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Euro Area
International investment position

Last Posted:	Mar-13-2009
Last Updated:	Mar-5-2009

Contact Person(s)		Printer Friendly Page
	Lasse Nordquist, Head of Section, Balance of Payments, External Statistics Division, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany
	Phone :	49 69 1344 7624
	Fax :	49 69 1344 7056
	Email :	BOP_IIP.STATISTICS@ecb.europa.eu
Dissemination Formats

Summary Methodology
Access National Summary Data Page
Cross-country comparisons: access the DSBB metadata query facility

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics
5.1.1 Statistical presentation

Data are compiled and disseminated by the European Central Bank (ECB).

The international investment position (i.i.p.) statistics for the euro area are based on the collection of annual data from reporting agents organised by the national authorities. The ECB requires the annual data nine months after the reference period.

Data are published in the ECB Monthly Bulletin (for the first time in the December 1999 issue, with comments and a methodological box on pages 55 to 57; see also ECB Monthly Bulletin December 2002 box on pages 71 to 73; available on the ECB's website for downloading) in billions of euro's for the following components: direct investment items (equity including reinvested earnings, other capital), portfolio investment items (equity securities, bonds and notes, money market instruments), financial derivatives, other investment items (trade credits, loans/currency and deposits, other assets/liabilities) and reserve assets. The breakdown as well as the concepts and definitions are based on the BPM5 and are consistent with the breakdown of the quarterly and annual balance of payments. The quarterly i.i.p., which has been released since the May 2005 issue of the Monthly Bulletin, is compiled following the same methodological framework as the annual i.i.p. However, as some data sources are not available on a quarterly basis (or available with delay), the quarterly i.i.p. for the euro area is partly estimated based on financial transactions and asset prices and foreign exchange developments.
Periodicity
4.1.1 Periodicity
Quarterly and annual, end-of-year positions (assets and liabilities separately since end 1999 positions).
Timeliness
4.1.2 Timeliness

Quarterly data are published within 14 weeks after the end of the reference quarter, and the annual data within 47 weeks after the reference year.
Access by the Public
Advance dissemination of
release calendar
5.1.3 Advance release calendar

A release schedule is published on the ECB's website on (http://www.ecb.europa.eu/events/calendar/statscal/html/index.en.html). Next to this the statistical press releases on the euro area balance of payments are also shown on the ECB’s web site (http://www.ecb.europa.eu/press/pr/stats/bop/html/index.en.html) and the data are part of the euro area statistics section (chapter 7) of the Monthly Bulletin (see http://www.ecb.europa.eu/pub/mb/html/index.en.html).
Simultaneous release to all
interested parties
5.1.4 Simultaneous release

Data are released simultaneously to all interested parties by issuing an ECB press release posted on the European Central Bank's website under item statistical press releases (http://www.ecb.europa.eu/press/pr/stats/bop/html/index.en.html).
Integrity
Dissemination of terms and
conditions under which
official statistics are
produced, including those
relating to the confidentiality
of individually identifiable
information
0.1.1 Responsibility for collecting, processing, and disseminating statistics
European Central Bank
The collection of statistical information for the fulfillment of the tasks of the European System of Central Banks (ESCB) is based on Article 5 of the Statute of the European System of Central Banks and the European Central Bank (the Statute) and carried out under Council Regulation (EC) No. 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (Official Journal of the European Union L 318 p.8.).
International investment position

The collection of statistical information is implemented in accordance with the framework established under the Guideline on the "Statistical reporting requirements of the ECB in the field of balance of payments, international reserves template and international investment position statistics" of July 16, 2004 (ECB/2004/15, OJ L 354, 30.11.2004, p. 34) and the amending ECB Guideline of May 31, 2007 (ECB/2007/3, OJ L 159, 20.6.2007, p. 48) and in accordance with Article 30 of the Statute of the ESCB.

The data for the international investment position (IIP) statistics of the euro area are disseminated free of charge by the ECB as a service to the public.
0.1.3 Confidentiality of individual reporters' data
European Central Bank
The confidentiality regime of statistical information for the fulfillment of the tasks of the European System of Central Banks (ESCB) is protected by Article 8 of the Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank.
1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination
European Central Bank

The Protocol on the Statute of the European System of Central Banks and of the ECB can be found on the ECB's website under the item "legal framework" (http://www.ecb.europa.eu/ecb/legal/pdf/en_protocol_18.pdf). For a complete overview of all legal documents in all European Union languages: (http://www.ecb.europa.eu/ecb/legal/html/index.en.html).

The regulations have been published in the Official Journal of the European Communities, Council Regulation (EC) No 2533/98 in L318 dated 27.11.1998, ECB/2001/13 in L333 dated 17.12.2001, ECB/2002/4 in L151/11 dated 9.12.2002, ECB/2002/8 in L330 dated 6.12.2002, ECB/2003/10 in L250 dated 2.10.2003.

The legal texts can also be obtained by contacting the Office for Official Publications of the European Union, L-2985 Luxembourg (info@opoce.cec.be). The Official Journal is published in the 11 official languages of the EU.
Identification of internal
government access to data
before release
1.2.2 Internal governmental access to statistics prior to release
European Central Bank
No officials outside the ECB/Eurosystem have access to the data before the release.
Identification of ministerial
commentary on the occasion of
statistical releases
1.2.3 Attribution of statistical products
European Central Bank

There is no ministerial commentary on the occasion of statistical data release.
Provision of information
about revision and advance
notice of major changes in
methodology
4.3.1 Revision schedule

Quarterly i.i.p. data revised within the publication of the following quarter, annual i.i.p. data are subject to revision at end-November for at least the following two years.
Quality
Dissemination of
documentation on methodology
and sources used in preparing
statistics
5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques

The euro area IIP is compiled from the data provided by the Member States of the euro area. The ECB has published a reference text containing all relevant information on the content and structure of the b.o.p. and i.i.p.: "European Union Balance of Payments/International investment position - Statistical Methods Book (May 2007)". For download from the ECB's website here. The BOP and IIP standards required for compiling the euro area aggregates adhere, as far as possible, to the standards set out in the 5th edition of the IMF Balance of Payments Manual (BPM5), which is consistent with the System of National Accounts 1993 (SNA 93) and with the European System of Accounts 1995 (ESA 95).

The requirements are set out in the Guideline on the "Statistical reporting requirements of the ECB in the field of balance of payments, international reserves template and international investment position statistics" (ECB/2004/15) of July 16, 2004 and the amending ECB Guideline of May 31, 2007 (ECB/2007/3) and in accordance with Article 30 of the Statute of the ESCB. Other publications and documents on which the euro area BOP/IIP statistics are based: The methodological note on Chapter 7 of the ECB Monthly Bulletin (prior to January 2004 please refer to Chapter 8 of the Monthly Bulletin) is regularly updated. This note can be found on the ECB's website (http://www.ecb.europa.eu/stats/external/balance/html/index.en.html).

The Annual quality report on the euro area balance of payments and international investment position statistics, showing quantitative indicators as well as a more qualitative assessment, is also available on the ECB web site (March 31, 2008).

These publications are available free of charge from:
European Central Bank
Press & Information Division
Postfach 16 03 19
D-60066 Frankfurt am Main
Germany

(See also summary methodology)
Dissemination of component
detail, reconciliations with
related data, and statistical
frameworks that support
statistical cross-checks
and provide assurance of
reasonableness
4.2.1 Internal consistency

The ECB Monthly Bulletin provides detailed data for the euro area IIP in:

7. External transactions and positions:

Table 7.3.1: Financial account: Summary financial account (transaction: monthly, outstanding amounts: quarterly);
Table 7.3.2: Financial account: Direct investment (transactions: monthly, outstanding amounts: quarterly);
Table 7.3.3: Financial account: Portfolio investment assets (transactions: monthly, outstanding amounts: quarterly);
Table 7.3.4: Financial account: Portfolio investment liabilities (transactions: monthly, outstanding amounts: quarterly);
Table 7.3.5: Financial account: Other investment assets (transactions: monthly, outstanding amounts: quarterly);.
Table 7.3.6: Financial account: Other investment liabilities (transactions: monthly, outstanding amounts: quarterly);
Table 7.3.7: Financial account: Reserve assets (transactions: quarterly, outstanding amounts: monthly);
Table 7.3.8: Financial account: Geographical breakdown (outstanding amounts: annual, cumulated transaction: quarterly).
4.2.2 Temporal consistency

An enhanced compilation of the euro area international investment position has been published in December 2002. The improvement shows assets and liabilities sides and are compiled by totalling aggregating the positions with counterparts outside the euro area (i.e. compilation on an extra-euro area basis). Data prior to 1999 are shown on a net basis and may not be fully comparable (See Box 9 in the Monthly Bulletin of December 2002 (page 71 to 73) http://www.ecb.europa.eu/pub/pdf/mobu/mb200212en.pdf.
5.1.2 Dissemination media and format
The ECB Monthly Bulletin provides detailed data for the euro area IIP in Table 7.3 (prior to January 2004 please refer to Table 8.8 in the ECB Monthly Bulletin) entitled “International investment position” (previously entitled “International investment position and reserve assets outstanding”).

Footnotes

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