2006年-ECB欧洲央行_National_implementation_of_regulation_ECB200113_33页_346kb

Summary of National Implementation of Regulation ECB/2001/13: Requirement for Flow Adjustments

Overview

This document outlines the ECB's guidance on the national implementation of Regulation ECB/2001/13, focusing on the requirement for flow adjustments in the context of financial statistics for the MFI (Monetary Financial Institutions) sector. The aim is to ensure consistency across the euro area by addressing conceptual and practical issues related to the calculation of write-offs/write-downs and revaluation adjustments.

Core Content

• Regulation Focus: Regulation ECB/2001/13 mandates the reporting of revaluation adjustments for financial institutions to reflect changes in the value of loans and other assets.
• Key Objective: The adjustments aim to remove the impact of valuation changes from flows statistics, ensuring that the reported data reflects the actual changes in the value of assets.
• Implementation Strategy: To promote consistency, the ECB has established a working group (WGMFM) to address questions from NCBs (National Central Banks) and provide a unified approach.

Main Issues and Answers

1. Write-offs/Write-downs in Relation to Accounting Rules

• Issue: There was ambiguity in the ECB Regulation regarding the frequency of write-offs/write-downs, which could conflict with national accounting practices.
• Answer: The ECB clarifies that the adjustment should only be reported when a write-off occurs, and it should reflect the actual change in the value of loans. If no write-off is recorded, the adjustment should be zero. The adjustment is based on the accounting rules and the impact on the statistical balance sheet.

2. Simplified Application of the Balance Sheet Method

• Issue: The balance sheet method requires tracking individual securities, which can be cumbersome.
• Answer: The ECB accepts a simplified method where the minimum of the previous and current end-month stocks of the same type of security is used to calculate the revaluation. This method is acceptable as long as it complies with the balance sheet approach and the securities are valued consistently.

3. Use of Indices to Calculate Price Revaluation

• Issue: Adjustments may only be received quarterly, necessitating an estimation method for intra-quarter revaluations.
• Answer: Indices can be used to estimate revaluation adjustments between quarterly reports, provided that:
  • Securities with similar features are grouped.
  • The index is closely correlated with the securities' prices.
  • The balance sheet method is applied for revaluation adjustments.

4. Securities Denominated in Non-Euro Currency

• Issue: Exchange rate adjustments for non-euro-denominated securities could overlap with revaluation adjustments.
• Answer: Revaluation adjustments for non-euro securities are calculated in the foreign currency and then converted to euro using the average exchange rate of the period. This method is consistent with ECB's exchange rate adjustment calculation.

5. Indexed Securities and Price Revaluations

• Issue: How should index payments be treated in flows statistics?
• Answer: Index payments are treated as interest under ESA 95, and not as revaluation adjustments. If the value of the security changes due to indexation, the change is considered a revaluation. However, the ECB does not require reporting of exchange rate adjustments for shares and other equity, as their value already reflects such changes.

Key Information

• Reporting Frequency: Adjustments are to be reported monthly, with zeros for periods without write-offs.
• Accounting Practices: The ECB does not impose changes on national accounting practices but rather uses them to determine the necessary adjustments.
• Balance Sheet Method: This method is the primary approach for calculating revaluation adjustments, though simplified methods are accepted.
• Currency Conversion: For non-euro securities, the average exchange rate of the period is used to convert revaluation adjustments to euro.
• Exception for Shares: Shares and other equity are not subject to a separate exchange rate adjustment, as their value already includes the impact of exchange rate changes.

Conclusion

The ECB provides a clear framework for the national implementation of revaluation adjustments under Regulation ECB/2001/13. The guidance addresses the complexities of accounting practices, the use of indices, and currency conversion, ensuring that the data reported by MFIs is consistent and meaningful for monetary and financial statistics. The ECB encourages the use of a simplified approach where appropriate, and allows for alternative methods as long as they produce similar results.