Circular BCL 2006/202 of 19 December 2006 — Balance of Payments Data Collection — Implementation Date for the Securities-by-Securities Module for Portfolio Investments — Amendment to Circular BCL 2006/196

Luxembourg, 19 December 2006
To all credit institutions and to the financial services of the Post and Telecommunications Company

CIRCULAR BCL 2006/202
Balance of Payments Data Collection
Implementation Date for the Securities-by-Securities Module for Portfolio Investments Amendment to Circular BCL 2006/196

Dear Sirs,

1 Introduction

We have the honour to refer to Circular BCL 2006/196 of 14 July 2006 regarding the introduction of a "securities-by-securities" data collection module to inform you, by this circular, of the modifications to be made regarding the procedures for this data collection module as well as its effective date.

2 Procedures for the Data Collection Module

In this context, we wish to recall that the BCL is required to comply with the rules established by the ECB, and in particular with the Guideline of 16 July 2004 on statistical reporting obligations established by the European Central Bank concerning balance of payments and international investment position statistics and the framework for the dissemination of foreign exchange reserve data (ECB/2004/15).

Guideline 2004/15 indicates in particular that the BCL is required to establish, from December 2007, the "Portfolio Investments" component of the balance of payments and the international investment position based on data collected on a securities-by-securities basis. Circular BCL 2006/196 introduced a new data collection module inviting credit institutions to report securities positions recorded on their balance sheets as well as securities positions held for the account of their resident clients, with the exception of clients who are themselves subject to the "securities-by-securities" collection. Thus, securities held by credit institutions for the account of other credit institutions are excluded from the collection.

Furthermore, within the framework of the development and implementation by the Eurosystem of a new statistical data collection from collective investment undertakings (OPCs) from December 2008, the BCL will opt for the implementation of a data collection module based on the same principles as that provided for the collection from credit institutions. Thus, the BCL has decided to also exclude from the "securities-by-securities" collection securities held by a credit institution for the account of resident OPCs. Therefore, securities held by a credit institution for the account of other credit institutions as well as resident OPCs (outstandings which are currently included in the off-balance sheet of the statistical report S 2.5) are excluded from the "securities-by-securities" collection.

3 Effective Date

Following the decision to extend the "securities-by-securities" data collection module to OPCs, provided for under the future regulation on statistical data collection from OPCs, the BCL has opted for an identical effective date for credit institutions and OPCs, namely December 2008.

Thus, the BCL has decided to postpone the introduction of the "securities-by-securities" collection for credit institutions, initially planned for January 2008. Credit institutions are therefore invited to transmit for the first time, in January 2009, the positions relating to the end of December 2008.

For all information concerning the application of this circular, please contact Mr. Germain Stammet (tel. 4774 4279) or Mr. Philippe Arondel (tel. 4774 4269). We would also be grateful if you would forward this circular to your software provider if appropriate.

Please accept, Sirs, the assurance of our very distinguished sentiments.

BANQUE CENTRALE DU LUXEMBOURG
The Management

Serge KOLB Andrée BILLON Yves MERSCH