
8. In the event of an enlargement of the euro area, those
euro area Member States that were part of a monetary union for
( 1 ) All references to time in this Guideline refer to CET, which takes
a period prior to the physical introduction of the euro shall
account of the change to Central European Summer Time.
( 2 ) TARGET2 closing days and operating days are announced on the
provide, for that period, back data for that monetary union as a
ECB's website at www.ecb.europa.eu and on the Eurosystem
whole.
websites.

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Article 4
statistical methodologies shall be permitted provided the
analytical value of the statistics is not compromised. In
Cooperation with competent authorities other than NCBs
addition, best estimates shall be permitted for the following
1. Where the sources for part or all of the data described in
breakdowns in Tables 1, 2 and 6 of Annex II:
Article 2 are competent authorities other than NCBs, NCBs shall
establish the appropriate modalities of cooperation with these
authorities to ensure a permanent structure for transmission of
(a) sub-items of primary income on other investment;
data which fulfils the ECB's standards, in particular on data
quality, and any other of its requirements as set out in this
Guideline, unless the same result is already achieved by
(b) sub-items of other primary income and of secondary
national legislation.
income;
(c) sub-items of capital transfers in the capital account;
2. For
the
financial
account
of
the
balance
of
payments,
the
related income, and the international investment position, the
(d) geographical breakdown of financial derivatives liabilities;
NCBs shall be responsible for ensuring that the standards
regarding concepts, methodology and data collection,
compilation, analysis and transmission in these areas are main
(e) reinvested earnings credits on investment funds shares
tained and developed.
without an ISIN code;
(f) breakdown of cross-border banknote shipments by denomi
3. Where
competent
authorities
other
than
NCBs
are
the
nation.
source of statistical information marked as confidential, such
information shall be used by the ECB in accordance with Regu
lation (EC) No 2533/98.
4. The
ECB's
monitoring
of
the
quality
of
statistical
information may include scrutiny of revisions made to these
data: firstly, to include the latest assessment of the statistical
information, thereby improving the quality; secondly, to
Article 5
ensure as far as possible consistency between the corresponding
balance of payments items for each of the different frequencies.
Transmission standard
The required statistical information shall be made available to
the ECB in a form which meets the requirements laid down in
Article 7
Annex IV.
Simplified amendment procedure
Taking account of the views of the ESCB Statistics Committee,
the Executive Board of the ECB shall be entitled to make
Article 6
technical amendments to the Annexes to this Guideline,
provided that such amendments neither change the underlying
Quality of the statistical information
conceptual framework nor affect the reporting burden of
1. Without
prejudice
to
the
ECB's
monitoring
tasks
as
laid reporting agents in Member States.
down in Annex V, the NCBs shall, in cooperation with other
competent authorities as mentioned in Article 4 where relevant,
ensure the monitoring and the assessment of the quality of
Article 8
statistical information made available to the ECB. The ECB
First transmission of data to the ECB
assesses these data in a similar manner. The assessment shall
be carried out in a timely manner. The Executive Board of the
1. The
first
transmission
of
data
relating
to
balance
of
ECB shall report yearly to the Governing Council on the quality
payments and international investment position statistics, and
of the data.
international reserves template, shall take place in June 2014.
2. The
first
transmission
of
data
relating
to
cross-border
2. The assessment of the quality of data on portfolio
shipments of euro banknotes shall take place in March 2013.
investment transactions and positions, as well as on related
income is subject to sufficient coverage and quality of the
securities information in the CSDB.
Article 9
Repeal
1. Guideline
ECB/2004/15
is
repealed
from
1
June
2014.
3. Where the data for an item in Tables 1 to 5 of Annex II
are of negligible or of insignificant size for euro area and
national statistics, or the data for that item cannot be
2. References
to
Guideline
ECB/2004/15
shall
be
construed
collected at reasonable cost, best estimates based on sound
as references to this Guideline.

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Article 10
Entry into force
1. This
Guideline
shall
enter
into
force
on
1
March
2012.
2. Without
prejudice
to
Article
8(2),
this
Guideline
shall
apply
from
1
June
2014.
Article 11
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 9 December 2011.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI

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ANNEX I
STATISTICAL REQUIREMENTS OF THE EUROPEAN CENTRAL BANK
1. Balance of payments statistics
The European Central Bank (ECB) requires balance of payments statistics at two frequencies: monthly and quarterly in
respect of the corresponding reference calendar periods. Annual data are compiled by adding up the quarterly data
reported by the Member States for the corresponding year. As far as possible, balance of payments statistics should be
consistent with other statistics provided for the conduct of monetary policy.
1.1. Monthly balance of payments statistics
O b j e c t i v e
The objective of the monthly balance of payments of the euro area is to show the main items affecting monetary
conditions and exchange markets (see Annex II, Table 1).
R e q u i r e m e n t s
It is essential that the data are suitable for use in the calculation of the balance of payments of the euro area.
In view of the short deadline for the provision of the monthly balance of payments data, their highly aggregated nature
and their use for monetary policy purposes and foreign exchange operations, the ECB allows some departure from
international standards (see Article 2(4) of this Guideline), where unavoidable. Recording on a full accruals or transactions
basis is not required. Where necessary to meet the deadline, the ECB will accept estimates or preliminary data.
The requirement for each broad category of transaction is assets and liabilities (or credits and debits for current account
items). In general this requires NCBs, as regards international transactions, to distinguish between transactions with
residents of other euro area Member States and transactions outside the euro area. NCBs do this in a consistent manner.
When membership of the euro area changes, NCBs are required to implement the change in the definition of the country
composition of the euro area from the date on which the change in membership takes effect. Best estimates for historical
data covering the enlarged euro area are requested from NCBs of the euro area in its previous composition and from the
NCB of the new euro area Member States.
In order to permit a meaningful aggregation of the data relating to the euro area on a monthly basis in the area of
portfolio investment, a distinction is required between transactions in securities issued by euro area residents and trans
actions in securities issued by non-euro area residents. The statistics on net transactions in portfolio investment assets of
the euro area are compiled by aggregating reported net transactions in securities issued by non-euro area residents.
Statistics on net transactions in portfolio investment liabilities of the euro area are compiled by consolidation of net
transactions in total national liabilities and net transactions in securities issued and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment
income.
With a view to compiling the monetary presentation of the balance of payments, NCBs are required to submit the data
broken down by institutional sector. For the monthly balance of payments the following is the sectoral breakdown:
— for direct investment: (a) deposit-taking corporations except the central bank; (b) money market funds; (c) general
government; (d) other sectors,
— for portfolio investment assets and other investment: (a) the central bank; (b) deposit-taking corporations except the
central bank; (c) money market funds; (d) general government; (e) other sectors.
With a view to compiling a sectoral breakdown of the balance of payments, thereby allowing the construction of a
monetary presentation, NCBs will be required to provide data on net transactions in portfolio investment securities issued
by euro area residents broken down by the institutional sector to which the issuer belongs. In addition, portfolio
investment liabilities will include a breakdown by institutional sector of the domestic issuer.
The statistics on net transactions in portfolio investment liabilities of the euro area broken down by sector are then
compiled by consolidation of the respective sectors' net total national liabilities and the corresponding net transactions in
securities issued and purchased by euro area residents.
NCBs (and other competent authorities where appropriate) collect portfolio investment data according to one of the
models set out in the table contained in Annex VI.

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1.2. Quarterly balance of payments statistics
O b j e c t i v e
The objective of the quarterly balance of payments of the euro area is to provide more detailed information to permit
further analysis of international transactions.
These statistics notably contribute to the compilation of the euro area sectoral and financial accounts and to the joint
publication of Union/euro area balance of payments in cooperation with the European Commission (Eurostat).
R e q u i r e m e n t s
Quarterly balance of payments statistics conform as far as possible to international standards (see Article 2(4) of this
Guideline). The required breakdown of quarterly balance of payments statistics is presented in Annex II, Table 2.
Harmonised concepts and definitions used in the capital and financial accounts are set out in Annex III.
The breakdown of the quarterly current account is similar to the one required for the monthly figures. However, for
income a more detailed breakdown is needed on a quarterly basis.
In the financial account, the ECB follows the requirements of the sixth edition of the International Monetary Fund (IMF)
Balance of Payments and International Investment Position Manual (hereinafter the ‘BPM6’) for the ‘other investment’
item. There is a difference in the presentation of the breakdown (i.e. sector as first priority). This sectoral breakdown is
however compatible with the breakdown of the BPM6 where instruments have priority. As in the BPM6 presentation,
currency and deposits are distinguished from loans and other investments.
NCBs are required to distinguish between transactions with euro area Member States and all other international trans
actions. The statistics on net transactions in portfolio investment assets of the euro area are compiled by aggregating
reported net transactions in securities issued by non-euro area residents. Statistics on net transactions in portfolio
investment liabilities of the euro area are compiled by consolidation of net transactions in total national liabilities and
net transactions in securities issued and purchased by euro area residents.
An analogous reporting requirement and compilation method for the aggregate data are applied for portfolio investment
income.
For direct investment NCBs are required to submit quarterly the following sectoral breakdown: (a) deposit-taking
corporations except the central bank; (b) general government; (c) financial corporations other than MFIs; (d) non-
financial corporations, households and non-profit institutions serving households. For the ‘portfolio investment assets’
and ‘other investment’ items the breakdown of reports according to institutional sectors follows the standard components
of the IMF comprising (a) central bank; (b) deposit-taking corporations except the central bank; (c) money market funds;
(d) general government; (e) financial corporations other than MFIs; (f) non-financial corporations, households, and non-
profit institutions serving households.
For compiling the statistics on euro area net transactions in portfolio investment liabilities by sector of the euro area
resident issuers, the requirements for quarterly data are similar to those for monthly balance of payments.
In line with the system of national accounts, the BPM6 recommends that interest should be recorded on an accruals basis.
This requirement affects the current account (investment income) as well as the financial account.
2. International reserves template
O b j e c t i v e
The international reserves template is a monthly statement of the reserve assets, other foreign currency assets and reserve-
related liabilities held by NCBs and the ECB following the IMF template on International Reserves and Foreign Currency
Liquidity as defined in the IMF manual ‘International Reserves and Foreign Currency Liquidity: Guidelines for a Data
Template’. This information complements the data on reserve assets included in the euro area balance of payments.
R e q u i r e m e n t s
Reserve assets of the euro area are highly liquid, marketable and creditworthy claims held by the ECB (‘pooled reserves’)
and by the NCBs (‘unpooled reserve assets’) on non-euro area residents and are denominated and settled in a convertible
foreign currency (i.e. in currencies other than the euro), plus gold, reserve positions in the IMF and special drawing rights
(SDR) holdings. They may include net positions in financial derivatives. As a general rule, reserve assets are compiled on a
gross basis without any netting out of reserve-related liabilities. Exceptionally, positions in financial derivatives should be
recorded on a net basis. The breakdown of the data required from the NCBs is presented in Annex II, Table 3, Section I.A.

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Foreign currency-denominated assets of the Eurosystem which do not meet this definition, i.e. claims on euro area
residents and assets held for monetary policy or other purposes that are unrelated to balance of payments or exchange
rate policies, are included under the ‘other foreign currency assets’ item of the international reserves template (Annex II,
Table 3, Section I.B).
Euro-denominated claims on non-residents and balances in foreign currency held by governments of euro area Member
States are not considered as reserve assets; such amounts are not included in the Eurosystem reserves template and are
recorded as ‘other investment’ within the international investment position if they represent claims on non-euro area
residents.
In addition, information on predetermined and contingent short-term net drains on the Eurosystem connected to reserve
assets and other foreign currency assets of the Eurosystem, the so-called ‘reserve-related liabilities’, is to be reported under
Annex II, Table 3, Sections II to IV.
3. International investment position statistics
O b j e c t i v e
The international investment position is a statement of the external assets and liabilities of the euro area as a whole, for
monetary policy and exchange market analysis. In particular, it contributes to the assessment of the Member States’
external vulnerability and to monitoring the developments in holdings of liquid assets abroad by the money-holding
sector. This statistical information is key to the compilation of the rest of the world account in the euro area quarterly
financial accounts and may also assist in the compilation of balance of payments flows.
R e q u i r e m e n t s
The NCBs must deliver international investment position statistics on a quarterly basis in respect of end-of-period stock
levels and revaluations due to exchange rate or other price changes.
The international investment position data conform as far as possible with international standards (see Article 2(4) of this
Guideline). The ECB compiles the international investment position for the euro area as a whole. The breakdown of the
international investment position for the euro area is presented in Annex II, Table 4.
The international investment position shows financial stocks at the end of the reference period, valued at end-period
prices. Changes in the value of stocks could be due to the following factors. First, part of the change in the value during
the reference period will be due to the financial transactions that have taken place and been recorded in the balance of
payments. Second, part of the changes in positions at the beginning and at the end of a given period will be caused by
changes in the prices of the financial assets and liabilities shown. Third, in the event that stocks are denominated in
currencies other than the unit of account used for the international investment position, changes in the exchange rates
vis-à-vis other currencies will also affect the values. Finally, any other change which is not due to the above factors will be
considered as due to other changes in volume during the period.
A proper reconciliation between the financial flows and stocks of the euro area requires changes in value owing to price,
to exchange rate changes and to other changes in volume to be distinguished.
Coverage of the international investment position should be as close as possible to that for quarterly balance of payments
flows. The concepts, definitions and breakdowns are in line with those used for quarterly balance of payments flows.
As far as possible, data on the international investment position should be consistent with other statistics, such as money
and banking statistics, financial accounts and national accounts.
As for the monthly and quarterly balance of payments, NCBs are required to distinguish in their international investment
position statistics between holdings vis-à-vis euro area Member States and all other international positions. A distinction
between holdings in securities issued by euro area residents and in securities issued by non-euro area residents is required
in the portfolio investment accounts. Statistics on net assets in portfolio investment of the euro area are compiled by
aggregating reported net assets in securities issued by non-euro area residents. Statistics on net liabilities in portfolio
investment of the euro area are compiled by consolidation of net total national liabilities and net holdings in securities
issued and purchased by euro area residents.
Portfolio investment assets and liabilities within the international investment position are compiled purely from stock
data.
NCBs (and other competent statistical authorities where appropriate) collect, as a minimum, quarterly portfolio
investment stocks of assets and liabilities on a security-by-security basis according to one of the models set out in the
table contained in Annex VI.

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Official Journal of the European Union
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4. Monthly revaluations of reserve assets due to exchange rate and other price changes
O b j e c t i v e
The monthly revaluations of euro area reserve assets contribute to the assessment of the euro area external vulnerability.
R e q u i r e m e n t s
The NCBs must deliver statistics on the revaluations of reserve assets due to exchange rate and other price changes on a
monthly basis. These data conform with international standards (see Article 2(4) of this Guideline).
The required breakdown of this report is presented in Annex II, Table 5.
The revaluations of reserve assets show the holding gains or losses, i.e. the changes in the monetary value of reserve assets
that accrue as a result of changes in the level and structure of their prices.
5. Monthly cross-border shipments of euro banknotes by denomination
O b j e c t i v e
The ESCB needs comprehensive statistics to estimate holdings of euro banknotes by entities outside the euro area. To this
end, statistical information on cross-border shipments of euro banknotes between the euro area and countries outside the
euro area is of particular relevance. Such statistics are necessary to facilitate decision-making in the area of euro banknote
issuance with respect to the production planning of euro banknotes, management of stocks and the coordination of the
issuance and transfers of euro banknotes by NCBs and the ECB in accordance with their respective competences. Euro
banknote shipment statistics contribute to the assessment of monetary and foreign exchange developments and are
needed to assess the role of the euro as an investment currency outside the euro area.
R e q u i r e m e n t s
The NCBs must deliver information on the monthly imports and exports of euro banknotes by euro area Member States
to/from countries outside the euro area, as specified in Annex II, Table 6. A breakdown by denomination is required on a
best estimate basis.

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ANNEX II
REQUIRED BREAKDOWNS
Table 1
Monthly balance of payments
Credit Debit
1. Current account ( 1 )
Goods ( 2 ) Geo
3
( 3 ) Geo
3
Services Geo
3 Geo
3
Primary income
Compensation of employees Geo
3 Geo
3
Investment income
Direct investment
Equity Geo
3 Geo
3
Of which: reinvested earnings by resident sector (Sec 1) ( 4 ) Geo
2 Geo
2
Debt instruments Geo
3 Geo
3
Portfolio investment
Equity and investment fund shares Geo
3 Geo
1
Debt securities Geo
3 Geo
1
Other investment Geo
3 Geo
3
Of which: interest Geo
2 Geo
2
Reserve assets Geo
3 Geo
3
Of which: interest Geo
2 Geo
2
Other primary income Geo
3 Geo
3
Secondary income Geo
3 Geo
3
2. Capital account Geo
3 Geo
3
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
3. Financial account
Direct investment
Equity by resident sector (Sec 1) Geo
2 Geo
2
Debt instruments by resident sector (Sec 1) Geo
2 Geo
2
Portfolio investment
Equity and investment fund shares
By resident sector (Sec 1) Geo
2 Geo
1
By counterpart issuer sector (Sec 1) Geo
2
Debt securities
Short-term
By resident sector (Sec 1) Geo
2 Geo
1
By counterpart issuer sector (Sec 1) Geo
2

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Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
Long-term
By resident sector (Sec 1) Geo
2 Geo
1
By counterpart issuer sector (Sec 1) Geo
2
Financial derivatives (other than reserves) and employee stock
Geo 2
options
Other investment
By resident sector (Sec 1) Geo
2 Geo
2
Of which: currency and deposits Geo
2 Geo
2
Reserve assets
Monetary gold
Gold bullion Geo
1
Unallocated gold accounts Geo
1
Special drawing rights (SDRs) Geo
1
Reserve position in the International Monetary Fund (IMF) Geo
1
Other reserve assets
Currency and deposits
Claims on monetary authorities, the IMF and the Bank for Inter
Geo 1
national Settlements (BIS)
Claims on other entities (banks) Geo
1
Securities
Debt securities
Short-term Geo
1
Long-term Geo
1
Equity and investment fund shares Geo
1
Financial derivatives (net) Geo
1
Other claims Geo
1
( 1 ) Concepts and definitions of selected items are specified in Annex III.
( 2 ) Includes branding — quasitrade adjustment.
( 3 ) The details of the required geographical breakdowns are specified in Table 7.
( 4 ) The details of the required institutional sector breakdowns are specified in Table 8.
Table 2
Quarterly balance of payments
Credit Debit
1. Current account ( 1 )
Goods Geo
4
( 2 ) Geo
4
General merchandise on a balance of payments (BOP) basis Geo
3 Geo
3
Net exports of goods under merchanting Geo
3
Goods acquired under merchanting (negative credit) Geo
3
Goods sold under merchanting Geo
3
Non-monetary gold Geo
3 Geo
3
Branding — quasi-transit trade adjustment Geo
4 Geo
4

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Credit Debit
Services Geo
4 Geo
4
Manufacturing services on physical inputs owned by others Geo
4 Geo
4
Maintenance and repair services not included elsewhere (n.i.e.) Geo
4 Geo
4
Transport Geo
4 Geo
4
Travel Geo
4 Geo
4
Construction Geo
4 Geo
4
Insurance and pension services Geo
4 Geo
4
Financial services Geo
4 Geo
4
Explicitly charged and other financial services Geo
3 Geo
3
Financial intermediation services indirectly measured (FISIM) Geo
3 Geo
3
Charges for the use of intellectual property n.i.e. Geo
4 Geo
4
Telecommunications, computer, and information services Geo
4 Geo
4
Other business services Geo
4 Geo
4
Research and development services Geo
3 Geo
3
Professional and management consulting services Geo
3 Geo
3
Technical, trade-related, and other business services Geo
3 Geo
3
Personal, cultural and recreational services Geo
4 Geo
4
Government goods and services n.i.e. Geo
4 Geo
4
Primary income
Compensation of employees Geo
4 Geo
4
Investment income
Direct investment
Equity Geo
4 Geo
4
Dividends and withdrawals from income of quasi-corporations
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) ( 3 ) Geo
2 Geo
2
Reinvested earnings Geo
4 Geo
4
By resident sector (Sec 2) Geo
2 Geo
2
Debt instruments Geo
4 Geo
4
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
Of which: interest
By resident sector (Sec 2) Geo
2 Geo
2

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Credit Debit
Portfolio investment
Equity and investment fund shares Geo
4 Geo
1
Equity securities
Dividends
By resident sector (Sec 2) Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Investment fund shares
Dividends
By resident sector (Sec 2) Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Reinvested earnings
By resident sector (Sec 2) Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Debt securities
Short-term Geo
4 Geo
1
Interest
By resident sector (Sec 2) Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Long-term Geo
4 Geo
1
Interest
By resident sector (Sec 2) Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Other investment Geo
4 Geo
4
Withdrawals from income of quasi-corporations Geo
3 Geo
3
Interest Geo
3 Geo
3
By resident sector (Sec 2) Geo
2 Geo
2
Of which: interest on SDRs Geo
1
Of which: interest before FISIM Geo
3 Geo
3
By resident sector (Sec 2) Geo
2 Geo
2
Investment income attributable to policyholders in insurance,
Geo 3 Geo
3
pension schemes, and standardised guarantee schemes
By resident sector (Sec 2) Geo
2 Geo
2
Reserve assets Geo
3
Of which: interest Geo
3
Other primary income Geo
4 Geo
4
General government Geo
3 Geo
3
Taxes on production and on imports Union
institutions Union
institutions
Taxes on products Union
institutions Union
institutions
Other taxes on production Union
institutions Union
institutions

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Credit Debit
Subsidies Union
institutions Union
institutions
Subsidies on products Union
institutions Union
institutions
Other subsidies on production Union
institutions Union
institutions
Rents Geo
3 Geo
3
Other sectors Geo
3 Geo
3
Taxes on production and on imports Union
institutions Union
institutions
Taxes on products Union
institutions Union
institutions
Other taxes on production Union
institutions Union
institutions
Subsidies Union
institutions Union
institutions
Subsidies on products Union
institutions Union
institutions
Other subsidies on production Union
institutions Union
institutions
Rents Geo
3 Geo
3
Secondary income Geo
4 Geo
4
General government Geo
3 Geo
3
Current taxes on income, wealth, etc. Geo
3 Geo
3
Social contributions Geo
3 Geo
3
Social benefits Geo
3 Geo
3
Current international cooperation Geo
3 Geo
3
Of which: vis-à-vis the Union institutions (excluding the ECB) Union
institutions Union
institutions
Miscellaneous current transfers Geo
3 Geo
3
Value added tax and gross national income-based Union own Union institutions Union
institutions
resources
Other sectors Geo
3 Geo
3
Current taxes on income, wealth, etc. Geo
3 Geo
3
Social contributions Geo
3 Geo
3
Social benefits Geo
3 Geo
3
Net non-life insurance premiums Geo
3 Geo
3
Non-life insurance claims Geo
3 Geo
3
Miscellaneous current transfers Geo
3 Geo
3
Of which: personal transfers (between resident and non-resident
Geo 3 Geo
3
households)
Of which: workers’ remittances Geo
4 Geo
4
Adjustment for change in pension entitlements Geo
3 Geo
3
2. Capital account Geo
4 Geo
4
Gross acquisitions/disposals of non-produced non-financial assets Geo
3 Geo
3
Capital transfers Geo
3 Geo
3

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Credit Debit
General government Geo
3 Geo
3
Capital taxes Geo
3 Geo
3
Investment grants Geo
3 Geo
3
Other capital transfers Geo
3 Geo
3
Of which: debt forgiveness Geo
3 Geo
3
Other sectors Geo
3 Geo
3
Capital taxes Geo
3 Geo
3
Investment grants Geo
3 Geo
3
Other capital transfers Geo
3 Geo
3
Of which: debt forgiveness Geo
3 Geo
3
Net acquisition
of financial
Net incurrence of
assets
liabilities
Net
3. Financial account Geo
1 Geo
1
Direct investment Geo
4 Geo
4
Equity Geo
4 Geo
4
Equity other than reinvestment of earnings
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) Geo
2 Geo
2
Listed Geo
2 Geo
2
Unlisted Geo
2 Geo
2
Other (e.g. real estate) Geo
2 Geo
2
Reinvestment of earnings Geo
4 Geo
4
By resident sector (Sec 2) Geo
2 Geo
2
Debt instruments Geo
4 Geo
4
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) Geo
2 Geo
2
Portfolio investment Geo
4 Geo
1
Equity and investment fund shares Geo
4 Geo
1
Equity securities
By resident sector (Sec 2) Geo
3 Geo
1
Listed Geo
2 Geo
1
Unlisted Geo
2 Geo
1

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Net acquisition
of financial
Net incurrence of
assets
liabilities
Net
By counterpart issuer sector (Sec 2)
Listed Geo
2
Unlisted Geo
2
Investment fund shares
By resident sector (Sec 2) Geo
3 Geo
1
Of which: reinvestment of earnings Geo
3 Geo
1
By counterpart issuer sector (Sec 2) Geo
2
Of which: reinvestment of earnin