Regulation (EC) No 24/2009 of the European Central Bank (repealed)Show full title

Regulation (EC) No 24/2009 of the European Central Bank

of 19 December 2008

concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions

(ECB/2008/30) (repealed)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘ESCB Statute’), and in particular Article 5 thereof,

Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(1), and in particular Articles 5(1) and 6(4) thereof,

Whereas:

(1) Regulation (EC) No 2533/98 provides in Article 2(1) that, for the fulfilment of its statistical reporting requirements, the European Central Bank (ECB), assisted by the national central banks (NCBs), has the right to collect statistical information within the limits of the reference reporting population and of what is necessary to carry out the tasks of the European System of Central Banks (ESCB). It follows from Article 2(2)(a) of Regulation (EC) No 2533/98 that financial vehicle corporations engaged in securitisation transactions (FVCs) form part of the reference reporting population for the purposes of fulfilling the ECB's statistical reporting requirements, inter alia, in the field of monetary and financial statistics. Furthermore, Article 3 of Regulation (EC) No 2533/98 requires the ECB to specify the actual reporting population within the limits of the reference reporting population and entitles it to fully or partly exempt specific classes of reporting agents from its statistical reporting requirements.

(2) The purpose of FVC data is to provide the ECB with adequate statistics on the financial activities of the FVC sub-sector in the participating Member States, which are viewed as one economic territory.

(3) Given the close links between the securitisation activities of FVCs and monetary financial institutions (MFIs), consistent, complementary and integrated reporting of MFIs and FVCs is required. Therefore, the statistical information provided in accordance with this Regulation needs to be considered together with the data requirements for MFIs on securitised loans, as laid down in Regulation (EC) No 25/2009 of 19 December 2008 concerning the balance sheet of the monetary financial institutions sector (recast) (ECB/2008/32)(2).

(4) The integrated reporting approach of FVCs and MFIs and the derogations provided for in this Regulation aim at minimising the reporting burden for reporting agents and avoiding overlaps in the reporting of statistical information by FVCs and MFIs.

(5) NCBs should be entitled to exempt FVCs from reporting obligations that would cause unreasonably high costs compared to their statistical benefit.

(6) Although regulations adopted under Article 34.1 of the ESCB Statute do not confer any rights or impose any obligations on non-participating Member States, Article 5 of the ESCB Statute applies to all Member States, irrespective of whether they have adopted the euro. Recital 17 to Regulation (EC) No 2533/98 makes clear that Article 5 of the ESCB Statute, together with Article 10 of the Treaty establishing the European Community, implies an obligation to design and implement at national level all the measures that the non-participating Member States consider appropriate to collect the statistical information needed to fulfil the ECB's statistical reporting requirements and make timely preparations in the field of statistics to become participating Member States.

(7) The ECB's sanctions regime laid down in Article 7 of Regulation (EC) No 2533/98 will apply to FVCs,

HAS ADOPTED THIS REGULATION:

(1)

OJ L 318, 27.11.1998, p. 8.

(2)

See page 14 of this Official Journal.