歐洲央行（ECB）：歐元區(qū)貨幣和金融統(tǒng)計(jì)2022質(zhì)量報(bào)告

EUROPEANCENTRALBANK

EUROSYSTEM

Euroareamonetaryandfinancialstatistics

Qualityreport2022

December2023

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Contents

1

Contents

Executivesummary3

1Introduction6

1.1Scopeofdatacoverageandstructureofthereport7

1.2Currentlegalframework7

2Statisticaldevelopmentsbetween2021and20229

2.1EuroareaenlargementtoCroatia,andBrexit9

2.2NewRegulationonmonetaryfinancialandcreditinstitutions

balancesheetitems10

2.3NewRegulationonpaymentsstatistics11

2.4TowardsanupdatedRegulationonIFstatistics11

3Methodologicalsoundnessandstatisticalprocedures13

3.1MFIdefinition:alignmentwiththeamendedcreditinstitution

definition13

3.2ReportingonSIFs13

3.3Newinstrumentsanddefinitionsforpaymentstatistics14

3.4Publicationoftheinsurancecorporations’compilationguide14

3.5ReviewofECBAdd-onsaspartoftheSolvencyII2020review14

4Timelinessandpunctuality15

5Availabilityofdataandmetadata17

5.1Completeness17

5.2Accessibility17

5.3Clarity19

6Accuracyandreliability20

6.1QualitymeasuresbasedonrevisionstoMFIbalancesheetand

interestratestatistics20

7Internalconsistency27

8Externalconsistency/coherence29

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Contents

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8.1Comparingsecurityholdingstatisticswithinsurancecorporation

statistics29

8.2ComparingMFIbalancesheetitemswithFVCstatistics29

8.3MIRstatistics–syntheticmeanabsoluteerror30

AnnexI31

AnnexA:MIRstatisticsmethodsbyEUcountry31

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Executivesummary

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Executivesummary

ThisbiennialdataqualityreportisacontributiontotheECBStatisticsQuality

Framework1.ItrelatestostatisticsproducedbytheEuropeanSystemofCentral

Banks(ESCB)andfocusesonthecollection,compilationanddisseminationofeuroareamonetaryandfinancialstatistics(MFS)in2021and2022.Followingthebasicprinciplessetoutinthe

“PubliccommitmentonEuropeanstatisticsbytheESCB”

,thisreportprovidesbothdescriptiveandquantitativequalityindicators.ThescopeofthisreportisalignedwiththeresponsibilitiesoftheWorkingGrouponMonetaryandFinancialStatistics(WGMFS)andisdividedintoeightsections:Section1,

Introduction;Section2,Statisticaldevelopmentsbetween2021and2022;Section3,Methodologicalsoundnessandstatisticalprocedures;Section4,Timelinessand

punctuality;Section5,Availabilityofdataandmetadata;Section6,Accuracyand

reliability;Section7,Internalconsistency;andSection8,Externalconsistency/coherence.

Asregardsstatisticalprocesses,thecollection,processing,anddisseminationoftheMFSwentsmoothlyin2021and2022.Overall,thedatapublishedremainedatthe

expectedveryhighlevelofqualityandwerefitforpolicyneeds.Themajor

developmentsthathavetakenplaceoverthetwo-yearperiodaresetoutintherelevantchapters.

IntermsofchangesintheeuroareaandinEUcomposition,eventssuchasBrexitandtheeuroareaenlargementtoCroatiarequiredsignificantadjustmentstothe

compilationofeuroareaandEUaggregatestatistics,thealignmentofallECBpublicationsand,whereappropriate,theproductionoftherequisitebackdata.

Othermaindevelopmentshaveincluded

RegulationECB/2021/22

onthebalance

sheetitemsofcreditinstitutionsandofthemonetaryfinancialinstitutionssector.Thisintroducednewreportingrequirementstoenhanceanalysisofmonetaryandcredit

developments.Italsomadechangestosomeoftheexistingreportingrequirements,definitionsandreportingderogationstoensurebetterintegrationwithotherstatisticaldatasets.Thesechangesfocusedinparticularontheareasofsecuritisation,notionalcashpoolpositionsandpositionsvis-à-visnon-bankfinancialcorporations.

Inaddition,

RegulationECB/2020/593

onpaymentsstatistics,amendingRegulationECB/2013/43,wasintroduced.Thissignificantlyenhancedthescopeofpaymentsstatisticscollectionbyincludingnewpaymentsmethodsandchannels,statistical

requirementsforfraudulentpaymenttransactionsinvolvingnon-monetaryfinancialinstitutions(non-MFIs),detailedmerchantcategorycodebreakdownsforcard

paymentsandenhancedgeographicalbreakdowns.Reportingfrequencywasalso

1The

ECBStatisticsQualityFramework(SQF)andqualityassuranceprocedures,

whichwerepublishedinApril2008,buildonthatpubliccommitmentbytheESCB.

2Regulation(EU)2021/379oftheEuropeanCentralBankof22January2021onthebalancesheetitemsofcreditinstitutionsandofthemonetaryfinancialinstitutionssector(recast)(ECB/2021/2)(OJL73,3.3.2021,p.16).

3Regulation(EU)2020/2011oftheEuropeanCentralBankof1December2020amendingRegulation(EU)No1409/2013onpaymentsstatistics(ECB/2013/43)(ECB/2020/59)(OJL41811.12.2020,p.1).

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Executivesummary

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increased,mainlyfromannualtosemi-annual,althoughcollectionisstillonaquarterlybasisforsomehigh-levelpaymentinstrumentaggregatesandmoredetailedcardpaymentbreakdowns.

Lastbutnotleast,aspartoftheprocessofupdating

RegulationECB/2013/384

concerninginvestmentfund(IF)statisticstoensurethatdataremainrelevantfor

analyticalpurposesandareeffectivelyintegratedintootherdatasources,theECBplanstolaunchapublicconsultationonproposedchanges.Thesewouldincludeshiftingfromquarterlytomonthlyreporting,aswellprovidingadditionaldetailsof

assetandliabilityitemsandnewinformationonIFclassificationsaswellasonIFincomeandfees.ThenewIFreportingframeworkisscheduledtoapplyfromtheJune2025referenceperiod.

Concerningmethodologicalaspects,giventhattheCapitalRequirementsRegulation

(CRR)5expandedthedefinitionofacreditinstitutiontoalsoincludesystemic

investmentfirms(SIFs),thedefinitionofmonetaryfinancialinstitutions(MFIs)inthenewBalanceSheetItems(BSI)Regulation(ECB/2021/2)alsohadtobeadaptedsothat“non-MFIcreditinstitutions”couldbeidentifiedseparatelywithintheRegulation’sreportingpopulation.

Withregardtoinsurancecorporationstatistics,acompilationguidewaspublishedforthefirsttime.Thisincludesguidanceonhowtoderiveinsurancecorporation

statisticsfromSolvencyIIreporting.Furthermore,theECBtooknoteofthechangessuggestedbytheSolvencyII2020reviewexerciseundertakenbytheEuropean

InsuranceandOccupationalPensionsAuthority(EIOPA)andthesearenow

reflectedinthe“ECBAdd-ons”,whichwillcomeintoeffectfromthefourthquarterof2023datacollectionreferenceperiod.

Finally,RegulationECB/2020/59onpaymentstatisticsexpandeditsdefinitionofa

“cross-borderpaymenttransaction”toalignitwiththatof

Regulation(EU)2015/7516

.

Asfarastimelinessandpunctualityareconcerned,mostoftheMFSwere

transmittedaccordingtotheenvisagedscheduleswithonlyafewinfringementsbeingobserved,mainlywithrespecttotheIFpopulation.

Withregardtothe“availabilityofdataandmetadata”,nomajorissuesintermsof

completeness,accessibilityandclaritywereidentifiedbeyondtheanticipatedlevels.

Turningto“accuracyandreliability”,qualitymeasurementsofrevisionswereperformedtoevaluatethereliabilityoffirstreleasesofeuroareamonetary

aggregates,includingthebroadmoneyaggregateM3,andoftheeuroareaaggregatesforMFIinterestrateindicators.

4Regulation(EU)No1073/2013oftheEuropeanCentralBankof18October2013concerningstatisticsontheassetsandliabilitiesofinvestmentfunds(recast)(ECB/2013/38)(OJL297,7.11.2013,p.73).

5Regulation(EU)2019/2033oftheEuropeanParliamentandoftheCouncilof27November2019ontheprudentialrequirementsofinvestmentfirmsandamendingRegulations(EU)No1093/2010,(EU)No575/2013,(EU)No600/2014and(EU)No806/2014(OJL314,5.12.2019,p.1).

6Regulation(EU)2015/751oftheEuropeanParliamentandoftheCouncilof29April2015oninterchangefeesforcard-basedpaymenttransactions(OJL123,19.5.2015,p.1).

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Executivesummary

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AsfarasBSIstatisticsareconcerned,theimpactofrevisionsonthemonth-on-

monthgrowthratesoftheeuroareamonetaryaggregates,andinparticularofM3,

hascontinuedtobelimited.Overall,attimelagt+1atleast83%ofallrevisions

receiveduptoDecember2022havehadanimpactoflessthanorequalto5basispoints(0.05percentagepoints)ontheM3growthratespublishedsinceAugust2005

Insummary,theimpactofrevisionsissufficientlysmalltoensurethatthemonth-on-monthgrowthratesarefitforpolicyneedsoninitialpublication.Therevisions

receivedsincetheendof2022havealsohadasmallerimpactongrowthratesthanthoseinallpreviousyearssince2005takentogether.

TurningtoMFIinterestrate(MIR)statistics,incomparisonwiththenumberof

observations,thenumberandsizeofrevisionstothesestatisticsateuroarealevelhavebeensmall,whichdemonstratesthereliabilityofthedatasentintheinitial

releases.83%oftherevisionsdidnotexceed5basispointsinabsolutetermsand42%oftherevisionsoccurredinthemonthaftertheinitialrelease.Thenumberofexceptionalandadhocrevisions,asopposedtoordinaryrevisions,showsthatMIRstatisticsarebeingcontinuouslyupdatedandtheiroverallhighqualityistherefore

maintained.

Finally,internalconsistencychecksforallMFSshowedthatthelevelsremainedmostlyunchangedin2021and2022.Externalconsistencycheckswereusedasadditional“crosschecks”.Theseconsistedofcomparisonsbetweensecurities

holdingsstatisticsandthoseforinsurancecorporations(ICs),financialvehiclecorporations(FVCs)andMFIbalancesheetitems.

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Introduction

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1Introduction

InlinewiththemissionstatementoftheEurosystem7,theECBiscommittedto

adheringtovaluessuchascredibility,trust,transparencyandaccountability,that

underpintheintegrityofthestatisticalfunctionprovidedforbytheTreatyonthe

FunctioningoftheEuropeanUnion(Article5oftheStatuteoftheEuropeanSystemofCentralBanksandoftheEuropeanCentralBank8).Adherencetohigh-quality

statisticalstandardsisakeyfactorinmaintainingthepublic’sconfidenceinthe

ESCBstatisticsonwhichmonetarypolicydecisionsandotherEurosystemtasksarebased.Italsoensuresthecomparabilityofeuroareaandnationalstatisticsatthe

internationallevel.Intheperformanceofitsstatisticalfunction,theESCBis

committedtogoodgovernanceandthehighestethicalstandards,aswellastoexecutingitstasksinaspiritofcooperationandteamwork.

Thisreportcomplieswiththe

“PubliccommitmentonEuropeanstatisticsbythe

ESCB”

,whichsetsoutthecommonsetofprinciplesthatgovernESCBstatistics.

ThemainprinciplesandelementsguidingtheproductionofECBstatisticsarealsocontainedintheStatisticsQualityFrameworkandqualityassuranceprocedures.

TheESCBstatisticalfunctioncollectsallrelevantdatarequiredtoproduceand

disseminatereliable,timely,consistentandaccessiblestatisticsintheareasundertheESCB’sresponsibility.ThemainpurposeofeuroareaMFSistosupportthe

monetarypolicyoftheECBandothertasksoftheEurosystemandtheESCB.They

alsosupportotherpoliciesoftheEuropeanUnion.Thestatisticscomplywith

Europeanandinternationallyagreedstandards,guidelinesandgoodpractices.

ThedatacollectionframeworksforeuroareaMFScovernationalcentralbanks

(NCBs),creditinstitutions,ICs,pensionfunds(PFs),moneymarketfunds(MMFs),IFsandFVCs,amongothers.TheyapplytostatisticsonMFIbalancesheetitems,aswellasonICs,PFs,FVCsandIFs.MIRstatisticsarealsoincluded,asare

statisticsonpayments(PSS)madeusing,andinvolvingtheissuingof,electronicmoneyintheeuroarea.

ThescopeofthisreportisalignedwiththeresponsibilitiesoftheWGMFS,therelevantESCBreportingcommittee.

StatisticsonMFIbalancesheetitemsareamongthecorestatisticsusedbytheECBfortheconductofmonetarypolicy.Theyprovidecrucialinformationonmonetary

developmentsintheeuroarea(e.g.monetaryaggregates)andonthebusinessofMFIsingeneral(e.g.outstandingloanstoanddepositsbyhouseholdsandnon-

financialcorporations(NFCs)).MIRstatisticsarelikewiseimportantforanalysisofthemonetarypolicytransmissionmechanismandthepass-throughofofficialand

7

8

TheEurosystemisthecentralbankingsystemoftheeuroarea.ItconsistsoftheECBandtheNCBsofthoseEUMemberStatesthathaveadoptedtheeuro.Seealso

“TheEurosystem

mission”statement.

ProtocolontheStatuteoftheEuropeanSystemofCentralBanksandoftheEuropeanCentralBank.

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Introduction

7

marketinterestratestoretailbankinterestrates.Theyalsoprovideinformationonthedegreeofintegrationoftheretailbankingmarketsintheeuroarea.

1.1Scopeofdatacoverageandstructureofthereport

Thisreporttouchesonseveralaspectsofdataquality,including:(i)methodologicalissuescausedbynationalcompilersdivergingfromstatisticalstandardsorrequiringenhancedstatisticalprocedures;(ii)NCBs’compliancewiththeirobligationto

transmitdataandmetadatatotheECBintermsoftimelinessandcoverage;(iii)thereliabilityofstatisticaldata;(iv)theinternalconsistencyofstatistics;and(v)externalconsistencywithotherstatisticaldomains/datasets.

Accordingly,thereporthasbeenorganisedintoeightsections:Section1,

Introduction;Section2,Statisticaldevelopmentsbetween2021and2022;Section3,Methodologicalsoundnessandstatisticalprocedures;Section4,Timelinessand

punctuality;Section5,Availabilityofdataandmetadata;Section6,Accuracyand

reliability;Section7,Internalconsistency,andSection8,Externalconsistency/coherence.

1.2Currentlegalframework

Theconceptsunderlyingthemainelementsofthestatisticalrequirementsapplyingtothestatisticscoveredinthisreportaresetoutinbothinternationalstatistical

standards,namelytheSystemofNationalAccounts,andtheEuropeansystemofnationalandregionalaccounts(i.e.ESA2010).Adherencetothesestandards

fosterstheinternationalcomparabilityofnationalandeuroareastatisticsandensuresasoundmethodologicalbackgroundfortheaggregationofdata.

UnderArticle5oftheStatuteoftheESCBandoftheECB,theESCBmaycollectfromthecompetentnationalauthorities,ordirectlyfromeconomicagents,the

statisticalinformationnecessaryforittocarryoutitstasks,includingthoseinthe

areasofmonetarypolicy,financialstabilityandbankingsupervision.TocarryoutthefunctionsoftheEurosystem,theECBmayadoptlegalinstrumentsthathaveadirecteffectoncertaineconomicagentsestablishedintheeuroarea,suchasMFIsand

otherfinancialcorporations.

TheGoverningCounciloftheECBadoptsregulationssettingoutstatistical

requirementsthatarebindingontheeuroareaentitiestowhichtheyareaddressed.

ECBregulationsare“directlyapplicable”,meaningthattheydonotneedtobe

transposedintonationallaw.Theseregulationsinstructreportingentitieson,forexample,statisticalreportingrequirementsintermsofdefinitions,classifications,frequency,andtimeliness.Table1setsouttherelevantECBregulationsfor

collectionofthestatisticsaddressedinthisreport.

Inaddition,theNCBsmayissuenationalinstructionsonthereportingdatatobesenttothemdirectly(“primaryreporting”).

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Introduction

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Table1

ExistinglegalframeworkforECBstatistics

ExistingregulationsforECBstatistics

Typeof

statistics

Dataset

ECBRegulation

MFIbalance

sheet

BSI

Regulation(EU)2021/379oftheEuropeanCentralBankof22January2021onthebalancesheetitemsofcreditinstitutionsandofthemonetaryfinancialinstitutionssector(ECB/2021/2).

MFIinterest

rate

MIR

Regulation(EU)No1072/2013

of24September2013concerningstatisticsoninterestratesappliedbymonetaryfinancialinstitutions(ECB/2013/34).9

Investment

funds

IVF

Regulation(EU)No1073/2013of18October2013concerningstatisticsontheassetsandliabilitiesofinvestmentfunds(ECB/2013/38).

Financial

vehicle

corporations

FVC

Regulation(EU)No1075/2013

of18October2013concerningstatisticsontheassetsandliabilitiesoffinancialvehiclecorporationsengagedinsecuritisationtransactions(ECB/2013/40).10

Payments

PSS11

Regulation(EU)No1409/2013

of28November2013onpaymentsstatistics(ECB/2013/43)12–applicableuptoandincludingreferenceyear2021.

Regulation(EU)2020/2011oftheEuropeanCentralBankof1December2020amendingRegulation(EU)No1409/2013onpaymentsstatistics–appliedfromthe1January2022referencedateonwards.

Insurance

corporations

IC

Regulation(EU)No1374/2014

of28November2014onstatisticalreportingrequirementsforinsurancecorporations(ECB/2014/50).13

Pensionfunds

PF

Regulation(EU)No231/2018

of26January2018onstatisticalreportingrequirementsforpensionfunds(ECB/2018/2)14

TheECBalsoadoptsguidelinesthatarebindingonmembersoftheEurosystem.

Statisticalguidelinesinstructcentralbanksonwhatdatamustbesubmittedtothe

ECB,bywhen,andinwhichformat,etc.Wheretherelevantstatisticsarenotthe

subjectofaregulation,aguidelineinformseuroareacentralbanksoftheECB’s

needs,oftenleavingNCBssomediscretionastothechoiceofdatasource,providedthatcertainstandardsaremet.InadditiontoprovidingtheframeworkforNCBsto

transmitdatacollectedundertherelevantregulationstotheECB,theguidelinealsoincludesotherspecificrequirementsforwhichNCBsmustprovidedataonabest-

effortbasis,basedonthedataavailabletothem.Thisincludesstatisticsrelatingto

agentsthatarenotsubjecttoanECBregulation(e.g.consolidatedbankingdataanddataforcertainotherfinancialintermediaries)andstatisticsthatcomplementexistingregulationrequirements(e.g.undrawncreditlinesprovidedbyMFIsandseparate

identificationofIFsthatareundertakingsforcollectiveinvestmentintransferablesecurities(UCITS)asdefinedinthe

UCITSDirective1

5).

9Regulation(EU)No1072/2013of24September2013concerningstatisticsoninterestratesappliedbymonetaryfinancialinstitutions(ECB/2013/34)(OJL297,7.11.2013).

10Regulation(EU)No1075/2013oftheEuropeanCentralBankof18October2013concerningstatisticsontheassetsandliabilitiesoffinancialvehiclecorporationsengagedinsecuritisationtransactions(recast)(ECB/2013/40)(OJL297,7.11.2013,p.107).

11ForPSS,thelastapplicablereferenceyearis2021andafterwards,thesedataaresplitandexpandedintofourteen(14)newpaymentsandsettlementsystemsdatastructuredefinitions(DSD).

12

Regulation(EU)No1409/2013oftheEuropeanCentralBankof28November2013onpayments

statistics(ECB/2013/43)

(OJL352,24.12.2013,p.18).

13Regulation(EU)No1374/2014of28November2014onstatisticalreportingrequirementsforinsurancecorporations(ECB/2014/50)(OJL366,20.12.2014,p.36).

14Regulation(EU)2018/231oftheEuropeanCentralBankof26January2018onstatisticalreportingrequirementsforpensionfunds(ECB/2018/2)(OJL45,17.2.2018,p.3).

15CouncilDirective85/611/EECof20December1985onthecoordinationoflaws,regulationsandadministrativeprovisionsrelatingtoundertakingsforcollectiveinvestmentintransferablesecurities(UCITS)(OJL375,31.12.1985,p.3).

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Statisticaldevelopments

between2021and20229

2Statisticaldevelopmentsbetween2021and2022

Respondingtoaconstantlychallengingeconomicenvironment,theECBstrivestokeepitsstatisticsfitforpurposeinacontextofongoingfinancialinnovationand

developinguserneeds.Italsoadjuststochangesintheeuroareacompositionresultingfromnewenlargements.

Thissectionoutlinesthemostrecentkeydevelopmentsoverthereferenceperiodforthisreport.

2.1EuroareaenlargementtoCroatia,andBrexit

On1January2023,Croatiaadoptedtheeuroandbecamethe20thmemberoftheeuroarea.ThiswasthefirstenlargementoftheeuroareasinceLithuaniajoinedin2015.

Againstthisbackground,furthercloseandeffectivecooperationwasestablished

betweentheECB’sstatisticalfunctionanditsHrvatskanarodnabankacounterpartsfortherequisiteadjustmentstobemadetoensuretheavailabilityofthestatistics

anddatarequiredundertheECB’sreportingrequirementsandenablethe

compilationanddisseminationofaggregatedstatisticsfortheeuroareareflectingitsnewenlargedcomposition.

Thistaskinvolvedworkonseveralstatisticalactivitiesidentifiedasnecessaryforaccession,rangingfromamendmentofthetechnicalandreportingprocedures,throughadjustmentofstatisticalcollection,productionandthedissemination

environments,toconfigurationofthebackflowdeliveryofhistoricaldatatobereportedforthefirsttimeineuro.

Moreover,therequisiteadjustmentshavebeenmadetoECBpublicationsapplyingtheconceptfollowedforeuroareaaggregates(fixedorchangingcomposition)andnationalbreakdowns,asthecasemaybe.

Theseactivitiesfollowedawell-establishedpath,similartothatforprevious

enlargementsoftheeuroarea,whilesubstantialpreparatoryworkwasalsorequired

inordertointegratedatacollectionandreportingintothegranularandmicro

datasetsestablishedbytheESCBsincethelastenlargementexercise,especiallyasregardstheanalyticalcredit(AnaCredit)datasets,securitiesholdingsstatistics,etc.

MostactivitieswereaccomplishedbytheendofJune2023,albeitfullproductionofbackdata,thecompilationofeuroareaaggregatestatisticsreflectingthenew

compositionandfullamendmentofallECBpublicationsinaccordancewiththeapplicablereleasecalendarsmayextendbeyondthatdate.

Euroareamonetaryandfinancialstatistics-Qualityreport2022–Statisticaldevelopments

between2021and2022

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On31January2020,theUnitedKingdomlefttheEU.ForBrexit,activitiessimilartoasthosedescribedabovetookplaceaimedatexcludingUKdatacontributionsfromEUaggregates,therelevantpublications,etc.,aswellasdefinitivelyexcludingtheUnitedKingdomasanEUcounterpartineuroareareporting.

2.2NewRegulationonmonetaryfinancialandcreditinstitutionsbalancesheetitems

On22January2021,theECBadoptedthenewRegulationonthebalancesheet

itemsofcreditinstitutionsandofthemonetaryfinancialinstitutionssector(ECB/2021/2),recastingRegulationECB/2013/3316.

TherecastRegulationintroducednewreportingrequirementstoenhanceanalysisof

monetaryandcreditdevelopments,aswellasmodificationstosomeexistingreportingrequirements,definitions,andreportingderogationstoensurebetterintegrationwithotherstatisticaldatasets.

Thekeychangesincludednewrequirementsapplicabletodataonloantransfers

andcashmanagementservices(i.e.notionalcashpoolpositions)enteringinto

calculationoftheheadlinefiguresfor“adjustedloans”and