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| 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 reserves of the euro area are based on the collection of data from the national central banks (NCBs) of the countries participating in the euro area and of the European Central Bank (ECB) within a deadline of delivering the data for (i) monthly flows: within thirty working days of the end of the reference period, (ii) quarterly flows: within three months of the end of the quarter to which the date relate. The Eurosystem's reserve assets relate to (1) the "pooled reserves" held by the ECB in accordance with Article 30 of the Statute of the ESCB and (2) the international reserves of the NCBs of the countries participating in the euro area at the time to which statistics relate (i.e. including Greece since January 2001, Slovenia since January 2007, Cyprus and Malta since January 2008, and Slovakia since 2009). All data are published in billion of euro. As from the April 2000 issue of the ECB Monthly Bulletin, the monthly stock data and the quarterly flows are broken down into:
The stocks are published for both: (i) reserves and related assets of the Eurosystem; and (ii) reserves and related assets of the European Central Bank. The publication in the ECB Monthly Bulletin presents the Eurosystem's and the ECB's monthly international reserve position which is in line with that of the "International Liquidity" section of the IMF's publication International Financial Statistics. The underlying methodology is consistent with the IMF's operational guidelines for the implementation of the IMF/BIS Data Template on International Reserves and Foreign Currency Liquidity, as published by the IMF in October 1999, with the exception of the treatment of claims arising from revenue repos vis-à-vis NCBs or private financial institutions, which are classified under currency and deposits instead of under "other reserve assets". The valuation is based on market prices by using (i) the prevailing market prices at the time when the transaction takes place for transactions and (ii) the closing mid-market prices at the end of the appropriate period for holdings. However, for practical reasons, the revaluation in some Member States takes place only on a quarterly basis. Current market exchange rates are used for the conversion of foreign currency-denominated assets into euro. | |||||||||||
| Periodicity | 4.1.1 Periodicity Monthly and quarterly. | |||||||||||
| Timeliness | 4.1.2 Timeliness Monthly stocks are published four weeks after the end-of-month. The monthly flows are published within eight weeks after the end of the reference month. The quarterly breakdown of flows is published within four months of the end of the quarter to which the date relate. | |||||||||||
| 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 on the European Central Bank's website. Data on international reserves of the Eurosystem including national contributions are published on the ECB website: http://www.ecb.europa.eu/stats/external/html/index.en.html#info. | |||||||||||
| 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 reserves and foreign currency liquidity The requirements to euro area member countries are laid down in the Guideline on the "Statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics, and the international reserves template" (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. 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 Reserve assets relating to end of period positions are revised on an ongoing basis.1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Major changes in the methodology are announced in the Monthly Bulletin when they are introduced. | |||||||||||
| 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 ECB has publishes in May 2007 an update of the "B.o.p. Book" a reference work containing information on the content and structure of the BOP: "European Union Balance of Payments/International Investment Position Statistical Methods Book". For download from the ECB's website (http://www.ecb.europa.eu/home/html/index.en.html). The requirements are set out in the Guideline on the "Statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics, and the international reserves template" (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: The Eurosystem's and the ECB's monthly international reserves position is in line with that of the "International Liquidity" section of the IMF's publication International Financial Statistics. The underlying methodology is fully consistent with the IMF's operational guidelines for the implementation of the IMF/BIS Data Template on International Reserves and Foreign Currency Liquidity, as published by the IMF in October 1999. Finally, the ECB publishes a methodological note to Chapter 7 (prior to January 2004 Chapter 8) of the ECB Monthly Bulletin which is regularly updated and can be found on the ECB's website (http://www.ecb.europa.eu/stats/external/balance/html/index.en.html). These publications are available free of charge from: (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 Since 4.2.2 Temporal consistency Data before 1999: Reserve asset flows before the end of 1998 are aggregates of national data and include instruments issued by other residents of the euro area which should, by definition, be excluded from reserve assets and recorded under the other items of the financial account. The figures are therefore not comparable with the figures which relate to the Eurosystem's reserve assets from 1999 onwards and which are compiled according to the definition approved by the ECB Governing Council.4.2.3 Intersectoral and cross-domain consistency The ECB Monthly Bulletin Table 1.1 provides data on gold and gold receivables, claims on non-euro area residents in foreign currency and claims on euro area residents in foreign currency; apart from differences in coverage and valuation, these items are roughly comparable to the stocks in Table 7.3.7 Reserve assets. | |||||||||||
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