Regulation (EC) No 25/2009 of the European Central Bank (repealed)Dangos y teitl llawn

Article 1 Definitions

For the purpose of this Regulation:

• ‘monetary financial institution’ (MFI) means a resident credit institution as defined in Community law, or another resident financial institution whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for its own account (at least in economic terms), to grant credits and/or make investments in securities. The MFI sector comprises(1): (a) central banks; (b) credit institutions as defined in Article 4(1) of Directive 2006/48/EC (an undertaking whose business is to receive deposits or other repayable funds from the public(2) and to grant credits for its own account or an electronic money institution within the meaning of Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions(3)); and (c) other MFIs, i.e. other resident financial institutions which fulfil the MFI definition, irrespective of the nature of their business. The degree of substitutability between the instruments issued by the latter and the deposits placed with credit institutions determines their classification, provided that they meet the MFI definition in other respects. In the case of collective investment undertakings, MMFs fulfil the agreed conditions for liquidity and are therefore included in the MFI sector (see principles on identification of MFIs in Annex I, Part 1),

• ‘participating Member State’ means a participating Member State as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘non-participating Member State’ means a Member State which has not adopted the euro,

• ‘reporting agent’ means a reporting agent as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘resident’ means resident as defined in Article 1 of Regulation (EC) No 2533/98,

• ‘financial vehicle corporation’ (FVC) means a financial vehicle corporation as defined in Article 1 of Regulation (EC) No 24/2009 (ECB/2008/30),

• ‘securitisation’ means a transaction which is either: (a) a traditional securitisation as defined in Article 4 of Directive 2006/48/EC; and/or (b) a securitisation as defined in Article 1 of Regulation (EC) No 24/2009 (ECB/2008/30), which involves the disposal of the loans being securitised to an FVC,

• ‘electronic money institution’ and ‘electronic money’ mean electronic money institution and electronic money as defined in Article 1(3) of Directive 2000/46/EC,

• ‘write-down’ means the direct reduction of the carrying amount of a loan on the balance sheet due to its impairment,

• ‘servicer’ means an MFI which manages the loans underlying a securitisation on a day-to-day basis in terms of the collection of principal and interest from the obligors, which is then forwarded to investors in the securitisation scheme,

• ‘loan disposal’ means the economic transfer of a loan or pool of loans by the reporting agent to a non-MFI transferee, achieved either by transfer of ownership or by sub-participation,

• ‘loan acquisition’ means the economic transfer of a loan or pool of loans from a non-MFI transferor to the reporting agent, achieved either by transfer of ownership or by sub-participation.

Article 2 Actual reporting population

1. The actual reporting population shall consist of the MFIs resident in the territory of the participating Member States (in line with Annex II, Part 1).

2. The MFIs in the actual reporting population shall be subject to full reporting requirements unless any derogation granted pursuant to Article 8 applies.

3. Entities which meet the MFI definition shall fall under the scope of this Regulation even if they are excluded from the scope of Directive 2006/48/EC.

4. For the purposes of the collection of information on the residency of the holders of MMF shares/units as specified in Annex I, Part 2, Section 5.5, the actual reporting population shall also consist of other financial intermediaries except insurance corporations and pension funds (OFIs), as set out in Article 2(2)(a) of Regulation (EC) No 2533/98, subject to any derogations.

Article 3 List of MFIs for statistical purposes

1. The Executive Board of the ECB shall establish and maintain a list of MFIs for statistical purposes, taking into account the requirements in respect of frequency and timeliness which arise from its use in the context of the ECB's minimum reserve system. The list of MFIs for statistical purposes shall include an entry on whether or not they are subject to the ECB's minimum reserve system. The list of MFIs shall be up to date, accurate, as homogeneous as possible and sufficiently stable for statistical purposes.

2. The list of MFIs for statistical purposes and its updates shall be made accessible by NCBs and the ECB to the reporting agents in an appropriate manner, including by electronic means, via the Internet or, at the request of the reporting agents, in paper form.

3. The list of MFIs for statistical purposes shall be for information only. However, if the latest accessible version of the list is incorrect, the ECB shall not impose sanctions on any entity which did not properly fulfil its reporting requirements to the extent that it relied in good faith on the incorrect list.

Article 4 Statistical reporting requirements

1. The actual reporting population shall report to the NCB of the Member State in which the MFI is resident monthly stocks relating to the end-of-month balance sheet and monthly aggregated revaluation adjustments. Aggregated revaluation adjustments shall be reported in respect of loan write-offs/write-downs corresponding to the loans granted by the reporting agents and covering the price revaluations of securities. Further details on certain items of the balance sheet and non-balance sheet information shall be reported quarterly or annually. The required statistical information is specified in Annex I.

2. NCBs may collect the required statistical information on securities issued and held by MFIs on a security-by-security basis, to the extent that the data referred to in paragraph 1 can be derived in accordance with minimum statistical standards as specified in Annex IV.

3. MFIs shall report in accordance with the minimum requirements set out in Table 1A of Part 5 of Annex I monthly revaluation adjustments in respect of the full set of data required by the ECB. NCBs may collect additional data not covered by the minimum requirements. These additional data may refer to the breakdowns marked in Table 1A other than the ‘minimum requirements’.

4. In addition, the ECB may require explanatory information on the adjustments in ‘reclassifications and other adjustments’ collected by the NCBs.

Article 5 Additional statistical reporting requirements for loan securitisations and other loan transfers

MFIs shall report the following in accordance with Part 6 of Annex I:

1.

The net flow of loan securitisations and other loan transfers carried out during the reporting period;

2.

The end-of-quarter amount outstanding in respect of all loans for which the MFI acts as servicer in a securitisation;

3.

When applying the International Accounting Standard 39 (IAS 39) or similar national accounting rules, the end-of-period amount outstanding in respect of loans disposed of by means of a securitisation that has not been derecognised from the balance sheet.

Article 6 Timeliness

1. NCBs shall decide when they need to receive data from reporting agents in order to meet the deadlines set out below, taking into account the timeliness requirements of the ECB's minimum reserve system where relevant, and shall inform the reporting agents accordingly.

2. Monthly statistics shall be transmitted by the NCBs to the ECB by close of business on the 15th working day following the end of the month to which they relate.

3. Quarterly statistics shall be transmitted by the NCBs to the ECB by close of business on the 28th working day following the end of the quarter to which they relate.

4. Annual statistics shall be transmitted by the NCBs to the ECB in accordance with Article 17(2) of Guideline ECB/2007/9 of 1 August 2007 on monetary, financial institutions and markets statistics (recast)(4).

Article 7 Accounting rules for the purposes of statistical reporting

1. Unless otherwise provided for in this Regulation, the accounting rules followed by MFIs for the purposes of reporting under this Regulation shall be those laid down in the national transposition of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions(5), as well as in any other international standards applicable.

2. Deposit liabilities and loans shall be reported at their principal amount outstanding at the end of the month. Write-downs as determined by the relevant accounting practices shall be excluded from this amount. Deposit liabilities and loans shall not be netted against any other assets or liabilities.

3. Without prejudice to accounting practices and netting arrangements prevailing in Member States, all financial assets and liabilities shall be reported on a gross basis for statistical purposes.

4. NCBs may allow the reporting of provisioned loans net of provisions and the reporting of purchased loans at the price agreed at the time of their acquisition, provided that such reporting practices are applied by all resident reporting agents and are necessary to maintain continuity in the statistical valuation of loans with the data reported for periods prior to January 2005.

Article 8 Derogations

1. Derogations may be granted to small MFIs (MFIs in the ‘tail’).

(a) NCBs may grant derogations to small MFIs, provided that their combined contribution to the national MFI balance sheet in terms of stocks does not exceed 5 %;

(b) with regard to credit institutions, the derogations referred to in point (a) shall have the effect of reducing the statistical reporting requirements of credit institutions to which such derogations apply without prejudice to the requirements for the calculation of minimum reserves as set out in Annex III;

(c) with regard to small MFIs that are not credit institutions, where a derogation referred to in point (a) applies NCBs shall continue, as a minimum, to collect data relating to the total balance sheet at least at an annual frequency so that the size of the reporting ‘tail’ can be monitored;

(d) without prejudice to point (a), NCBs may grant derogations to credit institutions that do not benefit from the regime laid down in points (a) and (b) with the effect of reducing their reporting requirements to those laid down in Part 7 of Annex I, provided that their combined contribution to the national MFI balance sheet in terms of stocks exceeds neither 10 % of the national MFI balance sheet nor 1 % of the euro area MFI balance sheet;

(e) NCBs shall check the fulfilment of the conditions set out in points (a) and (d) in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year;

(f) small MFIs may choose not to make use of the derogations and to fulfil the full reporting requirements instead.

2. Derogations may be granted to MMFs.

NCBs may grant derogations to MMFs from the reporting requirements set out in Article 4(1) provided that MMFs instead report balance sheet data in accordance with Article 6 of Regulation (EC) No 958/2007 (ECB/2007/8), subject to the following requirements:

• MMFs report such data on a monthly basis in accordance with the ‘combined approach’ set out in Annex I to Regulation (EC) No 958/2007 (ECB/2007/8) and in accordance with the timeliness requirements set out in Article 9 thereof,

• MMFs report end-of-month stock data on MMF shares/units in accordance with the timeliness requirements set out in Article 6(2).

3. Derogations may be granted in respect of MMF shares/units.

(a) ‘MMF registered shares/units’ shall mean MMF shares/units in respect of which, in accordance with national legislation, a record is kept identifying the holder(s) thereof, including information on the residency of the holder(s). ‘MMF bearer shares/units’ shall mean MMF shares/units in respect of which, in accordance with national legislation, a record is not kept identifying the holder(s) thereof, or in respect of which a record is kept which does not contain information on the residency of the holder(s).

(b) Where registered shares/units or bearer shares/units are issued for the first time or where market developments require a change of option or combination of options (as defined in Section 5.5 of Part 2 of Annex I), NCBs may grant derogations for one year in respect of the requirements set out in Section 5.5 of Part 2 of Annex I.

(c) As regards residency of the holders of MMF shares/units, NCBs may grant derogations to reporting agents provided that the required statistical information is collected from other available sources in accordance with Section 5.5 of Part 2 of Annex I. NCBs shall check the fulfilment of this condition in good time in order to grant or withdraw, if necessary, any derogation with effect from the start of each year in agreement with the ECB. For the purposes of this Regulation, NCBs may establish and maintain a list of reporting OFIs in accordance with the principles set out in Section 5.5 of Part 2 of Annex I.

4. Without prejudice to paragraph 1, derogations may be granted to electronic money institutions.

(a) Without prejudice to Directive 2006/48/EC and Article 2 of Regulation (EC) No 1745/2003 (ECB/2003/9) and subject to point (b), NCBs may grant derogations to individual electronic money institutions. The NCBs shall check the fulfilment of the requirements of point (b) in good time in order to grant or withdraw, if necessary, any derogation. Any NCB that grants such a derogation shall inform the ECB thereof.

(b) NCBs may grant derogations to individual electronic money institutions if at least one of the following conditions is fulfilled:

(i)

the electronic money that they issue is accepted as payment only by a limited number of undertakings, which can be clearly distinguished by:

• their location in the same premises or other limited local area, and/or

• their close financial or business relationship with the issuing institution, such as a shared ownership, marketing or distribution structure, even if the issuing institution and the accepting undertaking are set up as separate legal entities; or

(ii)

over three-quarters of their total balance sheet is unrelated to the issuance or administration of electronic money and the liabilities relating to outstanding electronic money do not exceed EUR 100 million.

(c) If an electronic money institution that is granted a derogation is not exempted from the minimum reserve requirements, it shall report, as a minimum, the quarterly data necessary to calculate the reserve base, as laid down in Annex III. The institution may choose to report the restricted set of reserve base data at a monthly frequency.

(d) Whenever an individual electronic money institution is granted a derogation, the ECB will, for statistical purposes, record the institution in the list of MFIs as a non-financial corporation. The institution will also be treated as a non-financial corporation in situations where it is the counterparty of an MFI. The institution will continue to be treated as a credit institution for the purposes of the ECB's minimum reserve requirements.

5. Derogations may be granted in respect of revaluation adjustments.

(a) Without prejudice to paragraph 1, NCBs may grant derogations in respect of the reporting of revaluation adjustments to MMFs, removing from the MMFs any requirement to report revaluation adjustments.

(b) NCBs may grant derogations in respect of the frequency and timeliness of the reporting of price revaluations of securities and require these data on a quarterly basis and with the same timeliness as for stock data reported on a quarterly basis, subject to the following requirements:

(i)

reporting agents, using different valuation methods, shall provide the NCBs with the relevant information on valuation practices, including quantitative indications on the percentage of their holdings of these instruments;

(ii)

where a substantial price revaluation has occurred, NCBs shall be entitled to request reporting agents to provide additional information relating to the month in which this took place.

(c) NCBs may grant derogations in respect of the reporting of price revaluations of securities, including the granting of complete exemption from any such reporting, to credit institutions which report the monthly stocks of securities on a security-by-security basis, subject to the following requirements:

(i)

the information reported includes, for each security, its carrying value on the balance sheet;

(ii)

for securities without publicy available identification codes, the information reported includes information on the instrument category, maturity and issuer which is at least sufficient for the derivation of the breakdowns defined as ‘minimum requirements’ in Part 5 of Annex I.

6. Derogations may be granted in respect of the statistical reporting of loans that are disposed of by means of a securitisation.

MFIs applying the IAS 39 or similar national accounting rules may be allowed by their NCB to exclude from the stocks required by Parts 2 and 3 of Annex I any loans disposed of by means of a securitisation in accordance with national practice, provided that this practice is applied by all resident MFIs.

7. Derogations may be granted in respect of certain quarterly stocks related to non-euro area Member States.

If figures collected at a higher level of aggregation show that positions vis-à-vis counterparties resident in any Member State or positions vis-à-vis the currency of a Member State that has not adopted the euro are insignificant, an NCB may decide not to require reporting in relation to such a Member State. The NCB shall inform its reporting agents of any such decision.

Article 9 Minimum standards and national reporting arrangements

1. The required statistical information shall be reported in accordance with the minimum standards for transmission, accuracy, conceptual compliance and revisions as set out in Annex IV.

2. The NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance with national characteristics. The NCBs shall ensure that these reporting arrangements provide the statistical information required and allow accurate checking of compliance with the minimum standards for transmission, accuracy, conceptual compliance and revisions as set out in Annex IV.

Article 10 Mergers, divisions and reorganisations

In the event of a merger, division or any other reorganisation that might affect the fulfilment of its statistical obligations, the reporting agent concerned shall inform the relevant NCB, once the intention to implement such an operation has become public and within a reasonable time before it takes effect, of the procedures that are planned to fulfil the statistical reporting requirements set out in this Regulation.

Article 11 Use of the reported statistical information for the purpose of minimum reserves

1. The statistical information reported by credit institutions in accordance with this Regulation shall be used by each credit institution to calculate its reserve base in accordance with Regulation (EC) No 1745/2003 (ECB/2003/9). In particular, each credit institution shall use this information to verify the fulfilment of its reserve requirement over the maintenance period.

2. The reserve base data for the small institutions in the ‘tail’ for three reserve maintenance periods shall be based on end-of-quarter data collected by the NCBs within 28 working days following the end of the quarter to which they relate.

3. The special rules on the application of the ECB's minimum reserve system set out in Annex III shall prevail over any provisions of Regulation (EC) No 1745/2003 (ECB/2003/9) in the case of conflict.

4. In order to facilitate the liquidity management of the ECB and of credit institutions, reserve requirements shall be confirmed at the latest on the first day of the maintenance period; however the need may exceptionally arise for credit institutions to report revisions to the reserve base or to reserve requirements which have been confirmed. The procedures for confirmation or acknowledgement of reserve requirements are without prejudice to the obligation for reporting agents always to report correct statistical information and to revise as soon as possible any incorrect statistical information they have already reported.

Article 12 Verification and compulsory collection

The NCBs shall exercise the right to verify or collect the information which reporting agents are required to provide pursuant to this Regulation, without prejudice to the ECB's right to exercise this right itself. In particular, the NCBs shall exercise this right when an institution included in the actual reporting population does not fulfil the minimum standards for transmission, accuracy, conceptual compliance and revisions specified in Annex IV.

Article 13 First reporting

1. First reporting according to this Regulation shall begin with data for June 2010, including data back to December 2009 for Table 5 only.

2. First reporting according to this Regulation in respect of cells corresponding to syndicated loans in Table 1 of Part 2 of Annex I shall begin with data for December 2011.

3. First reporting according to this Regulation in respect of cells corresponding to Member States that have adopted the euro in Table 3 of Part 3 of Annex I shall begin with the first quarterly data after the date of their adoption of the euro.

4. First reporting according to this Regulation in respect of cells corresponding to Member States that have not adopted the euro in Tables 3 and 4 of Part 3 of Annex I shall begin with the first quarterly data after the date of their accession to the EU. If the relevant NCB decides not to require first reporting of insignificant data beginning with the first quarterly data after the date of the relevant Member State or Member States' accession to the EU, reporting shall begin 12 months after the NCB informs the reporting agents that data are required.

Article 14 Repeal

1. Regulation (EC) No 2423/2001 (ECB/2001/13) shall be repealed with effect from 1 July 2010.

2. References made to the repealed Regulation shall be construed as references to this Regulation and be read in accordance with the correlation table set out in Annex V.

Article 15 Final provision

This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.

It shall apply from 1 July 2010.

Done at Frankfurt am Main, 19 December 2008.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet