Special Data Dissemination Standard
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| The Data: Coverage, Periodicity, and Timeliness | |
| Coverage characteristics | 5.1.1 Statistical presentation The Eurosystem has a set of monetary policy instruments at its disposal which includes, inter alia, the conduct of open market operations and the provision of standing facilities. Data on the interest rates of these instruments are disseminated by the European Central Bank (ECB). The main policy interest rates relate to the following instruments:Standing facilities (overnight): - rates on the marginal lending facility - rates on the deposit facility Open market operations: - rates on the main refinancing operations - rates on the longer-term refinancing operations - rates on other open market operations The key ECB interest rates (currently the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending and deposit facilities) signal the stance of the monetary policy of the ECB. All data are expressed in percentages per annum or, where applicable, in "changes in percentage points". The source of the data is the ECB. Notes: |
| Periodicity | 4.1.1 Periodicity Each time that a rate is changed or whenever an allotment takes place:-Standing facilities: whenever a change in rates occurs. -Main refinancing operations: regularly each week (affects the marginal and the average rates; the ECB acts as a rate taker); a change in the interest rate affects the minimum bid rate, which is decided by the ECB. -Longer-term refinancing operations: regularly each month; the ECB acts as a rate taker. Notes: |
| Timeliness | 4.1.2 Timeliness Immediately after a decision has been taken to change the interest rate or during the tender procedure.Notes: |
| Access by the Public | |
| Advance dissemination of release calendar |
5.1.3 Advance release calendar Not applicable, data are disseminated whenever a rate change occurs. The key interest rates are disseminated on the ECB's website after each Governing Council meeting, also when rates remain unchanged.Tenders for the main refinancing and longer-term refinancing operations are announced following a pre-defined calendar. The indicative calendar for the Eurosystem's tender operations can be found on the ECB's website http://www.ecb.int under item Press releases/Indicative calendar for the Eurosystem's tender operations. Flexibility Notes: |
| Simultaneous release to all interested parties |
5.1.4 Simultaneous release Data are released simultaneously to all interested parties by posting the data on the European Central Bank's Internet website (http://www.ecb.int under item Press releases/Monetary policy decisions) and are subsequently published in the "Monthly Bulletin". The data are simultaneously made available to the press and major wire services. |
| 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 fulfilment 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.), as amended by Council Regulation (EC) No 951/2009 of 9 October 2009. Interest rates Article 12.1 of the Statute of the European System of Central Banks and of the European Central Bank says that "the Governing Council shall formulate the monetary policy of the Community, including ... decisions ... on key interest rates". The standing facilities, main refinancing and longer-term refinancing operations are described in the ECB document entitled "The Single Monetary Policy in Stage Three; General documentation on ESCB monetary policy instruments and procedures"; November 2000. Implementation is based on legal documents agreed by the national central banks and their counterparties; following the general documentation. The data for interest rates are disseminated 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 fulfilment 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". |
| Identification of internal government access to data before release |
1.2.2 Internal governmental access to statistics prior to release European Central Bank No government officials within the euro area 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 Data are not subject to revisions. |
| 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 "Monthly Bulletin" (Please see Dissemination Formats Page) is the main vehicle for the dissemination of statistical data to the public. The ECB complements the data with explanatory notes in the same bulletin. |
| 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 Table 1.2 "Key ECB interest rates" shows the rates on the deposit facility, the main refinancing operations and the marginal lending facility as from the beginning of Stage Three of Monetary Union (January 1999) as of the date of latest change, along with the respective levels outstanding in percentages per annum and changes in percentage points.Table 1.3 "Eurosystem monetary policy operations allotted through tenders" shows the rates for fixed/variable rate tenders applied weekly to the main refinancing operations and the rates applied to longer-term refinancing operations and other open market operations, along with the respective amount of bids and allotments (as from January 1999). Table 3.1 "Money market interest rates" shows the euro area money market interest rates on deposits, weekly for the last month, monthly for the previous 13 months and annually for the previous 5 years; these rates relate to overnight deposits and deposits with maturities of 1, 3, 6 and 12 months. Table 3.4 "Retail bank interest rates" shows retail bank interest rates, monthly for the previous 13 months and annually for the previous 3 years; these rates relate to deposit rates for overnight deposits and deposits with various maturities and periods of notice as well as to lending rates on loans to enterprises and households. 4.2.2 Temporal consistency Time series are published in the "Monthly Bulletin". See Dissemination Formats Page for information on how to obtain the "Monthly Bulletin". |