BCL Circular 2007/213 of 7 November 2007 — Balance of Payments Collection: New Title-by-Title Collection Module for Portfolio Investments

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Luxembourg, 29 October 2007
To all credit institutions
BCL CIRCULAR 2007/213
Balance of Payments Collection
New Title-by-Title Collection Module for Portfolio Investments

Dear Sirs,

We have the honour to refer to Circulars BCL 2006/196 and BCL 2006/202 regarding the introduction of a new collection module for portfolio investments. This circular aims to bring into force the instruction manuals “Title-by-Title Reporting by Credit Institutions” and “Manual for Electronic Transmission of Title-by-Title Reporting by Credit Institutions,” available on the BCL website (www.bcl.lu).

Credit institutions must, for the first time in accordance with these instructions, transmit positions relating to the end of December 2008 in January 2009.

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The frequency of transmission for the title-by-title collection is monthly. The transmission deadline is 20 working days after the last day of the month to which the data relates.

The Grand Ducal Regulation of 10 November 1944, as amended by the Law of 28 June 2000, entrusts the Banque Centrale du Luxembourg (BCL) and the Central Service for Statistics and Economic Studies (STATEC) with the mission to jointly establish a balance of payments for Luxembourg. The BCL is additionally responsible for establishing the global external position of Luxembourg. These two statistics are compiled in particular to enable Luxembourg to meet its international obligations, including those imposed by the European Central Bank (ECB).

In this context, the BCL is required to comply with the rules established by the ECB, and in particular with the Guideline of 16 July 2004, as amended by Guideline 2007/03, concerning the statistical reporting obligations established by the European Central Bank regarding balance of payments and global external position statistics and the framework for the dissemination of foreign exchange reserve data (ECB/2004/15, ECB/2007/03).

Guideline 2004/15, as amended by Guideline 2007/03, indicates in particular that the BCL is required to compile, from December 2007 onwards, the “Portfolio Investments” component of the balance of payments and the global external position based on data collected on a title-by-title basis. The chosen model may be introduced progressively to allow each National Central Bank (NCB) to achieve the coverage target of 85% by March 2009 at the latest regarding outstanding amounts as of December 2008.

Among the four collection models defined in Annex 6 of Guideline 2004/15, after consulting the Balance of Payments Advisory Committee, the BCL has chosen the model for monthly outstanding amounts and flows calculated by the BCL.

For all information regarding the application of this circular and its annexes, please contact Mr. Germain Stammet (tel. 4774 4279, email germain.stammet@bcl.lu) or Mr. Philippe Arondel (tel. 4774 4269, email philippe.arondel@bcl.lu). We would also appreciate it if you would forward this circular and its annexes, where applicable, to your software provider. The BCL will organize, upon request, an information session on the new collection module.

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This circular replaces and abrogates Circulars BCL 2006/196 and BCL/2006/202 with immediate effect.

Please accept, Sirs, the assurance of our distinguished sentiments.
BANQUE CENTRALE DU LUXEMBOURG
The Management

Serge KOLB Andrée BILLON Yves MERSCH