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Dissemination Standards Bulletin Board Special Data Dissemination Standard (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 International investment position Last Posted: Oct-6-2009 Last Certified: Dec-29-2008 Last Updated: May-1-2006 Contact Person(s)          Printer Friendly Page   Mr. Germain Stammet, Département Monétaire, économique et statistique, Banque centrale du Luxembourg, 2, boulevard Royal, Luxembourg L-2983   Phone : 352 47 74 42 69   Fax : 352 47 74 49 20   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       The international investment position of the Luxembourg was compiled and published for the first time in September 2003 with data covering the year 2002. Until 31 December 2001, international investment position was established by the Banque Nationale de Belgique for the Belgian-Luxembourg Economic Union (BLEU). From 2002 onwards, Luxembourg establishes a separate international investment position. The components of the Luxembourg IIP are the same as those identified in the balance of payments and are in line with the presentation of the 5th edition of the IMF’s Balance of Payments Manual.

II. Scope of the data

2.2.1 Scope Scope of the data       Luxembourg IIP statistics covers external assets and liabilities of all resident sectors.         Geographic coverage: only positions of natural and legal persons residing in the Grand Duchy of the Luxembourg are covered.

III. Accounting Conventions

2.4.1 Valuation       Valuation methods: Most positions are valued at end-of-December market prices except for direct investment and for debt securities issued by residents which are presented at book values. Positions in foreign currencies are converted to euro by using the ECB end-of-December exchange rates.               Direct investments stocks are expressed both at book value (data from survey) and at market value (for position of special purpose entities that are compiled by addition of flows).           Portfolio investments assets and portfolio investments liabilities are valued at market prices, except bonds and notes issued by residents, which are valued at nominal value.           The reserve assets are valued at market prices on a monthly basis. 2.4.2 Recording basis       Time of recording: the reference year stock of external financial assets and liabilities is recorded on the basis of end-of-December data.

IV. Nature of the Basic Data Sources

3.1.1 Source data collection programs       Data sources:           Direct investment:  Data are obtained from an annual survey of resident enterprises. However, for direct investments of Special purposes entities (SPEs) that are not covered by the survey, stocks data are derived from simple accumulation of the balance of payments relevant flows. Adjustments are made for changes in exchanges rates and in prices. Data include real estate investments. Trade credits stocks between related enterprises (obtained from a quarterly enterprise survey of resident enterprises) are also used as a secondary data source for the other capital item. Portfolio investments: Data on foreign securities held by residents are based mainly on banks balance sheet statistics as well as custodian statistics that report stocks held by for their own account and on behalf of their clients. However, for the monetary authorities and for the general government, data are obtained from administrative sources, which provide reports on a security-by-security basis. For securities held by money market funds and mutual funds, a detailed stock data is used, based mainly on a detailed quarterly custodian survey.  Data on non-residents investments in Luxembourg securities are computed by subtracting the amount of securities held by resident (as reported by the resident bank statistics) from the total amount issued at the Luxembourg Stock exchanges.  Other investment: Trade credits are based on a specific survey of a representative sample of enterprises. Loans, currency and deposits of the resident banks are collected on the basis of the balance sheets statistics. For the monetary authorities and the general government, data are collected from administrative sources. Loans, currency and deposits position of enterprises and households is derived from the Bank for International Settlements statistics.  Reserve assets: data stem from the Accountancy Section of the BCL. 3.2.1 Source data assessment       Consistency checks with balance of payments flows are realized. Direct investments: a data from the survey on direct investment are finalized after some 12 months. When the results of the survey are not available, quarterly stocks are computed by an addition of last available stocks plus quarterly flows. Substantial revisions are made for direct investment.         Other investments: for the other sectors (other than General Government, Monetary Authority and MFIs), when the BIS statistics are not available, the quarterly stock is calculated by aggregation of the last stock plus the quarterly balance of payments flows.

V. Compilation Practices

3.3.1 Source data statistical techniques       Base and reference year : 2002 3.3.2 Other statistical procedures       Seasonal adjustment : none

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.