REGULATION (EU) 2018/231 OF THE EUROPEAN CENTRAL BANK
of 26 January 2018
on statistical reporting requirements for pension funds
(ECB/2018/2)
Article 1
Definitions
Article 2
Actual reporting population
Article 3
List of PFs for statistical purposes
Article 4
Statistical reporting requirements
Article 5
Revaluation adjustments and financial transactions
Article 6
Accounting rules
Article 7
Derogations
Article 8
Timeliness
Article 9
Minimum standards and national reporting arrangements
Article 10
Mergers, divisions and reorganisations
Article 11
Verification and compulsory collection
Article 12
First reporting
Article 13
Transitional provisions
Article 14
Final provisions
ANNEX I
STATISTICAL REPORTING REQUIREMENTS
PART 1
General statistical reporting requirements
PART 2
Pension fund reserves
PART 3
Reporting tables
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Total |
Domestic/Euro area Member States other than domestic (total) |
Rest of the world (total) |
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MFIs (S.121 + 122) |
Non-MFIs - Total |
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General government (S.13) |
Other residents |
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Total |
Non-MMF investment funds (S.124) |
Other financial intermediaries (S.125), financial auxiliaries (S.126), captive financial institutions and money lenders (S.127) |
Insurance corporations (S.128) |
Pension funds (S.129) |
Non-financial corporations (S.11) |
Households + non-profit institutions serving households (S.14 + S.15) |
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ASSETS (total) |
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o/w transferable deposits (ESA 2010: F.22) |
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up to 1 year |
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over 1 year and up to 2 years |
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over 2 years |
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up to 1 year |
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over 1 year and up to 5 years |
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over 5 years |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F.512) |
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o/w other equity (ESA 2010: F.519) |
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MMF shares/units (ESA 2010: F.521) |
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Non-MMF shares/units (ESA 2010: F.522) |
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o/w bond funds |
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o/w equity funds |
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o/w mixed funds |
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o/w real estate funds |
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o/w hedge funds |
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o/w other funds |
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o/w claims of pension funds on pension managers (ESA 2010: F.64) |
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o/w reinsurance recoverables (F.61) |
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Total |
Domestic/Euro area Member States other than domestic (total) |
Rest of the world (total) |
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MFIs (S.121 + 122) |
Non-MFIs - Total |
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General government (S.13) |
Other residents |
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Total |
Non-MMF investment funds (S.124) |
Other financial intermediaries (S.125), financial auxiliaries (S.126), captive financial institutions and money lenders (S.127) |
Insurance corporations (S.128) |
Pension funds (S.129) |
Non-financial corporations (S.11) |
Households + non-profit institutions serving households (S.14 + S.15)(4) |
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LIABILITIES (total) |
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Up to 1 year |
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Over 1 and up to 5 years |
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Over 5 years |
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o/w defined contribution schemes |
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o/w defined benefit schemes(3) |
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Table 1c
COUNTRY BREAKDOWN
Stocks and revaluation adjustments (including exchange rate adjustments) or financial transactions
Data required to be provided on an annual
(5)
basis
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Other euro area residents (except domestic) |
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BE |
DE |
EE |
IE |
EL |
ES |
FR |
IT |
CY |
LV |
LT |
LU |
MT |
NL |
AT |
PT |
SI |
SK |
FI |
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ASSETS (total) |
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Currency and deposits |
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Debt securities (ESA 2010: F.3) |
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issued by MFIs |
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up to 1 year |
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over 1 year |
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issued by non-MFIs |
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General government |
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up to 1 year |
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over 1 year |
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Other residents |
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up to 1 year |
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over 1 year |
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Equity (ESA 2010: F.51) |
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issued by MFIs |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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issued by non-MFIs |
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General government |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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Other residents |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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Investment fund shares/units (ESA 2010: F.52) |
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LIABILITIES (total) |
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Pension entitlements (ESA 2010: F.63) (6) |
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Non-participating Member States |
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BG |
CZ |
DK |
HR |
HU |
PL |
RO |
SE |
UK |
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ASSETS (total) |
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Currency and deposits |
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Debt securities (ESA 2010: F.3) |
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issued by MFIs |
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up to 1 year |
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over 1 year |
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issued by non-MFIs |
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General government |
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up to 1 year |
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over 1 year |
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Other residents |
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up to 1 year |
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over 1 year |
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Equity (ESA 2010: F.51) |
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issued by MFIs |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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issued by non-MFIs |
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General government |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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Other residents |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F. 512) |
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o/w other equity (ESA 2010: F.519) |
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Investment funds shares/units (ESA 2010: F.52) |
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LIABILITIES (total) |
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Pension entitlements (ESA 2010: F.63) (7) |
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Main counterparties outside the EU |
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Brazil |
Canada |
China |
Hong Kong |
India |
Japan |
Russia |
Switzerland |
US |
EU institutions |
Other international organisations |
Offshore financial centres (as a group) |
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ASSETS (total) |
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Currency and deposits |
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Debt securities (ESA 2010: F.3) |
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up to 1 year |
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over 1 year |
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Equity (ESA 2010: F.51) |
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o/w listed shares (ESA 2010: F.511) |
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o/w unlisted shares (ESA 2010: F.512) |
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o/w other equity (ESA 2010: F.519) |
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Investment funds shares/units (ESA 2010: F.52) |
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LIABILITIES (total) |
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Pension entitlements (ESA 2010: F.63) (8) |
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Table 2
Required security-by-security data
Table 2.1
:
Holdings of securities with an ISIN code
Field |
Title |
1 |
ISIN code |
2 |
Number of units or aggregated nominal amount |
3 |
Price |
3b |
Quotation basis |
4 |
Total amount at market value |
5 |
Financial transactions |
6 |
Securities purchased (assets) or issued (liabilities) |
7 |
Securities sold (assets) or redeemed (liabilities) |
8 |
Currency in which the security is recorded |
9 |
Other changes in volume at nominal value |
10 |
Other changes in volume at market value |
11 |
Portfolio investment or direct investment |
Table 2.2
:
Holdings of securities without an ISIN code
Field |
Title |
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1 |
Security identifier code |
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2 |
Number of units or aggregated nominal value |
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3 |
Price |
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3b |
Quotation basis |
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4 |
Total amount at market value |
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5 |
Financial transactions |
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6 |
Securities purchased (assets) or issued (liabilities) |
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7 |
Securities sold (assets) or redeemed (liabilities) |
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8 |
Currency in which the security is recorded |
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9 |
Other changes in volume at nominal value |
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10 |
Other changes in volume at market value |
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11 |
Portfolio investment or direct investment |
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12 |
Instrument:
|
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13 |
Issue date and maturity date for debt securities. Alternatively, breakdown by maturity brackets as follows: original maturity up to one year, one to two years, over two years and remaining maturity up to one year, one to two years, two to five years, over five years. |
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14 |
Sector or subsector of the issuer:
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15 |
Issuer country |
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16 |
Revaluation adjustments |
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17 |
Split date(10) and split factor(11) |
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Total |
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Of which: active members |
Of which: deferred members |
Of which: retired members |
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Number of members |
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ANNEX II
DESCRIPTIONS
PART 1
Descriptions of instrument categories
Instrument category |
Description of main features |
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|
Holdings of euro and foreign currency banknotes and coins in circulation that are commonly used to make payments and deposits placed by the pension fund (PF) with monetary financial institutions (MFIs). They may include overnight deposits, deposits with agreed maturity and deposits redeemable at notice, as well as claims under reverse repos or securities borrowing against cash collateral (this applies only if the counterparty is a deposit-taking corporation (ESA 2010, paragraph 5.130)). |
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Transferable deposits are deposits which are directly transferable on demand to make payments to other economic agents by commonly used means of payment, such as credit transfer and direct debit, possibly also by credit or debit card, e-money transactions, cheques, or similar means, without significant delay, restriction or penalty. Deposits that can only be used for cash withdrawal and/or deposits from which funds can only be withdrawn or transferred through another account of the same owner are not to be included as transferable deposits. |
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Holdings of debt securities, which are negotiable financial instruments serving as evidence of debt, are usually traded on secondary markets. They can also be offset on the market and do not grant the holder any ownership rights over the issuing institution. This category includes:
Securities lent out under securities lending operations or sold under a repurchase agreement remain on the original owner's balance sheet (and are not to be recorded in the balance sheet of the temporary acquirer) where there is a firm commitment to reverse the operation, and not simply an option to do so. Where the temporary acquirer sells the securities received, this sale must be recorded as an outright transaction in securities and entered in the balance sheet of the temporary acquirer as a negative position in the securities portfolio. |
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For the purposes of the reporting scheme, this category consists of funds lent by PFs to borrowers, or loans acquired by PFs, which are either evidenced by non-negotiable documents or not evidenced by documents. It includes the following items:
This category excludes assets in the form of deposits placed by PFs (which are included in category 1). |
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Financial assets that represent ownership rights in corporations or quasi-corporations. Such financial assets generally entitle the holders to a share in the profits of the corporations or quasi-corporations, and to a share in their net assets in the event of liquidation. This category includes listed and unlisted shares and other equity. Equity securities lent out under securities lending operations or sold under repurchase agreements are treated in accordance with category 2 ‘Debt securities’. |
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Equity securities listed on an exchange. The exchange may be a recognised stock exchange or any other form of secondary market. Listed shares are also referred to as quoted shares. |
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Unlisted shares are equity securities not listed on an exchange. |
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Other equity comprises all forms of equity other than listed shares and unlisted shares. |
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This category includes holdings of shares or units issued by money market funds (MMFs) and non-MMF investment funds (i.e. investment funds other than MMFs). |
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Holdings of shares or units issued by MMFs as defined in Article 2 of Regulation (EU) No 1071/2013 (ECB/2013/33). |
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Holdings of shares or units issued by investment funds (IFs) other than MMFs as defined in Article 1 of Regulation (EU) No 1073/2013 (ECB/2013/38). |
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This category includes:
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Financial derivatives are financial instruments linked to a specified financial instrument, indicator, or commodity, through which specific financial risks can be traded in financial markets in their own right. This category includes:
Financial derivatives are recorded at market value on the balance sheet on a gross basis. Individual derivative contracts with positive market values are recorded on the asset side of the balance sheet and contracts with negative market values on the liability side of the balance sheet. Gross future commitments arising from derivative contracts should not be entered as on-balance-sheet items. Financial derivatives may be recorded on a net basis according to different valuation methods. In the event that only net positions are available, or positions are recorded other than at market value, these positions are reported instead. This category does not include financial derivatives that are not subject to on-balance-sheet recording according to national rules. |
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This is the residual item on the asset side of the balance sheet, defined as ‘assets not included elsewhere’. NCBs may require the reporting of specific sub-positions included in this category, such as:
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Tangible and intangible assets, other than financial assets. This category includes dwellings, other buildings and structures, machinery and equipment, valuables, and intellectual property products such as computer software and databases. |
Instrument category |
Description of main features |
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Amounts owed to creditors by the PF, other than those arising from the issue of negotiable securities. This category consists of:
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Securities issued by the PF, other than equity, that are usually negotiable instruments and traded on secondary markets, or that can be offset on the market, and do not grant the holder any ownership rights in respect of the issuing institution. |
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See category 4. |
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The amount of capital that the PF holds in order to meet the future pension claims of its policyholders. |
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The amount of capital that the PF holds in order to meet the future claims of its pension schemes. |
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Pension entitlements, o/w defined contribution schemes |
The amount of capital that the PF holds in order to meet the future pension claims of its defined contribution scheme policyholders. In a defined contribution scheme the benefits paid are dependent on the performance of the assets acquired by the pension scheme. The liability of a defined contribution scheme is the current market value of the fund's assets. |
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Pension entitlements, o/w defined benefit schemes |
The amount of capital that the PF holds in order to meet the future pension claims of its defined benefit scheme policyholders. In a defined benefit pension scheme the level of pension benefits promised to participating employees is determined by a formula agreed in advance. The liability of a defined benefit pension scheme is equal to the present value of the promised benefits. Notional defined contribution schemes and hybrid schemes are grouped as defined benefit schemes (ESA 2010, paragraph 17.59). A notional defined contribution scheme is similar to a defined contribution scheme but with a guaranteed minimum amount payable. Hybrid schemes are those schemes which have both a defined benefit and a defined contribution element. A scheme is classified as ‘hybrid’ either because both defined benefit and defined contribution provisions are present or because it embodies a notional defined contribution scheme and, at the same time, a defined benefit or defined contribution provision. |
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See category 6. |
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This is the excess of net contributions over benefits, which represents an increase in the liability of the insurance scheme towards the beneficiaries (defined in ESA 2010, paragraph 5.187). |
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See category 7. |
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This is the residual item on the liabilities side of the balance sheet, defined as ‘liabilities not included elsewhere’. NCBs may require the reporting of specific sub-positions included in this category, such as:
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This is the balancing item of a balance sheet (B.90) (ESA 2010, paragraph 7.02). The stock of the assets and liabilities recorded in the balance sheet are valued at the appropriate prices, which are usually the market prices prevailing on the date to which the balance sheet relates. In a defined benefit pension scheme, however, the level of pension benefits promised to participating employees is determined by a formula agreed in advance. The liability of a defined benefit pension scheme is equal to the present value of the promised benefits, and therefore in a defined benefit pension scheme net worth can be different from zero. In a defined contribution scheme the benefits paid are dependent on the performance of the assets acquired by the pension scheme. The liability of a defined contribution scheme is the current market value of the fund's assets. The fund's net worth is always zero. |
PART 2
Descriptions of security-by-security attributes
Field |
Description |
Security identifier code |
A code that uniquely identifies a security, subject to the NCB's instructions (e.g. NCB identification number, CUSIP, SEDOL). This code must be kept consistent over time. |
Number of units or aggregated nominal amount |
Number of units of a security, or aggregated nominal amount if the security is traded in amounts rather than in units, excluding accrued interest. |
Price |
Market price per unit of a security, or percentage of the aggregated nominal amount if the security is traded in amounts rather than in units. NCBs may also require accrued interest to be reported under this position. |
Quotation basis |
Indicates whether the security is quoted as a percentage or in units. |
Total amount |
Total market value of a security. In the case of securities that are traded in units, this amount equals the number of securities multiplied by the price per unit. Where securities are traded in amounts rather than in units, this amount equals the aggregated nominal amount multiplied by the price expressed as a percentage of the nominal amount. NCBs must in principle require accrued interest to be reported either under this position or separately. However, NCBs may at their discretion require data excluding accrued interest. |
Financial transactions |
The sum of purchases minus sales (securities on the asset side) or issues minus redemptions (securities on the liability side) of a security recorded at transaction value in euro. |
Securities purchased (assets) or issued (liabilities) |
The sum of purchases (securities on the asset side) or issues (securities on the liability side) of a security recorded at transaction value. |
Securities sold (assets) or redeemed (liabilities) |
The sum of sales (securities on the asset side) or redemptions (securities on the liability side) of a security recorded at transaction value. |
Currency of recording of the security |
ISO code or equivalent of the currency used to express the price and/or the outstanding amount of the security. |
Other changes in volume at nominal value |
Other changes in the volume of the security held, at nominal value in nominal currency/unit or euro. |
Other changes in volume at market value |
Other changes in the volume of the security held, at market value in euro. |
Portfolio investment or direct investment |
The function of the investment according to its classification in balance of payments statistics(1). |
Issuer country |
The residence of the issuer. In the case of investment fund shares/units, the issuer country refers to the place where the investment fund is resident and not the residence of the fund manager. |
PART 3
Descriptions of number of members of pension schemes
Category |
Description |
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The total number of members of pension schemes. This amount equals the sum of active members, deferred members and retired members. See categories 2, 3 and 4. |
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Number of active members of the pension scheme. An active member is a pension scheme member who is making contributions (and/or on behalf of whom contributions are being made) and is accumulating assets or has accrued assets in the past and is not yet retired. |
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Number of deferred members of the pension scheme. A deferred member is a pension scheme member who no longer contributes to or accrues benefits from the scheme but has not yet begun to receive retirement benefits from that scheme. |
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Number of retired members of the pension scheme A retired member is a pension scheme member who no longer contributes to or accrues benefits from the scheme and has begun to receive retirement benefits from that scheme. |
PART 4
Descriptions by sector
Sector |
Description |
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MFIs as defined in Article 1 of Regulation (EU) No 1071/2013 (ECB/2013/33). This sector consists of NCBs (S.121), credit institutions as defined in Union law, MMFs, other financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account, at least in economic terms, to grant loans and/or make investments in securities, and electronic money institutions that are principally engaged in financial intermediation in the form of issuing electronic money (S.122). |
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The general government sector (S.13) consists of institutional units that are non-market producers whose output is intended for individual and collective consumption and that are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth (ESA 2010, paragraphs 2.111 to 2.113). |
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The other financial intermediaries, except insurance corporations and pension funds subsector (S.125) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits (or close substitutes for deposits), IF shares/units, or in relation to insurance, pension and standardised guarantee schemes from institutional units. Financial vehicle corporations as defined in Regulation (EU) No 1075/2013 (ECB/2013/40) are included in this subsector (ESA 2010, paragraphs 2.86 to 2.94). The financial auxiliaries subsector (S.126) consists of all financial corporations and quasi-corporations which are principally engaged in activities closely related to financial intermediation but which are not financial intermediaries themselves. This subsector also includes head offices whose subsidiaries are all or mostly financial corporations (ESA 2010, paragraphs 2.95 to 2.97). The captive financial institutions and money lenders subsector (S.127) consists of all financial corporations and quasi-corporations which are neither engaged in financial intermediation nor in providing financial auxiliary services, and where most of either their assets or their liabilities are not transacted on open markets. This subsector includes holding companies that hold controlling levels of equity in a group of subsidiary corporations and whose principal activity is owning the group without providing any other service to the businesses in which the equity is held, that is, they do not administer or manage other units (ESA 2010, paragraphs 2.98 and 2.99). |
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IFs as defined in Article 1 of Regulation (EU) No 1073/2013 (ECB/2013/38). This subsector consists of all collective investment undertakings, except MMFs, that invest in financial and/or non-financial assets, to the extent that the objective is investing capital raised from the public (S.124). |
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Insurance corporations (ICs, S.128) as defined in Article 1 of Regulation (EU) No 1374/2014 (ECB/2014/50). |
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PFs as defined in Article 1 of this Regulation (S.129). |
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Pension manager as defined in Article 1 of this Regulation. |
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The non-financial corporations sector (S.11) consists of institutional units that are independent legal entities and market producers, and whose principal activity is the production of goods and non-financial services. This sector also includes non-financial quasi-corporations (ESA 2010, paragraphs 2.45 to 2.50). |
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The households sector (S.14) consists of individuals or groups of individuals, as consumers and as entrepreneurs, producing market goods and providing non-financial and financial services (market producers), provided that the production of goods and services is not carried out by separate entities treated as quasi-corporations. It also includes individuals or groups of individuals that produce goods and non-financial services for exclusively own final use. The households sector includes sole proprietorships and partnerships that are not independent legal entities, other than those treated as quasi-corporations, and that are market producers (ESA 2010, paragraphs 2.118 to 2.128). The non-profit institutions serving households (NPISHs) sector (S.15) consists of non-profit institutions that are separate legal entities, serve households and are private non-market producers. Their principal resources are voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by general government and from property income (ESA 2010, paragraphs 2.129 and 2.130). |