THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5 thereof,
Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(1), and in particular Articles 5(1) and 6(4) thereof,
Whereas:
(1) Regulation (EC) No 2533/98 provides that the European Central Bank (ECB) has the right, in duly justified cases, to collect from reporting agents statistical information on a consolidated basis, including information on the entities controlled by them. The ECB specifies the extent of the consolidation for this purpose. For the purposes of the regular production of money market statistics, Regulation (EU) No 1333/2014 of the European Central Bank (ECB/2014/48)(2) requires reporting agents to report to the national central bank of the Member State where they are resident or to the ECB on a consolidated basis, including for all their Union and EFTA-located branches, daily statistical information relating to money market instruments.
(2) The statistical information in respect of reporting agents’ branches in the United Kingdom is significant in terms of its overall volume. Given the reliance of the euro short-term rate (€STR) on the statistical information reported under Regulation (EU) No 1333/2014 (ECB/2014/48), it is necessary to ensure the continued reporting of statistical information for those branches to further ensure the availability of high-quality statistics on the euro money market.
(3) The transition period provided for in the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community will end on 31 December 2020. In order for the European System of Central Banks to continue to receive daily statistical information relating to money market instruments in respect of UK-located branches of reporting agents, the scope of the consolidated reporting with regard to branches in Article 3(1) of Regulation (EU) No 1333/2014 (ECB/2014/48) needs to be widened.
(4) Therefore, Regulation (EU) No 1333/2014 (ECB/2014/48) should be amended accordingly,
HAS ADOPTED THIS REGULATION:
Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (OJ L 318, 27.11.1998, p. 8).
Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97).