EU Issues Guideline on Statistical Reporting Requirements of ECB
Guideline (EU) 2018/1151 (amending Guideline ECB/2011/23) on the statistical reporting requirements of ECB in the field of external statistics (ECB/2018/19) was published in the Official Journal of the European Union. This guideline shall take effect on the day of its notification to the national central banks of the member states whose currency is the euro.
The amendments in this guideline enhance and improve the statistical reporting requirements of ECB in the field of external statistics. The Eurosystem central banks shall comply with this guideline from March 01, 2021, which will allow sufficient time to prepare for the necessary changes to national statistical compilation methods. The amendments stem from, and related to, the following factors:
- To respond to increasing analytical needs, for monetary policy and financial stability purposes, quarterly balance of payments and international investment positions statistics need to be further enhanced.
- Further integration between quarterly balance of payments and international investment position statistics and national (including sectoral) accounts statistics is required.
- As a first step toward better understanding of exchange rate risks and to shed further light on the development of the relative importance of key currencies, comprehensive information on the currency of denomination of international investment positions should be reported on a quarterly basis.
- For a thorough bilateral analysis of the transactions and international investment positions of the euro area vis-à-vis its main trading partners, improvements to the geographical detail are needed so that all G20 countries are individually identified. Moreover, data quality considerations—that is, bilateral asymmetries analysis—require the collection of quarterly data on bilateral transactions and positions between all member states.
- Consistency between balance of payments and international investment position statistics, along with national (including sectoral) accounts statistics, is also of paramount importance in the efforts to improve data quality. Data from the two statistical domains are frequently combined for analytical purposes and it is, therefore, important that sufficient detail by instrument type is available in the balance of payments and international investment positions statistics to allow for precise combination of the two data sets.
- The compilation and release of euro area aggregates for all the new data requirements should be accompanied by a comprehensive release of the respective national data sets to enable a meaningful cross-country analysis of this information.
Related Link: Guideline (EU) 2018/1151
Effective Date: Date of NCB Notification
Keywords: Europe, EU, Securities, Data, Statistics, Reporting, Financial Stability, Guideline (EU) 2018/1151, ECB
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Salman Siddiqui
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Previous Article
Ed Sibley of Central Bank of Ireland on Impact of BrexitNext Article
IAIS Issues Global Insurance Market Report for 2017Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards