HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
7.11.2013 Official
Journal
of
the
European
Union L
297/107
REGULATION (EU) No 1075/2013 OF THE EUROPEAN CENTRAL BANK
of 18 October 2013
concerning statistics on the assets and liabilities of financial vehicle corporations engaged in
securitisation transactions
(recast)
(ECB/2013/40)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
(3)
The purpose of FVC data is to provide the ECB with
adequate statistics on the financial activities of the FVC
sub-sector in the Member States whose currency is the
Having regard to the Statute of the European System of Central
euro (hereinafter the ‘euro area Member States’), which
Banks and of the European Central Bank, and in particular
are viewed as one economic territory.
Article 5 thereof,
Having regard to Council Regulation (EC) No 2533/98 of
(4)
Given the close links between the securitisation activities
23 November 1998 concerning the collection of statistical
of FVCs and monetary financial institutions (MFIs),
information by the European Central Bank (
consistent, complementary and integrated reporting of

1 ), and in particular
Articles 5(1) and 6(4) thereof,
FVCs and MFIs is required. Therefore, the statistical
information provided in accordance with this Regulation
needs to be considered together with the data
requirements for MFIs on securitised loans, as laid
Having regard to the opinion of the European Commission,
down in Regulation (EU) No 1071/2013 of the
European Central Bank of 24 September 2013
concerning the balance sheet of the monetary financial
Whereas:
institutions sector (ECB/2013/33) ( 4 ).
(1) Since
Regulation
(EC)
No
24/2009
of
the
European
Central Bank of 19 December 2008 concerning
(5)
The integrated reporting approach of FVCs and MFIs and
statistics on the assets and liabilities of financial vehicle
the derogations provided for in this Regulation aim at
corporations engaged in securitisation transactions
minimising the reporting burden for reporting agents and
(ECB/2008/30) ( 2 ) needs to be substantially amended, in
avoiding overlaps in the reporting of statistical
particular in light of Regulation (EU) No 549/2013 of the
information by FVCs and MFIs.
European Parliament and of the Council of 21 May 2013
on the European system of national and regional
accounts in the European Union ( 3 ), it should be recast
in the interests of clarity.
(6) NCBs
should
be
entitled
to
exempt
FVCs
from
statistical
reporting requirements that would cause unreasonably
high costs compared to their statistical benefit.
(2) Regulation
(EC)
No
2533/98
provides
in
Article
2(1)
that, for the fulfilment of its statistical reporting require
ments, the European Central Bank (ECB), assisted by the
national central banks (NCBs), has the right to collect
(7) Although
regulations
adopted
by
the
ECB
under
statistical information within the limits of the reference
Article 34.1 of the Statute of the European System of
reporting population and of what is necessary to carry
Central Banks and of the European Central Bank (here
out the tasks of the European System of Central Banks
inafter the ‘Statute of the ESCB’) do not confer any rights
(ESCB). It follows from Article 2(2)(a) of Regulation (EC)
or impose any obligations on Member States whose
No 2533/98 that financial vehicle corporations engaged
currency is not the euro (hereinafter the ‘non-euro area
in securitisation transactions (hereinafter ‘FVCs’) form
Member States’), Article 5 of the Statute of the ESCB
part of the reference reporting population for the
applies to both euro and non-euro area Member States.
purposes of fulfilling the ECB’s statistical reporting
Recital 17 to Regulation (EC) No 2533/98 refers to the
requirements, inter alia, in the field of monetary and
fact that Article 5 of the Statute of the ESCB, together
financial statistics. Furthermore, Article 3 of Regulation
with Article 4(3) of the Treaty on European Union,
(EC) No 2533/98 requires the ECB to specify the actual
implies an obligation to design and implement at
reporting population within the limits of the reference
national level all the measures that the non-euro area
reporting population and entitles it to fully or partly
Member States consider appropriate to collect the stat
exempt specific classes of reporting agents from its stat
istical information needed to fulfil the ECB’s statistical
istical reporting requirements.
reporting requirements and make timely preparations in
the field of statistics in order to become euro area
Member States.
( 1 ) OJ L 318, 27.11.1998, p. 8.
( 2 ) OJ L 15, 20.1.2009, p. 1.
( 3 ) OJ L 174, 26.6.2013, p. 1.
( 4 ) Page 1 of this Official Journal.

---

L 297/108
EN
Official Journal of the European Union
7.11.2013
(8) The
standards
for
the
protection
and
use
of
confidential
This definition does not include:
statistical information laid down in Article 8 of Regu
lation (EC) No 2533/98 apply.
(a) monetary financial institutions (MFIs) as defined in
Article 1 of Regulation (EU) No 1071/2013
(ECB/2013/33);
(9) Article
7(1)
of
Regulation
(EC)
No
2533/98
provides
that
the ECB has the power to impose sanctions on reporting
agents which fail to comply with statistical reporting
(b) investment funds (IFs) as defined in Article 1 of Regu
requirements set out in ECB regulations or decisions,
lation (EU) No 1073/2013 of the European Central
Bank of 18 October 2013 concerning statistics on the
assets and liabilities of investment funds
(ECB/2013/38) ( 1 );
HAS ADOPTED THIS REGULATION:
(c) insurance undertakings or reinsurance undertakings as
defined in Article 13 of Directive 2009/138/EC of the
European Parliament and of the Council of 25 November
Article 1
2009 on the taking-up and pursuit of the business of
Definitions
Insurance and Reinsurance (Solvency II) ( 2 );
For the purposes of this Regulation:
(d) managers of alternative investment funds which manage
and/or market alternative investment funds as defined in
Article 4(1) of Directive 2011/61/EU of the European
(1) ‘FVC’ means an undertaking which is constituted pursuant
Parliament and of the Council of 8 June 2011 on Alter
to national or Union law under one of the following:
native Investment Fund Managers that fall under the
scope of Directive 2011/61/EU pursuant to Article 2
thereof ( 3 );
(i) contract law as a common fund managed by
management companies;
(2) ‘securitisation’ means a transaction or scheme whereby an
entity that is separate from the originator or insurance or
reinsurance undertaking and is created for or serves the
purpose of the transaction or scheme issues financing
(ii) trust law;
instruments to investors, and one or more of the
following takes place:
(iii) company law as a public or private limited company;
(a) an asset or pool of assets, or part thereof, is transferred
to an entity that is separate from the originator and is
created for or serves the purpose of the transaction or
scheme, either by the transfer of legal title or beneficial
(iv) any other similar mechanism;
interest of those assets from the originator or through
sub-participation;
(b) the credit risk of an asset or pool of assets, or part
and whose principal activity meets both of the following
thereof, is transferred through the use of credit deriva
criteria:
tives, guarantees or any similar mechanism to the
investors in the financing instruments issued by an
entity that is separate from the originator and is
created for or serves the purpose of the transaction or
(a) it intends to carry out, or carries out, one or more
scheme;
securitisation transactions and its structure is intended
to isolate the payment obligations of the undertaking
from those of the originator, or the insurance or
(c) insurance risks are transferred from an insurance or
reinsurance undertaking; and
reinsurance undertaking to a separate entity that is
created for or serves the purpose of the transaction or
scheme, whereby the entity fully funds its exposure to
such risks through the issuance of financing instru
(b) it issues, or intends to issue, debt securities, other debt
ments, and the repayment rights of the investors in
instruments, securitisation fund units, and/or financial
those financing instruments are subordinated to the
derivatives (hereinafter the ‘financing instruments’)
reinsurance obligations of the entity;
and/or legally or economically owns, or may own,
assets underlying the issue of financing instruments
( 1 ) Page 73 of this Official Journal.
that are offered for sale to the public or sold on the
( 2 ) OJ L 335, 17.12.2009, p. 1.
basis of private placements.
( 3 ) OJ L 174, 1.7.2011, p. 1.

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/109
Where such financing instruments are issued, they do not
or, in the absence of formalised representation, persons that
represent the payment obligations of the originator, or
under the applicable national laws are liable for acts of the
insurance or reinsurance undertaking;
FVC, shall be considered reporting agents under this Regulation.
(3) ‘originator’ means the transferor of an asset or a pool of
Article 3
assets, and/or the credit risk of the asset or pool of assets to
the securitisation structure;
List of FVCs for statistical purposes
1. The
Executive
Board
shall
establish
and
maintain,
for
stat
istical purposes, a list of FVCs that form the reference reporting
(4) ‘reporting agent’ has the same meaning as defined in
population subject to this Regulation. FVCs shall submit to the
Article 1 of Regulation (EC) No 2533/98;
NCBs the data that the NCBs require in accordance with
Guideline ECB/2007/9 of 1 August 2007 on monetary,
financial institutions and markets statistics ( 1 ). The NCBs and
the ECB shall make this list and its updates available in an
(5) ‘resident’ has the same meaning as defined in Article 1 of
appropriate form, including by electronic means, via the
Regulation (EC) No 2533/98. For the purposes of this Regu
internet or, at the request of the reporting agents concerned,
lation, if a legal entity lacks a physical dimension its
in paper form.
residence shall be determined by the economic territory
under whose laws the entity is incorporated. If the entity
is not incorporated, legal domicile shall be used as a
criterion, namely the country whose legal system governs
2. An
FVC
shall
inform
the
relevant
NCB
of
its
existence
the creation and continued existence of the entity;
within one week from the date on which it has taken up
business irrespective of whether it expects to be subject to
any of the statistical reporting requirements under this Regu
lation.
(6) ‘relevant NCB’ means the NCB of the euro area Member
State in which the FVC is resident;
3. If
the
latest
accessible
electronic
version
of
the
list
referred
to in paragraph 1 is incorrect, the ECB shall not impose
(7) ‘taking up business’ means any activity, including any
sanctions on a reporting agent which did not properly fulfil
preparatory measures, related to the securitisation, other
its statistical reporting requirements to the extent that the
than merely establishing an entity that is not expected to
requirement set out in paragraph 2 was met and that the
commence the securitisation activity in the next six months.
reporting agent relied on the incorrect list in good faith.
Any activity by the FVC taken after the securitisation
activity becomes foreseeable means taking up business.
Article 4
Article 2
Quarterly statistical reporting requirements and reporting
rules
Reporting population
1. The
actual
reporting
population
shall
provide
to
the
1. FVCs
resident
in
the
territory
of
a
euro
area
Member
State relevant NCB data on outstanding amounts, financial
shall form the reference reporting population. The reference
transactions and write-offs/write-downs on the assets and
reporting population shall be subject to the obligation laid
liabilities of FVCs on a quarterly basis, in accordance with
down in Article 3(2).
Annexes I and II.
2. The
actual
reporting
population
shall
consist
of
the 2. NCBs
may
collect
the
statistical
information
on
securities
reference reporting population excluding those FVCs which
issued and held by FVCs necessary to fulfil the statistical
have been fully exempted from statistical reporting requirements
reporting requirements under paragraph 1 on a security-by-
pursuant to Article 5(1)(c). The actual reporting population shall
security basis, to the extent that the data referred to in
be subject to the statistical reporting requirements laid down in
paragraph 1 can be derived according to minimum statistical
Article 4, subject to the derogations laid down in Article 5. The
standards as specified in Annex III. Without prejudice to the
FVCs that are subject to reporting their annual financial
timeliness requirements set out in Article 6, NCBs may require
statement pursuant to Article 5(3) or that are subject to ad
the provision of security-by-security data on financial trans
hoc reporting obligations pursuant to Article 5(5) shall also
actions in debt securities held by FVCs in accordance with
form part of the actual reporting population.
one of the approaches listed in Section 2 of Part I of Annex
I of Regulation (EU) No 1011/2012 of the European Central
Bank (ECB/2012/24) ( 2 ).
3. If
an
FVC
does
not
have
legal
personality
under
its ( 1 ) OJ L 341, 27.12.2007, p. 1.
national law, the persons legally entitled to represent the FVC
( 2 ) OJ L 305, 1.11.2012. p. 6.

---

L 297/110
EN
Official Journal of the European Union
7.11.2013
3. Without
prejudice
to
the
reporting
rules
laid
down
in
the NCBs may grant FVCs derogations from reporting data
Annex II, all assets and liabilities of FVCs shall be reported
on these loans. Regulation (EU) No 1071/2013
under this Regulation in accordance with the reporting rules
(ECB/2013/33) provides for the reporting of these data.
laid down in the relevant national law transposing Council
Directive 86/635/EEC of 8 December 1986 on the annual
accounts and consolidated accounts of banks and other
financial institutions ( 1 ). The accounting rules in the relevant
(b) The NCBs may exempt FVCs from all statistical reporting
national law transposing the Fourth Council Directive
requirements set out in Annex I, apart from the obligation
78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the
to report, on a quarterly basis, end-of-quarter outstanding
Treaty on the annual accounts of certain types of companies ( 2 )
amount data on total assets, provided that the FVCs that
shall apply to FVCs that do not fall within the scope of the
contribute to the quarterly aggregated assets account for at
national law transposing Directive 86/635/EEC. Any other
least 95 % of the total of FVCs’ assets in terms of
relevant national or international accounting standards or
outstanding amounts, in each euro area Member State.
practices shall apply to FVCs not falling under national law
The NCBs shall check the fulfilment of this condition in
transposing either of these directives.
good time in order to grant or withdraw, if necessary,
any derogation with effect from the start of each calendar
year.
4. Where
paragraph
3
requires
the
reporting
of
instruments
on a mark-to-market basis, NCBs may exempt FVCs from
reporting these instruments on a mark-to-market basis where
(c) To the extent that the data referred to in Article 4 can be
the costs entailed by the FVC would be unreasonably high. In
derived, according to minimum statistical standards as
this case the FVCs shall apply the valuation used for the
specified in Annex III, from other statistical, public or super
purpose of the investor reports.
visory data sources and without prejudice to points (a) and
(b), the NCBs may, after consulting the ECB, fully or
partially exempt reporting agents from the statistical
reporting requirements set out in Annex I.
5. Where according to national market practices available
data refer to any date within a quarter, NCBs may allow the
reporting agents to report these quarterly data instead, if the
data are comparable and if significant transactions occurring
2. The
FVCs
may
choose,
with
the
relevant
NCB’s
prior
between this date and the end of the quarter are taken into
consent, not to use the derogations referred to in paragraph
account.
1 and to fulfil the full statistical reporting requirements
specified in Article 4 instead.
6. Instead
of
providing
the
data
on
financial
transactions
referred to in paragraph 1, reporting agents may, in
3. FVCs
that
benefit
from
a
derogation
within
the
meaning
agreement with the relevant NCB, provide revaluation
of paragraph 1(c) shall provide their annual financial statements
adjustments and other changes in volume which allow the
to the relevant NCB, if this is not available from public sources,
NCB to derive financial transactions.
within six months following the end of the reference period or
at the earliest point in time thereafter, in accordance with the
applicable national legal practices where the FVC is resident. The
relevant NCB shall notify those FVCs which are subject to this
7. Instead
of
providing
the
data
on
write-offs/write-downs reporting requirement.
referred to in paragraph 1, a reporting agent may, in
agreement with the relevant NCB, provide other information
which allows the NCB to derive the required data on write-
offs/write-downs.
4. The
relevant
NCB
shall
withdraw
the
derogation
laid
down in paragraph 1(c), if data of statistical standards
comparable to those prescribed in this Regulation have not
been made available in time to the relevant NCB for three
Article 5
consecutive reporting periods, independent of any fault
Derogations
attributable to the FVC involved. FVCs shall start reporting
data, as set out in Article 4, not later than three months
1. NCBs
may
grant
derogations
from
the
statistical
reporting from the date on which the relevant NCB has notified the
requirements set out in Article 4 as follows:
reporting agents that the derogation has been withdrawn.
(a) For loans originated by euro area MFIs and broken down by
5. Without prejudice to paragraph 3, in order to meet the
maturity, sector and residency of debtors, and where the
requirements set out in this Regulation, NCBs may address ad
MFIs continue to service the securitised loans within the
hoc statistical reporting requirements to FVCs that have been
meaning of Regulation (EU) No 1071/2013 (ECB/2013/33),
granted derogations within the meaning of paragraph 1(c). FVCs
shall report the information requested on an ad hoc basis
( 1 ) OJ L 372, 31.12.1986, p. 1.
within 15 working days following a request made by the
( 2 ) OJ L 222, 14.8.1978, p. 11.
relevant NCB.

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/111
Article 6
Article 9
Timeliness
First reporting
NCBs shall submit data to the ECB on aggregated quarterly
1. First
reporting
shall
begin
with
quarterly
data
for
the
assets and liabilities covering the positions of resident FVCs
fourth quarter of 2014.
by close of business on the 28th working day following the
end of the quarter to which the data relate. NCBs shall set
deadlines for receiving the data from reporting agents.
2. FVCs
that
take
up
business
after
31
December
2014
shall,
when reporting data for the first time, report data on a quarterly
basis as far back as the commencement of securitisation activity.
Article 7
Minimum standards and national reporting arrangements
3. FVCs
that
take
up
business
before
the
adoption
of
the
euro by their Member State following 31 December 2014
1. Reporting agents shall comply with the statistical shall, when reporting data for the first time, report data on a
reporting requirements to which they are subject in accordance
quarterly basis from the reference period in which the Member
with the minimum standards for transmission, accuracy,
State adopted the euro. For the reference period in which the
compliance with concepts and revisions specified in Annex III.
Member State adopted the euro, the FVC shall report only
outstanding amounts.
2. The
NCBs
shall
define
and
implement
the
reporting
arrangements to be followed by the actual reporting population
Article 10
in accordance with national requirements. The NCBs shall
Repeal
ensure that these reporting arrangements provide the required
statistical information and allow accurate checking of
1. Regulation
(EC)
No
24/2009
(ECB/2008/30)
is
repealed
compliance with concepts and the minimum standards for
with effect from 1 January 2015.
transmission, accuracy and revisions specified in Annex III.
2. References
to
the
repealed
Regulation
shall
be
construed
as references to this Regulation.
Article 8
Verification and compulsory collection
Article 11
The NCBs shall exercise the right to verify or to collect compul
sorily information which reporting agents are required to
Final provision
provide pursuant to this Regulation, without prejudice to the
This Regulation shall enter into force on the 20th day following
ECB’s right to exercise these rights itself. In particular, the NCBs
that of its publication in the Official Journal of the European
shall exercise this right when an institution included in the
Union.
actual reporting population does not fulfil the minimum
standards for transmission, accuracy, compliance with
concepts and revisions specified in Annex III.
It shall apply from 1 January 2015.
This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaties.
Done at Frankfurt am Main, 18 October 2013.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI

---

L 297/112
EN
Official Journal of the European Union
7.11.2013
ANNEX I
STATISTICAL REPORTING REQUIREMENTS

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/113

---

L 297/114
EN
Official Journal of the European Union
7.11.2013
ANNEX II
DEFINITIONS
PART 1
Definitions of instrument categories
1. This table provides a detailed standard description of the instrument categories, which national central banks (NCBs)
transpose into national categories in accordance with this Regulation. The table does not constitute a list of individual
financial instruments and the descriptions are not exhaustive. The definitions refer to the European system of national
and regional accounts in the European Union (hereinafter the ‘ESA 2010’), laid down by Regulation (EU)
No 549/2013.
2. For some of the instrument categories, maturity breakdowns are required. These refer to original maturity, i.e. maturity
at issue, which is the fixed period of life of a financial instrument before which it cannot be redeemed, e.g. debt
securities, or before which it can be redeemed only with some kind of penalty, e.g. some types of deposits.
3. Financial claims can be distinguished by whether they are negotiable or not. A claim is negotiable if its ownership is
readily capable of being transferred from one unit to another by delivery or endorsement or of being offset in the case
financial derivatives. While any financial instrument can be potentially traded, negotiable instruments are designed to
be traded on an organised exchange or ‘over-the-counter’, although actual trading is not a necessary condition for
negotiability.
4. All financial assets and liabilities must be reported on a gross basis, i.e. financial assets must not be reported net of
financial liabilities.
Table A
Definitions of instrument categories of the assets and liabilities of FVCs
ASSET CATEGORIES
Category Description
of
main
features
1. Deposits
and
loan
claims
For the purposes of the reporting scheme, this item consists of funds lent by FVCs
to borrowers which are either evidenced by non-negotiable documents or not
evidenced by documents
It includes the following items:
— deposits placed by the FVC, such as overnight deposits, deposits with agreed
maturity, and deposits redeemable at notice
— loans granted by the FVC
— claims under reverse repos against cash collateral: counterpart of cash paid out
in exchange for securities purchased by the FVC at a given price under a firm
commitment to resell the same (or similar) securities at a fixed price on a
specified future date
— claims under securities borrowing against cash collateral: counterpart of cash
paid in exchange for securities borrowed by the FVC
For the purposes of this Regulation, this item also includes holdings of euro and
foreign currency banknotes and coins in circulation that are commonly used to
make payments
2. Securitised loans
For the purposes of the reporting scheme, this item consists of loans acquired by
the FVC from the originator. Loans are financial assets created when creditors lend
funds to debtors which are either evidenced by non-negotiable documents or not
evidenced by documents

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/115
Category Description
of
main
features
This also includes:
— financial leases granted to third parties: financial leases are contracts whereby
the legal owner of a durable good (hereinafter the ‘lessor’) conveys the risks
and benefits of ownership of the asset to a third party (hereinafter the ‘lessee’).
For statistical purposes, financial leases are treated as loans from the lessor to
the lessee enabling the lessee to purchase the durable good. Financial leases
granted by an originator, acting as the lessor, are to be recorded under the
asset item ‘securitised loans’. The leased asset is shown on the balance sheet of
the lessee and not the lessor
— bad debt loans that have not yet been repaid or written off: bad loans are
considered to be loans in respect of which repayment is overdue or otherwise
identified as being impaired
— holdings of non-negotiable securities: holdings of debt securities which are not
negotiable and cannot be traded on secondary markets
— traded loans: loans that have de facto become negotiable are classified under
the item ‘securitised loans’ provided that there is no evidence of secondary
market trading. Otherwise they are classified as ‘debt securities’
— subordinated debt in the form of deposits or loans: subordinated debt
instruments provide a subsidiary claim on the issuing institution that can
only be exercised after all claims with a higher status have been satisfied,
giving them some of the characteristics of equity. For statistical purposes,
subordinated debt is classified as either ‘securitised loans’ or ‘debt securities’
according to the nature of the instrument. Where the FVC’s holdings of all
forms of subordinated debt are currently identified as a single figure for
statistical purposes, this figure is classified under the item ‘debt securities’,
on the grounds that subordinated debt is predominantly constituted in the
form of debt securities, rather than as loans
— Securitised loans must be reported at nominal value, even if purchased from
the originator at a different price. The counterpart to the difference between
the nominal value and the purchase price must be included under ‘remaining
liabilities’
This item includes securitised loans, irrespective of whether the prevailing
accounting practice requires the recognition of the loans on the FVC’s balance
sheet
3. Debt securities Holdings
of
debt
securities,
which
are
negotiable
financial
instruments
serving
as
evidence of debt, are usually traded on secondary markets or can be offset on the
market, and do not grant the holder any ownership rights over the issuing
institution
This item includes:
— holdings of securities which give the holder the unconditional right to a fixed
or contractually determined income in the form of coupon payments and/or a
stated fixed sum at a specific date or dates, or starting from a date defined at
the time of issue
— loans which have become negotiable on an organised market, i.e. traded loans,
provided that there is evidence of secondary market trading, including the
existence of market makers, and frequent quotation of the financial asset,
such as provided by bid-offer spreads. Where this is not the case, they are
classified as ‘securitised loans’

---

L 297/116
EN
Official Journal of the European Union
7.11.2013
Category Description
of
main
features
— subordinated debt in the form of debt securities
Securities lent out under securities lending operations or sold under a repurchase
agreement remain on the original owner’s balance sheet (and are not recorded on
the temporary acquirer’s balance sheet) where there is a firm commitment to
reverse the operation and not simply an option to do so. Where the temporary
acquirer sells the securities received, this sale must be recorded as an outright
transaction in securities and entered in the temporary acquirer’s balance sheet as a
negative position in the securities portfolio.
This item includes holdings of debt securities that have been securitised, irre
spective of whether the prevailing accounting practice requires the recognition
of the securities on the FVC’s balance sheet
4. Other securitised assets This
item
includes
securitised
assets
other
than
those
included
under
categories
2
and 3, such as tax receivables and commercial credits, irrespective of whether the
prevailing accounting practice requires the recognition of the assets on the FVC’s
balance sheet
5. Equity and investment fund Financial assets that represent property rights in corporations or quasi-
shares/units
corporations. Such financial assets generally entitle the holders to a share in the
profits of the corporations or quasi-corporations, and to a share in their net assets
in the event of liquidation
This item includes listed and unlisted shares, other equity, money market fund
(MMF) shares/units and non-MMF IF shares/units
Equity securities lent out under securities lending operations or sold under
repurchase agreements are treated in accordance with the rules in category 3
‘debt securities’
6. Financial derivatives Financial
derivatives
are
financial
instruments
linked
to
a
specified
financial
instrument, indicator, or commodity, through which specific financial risks can
be traded in financial markets in their own right
This item includes:
— options
— warrants
— futures
— forwards
— swaps
— credit derivatives
Financial derivatives are recorded at market value on the balance sheet on a gross
basis. Individual derivative contracts with positive market values are recorded on
the asset side of the balance sheet, and contracts with negative market values on
the liability side of the balance sheet
Gross future commitments arising from derivative contracts must not be entered
as on-balance-sheet items
This item does not include financial derivatives that are not subject to on-balance-
sheet recording according to national rules

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/117
Category Description
of
main
features
7. Non-financial assets (including Tangible and intangible assets, other than financial assets. Fixed assets are non-
fixed assets)
financial assets which are used repeatedly or continuously by the FVC for more
than one year
This item includes dwellings, other buildings and structures, machinery and
equipment, valuables, and intellectual property products such as computer
software and databases
8. Remaining assets
This is the residual item on the asset side of the balance sheet, defined as ‘assets
not included elsewhere’. This item may include:
— accrued interest receivable on deposits and loans
— accrued interest on holdings of debt securities
— amounts receivable which do not relate to the FVC’s main business
LIABILITY CATEGORIES
Category Description
of
main
features
9. Loans
and
deposits
received
Amounts owed to creditors by the FVC, other than those arising from the issue of
negotiable securities. This item consists of:
— loans: loans granted to the FVC which are either evidenced by non-negotiable
documents or not evidenced by documents
— non-negotiable debt instruments issued by the FVC: non-negotiable debt
instruments issued are generally to be classified as ‘deposit liabilities’. Non-
negotiable instruments issued by the FVC that subsequently become negotiable
and that can be traded on secondary markets are reclassified as ‘debt securities’
— repos and repo-type operations against cash collateral: counterpart of cash
received in exchange for securities sold by the FVC at a given price under a
firm commitment to repurchase the same (or similar) securities at a fixed price
on a specified future date. Amounts received by the FVC in exchange for
securities transferred to a third party (‘temporary acquirer’) are to be classified
here where there is a firm commitment to reverse the operation and not
merely an option to do so. This implies that the FVC retains all risks and
rewards of the underlying securities during the operation
— cash collateral received in exchange for securities lending: amounts received in
exchange for securities temporarily transferred to a third party in securities
lending operations against cash collateral
— cash received in operations involving the temporary transfer of gold against
cash collateral
10. Debt securities issued Securities
issued
by
the
FVC,
other
than
equity,
which
are
instruments
usually
negotiable and traded on secondary markets or which can be offset on the market
and which do not grant the holder any ownership rights over the issuing insti
tution. It includes, inter alia, securities issued in the form of:
— asset-backed securities
— credit-linked notes
— insurance-linked securities

---

L 297/118
EN
Official Journal of the European Union
7.11.2013
Category Description
of
main
features
11. Capital and reserves
For the purposes of the reporting scheme, this category comprises the amounts
arising from the issue of equity capital by the FVC to shareholders or other
proprietors, representing for the holder property rights in the FVC and
generally an entitlement to a share in its profits and in its own funds in the
event of liquidation. Funds arising from non-distributed benefits or funds set aside
by the FVC in anticipation of likely future payments and obligations are also
included. It includes:
— equity capital
— non-distributed benefits or funds
— specific and general provisions against loans, securities and other types of
assets
— securitisation fund units
12. Financial derivatives See
category
6
13. Remaining liabilities
This is the residual item on the liabilities side of the balance sheet, defined as
‘liabilities not included elsewhere’
This item may include:
— accrued interest payable on loans and deposits
— accrued interest payable on debt securities issued
— amounts payable not related to the FVC’s main business, i.e. amounts due to
suppliers, tax, wages, social contributions, etc.
— provisions representing liabilities against third parties, i.e. pensions, dividends,
etc.
— net positions arising from securities lending without cash collateral
— net amounts payable in respect of future settlements of transactions in
securities
— counterparts to the valuation adjustment, i.e. nominal less purchase price of
loans
Accrued interest payable on debt securities issued is required as a separate ‘of
which’ item, unless the relevant NCB grants a derogation where the data can be
derived or estimated from alternative sources
PART 2
Definitions of sectors
The ESA 2010 provides the standard for sector classification. This table provides a detailed standard description of sectors
which NCBs transpose into national categories in accordance with this Regulation. Counterparties located in the territory
of the Member States whose currency is the euro are identified according to their sector in accordance with the lists
maintained by the European Central Bank (ECB) for statistical purposes, and the guidance for the statistical classification
of counterparties provided in the ECB’s ‘Monetary financial institutions and markets statistics sector manual: Guidance for
the statistical classification of customers’. Credit institutions located outside Member States whose currency is the euro are
referred to as ‘banks’ rather than as MFIs. Similarly, the term ‘non-MFI’ refers only to the euro area. For Member States
whose currency is not the euro the term ‘non-banks’ is used.

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/119
Table B
Definitions of sectors
Sector Definition
1. MFIs
MFIs as defined in Article 1 of Regulation (EU) No 1071/2013 (ECB/2013/33).
This sector consists of NCBs, credit institutions as defined in Union law, MMFs,
other financial institutions whose business is to receive deposits and/or close
substitutes for deposits from entities other than MFIs and, for their own
account, at least in economic terms, to grant loans and/or make investments in
securities, and electronic money institutions that are principally engaged in
financial intermediation in the form of issuing electronic money
2. General government The
general
government
sector
(S.13)
consists
of
institutional
units
which
are
non-market producers whose output is intended for individual and collective
consumption, and which are financed by compulsory payments made by units
belonging to other sectors, and institutional units principally engaged in the
redistribution of national income and wealth (ESA 2010, paragraphs 2.111 to
2.113)
3. Non-MMF IFs
IFs as defined in Article 1 of Regulation (EU) No 1071/2013 (ECB/2013/33). This
sub-sector consists of all collective investment undertakings, except MMFs, that
invest in financial and/or non-financial assets, to the extent that the objective is
investing capital raised from the public
4. Other financial intermediaries, The other financial intermediaries, except insurance corporations and pension
except insurance corporations funds sub-sector (S.125) consists of all financial corporations and quasi-
and pension funds + financial corporations which are principally engaged in financial intermediation by
auxiliaries + captive financial incurring liabilities in forms other than currency, deposits (or close substitutes
institutions and money lenders
for deposits), IF shares/units, or in relation to insurance, pension and standardised
guarantee schemes from institutional units. FVCs as defined in this Regulation are
included in this sub-sector (ESA 2010, paragraphs 2.86 to 2.94)
The financial auxiliaries subsector (S.126) consists of all financial corporations and
quasi-corporations which are principally engaged in activities closely related to
financial intermediation but which are not financial intermediaries themselves.
This sub-sector also includes head offices whose subsidiaries are all or mostly
financial corporations (ESA 2010, paragraphs 2.95 to 2.97)
The captive financial institutions and money lenders sub-sector (S.127) consists of
all financial corporations and quasi-corporations which are neither engaged in
financial intermediation nor in providing financial auxiliary services, and where
most of either their assets or their liabilities are not transacted on open markets.
This sub-sector includes holding companies that hold controlling-levels of equity
of a group of subsidiary corporations and whose principal activity is owning the
group without providing any other service to the businesses in which the equity is
held, that is, they do not administer or manage other units (ESA 2010, paragraphs
2.98 to 2.99)
5. Insurance corporations + pension The insurance corporations sub-sector (S.128) consists of all financial
funds
corporations and quasi-corporations which are principally engaged in financial
intermediation as a consequence of the pooling of risks mainly in the form of
direct insurance or reinsurance (ESA 2010, paragraphs 2.100 to 2.104)
The pension funds sub-sector (S.129) consists of all financial corporations and
quasi-corporations which are principally engaged in financial intermediation as the
consequence of the pooling of social risks and needs of the insured persons (social
insurance). Pension funds as social insurance schemes provide income in
retirement, and often benefits for death and disability (ESA 2010, paragraphs
2.105 to 2.110)

---

L 297/120
EN
Official Journal of the European Union
7.11.2013
Sector Definition
6. Non-financial corporations The
non-financial
corporations
sector
(S.11)
consists
of
institutional
units
which
are independent legal entities and market producers, and whose principal activity
is the production of goods and non-financial services. This sector also includes
non-financial quasi-corporations (ESA 2010, paragraphs 2.45 to 2.50)
7. Households and non-profit insti The households sector (S.14) consists of individuals or groups of individuals as
tutions serving households
consumers and as entrepreneurs producing market goods and non-financial and
financial services (market producers) provided that the production of goods and
services is not by separate entities treated as quasi-corporations. It also includes
individuals or groups of individuals as producers of goods and non-financial
services for exclusively own final use. The household sector includes sole propri
etorships and partnerships without independent legal status, other than those
treated as quasi-corporations, which are market producers (ESA 2010, paragraphs
2.118 to 2.128)
The non-profit institutions serving households (NPISHs) sector (S.15) consists of
non-profit institutions which are separate legal entities, which serve households
and are private non-market producers. Their principal resources are voluntary
contributions in cash or in kind from households in their capacity as consumers,
from payments made by general government and from property income (ESA
2010, paragraphs 2.129 and 2.130)
PART 3
Definition of financial transactions
Financial transactions, in accordance with the ESA 2010, are defined as the net acquisition of financial assets or the net
incurrence of liabilities for each type of financial instrument, i.e. the sum of all financial transactions that occur during the
relevant reporting period. A financial transaction between institutional units is a simultaneous creation or liquidation of a
financial asset and the counterpart liability, or a change in ownership of a financial asset, or an assumption of a liability.
Financial transactions are recorded at transaction values, that is, the values in national currency at which the financial
assets and/or liabilities involved are created, liquidated, exchanged or assumed between institutional units, on the basis of
commercial considerations. Write-offs/write-downs and valuation changes do not represent financial transactions.
PART 4
Definition of write-offs/write-downs
Write-offs/write-downs are defined as the impact of changes in the value of loans recorded on the balance sheet that are
caused by the application of write-offs/write-downs of loans. Write-offs/write-downs recognised at the time a loan is sold
or transferred to a third party are also included, where identifiable. Write-offs refer to events where the loan is considered
to be a worthless asset and is removed from the balance sheet. Write-downs refer to events where it is deemed that the
loan will not be fully recovered, and the value of the loan is reduced in the balance sheet.

---

EN
7.11.2013 Official
Journal
of
the
European
Union L
297/121
ANNEX III
MINIMUM STANDARDS TO BE APPLIED BY THE ACTUAL REPORTING POPULATION
Reporting agents must fulfil the following minimum standards to meet the European Central Bank’s (ECB’s) statistical
reporting requirements.
1. Minimum standards for transmission:
(a) reporting must be timely and within the deadlines set by the relevant NCB;
(b) statistical reports must take their form and format from the technical reporting requirements set by the relevant
NCB;
(c) the contact person(s) within the reporting agent must be identified;
(d) the technical specifications for data transmission to the relevant NCB must be followed.
2. Minimum standards for accuracy:
(a) the statistical information must be correct: all linear constraints must be fulfilled (e.g. assets and liabilities must
balance, subtotals must add up to totals);
(b) reporting agents must be able to provide information on the developments implied by the transmitted data;
(c) the statistical information must be complete and must not contain continuous and structural gaps; existing gaps
should be acknowledged, explained to the relevant NCB and, where applicable, bridged as soon as possible;
(d) reporting agents must follow the dimensions, rounding policy and decimals set by the relevant NCB for the
technical transmission of the data.
3. Minimum standards for compliance with concepts:
(a) the statistical information must comply with the definitions and classifications contained in this Regulation;
(b) in the event of deviations from these definitions and classifications, reporting agents must monitor and quantify
the difference between the measure used and the measure compliant with this Regulation on a regular basis;
(c) reporting agents must be able to explain breaks in the data supplied compared with the previous periods’ figures.
4. Minimum standards for revisions:
The revisions policy and procedures set by the ECB and the relevant NCB must be followed. Revisions deviating from
regular revisions must be accompanied by explanatory notes.

---

Document Outline

• �

---