ECB/2013/39 · GlobalLawDB

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THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,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^note, and in particular Articles 5(1) and 6(4),Having regard to the opinion of the European Commission,Whereas:

(1)Regulation (EC) No 1027/2006 of the European Central Bank of 14 June 2006 on statistical reporting requirements in respect of post office giro institutions that receive deposits from non-monetary financial institution euro area residents (ECB/2006/8)^note needs to be substantially amended, in particular in the light of Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union^note; therefore it should be recast in the interests of clarity.

(2)Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of its statistical reporting requirements, the European Central Bank (ECB), assisted by the national central banks (NCBs), shall have the right to collect statistical information within the limits of the reference reporting population and of what is necessary to carry out the tasks of the European System of Central Banks. Article 2(2)(b) further provides that post office giro institutions (POGIs) are part of the reference reporting population, to the extent necessary to fulfil the ECB’s statistical reporting requirements in the field of monetary and financial statistics.

(3)The purpose of POGI data is to provide the ECB with adequate statistics on the financial activities of the POGI subsector in the Member States whose currency is the euro (hereinafter the ‘euro area Member States’), which are viewed as one economic territory.

(4)Pursuant to Article 3(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)^note, the actual reporting population for that Regulation consists of the monetary financial institutions (MFIs) resident in the territory of the euro area Member States.

(5)The euro area monetary aggregates and their counterparts are derived mainly from the MFI balance sheet data collected pursuant to Regulation (EU) No 1071/2013 (ECB/2013/33). However, the euro area monetary aggregates include not only monetary liabilities of MFIs vis-à-vis non-MFI euro area residents excluding central government but also monetary liabilities of central government vis-à-vis non-MFI euro area residents excluding central government.

(6)In some euro area Member States, POGIs do not belong to the central government sector under the revised European System of Accounts (hereinafter the ‘ESA 2010’) laid down by Regulation (EU) No 549/2013, and they are not limited to receiving deposits solely on behalf of their national Treasuries, but may receive deposits on their own account.

(7)POGIs that receive deposits are in this respect performing similar activities to those performed by MFIs. Both types of entity should therefore be subject to similar statistical reporting requirements in so far as such requirements are relevant to their business.

(8)It is necessary to ensure harmonised treatment and to safeguard the availability of statistical information on deposits received by POGIs.

(9)The standards for the protection and use of confidential statistical information as laid down in Article 8 of Regulation (EC) No 2533/98 should apply.

(10)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 requirements set out in ECB regulations or decisions,

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post office giro institution (POGI)
means a post office that belongs to the sector ‘non-financial corporations’ (Sector 11, ESA 2010), and, as a complement to postal services, receives deposits from non-MFI euro area residents with a view to providing money transfer services for its depositors;
relevant NCB
means the NCB of the euro area Member State in which the POGI is resident.

Regulation (EU) No 1074/2013 (ECB/2013/39)

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