IMF--Dissemination Standards Bulletin Board--:(Summary Methodology)

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(THE SUMMARY METHODOLOGY STATEMENT HAS BEEN PROVIDED BY LUXEMBOURG, WHICH IS SOLELY RESPONSIBLE FOR ITS ACCURACY AND COMPLETENESS. AT THE TIME OF POSTING, THE STATEMENT WAS REVIEWED BY THE IMF FOR CONSISTENCY WITH THE METADATA BASE PAGE DESCRIBING DISSEMINATION PRACTICES. SUBSCRIBERS ARE REQUIRED TO PROVIDE UPDATES TO THE STATEMENT, AS NEEDED, AND ARE EXPECTED TO MAKE OTHER IMPROVEMENTS, AS WARRANTED, TO ENHANCE TRANSPARENCY)

Luxembourg
Summary Methodology
Analytical accounts of the banking sector

Last Posted:	Oct-6-2009
Last Certified:	Dec-29-2008
Last Updated:	May-1-2006

Contact Person(s)		Printer Friendly Page
	Mr Tom Bergh, Département Monétaire, économique et statistique, Banque centrale du Luxembourg, 2, boulevard Royal, Luxembourg L-2983
	Phone :	352 4774 1
	Fax :	352 4774 4290
	Email :	mes@bcl.lu
	Mr. Roland Nockels, Département Monétaire, économique et statistique, Banque centrale du Luxembourg, 2, boulevard Royal, Luxembourg L-2983
	Phone :	352 47 74 42 88
	Fax :	352 47 74 49 20
	Email :	mes@bcl.lu

I. Analytical Framework, Concepts, Definitions, and Classifications
2.1.1 Concepts and definitions

Analytical Framework:

Data are the statistical balance sheet data of the Monetary Financial Institutions (MFIs) resident in Luxembourg excluding the Banque centrale du Luxembourg. For MFIs, see explanation following under the header ‘Classification’.

Data are disseminated for the aggregated balance sheet of the MFI sector including the Banque centrale du Luxembourg, the Banque centrale du Luxembourg only and for other MFIs (excluding the Banque centrale du Luxembourg).

Data are presented for euro area residents.

All statistics are collected, compiled and published under Article 32 of the Law of 23 December 1998 concerning the monetary status and the Banque centrale du Luxembourg. Data is based on the ECB requirements presented in the Regulation (EC) No 2819/98 of the European Central Bank concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/1998/16).

Data are calculated using euro-area residency, i.e. positions of Luxembourgish MFIs vis-à-vis residents of Luxembourg and other monetary union member states are included.

Definition of the euro area monetary aggregate M3 (published by the ECB):

M3 includes the following liabilities of the money issuing sector and central government liabilities with a monetary character held by the money-holding sector:

currency in circulation (notes and coin held by the public)
overnight deposits
deposits with agreed maturity up to 2 years
deposits redeemable at notice up to the notice period of 3 months
repurchase agreements
money market fund shares/units and money market paper
debt securities up to 2 years.

Money-issuing sector consists of MFIs resident in the euro area

Money-holding sector comprises all non-MFIs resident in the euro area except central government

Money-neutral sector comprises central governments in the euro area with the exception that central government liabilities with a monetary character (Post Office accounts, national savings accounts and Treasury accounts) are included as a special item in the definition of monetary aggregates.
2.3.1 Classification/sectorization

Classifications:

Data classifications used are presented in the ECB Regulation (ECB/1998/16).

Classification of institutional sectors is based on ESA95 (described in detail in the ECB publication Money and Banking Statistics Sector Manual; Guidance for the statistical classification of customers; April 1998).

Monetary financial institutions are presented in the List of Monetary Financial Institutions for statistical purposes; ECB website (http://www.ecb.int) item ‘MFIs and assets’. MFIs consist of three groups of institutions:

the national central bank
resident credit institutions as defined in Community law
all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credits and/or to make investments in securities. These institutions are mostly money market funds.

II. Scope of the data
2.2.1 Scope

Scope of the data

Financial institutions which report money and banking data to the ESCB are Monetary Financial Institutions according to the ‘List of MFIs for statistical purposes’ (see I above)

III. Accounting Conventions
2.4.1 Valuation

Accounting practices: Loans and deposits are valued at nominal value. On the liability side, securities are valued at their redemption value. On the asset side, Financial fixed assets are valued at purchase price, the Trading portfolio and the Structural portfolio are usually valued at the lower of cost or market method.

Valuation of foreign-currency-denominated instruments: All foreign currency items are converted into the euro by using the end of month exchange rates.
2.4.2 Recording basis

Accounting practices: Accounting is on a cash basis.

IV. Nature of the Basic Data Sources
3.1.1 Source data collection programs

Data are based on the statistical data collection from the MFIs (incl. the NCB) for the ESCB money and banking statistics purposes

V. Compilation Practices
3.3.1 Source data statistical techniques

The Banque centrale du Luxembourg grants derogations to small MFIs, provided that the MFIs which contribute to the monthly consolidated balance sheet account for at least 95 % of the total MFI balance sheet. The Banque centrale du Luxembourg grosses up for the non-full reporters when compiling monetary statistics.

Detailed procedures and manuals are maintained and provided to all reporting institutions. Data are submitted in electronic format within ten working days of the reporting date.

Data are generally presented on an aggregate basis. Since the ECB have data for the entire monetary union area, it is possible for them to present consolidated data for the area as a whole.
3.3.2 Other statistical procedures

Seasonal adjustments are not used.
3.4.1 Validation of intermediate results

Data are checked for arithmetic errors, internal consistency and for external consistency, i.e., where another data source exists data are checked against it, e.g., monthly against quarterly data, statistical against supervisory data etc.

VI. Other Aspects

Footnotes

Last posted: Date IMF staff last posted an update to these metadata on the DSBB.
Last certified: Date subscriber last officially certified the accuracy of these metadata.
Last updated: Date subscriber last submitted an update of these metadata to the IMF.



Footnotes
Last posted: Date IMF staff last posted an update to these metadata on the DSBB.
Last certified: Date subscriber last officially certified the accuracy of these metadata.
Last updated: Date subscriber last submitted an update of these metadata to the IMF.