Regulation (EU) No 1072/2013 of the European Central Bank of 24 September 2013 concerning statistics on interest rates applied by monetary financial institutions (recast) (ECB/2013/34)

For the purpose of this Regulation: 1. the terms ‘reporting agents’, and ‘resident’ have the same meaning as defined in Article 1 of Regulation (EC) No 2533/98; 2. ‘households’ means, the household sector and the sector of non-profit institutions serving households (S.14 and S.15 combined) as set out in the revised European System of Accounts (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013; 3. ‘non-financial corporations’ means the sector of non-financial corporations (S.11) as set out in ESA 2010; 4. ‘monetary financial institution’ (MFI) has the same meaning as defined in Article 1 of Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33) ; 5. ‘MFI interest rate statistics’ means statistics relating to those interest rates that are applied by resident MFIs except central banks and MMFs to euro-denominated deposits and loans vis-à-vis households and non-financial corporations resident in the euro area Member States. ‘MFI interest rate statistics’ include corresponding new business volumes of euro-denominated deposits and loans, as well as new business volumes of renegotiated loans; 6. ‘money market funds’(MMF) has the same meaning as defined in Article 1 of Regulation (EU) No 1171/2013 of the European Central Bank (ECB/2013/33); 7. ‘reference reporting population’ means resident MFIs except central banks and MMFs which take euro-denominated deposits from and/or grant euro-denominated loans to households and/or non-financial corporations resident in the euro area Member States; 8. ‘tail institution’ means a small MFI except a central bank or an MMFs that has been granted a derogation pursuant to Article 4.

1 The actual reporting population shall consist of resident MFIs except central banks and MMFs drawn from the reference reporting population and selected by NCBs. NCBs shall select the actual reporting population either through a census or a sample.

2 In the case of a sample, the NCBs shall stratify the reference reporting population into homogeneous strata and then either select the actual reporting population at random from each stratum or select the largest institutions within each stratum.

3 In the case of random sampling selection, the minimum national sample size shall be such that the maximum random error at national level does not on average exceed 10 basis points at a confidence interval of 90 %. Where the largest institutions are selected, the minimum national sample size shall comply with a similar level of quality measure on the basis of a function of the estimated mean absolute value of the errors.

4 NCBs shall also apply the formulas and criteria for the selection of the actual reporting population set out in Guideline ECB/2007/9 of 1 August 2007 on monetary, financial institutions and market statistics .

5 Each NCB shall inform its resident reporting agents about their statistical reporting requirements following national procedures.

6 The Governing Council shall be entitled to check compliance with this Article.

1 For the purposes of the regular production of MFI interest rate statistics, the actual reporting population shall report monthly statistical information relating to new business and outstanding amounts to the NCB of the Member State in which the reporting agent is resident. The required statistical information is specified in Annex I.

2 The NCBs shall define and implement the reporting arrangements to be followed by the actual reporting population in accordance with national requirements. The NCBs shall ensure that these reporting arrangements provide the statistical information required and allow accurate checking of fulfilment of the minimum standards for transmission, accuracy, compliance with concepts and revisions as referred to in paragraph 3.

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

4 The NCBs shall report the aggregated national monthly statistical information to the ECB by close of business on the 19th working day after the end of the reference month.

5 The ECB may impose sanctions on reporting agents which fail to comply with the statistical reporting requirements set out in this Regulation in accordance with Decision ECB/2010/10 of 19 August 2010 on non-compliance with statistical reporting requirements .

1 Where reporting agents are selected by a census, NCBs may grant derogations to small MFIs except central banks and MMFs in respect of reporting frequency, provided that the combined contribution of these reporting agents to the national MFI balance sheet in terms of outstanding amounts, as calculated in accordance with Regulation (EU) No 1071/2013 (ECB/2008/33), does not exceed 5 %. Instead of monthly reporting, tail institutions may report MFI interest rate statistics on a quarterly basis.

2 NCBs shall check the fulfilment of the conditions set out in paragraph 1 annually in a timely manner in order to grant or withdraw, if necessary, any derogation with effect from the start of each year.

3 Tail institutions may choose not to make use of the derogations and to fulfil the full statistical reporting requirements instead.

4 For grossing up to 100 % coverage, NCBs may choose the procedure for carrying forward the reported data into the missing periods by applying appropriate statistical estimation techniques to take into account trends in the data or seasonal patterns. NCBs shall monitor the number of tail institutions on an annual basis.

The NCBs shall exercise the right to verify or to collect compulsorily 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 a reporting agent does not fulfil the minimum standards for transmission, accuracy, compliance with concepts and revisions specified in Annex II.

First reporting pursuant to this Regulation shall start with data for December 2014.

1 Regulation (EU) No 63/2002 (ECB/2001/18) is repealed with effect from 1 January 2015.

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

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 January 2015.