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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 reserves and foreign currency liquidity Last Posted: Oct-6-2009 Last Certified: Dec-29-2008 Last Updated: May-1-2006 Contact Person(s)          Printer Friendly Page   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    Mr. Paul HILDGEN, Trésorerie de l'Etat, Luxembourg   Phone : 352 478 2728   Email : paul.hildgen@ts.etat.lu

I. Analytical Framework, Concepts, Definitions, and Classifications

2.1.1 Concepts and definitions   Concept and definition:   Gross official reserves:In line with the IMF's Balance of Payments Manual (BPM5) methodological requirements and the ECB recommendation on Eurosystem reserve assets (see methodological note http://www.ecb.int). The reserve assets must: (i) be under the effective control of the Banque centrale du Luxembourg; and (ii) refer to highly liquid, marketable and creditworthy non-euro area currency-denominated claims on non-residents of the euro area as well as gold, special drawing rights and the reserve positions in the IMF of Luxembourg. Deposits with banks located in Luxembourg and/or in other euro area Member States are therefore not considered as part of the official reserves. Data template on international reserves and foreign currency liquidity: Data are compiled in accordance with the guidelines International reserves and foreign currency liquidity: Guidelines for a Data Template of the IMF. 2.3.1 Classification/sectorization   Data cover gross official reserves of Luxembourg broken down by its major components: monetary gold, foreign assets, SDRs and reserve position in the Fund (IMF).

II. Scope of the data

2.2.1 Scope Scope of the data   Institutional coverage: Banque centrale du Luxembourg and Trésorerie de l'Etat.   Instrument coverage: For the reserve assets the coverage is claims on non-euro area residents denominated in foreign currencies, monetary gold, SDRs and reserve position in the IMF. For other currency assets the coverage is claims of the central bank on euro-area residents in foreign currency and the liquid assets in foreign currency of the central government.   Financial derivatives can be identified separately.

III. Accounting Conventions

2.4.1 Valuation   Valuation and conversion rates: The valuation is based on market prices by using the closing mid-market prices at the end of the appropriate period for stocks. For the data of the central government sector, holdings (when relevant) are valued at the closing mid-market prices at the end of the appropriate period.   As from 1999, the value of gold holdings is based on market value and disseminated on  a monthly basis.  The conversion of foreign currency-denominated assets into Euro is based on the mid-point foreign exchange rate on the last day of the reference period. For the data of the central government sector the conversion into the Euro is based on the mid-point foreign exchange rate of the last day of the reference period.   Frequency of calculation and revaluation: Reserve assets are calculated on a monthly basis. The figures are revalued on a monthly basis to meet the b.o.pi.i.p. standards and to take into account the accruals principle. 2.4.3 Grossing/netting procedures   Reserve assets are compiled on a gross basis without any netting of reserve-related liabilities (with the exception of those reserve assets included in the sub-item of financial derivatives, which are recorded on a net basis). All reversible gold transactions are treated as collateralized loans and recorded accordingly in the national reserves statistics.

IV. Nature of the Basic Data Sources

3.1.1 Source data collection programs   Data sources:   Accounting department of the Banque centrale du Luxembourg for the "Template" on Banque centrale du Luxembourg. Trésorerie de l'Etat for the "Template" on Government data.

V. Compilation Practices

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.