Circular BCL 2000/160 of 13 November 2000 — Accession of Greece to the Economic and Monetary Union

Luxembourg, 13 November 2000
To all Monetary Financial Institutions

CIRCULAR BCL 2000/160
Accession of Greece to the Economic and Monetary Union

Ladies and Gentlemen,

On the occasion of the European Council in Santa Maria da Feira (Portugal) on 19 June 2000, the Heads of State and Government of the European Union decided that, effective 1 January 2001, Greece would join the European Economic and Monetary Union as the 12th participating country.

The purpose of this circular is to describe the impact of Greece's accession to the euro area on the preparation of monthly statistical tables as well as quarterly statistical tables.

1. Impact on BCL Statistical Collection

1.1 Impact on Monthly Statistical Collection

The monthly statistical table 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 interests of the counterparty in question 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 Economic and Monetary Union (Other EMU MS)

• Other countries: i.e., countries that do not fall into the two preceding categories

From 1 January 2001, the category "Other Member States of the Economic and Monetary Union" (Other EMU MS) will also include Greece, which currently, and until 31 December 2000 inclusive, falls under the category "Other countries".

Furthermore, it is reminded to Monetary Financial Institutions that the inclusion of Greece under the category "Other Member States of the Economic and Monetary Union" implies a more detailed sectoral breakdown of assets and liabilities towards counterparties residing in Greece. The details of this sectoral breakdown can be consulted in Annex 1 - S 1.3 "Monthly Statistical Balance Sheet" (pp. 10 to 16) of Circular IML 98/144.

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

1.2 Impact on Quarterly Statistical Collection

The quarterly statistical tables S 2.11 "Quarterly Statistical Annex - Currencies" and S 2.12 "Quarterly Statistical Annex - Detail on Securities Held" 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 Economic and Monetary Union (Other EMU MS)
• Other countries: i.e., countries that do not fall into the two preceding categories.

From 1 January 2001, the category "Other Member States of the Economic and Monetary Union" (Other EMU MS) will also include Greece, which currently, and until 31 December 2000 inclusive, falls under the category "Other countries".

Furthermore, it is reminded to Monetary Financial Institutions that the inclusion of Greece under the category "Other Member States of the Economic and Monetary Union" implies a more detailed sectoral breakdown of assets and liabilities towards counterparties residing in Greece. The details of this sectoral breakdown can be consulted in Annex 2 – Quarterly Statistical Annexes (pp. 20 to 38) of Circular IML 98/144.

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

2. Quality of Data Transmitted

It is once again reminded to the concerned Monetary Financial Institutions to ensure scrupulous correct identification of their counterparties and to use for this purpose, in particular, the official list of credit institutions published by the Commission de Surveillance du Secteur Financier (CSSF) 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 highlight the importance of the quality of data transmitted to the BCL and the necessity to subject data to detailed verification rules contained in the technical documentation before transmission. Only rigorous control performed at the time of data production will allow meeting both quality requirements and imposed deadlines. This point is all the more important as the data thus collected will be checked by the ECB services before aggregation 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 New Provisions

The new classification of assets and liabilities towards Greek residents is to be performed for the first time when preparing monthly statistical tables relating to the period of January 2001 as well as when preparing quarterly statistical tables relating to the period of March 2001.

The concerned Monetary Financial Institutions therefore have three months to adapt their reporting systems to the new requirements both at the level of country breakdown and of sectoral breakdown of assets and liabilities towards Greek residents.

Please accept, Ladies and Gentlemen, the assurance of our very distinguished sentiments.

BANQUE CENTRALE DU LUXEMBOURG
The Management

Serge KOLB Andrée BILLON Yves MERSCH