Circular BCL 2006/199 of 7 August 2006 — Adoption of the euro by Slovenia

Luxembourg, 7 August 2006
To all monetary financial institutions

CIRCULAR BCL 2006/199
Adoption of the euro by Slovenia

Madam, Sir,

On the occasion of the European Council meeting in Brussels on 16 June 2006, the Heads of State and Government of the European Union decided that, effective 1 January 2007, Slovenia will adopt the single currency, the euro.

The objective of this circular is to describe the impact of Slovenia's adoption of the euro on the preparation of monthly statistical reports and quarterly statistical reports.

1. Impact on the statistical collection of the BCL

1.1 Impact on monthly statistical collection

The monthly statistical report S 1.3 "Monthly statistical balance sheet of monetary financial institutions" requires a breakdown of amounts by the country of residence or registered office of the counterparty, i.e., the country in which the center of economic interest of the relevant counterparty is located, distinguishing the following four breakdowns:

• All countries: this class groups all operations regardless of the country of residence or registered office of the counterparty
• Luxembourg (LU)
• Other Member States of the Monetary Union (Other EMU MS)
• Other countries: i.e., countries that do not fall into the two preceding categories

From 1 January 2007, the category "Other Member States of the Monetary Union" (Other EMU MS) will also include Slovenia, which currently, until 31 December 2006 inclusive, falls under the category "Other countries".

Furthermore, monetary financial institutions are reminded that the inclusion of Slovenia under the category "Other Member States of the Monetary Union" implies a more detailed sectoral breakdown of assets and liabilities towards counterparties residing in Slovenia. The details of this sectoral breakdown can be consulted in Annex 1 - S 1.3 "Monthly statistical balance sheet" (pp. 6 to 15) of Circular BCL 2002/171.

Monetary financial institutions are therefore invited to modify their reporting systems to include assets and liabilities towards a counterparty residing in Slovenia under the category "Other Member States of the Monetary Union" while ensuring the appropriate sectoral breakdown is performed.

1.2 Impact on quarterly statistical collection

1.2.1. Report S 2.10 "Breakdown by country"

The quarterly statistical report S 2.10 "Breakdown by country" also requires a breakdown of amounts by the country of residence or registered office of the counterparty, distinguishing the following breakdowns:

• Luxembourg (LU)

• Belgium (BE)

• Germany (DE)
  including Helgoland

• Greece (GR)

• France (FR)
  including the Overseas Departments (French Guiana, Guadeloupe, Martinique and Réunion), Saint Pierre and Miquelon, Mayotte and Monaco

• Spain (ES)
  including the Canary Islands and Ceuta and Melilla

• Ireland (IE)

• Italy (IT)
  including San Marino and the Vatican

• Netherlands (NL)

• Austria (AT)

• Portugal (PT)
  including the Azores and Madeira

• Finland (FI)
  including Åland

• Denmark (DK)

• Sweden (SE)

• Great Britain
  including Guernsey, Jersey, Isle of Man, Anguilla, Montserrat, the British Virgin Islands, the Turks and Caicos Islands

• Rest of the world: i.e., countries that do not fall into the aforementioned categories.

Since the ECB is currently reviewing Regulation ECB/2001/13 regarding the consolidated balance sheet of monetary financial institutions, the modified version of which should enter into force on 1 January 2008, the BCL has decided not to modify, at present, report S 2.10 "Breakdown by country". Thus, Slovenia will continue to be reported under the line "Rest of the world".

This maintenance implies that consistency checks between reports S 1.3 "Monthly statistical balance sheet of monetary financial institutions" and S 2.10 "Breakdown by country" must be slightly adjusted. A revised version of the relevant documentation is found in the annex to this circular.

1.2.2. Impact on reports S 2.11 "Breakdown by currency" and S 2.12 "Breakdown by sectors"

The quarterly statistical reports S 2.11 "Breakdown by currency" and S 2.12 "Breakdown by sectors" also require a breakdown of amounts by the country of residence or registered office of the counterparty, distinguishing the following three breakdowns:

• Luxembourg (LU)
• Other Member States of the Monetary Union (Other EMU MS)
• Rest of the world: i.e., countries that do not fall into the two preceding categories.

From 1 January 2007, the category "Other Member States of the Monetary Union" (Other EMU MS) will also include Slovenia, which currently, until 31 December 2006 inclusive, falls under the category "Other countries".

Furthermore, monetary financial institutions are reminded that the inclusion of Slovenia under the category "Other Member States of the Monetary Union" implies a more detailed sectoral breakdown of assets and liabilities towards counterparties residing in Slovenia. The details of this sectoral breakdown can be consulted in Annex 3 - S 2.11 "Breakdown by country" (pp. 6 to 15) and Annex 4 - S 2.12 "Breakdown by sectors" (pp. 5 to 14) of Circular BCL 2002/171.

Monetary financial institutions are therefore invited to modify their reporting systems to include assets and liabilities towards a counterparty residing in Slovenia under the category "Other Member States of the Economic and Monetary Union" while ensuring the appropriate sectoral breakdown is performed.

2. Quality of transmitted data

It is once again reminded to the concerned monetary financial institutions to scrupulously ensure the correct identification of their counterparties and to use for this purpose, in particular, the official table of credit institutions published by the Commission de Surveillance du Secteur Financier as well as the official list of monetary financial institutions made available to reporting institutions on the website of the European Central Bank.

We therefore consider it necessary to once again emphasize the importance of the quality of data transmitted to the BCL and the necessity to submit the data before transmission to the verification rules detailed in the technical documentation. Only rigorous control performed as soon as the data is produced will allow meeting both quality requirements and imposed deadlines. This point is all the more important as the data thus collected will be controlled by the ECB services before being aggregated with data from other Member States. Any significant error or negligence will have damaging repercussions on the reputation of the entire national banking community.

3. Entry into force of the new provisions

The new classification of assets and liabilities towards Slovenian residents is to be performed for the first time when preparing the monthly statistical reports relating to the period of January 2007 as well as when preparing the quarterly statistical reports relating to the period of March 2007.

Please accept, Madam, Sir, the assurance of our very distinguished sentiments.

BANQUE CENTRALE DU LUXEMBOURG
The Management

Serge KOLB Andrée BILLON Yves MERSCH

Annex: 1